-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 WoLdUrdmRWREd6POl1pblxU8ePSVIubIZ/nT+xQ6lSPfr9BKG/ahSq/Ddj8ivkB6
 I+kA0uZygjpI00RexuYg1w==

<SEC-DOCUMENT>0001179110-05-016873.txt : 20050823
<SEC-HEADER>0001179110-05-016873.hdr.sgml : 20050823
<ACCEPTANCE-DATETIME>20050823114458
ACCESSION NUMBER:		0001179110-05-016873
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050823
FILED AS OF DATE:		20050823
DATE AS OF CHANGE:		20050823

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Old Mutual/Claymore Long-Short Fund (f.k.a. Analytic Covered Call Plus Fund)
		CENTRAL INDEX KEY:			0001310709
		IRS NUMBER:				436922646
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		C/O CLAYMORE SECURITIES, INC.
		STREET 2:		2455 CORPORATE WEST DRIVE
		CITY:			LISLE
		STATE:			IL
		ZIP:			60532-3622
		BUSINESS PHONE:		630-505-3700

	MAIL ADDRESS:	
		STREET 1:		C/O CLAYMORE SECURITIES, INC.
		STREET 2:		2455 CORPORATE WEST DRIVE
		CITY:			LISLE
		STATE:			IL
		ZIP:			60532-3622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Old Mutual/Claymore Long-Short Premium Fund (f.k.a. Analytic Covered Call Plus Fund)
		DATE OF NAME CHANGE:	20050411

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Old Mutual/Claymore Long-Short Premium Fund (f.k.a-Analytic Covered Call Plus Fund)
		DATE OF NAME CHANGE:	20050406

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Analytic Covered Call Plus Fund
		DATE OF NAME CHANGE:	20041206

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Sarhaddi Richard C
		CENTRAL INDEX KEY:			0001289760

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21681
		FILM NUMBER:		051042940

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		630-315-2023

	MAIL ADDRESS:	
		STREET 1:		210 NORTH HALE STREET
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 3 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2005-08-23</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001310709</issuerCik>
        <issuerName>Old Mutual/Claymore Long-Short Fund (f.k.a. Analytic Covered Call Plus Fund)</issuerName>
        <issuerTradingSymbol>OLA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001289760</rptOwnerCik>
            <rptOwnerName>Sarhaddi Richard C</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2455 CORPORATE WEST DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LISLE</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60532</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Assistant Secretary</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <ownerSignature>
        <signatureName>/s/ Richard C. Sarhaddi</signatureName>
        <signatureDate>2005-08-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----