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 - June 15, 2010

Ex-Dividend Date - June 11, 2010

Payable Date - June 30, 2010

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 $0.1540 - Monthly

MZF

MBIA Capital/Claymore Managed Duration Investment Grade Municipal Fund $0.08251 - Monthly

OLA

Old Mutual/Claymore Long-Short Fund $0.2400 - Quarterly

TYW

TS&W/Claymore Tax-Advantaged Balanced Fund $0.1800 - Quarterly

WIA

Western Asset/Claymore Inflation-Linked Securities & Income Fund $0.0380 - Monthly

WIW

Western Asset/Claymore Inflation-Linked Opportunities & Income Fund $0.0400 - Monthly

1MZF declared its June 2010 distribution on May 3, 2010. 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 such 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 that 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. Claymore Securities, Inc. offers strategic investment solutions for financial advisors and their valued clients. As an innovator in exchange-traded funds (ETFs), unit investment trusts (UITs) and closed-end funds (CEFs), Claymore 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 Securities, Inc. is a wholly-owned subsidiary of Guggenheim Partners, LLC, 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.

The Investment Advisers for AVK, MZF and WIA are Advent Capital Management, LLC, Cutwater Asset 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 (6/10)

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