(NYSE: OLA) Old Mutual/Claymore Long-Short Fund (the “Fund”)
announces that the Fund’s Board of Trustees has approved the
appointment of a new investment sub-adviser to the Fund, Guggenheim
Partners Asset Management, LLC (“GPAM”) and provided notice of
termination to Analytic Investors, Inc. (“Analytic”) as investment
sub-adviser to the Fund, effective as of June 22, 2010. At such
time, GPAM will enter into an interim investment sub-advisory
agreement (the “Interim Sub-Advisory Agreement”) with Claymore
Advisors, LLC, the Fund’s investment adviser (“Claymore”) and the
Fund, which will be in effect for an interim period of up to 150
days. The Board also approved a new sub-advisory agreement among
the Fund, Claymore and GPAM (the “New Sub-Advisory Agreement”) to
be effective upon approval by shareholders and intends to submit
the New Sub-Advisory Agreement to shareholders for approval at the
annual meeting of shareholders of the Fund currently scheduled for
July 19, 2010. The proxy statement for the annual meeting will
contain additional information regarding the New Sub-Advisory
Agreement and GPAM.
“We are excited for the opportunity to offer individual
investors access to GPAM’s equity and options market expertise as
we seek to restore and enhance Fund shareholder value,” said Scott
Minerd, Chief Investment Officer of Guggenheim Partners. “As part
of this commitment to shareholders, we look forward to continuing
the Guggenheim tradition of building wealth for generations.”
In connection with the appointment of GPAM as interim investment
sub-adviser, the name of the Fund will change to Guggenheim
Enhanced Equity Income Fund. The name change will be effective on
or about June 22, 2010. At such time, the Fund’s NYSE ticker symbol
will change to “GPM” and the Fund’s CUSIP will also change.
The Fund will continue to seek its primary investment objective
of seeking a high level of current income and gains with a
secondary objective of long-term capital appreciation. While the
Fund currently seeks to achieve its investment objective through a
long-short strategy and an opportunistic covered call writing
strategy, GPAM will manage the Fund utilizing a covered call
strategy developed by GPAM to seek to utilize efficiencies from the
tax characteristics of the Fund’s portfolio. As of June 22, 2010,
selling securities short will no longer be a principal investment
strategy of the Fund.
GPAM’s covered call strategy will follow a dynamic rules-based
methodology to obtain broadly diversified exposure to the equity
markets, either through investments in individual common stocks or
through other investments that replicate the economic
characteristics of broadly diversified exposure to the equity
markets, including exchange-traded funds or other investment funds
that track equity market indices along with other securities and
instruments. The Fund will have the ability to write call options
on indices and/or securities which will typically be at- or
out-of-the money. GPAM’s strategy typically targets one-month
options, although options of any strike price or maturity may be
utilized. The Fund will seek to earn income and gains through both
dividends paid by the securities owned by the Fund and cash
premiums received from selling options. While the Fund will receive
premiums from the options written, by writing a covered call
option, the Fund forgoes any potential increase in value of the
underlying securities above the strike price specified in an option
contract through the expiration date of the option. To the extent
GPAM’s strategy seeks to achieve broad equity exposure through a
portfolio of common stocks, the Fund would hold a diversified
portfolio of stocks, whereas to the extent GPAM’s equity exposure
strategy is implemented through investment in broad-based equity
exchange-traded funds and other investment funds or instruments,
the Fund’s portfolio may comprise fewer holdings.
In connection with the implementation of GPAM’s strategy, the
Fund intends to utilize financial leverage. The goal of the use of
financial leverage would be to enhance shareholder value,
consistent with the Fund’s investment objective, and provide
superior risk-adjusted returns. The Fund may utilize financial
leverage up to the limits imposed by the Investment Company Act of
1940, as amended. The Fund’s use of financial leverage is intended
to be flexible in nature and will be continually monitored and
adjusted, as appropriate, by Claymore and GPAM. Under current
market conditions, the Fund initially intends to utilize financial
leverage in an amount not to exceed 30% of the Fund’s total assets
(including the proceeds of such financial leverage) at the time
utilized. The Fund expects to employ financial leverage through the
issuance of senior securities represented by indebtedness,
including through bank borrowing by the Fund or issuance by the
Fund of notes, commercial paper or other forms of debt and/or the
use of transactions and derivative instruments that have
characteristics similar to such senior securities.
Management Fees
The Fund previously paid to Claymore an investment advisory fee
at an annual rate equal to 1.00% of the average daily value of the
Fund’s total managed assets. Claymore currently pays to Analytic a
sub-advisory fee equal to 0.50% of the Fund’s total managed assets.
Effective April 20, 2010, Claymore and the Fund contractually
agreed to a permanent ten (10) basis point reduction in the
advisory fee, such that the Fund pays to Claymore an investment
advisory fee at an annual rate equal to 0.90% of the average daily
value of the Fund’s total managed assets.
Each of Claymore and GPAM is an indirect subsidiary of
Guggenheim Partners, LLC (“Guggenheim”), a diversified financial
services firm. Commencing as of the date of the Interim
Sub-Advisory Agreement and, pending Fund shareholder approval,
continuing during the term of the New Sub-Advisory Agreement and
for so long as the investment sub-adviser of the Fund is an
affiliate of Claymore, Claymore has agreed to waive an additional
ten (10) basis points of the advisory fee, such that the Fund will
pay to Claymore an investment advisory fee at an annual rate equal
to 0.80% of the average daily value of the Fund’s “total managed
assets.”
Non-Fundamental Investment Policy
In addition to the change in the Fund’s investment strategy
discussed above, the Fund adopted the following non-fundamental
investment policy. Under normal market conditions, the Fund will
invest at least 80% of its net assets, plus the amount of any
borrowings for investment purposes, in equity securities. If this
policy is changed, the Fund will provide shareholders at least 60
days' notice before implementation of the change.
GPAM
GPAM is an investment manager specializing in innovative
investment strategies that aim to add alpha relative to benchmarks
in both up and down markets. GPAM's investment philosophy is
predicated upon the belief that thorough research and independent
thought are rewarded with performance that has the potential to
outperform benchmark indexes with both lower volatility and lower
correlation of returns over time as compared to such benchmark
indexes. GPAM manages more than $50 billion in investments for
foundations, insurance companies and other institutions.
Guggenheim is, a global, diversified financial services firm
with more than $100 billion in assets under supervision.
Guggenheim, through its affiliates, provides investment management,
investment advisory, insurance, investment banking, and capital
markets services. The firm is headquartered in Chicago and New York
with a global network of offices throughout the United States,
Europe, and Asia.
Claymore, the Fund’s investment adviser, is an innovator in
exchange-traded funds, unit investment trusts and closed-end funds,
and often leads its peers with creative investment strategy
solutions. In total, Claymore entities provide supervision,
management, or servicing on approximately $15.9 billion in assets
as of March 31, 2010. 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. For
secondary market closed-end funds, investors should read
shareholder reports and press releases for updated fund
information. Additional information regarding Claymore’s
closed-end funds is available at www.claymore.com/CEF.
This information does not represent an offer to sell securities
of the Fund and it is not soliciting an offer to buy securities of
the Fund. There can be no assurance that the Fund will achieve its
investment objective. The net asset value of the Fund 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.
Investors should consider the investment objectives and
policies, risk considerations, charges and expenses of the Fund
carefully 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 (4/10)
NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE
VALUE
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