OLA Old Mutual/Claymore Long-Short Fund Old Mutual/Claymore Long-Short Fund Common Shares of Beneficial Interest

Claymore Securities, Inc. and its affiliate Claymore Advisors, LLC (“Claymore”) are announcing that certain closed-end funds have declared their monthly or quarterly distributions. The table below summarizes the distribution schedule for each closed-end fund.

The following dates apply to these distributions:

    Record Date     -       December 15, 2009 Ex-Dividend Date - December 11, 2009 Payable Date - December 31, 2009 NYSE Ticker   Fund Name   Distribution Amount Per Share   Change From Previous Distribution   Frequency

AGC

  Advent/Claymore Global Convertible Securities & Income Fund   $0.0664   -   Monthly

AVK

  Advent Claymore Convertible Securities and Income Fund   $0.0939   -   Monthly

GOF

  Claymore/Guggenheim Strategic Opportunities Fund   $0.154   -   Monthly

MZF1

  MBIA Capital/Claymore Managed Duration Investment Grade Municipal Fund   $0.0825   -   Monthly

OLA

  Old Mutual/Claymore Long-Short Fund   $0.240   -   Quarterly

TYW

  TS&W/Claymore Tax-Advantaged Balanced Fund   $0.180   -   Quarterly

WIA

  Western Asset/Claymore Inflation-Linked Securities & Income Fund   $0.038   -   Monthly

WIW

  Western Asset/Claymore Inflation-Linked Opportunities & Income Fund   $0.040   -   Monthly

1 MZF declared its December 2009 distribution on October 21, 2009. For further information, please visit www.claymore.com/mzf

Past performance is not indicative of future performance. If it is determined that a notification is required, pursuant to Section 19(a) of the Investment Company Act of 1940, as amended, such notice will be posted to the Fund’s website after the close of business three business days prior to the payable date. If a distribution rate is largely comprised of sources other than income, it may not be reflective of the Fund’s performance.

For further information regarding changes to previous distributions, if any, please refer to the “Frequently Asked Questions” section of the Fund’s dedicated website, accessible via www.claymore.com/CEF.

Claymore Advisors, LLC serves as Investment Adviser for AGC, GOF, OLA, TYW and WIW. Claymore Securities, Inc. serves as Servicing Agent for AVK, MZF and WIA. Based in Lisle, Illinois, Claymore Securities, Inc. is a privately-held financial services company offering unique investment solutions for financial advisors and their valued clients. In total, Claymore entities have provided supervision, management, or servicing on approximately $13.3 billion in assets as of September 30, 2009. Claymore currently offers closed-end funds, unit investment trusts and exchange-traded funds. Registered investment products are sold by prospectus only and investors should read the prospectus carefully before investing.

The Investment Advisers for AVK, MZF and WIA are Advent Capital Management, LLC, MBIA Capital Management Corp. and Western Asset Management Company, respectively.

This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. In addition, AGC, AVK, MZF and TYW are subject to AMPS risk. See www.claymore.com/CEF for a detailed discussion of fund-specific risks.

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

Member FINRA/SIPC (12/09)

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