As of 12/09/2004

By accessing, viewing or otherwise using this website you are agreeing to the following. Please read these disclaimers and notices carefully:

U.S. Users Only
This website is directed to and intended for use by citizens or residents of the United States only. Users outside the United States who access and use this website do so at their own risk, and are responsible for compliance with applicable securities and other laws and regulations. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction, to any person to whom it is not lawful to make such an offer. 

Content
This website, and all text images, marks, logos and other materials that appear on the site (collectively, the “Content”), the arrangement and compilation of such Content, as well as the technology used to provide the site, are owned by and under the control of Claymore Securities, Inc. (“Claymore”), and we retain all right, title and interest in and to all of the materials.

Access to and use of this website and all of Claymore’s Content, services, materials, information, databases and systems are subject to these Disclaimers and Notices, and Agreements and applicable laws and regulations, all of which are subject to change and revision from time to time without prior notice.

From time to time, Claymore may:
(a) Supplement or make changes to these Disclaimers and Notices and other rules or access and use procedures, documentation, security procedures and standards for equipment, 
(b) Change the type and location of Claymore’s system equipment, facilities or software, or 
(c) Modify or withdraw any particular services or product referred to in the website or any Claymore database, material, services or system. 

Claymore reserves the right to terminate access to this website or take other actions it reasonably believes necessary to comply with the law or to protect its rights or customers. Any access or attempt to access or use this website for any unauthorized or illegal purpose is strictly prohibited.

This website is provided without charge as a convenience to visitors to be used for the purposes of information, education and communication. While Claymore’s information and advice contained in this website have been prepared and compiled from sources believed to be reliable, Claymore makes no guarantee as to, and assumes no responsibility for, the correctness, sufficiency or completeness of such information, material or recommendations. Claymore does not represent or endorse the accuracy or reliability of any of the information, content or advertisements contained on, distributed through, or linked, downloaded or accessed from this website, nor the quality of any products, information or other materials or services displayed, obtained or purchased by you as a result of your use of this website or any Claymore service, database, materials or system. You hereby acknowledge that any reliance upon any information or materials shall be at your sole risk. Claymore reserves the right, in its sole discretion and without any obligation, to correct any error or omissions in any portion of this website or any Claymore service, database, materials or system at any time, with or without notice to you.

Copyright Policy
The Content of the Claymore website on the Internet is protected by applicable copyright laws. No permission is granted to copy, distribute, modify, post or frame any text, graphics, video, audio, software code, or user interface design or logos, or take any other action inconsistent with Claymore’s copyrights. This website may contain other proprietary notices and copyright information, the terms of which must be observed and followed. Any rights not expressly granted herein are reserved.

Materials on the Claymore website related to funds or other investment products, including prospectuses and related documents are public information and may be copied and/or distributed.

ALL INFORMATION AND CONTENT ON THE CLAYMORE WEBSITE ARE SUBJECT TO APPLICABLE STATUTES AND REGULATIONS, FURNISHED “AS IS,” WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. CLAYMORE DOES NOT WARRANT THAT ANY INFORMATION, CONTENT OR OTHER MATERIAL WILL MEET YOUR REQUIREMENTS, THAT THE OPERATION OF ANY CLAYMORE SERVICE, DATABASE, MATERIAL OR OTHER PRODUCT OR ANY THIRD PARTY SERVICES, PROGRAMS, SYSTEMS OR DATA USED WITH OR THROUGH OR PROVIDED BY CLAYMORE, OR ANY PART THEREOF, WILL BE UNINTERRUPTED OR ERROR FREE OR THAT ANY DEFECTS IN SUCH INFORMATION, SERVICES, SYSTEMS, DATABASES OR MATERIALS WILL BE OR CAN BE CORRECTED. IN NO EVENT SHALL CLAYMORE HAVE ANY LIABILITY TO YOU (INCLUDING LIABILITY TO ANY PERSON OR PERSONS WHOSE CLAIM OR CLAIMS ARE BASED ON OR DERIVED FROM A RIGHT OR RIGHTS CLAIMED BY YOU) WITH RESPECT TO ANY AND ALL CLAIMS AT ANY AND ALL TIMES ARISING FROM OR RELATED TO THE SUBJECT MATTER OF THIS WEBSITE, IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE. SOME JURISDICTIONS MAY NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES, SO SOME OF THE ABOVE EXCLUSIONS MAY NOT APPLY TO YOU. 

Without Claymore’s prior written consent, which consent may be given or withheld in Claymore’s sole discretion, you may not: 
(a) Resell, sublicense, rent, or lease any Claymore information, services or database, or any part or parts thereof of information contained therein, or any access thereto; 
(b) Use this website or any Claymore information, services, database or system which you access in violation of, any federal or state law, including data privacy laws and communication regulations and tariffs, or which infringes the intellectual property rights or misuses proprietary information of a third party or is made in furtherance of an illegal or fraudulent scheme or activity; 
(c) Copy or transfer any Claymore information, service, database or documentation, except as permitted by Claymore; or 
(d) Modify, adapt, reverse engineer, decompile, disassemble, translate or convert any portion of Claymore’s databases or system, or the selection, coordination or arrangement of products or services in any Claymore database.

No Investment Recommendations or Professional Advice / Non-Solicitation
Content and any related services are provided for informational purposes only, and you should not construe any Content or related services as investment, tax, insurance, financial or legal recommendations or advice by Claymore. No Content or related services available on or through this site shall be considered, and no such materials or services constitute, a solicitation to buy, an offer to sell or advice regarding a security or other financial instrument to any person in any jurisdiction where such offer or solicitation is not allowed. You are responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.

Trademarks
The Claymore logo, CLAYMORE and CLAYMORE SECURITIES, INC. are registered trademarks in the United States and are the sole property of Claymore Securities, Inc. All other trademarks and service marks on the Claymore web site belong to Claymore or Claymore’s affiliates, except third-party trademarks and service marks, which are the property of their respective owners.

Such marks are not to be copied, reproduced, published or in any way used without the permission of Claymore or the identified owner of the trademark. You must retain all copyright and other proprietary notices contained in the downloadable Content displayed on this website. 

Hyperlinks / Third-Party Content
This website may contain links that lead to web sites maintained by other individuals or organizations. Links are provided for your convenience only. We have no control, do not review, and cannot be responsible for, these outside websites or content on them. Accordingly, we make no representations and warranties regarding such sites or their content. The fact that the link appears to or from our website does not constitute an endorsement, authorization, sponsorship or affiliation with respect to any such website, the products or services it offers, its owners, or its providers. You agree that you will not hold Claymore or its affiliates liable for any losses or damages you may incur caused by your use of, or reliance on, any content, products or services made available to you through any outside website.

User requests for information are unsolicited and shall neither constitute, nor be considered, investment advice by Claymore. Users are responsible for determining whether any investment, security or strategy is appropriate or suitable for them. Securities mentioned in the Content reflect independent manager’s opinions and are not recommendations by Claymore Securities, Inc.

Linking Policy
No person may establish Hyperlinks either to this website or away from this website without the prior written consent of an appropriate Claymore officer, which consent may be given or withheld in Claymore’s sole discretion. In its sole discretion, Claymore reserves the right to remove a Hyperlink to this web site or away from this website at any time and for any reason. Contact Claymore at (800) 345-7999 to obtain this consent. All Hyperlinks approved shall be to the home page of this website. Framing at this web site is expressly prohibited.

In order to avoid confusion if you do link from another website to the Claymore website, your web site, and the link itself, may not suggest that Claymore endorses, sponsors or is affiliated with any non-Claymore website, entity, service or product, and may not make use of any Claymore trademarks or service marks other than those contained within the text of the link.

User Responsibility
You acknowledge that electronic communications and databases are subject to errors, tampering and break-ins and that while Claymore will implement reasonable security precautions to attempt to prevent such occurrences, Claymore does not guarantee that such events will not take place. Errors may be introduced into information or orders in the course of their transmission over electronic networks. You shall take responsibility for appropriate review and confirmation procedures to verify and confirm orders or other transactions in which you participated using Claymore’s website, information, services, databases, systems or other material.

YOU ASSUME THE RESPONSIBILITY TO TAKE ADEQUATE PRECAUTIONS AGAINST DAMAGES TO YOUR SYSTEMS OR OPERATIONS WHICH COULD BE CAUSED BY DEFECTS OR DEFICIENCIES IN THIS WEBSITE, ANY CLAYMORE INFORMATION, SERVICE, SYSTEM, DATABASE OR MATERIAL, OR PART THEREOF. YOU ALSO ACKNOWLEDGE THAT ELECTRONIC COMMUNICATIONS AND DATABASES ARE SUBJECT TO ERRORS, TAMPERING AND BREAK-INS AND THAT WHILE CLAYMORE WILL IMPLEMENT REASONABLE SECURITY PRECAUTIONS TO ATTEMPT TO PREVENT SUCH OCCURRENCES, CLAYMORE DOES NOT GUARANTEE THAT SUCH EVENTS WILL NOT TAKE PLACE. YOUR INSTALLATION AND INPUTS, AS WELL AS THIRD PARTY SYSTEMS AND PROCEDURES, MAY INFLUENCE THE OUTPUT AND ERRORS IN ANY ORDER OR ELECTRONIC TRANSMISSION OR COMMUNICATION, AND CAN RESULT IN SUBSTANTIAL ERRORS IN OUTPUT, INCLUDING INCORRECT INFORMATION, ORDERS AND AGREEMENTS. IN ADDITION, ERRORS MAY BE INTRODUCED INTO INFORMATION OR ORDERS IN THE COURSE OF THEIR TRANSMISSION OVER ELECTRONIC NETWORKS. YOU SHALL IMPLEMENT AND TAKE RESPONSIBILITY FOR APPROPRIATE REVIEW AND CONFIRMATION PROCEDURES TO VERIFY AND CONFIRM ORDERS OR OTHER TRANSACTIONS IN WHICH YOU PARTICIPATE USING CLAYMORE'S WEBSITE, INFORMATION, SERVICES, DATABASES, SYSTEMS OR OTHER MATERIAL. 

YOU ALSO ARE SOLELY RESPONSIBLE FOR ENSURING THAT ANY POSTING MADE BY OR FOR YOU TO THIS WEBSITE OR ANY CLAYMORE INFORMATION, SERVICE, SYSTEM OR DATABASE DOES NOT CONTAIN ANY VIRUS OR OTHER COMPUTER SOFTWARE CODE OR ROUTINE DESIGNED TO DISABLE, ERASE, IMPAIR OR OTHERWISE DAMAGE THE SITE OR ANY SYSTEM, SOFTWARE OR DATA OF OR ANY OTHER USER OF THE CLAYMORE INFORMATION, SERVICES, DATABASES, MATERIALS OR SYSTEM. YOU HEREBY AGREE TO INDEMNIFY, DEFEND AND HOLD CLAYMORE AND ITS EMPLOYEES, AGENTS, REPRESENTATIVES, LICENSORS AND SUPPLIERS HARMLESS FROM ANY LIABILITY, CLAIM, COST OR DAMAGE ARISING OUT OF ANY CLAIM OR SUIT BY ANY SUCH USER CAUSED BY SUCH VIRUS OR CODE OR SUBROUTINE.

Governing Law
If any part or parts of these Disclaimers and Notices are held to be invalid, the remaining parts will continue to be valid and enforceable. Nothing in these Disclaimers and Notices affects any statutory rights of consumers that cannot be waived or limited by contract. The use by you of this website, the Claymore information, Content, services, or other materials, and any and all other matters between Claymore and you related hereto, shall be governed by applicable United States federal law and the laws of the State of Illinois, excluding its conflict-of-laws rules. 

You hereby agree to waive any right to a jury trial in any suit arising out of or relating to this website or any Claymore information, content, services or other product. Any suit or proceeding arising out of or relating hereto must be commenced within one year from the date the right, claim, demand or cause of action being asserted first came into being. Venue for all disputes arising out of or relating to this Agreement shall be in the state and federal courts situated in Chicago, Illinois.

NEITHER CLAYMORE NOR ITS EMPLOYEES, AGENTS, REPRESENTATIVES, LICENSORS OR SUPPLIERS SHALL IN ANY EVENT BE LIABLE TO YOU OR TO ANY THIRD PARTY FOR ANY LOST PROFITS, REVENUES, BUSINESS OPPORTUNITIES OR BUSINESS ADVANTAGES WHATSOEVER, NOR FOR ANY DIRECT, INDIRECT, SPECIAL, CONSEQUENTIAL, INDIRECT OR INCIDENTAL LOSSES, DAMAGES OR EXPENSES DIRECTLY OR INDIRECTLY RELATING TO THE USE OR MISUSE OF THIS SITE, OR ANY OTHER HYPERLINKED WEBSITE, OR ANY CLAYMORE INFORMATION, CONTENT OR OTHER MATERIAL OR SOFTWARE USED THEREWITH, THE USE OR FAILURE, NON-COMPLIANCE OR LIMITED AVAILABILITY OF ANY INFORMATION, CONTENT, OR SERVICE PROVIDED BY CLAYMORE THROUGH THIS WEBSITE, ANY INFORMATION PROVIDED IN THE CLAYMORE SYSTEM OR ANY OBLIGATION UNDER OR SUBJECT MATTER OF THIS WEBSITE, WHETHER SUCH CLAIM IS BASED UPON BREACH OF CONTRACT, BREACH OF WARRANTY, NEGLIGENCE, GROSS NEGLIGENCE, STRICT LIABILITY IN TORT OR ANY OTHER THEORY OF RELIEF, OR WHETHER OR NOT CLAYMORE IS INFORMED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES.

If the user has any questions regarding this website or its contents, or these Disclaimers and Notices, contact Claymore at (800) 345-7999.