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Claymore Securities, Inc.

Exchange-Traded Funds Unit Investment Trusts Closed-End Funds
Indices

PREMIUM/DISCOUNT

Historically, closed-end funds have experienced periods of across-the-board market price weakness during periods of market volatility or distress. In many cases, closed-end fund shares are sold without concern for fundamentals, price or yield. The Claymore CEF Index is designed to take advantage of the pricing inefficiencies in the secondary closed-end fund market by screening closed-end funds based on their liquidity, income distribution and market valuation, among other factors.

CLAYMORE CEF INDEX DAILY AVERAGE PREMIUM/DISCOUNT
(12/5/07 — 9/30/09)*

Hypothetical Daily Average Premium/Discount

The Claymore CEF Index Daily Average Premium/Discount chart illustrates the average premium or discount of all closed-end funds included in the Claymore CEF Index for a given day during the period 12/5/07, the Index’s inception date, through 9/30/09.

HISTORICAL CLOSED-END FUNDS DAILY AVERAGE PREMIUM/DISCOUNT
(12/5/07 — 9/30/09)*

HISTORICAL CLOSED-END FUNDS DAILY

The Historical Closed-End Funds Daily Average Premium/Discount chart illustrates the average premium or discount of all U.S. closed-end funds for a given day during the time period 12/5/07 through 9/30/09. This includes all closed-end funds that were traded for a given day, and is calculated using a simple average.

*For illustrative purposes only. Past performance does not guarantee future results. This data is subject to change on a daily basis.
Source: Bloomberg

INDEX DATA

YEAR WEIGHTED AVERAGE PREMIUM/DISCOUNT WEIGHTED AVERAGE TRAILING 12-MONTH DIVIDEND YIELD
2008 -11.86% 12.84%

The above chart represents the weighted average premium or discount of all those closed-end funds included in the Claymore CEF Index at the time of rebalance as of the Index inception on December 5, 2007. The trailing 12-month dividend yield is a weighted average yield calculation as of the time of rebalance of the distributions paid within the previous 12 months’ dividend by the closing market price at time of rebalance.

Past performance does not guarantee future results. The Claymore CEF Index Hypothetical Growth of $10,000 chart reflects the hypothetical investment returns that the Index might have achieved by investing $10,000 according to the Index’s rules on 12/5/07. The results of the Claymore CEF Index Hypothetical Growth of $10,000 chart assume that no cash was added to or assets withdrawn from the hypothetical investment and that all dividends (including those on securities trading ex-dividend as of the last day of the year), gains and other earnings in the account were reinvested in accordance with the Index’s rules. The Index does not charge management fees or brokerage expenses or changes to purchase the funds, and no such fees or expenses were deducted from the hypothetical performance shown. An investor cannot invest directly in an index. It is important to note that high returns are highly unusual and cannot be sustained.

 

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© 2010 Claymore Securities, Inc.