CEF Quarterly Performance - Claymore Securities, Inc.

EDUCATION

Claymore's Guide to Closed-End Funds

The Use of Tender Offers to Address Closed-End Fund Discounts

About Closed-End Funds

MARKET COMMENTARY

Municipal Bond Commentary - Q3 2009

Fiduciary/Claymore MLP Opportunity Fund Portfolio Manager Commentary

Preferred Shares Remain Attractive

Closed-End Fund Market Update - Q3 2009

LITERATURE

Exchange-Traded Funds	Unit Investment Trusts	Closed-End Funds	Indices
PERFORMANCE PARTNERS ABOUT CLAYMORE CEFs LITERATURE

PERFORMANCE

Getting information....

Market Price

AVERAGE ANNUAL TOTAL RETURNS

YTD

1 YEAR

3 YEAR

5 YEAR

Since
Inception

AGC	Advent/Claymore Global Convertible Securities & Income Fund
	inception 5/24/07

46.21 %

8.46 %

-24.46 %

AVK	Advent Claymore Convertible Securities and Income Fund
	inception 4/29/03

44.29 %

2.92 %

-9.08 %

-0.63 %

1.52 %

DCS	Claymore Dividend & Income Fund
	inception 1/27/04

55.76 %

-42.01 %

-44.28 %

-26.07 %

-24.07 %

FFC	Flaherty & Crumrine/Claymore Preferred Securities Income Fund
	inception 1/28/03

87.36 %

100.49 %

-3.88 %

-3.04 %

0.27 %

FLC	Flaherty & Crumrine/Claymore Total Return Fund
	inception 8/26/03

79.04 %

95.40 %

-3.62 %

-2.14 %

-1.40 %

FMO	Fiduciary/Claymore MLP Opportunity Fund
	inception 12/22/04

43.56 %

-1.46 %

2.13 %

2.73 %

GOF	Claymore/Guggenheim Strategic Opportunities Fund
	inception 7/26/07

66.88 %

61.48 %

0.70 %

LCM	Advent/Claymore Enhanced Growth & Income Fund
	inception 1/26/05

46.02 %

19.70 %

-6.25 %

-3.20 %

MCN	Madison/Claymore Covered Call & Equity Strategy Fund
	inception 7/27/04

47.03 %

13.58 %

-6.58 %

-1.30 %

-1.38 %

MZF	MBIA Capital/Claymore Managed Duration Investment Grade Municipal Fund
	inception 8/26/03

63.69 %

42.23 %

7.23 %

5.37 %

3.47 %

OLA	Old Mutual/Claymore Long-Short Fund
	inception 8/25/05

9.00 %

-9.88 %

-14.98 %

-11.19 %

TYW	TS&W/Claymore Tax-Advantaged Balanced Fund
	inception 4/27/04

57.62 %

20.39 %

-3.36 %

2.01 %

0.04 %

WIA	Western Asset/Claymore Inflation-Linked Securities & Income Fund
	inception 9/25/03

14.95 %

21.77 %

7.51 %

4.12 %

2.41 %

WIW	Western Asset/Claymore Inflation-Linked Opportunities & Income Fund
	inception 2/24/04

17.26 %

21.79 %

7.34 %

5.13 %

2.55 %

NAV

AVERAGE ANNUAL TOTAL RETURNS

YTD

1 YEAR

3 YEAR

5 YEAR

Since
Inception

AGC	Advent/Claymore Global Convertible Securities & Income Fund
	inception 5/24/07

42.81 %

-9.03 %

-20.98 %

AVK	Advent Claymore Convertible Securities and Income Fund
	inception 4/29/03

49.01 %

2.07 %

-5.91 %

0.48 %

3.65 %

DCS	Claymore Dividend & Income Fund
	inception 1/27/04

21.38 %

-52.60 %

-46.17 %

-26.08 %

-23.30 %

FFC	Flaherty & Crumrine/Claymore Preferred Securities Income Fund
	inception 1/28/03

63.05 %

44.08 %

-8.05 %

-3.10 %

0.37 %

FLC	Flaherty & Crumrine/Claymore Total Return Fund
	inception 8/26/03

58.43 %

38.69 %

-6.64 %

-2.24 %

-0.56 %

FMO	Fiduciary/Claymore MLP Opportunity Fund
	inception 12/22/04

34.38 %

-3.38 %

-5.26 %

0.45 %

GOF	Claymore/Guggenheim Strategic Opportunities Fund
	inception 7/26/07

38.77 %

15.20 %

1.04 %

LCM	Advent/Claymore Enhanced Growth & Income Fund
	inception 1/26/05

25.93 %

-0.16 %

-5.43 %

-1.27 %

MCN	Madison/Claymore Covered Call & Equity Strategy Fund
	inception 7/27/04

36.17 %

0.06 %

-3.25 %

1.18 %

1.57 %

MZF	MBIA Capital/Claymore Managed Duration Investment Grade Municipal Fund
	inception 8/26/03

45.27 %

28.65 %

4.44 %

4.99 %

5.05 %

OLA	Old Mutual/Claymore Long-Short Fund
	inception 8/25/05

-3.04 %

-19.59 %

-12.76 %

-8.03 %

TYW	TS&W/Claymore Tax-Advantaged Balanced Fund
	inception 4/27/04

38.06 %

8.98 %

-4.80 %

1.67 %

2.22 %

WIA	Western Asset/Claymore Inflation-Linked Securities & Income Fund
	inception 9/25/03

13.53 %

9.68 %

4.38 %

3.32 %

3.57 %

WIW	Western Asset/Claymore Inflation-Linked Opportunities & Income Fund
	inception 2/24/04

15.47 %

11.09 %

4.52 %

4.62 %

4.07 %

Returns for periods less than one year are total returns and are not annualized.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Since Inception returns assume a purchase of common shares at each Fund’s initial offering price for market price returns or the Fund’s initial net asset value (NAV) for NAV returns. Returns for periods of less than one year are not annualized. All distributions are assumed to be reinvested either in accordance with the dividend reinvestment plan (DRIP) for market price returns or NAV for NAV returns. Until the DRIP price is available from the Plan Agent, the market price returns reflect the reinvestment at the closing market price on the last business day of the month. Once the DRIP is available around mid-month, the market price returns are updated to reflect reinvestment at the DRIP price.

Market Price

AVERAGE ANNUAL TOTAL RETURNS

YTD

1 YEAR

3 YEAR

5 YEAR

Since
Inception

AGC	Advent/Claymore Global Convertible Securities & Income Fund
	inception 5/24/07

39.12 %

39.85 %

-25.26 %

AVK	Advent Claymore Convertible Securities and Income Fund
	inception 4/29/03

40.41 %

20.34 %

-10.54 %

-1.42 %

1.08 %

DCS	Claymore Dividend & Income Fund
	inception 1/27/04

59.00 %

3.50 %

-44.94 %

-25.42 %

-23.49 %

FFC	Flaherty & Crumrine/Claymore Preferred Securities Income Fund
	inception 1/28/03

80.72 %

67.23 %

-5.88 %

-4.12 %

-0.27 %

FLC	Flaherty & Crumrine/Claymore Total Return Fund
	inception 8/26/03

77.76 %

62.11 %

-5.20 %

-2.95 %

-1.49 %

FMO	Fiduciary/Claymore MLP Opportunity Fund
	inception 12/22/04

44.74 %

10.69 %

1.18 %

2.85 %

GOF	Claymore/Guggenheim Strategic Opportunities Fund
	inception 7/26/07

63.50 %

40.33 %

-0.23 %

LCM	Advent/Claymore Enhanced Growth & Income Fund
	inception 1/26/05

41.44 %

34.17 %

-8.15 %

-3.79 %

MCN	Madison/Claymore Covered Call & Equity Strategy Fund
	inception 7/27/04

47.39 %

36.27 %

-7.55 %

-1.30 %

-1.31 %

MZF	MBIA Capital/Claymore Managed Duration Investment Grade Municipal Fund
	inception 8/26/03

59.04 %

48.54 %

6.18 %

4.37 %

2.94 %

OLA	Old Mutual/Claymore Long-Short Fund
	inception 8/25/05

7.17 %

-5.29 %

-15.99 %

-11.33 %

TYW	TS&W/Claymore Tax-Advantaged Balanced Fund
	inception 4/27/04

49.51 %

25.35 %

-6.32 %

0.53 %

-0.92 %

WIA	Western Asset/Claymore Inflation-Linked Securities & Income Fund
	inception 9/25/03

18.75 %

32.26 %

8.86 %

4.63 %

2.92 %

WIW	Western Asset/Claymore Inflation-Linked Opportunities & Income Fund
	inception 2/24/04

18.44 %

31.58 %

7.69 %

5.49 %

2.69 %

NAV

AVERAGE ANNUAL TOTAL RETURNS

YTD*

1 YEAR

3 YEAR

5 YEAR

Since
Inception

AGC	Advent/Claymore Global Convertible Securities & Income Fund
	inception 5/24/07

41.08 %

38.09 %

-20.73 %

AVK	Advent Claymore Convertible Securities and Income Fund
	inception 4/29/03

46.63 %

42.52 %

-6.92 %

0.08 %

3.34 %

DCS	Claymore Dividend & Income Fund
	inception 1/27/04

20.89 %

-19.99 %

-46.77 %

-26.43 %

-23.06 %

FFC	Flaherty & Crumrine/Claymore Preferred Securities Income Fund
	inception 1/28/03

69.41 %

68.59 %

-7.28 %

-2.46 %

0.93 %

FLC	Flaherty & Crumrine/Claymore Total Return Fund
	inception 8/26/03

65.39 %

64.39 %

-5.83 %

-1.44 %

0.14 %

FMO	Fiduciary/Claymore MLP Opportunity Fund
	inception 12/22/04

38.12 %

6.32 %

-5.88 %

1.02 %

GOF	Claymore/Guggenheim Strategic Opportunities Fund
	inception 7/26/07

44.78 %

31.69 %

2.91 %

LCM	Advent/Claymore Enhanced Growth & Income Fund
	inception 1/26/05

23.61 %

19.52 %

-7.11 %

-1.63 %

MCN	Madison/Claymore Covered Call & Equity Strategy Fund
	inception 7/27/04

32.64 %

22.71 %

-4.90 %

0.34 %

1.04 %

MZF	MBIA Capital/Claymore Managed Duration Investment Grade Municipal Fund
	inception 8/26/03

40.15 %

35.24 %

2.88 %

3.91 %

4.37 %

OLA	Old Mutual/Claymore Long-Short Fund
	inception 8/25/05

-3.36 %

-9.24 %

-12.86 %

-7.95 %

TYW	TS&W/Claymore Tax-Advantaged Balanced Fund
	inception 4/27/04

34.01 %

22.66 %

-6.26 %

0.73 %

1.63 %

WIA	Western Asset/Claymore Inflation-Linked Securities & Income Fund
	inception 9/25/03

15.40 %

22.31 %

5.00 %

3.38 %

3.80 %

WIW	Western Asset/Claymore Inflation-Linked Opportunities & Income Fund
	inception 2/24/04

17.28 %

25.44 %

5.13 %

4.69 %

4.29 %

Market Price

ANNUAL TOTAL RETURNS

2008

2007

2006

2005

2004

AGC	Advent/Claymore Global Convertible Securities & Income Fund
	inception 5/24/07

-55.64 %

-20.07 %^*

AVK	Advent Claymore Convertible Securities and Income Fund
	inception 4/29/03

-47.26 %

-10.49 %

38.87 %

-5.12 %

11.01 %

DCS	Claymore Dividend & Income Fund
	inception 1/27/04

-86.78 %

-26.57 %

35.55 %

2.96 %

-0.84 %^*

FFC	Flaherty & Crumrine/Claymore Preferred Securities Income Fund
	inception 1/28/03

-44.95 %

-18.41 %

19.15 %

-19.28 %

6.01 %

FLC	Flaherty & Crumrine/Claymore Total Return Fund
	inception 8/26/03

-45.57 %

-15.08 %

20.93 %

-16.05 %

4.00 %

FMO	Fiduciary/Claymore MLP Opportunity Fund
	inception 12/22/04

-35.88 %

-2.61 %

40.05 %

-9.47 %

0.05 %^*

GOF	Claymore/Guggenheim Strategic Opportunities Fund
	inception 7/26/07

-33.50 %

-8.52 %^*

LCM	Advent/Claymore Enhanced Growth & Income Fund
	inception 1/26/05

-42.23 %

-9.87 %

29.61 %

-12.80 %^*

MCN	Madison/Claymore Covered Call & Equity Strategy Fund
	inception 7/27/04

-38.12 %

-16.85 %

11.86 %

8.49 %

1.35 %^*

MZF	MBIA Capital/Claymore Managed Duration Investment Grade Municipal Fund
	inception 8/26/03

-27.21 %

0.93 %

9.14 %

1.36 %

-9.80 %

OLA	Old Mutual/Claymore Long-Short Fund
	inception 8/25/05

-39.88 %

-8.45 %

21.70 %

-15.76 %^*

TYW	TS&W/Claymore Tax-Advantaged Balanced Fund
	inception 4/27/04

-43.41 %

-8.92 %

25.98 %

4.80 %

-6.05 %^*

WIA	Western Asset/Claymore Inflation-Linked Securities & Income Fund
	inception 9/25/03

-0.91 %

8.95 %

0.40 %

-2.98 %

-6.04 %

WIW	Western Asset/Claymore Inflation-Linked Opportunities & Income Fund
	inception 2/24/04

-3.37 %

8.21 %

3.15 %

-0.26 %

-8.73 %^*

NAV

2008

2007

2006

2005

2004

AGC	Advent/Claymore Global Convertible Securities & Income Fund
	inception 5/24/07

-57.72 %

-4.59 %^*

AVK	Advent Claymore Convertible Securities and Income Fund
	inception 4/29/03

-49.57 %

5.50 %

15.27 %

4.14 %

10.65 %

DCS	Claymore Dividend & Income Fund
	inception 1/27/04

-85.19 %

-18.78 %

22.49 %

7.17 %

16.54 %^*

FFC	Flaherty & Crumrine/Claymore Preferred Securities Income Fund
	inception 1/28/03

-46.03 %

-14.13 %

8.62 %

1.66 %

6.01 %

FLC	Flaherty & Crumrine/Claymore Total Return Fund
	inception 8/26/03

-43.89 %

-11.39 %

9.03 %

1.33 %

6.99 %

FMO	Fiduciary/Claymore MLP Opportunity Fund
	inception 12/22/04

-46.44 %

7.77 %

22.49 %

7.73 %

-0.16 %^*

GOF	Claymore/Guggenheim Strategic Opportunities Fund
	inception 7/26/07

-28.46 %

3.03 %^*

LCM	Advent/Claymore Enhanced Growth & Income Fund
	inception 1/26/05

-38.29 %

2.09 %

13.35 %

4.76 %^*

MCN	Madison/Claymore Covered Call & Equity Strategy Fund
	inception 7/27/04

-34.52 %

-3.81 %

10.22 %

6.36 %

7.80 %^*

MZF	MBIA Capital/Claymore Managed Duration Investment Grade Municipal Fund
	inception 8/26/03

-22.73 %

0.19 %

5.17 %

5.45 %

5.10 %

OLA	Old Mutual/Claymore Long-Short Fund
	inception 8/25/05

-35.09 %

2.54 %

9.41 %

0.52 %^*

TYW	TS&W/Claymore Tax-Advantaged Balanced Fund
	inception 4/27/04

-37.97 %

-3.60 %

15.50 %

6.02 %

11.42 %^*

WIA	Western Asset/Claymore Inflation-Linked Securities & Income Fund
	inception 9/25/03

-8.23 %

9.95 %

-0.27 %

-0.01 %

7.47 %

WIW	Western Asset/Claymore Inflation-Linked Opportunities & Income Fund
	inception 2/24/04

-9.49 %

9.81 %

1.76 %

2.94 %

3.99 %^*

^* Returns are total returns since the fund's inception.

Annual Total Returns are for the noted 1-year periods beginning 12/31 and ending 12/31 the following year.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Since Inception returns assume a purchase of common shares at each Fund’s initial offering price for market price returns or the Fund’s initial net asset value (NAV) for NAV returns. Returns for periods of less than one year are not annualized. All distributions are assumed to be reinvested either in accordance with the dividend reinvestment plan (DRIP) for market price returns or NAV for NAV returns. Until the DRIP price is available from the Plan Agent, the market price returns reflect the reinvestment at the closing market price on the last business day of the month. Once the DRIP is available around mid-month, the market price returns are updated to reflect reinvestment at the DRIP price.

There can be no assurance that any closed-end fund will achieve its investment objective(s). Past performance does not guarantee future results. The value of any closed-end fund will fluctuate with the value of the underlying securities. Until the original listing of a closed-end fund on an exchange, no closed-end fund's shares will have a history of public trading and, historically closed-end funds often trade at a discount to their net asset value.

Investors should carefully consider the investment objectives and policies, risk considerations, charges and ongoing expenses of any investment product before investing. For more information, please contact a securities representative or Claymore Securities, Inc., 2455 Corporate West Drive, Lisle, Illinois 60532, 800-345-7999.

NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE

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