UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-21681 --------- Old Mutual/Claymore Long-Short Fund -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 2455 Corporate West Drive Lisle, IL 60532 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) J. Thomas Futrell 2455 Corporate West Drive Lisle, IL 60532 -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (630) 505-3700 -------------- Date of fiscal year end: December 31 ----------- Date of reporting period: March 31, 2009 -------------- Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. Attached hereto. OLD MUTUAL/CLAYMORE LONG-SHORT FUND PORTFOLIO OF INVESTMENTS MARCH 31, 2009 (UNAUDITED) NUMBER OF SHARES VALUE -------------------------------------------------------------------------------------------------------- LONG-TERM INVESTMENTS - 132.0% CONSUMER DISCRETIONARY - 11.2% 5,990 Amazon.com, Inc. (a) (b) $ 439,906 23,509 Best Buy Co., Inc. (b) 892,402 52,889 Big Lots, Inc. (a) (c) 1,099,033 10,969 Carnival Corp. (Panama) (b) 236,930 14,860 Centex Corp. (b) 111,450 4,386 Coach, Inc. (a) (b) 73,246 232,860 Comcast Corp. - Class A (b) 3,176,210 19,076 Dillard's, Inc. - Class A 108,733 39,035 DIRECTV Group, Inc. (a) (b) 889,608 9,952 DR Horton, Inc. (b) 96,534 30,486 Eastman Kodak Co. (b) (c) 115,847 258,748 Ford Motor Co. (a) (b) 680,507 12,234 GameStop Corp. - Class A (a) (c) 342,797 72,700 Gap, Inc. (b) 944,373 71,899 H&R Block, Inc. (b) 1,307,843 167,332 Interpublic Group of Companies, Inc. (a) (b) 689,408 42,217 Johnson Controls, Inc. (b) 506,604 37,462 Jones Apparel Group, Inc. 158,090 8,180 Leggett & Platt, Inc. 106,258 19,719 Lennar Corp. - Class A 148,090 37,380 Macy's, Inc. 332,682 27,312 Marriott International, Inc. - Class A 446,824 4 Mattel, Inc. 46 55 McDonald's Corp. (b) 3,001 30,954 McGraw-Hill Cos., Inc. (b) 707,918 10,260 Meredith Corp. 170,726 2,638 New York Times Co. - Class A (c) 11,924 64,002 News Corp. - Class A 423,693 54,185 Office Depot, Inc. (a) 70,982 13,323 Polo Ralph Lauren Corp. (c) 562,897 450 Sears Holdings Corp. (a) (b) 20,570 21,141 Snap-On, Inc. (c) 530,639 68,263 Starbucks Corp. (a) 758,402 41,950 Starwood Hotels & Resorts Worldwide, Inc. 532,765 10,254 TJX Cos., Inc. (c) 262,913 101,447 Walt Disney Co. (b) 1,842,278 17,670 Wyndham Worldwide Corp. (c) 74,214 11,456 Yum! Brands, Inc. (b) 314,811 --------------- 19,191,154 --------------- CONSUMER STAPLES - 18.4% 85,121 Altria Group, Inc. (b) 1,363,638 41,988 Archer-Daniels-Midland Co. (c) 1,166,427 34,594 Brown-Forman Corp. - Class B (c) 1,343,285 21,270 Coca-Cola Co. (b) 934,816 12,514 Colgate-Palmolive Co. (b) 738,076 60,738 ConAgra Foods, Inc. (b) 1,024,650 61,655 Costco Wholesale Corp. (b) 2,855,860 61,483 CVS Caremark Corp. (b) 1,690,168 69,683 Dean Foods Co. (a) (b) 1,259,869 38,557 Estee Lauder Cos., Inc. - Class A (b) 950,430 31,928 Hormel Foods Corp. 1,012,437 1,389 Kroger Co. (c) 29,475 17,163 Molson Coors Brewing Co. - Class B (c) 588,348 25,815 PepsiCo, Inc. (b) 1,328,956 54,368 Philip Morris International, Inc. (b) 1,934,413 50,645 Procter & Gamble Co. (b) 2,384,873 45,397 Safeway, Inc. (b) 916,565 88,118 Sara Lee Corp. (b) 711,993 119,745 SYSCO Corp. (b) 2,730,186 169,348 Tyson Foods, Inc. - Class A (b) 1,590,178 80,571 Walgreen Co. (b) 2,091,623 52,211 Wal-Mart Stores, Inc. (b) 2,720,193 18,596 Whole Foods Market, Inc. 312,413 --------------- 31,678,872 --------------- ENERGY - 15.0% 6,800 Anadarko Petroleum Corp. (c) 264,452 28,111 Baker Hughes, Inc. (b) 802,569 43,177 Cabot Oil & Gas Corp. (b) (c) 1,017,682 6,905 Cameron International Corp. (a) (c) 151,427 13,960 Chesapeake Energy Corp. (b) 238,158 61,794 Chevron Corp. (b) 4,155,029 9,863 EOG Resources, Inc. (b) 540,098 111,278 Exxon Mobil Corp. (b) 7,578,032 59,412 Halliburton Co. (b) 919,104 3,355 Hess Corp. (c) 181,841 29,750 Marathon Oil Corp. (b) 782,127 29,107 Murphy Oil Corp. (b) 1,303,120 6,957 National Oilwell Varco, Inc. (a) (b) 199,735 7,491 Noble Corp. (Switzerland) 180,458 6,134 Noble Energy, Inc. (b) 330,500 31,705 Occidental Petroleum Corp. (c) 1,764,383 6,732 Peabody Energy Corp. (b) 168,569 95,821 Pioneer Natural Resources Co. (b) 1,578,172 6,574 Range Resources Corp. (b) 270,586 31,412 Schlumberger Ltd. (Netherlands Antilles) (b) 1,275,955 26,149 Sunoco, Inc. (b) 692,425 64,386 Tesoro Corp. (c) 867,279 1,227 Weatherford International Ltd. (Switzerland) (a) 13,583 41,204 Williams Cos., Inc. (b) 468,902 --------------- 25,744,186 --------------- FINANCIALS - 18.5% 39,470 Aflac, Inc. (b) 764,139 45,615 American Express Co. (b) 621,732 17 Apartment Investment & Management Co. - Class A - REIT 93 15,278 Assurant, Inc. (b) 332,755 10,290 AvalonBay Communities, Inc. - REIT (c) 484,247 197,054 Bank of America Corp. (c) 1,343,908 72,504 Bank of New York Mellon Corp. (c) 2,048,238 70,790 BB&T Corp. (b) 1,197,767 22,771 Boston Properties, Inc. - REIT (c) 797,668 132,443 Charles Schwab Corp. (c) 2,052,867 43,767 Chubb Corp. (b) 1,852,219 36,547 Cincinnati Financial Corp. (b) 835,830 41,047 CIT Group, Inc. (b) 116,984 38,705 Citigroup, Inc. 97,924 2,837 CME Group, Inc. (b) 699,008 128,702 Developers Diversified Realty Corp. - REIT 274,135 52,780 Discover Financial Services (c) 333,042 18,090 Federated Investors, Inc. - Class B (b) 402,683 2,687 Franklin Resources, Inc. 144,749 69,422 Host Hotels & Resorts, Inc. - REIT (b) 272,134 132,483 Hudson City Bancorp, Inc. (b) 1,548,726 21,371 Invesco Ltd. (Bermuda) 296,202 203,342 Janus Capital Group, Inc. (b) 1,352,224 36,582 JPMorgan Chase & Co. (c) 972,350 5,300 Kimco Realty Corp. - REIT (b) 40,386 26,513 M&T Bank Corp. (c) 1,199,448 1,021 Marsh & McLennan Cos., Inc. (c) 20,675 88,249 MBIA, Inc. (a) 404,180 2,282 MetLife, Inc. (b) 51,961 472 Moody's Corp. (b) 10,818 25,405 Northern Trust Corp. (c) 1,519,727 19,366 Plum Creek Timber Co., Inc. - REIT (b) 562,970 11,585 PNC Financial Services Group, Inc. (b) 339,325 30,375 Principal Financial Group, Inc. (b) 248,468 36,620 Progressive Corp. (a) (b) 492,173 14,702 Public Storage - REIT (b) 812,286 29,411 State Street Corp. (b) 905,271 76,454 SunTrust Banks, Inc. (b) 897,570 34,976 T Rowe Price Group, Inc. (c) 1,009,407 25,133 Torchmark Corp. (b) 659,239 40,847 Travelers Cos., Inc. (b) 1,660,022 11,657 Unum Group 145,713 83,311 US Bancorp. (b) 1,217,174 49,713 Wells Fargo & Co. (b) 707,913 --------------- 31,746,350 --------------- HEALTH CARE - 19.8% 33,791 Abbott Laboratories (b) 1,611,831 21,419 Aetna, Inc. (c) 521,124 80,241 AmerisourceBergen Corp. (b) 2,620,671 33,135 Amgen, Inc. (a) (b) 1,640,845 4,381 Baxter International, Inc. (b) 224,395 11,778 Becton Dickinson & Co. (b) 791,953 3,864 Biogen Idec, Inc. (a) 202,551 71,710 Cardinal Health, Inc. (b) 2,257,431 68,813 Coventry Health Care, Inc. (a) (b) (c) 890,440 10,249 Covidien Ltd. (Bermuda) 340,677 29,372 DENTSPLY International, Inc. (b) 788,638 18,364 Express Scripts, Inc. (a) (b) 847,866 19,643 Forest Laboratories, Inc. (a) 431,360 10,668 Genzyme Corp. (a) (b) 633,573 39,196 Gilead Sciences, Inc. (a) (b) 1,815,559 823 Hospira, Inc. (a) (b) 25,398 22,511 Humana, Inc. (a) (c) 587,087 23,157 IMS Health, Inc. 288,768 41,942 Johnson & Johnson (c) 2,206,149 54,986 McKesson Corp. (c) 1,926,709 49,500 Medco Health Solutions, Inc. (a) (c) 2,046,330 16,409 Medtronic, Inc. (b) 483,573 47,630 Merck & Co, Inc. (b) 1,274,102 35,073 PerkinElmer, Inc. (c) 447,882 150,463 Pfizer, Inc. (b) 2,049,306 45,297 Schering-Plough Corp. (b) 1,066,744 45,585 Stryker Corp. (c) 1,551,713 258,448 Tenet Healthcare Corp. (a) (c) 299,800 17,579 Thermo Fisher Scientific, Inc. (a) (b) 627,043 27,342 UnitedHealth Group, Inc. (b) 572,268 12,475 Varian Medical Systems, Inc. (a) 379,739 22,236 Watson Pharmaceuticals, Inc. (a) (c) 691,762 26,343 Wyeth (c) 1,133,803 20,247 Zimmer Holdings, Inc. (a) (b) 739,016 --------------- 34,016,106 --------------- INDUSTRIALS - 9.8% 10,340 C.H. Robinson Worldwide, Inc. (b) 471,607 39,487 CSX Corp. (b) 1,020,739 19,148 Cummins, Inc. (b) 487,317 1,936 Deere & Co. (b) 63,636 8,575 Equifax, Inc. 209,659 8,648 FedEx Corp. (b) 384,750 5,283 Flowserve Corp. (c) 296,482 36,540 Fluor Corp. (c) 1,262,457 32,234 General Dynamics Corp. (b) 1,340,612 127,253 General Electric Co. (c) 1,286,528 7,903 Honeywell International, Inc. (b) 220,178 27,473 Jacobs Engineering Group, Inc. (a) (c) 1,062,106 91 L-3 Communications Holdings, Inc. 6,170 26,960 Lockheed Martin Corp. (c) 1,861,049 15,298 Manitowoc Co., Inc. (b) 50,024 31,407 Monster Worldwide, Inc. (a) 255,967 9,435 Norfolk Southern Corp. (c) 318,431 13,560 Pall Corp. (b) 277,031 10,087 Precision Castparts Corp. (b) 604,211 42,604 Raytheon Co. (b) 1,659,000 3,685 Rockwell Collins, Inc. (c) 120,278 93,013 RR Donnelley & Sons Co. (b) 681,785 19,184 Tyco International Ltd. (Bermuda) (b) 375,239 37,358 Union Pacific Corp. (b) 1,535,787 36,226 Waste Management, Inc. (b) 927,386 903 WW Grainger, Inc. (c) 63,373 --------------- 16,841,802 --------------- INFORMATION TECHNOLOGY - 24.4% 6,187 Adobe Systems, Inc. (a) (b) 132,340 36,811 Agilent Technologies, Inc. (a) (b) 565,785 2,869 Akamai Technologies, Inc. (a) 55,659 14,472 Altera Corp. (b) 253,984 3,816 Amphenol Corp. - Class A (b) 108,718 78,383 Analog Devices, Inc. (b) 1,510,440 8,534 Apple, Inc. (a) (b) 897,094 2,134 Broadcom Corp. - Class A (a) (b) 42,637 13,223 CA, Inc. (c) 232,857 124,050 Cisco Systems, Inc. (a) (b) 2,080,319 19,283 Cognizant Technology Solutions Corp. - Class A (a) (b) 400,894 31,734 Computer Sciences Corp. (a) (b) 1,169,081 9,016 Compuware Corp. (a) (b) 59,415 80,795 Convergys Corp. (a) (b) 652,824 180,434 Corning, Inc. (c) 2,394,359 74,895 Dell, Inc. (a) (c) 710,005 70,584 eBay, Inc. (a) (b) 886,535 48,310 Electronic Arts, Inc. (a) (c) 878,759 17,005 EMC Corp. (a) (b) 193,857 3,348 Google, Inc. - Class A (a) (b) (c) 1,165,305 139,053 Hewlett-Packard Co. (b) 4,458,039 265,004 Intel Corp. (b) 3,988,310 23,997 International Business Machines Corp. (b) (c) 2,325,069 44,188 Jabil Circuit, Inc. 245,685 32,443 Juniper Networks, Inc. (a) (c) 488,592 33,572 Lexmark International, Inc. - Class A (a) (b) 566,360 51,902 LSI Corp. (a) 157,782 561 Mastercard, Inc. - Class A (b) 93,956 22,168 MEMC Electronic Materials, Inc. (a) (b) 365,550 285,597 Microsoft Corp. (b) 5,246,417 101,506 Molex, Inc. (b) 1,394,692 194,787 Motorola, Inc. (b) 823,949 29,020 QLogic Corp. (a) (b) 322,702 4,261 QUALCOMM, Inc. (b) 165,796 10,771 Salesforce.com, Inc. (a) (b) 352,535 24,005 Sun Microsystems, Inc. (a) 175,717 40,038 Tellabs, Inc. (a) 183,374 21,047 Teradata Corp. (a) (c) 341,382 3,651 Teradyne, Inc. (a) 15,991 157,173 Texas Instruments, Inc. (b) (c) 2,594,926 23,845 Total System Services, Inc. 329,299 90,703 Tyco Electronics Ltd. (Bermuda) (b) 1,001,361 187,102 Unisys Corp. (a) 99,164 10,876 VeriSign, Inc. (a) 205,230 64,777 Western Union Co. (b) 814,247 18,162 Xerox Corp. 82,637 53,449 Yahoo!, Inc. (a) (b) 684,682 --------------- 41,914,311 --------------- MATERIALS - 6.0% 8,758 AK Steel Holding Corp. (b) 62,357 20,811 Dow Chemical Co. (c) 175,437 60,598 Du Pont (E.I.) de Nemours & Co. (b) 1,353,153 31,931 Eastman Chemical Co. (c) 855,751 67,920 Ecolab, Inc. (b) 2,358,862 129,320 International Paper Co. (c) 910,413 88,301 MeadWestvaco Corp. (c) 1,058,729 10,252 Monsanto Co. (c) 851,941 18,562 Newmont Mining Corp. (b) 830,835 6,459 Praxair, Inc. (b) (c) 434,626 972 Rohm and Haas Co. (b) 76,632 58,414 Sealed Air Corp. (b) 806,113 1,353 Sigma-Aldrich Corp. 51,130 75,151 Titanium Metals Corp. (b) 411,076 5,860 United States Steel Corp. (b) 123,822 --------------- 10,360,877 --------------- TELECOMMUNICATIONS - 4.3% 152,647 AT&T, Inc. (b) 3,846,704 93,985 Qwest Communications International, Inc. (b) 321,429 217,659 Sprint Nextel Corp. (a) 777,043 78,958 Verizon Communications, Inc. (b) 2,384,531 --------------- 7,329,707 --------------- UTILITIES - 4.6% 94,810 AES Corp. (a) (b) 550,846 2,286 American Electric Power Co., Inc. (b) 57,744 37,106 CMS Energy Corp. (b) 439,335 3,882 Duke Energy Corp. (b) 55,590 144,558 Dynegy, Inc. - Class A (a) 203,827 11,296 Exelon Corp. (b) 512,726 11,632 FirstEnergy Corp. (b) 448,995 29,487 NiSource, Inc. (c) 288,973 18,842 PG&E Corp. (b) 720,141 101,575 PPL Corp. (c) 2,916,218 8,100 Questar Corp. (b) 238,383 35,642 TECO Energy, Inc. (b) 397,408 55,457 Xcel Energy, Inc. (b) 1,033,164 --------------- 7,863,350 --------------- TOTAL LONG-TERM INVESTMENTS - 132.0% (Cost $319,151,797) 226,686,715 --------------- PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT SECURITIES - 10.8% $ 18,550,000 U.S. Treasury Bill yielding 0.57% 10/22/09 maturity (d) (Cost $18,490,211) 18,501,640 --------------- NUMBER OF SHARES VALUE -------------------------------------------------------------------------------------------------------- MONEY MARKET FUNDS - 4.8% 8,212,143 Dreyfus Institutional Reserve Money Market Fund (Cost $8,212,143) 8,212,143 --------------- TOTAL SHORT-TERM INVESTMENTS - 15.6% (Cost $26,702,354) 26,713,783 --------------- TOTAL INVESTMENTS - 147.6% (Cost $345,854,151) 253,400,498 Securities Sold Short - (40.7%) (Proceeds $77,560,995) (69,839,787) Total Value of Options Written (Premiums received $8,888,047) - (3.8%) (6,550,882) Liabilities in excess of Other Assets - (3.1%) (5,321,502) --------------- NET ASSETS - 100.0% $ 171,688,327 =============== Number of Shares VALUE -------------------------------------------------------------------------------------------------------- SECURITIES SOLD SHORT - 40.7% COMMON STOCKS - 40.7% CONSUMER DISCRETIONARY - 5.0% 26,998 Abercrombie & Fitch Co. - Class A $ 642,552 7,239 Apollo Group, Inc. - Class A 567,031 10,157 AutoZone, Inc. 1,651,731 3,675 Black & Decker Corp. 115,983 136,465 CBS Corp. - Class B 524,026 12,940 Darden Restaurants, Inc. 443,324 48,410 Expedia, Inc. 439,563 10,334 Fortune Brands, Inc. 253,700 1,957 Home Depot, Inc. 46,107 9,358 JC Penney Co., Inc. 187,815 19,898 KB Home 262,256 9,245 Kohl's Corp. 391,248 14,398 Newell Rubbermaid, Inc. 91,859 8,423 Omnicom Group, Inc. 197,098 34,384 Scripps Networks Interactive, Inc. - Class A 773,984 8,332 Sherwin-Williams Co. 433,014 28,473 Stanley Works 829,134 339 Staples, Inc. 6,139 738 Target Corp. 25,380 3,277 VF Corp. 187,149 9,176 Viacom, Inc. - Class B 159,479 865 Washington Post Co. - Class B 308,892 83 Whirlpool Corp. 2,456 --------------- 8,539,920 --------------- CONSUMER STAPLES - 4.1% 31,721 Clorox Co. 1,632,997 43,056 Constellation Brands, Inc. - Class A 512,366 12,621 General Mills, Inc. 629,536 21,540 HJ Heinz Co. 712,112 23,921 JM Smucker Co. 891,536 37,517 Kellogg Co. 1,374,248 20,765 Pepsi Bottling Group, Inc. 459,737 12,342 Reynolds American, Inc. 442,337 33,754 SUPERVALU, Inc. 482,007 --------------- 7,136,876 --------------- ENERGY - 2.0% 3,855 Apache Corp. 247,067 27,490 Devon Energy Corp. 1,228,528 8,293 Diamond Offshore Drilling, Inc. 521,298 205,705 El Paso Corp. 1,285,657 4,276 XTO Energy, Inc. 130,931 --------------- 3,413,481 --------------- FINANCIALS - 9.0% 52,616 Allstate Corp. 1,007,596 64,190 Ameriprise Financial, Inc. 1,315,253 597 AON Corp. 24,370 101,276 Apartment Investment & Management Co. - Class A - REIT 554,992 27,894 Capital One Financial Corp. 341,423 97,691 CB Richard Ellis Group, Inc. - Class A 393,695 39,743 Comerica, Inc. 727,694 43,780 Equity Residential - REIT 803,363 67,417 Fifth Third Bancorp 196,858 70,671 First Horizon National Corp. 759,008 187,318 Genworth Financial, Inc. - Class A 355,904 5,161 Goldman Sachs Group, Inc. 547,169 64,512 Hartford Financial Services Group, Inc. 506,419 56,078 Huntington Bancshares, Inc. 93,089 86,687 Keycorp 682,227 74,701 Legg Mason, Inc. 1,187,746 31,212 Leucadia National Corp. 464,747 53,148 Lincoln National Corp. 355,560 22,873 Loews Corp. 505,493 68,885 Marshall & Ilsley Corp. 387,823 8,512 Morgan Stanley 193,818 6,079 People's United Financial, Inc. 109,240 6,797 ProLogis - REIT 44,181 26,437 Prudential Financial, Inc. 502,832 104,216 Regions Financial Corp. 443,960 17,435 Simon Property Group, Inc. - REIT 603,948 140,127 SLM Corp. 693,629 20,102 Vornado Realty Trust - REIT 668,190 98,325 XL Capital Ltd. - Class A (Cayman Islands) 536,855 43,315 Zions Bancorporation 425,786 --------------- 15,432,868 --------------- HEALTH CARE - 4.8% 31,266 CIGNA Corp. 549,969 28,639 DaVita, Inc. 1,258,684 35,365 Eli Lilly & Co. 1,181,545 3,090 Intuitive Surgical, Inc. 294,662 113,814 King Pharmaceuticals, Inc. 804,665 24,779 Laboratory Corp. of America Holdings 1,449,324 11,481 Life Technologies Corp. 372,903 27,301 Quest Diagnostics, Inc. 1,296,251 11,365 St. Jude Medical, Inc. 412,890 17,163 Waters Corp. 634,173 --------------- 8,255,066 --------------- INDUSTRIALS - 4.7% 17,157 3M Co. 853,046 5,036 Boeing Co. 179,181 5,874 Burlington Northern Santa Fe Corp. 353,321 726 Caterpillar, Inc. 20,299 7,625 Cintas Corp. 188,490 9,502 Dun & Bradstreet Corp. 731,654 11,957 Eaton Corp. 440,735 7,099 Illinois Tool Works, Inc. 219,004 106,087 Ingersoll-Rand Co. Ltd. - Class A (Bermuda) 1,464,001 10,968 Iron Mountain, Inc. 243,160 59,598 Masco Corp. 415,994 95,405 Pitney Bowes, Inc. 2,227,707 5,859 Rockwell Automation, Inc. 127,961 88,565 Southwest Airlines Co. 560,616 --------------- 8,025,169 --------------- INFORMATION TECHNOLOGY - 7.1% 11,220 Affiliated Computer Services, Inc. - Class A 537,326 61,731 Applied Materials, Inc. 663,608 10,281 Autodesk, Inc. 172,824 13,623 Automatic Data Processing, Inc. 478,985 72,636 Ciena Corp. 565,108 8,696 Citrix Systems, Inc. 196,877 5,133 Fidelity National Information Services, Inc. 93,421 36,512 Fiserv, Inc. 1,331,227 45,477 FLIR Systems, Inc. 931,369 51,927 JDS Uniphase Corp. 168,763 69,030 KLA-Tencor Corp. 1,380,600 49,060 Linear Technology Corp. 1,127,399 50,767 Microchip Technology, Inc. 1,075,753 54,791 National Semiconductor Corp. 562,703 26,732 NetApp, Inc. 396,703 44,902 Novellus Systems, Inc. 746,720 18,995 Paychex, Inc. 487,602 68,944 Symantec Corp. 1,030,023 12,249 Xilinx, Inc. 234,691 --------------- 12,181,702 --------------- MATERIALS - 2.0% 1,791 Air Products & Chemicals, Inc. 100,744 4,075 Ball Corp. 176,855 22,927 Freeport-McMoRan Copper & Gold, Inc. 873,748 23,110 International Flavors & Fragrances, Inc. 703,931 24,175 PPG Industries, Inc. 892,057 26,398 Weyerhaeuser Co. 727,793 --------------- 3,475,128 --------------- TELECOMMUNICATIONS - 0.4% 6,671 American Tower Corp. - Class A 202,999 4,822 CenturyTel, Inc. 135,595 34,278 Frontier Communications Corp. 246,116 6,807 Windstream Corp. 54,864 --------------- 639,574 --------------- UTILITIES - 1.6% 7,353 Constellation Energy Group, Inc. 151,913 26,587 Dominion Resources, Inc. 823,931 2,738 DTE Energy Co. 75,843 9,567 Entergy Corp. 651,417 23,057 Integrys Energy Group, Inc. 600,404 1,170 Nicor, Inc. 38,879 12,872 SCANA Corp. 397,616 --------------- 2,740,003 --------------- TOTAL SECURITIES SOLD SHORT - 40.7 % (Proceeds $77,560,995) $ 69,839,787 =============== CONTRACTS (100 SHARES EXPIRATION EXERCISE PER CONTRACT) OPTIONS WRITTEN (a) DATE PRICE VALUE -------------------------------------------------------------------------------------------------------- CALL OPTIONS WRITTEN (A) 238 AMEX Gold BUGS Index April 2009 $ 335.00 $ 282,030 38 AMEX Gold BUGS Index April 2009 335.00 21,090 865 ISE 250 Index April 2009 155.00 281,125 1,523 ISE SINdex April 2009 60.00 209,412 9,670 ISE U.S. Regional Banks Index April 2009 12.50 1,668,075 7,450 KBW Bank Index April 2009 30.00 1,154,750 425 Philadelphia Gold & Silver Index April 2009 140.00 184,875 2,275 Philadelphia Housing Index April 2009 75.00 1,103,375 315 Russell 1000 Index April 2009 460.00 129,150 325 Russell 2000 Index April 2009 420.00 594,750 785 S&P 100 Index April 2009 390.00 478,850 280 S&P 400 Midcap Index April 2009 550.00 49,700 620 S&P 600 Small Cap Index April 2009 225.00 393,700 TOTAL OPTIONS WRITTEN --------------- (Premiums received $8,888,047) $ 6,550,882 =============== AMEX - American Stock Exchange recently acquired by NYSE Euronext BUGS - Basket of Unhedged Gold Stocks ISE - International Securities Exchange, LLC KBW - Keefe, Bruyette & Woods, Inc. REIT - Real Estate Investment Trust S&P - Standard and Poor's (a) Non-income producing security. (b) All or a portion of these securities are held as collateral for Securities Sold Short. (c) All or a portion of these securities are held as collateral for futures or options. (d) Held as collateral for forward exchange currency contracts. Securities are classified by sectors that represent broad groupings of related industries. See previously submitted notes to financial statements for the period ended December 31, 2008. ------------------------------------------------------------ Country Allocation* ------------------------------------------------------------ United States 98.5% Bermuda 0.8% Netherlands Antilles 0.5% Panama 0.1% Switzerland 0.1% ------------------------------------------------------------ * Subject to change daily. Based on total investments. ------------------------------------------------------------ Securities Sold Short Country Allocation** ------------------------------------------------------------ United States 97.1% Bermuda 2.1% Cayman Islands 0.8% ------------------------------------------------------------ ** Subject to change daily. Based on securities sold short. At March 31, 2009, the following futures contracts were outstanding: UNREALIZED NUMBER OF APPRECIATION LONG CONTRACTS CONTRACTS (DEPRECIATION) -------------------------------------------------------------------------------------------------------------------------- Amsterdam Exchanges Index - April 2009 (Current notional value of 43,180 Euro per contract) 34 $ 60,492 Australian Dollar - June 2009 (Current notional value of $69,240 per contract) 30 21,466 Australia SPI 200 Index - June 2009 (Current notional value of 89,150 Australian dollars per contract) 135 474,903 British Pound - June 2009 (Current notional value of $89,675 per contract) 144 (1,064) Canadian Dollar - June 2009 (Current notional value of $79,410 per contract) 230 (94,770) Canada S&P/TSE 60 Index - June 2009 (Current notional value of 105,200 Canadian dollars per contract) 12 42,262 Eurozone Dow Jones Euro STOXX 50 - June 2009 (Current notional value of 19,930 Euro per contract) 67 36,459 Germany DAX Index - June 2009 (Current notional value of 102,550 Euro per contract) 23 79,965 Italy S&P/MIB Index - June 2009 (Current notional value of 77,140 Euro per contract) 149 1,809,376 Japanese Yen - June 2009 (Current notional value of $126,300 per contract) 56 (90,164) New Zealand Dollar - June 2009 (Current notional value of $56,810 per contract) 100 28,686 Swedish Krona - June 2009 (Current notional value of $243,180 per contract) 55 (63,368) Sweden QMXS30 - April 2009 (Current notional value of 64,475 Swedish Krona per contract) 2,054 (282,427) United Kingdom FTSE 100 Index - June 2009 (Current notional value of 38,850 Pound Sterling per contract 35 51,652 U.S. CBOE Volatility Index - April 2009 (Current notional value of $45,050 per contract) 31 13,702 U.S. CBOE Volatility Index - May 2009 (Current notional value of $43,950 per contract) 63 9,882 ---------- ----------- 3,218 $ 2,097,052 ---------- ----------- SHORT CONTRACTS -------------------------------------------------------------------------------------------------------------------------- France CAC 40 10 Euros - April 2009 (Current notional value of 28,075 Euro per contract) 426 $ (314,708) China Hang Seng Index - April 2009 (Current notional value of 677,800 Hong Kong dollars per contract) 26 18,665 Euro FX - June 2009 (Current notional value of $166,038 per contract) 120 (737) Japan TOPIX Index - June 2009 (Current notional value of 7,770,000 Japanese Yen per contract) 172 (1,282,811) Norwegian Krone - June 2009 (Current notional value of $297,060 per contract) 15 52,642 Spain IBEX 35 Index - April 2009 (Current notional value of 77,935 Euro per contract) 21 (65,661) Swiss Franc - June 2009 (Current notional value of $109,863 per contract) 136 (69,105) U.S. S&P 500 - June 2009 (Current notional value of $39,740 per contract) 156 (99,630) ----------- ----------- 1,072 $(1,761,345) ----------- ----------- 4,290 $ 335,707 =========== =========== All notional values are denominated in local currencies. At March 31, 2008, the following forward exchange currency contracts were outstanding: LOCAL UNREALIZED CURRENCY APPRECIATION LONG CONTRACTS VALUE (DEPRECIATION) -------------------------------------------------------------------------------------------------- Australian Dollar, 3,000,000 expiring 4/01/09 2,084,400 $ 167,682 Canadian Dollar, 5,000,000 expiring 4/01/09 3,974,089 91,951 Japanese Yen, 100,000,000 expiring 4/01/09 1,012,453 (7,309) Swedish Krona, 40,000,000 expiring 4/01/09 4,838,339 464,793 Swiss Franc, 16,000,000 expiring 4/01/09 14,071,501 82,155 --------- $ 799,272 --------- SHORT CONTRACTS -------------------------------------------------------------------------------------------------- Australian Dollar, 3,000,000 expiring 4/01/09 2,084,400 $ (18,830) Canadian Dollar, 5,000,000 expiring 4/01/09 3,974,089 69,856 Japanese Yen, 100,000,000 expiring 4/01/09 1,012,453 10,223 Swedish Krona, 40,000,000 expiring 4/01/09 4,838,339 42,042 Swiss Franc, 16,000,000 expiring 4/01/09 14,071,501 (432,935) --------- $(329,644) --------- $ 469,628 --------- In September, 2006, the FASB issued Statement of Financial Accounting Standards No. 157, "Fair Valuation Measurements" ("FAS 157"). This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. FAS 157 establishes three different categories for valuations. Level 1 valuations are those based upon quoted prices in active markets. Level 2 valuations are those based upon quoted prices in inactive markets or based upon significant observable inputs (e.g. yield curves; benchmark interest rates; indices). Level 3 valuations are those based upon unobservable inputs (e.g. discounted cash flow analysis; non-market based methods used to determine fair valuation). Valuations at March 31, 2009 Description Securities Derivatives Total ---------- ----------- ----- (value in $000s) Assets: Level 1 $ 234,899 $ - $ 234,899 Level 2 18,501 3,629 22,130 Level 3 - - - --------- ------- --------- Total $ 253,400 $ 3,629 $ 257,029 ========= ======= ========= Liabilities: Level 1 $ 69,840 $ 6,551 $ 76,391 Level 2 - 2,823 2,823 Level 3 - - - --------- ------- --------- Total $ 69,840 $ 9,374 $ 79,214 ========= ======= ========= ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a date within 90 days of the filing date of this report and have concluded, based on such evaluation, that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. (b) There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the registrant's last fiscal quarter that materially affected or is reasonably likely to materially affect the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act, as amended (17 CFR 270.30a-2(a)), is attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Old Mutual/Claymore Long-Short Fund ----------------------------------- By: /s/ J. Thomas Futrell --------------------------------- J. Thomas Futrell Chief Executive Officer Date: May 19, 2009 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ J. Thomas Futrell --------------------------------- J. Thomas Futrell Chief Executive Officer Date: May 19, 2009 By: /s/ Steven M. Hill --------------------------------- Steven M. Hill Treasurer and Chief Financial Officer Date: May 19, 2009