- 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: September 30, 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
SEPTEMBER 30, 2009 (UNAUDITED)

NUMBER
OF SHARES VALUE
--------------------------------------------------------------------------------------------------------------------
 LONG-TERM INVESTMENTS - 128.2%

 CONSUMER DISCRETIONARY - 13.1%

 12,821 Amazon.com, Inc. (a) $ 1,196,969
 32,282 Big Lots, Inc. (a) 807,696
 10,103 Brinker International, Inc. 158,920
 324,905 Comcast Corp. - Class A (b) 5,487,646
 8,273 DIRECTV Group, Inc. (a) (b) 228,169
 77,416 DISH Network Corp. - Class A (a) 1,491,032
 6 Foot Locker, Inc. 72
 286,344 Ford Motor Co. (a) (b) 2,064,540
 45,871 Gap, Inc. (b) 981,639
 28,315 Gentex Corp. 400,657
 15,218 Genuine Parts Co. (b) 579,197
 21,677 Guess? Inc. 802,916
 53,002 H&R Block, Inc. 974,177
 7,645 Hasbro, Inc. 212,149
 32,969 Johnson Controls, Inc. (b) 842,688
 9,048 McGraw-Hill Cos., Inc. (b) 227,467
 32,548 RadioShack Corp. 539,320
 3,379 Snap-On, Inc. 117,454
 5 Stanley Works 213
 63,759 Starbucks Corp. (a) (b) 1,316,623
 19,915 Thor Industries, Inc. 616,369
 83,070 Walt Disney Co. (b) 2,281,102
 53,873 Williams-Sonoma, Inc. 1,089,851
 ---------------------
 22,416,866
 ---------------------

 CONSUMER STAPLES - 10.4%

 4,619 BJ's Wholesale Club, Inc. (a) (c) 167,300
 7,332 Brown-Forman Corp. - Class B (c) 353,549
 16,003 Bunge Ltd. (Bermuda) (c) 1,001,948
 16,858 Costco Wholesale Corp. (b) 951,803
 9,112 Estee Lauder Cos., Inc. - Class A (b) 337,873
 3,962 Green Mountain Coffee Roasters, Inc. (a) 292,554
 2,876 Pepsi Bottling Group, Inc. (c) 104,801
 50,846 Philip Morris International, Inc. (b) 2,478,234
 960 Procter & Gamble Co. (b) 55,603
 240,442 Sara Lee Corp. (b) 2,678,524
 177,228 SYSCO Corp. (b) 4,404,116
 255,715 Tyson Foods, Inc. - Class A (b) 3,229,680
 42,506 Walgreen Co. (b) 1,592,700
 4,306 Wal-Mart Stores, Inc. (b) 211,382
 ---------------------
 17,860,067
 ---------------------

 ENERGY - 16.4%

 1,588 Alpha Natural Resources, Inc. (a) 55,739
 5,554 BJ Services Co. 107,914
 100,812 Chevron Corp. (b) 7,100,189
 7,682 Concho Resources, Inc. (a) 279,010
 36,264 ConocoPhillips (c) 1,637,682
 1,297 Continental Resources, Inc. (a) (b) 50,803
 6,372 Encore Acquisition Co. (a) (b) 238,313
 4,499 EOG Resources, Inc. (b) 375,712
 83,700 Exxon Mobil Corp. (b) 5,742,657
 45,847 Hess Corp. (c) 2,450,981
 24,967 Marathon Oil Corp. (b) 796,447
 4,318 Massey Energy Co. 120,429
 64,805 Murphy Oil Corp. (b) 3,730,824
 66,837 Occidental Petroleum Corp. (c) 5,240,021
 9,140 Rowan Cos., Inc. 210,860
 ---------------------
 28,137,581
 ---------------------

 FINANCIALS - 22.1%

 18,208 Aflac, Inc. (b) 778,210
 405 Alexandria Real Estate Equities, Inc. - REIT (b) 22,012
 910 Allied World Assurance Co. Holdings Ltd. (Bermuda) (c) 43,616
 91,585 American Express Co. 3,104,731
 5,778 American Financial Group, Inc. (b) 147,339
 81,087 Bank of America Corp. (b) 1,371,992
 34,983 Bank of Hawaii Corp. (b) 1,453,194
 89,082 Bank of New York Mellon Corp. (b) 2,582,487
 18,435 BB&T Corp. 502,169
 12,928 BlackRock, Inc. (c) 2,803,049
 13,069 BOK Financial Corp. (c) 605,356
 102,282 Charles Schwab Corp. (c) 1,958,700
 8,660 Chubb Corp. (b) 436,551
 62,503 Citigroup, Inc. 302,515
 15,545 Cullen/Frost Bankers, Inc. (b) 802,744
 153,864 Discover Financial Services (c) 2,497,213
 28,961 Franklin Resources, Inc. (c) 2,913,477
 98,880 Hudson City Bancorp, Inc. (b) 1,300,272
 25,145 Invesco Ltd. (Bermuda) 572,300
 2,744 Investment Technology Group, Inc. (a) 76,612
 50,438 Northern Trust Corp. (c) 2,933,474
 4,224 PartnerRe Ltd. (Bermuda) 324,995
 16,692 Public Storage - REIT (b) 1,255,906
 10,246 Rayonier, Inc. - REIT (b) 419,164
 80,462 T Rowe Price Group, Inc. (c) 3,677,113
 18,949 TD Ameritrade Holding Corp. (a) 371,779
 27,430 Torchmark Corp. (b) 1,191,285
 10,495 Unum Group 225,013
 146,793 US Bancorp. (b) 3,208,895
 5,006 Wells Fargo & Co. 141,069
 ---------------------
 38,023,232
 ---------------------

 HEALTH CARE - 20.7%

 26,769 Abbott Laboratories (b) 1,324,262
 174,712 AmerisourceBergen Corp. (b) 3,910,054
 79,129 Amgen, Inc. (a) 4,765,940
 58,467 Biogen Idec, Inc. (a) (c) 2,953,753
 70,284 Cardinal Health, Inc. (b) 1,883,611
 12,826 CareFusion Corp. (a) (b) 279,607
 33,033 Coventry Health Care, Inc. (a) (b) 659,339
 26,525 Forest Laboratories, Inc. (a) (b) 780,896
 45,071 Gilead Sciences, Inc. (a) (b) 2,099,407
 33,454 Hill-Rom Holdings, Inc. 728,628
 24,959 Humana, Inc. (a) (c) 930,971
 44,249 Johnson & Johnson (c) 2,694,321
 46,605 McKesson Corp. (c) 2,775,328
 38,024 Merck & Co, Inc. (b) 1,202,699
 21,999 OSI Pharmaceuticals, Inc. (a) 776,565
 121,694 Pfizer, Inc. (b) 2,014,036
 29,464 Schering-Plough Corp. (b) 832,358
 25,189 Stryker Corp. (c) 1,144,336
 237,324 Tenet Healthcare Corp. (a) (c) 1,395,465
 176 Varian Medical Systems, Inc. (a) (b) 7,415
 24,072 Wyeth (c) 1,169,418
 23,056 Zimmer Holdings, Inc. (a) (b) 1,232,343
 ---------------------
 35,560,752
 ---------------------

 INDUSTRIALS - 12.1%

 6,251 Aecom Technology Corp. (a) 169,652
 64,273 AGCO Corp. (a) (b) 1,775,863
 747 Crane Co. 19,280
 10,788 CSX Corp. (b) 451,586
 52,197 Fluor Corp. (c) 2,654,218
 37,054 General Dynamics Corp. (b) 2,393,688
 3,964 General Electric Co. 65,089
 21,277 Harsco Corp. 753,419
 1,000 Hubbell, Inc. - Class B 42,000
 6,469 Illinois Tool Works, Inc. (b) 276,291
 1,128 ITT Corp. (c) 58,825
 10,422 Jacobs Engineering Group, Inc. (a) (c) 478,891
 4,219 Joy Global, Inc. 206,478
 122,336 KBR, Inc. 2,849,206
 605 Lincoln Electric Holdings, Inc. (b) 28,707
 48,378 Lockheed Martin Corp. (c) 3,777,354
 42,604 Raytheon Co. (b) 2,043,714
 164,946 Southwest Airlines Co. 1,583,482
 11,190 Timken Co. 262,182
 6,681 United Technologies Corp. (c) 407,073
 4,442 Waste Management, Inc. (b) 132,460
 3,465 WW Grainger, Inc. 309,632
 ---------------------
 20,739,090
 ---------------------

 INFORMATION TECHNOLOGY - 22.6%

 10,217 AVX Corp. (b) 121,889
 56,718 Broadcom Corp. - Class A (a) 1,740,675
 15,243 Cisco Systems, Inc. (a) (b) 358,820
 3,944 Computer Sciences Corp. (a) 207,888
 271,492 Corning, Inc. (c) 4,156,543
 75,842 Dell, Inc. (a) 1,157,349
 98,004 eBay, Inc. (a) (b) 2,313,874
 78,665 Electronic Arts, Inc. (a) (c) 1,498,568
 6,398 Genpact Ltd. (Bermuda) (a) 78,695
 19,787 Hewlett-Packard Co. (b) 934,144
 42,390 Ingram Micro, Inc. - Class A (a) 714,272
 300,071 Intel Corp. (b) 5,872,390
 27,187 International Business Machines Corp. (b) 3,251,837
 12,215 LSI Corp. (a) 67,060
 136,182 Microsoft Corp. (b) 3,525,752
 28,767 Molex, Inc. 600,655
 286,901 Motorola, Inc. (b) 2,464,480
 14,430 NCR Corp. (a) (b) 199,423
 47,187 QUALCOMM, Inc. (b) 2,122,471
 3,239 Salesforce.com, Inc. (a) 184,396
 13,587 Sun Microsystems, Inc. (a) 123,506
 28,373 Tech Data Corp. (a) (c) 1,180,601
 154,283 Texas Instruments, Inc. (b) 3,654,964
 27,430 Visa, Inc. - Class A (c) 1,895,687
 22,460 Yahoo!, Inc. (a) (b) 400,013
 ---------------------
 38,825,952
 ---------------------

 MATERIALS - 2.2%

 9,014 Cabot Corp. (b) 208,314
 1,019 CF Industries Holdings, Inc. (c) 87,868
 9,437 Commercial Metals Co. 168,922
 41,987 Dow Chemical Co. (c) 1,094,601
 9,701 Eastman Chemical Co. (c) 519,392
 18,481 International Paper Co. 410,833
 21,537 MeadWestvaco Corp. (c) 480,490
 3,082 Packaging Corp. of America 62,873
 2,245 Schnitzer Steel Industries, Inc. - Class A 119,546
 825 Sonoco Products Co. 22,721
 15,448 Terra Industries, Inc. (b) 535,582
 ---------------------
 3,711,142
 ---------------------

 TELECOMMUNICATIONS - 4.7%

 136,036 AT&T, Inc. (b) 3,674,332
 57,274 NII Holdings, Inc. (a) 1,717,075
 537,350 Sprint Nextel Corp. (a) (c) 2,122,532
 12,170 United States Cellular Corp. (a) (c) 475,482
 ---------------------
 7,989,421
 ---------------------

 UTILITIES - 3.9%

 32,793 Energen Corp. (c) 1,413,378
 115,415 NRG Energy, Inc. (a) (c) 3,253,549
 69,025 PPL Corp. (c) 2,094,219
 ---------------------
 6,761,146
 ---------------------
 TOTAL LONG-TERM INVESTMENTS - 128.2%
 (Cost $224,085,935) 220,025,249
 ---------------------

CONTRACTS
(100 SHARES EXPIRATION EXERCISE
PER CONTRACT) OPTIONS PURCHASED - 0.0% (a) DATE PRICE VALUE
---------------------------------------------------------------------------------------------------------------------
 CALL OPTIONS PURCHASED - 0.0% (a)

 350 UAL Corp. October 2009 9.00
 (Cost $15,050) 26,250
 ---------------------

NUMBER
OF SHARES VALUE
--------------------------------------------------------------------------------------------------------------------
 MONEY MARKET FUNDS - 1.0%

 1,773,727 Dreyfus Institutional Reserve Money Market Fund
 (Cost $1,773,727) 1,773,727
 ---------------------

 TOTAL INVESTMENTS - 129.2%
 (Cost $225,874,712) 221,825,226
 Securities Sold Short - (30.0%)
 (Proceeds $39,011,597) (51,507,626)
 Total Value of Options Written
 (Premiums received $3,333,371) - (1.1%) (1,981,350)
 Other Assets in excess of Liabilities - 1.9% 3,341,923
 ---------------------
 NET ASSETS - 100.0% $ 171,678,173
 =====================

NUMBER
OF SHARES VALUE
--------------------------------------------------------------------------------------------------------------------
 SECURITIES SOLD SHORT - 30.0%
 COMMON STOCKS - 28.1%
 CONSUMER DISCRETIONARY - 1.5%

 1,126 AutoZone, Inc. $ 164,644
 5,884 Burger King Holdings, Inc. 103,500
 26,532 Central European Media Enterprises Ltd. - Class A (Bermuda) 908,721
 1,305 Jarden Corp. 36,631
 7,814 O'Reilly Automotive, Inc. 282,398
 23,500 Toll Brothers, Inc. 459,190
 25,749 Weight Watchers International, Inc. 706,552
 ---------------------
 2,661,636
 ---------------------

 CONSUMER STAPLES - 0.2%

 4,599 Ralcorp Holdings, Inc. 268,904
 ---------------------

 ENERGY - 4.2%

 12,688 Chesapeake Energy Corp. 360,339
 175,952 El Paso Corp. 1,815,825
 12,995 EXCO Resources, Inc. 242,877
 9,256 Exterran Holdings, Inc. 219,737
 25,429 Forest Oil Corp. 497,646
 14,375 Helix Energy Solutions Group, Inc. 215,337
 22,463 Newfield Exploration Co. 956,025
 70,213 Plains Exploration & Production Co. 1,942,092
 42,931 SandRidge Energy, Inc. 556,386
 19,620 Teekay Corp. (Marshall Islands) 429,089
 ---------------------
 7,235,353
 ---------------------

 FINANCIALS - 8.0%

 6,147 Affiliated Managers Group, Inc. 399,616
 3,120 American National Insurance Co. 265,824
 277 Ameriprise Financial, Inc. 10,063
 14,391 Apartment Investment & Management Co. - Class A - REIT 212,267
 6,927 Camden Property Trust - REIT 279,158
 1,163 Capital One Financial Corp. 41,554
 4,173 Capitol Federal Financial 137,375
 30,148 CB Richard Ellis Group, Inc. - Class A 353,938
 15,370 Comerica, Inc. 456,028
 30,233 First Horizon National Corp. 399,985
 60,731 Genworth Financial, Inc. - Class A 725,735
 104,475 GLG Partners, Inc. 421,034
 4,103 Greenhill & Co., Inc. 367,547
 34,937 Hartford Financial Services Group, Inc. 925,831
 101,036 Huntington Bancshares, Inc. 475,880
 24,563 Jefferies Group, Inc. 668,850
 52,132 Legg Mason, Inc. 1,617,656
 4,779 Leucadia National Corp. 118,137
 15,592 Lincoln National Corp. 403,989
 14,059 Loews Corp. 481,521
 3,086 Markel Corp. 1,017,825
 2,388 NASDAQ OMX Group, Inc. 50,267
 2,122 OneBeacon Insurance Group Ltd. - Class A (Bermuda) 29,156
 1,547 ProLogis - REIT 18,440
 44,049 Protective Life Corp. 943,530
 15,638 Prudential Financial, Inc. 780,493
 1,477 Regions Financial Corp. 9,172
 96,619 SLM Corp. 842,518
 2,344 St. Joe Co. 68,257
 816 Student Loan Corp. 37,862
 36,742 Synovus Financial Corp. 137,783
 348 Vornado Realty Trust - REIT 22,415
 59,018 Washington Federal, Inc. 995,043
 429 Zions Bancorporation 7,709
 ---------------------
 13,722,458
 ---------------------

 HEALTH CARE - 7.4%

 21,991 BioMarin Pharmaceutical, Inc. 397,597
 23,294 DaVita, Inc. 1,319,372
 27,368 Dendreon Corp. 766,030
 172,359 Hologic, Inc. 2,816,346
 15,117 Inverness Medical Innovations, Inc. 585,482
 22,356 Kinetic Concepts, Inc. 826,725
 160,092 King Pharmaceuticals, Inc. 1,724,191
 24,712 Perrigo Co. 839,961
 22,462 United Therapeutics Corp. 1,100,413
 5,832 Valeant Pharmaceuticals International 163,646
 1,482 VCA Antech, Inc. 39,851
 54,172 Vertex Pharmaceuticals, Inc. 2,053,119
 ---------------------
 12,632,733
 ---------------------

 INDUSTRIALS - 1.7%

 31,724 BE Aerospace, Inc. 638,921
 77,541 Manitowoc Co., Inc. 734,313
 19,577 Owens Corning 439,504
 23,069 TransDigm Group, Inc. 1,149,067
 ---------------------
 2,961,805
 ---------------------

 INFORMATION TECHNOLOGY - 3.9%

 85,074 Ciena Corp. 1,385,005
 135,595 Cypress Semiconductor Corp. 1,400,696
 30,756 International Rectifier Corp. 599,435
 12,263 Itron, Inc. 786,549
 51,341 Nuance Communications, Inc. 768,061
 87,762 Rambus, Inc. 1,527,059
 6,780 Rovi Corp. 227,808
 ---------------------
 6,694,613
 ---------------------

 MATERIALS - 0.1%

 6,822 Eagle Materials, Inc. 194,973
 ---------------------

 TELECOMMUNICATIONS - 0.7%

 42,881 SBA Communications Corp. - Class A 1,159,073
 ---------------------

 UTILITIES - 0.4%

 12,481 American Water Works Co., Inc. 248,871
 7,324 Constellation Energy Group, Inc. 237,078
 4,678 Oneok, Inc. 171,308
 ---------------------
 657,257
 ---------------------


 TOTAL COMMON STOCKS SOLD SHORT - 28.1 %
 (Proceeds $36,444,060) 48,188,805
 ---------------------

 TRACKING STOCKS - 1.5%
 CONSUMER DISCRETIONARY - 1.5%

 49,613 Liberty Media Corp. - Capital Series A 1,037,904
 51,076 Liberty Media Corp. - Entertainment Series A 1,588,974
 ---------------------
 (Proceeds $2,115,147) 2,626,878
 ---------------------

 MASTER LIMITED PARTNERSHIPS - 0.4%
 FINANCIALS - 0.4%

 16,750 Lazard Ltd. - Class A (Bermuda)
 (Proceeds $452,390) 691,943
 ---------------------

 TOTAL SECURITIES SOLD SHORT - 30.0 %
 (Proceeds $39,011,597) $ 51,507,626
 =====================

CONTRACTS
(100 SHARES EXPIRATION EXERCISE
PER CONTRACT) OPTIONS WRITTEN (a) DATE PRICE VALUE
------------------------------------------------------------------------------------------------------------------------------------
 CALL OPTIONS WRITTEN (A)

 1,190 KBW Bank Index October 2009 50.00 $ 53,550
 95 Morgan Stanley Cyclical Index October 2009 790.00 38,475
 815 NYSE Arca Airline Index October 2009 30.00 48,900
 85 NYSE Arca Oil Index October 2009 1,130.00 2,550
 200 NYSE Arca Pharmaceutical Index October 2009 290.00 53,500
 165 Philadelphia Housing Index October 2009 125.00 1,650
 215 Philadelphia Semiconductor Index October 2009 330.00 155,875
 115 Philadelphia Utility Index October 2009 400.00 47,150
 245 S&P 100 Index October 2009 490.00 196,000
 2,070 S&P 100 Index October 2009 495.00 1,159,200
 120 S&P 400 Midcap Index October 2009 700.00 121,800
 260 S&P 600 Small Cap Index October 2009 325.00 102,700
 TOTAL OPTIONS WRITTEN ----------------
 (Premiums received $3,333,371) $ 1,981,350
 ================

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.

Securities are classified by sectors that represent broad groupings of related industries.

-------------------------------------------------------------------------------
 Country Allocation*

-------------------------------------------------------------------------------
 United States 99.1%
 Bermuda 0.9%
-------------------------------------------------------------------------------

* Subject to change daily. Based on total investments.

 Securities Sold Short Country Allocation**
 -------------------------------------------------------------------------------
 United States 96.0%
 Bermuda 3.2%
 Marshall Islands 0.8%
 -------------------------------------------------------------------------------

** Subject to change daily. Based on securities sold short.

On July 17, 2009, Claymore Group Inc., the parent of Claymore Advisors, LLC (the "Adviser"), entered into an Agreement and Plan of Merger between and among Claymore Group Inc., Claymore Holdings, LLC and GuggClayAcquisition, Inc., (with the latter two entities being wholly-owned, indirect subsidiaries of Guggenheim Partners, LLC ("Guggenheim")) whereby GuggClay Acquisition, Inc. will merge into Claymore Group Inc., which will be the surviving entity. This transaction was completed on October 14, 2009 (the "Effective Date") and resulted in a change-of-control whereby Claymore Group Inc. and its subsidiaries, including the Adviser, became indirect, wholly-owned subsidiaries of Guggenheim. The transaction is not expected to affect the daily operations of the Fund or the investment management activities of the Adviser.

Under the Investment Company Act of 1940, the consummation of this transaction resulted in the automatic termination of the Advisory Agreement. Accordingly, on September 28, 2009, the Board of Trustees approved an interim investment advisory agreement between the Old Mutual/Claymore Long-Short Fund (the "Fund") and the Adviser (the "Interim Advisory Agreement"). The Interim Advisory Agreement takes effect as of the Effective Date and will terminate upon the earlier of: (a) 150 calendar days after the Effective Date or (b) the approval of a new investment advisory agreement by the shareholders of the Fund. In addition, the advisory fees earned by the Adviser pursuant to the Interim Advisory Agreement will be held in an interest-bearing escrow account with the Fund's custodian during the term of the Interim Advisory Agreement. If the Fund's shareholders approve a new advisory agreement with the Adviser prior to the expiration of the term of the Interim Advisory Agreement, the amount in the escrow account (including any interest earned) with respect to the Fund shall be paid to the Adviser. If the Fund's shareholders do not approve a new advisory agreement with the Adviser prior to the expiration of the term of the Interim Advisory Agreement, the Adviser shall be paid, out of the escrow account with respect to the Fund, the lesser of (i) the Adviser's costs incurred in providing the services under the Interim Advisory Agreement (including any interest earned on that amount while in escrow) with respect to the Fund; or (ii) the total amount in the escrow account (including any interest earned) with respect to the Fund. Other than the effective dates and the provisions set forth above regarding the advisory fees' placement into an escrow account, the terms and conditions of the Interim Advisory Agreement are substantively identical to those of the Advisory Agreement.

See previously submitted notes to financial statements for the period ended June 30, 2009.

In September, 2006, the Financial Accounting Standards Board ("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). In April 2009, the FASB issued FSP FAS 157-4, "Determining Fair Value When Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly" (FSP 157-4). FSP 157-4 provides guidance on how to determine the fair value of assets and liabilities when the volume and level of activity for the asset/liability has significantly decreased. The following table represents the Fund's investments carried on the Statement of Assets and Liabilities by caption and by level within the fair value hierarchy as of September 30, 2009.

Valuations at September 30, 2009

Description Level 1 Level 2 Level 3 Total
 --------------------- ---------------- -------------------- -----------------------
(value in $000s)
Assets:
Common stocks

 Consumer Discretionary $ 22,417 $ - $ - $ 22,417
 Consumer Staples 17,860 - - 17,860
 Energy 28,138 - - 28,138
 Financials 38,023 - - 38,023
 Health Care 35,561 - - 35,561
 Industrials 20,739 - - 20,739
 Information Technology 38,826 - - 38,826
 Materials 3,711 - - 3,711
 Telecommunications 7,989 - - 7,989
 Utilities 6,761 - - 6,761
Money Market Funds 1,774 - - 1,774
Options 26 - - 26
 --------------------- ---------------- -------------------- -----------------------
Total $ 221,825 $ - $ - $ 221,825
 ===================== ================ ==================== =======================

Liabilities:
Common stocks

 Consumer Discretionary $ 2,662 $ - $ - $ 2,662
 Consumer Staples 269 - - 269
 Energy 7,235 - - 7,235
 Financials 13,722 - - 13,722
 Health Care 12,633 - - 12,633
 Industrials 2,962 - - 2,962
 Information Technology 6,695 - - 6,695
 Materials 195 - - 195
 Telecommunications 1,159 - - 1,159
 Utilities 657 - - 657
Tracking stocks 2,627 - - 2,627
Master Limited Partnerships 692 - - 692
Options 1,981 - - 1,981
 --------------------- ---------------- -------------------- -----------------------
Total $ 53,489 $ - $ - $ 53,489
 ===================== ================ ==================== =======================

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: November 24, 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: November 24, 2009


By: /s/ Steven M. Hill
 --------------------------------------------
 Steven M. Hill
 Treasurer and Chief Financial Officer

Date: November 24, 2009

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