Claymore Municipal Portfolio 6-10 Years Series 9

The Trust will invest in a portfolio of municipal bonds with stated maturities ranging from 2011 to 2015. For this reason investors may receive principal distributions from bonds being called prior to their maturity.

The Trust includes bonds that are scheduled to mature in staggered intervals during the life of the Trust. As a result, the Trust can potentially offer investors some distinct advantages. Similar portfolio strategies are often used as alternatives to investing in individual long-term bonds when investors are concerned about an anticipated rise in interest rates. This approach intends to provide these investors with the return of a portion of the initial par value of the bonds in the Trust at staggered intervals, which in turn, would allow them to reinvest the returned amounts at the then current yields. Furthermore, a portfolio of bonds with 5-10 year maturities could potentially provide lower interest rate sensitivity than a portfolio comprised of longer maturity bonds, and as a result, may better allow the Trust to meet its secondary objective of capital preservation.

The following factors, among others, were considered in selecting the bonds:

• whether the bonds selected would generate interest income exempt from normal federal income taxes imposed on holders of units
• whether the bonds selected were rated at least in the category of BBB by Standard & Poor’s or Fitch or Baa by Moody’s
• the maturity dates of the bonds (including whether such bonds may be called or redeemed prior to their stated maturities)
• the diversity of the issuer and the purpose of issue of bonds
• the cost of the bonds relative to what the Sponsor believes to be their value.

Investors can lose money by investing in the Trust. The value of the units and the bonds held in the portfolio can each decline in value. An investor should consider the following factors, among other things, when deciding whether to purchase units of the Trust:

• No assurance can be given that the Trust’s objectives will be achieved. These objectives are subject to the continuing ability of the respective issuers or insurers of the bonds to meet their obligations to pay principal and /or interest when due.
• Municipal bonds are fixed rate debt obligations that generally decline in value with increases in interest rates, an issuer’s or an insurer’s worsening financial condition, a drop in bond ratings or when there is a decrease in federal income tax rates. Typically, bonds with longer periods before maturity are more sensitive to interest rate changes.
• Changes in the tax treatment of bonds either due to future legislation or due to the failure of a public issuer of a bond (or private guarantor) to meet certain conditions imposed by various tax laws may have an adverse impact on the value of the units and the bonds held in the Trust.
• If a decrease in net asset value occurs and units of the Trust are tendered for redemption, the Trust may be forced to liquidate some of its bonds which may be at a loss. If such redemptions are substantial enough, provisions of the Trust’s indenture could cause a complete and unexpected liquidation of the Trust before its scheduled maturity, resulting in unanticipated losses for investors.
• Since the portfolio is fixed and not managed, in general, the Sponsor only sells bonds at the Trust’s termination or in order to meet redemptions or to pay expenses. As a result, the price at which a bond is sold may not be the highest price the Trust could have received during the life of the Trust.
• Certain of the bonds included in the Trust may be original issue discount bonds or “zero coupon” bonds, as noted in “Trust Portfolio.” These bonds may be subject to greater price fluctuations with changing interest rates and contain additional risks.