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