- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)

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

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