AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 19, 2010

1933 ACT FILE NO. 333-_________
1940 ACT FILE NO. 811 - 03763

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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

_______________________

REGISTRATION STATEMENT ON
FORM S-6
________________________

FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933
OF SECURITIES OF UNIT INVESTMENT TRUSTS
REGISTERED ON FORM N-8B-2

A. EXACT NAME OF TRUST: CLAYMORE SECURITIES DEFINED PORTFOLIOS, SERIES
679

B. NAME OF DEPOSITOR: CLAYMORE SECURITIES, INC.

C. COMPLETE ADDRESS OF DEPOSITOR'S PRINCIPAL EXECUTIVE OFFICES:

Claymore Securities, Inc.
2455 Corporate West Drive
Lisle, Illinois 60532

D. NAME AND COMPLETE ADDRESS OF AGENT FOR SERVICE: Copies to:

KEVIN ROBINSON, ESQ. ERIC F. FESS
Senior Managing Director, General Chapman and Cutler LLP
Counsel and Secretary 111 West Monroe Street
Claymore Securities, Inc. Chicago, Illinois 60603
2455 Corporate West Drive (312) 845-3000
Lisle, Illinois 60532
(630) 505-3736

It is proposed that this filing will become effective (check appropriate box)

/ / immediately upon filing pursuant to paragraph (b)

/ / on (date) pursuant to paragraph (b)

/ / 60 days after filing pursuant to paragraph (a)

/ / on (date) pursuant to paragraph (a) of rule 485 or 486

/ / This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.

E. TITLE OF SECURITIES BEING REGISTERED: Units of fractional undivided
beneficial interest.

F. APPROXIMATE DATE OF PROPOSED SALE TO PUBLIC: As soon as practicable
after the effective date of the Registration Statement.

/ / Check box if it is proposed that this filing will become effective on
(date) at (time) pursuant to Rule 487.

================================================================================

The registration hereby amends this Registration Statement on such date or dates
as may be necessary to delay its effective date until the registrant shall file
a further amendment which specifically states that this Registration Statement
shall thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a)
may determine.

Claymore Securities Defined Portfolios, Series 679

Guggenheim ABC High Dividend Strategy, Series 1

Guggenheim BMAC Commodity Producers Strategy, Series 1

Guggenheim Global Telecom Strategy, Series 1

logo: claymore(r)

logo: guggenheim (r)

PROSPECTUS PART A DATED ______ , 2010

Diversified portfolios containing securities selected by
Claymore Securities, Inc.

The Securities and Exchange Commission has not approved or
disapproved of these securities or passed upon the adequacy or accuracy of this
prospectus. Any representation to the contrary is a criminal offense.

INVESTMENT SUMMARY

Overview

Claymore Securities Defined Portfolios, Series 679 is a unit investment
trust that consists of the Guggenheim ABC High Dividend Strategy, Series 1 (the
"ABC High Dividend Trust"), the Guggenheim BMAC Commodity Producers Strategy,
Series 1 (the "BMAC Commodity Producers Trust") and the Guggenheim Global
Telecom Strategy, Series 1 (the "Global Telecom Trust") (collectively referred
to as the "trusts" and individually referred to as a "trust"). Claymore
Securities, Inc. ("Claymore" or the "sponsor") serves as the sponsor of the
trusts.

The trusts are scheduled to terminate in approximately 15 months.

GUGGENHEIM ABC HIGH DIVIDEND STRATEGY, SERIES 1

Use this Investment Summary to help you decide whether an investment in
this trust is right for you. More detailed information can be found later in
this prospectus.

Investment Objective

The ABC High Dividend Strategy Trust seeks to provide high levels of
dividend income.

Principal Investment Strategy

The trust seeks to provide an inflation-hedged approach to investing in
international markets, while seeking high levels of dividend income. The
trust's strategy aims to participate in the growth potential of emerging
markets worldwide by investing in countries with strong natural resources that
may be in a

position to take advantage of a rise in global per capita demand for
commodities. The strategy seeks to select high yielding mature companies from
commodity-rich Australia, Brazil and Canada.

The sponsor, with the assistance of Guggenheim Partners Asset Management,
Inc. ("GPAM"), an affiliate of Guggenheim Partners, LLC ("Guggenheim "), has
selected the securities to be included in the trust's portfolio. The sponsor
and GPAM believe that companies that distribute significant dividends on a
consistent basis demonstrate strong financial strength and positive performance
relative to their peers.

See "Investment Policies" in Part B of the prospectus for more
information.

Security Selection

The trust's portfolio is constructed and the securities selected
approximately five business days prior to the initial date of deposit (the
"Inception Date") using the Security Selection Rules outlined below.

Security Selection Rules:

In constructing the trust's portfolio, 30 securities will be selected
based on the following fundamentally based quantitative criteria:

1. Start with an initial universe of securities that include all Australia,
Brazil, or Canada domiciled companies listed on a major U.S. (the New York
Stock Exchange and the NASDAQ Stock Market), Australian (the Australian
Securities Exchange) or Canadian (Toronto Stock Exchange) exchange.

2. Reduce the initial universe of securities to a sub-universe that includes
all securities that meet the following requirements:

o Security must be a common share or depository receipt.

o Security may not be a real estate investment trust, investment fund,
exchange-traded fund, trust or limited partnership.

o Minimum one year of trading history for the parent company.

o Market capitalization greater than $200 million.

o Minimum 20-day average daily dollar trading volume greater than $1
million (U.S.-traded American Depositary Receipts ("ADRs") do not have
to meet this liquidity minimum as long as the underlying foreign local
shares meet this liquidity minimum).

o Duplication screen so that in the event a parent company has multiple
classes of securities traded on different exchanges which meet the above
criteria, the most liquid security for the company is chosen, whether it
is a local security or depository receipt. Liquidity is measured by the
most traded shares of the security class over the last 12 months.

o Exclude securities that have pending cash-only merger and acquisition or
other corporate action events which will lead to delisting of the
security from the qualifying exchanges listed above.

3. Dividend Yield Rule: Select from the sub-universe the ten securities from
each of the three countries (Australia, Brazil and Canada) that have the
highest current dividend yield. The dividend yield is determined on the
same day the securities are selected.

4. Substitution Rule: In the event that one country runs out of available
qualifying securities, select a substitute security or securities from the
sub-universe domiciled in the other two countries. The first substitute
security selected should be the next highest yielding unselected name from
the remaining countries with the stipulation that each of the other
countries with available qualifying securities need to have been chosen
once before the first substitute security's country is chosen from again.

Guggenheim Partners Asset Management, Inc.

Guggenheim Partners Asset Management, Inc., is a wholly-owned subsidiary
of Guggenheim Partners, LLC and an affiliate of the sponsor, which offers
financial services expertise within its asset management, investment advisory,
capital markets, institutional finance and merchant banking business lines.
Clients consist of an elite mix of individuals, family offices, endowments,
foundations, insurance companies, pension plans and other institutions that
together have entrusted the firm with supervision of more than $100 billion in
assets. A global diversified financial services firm, Guggenheim Partners, LLC
office locations include New York, Chicago, Los Angeles, Miami, Boston,
Philadelphia, St. Louis, Houston, London, Dublin, Geneva, Hong Kong, Singapore,
Mumbai and Dubai.

Future Trusts

The sponsor intends to create future trusts that follow the same
investment strategy. One such trust is expected to be available approximately
three months after the Inception Date and upon the trust's termination. If
these future trusts are available, you may be able to reinvest into one of the
trusts at a reduced sales charge. Each trust is designed to be part of a longer
term strategy.

Essential Information
(as of the Inception Date)

Inception Date , 2010
Unit Price $10.00
Termination Date , 2011
Distribution Date 25th day of each month
(commencing 25, 2010, if any)
Record Date 15th day of each month
(commencing 15, 2010, if any)
CUSIP Numbers
Cash Distributions
Standard Accounts
Fee Account Cash
Reinvested Distributions
Standard Accounts
Fee Account Reinvest
Ticker CABCAX

Portfolio Diversification

Approximate
Sector Portfolio Percentage
%

--------
Total 100.00%
========

Approximate
Country Portfolio Percentage
- ------------------------------------------
Australia %
Brazil
Canada
--------
Total 100.00%
========

Market Approximate
Capitalization Portfolio Percentage
- ------------------------------------------
Small-Capitalization %
Mid-Capitalization
Large-Capitalization
--------
Total 100.00%
========

Minimum Investment
All accounts $250

Principal Risks

As with all investments, you may lose some or all of your investment in
the trust. No assurance can be given that the trust's investment objective will
be achieved. The trust also might not perform as well as you expect. This can
happen for reasons such as these:

o Securities prices can be volatile. The value of your investment may fall
over time. Market value fluctuates in response to various factors. These
can include stock market movements, purchases or sales of securities by
the trust, government policies, litigation, and changes in interest rates,
inflation, the financial condition of the securities' issuer or even
perceptions of the issuer. Units of the trust are not deposits of any bank
and are not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.

o Due to the current state of the economy, the value of the securities held
by the trust may be subject to steep declines or increased volatility due
to changes in performance or perception of the issuers. Starting in
December 2007 and throughout most of 2009, economic activity declined
across all sectors of the economy, and the United States experienced
increased unemployment. The economic crisis affected the global economy
with European and Asian markets also suffering historic losses. Although
the latest economic data suggests slightly increased activity in the U.S.
economy, unemployment remains high. Extraordinary steps have been taken by
the governments of several leading economic countries to combat the
economic crisis; however, the impact of these measures is not yet fully
known and cannot be predicted.

o Share prices or dividend rates on the securities in the trust may decline
during the life of the trust. There is no guarantee that the issuers of
the securities will declare dividends in the future and, if declared,
whether they will remain at current levels or increase over time.

o The trust includes securities issued by companies involved with the
production of certain commodities. Commodity companies include those basic
materials companies involved in the production of building materials,
aluminum, non-ferrous metals, precious metals and steel, as well as
companies that explore for, produce, refine, distribute or sell petroleum
or gas products. General risks of commodity companies include price and
supply fluctuations, excess capacity, economic recession, government
regulations and overall capital spending rates.

o The trust invests in foreign securities and ADRs. The trust's investment
in foreign securities and ADRs presents additional risk. ADRs are issued
by a bank or trust company to evidence ownership of underlying securities
issued by foreign corporations. Securities of foreign issuers present
risks beyond those of domestic securities. More specifically, foreign risk
is the risk that foreign securities will be more volatile than U.S.
securities due to such factors as adverse economic, currency, political,
social or regulatory developments in a country, including government
seizure of assets, excessive taxation, limitations on the use or transfer
of assets, the lack of liquidity or regulatory controls with respect to
certain industries or differing legal and/or accounting standards.

o The trust includes securities issued by companies headquartered or
incorporated in Australia, Brazil and Canada. As a result, political,
economic or social developments in these countries may have a significant
impact on the securities included in the trust. See "Investment Risks" for
additional information concerning the risks associated with an investment
in securities issued by companies located in these countries.

o The trust includes securities issued by companies headquartered or
incorporated in countries considered to be emerging markets. Emerging
markets are generally defined as countries with low per capita income in
the initial stages of their industrialization cycles. Risks of investing
in developing or emerging countries include the possibility of investment
and trading limitations, liquidity concerns, delays and disruptions in
settlement transactions, political uncertainties and dependence on
international trade and development assistance. Companies headquartered in
emerging market countries may be exposed to greater volatility and market
risk.

o The trust includes securities whose value may be dependent on currency
exchange rates. The U.S. dollar value of these securities may vary with
fluctuations in foreign exchange rates. Most foreign currencies have
fluctuated widely in value against the U.S. dollar for various economic
and political reasons such as the activity level of large international
commercial banks, various central banks, speculators, hedge funds and
other buyers and sellers of foreign currencies.

o The trust invests in securities issued by small-capitalization and mid-
capitalization companies. These securities customarily involve more
investment risk than securities of larger capitalization companies. Small-
capitalization and mid-capitalization companies may have limited product
lines, markets or financial resources and may be more vulnerable to
adverse general market or economic developments.

o Inflation may lead to a decrease in the value of assets or income from
investments.

o The sponsor does not actively manage the portfolio. The trust will
generally hold, and may continue to buy, the same securities even though a
security's outlook, market value or yield may have changed.

See "Investment Risks" in Part A of the prospectus and "Risk Factors" in
Part B of the prospectus for additional information.

Who Should Invest

You should consider this investment if:

o The trust represents only a portion of your overall investment portfolio;

o The trust is part of a longer-term investment strategy that includes the
investment in subsequent portfolios, if available; and

o The trust is combined with other investment vehicles to provide
diversification of method to your overall portfolio.

You should not consider this investment if:

o You are uncomfortable with the trust's investment strategy;

o You are uncomfortable with the risks of an unmanaged investment in
securities; or

o You want capital preservation.

Fees and Expenses

The amounts below are estimates of the direct and indirect expenses that
you may incur based on a $10 unit price. Actual expenses may vary.

Percentage
of Public Amount Per
Offering $1,000
Investor Fees Price (4) Invested
- ----------------------------------------- ----------
Initial sales fee
paid on purchase (1) 1.00% $10.00
Deferred sales fee (2) 1.45 14.50
Creation and
development fee (3) 0.50 5.00
---------- -----------
Maximum sales fees
(including creation
and development fee) 2.95% $29.50
========== ===========

Estimated organization costs
(amount per 100 units paid
by the trust at the end of
the initial offering period
or after six months, at the
discretion of the sponsor) $8.00
===========
Approximate
Annual Fund % of Public
Operating Offering Amount Per
Expenses Price (4) 100 Units
- ----------------------------------------- ----------
Trustee's fee 0.1050% $1.050
Sponsor's supervisory fee 0.0300 0.300
Evaluator's fee 0.0350 0.350
Bookkeeping and
administrative fee 0.0350 0.350
Estimated other trust
operating expenses (5)
----------- ----------
Total % $_ _ _
========== ==========

(1) The initial sales fee provided above is based on the unit price on the
Inception Date. Because the initial sales fee equals the difference between
the maximum sales fee and the sum of the remaining deferred sales fee and
the creation and development fee ("C&D Fee") (as described below), the
percentage and dollar amount of the initial sales fee will vary as the unit
price varies and after deferred fees begin. Despite the variability of the
initial sales fee, each investor is obligated to pay the entire applicable
maximum sales fee.

(2) The deferred sales fee is fixed at $0.145 per unit and is deducted in
monthly installments of $0.0483 per unit on the last business day of ___
2010 and ___ 2010 and $0.0484 in ___ 2010. The percentage provided is based
on a $10 unit as of the Inception Date and the percentage amount will vary
over time.

(3) The C&D Fee compensates the sponsor for creating and developing your trust.
The actual C&D Fee is $0.05 per unit and is paid to the sponsor at the close
of the initial offering period, which is expected to be approximately three
months from the Inception Date. The percentages provided are based on a $10
unit as of the Inception Date and the percentage amount will vary over time.
If the unit price exceeds $10.00 per unit, the C&D Fee will be less than
0.50% of the Public Offering Price; if the unit price is less than $10.00
per unit, the C&D Fee will exceed 0.50% of the Public Offering Price.
However, in no event will the maximum sales fee exceed 2.95% of a
unitholder's initial investment.

(4) Based on 100 units with a $10.00 per unit Public Offering Price as of the
Inception Date.

(5) The estimated trust operating expenses are based upon an estimated trust
size of approximately $__ million. Because certain of the operating expenses
are fixed amounts, if the trust does not reach such estimated size or falls
below the estimated size over its life, the actual amount of the operating
expenses may, in some cases greatly exceed the amounts reflected. Other
operating expenses do not include brokerage costs and other transactional
fees.

Example

This example helps you compare the costs of this trust with other unit
trusts and mutual funds. In the example we assume that you reinvest your
investment in a new trust every year, the expenses do not change and the
trust's annual return is 5%. Your actual returns and expenses will vary. Based
on these assumptions, you would pay these expenses for every $10,000 you
invest:

1 year $

3 years

5 years

10 years

These amounts are the same regardless of whether you sell your investment
at the end of a period or continue to hold your investment. The example does
not consider any brokerage fees the trust pays or any transaction fees that
broker-dealers may charge for processing redemption requests.

See "Expenses of the Trust" in Part B of the prospectus for additional
information.

Trust Portfolio
Claymore Securities Defined Portfolios, Series 679
Guggenheim ABC High Dividend Strategy, Series 1
The Trust Portfolio as of the Inception Date, , 2010
- -----------------------------------------------------------------------------------------------------
Percentage
of Aggregate Initial Per Share Cost To
Ticker Company Name (1) Offer Price Shares Price Portfolio (2)(3)
- -----------------------------------------------------------------------------------------------------

Trust Portfolio (continued)
Claymore Securities Defined Portfolios, Series 679
Guggenheim ABC High Dividend Strategy, Series 1
The Trust Portfolio as of the Inception Date, , 2010
- ---------------------------------------------------------------------------------------------------------
Percentage
of Aggregate Initial Per Share Cost To
Ticker Company Name (1) Offer Price Shares Price Portfolio (2)(3)
- ---------------------------------------------------------------------------------------------------------

(1) All securities are represented entirely by contracts to purchase securities,
which were entered into by the sponsor on _____ , 2010. All contracts for
securities are expected to be settled by the initial settlement date for the
purchase of units.

(2) Valuation of securities by the trustee was performed as of the Evaluation
Time on _____ , 2010. For securities quoted on a national exchange,
including the Nasdaq Stock Market, Inc., securities are generally valued at
the closing sales price using the market value per share. For foreign
securities traded on a foreign exchange, securities are generally valued at
their fair value. The trust's investments are classified as Level 1, which
refers to security prices determined using quoted prices in active markets
for identical securities.

(3) There was a $___ loss to the sponsor on the Inception Date.

* American Depositary Receipt ("ADR").

** U.S.-listed foreign security.

+ Foreign security listed on a foreign exchange.

GUGGENHEIM BMAC COMMODITY PRODUCERS STRATEGY, SERIES 1

Use this Investment Summary to help you decide whether an investment in
this trust is right for you. More detailed information can be found later in
this prospectus.

Investment Objective

The BMAC Commodity Producers Trust seeks to provide high levels of
dividend income.

Principal Investment Strategy

The trust seeks to provide an inflation-hedged approach to investing in
international markets, while seeking high levels of dividend income. The
trust's strategy aims to participate in the growth potential of the global
commodity sector by investing in high yielding energy and material production
companies from select developed and emerging market countries with abundant
natural resources, namely Brazil, Mexico, Australia and Canada.

See "Investment Policies" in Part B of the prospectus for more
information.

Security Selection

The trust's portfolio is constructed and the securities selected
approximately five business days prior to the initial date of deposit (the

"Inception Date") using the Security Selection Rules outlined below.

Security Selection Rules:

In constructing the trust's portfolio, 28 securities will be selected
based on the following fundamentally based quantitative criteria:

1. Start with an initial universe of securities that include all Australia,
Brazil, Canada or Mexico domiciled companies listed on a major U.S. (the
New York Stock Exchange and the NASDAQ Stock Market), Australian (the
Australian Securities Exchange), Canadian (Toronto Stock Exchange) or
Mexican (Mexican Stock Exchange) exchange.

2. Reduce the initial universe of securities to a sub-universe that includes
all securities that meet the following requirements:

o Security must be a common share or depository receipt.

o Security may not be a real estate investment trust, investment fund,
exchange-traded fund, trust or limited partnership.

o Minimum one year of trading history for the parent company.

o Sector classification of the security must be materials or energy as
defined by FactSet Research Systems.

o Market capitalization greater than $200 million.

o Exclude securities that have pending cash-only merger and acquisition or
other corporate action events which will lead to delisting of the
security from the qualifying exchanges listed above.

3. Dividend Yield Rule: Select from the sub-universe the seven securities
from each of the four countries (Australia, Brazil, Canada and Mexico)
that have the highest current dividend yield. The dividend yield is
determined on the same day the securities are selected.

4. Substitution Rule: In the event that one country runs out of available
qualifying securities, select a substitute security or securities from the
sub-universe domiciled in the other three countries. The first substitute
security selected should be the next highest yielding unselected name from
the remaining countries with the stipulation that each of the other
countries with available qualifying securities need to have been chosen
once before the first substitute security's country is chosen from again.

Guggenheim Partners Asset Management, Inc.

Future Trusts

Essential Information
(as of the Inception Date)

Portfolio Diversification

Approximate
Sector Portfolio Percentage
- ------ --------------------
Total 100.00%

Approximate
Country Portfolio Percentage
- ------------------------------------------
Australia %
Brazil
Canada
Mexico
--------
Total 100.00%
========

Market Approximate
Capitalization Portfolio Percentage
- ------------------------------------------
Small-Capitalization %
Mid-Capitalization
Large-Capitalization
--------
Total 100.00%
========

Minimum Investment
All accounts $250

Principal Risks

o The trust includes securities of companies in the basic materials sector.
General risks of companies in the basic materials sector include the
general state of the economy, consolidation, domestic and international
politics and excess capacity. In addition, basic materials companies may
also be significantly affected by volatility of commodity prices, import
controls, worldwide competition, liability for environmental damage,
depletion of resources and mandated expenditures for safety and pollution
control devices.

o The trust includes securities issued by companies in the energy sector.
Companies in the energy sector are subject to volatile fluctuations in
price and supply of energy fuels, and can be impacted by international
politics and conflicts, including the war in Iraq and hostilities in the
Middle East, terrorist attacks, the success of exploration projects,
reduced demand as a result of increases in energy efficiency and energy
conservation, natural disasters, clean-up and litigation costs associated
with environmental damage and extensive regulation.

o The trust includes securities issued by companies headquartered or
incorporated in Australia, Brazil, Canada and Mexico. As a result,
political, economic or social developments in these countries may have a
significant impact on the securities included in the trust. See
"Investment Risks" for additional information concerning the risks
associated with an investment in securities issued by companies located in
these countries.

o Inflation may lead to a decrease in the value of assets or income from
investments.

See "Investment Risks" in Part A of the prospectus and "Risk Factors" in
Part B of the prospectus for additional information.

Who Should Invest

You should consider this investment if:

o The trust represents only a portion of your overall investment portfolio;

o The trust is part of a longer-term investment strategy that includes the
investment in subsequent portfolios, if available; and

o The trust is combined with other investment vehicles to provide
diversification of method to your overall portfolio.

You should not consider this investment if:

o You are uncomfortable with the trust's investment strategy;

o You are uncomfortable with the risks of an unmanaged investment in
securities; or

o You want capital preservation.

Fees and Expenses

The amounts below are estimates of the direct and indirect expenses that
you may incur based on a $10 unit price. Actual expenses may vary.

Percentage
of Public Amount Per
Offering $1,000
Investor Fees Price (4) Invested
- --------------------------------- ----------
Initial sales fee
paid on purchase (1) 1.00% $10.00
Deferred sales fee (2) 1.45 14.50
Creation and
development fee (3) 0.50 5.00
---------- ----------
Maximum sales fees
(including creation
and development fee) 2.95% $29.50
========== ==========

Estimated organization costs
(amount per 100 units paid
by the trust at the end of
the initial offering period
or after six months, at the
discretion of the sponsor) $8.00
===========

Approximate
Annual Fund % of Public
Operating Offering Amount Per
Expenses Price (4) 100 Units
- ----------------------------------------------------
Trustee's fee 0.1050% $1.050
Sponsor's supervisory fee 0.0300 0.300
Evaluator's fee 0.0350 0.350
Bookkeeping and
administrative fee 0.0350 0.350
Estimated other trust
operating expenses (5)
---------- ----------
Total % $_ _ _
========== ==========

(4) Based on 100 units with a $10.00 per unit Public Offering Price as of the
Inception Date.

Example

1 year $

3 years

5 years

10 years

See "Expenses of the Trust" in Part B of the prospectus for additional
information.

Trust Portfolio

Claymore Securities Defined Portfolios, Series 679
Guggenheim BMAC Commodity Producers Strategy, Series 1
The Trust Portfolio as of the Inception Date, ______ , 2010

Percentage
of Aggregate Initial Per Share Cost To
Ticker Company Name (1) Offer Price Shares Price Portfolio (2)(3)
- -----------------------------------------------------------------------

Trust Portfolio (continued)

Claymore Securities Defined Portfolios, Series 679
Guggenheim BMAC Commodity Producers Strategy, Series 1
The Trust Portfolio as of the Inception Date, ______ , 2010

Percentage
of Aggregate Initial Per Share Cost To
Ticker Company Name (1) Offer Price Shares Price Portfolio (2)(3)
- -----------------------------------------------------------------------

(3) There was a $___ loss to the sponsor on the Inception Date.

* American Depositary Receipt ("ADR").

** U.S.-listed foreign security.

+ Foreign security listed on a foreign exchange.

GUGGENHEIM GLOBAL TELECOM STRATEGY, SERIES 1

Use this Investment Summary to help you decide whether an investment in
this trust is right for you. More detailed information can be found later in
this prospectus.

Investment Objective

The Global Telecom Strategy Trust seeks to maximize total return primarily
through capital appreciation and dividend income.

Principal Investment Strategy

The trust seeks to maximize total return primarily through capital
appreciation and dividend income by investing in a portfolio of securities of
companies in the global telecommunications services sector. The trust's
strategy aims to capture potential growth in the telecommunications sector
while applying dividend income to counterbalance potential turbulence in the
equity markets.

See "Investment Policies" in Part B of the prospectus for more
information.

Security Selection

The trust's portfolio is constructed and the securities selected
approximately five business days prior to the initial date of deposit (the

"Inception Date") using the Security Selection Rules outlined below.

Security Selection Rules:

In constructing the trust's portfolio, 25 securities will be selected
based on the following fundamentally based quantitative criteria:

1. Start with an initial universe of securities that include all companies
domiciled in the following countries: Australia, Austria, Belgium, Canada,
Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel,
Italy, Japan, Mexico, Netherlands, New Zealand, Norway, Philippines,
Singapore, South Africa, Spain, Sri Lanka, Sweden, Switzerland, United
Kingdom and the United States. The common shares or depositary receipts of
the companies must trade on a major securities exchange in the countries
listed above.

2. Reduce the initial universe of securities to a sub-universe that includes
all securities that meet the following requirements:

o Security must be a common share or depository receipt.

o Security may not be a real estate investment trust, investment fund,
exchange-traded fund, trust or limited partnership.

o Minimum one year of trading history for the parent company.

o Sector classification of the security must be telecommunications as
defined by FactSet Research Systems.

o Minimum 20-day average daily dollar trading volume greater than $600,000
(U.S.-traded American Depositary Receipts ("ADRs") do not have to meet
this liquidity minimum as long as the underlying foreign local shares
meet this liquidity minimum).

o Preference given to a U.S.-traded ADR security, if available, over
foreign traded local shares. In the event a parent company has multiple
securities traded on different non- U. S. exchanges, preference given to
the most liquid security. Liquidity is measured by the most traded
shares of the security class.

o Exclude securities that have pending cash-only merger and acquisition or
other corporate action events which will lead to delisting of the
security from the qualifying exchanges above.

o Only the top 100 companies by market capitalization that meet the above
restrictions are included in this sub-universe.

3. Dividend Yield Rule: Select from the sub-universe the 25 securities that
have the highest current dividend yield. The dividend yield is determined
on the same day the securities are selected.

4. Geographical Diversification: Constituents of the portfolio must consist
of companies from a minimum of 15 different countries with no more than
15% of the portfolio from any single country as of the date of selection
(which is approximately five business days prior to the Inception Date).

In the event that this diversification or concentration limit is breached
in the construction of the portfolio, the lowest dividend-yielding security
that breached the limit is removed and the Dividend Yield Rule is reapplied
until a portfolio of 25 securities is generated that satisfies both the
Security Selection Rules and the Geographical Diversification Rule.

Guggenheim Partners Asset Management, Inc.

Future Trusts

Essential Information
(as of the Inception Date)

Portfolio Diversification

Approximate
Sector Portfolio Percentage
- ------ --------------------

-------
Total 100.00%
=======

Approximate
Country Portfolio Percentage
- ------------------------------------------

--------
Total 100.00%
========

Market Approximate
Capitalization Portfolio Percentage
- ------------------------------------------
Small-Capitalization %
Mid-Capitalization
Large-Capitalization
--------
Total 100.00%
========

Minimum Investment
All accounts $250

Principal Risks

o The trust invests in securities of companies in the telecommunications
services sector. General risks of companies in the telecommunications
services sector include rapidly changing technology, rapid product
obsolescence or loss of patent protection, cyclical market patterns,
evolving industry standards and frequent new product introductions.
Furthermore, deregulation in the communication industry may lead to fierce
competition for market share and can have a negative impact on certain
companies. Competitive pressures are intense and communications stocks can
experience rapid volatility.

o Inflation may lead to a decrease in the value of assets or income from
investments.

See "Investment Risks" in Part A of the prospectus and "Risk Factors" in
Part B of the prospectus for additional information.

Who Should Invest

You should consider this investment if:

o The trust represents only a portion of your overall investment portfolio;

o The trust is part of a longer-term investment strategy that includes the
investment in subsequent portfolios, if available; and

o The trust is combined with other investment vehicles to provide
diversification of method to your overall portfolio.

You should not consider this investment if:

o You are uncomfortable with the trust's investment strategy;

o You are uncomfortable with the risks of an unmanaged investment in
securities; or

o You want capital preservation.

Fees and Expenses

The amounts below are estimates of the direct and indirect expenses that
you may incur based on a $10 unit price. Actual expenses may vary.

Estimated organization costs
(amount per 100 units paid
by the trust at the end of
the initial offering period
or after six months, at the
discretion of the sponsor) $8.00
===========

Approximate
Annual Fund % of Public
Operating Offering Amount Per
Expenses Price (4) 100 Units
- ----------------------------------------- ----------
Trustee's fee 0.1050% $1.050
Sponsor's supervisory fee 0.0300 0.300
Evaluator's fee 0.0350 0.350
Bookkeeping and
administrative fee 0.0350 0.350
Estimated other trust
operating expenses (5)
---------- -----------
Total % $_ _ _
========== ===========

(4) Based on 100 units with a $10.00 per unit Public Offering Price as of the
Inception Date.

Example

1 year $

3 years

5 years

10 years

See "Expenses of the Trust" in Part B of the prospectus for additional
information.

Trust Portfolio
Claymore Securities Defined Portfolios, Series 679
Guggenheim Global Telecom Strategy, Series 1
The Trust Portfolio as of the Inception Date, , 2010
- -----------------------------------------------------------------------------------------------------
Percentage
of Aggregate Initial Per Share Cost To
Ticker Company Name (1) Offer Price Shares Price Portfolio (2)(3)
- -----------------------------------------------------------------------------------------------------

Trust Portfolio (continued)
Claymore Securities Defined Portfolios, Series 679
Guggenheim Global Telecom Strategy, Series 1
The Trust Portfolio as of the Inception Date, , 2010
- ---------------------------------------------------------------------------------------------------------
Percentage
of Aggregate Initial Per Share Cost To
Ticker Company Name (1) Offer Price Shares Price Portfolio (2)(3)
- ---------------------------------------------------------------------------------------------------------

(3) There was a $___ loss to the sponsor on the Inception Date.

* American Depositary Receipt ("ADR").

** U.S.-listed foreign security.

+ Foreign security listed on a foreign exchange.

UNDERSTANDING YOUR INVESTMENTS

How to Buy Units

You can buy units of your trust on any business day by contacting your
financial professional. Public offering prices of units are available daily on
the Internet at www.claymore.com. The unit price includes:

o the value of the securities,

o organization costs,

o the maximum sales fee (which includes an initial sales fee, a deferred
sales fee and the creation and development fee), and

o cash and other net assets in the portfolio.

We often refer to the purchase price of units as the "offer price" or the
"Public Offering Price." We must receive your order to buy units prior to the
close of the New York Stock Exchange (normally 4:00 p.m. Eastern time) to give
you the price for that day. If we receive your order after this time, you will
receive the price computed on the next business day.

Value of the Securities. The sponsor serves as the evaluator of your trust
(the "evaluator"). We cause the trustee to determine the value of the
securities as of the close of the New York Stock Exchange on each day that the
exchange is open (the "Evaluation Time").

Pricing the Securities. The value of securities is generally determined by
using the last sale price for securities traded on a national or foreign
securities exchange or the Nasdaq Stock Market. In some cases we will price a
security based on the last asked or bid price in the over-the-counter market or
by using other recognized pricing methods. We will only do this if a security is
not principally traded on a national or foreign securities exchange or the
Nasdaq Stock Market, or if the market quotes are unavailable or inappropriate.

The trustee or its designee will value foreign securities traded on
foreign exchanges at their fair value which may be other than their market
prices.

The trustee determined the initial prices of the securities shown in
"Trust Portfolio" for your trust in this prospectus. Such prices were
determined as described above at the close of the New York Stock Exchange on
the business day before the date of this prospectus. On the first day we sell
units we will compute the unit price as of the close of the New York Stock
Exchange or the time the registration statement filed with the Securities and
Exchange Commission becomes effective, if later.

Organization Costs. During the initial offering period, part of your
purchase price includes a per unit amount sufficient to reimburse us for some
or all of the costs of creating your trust. These costs include the costs of
preparing the registration statement and legal documents, legal fees, federal
and state registration fees, and the initial fees and expenses of the trustee.
Your trust will sell securities to reimburse us for these costs at the end of
the initial offering period or after six months, at the discretion of the
sponsor. Organization costs will not exceed the estimate set forth under "Fees
and Expenses."

Transactional Sales Fee. You pay a fee when you buy units. We refer to this
fee as the "transactional sales fee." The transactional sales fee has both an
initial and a deferred component and is 2.45% of the Public Offering Price,
based on a $10 unit. This percentage amount of the transactional sales fee is
based on the unit price on the Inception Date. Because the transactional sales
fee equals the difference between the maximum sales fee and the C&D Fee, the
percentage and dollar amount of the transactional sales fee will vary as the
unit price varies.

The transactional sales fee does not include the C&D Fee which is
described under "Expenses of the Trust" in Part B of the prospectus and in
"Fees and Expenses" in Part A of the prospectus.

Initial Sales Fee. Based on a $10 unit, the initial sales fee is initially
1% of the Public Offering Price. The initial sales fee, which you will pay at
the time of purchase, is equal to the difference between the maximum sales fee
(2.95% of the Public Offering Price) and the sum of the maximum remaining
deferred sales fees and the C&D Fee (initially $0.195 per unit). The dollar
amount and percentage amount of the initial sales fee will vary over time.

Deferred Sales Fee. To keep your money working longer, we defer payment of
the rest of the transactional sales fee through the deferred sales fee ($0.145
per unit).

In limited circumstances and only if deemed in the best interests of
unitholders, the sponsor may delay the payment of the deferred sales fee from
the dates listed under "Fees and Expenses."

Reducing Your Sales Fee. We offer a variety of ways for you to reduce the
maximum sales fee you pay. It is your financial professional's responsibility to
alert us of any discount when you order units. Since the deferred sales fee and
the C&D Fee are a fixed dollar amount per unit, your trust must charge the
deferred sales fee and the C&D Fee per unit regardless of any discounts.
However, when you purchase units of your trust, if you are eligible to receive a
discount such that your total maximum sales fee is less than the fixed dollar
amount of the deferred sales fee and the C&D Fee, the sponsor will credit you
the difference between your maximum sales fee and the sum of the deferred sales
fee and the C&D Fee at the time you buy units by providing you with additional
units.

Large Purchases. You can reduce your maximum sales fee by increasing the
size of your investment.

Investors who make large purchases are entitled to the following sales
charge reductions:

Sales Charge
Reductions (as a
% of the Public
Purchase Amount Offering Price)
- ------------------- ----------------
Less than $50,000 0.00%
$50,000 - $99,999 0.25
$100,000 - $249,999 0.50
$250,000 - $499,999 0.75
$500,000 - $999,999 1.00
$1,000,000 or more 1.50

You may aggregate unit purchases by the same person on any single day from
any one broker-dealer to qualify for a purchase level. You can include these
purchases as your own for purposes of this aggregation:

o purchases by your spouse or minor children, and

o purchases by your trust estate or fiduciary accounts.

The discounts described above apply only during the initial offering
period.

There can be no assurance that the sponsor will create future trusts with
investment strategies similar to your trust or that may fit within your
investment parameters.

Advisory and Fee Accounts. We eliminate your transactional sales fee for
purchases made through registered investment advisers, certified financial
planners or registered broker-dealers who charge periodic fees in lieu of
commissions or who charge for financial planning or for investment advisory or
asset management services or provide these services as part of an investment
account where a comprehensive "wrap fee" is imposed (a "Fee Account").

This discount applies during the initial offering period and in the
secondary market. Your financial professional may purchase units with the Fee
Account CUSIP numbers to facilitate purchases under this discount; however, we
do not require that you buy units with these CUSIP numbers to qualify for the
discount. If you purchase units with these special CUSIP numbers, you should be
aware that you may have the distributions automatically reinvest into
additional units of your trust or receive cash distributions. We reserve the
right to limit or deny purchases of units not subject to the transactional
sales fee by investors whose frequent trading activity we determine to be
detrimental to your trust. We, as sponsor, will receive and you will pay the
C&D Fee. See "Expenses of the Trust" in Part B of the prospectus.

Exchange or Rollover Option. If you are buying units of your trust in the
primary market with redemption or termination proceeds from any other Claymore
unit trust, you may purchase units at 99% of the maximum Public Offering Price,
which may include an up-front sales fee and a deferred sales fee. You may also
buy units with this reduced sales fee if you are purchasing units in the primary
market with (1) the termination proceeds from a non-Claymore unit trust with a
similar investment strategy or (2) the redemption proceeds from a non-Claymore
trust if such trust has a similar investment strategy and that trust is
scheduled to terminate within 30 days of redemption. To qualify for this sales
charge reduction, the termination or redemption proceeds being used to purchase
units of the trust must be no more than 30 days old. Such purchases entitled to
this sales charge reduction may be classified as "Rollover Purchases." An
exchange or rollover is generally treated as a sale for federal income tax
purposes. See "Taxes" in Part B of the prospectus.

Rollover Purchases are also subject to the C&D Fee. See "Expenses of the
Trust" in Part B of the prospectus.

Employees. We do not charge the portion of the transactional sales fee
that we would normally pay to your financial professional for purchases made by
officers, directors and employees and their family members (spouses, children
and parents) of Claymore and its affiliates, or by registered representatives
of selling firms and their family members (spouses, children and parents). You
pay only the portion of the fee that the sponsor retains. Such purchases are
also subject to the C&D Fee. This discount applies during the initial offering
period and in the secondary market. Only those broker-dealers that allow their
employees to participate in employee discount programs will be eligible for
this discount.

Dividend Reinvestment Plan. We do not charge any transactional sales fee
when you reinvest distributions from your trust into additional units of the
trust. Since the deferred sales fee is a fixed dollar amount per unit, your
trust must charge the deferred sales fee per unit regardless of this discount.
If you elect the distribution reinvestment plan, we will credit you with
additional units with a dollar value sufficient to cover the amount of any
remaining deferred sales fee that will be collected on such units at the time of
reinvestment. The dollar value of these units will fluctuate over time. This
discount applies during the initial offering period and in the secondary market.

See "Purchase, Redemption and Pricing of Units" in Part B of the
prospectus for more information regarding buying units.

How We Distribute Units. We sell units to the public through
broker-dealers and other firms. We pay part of the sales fee you pay to these
distribution firms when they sell units. The distribution fee paid for a given
transaction is as follows:

Concession
per Unit (as a
Purchase Amount/ % of the Public
Form of Purchase Offering Price)
- -------------------- ---------------
Less than $50,000 2.25%
$50,000 - $99,999 2.00
$100,000 - $249,999 1.75
$250,000 - $499,999 1.50
$500,000 - $999,999 1.25
$1,000,000 or more 0.75
Rollover Purchases 1.30
Fee Account and
Employee Purchases 0.00

We apply these amounts as a percent of the unit price per transaction at
the time of the transaction.

Broker-dealers and other firms that sell units of certain Claymore unit
trusts are eligible to receive additional compensation for volume sales. Such
payments will be in addition to the regular concessions paid to dealer firms as
set forth in the applicable trust's prospectus. The additional payments will be
equal to 0.10% of the value of eligible Claymore unit trusts sold in the primary
market during a calendar quarter so long as the broker-dealers or other firms
sell at least $25 million of eligible Claymore unit trusts during the calendar
quarter. Eligible unit trusts include all Claymore unit trusts sold in the
primary market. Redemptions of units during the primary offering period will
reduce the amount of units used to calculate the volume concessions. In
addition, dealer firms will not receive volume concessions on the sale of units
which are not subject to a transactional sales fee. However, such sales will be
included in determining whether a firm has met the sales level breakpoints for
volume concessions.

Claymore reserves the right to modify or terminate the volume concession
program at any time. The sponsor may also pay to certain dealers an
administrative fee for information or service used in connection with the
distribution of trust units. Such amounts will be in addition to any
concessions received for the sale of units.

In addition to the concessions described above, the sponsor may pay
additional compensation out of its own assets to broker-dealers that meet
certain sales targets and that have agreed to provide services relating to your
trust to their customers.

Other Compensation and Benefits to Broker-Dealers. The sponsor, at its own
expense and out of its own profits, may provide additional compensation and
benefits to broker-dealers who sell shares of units of your trust and other
Claymore products. This compensation is intended to result in additional sales
of Claymore products and/or compensate broker-dealers and financial advisors for
past sales. A number of factors are considered in determining whether to pay
these additional amounts. Such factors may include, but are not limited to, the
level or type of services provided by the intermediary, the level or expected
level of sales of Claymore products by the intermediary or its agents, the
placing of Claymore products on a preferred or recommended product list, access
to an intermediary's personnel, and other factors.

The sponsor makes these payments for marketing, promotional or related
expenses, including, but not limited to, expenses of entertaining retail
customers and financial advisers, advertising, sponsorship of events or
seminars, obtaining information about the breakdown of unit sales among an
intermediary's representatives or offices, obtaining shelf space in
broker-dealer firms and similar activities designed to promote the sale of the
sponsor's products. The sponsor may make such payments to many intermediaries
that sell Claymore products. The sponsor may also make certain payments to, or
on behalf of, intermediaries to defray a portion of their costs incurred for
the purpose of facilitating unit sales, such as the costs of developing trading
or purchasing trading systems to process unit trades.

Payments of such additional compensation, some of which may be
characterized as "revenue sharing," may create an incentive for financial
intermediaries and their agents to sell or recommend a Claymore product,
including your trust, over products offered by other sponsors or fund
companies. These arrangements will not change the price you pay for your
units.

We generally register units for sale in various states in the United
States. We do not register units for sale in any foreign country. It is your
financial professional's responsibility to make sure that units are registered
or exempt from registration if you are a foreign investor or if you want to buy
units in another country. This prospectus does not constitute an offer of units
in any state or country where units cannot be offered or sold lawfully. We may
reject any order for units in whole or in part.

We may gain or lose money when we hold units in the primary or secondary
market due to fluctuations in unit prices. The gain or loss is equal to the
difference between the price we pay for units and the price at which we sell or
redeem them. We may also gain or lose money when we deposit securities to
create units. For example, we lost the amount set forth in each trust's "Trust
Portfolio" on the initial deposit of securities into each trust.

See "Purchase, Redemption and Pricing of Units" in Part B of the
prospectus for additional information.

How to Sell Your Units

You can sell your units on any business day by contacting your financial
professional or, in some cases, the trustee. Unit prices are available daily on
the Internet at www.claymore.com or through your financial professional. We
often refer to the sale price of units as the "liquidation price." You pay any
remaining deferred sales fee when you sell or redeem your units. Certain
broker-dealers may charge a transaction fee for processing unit redemptions or
sale requests.

Until the end of the initial offering period or six months after the
Inception Date, at the discretion of the sponsor, the price at which the
trustee will redeem units and the price at which the sponsor may repurchase
units include estimated organization costs. After such period, the amount paid
will not include such estimated organization costs.

Selling Units. We do not intend to but may maintain a secondary market for
units. This means that if you want to sell your units, we may buy them at the
current price which is based on their net asset value. We may then resell the
units to other investors at the Public Offering Price or redeem them for the
redemption price. Our secondary market repurchase price is generally the same as
the redemption price. Certain broker-dealers might also maintain a secondary
market in units. You should contact your financial professional for current unit
prices to determine the best price available. We may discontinue our secondary
market at any time without notice. Even if we do not make a market, you will be
able to redeem your units with the trustee on any business day for the current
price.

Redeeming Units. You may also be able to redeem your units directly with
the trustee, The Bank of New York Mellon, on any day the New York Stock
Exchange is open. The trustee must receive your completed redemption request
prior to the close of the New York Stock Exchange for you to receive the unit
price for a particular day. (For what constitutes a completed redemption
request, see "Purchase, Redemption and Pricing of Units--Redemption" in Part B
of the prospectus.) If your request is received after that time or is
incomplete in any way, you will receive the next price computed after the
trustee receives your completed request. Rather than contacting the trustee
directly, your financial professional may also be able to redeem your units by
using the Investors' Voluntary Redemptions and Sales (IVORS) automated
redemption service offered through Depository Trust Company.

If you redeem your units, the trustee will generally send you a payment
for your units no later than three business days after it receives all
necessary documentation.

You can generally request an in-kind distribution of the securities
underlying your units if you own units worth at least $25,000 or you originally
paid at least that amount for your units. This option is generally available
only for securities traded and held in the United States and is not available
within 30 business days of a trust's termination. We may modify or discontinue
this option at any time without notice.

Exchange Option. You may be able to exchange your units for units of other
Claymore unit trusts at a reduced sales fee. You can contact your financial
professional or Claymore for more information about trusts currently available
for exchanges. Before you exchange units, you should read the prospectus
carefully and understand the risks and fees. You should then discuss this
option with your financial professional to determine whether your investment
goals have changed, whether current trusts suit you and to discuss tax
consequences. To qualify for a reduced sales fee, you may need to meet certain
criteria. We may discontinue this option at any time.

For more complete information regarding selling or redeeming your units,
see "Purchase, Redemption and Pricing of Units" in Part B of the prospectus.

Distributions

Dividends. Your trust generally pays dividends from its net investment
income, if any, along with any excess capital on each distribution date to
unitholders of record on the preceding record date. You can elect to:

o reinvest distributions in additional units of your trust at no fee, or

o receive distributions in cash.

You may change your election by contacting your financial professional or
the trustee. Once you elect to participate in a reinvestment program, the
trustee will automatically reinvest your distributions into additional units at
their net asset value three business days prior to the distribution date. We
waive the sales fee for reinvestments into units of your trust. We cannot
guarantee that units will always be available for reinvestment. If units are
unavailable, you will receive cash distributions. We may discontinue these
options at any time without notice.

Distributions will be made from the Income and Capital Accounts on the
distribution date provided the aggregate amount available for distribution
equals at least 0.1% of the net asset value of your trust. Undistributed money
in the Income and Capital Accounts will be distributed in the next month in
which the aggregate amount available for distribution equals or exceeds 0.1% of
the net asset value of your trust.

In some cases, your trust might pay a special distribution if it holds an
excessive amount of principal pending distribution. For example, this could
happen as a result of a merger or similar transaction involving a company whose
security is in your portfolio. The amount of your distributions will vary from
time to time as companies change their dividends, trust expenses change or as a
result of changes in a trust's portfolio.

Reinvest in Your Trust. You can keep your money working by electing to
reinvest your distributions in additional units of your trust. The easiest way
to do this is to have your financial professional purchase units with one of
the Reinvestment CUSIP numbers listed in the "Investment Summary" section of
this prospectus. You may also make or change your election by contacting your
financial professional or the trustee. This reinvestment option may be subject
to availability or limitation by the broker-dealer or selling firm. In certain
circumstances, broker-dealers may suspend or terminate the offering of a
reinvestment option at any time.

Reports. The trustee will send your financial professional a statement
showing income and other receipts of your trust for each distribution. Each
year the trustee will also provide an annual report on your trust's activity
and certain tax information. You can request copies of security evaluations to
enable you to complete your tax forms and audited financial statements for your
trust, if available.

See "Administration of the Trust" in Part B of the prospectus for
additional information.

Investment Risks

All investments involve risk. This section describes the main risks that
can impact the value of the securities in your trust. You should understand
these risks before you invest. You could lose some or all of your investment in
your trust. Recently, equity markets have experienced significant volatility.
If the value of the securities falls, the value of your units will also fall.
We cannot guarantee that your trust will achieve its objective or that your
investment return will be positive over any period.

Market risk. Market risk is the risk that a particular security in a
trust, the trust itself or securities in general may fall in value. Market
value may be affected by a variety of factors including:

o General securities markets movements;

o Changes in the financial condition of an issuer or a sector;

o Changes in perceptions about an issuer or a sector;

o Interest rates and inflation;

o Governmental policies and litigation; and

o Purchases and sales of securities by a trust.

Even though we carefully supervise your trust portfolio, you should
remember that we do not manage the portfolio. Your trust will not sell a
security solely because the market value falls as is possible in a managed
fund.

Current economic conditions risk. The U.S. economy's recession began in
December 2007 and lasted through most of 2009. This recession began with
problems in the housing and credit markets, many of which were caused by
defaults on "subprime" mortgages and mortgage-backed securities, eventually
leading to the failures of some large financial institutions. Economic activity
declined across all sectors of the economy, and the United States has
experienced increased unemployment. The economic crisis affected the global
economy with European and Asian markets also suffering historic losses.
Although the latest economic data suggests that the recession may be over and
that the U.S. economy will experience slightly increased activity in 2010,
unemployment remains high. Due to the current state of uncertainty in the
economy, the value of the securities held by a trust may be subject to steep
declines or increased volatility due to changes in performance or perception of
the issuers. Extraordinary steps have been taken by the governments of several
leading economic countries to combat the economic crisis; however, the impact
of these measures is not yet fully known and cannot be predicted.

Commodities risk. The ABC High Dividend Trust and the BMAC Commodity
Producers Trust includes securities issued by companies involved with the
production of certain commodities. Commodity companies include those basic
materials companies involved in the production of building materials, aluminum,
non-ferrous metals, precious metals and steel as well as companies that explore
for, produce, refine, distribute or sell petroleum or gas products. General
risks of commodity companies include price and supply fluctuations, excess
capacity, economic recession, government regulations and overall capital
spending levels. In addition, these companies may be affected by volatility of
commodity prices, import controls, worldwide competition, liability for
environmental damage, and depletion of resources.

Energy sector risk. The BMAC Commodity Producers Trust includes securities
of companies in the energy sector, including, but not limited to, companies that
explore for, produce, refine, distribute or sell petroleum, gas products or
consumable fuels, or provide parts or services to petroleum, gas or consumable
fuel companies. Companies in this sector are subject to volatile fluctuations in
price and supply of energy fuels and can be impacted by international politics,
including the war in Iraq and hostilities in the Middle East, terrorist attacks,
reduced demand as a result of increases in energy efficiency and energy
conservation, the success of exploration projects, clean-up and litigation costs
relating to oil spills and environmental damage, and tax and other regulatory
policies of various governments. Natural disasters such as the recent hurricanes
in the Gulf of Mexico will also impact companies in the energy sector. Oil
production and refining companies are subject to extensive federal, state and
local environmental laws and regulations regarding air emissions and the
disposal of hazardous materials. In addition, declines in U.S. and Russian crude
oil production will likely lead to a greater world dependence on oil from OPEC
nations which may result in more volatile oil prices.

Basic materials sector risk. The BMAC Commodity Producers Trust includes
securities of companies in the basic materials sector. General risks of basic
materials sector include the general state of the economy, consolidation,
domestic and international politics and excess capacity. In addition, basic
materials companies may also be significantly affected by volatility of
commodity prices, import controls, worldwide competition, liability for
environmental damage, depletion of resources, and mandated expenditures for
safety and pollution control devices.

Telecommunications services sector risk. The Global Telecom Trust invests
in companies in the telecommunications services sector. The market for high
technology communications products and services is characterized by rapidly
changing technology, rapid product obsolescence or loss of patent protection,
cyclical market patterns, evolving industry standards and frequent new product
introductions. Certain communications/ bandwidth companies are subject to
substantial governmental regulation, which among other things, regulates
permitted rates of return and the kinds of services that a company may offer.
The communications industry has experienced substantial deregulation.
Deregulation may lead to fierce competition for market share and can have a
negative impact on certain companies. Competitive pressures are intense and
communications stocks can experience rapid volatility.

Companies involved in the communications sector have experienced an
industry-wide slowdown. Inability to secure additional customers, decreases in
sales of network infrastructure, decreases in purchases from existing customers,
overcapacity and oversupply in the industry, saturation of several key markets
and weak subscriber growth have all contributed to the industry weakness. Local
phone markets have been pressured by a weak economy and by a shift to wireless
phones and the Internet. In addition, sales of luxury items like second phone
lines and high-speed Internet access have slowed, while pricing pressure and
competition have intensified. To meet increasing competition, companies may have
to commit substantial capital, particularly in the formulation of new products
and services using new technology. As a result, many companies have been
compelled to cut costs by reducing their workforce, outsourcing, consolidating
and/or closing existing facilities and divesting low selling product lines.

Past high profile bankruptcies have called attention to the potentially
unstable financial condition of communications companies. These bankruptcies
have resulted at least in part from declines in revenues, increases in company
debt and difficulties obtaining necessary capital. Certain companies involved
in the industry have also faced scrutiny for overstating financial reports and
the subsequent turnover of high-ranking company officials.

Foreign securities risk. The trusts invest in ADRs and foreign securities.
ADRs are issued by a bank or trust company to evidence ownership of underlying
securities issued by foreign corporations. Securities of foreign issuers present
risks beyond those of domestic securities. The prices of foreign securities can
be more volatile than U.S. securities due to such factors as political, social
and economic developments abroad, the differences between the regulations to
which U.S. and foreign issuers and markets are subject, the seizure by the
government of company assets, excessive taxation, withholding taxes on dividends
and interest, limitations on the use or transfer of portfolio assets, and
political or social instability. Other risks include the following:

o Enforcing legal rights may be difficult, costly and slow in foreign
countries, and there may be special problems enforcing claims against
foreign governments.

o Foreign issuers may not be subject to accounting standards or governmental
supervision comparable to U.S. issuers, and there may be less public
information about their operations.

o Foreign markets may be less liquid and more volatile than U.S. markets.

o Foreign securities often trade in currencies other than the U.S. dollar.
Changes in currency exchange rates may affect a trust's value, the value
of dividends and interest earned, and gains and losses realized on the
sale of securities. An increase in the strength of the U.S. dollar
relative to these other currencies may cause the value of a trust to
decline. Certain foreign currencies may be particularly volatile, and
foreign governments may intervene in the currency markets, causing a
decline in value or liquidity in a trust's foreign currency holdings.

o Future political and governmental restrictions which might adversely
affect the payment or receipt of income on the foreign securities.

Emerging markets risk. The trusts invest in companies headquartered or
incorporated in countries considered to be emerging markets. Emerging markets
are generally defined as countries with low per capita income in the initial
stages of their industrialization cycles. Risks of investing in developing or
emerging countries include the possibility of investment and trading
limitations, liquidity concerns, delays and disruptions in settlement
transactions, political uncertainties and dependence on international trade and
development assistance. In addition, emerging market countries may be subject to
overburdened infrastructures, obsolete financial systems and environmental
problems. For these reasons, investments in emerging markets are often
considered speculative.

Currency risk. The trusts include securities whose value is dependent on
currency exchange rates. The U.S. dollar value of these securities will vary
with fluctuations in foreign exchange rates. Most foreign currencies have
fluctuated widely in value against the U.S. dollar for various economic and
political reasons such as the activity level of large international commercial
banks, various central banks, speculators, hedge funds and other buyers and
sellers of foreign currencies.

Small-capitalization and mid-capitalization company risk. The trusts
include securities issued by small-capitalization and mid-capitalization
companies. These securities customarily involve more investment risk than
larger capitalization or more seasoned securities. These additional risks are
due in part to the following factors. Small-capitalization and
mid-capitalization companies may:

o Have limited product lines, markets or financial resources;

o Be new and developing companies which seek to develop and utilize new
and/or emerging technologies. These technologies may be slow to develop or
fail to develop altogether;

o Have less publicly available information;

o Lack management depth or experience;

o Be less liquid;

o Be more vulnerable to adverse general market or economic developments; and

o Be dependent upon products that were recently brought to market or key
personnel.

Australia risk. The ABC High Dividend Trust and BMAC Commodity Producers
Trust invest in companies that are headquartered or incorporated in Australia,
which may expose unitholders to additional risks that may be associated with
Australia or the Australian securities markets. The agricultural and mining
sectors of Australia's economy account for the majority of its exports.
Australia is susceptible to fluctuations in the commodity markets and, in
particular, in the price and demand for agricultural products and natural
resources. Any negative changes in these sectors could have an adverse impact
on the Australian economy. Additionally, the Australian economy is dependent on
the economies of Asia, Europe and the United States as key trading partners.
Reduction in spending by any of these economies on Australian products and
services or negative changes in any of these economies may cause an adverse
impact on the Australian economy. In addition, Australia is located in a part
of the world that has historically been prone to natural disasters such as
drought and is economically sensitive to environmental events. Any such event
could result in a significant adverse impact on the Australian economy.

Canada risk. The ABC High Dividend Trust and the BMAC Commodity Producers
Trust invest in companies that are headquartered or incorporated in Canada,
which may expose unitholders to additional risks that may be associated with
Canada or the Canadian securities markets. A portfolio with a significant
percentage if its investments in a single geographic region may present more
risks than a portfolio broadly diversified over several regions. The Canadian
and U.S. economies are closely integrated. The United States is Canada's largest
trading partner and foreign investor. Canada is a major producer of forest
products, metals, agricultural products and energy-related products, such as
oil, gas and hydroelectricity. The Canadian economy is dependent on the demand
for, and supply and price of, natural resources, and the Canadian market is
relatively concentrated in issuers involved in the production and distribution
of natural resources. Continued demands by the Province of Quebec for
sovereignty could significantly affect the Canadian market, particularly if such
demands are met. A small number of sectors, including the materials sector,
represent a large portion of the Canadian market.

Brazil Risk. The ABC High Dividend Trust and the BMAC Commodity Producers
Trust invest in companies headquarted or incorporated in Brazil. Brazil has
experienced substantial economic instability resulting from, among other
things, periods of very high inflation, persistent structural public sector
deficits and significant devaluations of the currency of Brazil, and leading
also to a high degree of price volatility in both the Brazilian equity and
foreign currency markets. Brazilian companies may also be adversely affected by
high interest and unemployment rates, and are particularly sensitive to
fluctuations in commodity prices.

Mexico risk. The BMAC Commodity Producers Trust invests in companies that
are headquartered or incorporated in Mexico, which may expose unitholders to
additional risks that may be associated with Mexico or the Mexican securities
markets. Mexico has historically experienced acts of terrorism, significant
criminal activity and strained international relations related to border
disputes, historical animosities, the drug trade and other defense concerns.
These situations may cause uncertainty in the Mexican market and adversely
affect the performance of the Mexican economy. In addition, certain political
and currency instability risks have contributed to a high level of price
volatility in the Mexican equity and currency markets and could adversely affect
investments in the trust:

o Political and Social Risk. Mexico has been destabilized by local
insurrections, social upheavals, drug related violence, and the recent
public health crisis related to the H1N1 influenza outbreak. Recurrence of
these or similar conditions may adversely impact the Mexican economy. In
addition, Mexico has had one political party dominating government until
the elections of 2000. Recently, Mexican elections have been contentious
and have been very closely decided. Changes in political parties or other
Mexican political events may affect the economy and cause instability.

o Currency Instability Risk. Historically, Mexico has experienced
substantial economic instability resulting from, among other things,
periods of very high inflation and significant devaluations of the Mexican
currency, the peso.

The agricultural and mining sectors of Mexico's economy account for a large
portion of its exports. Any changes in these sectors or fluctuations in the
commodity markets could have an adverse impact on the Mexican economy.
Additionally, the Mexican economy is dependent on the economies of the Americas
as key trading partners. Reduction in spending by these economies on Mexican
products and services or negative changes in any of these economies may cause an
adverse impact on the Mexican economy. In particular, the United States is
Mexico's largest trade and investment partner and the Mexican economy is
significantly affected by developments in the U.S. economy.

Mexico has begun a process of privatization of certain entities and
industries. Historically, investors in some newly privatized entities have
suffered losses due to the inability of the newly privatized company to adjust
quickly to a competitive environment or to changing regulatory and legal
standards. There is no assurance that such losses will not recur.

Litigation and legislation risk. Your trust is also subject to litigation
and legislation risk. From time to time, various legislative initiatives are
proposed in the United States and abroad which may have a negative impact on
certain of the companies represented in a trust. In addition, litigation
regarding any of the issuers of the securities or of the sectors represented by
these issuers, may raise potential bankruptcy concerns and may negatively
impact the share prices of these securities. We cannot predict what impact any
pending or threatened litigation or any bankruptcy concerns will have on the
share prices of the securities.

Inflation risk. Inflation risk is the risk that the value of assets or
income from investments will be less in the future as inflation decreases the
value of money.

See "Risk Factors" in Part B of the prospectus for additional
information.

How the Trust Works

Your Trust. Your trust is a unit investment trust registered under the
Investment Company Act of 1940 and the Securities Act of 1933. We created the
trust under a trust agreement between Claymore Securities, Inc. (as sponsor,
evaluator and supervisor) and The Bank of New York Mellon (as trustee). To
create your trust, we deposited contracts to purchase securities with the
trustee along with an irrevocable letter of credit or other consideration to
pay for the securities. In exchange, the trustee delivered units of your trust
to us. Each unit represents an undivided interest in the assets of your trust.
These units remain outstanding until redeemed or until your trust terminates.

Changing Your Portfolio. Your trust is not a managed fund. Unlike a
managed fund, we designed your portfolio to remain relatively fixed after its
inception. Your trust will generally buy and sell securities:

o to pay expenses,

o to issue additional units or redeem units,

o in limited circumstances to protect the trust,

o to avoid direct or indirect ownership of a passive foreign investment
company,

o to make required distributions or avoid imposition of taxes on the trust,
or

o as permitted by the trust agreement.

Your trust will generally reject any offer for securities or property other
than cash in exchange for the securities in its portfolio. However, if a public
tender offer has been made for a security or a merger or acquisition has been
announced affecting a security, your trust may either sell the security or
accept a tender offer for cash if the supervisor determines that the sale or
tender is in the best interest of unitholders. The trustee will distribute any
cash proceeds to unitholders. If your trust receives securities or property
other than cash, it may either hold the securities or property in its portfolio
or sell the securities or property and distribute the proceeds. For example,
this could happen in a merger or similar transaction.

We will increase the size of your trust as we sell units. When we create
additional units, we will seek to replicate the existing portfolio. When your
trust buys securities, it will pay brokerage or other acquisition fees. You
could experience a dilution of your investment because of these fees and
fluctuations in security prices between the time we create units and the time
your trust buys the securities. When your trust buys or sells securities, we
may direct that it place orders with and pay brokerage commissions to brokers
that sell units or are affiliated with your trust. We will not select firms to
handle these transactions on the basis of their sale of units of your trust. We
cannot guarantee that a trust will keep its present size and composition for
any length of time.

Termination of Your Trust. Your trust will terminate no later than the
termination date listed in the "Investment Summary" section of this prospectus.
The trustee may terminate your trust early if the value of the trust is less
than $1 million or less than 40% of the value of the securities in the trust at
the end of the initial offering period. At this size, the expenses of your
trust may create an undue burden on your investment. Investors owning
two-thirds of the units in your trust may also vote to terminate the trust
early. We may also terminate your trust in other limited circumstances.

The trustee will notify you of any termination and sell any remaining
securities. The trustee will send your final distribution to you within a
reasonable time following liquidation of all the securities after deducting
final expenses. Your termination distribution may be less than the price you
originally paid for your units.

See "Administration of the Trust" in Part B of the prospectus for
additional information.

General Information

Claymore. Claymore Securities, Inc. specializes in the creation,
development and distribution of investment solutions for advisors and their
valued clients. In November 2001, we changed our name from Ranson & Associates,
Inc. to Claymore Securities, Inc. During our history we have been active in
public and corporate finance, have underwritten closed-end funds and have
distributed bonds, mutual funds, closed-end funds, exchange-traded funds,
structured products and unit trusts in the primary and secondary markets. We
are a registered broker-dealer and member of the Financial Industry Regulatory
Authority (FINRA). If we fail to or cannot perform our duties as sponsor or
become bankrupt, the trustee may replace us, continue to operate your trust
without a sponsor, or terminate your trust. You can contact us at our
headquarters at 2455 Corporate West Drive, Lisle, Illinois 60532 or by using
the contacts listed on the back cover of this prospectus. Claymore personnel
may from time to time maintain a position in certain securities held by your
trust.

On October 14, 2009, Claymore Group Inc., the parent of the sponsor,
became a wholly-owned subsidiary of Claymore Holdings, LLC, which is a
wholly-owned, indirect subsidiary of Guggenheim Partners, LLC.

Claymore and your trust have adopted a code of ethics requiring Claymore's
employees who have access to information on trust

transactions to report personal securities transactions. The purpose of the
code is to avoid potential conflicts of interest and to prevent fraud,
deception or misconduct with respect to your trust.

See "Administration of the Trust" in Part B of the prospectus for
additional information.

The Trustee. The Bank of New York Mellon is the trustee of your trust. It
is a trust company organized under New York law. You can contact the trustee by
calling the telephone number on the back cover of this prospectus or write to
Unit Investment Trust Division, 2 Hanson Place, 12th Fl., Brooklyn, New York
11217. We may remove and replace the trustee in some cases without your
consent. The trustee may also resign by notifying Claymore and investors.

See "Administration of the Trust" in Part B of the prospectus for
additional information.

Expenses

Your trust will pay various expenses to conduct its operations. The
"Investment Summary" section of this prospectus shows the estimated amount of
these expenses.

Your trust will pay a fee to the trustee for its services. The trustee also
benefits when it holds cash for your trust in non-interest bearing accounts.
Your trust will reimburse the sponsor as supervisor and evaluator for providing
portfolio supervisory services, evaluating your portfolio and performing
bookkeeping and administrative services. Our reimbursements may exceed the costs
of the services we provide to your trust but will not exceed the costs of
services provided to all Claymore unit investment trusts in any calendar year.
In addition, the trustee may reimburse the sponsor out of its own assets for
services performed by employees of the sponsor in connection with the operation
of your trust. All of these fees may adjust for inflation without your approval.

Your trust will pay a fee to the sponsor for creating and developing the
trust, including determining the trust's objective, policies, composition and
size, selecting service providers and information services, and for providing
other similar administrative and ministerial functions. Your trust pays this
"creation and development fee" of $0.050 per unit from the assets of the trust
as of the close of the initial public offering period. The sponsor does not use
the fee to pay distribution expenses or as compensation for sales efforts.

Your trust will also pay its general operating expenses. Your trust may
pay expenses such as trustee expenses (including legal and auditing expenses),
organization expenses, various governmental charges, fees for extraordinary
trustee services, costs of taking action to protect your trust, costs of
indemnifying the trustee and Claymore, legal fees and expenses, expenses
incurred in contacting you and costs incurred to reimburse the trustee for
advancing funds to meet distributions. Your trust may pay the costs of updating
its registration statement each year. The trustee may sell securities to pay
trust expenses.

See "Expenses of the Trust" in Part B of the prospectus for additional
information.

Report of Independent Registered Public Accounting Firm

Unitholders
Claymore Securities Defined Portfolios, Series 679

We have audited the accompanying statements of financial condition,
including the trust portfolios set forth on pages 8, 9, 16, 17, 24 and 25 of
this prospectus, of Claymore Securities Defined Portfolios, Series 679, as of
______ , 2010, the initial date of deposit. These statements of financial
condition are the responsibility of the trusts' sponsor. Our responsibility is
to express an opinion on these statements of financial condition based on our
audits.

We conducted our audits in accordance with the auditing standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audits to obtain reasonable assurance
about whether the statements of financial condition are free of material
misstatement. The trusts are not required to have, nor were we engaged to
perform an audit of their internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of each
trust's internal control over financial reporting. Accordingly, we express no
such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the statements of financial
condition, assessing the accounting principles used and significant estimates
made by the sponsor, as well as evaluating the overall statements of financial
condition presentation. Our procedures included confirmation with The Bank of
New York Mellon, trustee, of cash or an irrevocable letter of credit deposited
for the purchase of securities as shown in the statements of financial
condition as of ______ , 2010. We believe that our audits of the statements of
financial condition provide a reasonable basis for our opinion.

In our opinion, the statements of financial condition referred to above
present fairly, in all material respects, the financial position of Claymore
Securities Defined Portfolios, Series 679, as of ______ , 2010, in conformity
with accounting principles generally accepted in the United States of America.

/s/ Grant Thornton LLP

Chicago, Illinois

______ , 2010

Claymore Securities Defined Portfolios, Series 679
Statements of Financial Condition
as of the Inception Date, , 2010
BMAC
ABC High Commodity Global
Dividend Producers Telecom
Investment in securities Trust Trust Trust
Sponsor's contracts to purchase underlying securities
backed by cash deposited (1)(2) $ $ $
-------- --------- -----------
$ $ $
======== ========= ===========
Liabilities and interest of unitholders
Liabilities:
Organization costs (3) $ $ $
Creation and development fee (6)
Deferred sales fee (4)
======== ========= ===========
Interest of unitholders:
Cost to unitholders (5)
Less: initial sales fee (4)
Less: organization costs, C&D and deferred
sales fees (3)(4)(5)(6)
-------- --------- -----------
Net interest of unitholders
-------- --------- -----------
Total $ $ $
======== ========= ===========
Number of units
======== ========= ===========
Net Asset Value per Unit $ $ $
======== ========= ===========

(1) Aggregate cost of the securities is based on the closing sale price
evaluations as determined by the trustee.

(2) Cash and/or a letter of credit has been deposited with The Bank of New York
Mellon, trustee, covering the funds (aggregating $_____ , $_____ and $_____
per trust) necessary for the purchase of the securities in the ABC High
Dividend Trust, the BMAC Commodity Producers Trust and the Global Telecom
Trust, respectively, represented by purchase contracts.

(3) A portion of the Public Offering Price represents an amount sufficient to
pay for all or a portion of the costs incurred in establishing the trusts.
These costs have been estimated at $8.00 per 100 units of each trust. A
distribution will be made as of the close of the initial offering period or
six months after the initial date of deposit (at the discretion of the
sponsor) to an account maintained by the trustee from which this obligation
of the investors will be satisfied. To the extent that actual organization
costs are greater than the estimated amount, only the estimated organization
costs added to the Public Offering Price will be deducted from the assets of
a trust.

(4) The total transactional sales fee consists of an initial sales fee and a
deferred sales fee. The initial sales fee is equal to the difference between
the maximum sales fee and the sum of the remaining deferred sales fee and
the C&D Fee. On the Inception Date, the total transactional sales fee is
2.45% of the Public Offering Price (equivalent to 2.512% of the net amount
invested). The deferred sales fee is equal to $0.145 per unit.

(5) The aggregate cost to investors includes the applicable transactional sales
fee assuming no reduction of transactional sales fees for quantity
purchases.

(6) Each trust is committed to pay a creation and development fee of $5.00 per
100 units at the close of the initial public offering period.

<
CLAYMORE SECURITIES DEFINED PORTFOLIOS

CLAYMORE PORTFOLIO PROSPECTUS

PART B DATED ______ , 2010

The prospectus for a Claymore Securities Defined Portfolio (a "trust") is
divided into two parts. Part A of the prospectus relates exclusively to a
particular trust or trusts and provides specific information regarding each
trust's portfolio, strategies, investment objectives, expenses, financial
highlights, income and capital distributions, hypothetical performance
information, risk factors and optional features. Part B of the prospectus
provides more general information regarding the Claymore Securities Defined
Portfolios. You should read both parts of the prospectus and retain them for
future reference. Except as provided in Part A of the prospectus, the
information contained in this Part B will apply to each trust.

Contents
General Information ................................ 2
Investment Policies ................................ 2
Risk Factors ....................................... 3
Administration of the Trust ........................ 17
Expenses of the Trust .............................. 23
Portfolio Transactions and Brokerage Allocation .... 24
Purchase, Redemption and Pricing of Units .......... 25
Taxes .............................................. 30
Experts ............................................ 33
Description of Ratings ............................. 33

General Information

Each trust is one of a series of separate unit investment trusts created
under the name Claymore Securities Defined Portfolios and registered under the
Investment Company Act of 1940 and the Securities Act of 1933. Each trust was
created as a common law trust on the inception date described in the prospectus
under the laws of the state of New York. Each trust was created under a trust
agreement among Claymore Securities, Inc. (as sponsor, evaluator and
supervisor) and The Bank of New York Mellon (as trustee).

When your trust was created, the sponsor delivered to the trustee
securities or contracts for the purchase thereof for deposit in the trust and
the trustee delivered to the sponsor documentation evidencing the ownership of
units of the trust. After your trust is created, the sponsor may deposit
additional securities in the trust, contracts to purchase additional securities
along with cash (or a bank letter of credit in lieu of cash) to pay for such
contracted securities or cash (including a letter of credit) with instructions
to purchase additional securities. Such additional deposits will be in amounts
which will seek to replicate, as closely as practicable, the portfolio
immediately prior to such deposits. If the sponsor deposits cash, existing and
new investors may experience a dilution of their investments and a reduction in
their anticipated income because of fluctuations in the prices of the
securities between the time of the cash deposit and the purchase of the
securities and because the trust will pay the associated brokerage fees.

A trust consists of (a) the securities listed under "Trust Portfolio" in
the prospectus as may continue to be held from time to time in the trust, (b)
any additional securities acquired and held by the trust pursuant to the
provisions of the trust agreement and (c) any cash held in the accounts of the
trust. Neither the sponsor nor the trustee shall be liable in any way for any
failure in any of the securities. However, should any contract for the purchase
of any of the securities initially deposited in a trust fail, the sponsor will,
unless substantially all of the moneys held in the trust to cover such purchase
are reinvested in substitute securities in accordance with the trust agreement,
refund the cash and sales charge attributable to such failed contract to all
unitholders on the next distribution date.

Investment Policies

The trust is a unit investment trust and is not an "actively managed"
fund. Traditional methods of investment management for a managed fund typically
involve frequent changes in a portfolio of securities on the basis of economic,
financial and market analysis. The portfolio of a trust, however, will not be
actively managed and therefore the adverse financial condition of an issuer
will not necessarily require the sale of its securities from a portfolio.

The trust agreement provides that the sponsor may (but need not) direct the
trustee to dispose of a security in certain events such as the issuer having
defaulted on the payment on any of its outstanding obligations, the issuer
having qualified as a passive foreign investment company under the Internal
Revenue Code or the price of a security has declined to such an extent or other
such credit factors exist so that in the opinion of the sponsor the retention of
such securities would be detrimental to the trust. If a public tender offer has
been made for a security or a merger or acquisition has been announced affecting
a security, the trustee may either sell the security or accept a tender offer
for cash if the supervisor determines that the sale or tender is in the best
interest of unitholders. The trustee will distribute any cash proceeds to
unitholders. Pursuant to the trust agreement and with limited exceptions, the
trustee may sell any securities or other properties acquired in exchange for
securities such as those acquired in connection with a merger or other
transaction. If offered such new or exchanged securities or property other than
cash, the trustee shall reject the offer. However, in the event such securities
or property are nonetheless acquired by the trust, they may be accepted for
deposit in a trust and either sold by the trustee or held in a trust pursuant to
the direction of the sponsor. Proceeds from the sale of securities (or any
securities or other property received by the trust in exchange for securities)
are credited to the Capital Account for distribution to unitholders or to meet
redemptions.

Except as stated in the trust agreement, or in the prospectus, the
acquisition by the trust of any securities other than the portfolio securities
is prohibited. The trustee may sell securities, designated by the sponsor, from
the trust for the purpose of redeeming units of a trust tendered for redemption
and the payment of expenses and for such other purposes as permitted under the
trust agreement.

Notwithstanding the foregoing, the trustee is authorized to reinvest any
funds held in the Capital or Income Accounts, pending distribution, in U.S.
Treasury obligations which mature on or before the next applicable distribution
date. Any obligations so acquired must be held until they mature and proceeds
therefrom may not be reinvested.

Proceeds from the sale of securities (or any securities or other property
received by a trust in exchange for securities) are credited to the Capital
Account of a trust for distribution to unitholders or to meet redemptions.
Except for failed securities and as provided in the prospectus or in the trust
agreement, the acquisition by a trust of any securities other than the
portfolio securities is prohibited. The trustee may sell securities from a
trust for limited purposes, including redeeming units tendered for redemption
and the payment of expenses.

Risk Factors

Stocks. An investment in units of a trust should be made with an
understanding of the risks inherent in an investment in equity securities,
including the risk that the financial condition of issuers of the securities
may become impaired or that the general condition of the stock market may
worsen (both of which may contribute directly to a decrease in the value of the
securities and thus, in the value of the units) or the risk that holders of
common stock have a right to receive payments from the issuers of those stocks
that is generally inferior to that of creditors of, or holders of debt
obligations issued by, the issuers and that the rights of holders of common
stock generally rank inferior to the rights of holders of preferred stock. You
could lose some or all of your investment in the trust. Common stocks are
especially susceptible to general stock market movements and to volatile
increases and decreases in value as market confidence in and perceptions of the
issuers change. These perceptions are based on unpredictable factors including
expectations regarding government, economic, monetary and fiscal policies,
inflation and interest rates, economic expansion or contraction, and global or
regional political, economic or banking crises.

Holders of common stock incur more risk than the holders of preferred
stocks and debt obligations because common stockholders, as owners of the
entity, have generally inferior rights to receive payments from the issuer in
comparison with the rights of creditors of, or holders of debt obligations or
preferred stock issued by the issuer. Holders of common stock of the type held
by a trust have a right to receive dividends only when and if, and in the
amounts, declared by the issuer's board of directors and to participate in
amounts available for distribution by the issuer only after all other claims on
the issuer have been paid or provided for. By contrast, holders of preferred
stock have the right to receive dividends at a fixed rate when and as declared
by the issuer's board of directors, normally on a cumulative basis, but do not
participate in other amounts available for distribution by the issuing
corporation. Cumulative preferred stock dividends must be paid before common
stock dividends and any cumulative preferred stock dividend omitted is added to
future dividends payable to the holders of cumulative preferred stock. Preferred
stocks are also entitled to rights on liquidation which are senior to those of
common stocks. Moreover, common stocks do not represent an obligation of the
issuer and therefore do not offer any assurance of income or provide the degree
of protection of capital debt securities. Indeed, the issuance of debt
securities or even preferred stock will create prior claims for payment of
principal, interest, liquidation preferences and dividends which could adversely
affect the ability and inclination of the issuer to declare or pay dividends on
its common stock or the rights of holders of common stock with respect to assets
of the issuer upon liquidation or bankruptcy. Further, unlike debt securities
which typically have a stated principal amount payable at maturity (whose value,
however, will be subject to market fluctuations prior thereto), common stocks
have neither a fixed principal amount nor a maturity and have values which are
subject to market fluctuations for as long as the stocks remain outstanding. The
value of the securities in a portfolio thus may be expected to fluctuate over
the entire life of a trust to values higher or lower than those prevailing at
the time of purchase.

The sponsor's buying and selling of the securities, especially during the
initial offering of units of the trust or to satisfy redemptions of units may
impact upon the value of the underlying securities and the units. The
publication of the list of the securities selected for the trust may also cause
increased buying activity in certain of the stocks comprising the portfolio.
After such announcement, investment advisory and brokerage clients of the
sponsor and its affiliates may purchase individual securities appearing on the
list during the course of the initial offering period or may purchase warrants
issued by the sponsor or its affiliates which are based on the performance of
the securities on the list. The sponsor or its affiliates may also purchase
securities as a hedge against its risk on the warrants (although generally the
sponsor and its affiliates will not purchase securities for their own account
until after the trust portfolio has been acquired). Such buying activity in the
stock of these companies or issuance of the warrants prior to the purchase of
the securities by the trust may cause the trust to purchase stocks at a higher
price than those buyers who effect purchases by the trust.

Fixed Portfolio. Investors should be aware that the trust is not "managed"
and as a result, the adverse financial condition of a company will not result in
the elimination of its securities from the portfolio of the trust except under
extraordinary circumstances. Investors should note in particular that the
securities were selected on the basis of the criteria set forth in the
prospectus and that the trust may continue to purchase or hold securities
originally selected through this process even though the evaluation of the
attractiveness of the securities may have changed. A number of the securities in
the trust may also be owned by other clients of the sponsor. However, because
these clients may have differing investment objectives, the sponsor may sell
certain securities from those accounts in instances where a sale by the trust
would be impermissible, such as to maximize return by taking advantage of market
fluctuations. In the event a public tender offer is made for a security or a
merger or acquisition is announced affecting a security, the sponsor may
instruct the trustee to tender or sell the security on the open market when, in
its opinion, it is in the best interest of the unitholders of the unit to do so.
Although the portfolio is regularly reviewed and evaluated and the sponsor may
instruct the trustee to sell securities under certain limited circumstances,
securities will not be sold by the trust to take advantage of market
fluctuations or changes in anticipated rates of appreciation. As a result, the
amount realized upon the sale of the securities may not be the highest price
attained by an individual security during the life of the trust. The prices of
single shares of each of the securities in the trust vary widely, and the effect
of a dollar of fluctuation, either higher or lower, in stock prices will be much
greater as a percentage of the lower-price stocks' purchase price than as a
percentage of the higher-price stocks' purchase price.

Liquidity. Whether or not the securities are listed on a national
securities exchange, the principal trading market for the securities may be in
the over-the-counter market. As a result, the existence of a liquid trading
market for the securities may depend on whether dealers will make a market in
the securities. There can be no assurance that a market will be made for any of
the securities, that any market for the securities will be maintained or of the
liquidity of the securities in any markets made. In addition, a trust is
restricted under the Investment Company Act of 1940 from selling securities to
the sponsor. The price at which the securities may be sold to meet redemptions
and the value of a trust will be adversely affected if trading markets for the
securities are limited or absent.

Additional Deposits. The trust agreement authorizes the sponsor to
increase the size of a trust and the number of units thereof by the deposit of
additional securities, or cash (including a letter of credit) with instructions
to purchase additional securities, in such trust and the issuance of a
corresponding number of additional units. If the sponsor deposits cash,
existing and new investors may experience a dilution of their investments and a
reduction in their anticipated income because of fluctuations in the prices of
the securities between the time of the cash deposit and the purchase of the
securities and because a trust will pay the associated brokerage fees. To
minimize this effect, the trusts will attempt to purchase the securities as
close to the evaluation time or as close to the evaluation prices as possible.

Some of the securities may have limited trading volume. The trustee, with
directions from the sponsor, will endeavor to purchase securities with
deposited cash as soon as practicable reserving the right to purchase those
securities over the 20 business days following each deposit in an effort to
reduce the effect of these purchases on the market price of those stocks. This
could, however, result in the trusts' failure to participate in any
appreciation of those stocks before the cash is invested. If any cash remains
at the end of this period (and such date is within the 90-day period following
the inception date) and cannot be invested in one or more stocks, at what the
sponsor considers reasonable prices, it intends to use that cash to purchase
each of the other securities in the original proportionate relationship among
those securities. Similarly, at termination of the trust, the sponsor reserves
the right to sell securities over a period of up to nine business days to
lessen the impact of its sales on the market price of the securities. The
proceeds received by unitholders following termination of the trust will
reflect the actual sales proceeds received on the securities, which will likely
differ from the closing sale price on the termination date.

Litigation and Legislation. At any time litigation may be initiated on a
variety of grounds, or legislation may be enacted with respect to the
securities in a trust or the issuers of the securities. There can be no
assurance that future litigation or legislation will not have a material
adverse effect on the trust or will not impair the ability of issuers to
achieve their business goals.

Tobacco Industry. Certain of the issuers of securities in the trust may be
involved in the manufacture, distribution and sale of tobacco products. Pending
litigation proceedings against such issuers in the United States and abroad
cover a wide range of matters including product liability and consumer
protection. Damages claimed in such litigation alleging personal injury (both
individual and class actions), and in health cost recovery cases brought by
governments, labor unions and similar entities seeking reimbursement for health
care expenditures, aggregate many billions of dollars.

In November 1998, certain companies in the U.S. tobacco industry entered
into a negotiated settlement with several states which would result in the
resolution of significant litigation and regulatory issues affecting the
tobacco industry generally. The proposed settlement, while extremely costly to
the tobacco industry, would significantly reduce uncertainties facing the
industry and increase stability in business and capital markets. Future
litigation and/or legislation could adversely affect the value, operating
revenues and financial position of tobacco companies. The sponsor is unable to
predict the outcome of litigation pending against tobacco companies or how the
current uncertainty concerning regulatory and legislative measures will
ultimately be resolved. These and other possible developments may have a
significant impact upon both the price of such securities and the value of
units of a trust containing such securities.

Financial Sector Risks. If set forth in Part A of the prospectus, certain
of the issuers of securities in a trust may be involved in the financial
sector. An investment in units of a trust containing securities of such issuers
should be made with an understanding of the problems and risks inherent in the
financial sector in general.

Banks, thrifts and their holding companies are especially subject to the
adverse effects of economic recession; volatile interest rates; portfolio
concentrations in geographic markets, in commercial and residential real estate
loans or any particular segment or industry; and competition from new entrants
in their fields of business. Banks and thrifts are highly dependent on net
interest margin. Banks and thrifts traditionally receive a significant portion
of their revenues from consumer mortgage fee income as a result of activity in
mortgage and refinance markets. As home purchasing and refinancing activity has
subsided, this revenue has diminished. Economic conditions in the real estate
markets have deteriorated, leading to asset write-offs and decreased liquidity
in the credit markets, which can have a substantial negative effect upon banks
and thrifts because they generally have a portion of their assets invested in
loans secured by real estate. Difficulties in the mortgage and broader credit
markets have resulted in decreases in the availability of funds. Financial
performance of many banks and thrifts, especially in securities collateralized
by mortgage loans has deteriorated.

In response to recent market and economic conditions, the United States
Government, particularly the U.S. Department of the Treasury ("U.S. Treasury"),
the Federal Reserve Board ("FRB"), and the Federal Deposit Insurance Corporation
("FDIC") have taken a variety of extraordinary measures including capital
injections, guarantees of bank liabilities and the acquisition of illiquid
assets from banks designed to provide fiscal stimulus, restore confidence in the
financial markets and to strengthen financial institutions. The recently enacted
Emergency Economic Stabilization Act of 2008 ("EESA") gave the U.S. Treasury
$700 billion to purchase bad mortgage-related securities that caused much of the
difficulties experienced by financial institutions and the credit markets in
general. Additionally, the American Recovery and Reinvestment Act of 2009
("ARRA") was signed into law in February, 2009. The EESA and ARRA, along with
the U.S. Treasury's Capital Purchase Program (which provides for direct
purchases by the U.S. Treasury of equity from financial institutions), contain
provisions limiting the way banks and their holding companies are able pay
dividends, purchase their own common stock, and compensate officers.
Furthermore, participants have been subject to forward looking stress tests to
determine if they have sufficient capital to withstand certain economic
scenarios, including situations more severe than the current recession. As a
result of these stress tests, some financial institutions were required to
increase their level of capital through a combination of asset sales, additional
equity offerings and the conversion of preferred shares into common stock. The
long-term effects of the EESA, ARRA, and the stress tests are not yet known and
cannot be predicted. This uncertainty may cause increased costs and risks for
the firms associated with the respective programs.

Banks, thrifts and their holding companies are subject to extensive
federal regulation and, when such institutions are state-chartered, to state
regulation as well. Such regulations impose strict capital requirements and
limitations on the nature and extent of business activities that banks and
thrifts may pursue. Furthermore, bank regulators have a wide range of
discretion in connection with their supervisory and enforcement authority and
may substantially restrict the permissible activities of a particular
institution if deemed to pose significant risks to the soundness of such
institution or the safety of the federal deposit insurance fund. Regulatory
actions, such as increases in the minimum capital requirements applicable to
banks and thrifts and increases in deposit insurance premiums required to be
paid by banks and thrifts to the FDIC, can negatively impact earnings and the
ability of a company to pay dividends. Neither federal insurance of deposits
nor governmental regulations, however, insures the solvency or profitability of
banks or their holding companies, or insures against any risk of investment in
the securities issued by such institutions.

In light of the current credit market difficulties, the U.S. Government is
considering changes to the laws and regulatory structure. New legislation and
regulatory changes could cause business disruptions, result in significant loss
of revenue, limit financial firms' ability to pursue business opportunities,
impact the value of business assets and impose additional costs that may
adversely affect business. There can be no assurance as to the actual impact
these laws and their implementing regulations, or any other governmental
program, will have on the financial markets. Currently the FRB, FDIC,
Securities and Exchange Commission, Office of Comptroller of the Currency (a
bureau of the U.S. Treasury which regulates national banks), and the U.S.
Commodities Futures Trading Commission (which oversees commodity futures and
option markets) all play a role in the supervision of the financial markets.
Proposed legislation calls for swift government intervention which includes the
creation of new federal agencies that will have a direct impact on the
financial, banking and insurance industries. Proposals include the creation of
a Financial Oversight Council to advise the FRB on the identification of firms
who failure could pose a threat to financial stability due to their combination
of size, leverage, and interconnectedness. Additionally, these financial firms
would be subject to increased scrutiny concerning their capital, liquidity, and
risk management standards. Legislation regarding the banking industry has also
been proposed which would create a the National Bank Supervisor to conduct
prudential supervision regulation of all federally chartered depository
institutions, and all federal branches and agencies of foreign banks. This
proposed single regulator would oversee the entire banking industry, thereby
leading to potential risks, costs and unknown impacts on the entire financial
sector.

The statutory requirements applicable to and regulatory supervision of
banks, thrifts and their holding companies have increased significantly and have
undergone substantial change in the recent past. To a great extent, these
changes are embodied in the Financial Institutions Reform, Recovery and
Enforcement Act of 1989, the Federal Deposit Insurance Corporation Improvement
Act of 1991, the Resolution Trust Corporation Refinancing, Restructuring, and
Improvement Act of 1991, the Riegle-Neal Interstate Banking and Branching
Efficiency Act of 1994 and the regulations promulgated under these laws. In
1999, the Gramm--Leach--Bliley Act repealed most of the barriers set up by the
1933 Glass--Steagall Act which separated the banking, insurance and securities
industries. Banks and thrifts now face significant competition from other
financial institutions such as mutual funds, credit unions, mortgage banking
companies and insurance companies. Banks, insurance companies and securities
firms can merge to form one-stop financial conglomerates marketing a wide range
of financial service products to investors. This legislation has resulted in
increased merger activity and heightened competition among existing and new
participants in the field. Efforts to expand the ability of federal thrifts to
branch on an interstate basis have been initially successful through
promulgation of regulations and legislation to liberalize interstate banking has
been signed into law. Under the legislation, banks are able to purchase or
establish subsidiary banks in any state. Since mid-1997, banks have been allowed
to turn existing banks into branches, thus leading to continued consolidation.

The Securities and Exchange Commission and the Financial Accounting
Standards Board ("FASB") require the expanded use of market value accounting by
banks and have imposed rules requiring mark-to-market accounting for investment
securities held in trading accounts or available for sale. Adoption of
additional such rules may result in increased volatility in the reported health
of the industry, and mandated regulatory intervention to correct such problems.
Recently, Accounting Standards Codification 820, "Fair Value Measurements and
Disclosures" changed the requirements of mark-to-market accounting and
determining fair value when the volume and level of activity for the asset or
liability has significantly decreased. These changes and other potential
changes in financial accounting rules and valuation techniques may have a
significant impact on the banking and financial services industries in terms of
accurately pricing assets or liabilities. Additional legislative and regulatory
changes may be forthcoming. For example, the bank regulatory authorities have
proposed substantial changes to the Community Reinvestment Act and fair lending
laws, rules and regulations, and there can be no certainty as to the effect, if
any, that such changes would have on the securities in a trust's portfolio. In
addition, from time to time the deposit insurance system is reviewed by
Congress and federal regulators, and proposed reforms of that system could,
among other things, further restrict the ways in which deposited moneys can be
used by banks or change the dollar amount or number of deposits insured for any
depositor. On October 3, 2008, EESA increased the maximum amount of federal
deposit insurance coverage payable as to any certificate of deposit from
$100,000 to $250,000 per depositor until December 31, 2013. The impact of this
reform is unknown and could reduce profitability as investment opportunities
available to bank institutions become more limited and as consumers look for
savings vehicles other than bank deposits. The Sponsor makes no prediction as
to what, if any, manner of bank and thrift regulatory actions might ultimately
be adopted or what ultimate effect such actions might have on a trust's
portfolio.

The Federal Bank Holding Company Act of 1956 ("BHC Act") generally
prohibits a bank holding company from (1) acquiring, directly or indirectly,
more than 5% of the outstanding shares of any class of voting securities of a
bank or bank holding company, (2) acquiring control of a bank or another bank
holding company, (3) acquiring all or substantially all the assets of a bank, or
(4) merging or consolidating with another bank holding company, without first
obtaining FRB approval. In considering an application with respect to any such
transaction, the FRB is required to consider a variety of factors, including the
potential anti-competitive effects of the transaction, the financial condition
and future prospects of the combining and resulting institutions, the managerial
resources of the resulting institution, the convenience and needs of the
communities the combined organization would serve, the record of performance of
each combining organization under the Community Reinvestment Act and the Equal
Credit Opportunity Act, and the prospective availability to the FRB of
information appropriate to determine ongoing regulatory compliance with
applicable banking laws. In addition, the federal Change In Bank Control Act and
various state laws impose limitations on the ability of one or more individuals
or other entities to acquire control of banks or bank holding companies.

The FRB has issued a policy statement on the payment of cash dividends by
bank holding companies in which the FRB expressed its view that a bank holding
company experiencing earnings weaknesses should not pay cash dividends which
exceed its net income or which could only be funded in ways that would weaken
its financial health, such as by borrowing. The FRB also may impose limitations
on the payment of dividends as a condition to its approval of certain
applications, including applications for approval of mergers and acquisitions.
The sponsor makes no prediction as to the effect, if any, such laws will have
on the securities in a trust or whether such approvals, if necessary, will be
obtained.

Companies engaged in investment banking/brokerage and investment
management include brokerage firms, broker/ dealers, investment banks, finance
companies and mutual fund companies. Earnings and share prices of companies in
this industry are quite volatile, and often exceed the volatility levels of the
market as a whole. Negative economic events in the credit markets have led some
firms to declare bankruptcy, forced short-notice sales to competing firms, or
required government intervention by the FDIC or through an infusions of
Troubled Asset Relief Program funds. Consolidation in the industry and the
volatility in the stock market have negatively impacted investors.

Additionally, government intervention has required many financial
institutions to become bank holding companies under the BHC Act. Under the
system of functional regulation established under the BHC Act, the FRB
supervises bank holding companies as an umbrella regulator. The BHC Act and
regulations generally restrict bank holding companies from engaging in business
activities other than the business of banking and certain closely related
activities. The FRB and FDIC have also issued substantial risk-based and
leverage capital guidelines applicable to U.S. banking organizations. The
guidelines define a three-tier framework, requiring depository institutions to
maintain certain leverage ratios depending on the type of assets held. If any
depository institution controlled by a financial or bank holding company ceases
to meet capital or management standards, the FRB may impose corrective capital
and/ or managerial requirements on the company and place limitations on its
ability to conduct broader financial activities. Furthermore, proposed
legislation will allow the Treasury and the FDIC to create a resolution regime
to "take over" bank and financial holding companies. The "taking over" would be
based on whether the firm is in default or in danger of defaulting and whether
such a default would have a serious adverse affect on the financial system or
the economy. This mechanism would only be used by the government in exceptional
circumstances to mitigate these effects. This type of intervention has unknown
risks and costs associated with it, which may cause unforeseeable harm in the
industry.

Companies involved in the insurance industry are engaged in underwriting,
reinsuring, selling, distributing or placing of property and casualty, life or
health insurance. Other growth areas within the insurance industry include
brokerage, reciprocals, claims processors and multi-line insurance companies.
Interest rate levels, general economic conditions and price and marketing
competition affect insurance company profits. Property and casualty insurance
profits may also be affected by weather catastrophes and other disasters. Life
and health insurance profits may be affected by mortality and morbidity rates.
Individual companies may be exposed to material risks including reserve
inadequacy and the inability to collect from reinsurance carriers. Insurance
companies are subject to extensive governmental regulation, including the
imposition of maximum rate levels, which may not be adequate for some lines of
business. Proposed or potential tax law changes may also adversely affect
insurance companies' policy sales, tax obligations, and profitability. In
addition to the foregoing, profit margins of these companies continue to shrink
due to the commoditization of traditional businesses, new competitors, capital
expenditures on new technology and the pressures to compete globally.

In addition to the normal risks of business, companies involved in the
insurance industry are subject to significant risk factors, including those
applicable to regulated insurance companies, such as: (i) the inherent
uncertainty in the process of establishing property-liability loss reserves,
particularly reserves for the cost of environmental, asbestos and mass tort
claims, and the fact that ultimate losses could materially exceed established
loss reserves which could have a material adverse effect on results of
operations and financial condition; (ii) the fact that insurance companies have
experienced, and can be expected in the future to experience, catastrophe
losses which could have a material adverse impact on their financial condition,
results of operations and cash flow; (iii) the inherent uncertainty in the
process of establishing property-liability loss reserves due to changes in loss
payment patterns caused by new claims settlement practices; (iv) the need for
insurance companies and their subsidiaries to maintain appropriate levels of
statutory capital and surplus, particularly in light of continuing scrutiny by
rating organizations and state insurance regulatory authorities, and in order
to maintain acceptable financial strength or claims-paying ability rating; (v)
the extensive regulation and supervision to which insurance companies'
subsidiaries are subject, various regulatory initiatives that may affect
insurance companies, and regulatory and other legal actions; (vi) the adverse
impact that increases in interest rates could have on the value of an insurance
company's investment portfolio and on the attractiveness of certain of its
products; (vii) the need to adjust the effective duration of the assets and
liabilities of life insurance operations in order to meet the anticipated cash
flow requirements of its policyholder obligations; (viii) the uncertainty
involved in estimating the availability of reinsurance and the collectibility
of reinsurance recoverables; and (ix) proposed legislation that would establish
the Office of National Insurance within the Treasury. This proposed federal
agency would gather information, develop expertise, negotiate international
agreements, and coordinate policy in the insurance sector. This enhanced
oversight into the insurance industry may pose unknown risks to the sector as a
whole.

The state insurance regulatory framework has, during recent years, come
under increased federal scrutiny, and certain state legislatures have
considered or enacted laws that alter and, in many cases, increase state
authority to regulate insurance companies and insurance holding company
systems. Further, the National Association of Insurance Commissioners ("NAIC")
and state insurance regulators are re-examining existing laws and regulations,
specifically focusing on insurance companies, interpretations of existing laws
and the development of new laws. In addition, Congress and certain federal
agencies have investigated the condition of the insurance industry in the
United States to determine whether to promulgate additional federal regulation.
The Sponsor is unable to predict whether any state or federal legislation will
be enacted to change the nature or scope of regulation of the insurance
industry, or what effect, if any, such legislation would have on the industry.

All insurance companies are subject to state laws and regulations that
require diversification of their investment portfolios and limit the amount of
investments in certain investment categories. Failure to comply with these laws
and regulations would cause non-conforming investments to be treated as
non-admitted assets for purposes of measuring statutory surplus and, in some
instances, would require divestiture.

Environmental pollution clean-up is the subject of both federal and state
regulation. By some estimates, there are thousands of potential waste sites
subject to clean up. The insurance industry is involved in extensive litigation
regarding coverage issues. The Comprehensive Environmental Response
Compensation and Liability Act of 1980 ("Superfund") and comparable state
statutes ("mini-Superfund") govern the clean-up and restoration by "Potentially
Responsible Parties" ("PRPs"). Superfund and the mini-Superfunds
("Environmental Clean-up Laws" or "ECLs") establish a mechanism to pay for
clean-up of waste sites if PRPs fail to do so, and to assign liability to PRPs.
The extent of liability to be allocated to a PRP is dependent on a variety of
factors. The extent of clean-up necessary and the assignment of liability has
not been fully established. The insurance industry is disputing many such
claims. Key coverage issues include whether Superfund response costs are
considered damages under the policies, when and how coverage is triggered,
applicability of pollution exclusions, the potential for joint and several
liability and definition of an occurrence. Similar coverage issues exist for
clean up and waste sites not covered under Superfund. To date, courts have been
inconsistent in their rulings on these issues. An insurer's exposure to
liability with regard to its insureds which have been, or may be, named as PRPs
is uncertain. Superfund reform proposals have been introduced in Congress, but
none have been enacted. There can be no assurance that any Superfund reform
legislation will be enacted or that any such legislation will provide for a
fair, effective and cost-efficient system for settlement of Superfund related
claims.

While current federal income tax law permits the tax-deferred accumulation
of earnings on the premiums paid by an annuity owner and holders of certain
savings-oriented life insurance products, no assurance can be given that future
tax law will continue to allow such tax deferrals. If such deferrals were not
allowed, consumer demand for the affected products would be substantially
reduced. In addition, proposals to lower the federal income tax rates through a
form of flat tax or otherwise could have, if enacted, a negative impact on the
demand for such products.

Major determinants of future earnings of companies in the financial
services sector are the direction of the stock market, investor confidence,
equity transaction volume, the level and direction of long-term and short-term
interest rates, and the outlook for emerging markets. Negative trends in any of
these earnings determinants could have a serious adverse effect on the
financial stability, as well as the stock prices, of these companies.
Furthermore, there can be no assurance that the issuers of the securities
included in the trust will be able to respond in a timely manner to compete in
the rapidly developing marketplace. In addition to the foregoing, profit
margins of these companies continue to shrink due to the commoditization of
traditional businesses, new competitors, capital expenditures on new technology
and the pressures to compete globally.

Foreign Securities Risk. If set forth in Part A of the prospectus, a trust,
or issuers of securities held by a trust, may invest in foreign issuers, and
therefore, an investment in such a trust involves some investment risks that are
different in some respects from an investment in a trust that invests entirely
in securities of domestic issuers. Those investment risks include future
political and governmental restrictions which might adversely affect the payment
or receipt of payment of dividends on the relevant securities, currency exchange
rate fluctuations, exchange control policies, and the limited liquidity and
small market capitalization of such foreign countries' securities markets. In
addition, for foreign issuers that are not subject to the reporting requirements
of the Securities Exchange Act of 1934, there may be less publicly available
information than is available from a domestic issuer. Also, foreign issuers are
not necessarily subject to uniform accounting, auditing and financial reporting
standards, practices and requirements comparable to those applicable to domestic
issuers. However, due to the nature of the issuers of the securities included in
the trust, the sponsor believes that adequate information will be available to
allow the sponsor to provide portfolio surveillance.

Certain of the securities in the trust may be in ADR or GDR form. ADRs,
American Depositary Receipts and GDRs, Global Depositary Receipts, represent
common stock deposited with a custodian in a depositary. American Depositary
Receipts and Global Depositary Receipts (collectively, the "Depositary
Receipts") are issued by a bank or trust company to evidence ownership of
underlying securities issued by a foreign corporation. These instruments may
not necessarily be denominated in the same currency as the securities into
which they may be converted. For purposes of the discussion herein, the terms
ADR and GDR generally include American Depositary Shares and Global Depositary
Shares, respectively.

Depositary Receipts may be sponsored or unsponsored. In an unsponsored
facility, the depositary initiates and arranges the facility at the request of
market makers and acts as agent for the Depositary Receipts holder, while the
company itself is not involved in the transaction. In a sponsored facility, the
issuing company initiates the facility and agrees to pay certain administrative
and shareholder-related expenses. Sponsored facilities use a single depositary
and entail a contractual relationship between the issuer, the shareholder and
the depositary; unsponsored facilities involve several depositaries with no
contractual relationship to the company. The depositary bank that issues
Depositary Receipts generally charges a fee, based on the price of the
Depositary Receipts, upon issuance and cancellation of the Depositary Receipts.
This fee would be in addition to the brokerage commissions paid upon the
acquisition or surrender of the security. In addition, the depositary bank
incurs expenses in connection with the conversion of dividends or other cash
distributions paid in local currency into U.S. dollars and such expenses are
deducted from the amount of the dividend or distribution paid to holders,
resulting in a lower payout per underlying shares represented by the Depositary
Receipts than would be the case if the underlying share were held directly.
Certain tax considerations, including tax rate differentials and withholding
requirements, arising from the application of the tax laws of one nation to
nationals of another and from certain practices in the Depositary Receipts
market may also exist with respect to certain Depositary Receipts. In varying
degrees, any or all of these factors may affect the value of the Depositary
Receipts compared with the value of the underlying shares in the local market.
In addition, the rights of holders of Depositary Receipts may be different than
those of holders of the underlying shares, and the market for Depositary
Receipts may be less liquid than that for the underlying shares. Depositary
Receipts are registered securities pursuant to the Securities Act of 1933 and
may be subject to the reporting requirements of the Securities Exchange Act of
1934.

For the securities that are Depositary Receipts, currency fluctuations will
affect the United States dollar equivalent of the local currency price of the
underlying domestic share and, as a result, are likely to affect the value of
the Depositary Receipts and consequently the value of the securities. The
foreign issuers of securities that are Depositary Receipts may pay dividends in
foreign currencies which must be converted into dollars. Most foreign currencies
have fluctuated widely in value against the United States dollar for many
reasons, including supply and demand of the respective currency, the soundness
of the world economy and the strength of the respective economy as compared to
the economies of the United States and other countries. Therefore, for any
securities of issuers (whether or not they are in Depositary Receipt form) whose
earnings are stated in foreign currencies, or which pay dividends in foreign
currencies or which are traded in foreign currencies, there is a risk that their
United States dollar value will vary with fluctuations in the United States
dollar foreign exchange rates for the relevant currencies.

On January 1, 1999, Austria, Belgium, Finland, France, Germany, Ireland,
Italy, Luxembourg, the Netherlands, Portugal and Spain (eleven of the fifteen
member states of the European Union ("EU"), as of such date) established fixed
conversion rates between their existing sovereign currencies and the Euro. On
such date the Euro became the official currency of these eleven countries. The
participating countries do not control their own monetary policies by directing
independent interest rates for their currencies. Greece, Slovenia, Cyprus and
Malta have also adopted the Euro as their official currency. In these member
states, the authority to direct monetary policy, including money supply and
official interest rates for the Euro, is exercised by the European Central
Bank. The conversion of the national currencies of the participating countries
to the Euro could negatively impact the market rate of the exchange between
such currencies (or the Euro) and the U.S. dollar. As of January 1, 2010, there
were 27 member states in the EU.

In addition, European corporations, and other entities with significant
markets or operations in Europe (whether or not in the participating
countries), face strategic challenges as these entities adapt to a single
transnational currency. The Euro conversion may have a material impact on
revenues, expenses or income from operations; increase competition due to the
increased price transparency of EU markets; effect issuers' currency exchange
rate risk and derivatives exposure; disrupt current contracts; cause issuers to
increase spending on information technology updates required for the
conversion; and result in potential adverse tax consequences. The sponsor is
unable to predict what impact, if any, the Euro conversion will have on any of
the issuers of securities contained in a trust.

Preferred Stock Risks. If set forth in Part A of the prospectus, a trust,
or issuers of securities held by a trust, may invest in preferred stock. If this
is the case, an investment in units should be made with an understanding of the
risks which an investment in preferred stocks entails, including the risk that
the financial condition of the issuers of the securities or the general
condition of the preferred stock market may worsen, and the value of the
preferred stocks and therefore the value of the units may decline. Preferred
stocks may be susceptible to general stock market movements and to volatile
increases and decreases of value as market confidence in and perceptions of the
issuers change. These perceptions are based on unpredictable factors, including
expectations regarding government, economic, monetary and fiscal policies,
inflation and interest rates, economic expansion or contraction, market
liquidity, and global or regional political, economic or banking crises.
Preferred stocks are also vulnerable to congressional reductions in the
dividends-received deduction which would adversely affect the after-tax return
to the investors who can take advantage of the deduction. Such a reduction might
adversely affect the value of preferred stocks in general. Holders of preferred
stocks, as owners of the entity, have rights to receive payments from the
issuers of those preferred stocks that are generally subordinate to those of
creditors of, or holders of debt obligations or, in some cases, other senior
preferred stocks of, such issuers. Preferred stocks do not represent an
obligation of the issuer and, therefore, do not offer any assurance of income or
provide the same degree of protection of capital as do debt securities. The
issuance of additional debt securities or senior preferred stocks will create
prior claims for payment of principal and interest and senior dividends which
could adversely affect the ability and inclination of the issuer to declare or
pay dividends on its preferred stock or the rights of holders of preferred stock
with respect to assets of the issuer upon liquidation or bankruptcy. The value
of preferred stocks is subject to market fluctuations for as long as the
preferred stocks remain outstanding, and thus the value of the securities may be
expected to fluctuate over the life of the trust to values higher or lower than
those prevailing on the initial date of deposit.

Trust Preferred Securities Risks. If set forth in Part A of the
prospectus, a trust, or issuers of securities held by a trust, may invest in
trust preferred securities. Holders of trust preferred securities incur risks
in addition to or slightly different than the typical risks of holding
preferred stocks. Trust preferred securities are limited-life preferred
securities that are typically issued by corporations, generally in the form of
interest-bearing notes or preferred securities issued by corporations, or by an
affiliated business trust of a corporation, generally in the form of beneficial
interests in subordinated debentures issued by the corporation, or similarly
structured securities. The maturity and dividend rate of the trust preferred
securities are structured to match the maturity and coupon interest rate of the
interest-bearing notes, preferred securities or subordinated debentures. Trust
preferred securities usually mature on the stated maturity date of the
interest-bearing notes, preferred securities or subordinated debentures and may
be redeemed or liquidated prior to the stated maturity date of such instruments
for any reason on or after their stated call date or upon the occurrence of
certain circumstances at any time. Trust preferred securities generally have a
yield advantage over traditional preferred stocks, but unlike preferred stocks,
distributions on the trust preferred securities are generally treated as
interest rather than dividends for federal income tax purposes. Unlike most
preferred stocks, distributions received from trust preferred securities are
generally not eligible for the dividends-received deduction. Certain of the
risks unique to trust preferred securities include: (i) distributions on trust
preferred securities will be made only if interest payments on the
interest-bearing notes, preferred securities or subordinated debentures are
made; (ii) a corporation issuing the interest-bearing notes, preferred
securities or subordinated debentures may defer interest payments on these
instruments for up to 20 consecutive quarters and if such election is made,
distributions will not be made on the trust preferred securities during the
deferral period; (iii) certain tax or regulatory events may trigger the
redemption of the interest-bearing notes, preferred securities or subordinated
debentures by the issuing corporation and result in prepayment of the trust
preferred securities prior to their stated maturity date; (iv) future
legislation may be proposed or enacted that may prohibit the corporation from
deducting its interest payments on the interest-bearing notes, preferred
securities or subordinated debentures for tax purposes, making redemption of
these instruments likely; (v) a corporation may redeem the interest-bearing
notes, preferred securities or subordinated debentures in whole at any time or
in part from time to time on or after a stated call date; (vi) trust preferred
securities holders have very limited voting rights; and (vii) payment of
interest on the interest-bearing notes, preferred securities or subordinated
debentures, and therefore distributions on the trust preferred securities, is
dependent on the financial condition of the issuing corporation.

Convertible Securities Risks. If set forth in Part A of the prospectus, a
trust, or issuers of securities held by a trust, may invest in convertible
securities.

Convertible securities generally offer lower interest or dividend yields
than non-convertible fixed-income securities of similar credit quality because
of the potential for capital appreciation. The market values of convertible
securities tend to decline as interest rates increase and, conversely, to
increase as interest rates decline. However, a convertible security's market
value also tends to reflect the market price of the common stock of the issuing
company, particularly when the stock price is greater than the convertible
security's conversion price. The conversion price is defined as the
predetermined price or exchange ratio at which the convertible security can be
converted or exchanged for the underlying common stock. As the market price of
the underlying common stock declines below the conversion price, the price of
the convertible security tends to be increasingly influenced more by the yield
of the convertible security than by the market price of the underlying common
stock. Thus, it may not decline in price to the same extent as the underlying
common stock, and convertible securities generally have less potential for gain
or loss than common stocks. However, mandatory convertible securities (as
discussed below) generally do not limit the potential for loss to the same
extent as securities convertible at the option of the holder. In the event of a
liquidation of the issuing company, holders of convertible securities would be
paid before that company's common stockholders. Consequently, an issuer's
convertible securities generally entail less risk than its common stock.
However, convertible securities fall below debt obligations of the same issuer
in order of preference or priority in the event of a liquidation and are
typically unrated or rated lower than such debt obligations. In addition,
contingent payment, convertible securities allow the issuer to claim deductions
based on its nonconvertible cost of debt, which generally will result in
deduction in excess of the actual cash payments made on the securities (and
accordingly, holders will recognize income in amounts in excess of the cash
payments received).

Mandatory convertible securities are distinguished as a subset of
convertible securities because the conversion is not optional and the
conversion price at maturity is based solely upon the market price of the
underlying common stock, which may be significantly less than par or the price
(above or below par) paid. For these reasons, the risks associated with
investing in mandatory convertible securities most closely resemble the risks
inherent in common stocks. Mandatory convertible securities customarily pay a
higher coupon yield to compensate for the potential risk of additional price
volatility and loss upon conversion. Because the market price of a mandatory
convertible security increasingly corresponds to the market price of its
underlying common stock as the convertible security approaches its conversion
date, there can be no assurance that the higher coupon will compensate for the
potential loss.

Senior Loan Risks. If set forth in Part A of the prospectus, a trust, or
issuers of securities held by a trust, may invest in senior loans.

Senior loans in which a Closed-End Fund may invest:

o generally are of below investment-grade credit quality;

o may be unrated at the time of investment;

o generally are not registered with the SEC or any state securities
commission; and

o generally are not listed on any securities exchange.

The amount of public information available on senior loans generally will
be less extensive than that available for other types of assets.

No reliable, active trading market currently exists for many senior loans,
although a secondary market for certain senior loans has developed over the
past several years. Senior loans are thus relatively illiquid. Liquidity
relates to the ability of a Closed-End Fund to sell an investment in a timely
manner at a price approximately equal to its value on the Closed-End Fund's
books. The illiquidity of senior loans may impair a Closed-End Fund's ability
to realized the full value of its assets in the event of a voluntary or
involuntary liquidation of such assets. Because of the lack of an active
trading market, illiquid securities are also difficult to value and prices
provided by external pricing services may not reflect the true value of the
securities. However, many senior loans are of a large principal amount and are
held by a large number of financial institutions. To the extent that a
secondary market does exist for certain senior loans, the market may be subject
to irregular trading activity, wide bid/ask spreads and extended trade
settlement periods. The market for senior loans could be disrupted in the event
of an economic downturn or a substantial increase or decrease in interest
rates. This could result in increased volatility in the market and in the
trusts' net asset value.

If legislation or state or federal regulators impose additional
requirements or restrictions on the ability of financial institutions to make
loans that are considered highly leveraged transactions, the availability of
senior loans for investment by the Closed-End Funds may be adversely affected.
In addition, such requirements or restrictions could reduce or eliminate
sources of financing for certain borrowers. This would increase the risk of
default. If legislation or federal or state regulators require financial
institutions to dispose of senior loans that are considered highly leveraged
transactions or subject such senior loans to increased regulatory scrutiny,
financial institutions may determine to sell such senior loans. Such sales
could result in depressed prices. If a Closed-End Fund attempts to sell a
senior loan at a time when a financial institution is engaging in such a sale,
the price a Closed-End Fund could get for the senior loan may be adversely
affected.

Some senior loans are subject to the risk that a court, pursuant to
fraudulent conveyance or other similar laws, could subordinate the senior loans
to presently existing or future indebtedness of the borrower or take other
action detrimental to lenders. Such court action could under certain
circumstances include invalidation of senior loans. Any lender, which could
include a Closed-End Fund, is subject to the risk that a court could find the
lender liable for damages in a claim by a borrower arising under the common
laws of tort or contracts or anti-fraud provisions of certain securities laws
for actions taken or omitted to be taken by the lenders under the relevant
terms of a loan agreement or in connection with actions with respect to the
collateral underlying the senior loan.

Small-Capitalization and Mid-Capitalization Stocks Risk. If set forth in
Part A of the prospectus, a trust may invest in small-capitalization or
mid-capitalization stocks. Investing in small-capitalization stocks or
mid-capitalization stocks may involve greater risk than investing in
large-capitalization stocks, since they can be subject to more abrupt or erratic
price movements. Many small market capitalization companies ("Small-Cap
Companies") or middle market capitalization companies ("Mid-Cap Companies") will
have had their securities publicly traded, if at all, for only a short period of
time and will not have had the opportunity to establish a reliable trading
pattern through economic cycles. The price volatility of Small-Cap Companies and
Mid-Cap Companies is relatively higher than larger, older and more mature
companies. The greater price volatility of Small-Cap Companies and Mid-Cap
Companies may result from the fact that there may be less market liquidity, less
information publicly available or fewer investors who monitor the activities of
these companies. In addition, the market prices of these securities may exhibit
more sensitivity to changes in industry or general economic conditions. Some
Small-Cap Companies or Mid-Cap Companies will not have been in existence long
enough to experience economic cycles or to demonstrate whether they are
sufficiently well managed to survive downturns or inflationary periods. Further,
a variety of factors may affect the success of a company's business beyond the
ability of its management to prepare or compensate for them, including domestic
and international political developments, government trade and fiscal policies,
patterns of trade and war or other military conflict which may affect industries
or markets or the economy generally.

Administration of the Trust

Distributions to Unitholders. Income received by a trust is credited by
the trustee to the Income Account of the trust. Other receipts are credited to
the Capital Account of a trust. Income received by a trust will be distributed
on or shortly after the distribution dates each year shown in the prospectus on
a pro rata basis to unitholders of record as of the preceding record date shown
in the prospectus. However, if set forth in Part A of the prospectus that the
trust will prorate distributions on an annual basis ("Income Averaging"), then
income received by the trust will be distributed on a prorated basis of
one-twelfth of the estimated annual income to the trust for the ensuing 12
months. All distributions will be net of applicable expenses. There is no
assurance that any actual distributions will be made since all dividends
received may be used to pay expenses. In addition, excess amounts from the
Capital Account of a trust, if any, will be distributed at least annually to
the unitholders then of record. Proceeds received from the disposition of any
of the securities after a record date and prior to the following distribution
date will be held in the Capital Account and not distributed until the next
distribution date applicable to the Capital Account. The trustee shall be
required to make a distribution from the Capital Account if the cash balance on
deposit therein available for distribution shall be sufficient to distribute at
least $1.00 per 100 units. The trustee is not required to pay interest on funds
held in the Capital or Income Accounts (but may itself earn interest thereon
and therefore benefits from the use of such funds). The trustee is authorized
to reinvest any funds held in the Capital or Income Accounts, pending
distribution, in U.S. Treasury obligations which mature on or before the next
applicable distribution date. Any obligations so acquired must be held until
they mature and proceeds therefrom may not be reinvested.

The distribution to the unitholders as of each record date will be made on
the following distribution date or shortly thereafter and shall consist of an
amount substantially equal to such portion of the unitholders' pro rata share
of the dividend distributions then held in the Income Account after deducting
estimated expenses. Because dividends are not received by a trust at a constant
rate throughout the year, such distributions to unitholders are expected to
fluctuate. However, if the trust uses Income Averaging, the trust prorates the
income distribution on an annual basis and annual income distributions are
expected to vary from year to year. If the amount on deposit in the Income
Account is insufficient for payment of the amount of income to be distributed
on a monthly basis, the trustee shall advance out of its own funds and cause to
be deposited in and credited to such Income Account such amount as may be
required to permit payment of the monthly income distribution. The trustee
shall be entitled to be reimbursed by the trust, without interest, out of
income received by the trust subsequent to the date of such advance and subject
to the condition that any such reimbursement shall be made only if it will not
reduce the funds in or available for the Income Account to an amount less than
required for the next ensuing distribution. Persons who purchase units will
commence receiving distributions only after such person becomes a record owner.
A person will become the owner of units, and thereby a unitholder of record, on
the date of settlement provided payment has been received. Notification to the
trustee of the transfer of units is the responsibility of the purchaser, but in
the normal course of business such notice is provided by the selling
broker-dealer.

The trustee will periodically deduct from the Income Account of a trust
and, to the extent funds are not sufficient therein, from the Capital Account
of a trust amounts necessary to pay the expenses of a trust. The trustee also
may withdraw from said accounts such amounts, if any, as it deems necessary to
establish a reserve for any governmental charges payable out of a trust.
Amounts so withdrawn shall not be considered a part of a trust's assets until
such time as the trustee shall return all or any part of such amounts to the
appropriate accounts. In addition, the trustee may withdraw from the Income and
Capital Accounts of a trust such amounts as may be necessary to cover
redemptions of units.

Distribution Reinvestment. Unitholders may elect to have distributions of
capital (including capital gains) or dividends, if any, or both automatically
invested into additional units of their trust without a sales fee.

Your trust will pay any deferred sales fee per unit regardless of any
sales fee discounts. However, if you elect to have distributions on your units
reinvested into additional units of your trust, you will be credited the amount
of any remaining deferred sales charge on such additional units at the time of
reinvestment.

Unitholders who are receiving distributions in cash may elect to
participate in distribution reinvestment by filing with the Program Agent an
election to have such distributions reinvested without charge. Such election
must be received by the Program Agent at least ten days prior to the record
date applicable to any distribution in order to be in effect for such record
date. Any such election shall remain in effect until a subsequent notice is
received by the Program Agent.

The Program Agent is The Bank of New York Mellon. All inquiries concerning
participating in distribution reinvestment should be directed to The Bank of
New York Mellon at its Unit Investment Trust Division office.

Statements to Unitholders. With each distribution, the trustee will
furnish to each registered holder a statement of the amount of income and the
amount of other receipts, if any, which are being distributed, expressed in
each case as a dollar amount per unit.

The accounts of a trust will not be audited annually unless the sponsor
determines that such an audit would be in the best interest of the unitholders
of the trust. If an audit is conducted, it will be done at the related trust's
expense, by independent public accountants designated by the sponsor. The
accountants' report will be furnished by the trustee to any unitholder upon
written request. Within a reasonable period of time after the end of each
calendar year, the trustee shall furnish to each person who at any time during
the calendar year was a unitholder of a trust a statement, covering the
calendar year, generally setting forth for the trust:

(A) As to the Income Account:

(1) Income received;

(2) Deductions for applicable taxes and for fees and expenses of the trust
and for redemptions of units, if any; and

(3) The balance remaining after such distributions and deductions,
expressed in each case both as a total dollar amount and as a dollar
amount representing the pro rata share of each unit outstanding on the
last business day of such calendar year; and

(B) As to the Capital Account:

(1) The dates of disposition of any securities and the net proceeds
received therefrom;

(2) Deductions for payment of applicable taxes and fees and expenses of
the trust; and

(3) The balance remaining after such distributions and deductions
expressed both as a total dollar amount and as a dollar amount
representing the pro rata share of each unit outstanding on the last
business day of such calendar year; and

(1) A list of the securities as of the last business day of such calendar
year;

(2) The number of units outstanding on the last business day of such
calendar year;

(3) The redemption price based on the last evaluation made during such
calendar year; and

(4) The amount actually distributed during such calendar year from the
Income and Capital Accounts separately stated, expressed both as total
dollar amounts and as dollar amounts per unit outstanding on the
record dates for each such distribution.

Rights of Unitholders. A unitholder may at any time tender units to the
trustee for redemption. The death or incapacity of any unitholder will not
operate to terminate a trust nor entitle legal representatives or heirs to
claim an accounting or to bring any action or proceeding in any court for
partition or winding up of a trust. No unitholder shall have the right to
control the operation and management of a trust in any manner, except to vote
with respect to the amendment of the trust agreement or termination of a
trust.

Amendment and Termination. The trust agreement may be amended by the
trustee and the sponsor without the consent of any of the unitholders: (1) to
cure any ambiguity or to correct or supplement any provision which may be
defective or inconsistent; (2) to change any provision thereof as may be
required by the Securities and Exchange Commission or any successor governmental
agency; (3) to make such provisions as shall not materially adversely affect the
interests of the unitholders; or (4) to make such other amendments as may be
necessary for a trust to qualify as a regulated investment company, in the case
of a trust which has elected to qualify as such. The trust agreement with
respect to any trust may also be amended in any respect by the sponsor and the
trustee, or any of the provisions thereof may be waived, with the consent of the
holders of units representing 66 2/3% of the units then outstanding of the
trust, provided that no such amendment or waiver will reduce the interest of any
unitholder thereof without the consent of such unitholder or reduce the
percentage of units required to consent to any such amendment or waiver without
the consent of all unitholders of the trust. In no event shall the trust
agreement be amended to increase the number of units of a trust issuable
thereunder, to permit the acquisition of any securities in addition to or in
substitution for those initially deposited in the trust or to adversely affect
the characterization of a trust as a regulated investment company for federal
income tax purposes, except in accordance with the provisions of the trust
agreement. The trustee shall promptly notify unitholders of the substance of any
such amendment.

The trust agreement provides that a trust shall terminate upon the
liquidation, redemption or other disposition of the last of the securities held
in the trust but in no event is it to continue beyond the mandatory termination
date set forth in Part A of the prospectus. If the value of a trust shall be
less than the applicable minimum value stated in the prospectus, the trustee
may, in its discretion, and shall, when so directed by the sponsor, terminate
the trust. A trust may be terminated at any time by the holders of units
representing 66 2/3% of the units thereof then outstanding. In addition, the
sponsor may terminate a trust if it is based on a security index and the index
is no longer maintained.

Beginning nine business days prior to, but no later than, the mandatory
termination date described in the prospectus, the trustee may begin to sell all
of the remaining underlying securities on behalf of unitholders in connection
with the termination of the trust. The sponsor may assist the trustee in these
sales and receive compensation to the extent permitted by applicable law. The
sale proceeds will be net of any incidental expenses involved in the sales.

The trustee will attempt to sell the securities as quickly as it can
during the termination proceedings without, in its judgment, materially
adversely affecting the market price of the securities, but it is expected that
all of the securities will in any event be disposed of within a reasonable time
after a trust's termination. The sponsor does not anticipate that the period
will be longer than one month, and it could be as short as one day, depending
on the liquidity of the securities being sold. The liquidity of any security
depends on the daily trading volume of the security and the amount that the
sponsor has available for sale on any particular day. Of course, no assurances
can be given that the market value of the securities will not be adversely
affected during the termination proceedings.

Within a reasonable period after termination, the trustee will sell any
securities remaining in a trust and, after paying all expenses and charges
incurred by the trust, will distribute to unitholders thereof their pro rata
share of the balances remaining in the Income and Capital Accounts of the
trust.

The sponsor currently intends, but is not obligated, to offer for sale
units of a subsequent series of certain trusts at approximately one year after
the inception date of such trusts. If the sponsor does offer such units for
sale, unitholders may be given the opportunity to purchase such units at a
public offering price which includes a reduced sales fee. There is, however, no
assurance that units of any new series of a trust will be offered for sale at
that time, or if offered, that there will be sufficient units available for sale
to meet the requests of any or all unitholders.

The Trustee. The trustee is The Bank of New York Mellon, a trust company
organized under the laws of New York. The Bank of New York Mellon has its Unit
Investment Trust Division offices at 2 Hanson Place, 12th Fl., Brooklyn, New
York 11217, telephone 1-800-701-8178. The Bank of New York Mellon is subject to
supervision and examination by the Superintendent of Banks of the State of New
York and the Board of Governors of the Federal Reserve System, and its deposits
are insured by the Federal Deposit Insurance Corporation to the extent
permitted by law.

The trustee, whose duties are ministerial in nature, has not participated
in selecting the portfolio of any trust. In accordance with the trust
agreement, the trustee shall keep records of all transactions at its office.
Such records shall include the name and address of, and the number of units
held by, every unitholder of a trust. Such books and records shall be open to
inspection by any unitholder at all reasonable times during usual business
hours. The trustee shall make such annual or other reports as may from time to
time be required under any applicable state or federal statute, rule or
regulation. The trustee shall keep a certified copy or duplicate original of
the trust agreement on file in its office available for inspection at all
reasonable times during usual business hours by any unitholder, together with a
current list of the securities held in each trust. Pursuant to the trust
agreement, the trustee may employ one or more agents for the purpose of custody
and safeguarding of securities comprising a trust.

Under the trust agreement, the trustee or any successor trustee may resign
and be discharged of a trust created by the trust agreement by executing an
instrument in writing and filing the same with the sponsor. The trustee or
successor trustee must mail a copy of the notice of resignation to all
unitholders then of record, not less than sixty days before the date specified
in such notice when such resignation is to take effect. The sponsor upon
receiving notice of such resignation is obligated to appoint a successor
trustee promptly. If, upon such resignation, no successor trustee has been
appointed and has accepted the appointment within thirty days after
notification, the retiring trustee may apply to a court of competent
jurisdiction for the appointment of a successor. The sponsor may at any time
remove the trustee, with or without cause, and appoint a successor trustee as
provided in the trust agreement. Notice of such removal and appointment shall
be mailed to each unitholder by the sponsor. Upon execution of a written
acceptance of such appointment by such successor trustee, all the rights,
powers, duties and obligations of the original trustee shall vest in the
successor. The trustee must be a corporation organized under the laws of the
United States, or any state thereof, be authorized under such laws to exercise
trust powers and have at all times an aggregate capital, surplus and undivided
profits of not less than $5,000,000.

The Sponsor. Claymore Securities, Inc. specializes in the creation,
development and distribution of investment solutions for advisors and their
valued clients. Claymore Securities, Inc. was created as Ranson & Associates,
Inc., in 1995 and is the successor sponsor to unit investment trusts formerly
sponsored by EVEREN Unit Investment Trusts, a service of EVEREN Securities, Inc.
Claymore Securities, Inc. is also the sponsor and successor sponsor of Series of
Ranson Unit Investment Trusts and The Kansas Tax-Exempt Trust and Multi-State
Series of The Ranson Municipal Trust. On October 29, 2001, Ranson & Associates,
Inc. was acquired by Claymore Group LLC. The sale to Claymore Group LLC was
financed by a loan from The Bank of New York Mellon, the trustee. In November
2001, the sponsor changed its name from Ranson & Associates, Inc. to Claymore
Securities, Inc. Claymore Securities, Inc. has been active in public and
corporate finance, has underwritten closed-end funds and has sold bonds, mutual
funds, closed-end funds, exchange-traded funds, structured products and unit
investment trusts and maintained secondary market activities relating thereto.
At present, Claymore Securities, Inc. which is a member of the Financial
Industry Regulatory Authority (FINRA), is the sponsor to each of the above-named
unit investment trusts. The sponsor's offices are located at 2455 Corporate West
Drive, Lisle, Illinois 60532.

If at any time the sponsor shall fail to perform any of its duties under
the trust agreement or shall become incapable of acting or shall be adjudged a
bankrupt or insolvent or shall have its affairs taken over by public
authorities, then the trustee may (a) appoint a successor sponsor at rates of
compensation deemed by the trustee to be reasonable and not exceeding such
reasonable amounts as may be prescribed by the Securities and Exchange
Commission, or (b) terminate the trust agreement and liquidate any trust as
provided therein, or (c) continue to act as trustee without terminating the
trust agreement.

The Supervisor and the Evaluator. Claymore Securities, Inc., the sponsor,
also serves as evaluator and supervisor. The evaluator and supervisor may
resign or be removed by the trustee in which event the trustee is to use its
best efforts to appoint a satisfactory successor. Such resignation or removal
shall become effective upon acceptance of appointment by the successor
evaluator. If upon resignation of the evaluator no successor has accepted
appointment within thirty days after notice of resignation, the evaluator may
apply to a court of competent jurisdiction for the appointment of a successor.
Notice of such registration or removal and appointment shall be mailed by the
trustee to each unitholder. As evaluator, Claymore Securities, Inc. utilizes
the trustee to perform certain evaluation services.

Limitations on Liability. The sponsor is liable for the performance of its
obligations arising from its responsibilities under the trust agreement, but
will be under no liability to the unitholders for taking any action or
refraining from any action in good faith pursuant to the trust agreement or for
errors in judgment, except in cases of its own gross negligence, bad faith or
willful misconduct or its reckless disregard for its duties thereunder. The
sponsor shall not be liable or responsible in any way for depreciation or loss
incurred by reason of the sale of any securities.

The trust agreement provides that the trustee shall be under no liability
for any action taken in good faith in reliance upon prima facie properly
executed documents or for the disposition of moneys, securities or certificates
except by reason of its own gross negligence, bad faith or willful misconduct,
or its reckless disregard for its duties under the trust agreement, nor shall
the trustee be liable or responsible in any way for depreciation or loss
incurred by reason of the sale by the trustee of any securities. In the event
that the sponsor shall fail to act, the trustee may act and shall not be liable
for any such action taken by it in good faith. The trustee shall not be
personally liable for any taxes or other governmental charges imposed upon or
in respect of the securities or upon the interest thereof. In addition, the
trust agreement contains other customary provisions limiting the liability of
the trustee.

The unitholders may rely on any evaluation furnished by the evaluator and
shall have no responsibility for the accuracy thereof. The trust agreement
provides that the determinations made by the evaluator shall be made in good
faith upon the basis of the best information available to it, provided,
however, that the evaluator shall be under no liability to the trustee or
unitholders for errors in judgment, but shall be liable for its gross
negligence, bad faith or willful misconduct or its reckless disregard for its
obligations under the trust agreement.

Expenses of the Trust

The sponsor does not charge a trust an annual advisory fee. The sponsor
will receive a portion of the sale commissions paid in connection with the
purchase of units and will share in profits, if any, related to the deposit of
securities in the trust. The sponsor and/or its affiliates do, also, receive an
annual fee as set forth in Part A of the prospectus for maintaining
surveillance over the portfolio and for performing certain administrative
services for the trust (the "Sponsor's Supervisory Fee"). In providing such
supervisory services, the sponsor may purchase research from a variety of
sources, which may include dealers of the trusts. If so provided in Part A of
the prospectus, the sponsor may also receive an annual fee for providing
bookkeeping and administrative services for a trust (the "Bookkeeping and
Administrative Fee"). Such services may include, but are not limited to, the
preparation of various materials for unitholders and providing account
information to the unitholders. If so provided in Part A of the prospectus, the
evaluator may also receive an annual fee for performing evaluation services for
the trusts (the "Evaluator's Fee"). In addition, if so provided in Part A of
the prospectus, a trust may be charged an annual licensing fee to cover
licenses for the use of service marks, trademarks, trade names and intellectual
property rights and/or for the use of databases and research. The trust will
bear all operating expenses. Estimated annual trust operating expenses are as
set forth in Part A of the prospectus; if actual expenses are higher than the
estimate, the excess will be borne by the trust. The estimated expenses include
listing fees but do not include the brokerage commissions and other
transactional fees payable by the trust in purchasing and selling securities.

The trustee receives for its services that fee set forth in Part A of the
prospectus. The trustee's fee, which is paid monthly, is based on the largest
number of units of a trust outstanding at any time during the primary offering
period. After the primary offering period, the fee shall accrue daily and be
based on the number of units outstanding on the first business day of each
calendar year in which the fee is calculated or the number of units outstanding
at the end of the primary offering period, as appropriate. The Sponsor's
Supervisory Fee, the Bookkeeping and Administrative Fee and the Evaluator's Fee
are paid monthly and are based on the largest number of units of a trust
outstanding at any time during the primary offering period. After the primary
offering period, these fees shall accrue daily and be based on the number of
units outstanding on the first business day of each calendar year in which a fee
is calculated or the number of units outstanding at the end of the primary
offering period, as appropriate. The trustee benefits to the extent there are
funds for future distributions, payment of expenses and redemptions in the
Capital and Income Accounts since these Accounts are non-interest bearing and
the amounts earned by the trustee are retained by the trustee. Part of the
trustee's compensation for its services to a trust is expected to result from
the use of these funds. In addition, the Sponsor's Supervisory Fee, Bookkeeping
and Administrative Fee, Evaluator's Fee and the Trustee's Fee may be adjusted in
accordance with the cumulative percentage increase of the United States
Department of Labor's Consumer Price Index entitled "All Services Less Rent"
since the establishment of the trust. In addition, with respect to any fees
payable to the sponsor or an affiliate of the sponsor for providing bookkeeping
and other administrative services, supervisory services and evaluation services,
such individual fees may exceed the actual costs of providing such services for
a trust, but at no time will the total amount received for such services, in the
aggregate, rendered to all unit investment trusts of which Claymore is the
sponsor in any calendar year exceed the actual cost to the sponsor or its
affiliates of supplying such services, in the aggregate, in such year. In
addition, the trustee may reimburse the sponsor out of its own assets for
services performed by employees of the sponsor in connection with the operation
of your trust.

The trust will also pay a fee to the sponsor for creating and developing
the trust, including determining the trust objective, policies, composition and
size, selecting service providers and information services, and for providing
other similar administrative and ministerial functions. Your trust pays this
"creation and development fee" as a fixed dollar amount at the close of the
initial offering period. The sponsor does not use the fee to pay distribution
expenses or as compensation for sales efforts.

The following additional charges are or may be incurred by the trust: (a)
fees for the trustee's extraordinary services; (b) expenses of the trustee
(including legal and auditing expenses, but not including any fees and expenses
charged by an agent for custody and safeguarding of securities) and of counsel,
if any; (c) various governmental charges; (d) expenses and costs of any action
taken by the trustee to protect the trust or the rights and interests of the
unitholders; (e) indemnification of the trustee for any loss, liability or
expense incurred by it in the administration of the trust not resulting from
gross negligence, bad faith or willful misconduct on its part; (f)
indemnification of the sponsor for any loss, liability or expense incurred in
acting in that capacity without gross negligence, bad faith or willful
malfeasance or its reckless disregard for its obligations under the trust
agreement; (g) any offering costs incurred after the end of the initial
offering period; and (h) expenditures incurred in contacting unitholders upon
termination of the trust. The fees and expenses set forth herein are payable
out of a trust and, when owing to the trustee, are secured by a lien on the
trust. Since the securities are all stocks, and the income stream produced by
dividend payments, if any, is unpredictable, the sponsor cannot provide any
assurance that dividends will be sufficient to meet any or all expenses of a
trust. If the balances in the Income and Capital Accounts are insufficient to
provide for amounts payable by the trust, the trustee has the power to sell
securities to pay such amounts. These sales may result in capital gains or
losses to unitholders. It is expected that the income stream produced by
dividend payments may be insufficient to meet the expenses of a trust and,
accordingly, it is expected that securities will be sold to pay all of the fees
and expenses of the trust.

The trust shall also bear the expenses associated with updating the
trust's registration statement and maintaining registration or qualification of
the units and/or a trust under federal or state securities laws subsequent to
initial registration. Such expenses shall include legal fees, accounting fees,
typesetting fees, electronic filing expenses and regulatory filing fees. The
expenses associated with updating registration statements have been
historically paid by a unit investment trust's sponsor.

Portfolio Transactions and Brokerage Allocation

When a trust sells securities, the composition and diversity of the
securities in the trust may be altered. In order to obtain the best price for a
trust, it may be necessary for the supervisor to specify minimum amounts (such
as 100 shares) in which blocks of securities are to be sold. In effecting
purchases and sales of a trust's portfolio securities, the sponsor may direct
that orders be placed with and brokerage commissions be paid to brokers,
including brokers which may be affiliated with the trust, the sponsor or dealers
participating in the offering of units.

Purchase, Redemption and Pricing of Units

Public Offering Price. Units of a trust are offered at the public offering
price (which is based on the aggregate underlying value of the securities in
the trust and includes the initial sales fee plus a pro rata share of any
accumulated amounts in the accounts of the trust). The initial sales fee is
equal to the difference between the maximum sales fee and the sum of the
remaining deferred sales fee and the creation and development fee ("C&D Fee").
The maximum sales fee is set forth in Part A of the prospectus. The deferred
sales fee and the C&D Fee will be collected as described in this prospectus.
Units purchased subsequent to the initial deferred sales fee payment will be
subject to the initial sales fee, the remaining deferred sales fee payments and
the C&D Fee. Units sold or redeemed prior to such time as the entire applicable
deferred sales fee has been collected will be assessed the remaining deferred
sales fee at the time of such sale or redemption. During the initial offering
period, a portion of the public offering price includes an amount of securities
to pay for all or a portion of the costs incurred in establishing a trust
("organization costs"). These organization costs include the cost of preparing
the registration statement, the trust indenture and other closing documents,
registering units with the Securities and Exchange Commission and states, the
initial audit of the trust portfolio, legal fees, fees paid to a portfolio
consultant for assisting the sponsor in selecting the trust's portfolio, and
the initial fees and expenses of the trustee. These costs will be deducted from
a trust as of the end of the initial offering period or after six months, at
the discretion of the sponsor. As indicated above, the initial public offering
price of the units was established by dividing the aggregate underlying value
of the securities by the number of units outstanding. Such price determination
as of the opening of business on the date a trust was created was made on the
basis of an evaluation of the securities in the trust prepared by the
evaluator. After the opening of business on this date, the evaluator will
appraise or cause to be appraised daily the value of the underlying securities
as of the close of the New York Stock Exchange on days the New York Stock
Exchange is open and will adjust the public offering price of the units
commensurate with such valuation. Such public offering price will be effective
for all orders properly received at or prior to the close of trading on the New
York Stock Exchange on each such day. Orders received by the trustee, sponsor
or any dealer for purchases, sales or redemptions after that time, or on a day
when the New York Stock Exchange is closed, will be held until the next
determination of price.

The value of the securities is determined on each business day by the
evaluator based on the closing sale prices on a national securities exchange or
the Nasdaq National Market System or by taking into account the same factors
referred to under "Computation of Redemption Price."

Public Distribution of Units. During the initial offering period, units of
a trust will be distributed to the public at the public offering price thereof.
Upon the completion of the initial offering, units which remain unsold or which
may be acquired in the secondary market may be offered at the public offering
price determined in the manner provided above.

The sponsor intends to qualify units of a trust for sale in a number of
states. Units will be sold through dealers who are members of FINRA and through
others. Broker-dealers and others will be allowed a concession or agency
commission in connection with the distribution of units during the initial
offering period as set forth in the prospectus.

Certain commercial banks may be making units of a trust available to their
customers on an agency basis. Furthermore, as a result of certain legislative
changes effective November 1999, banks are no longer prohibited from certain
affiliations with securities firms. This new legislation grants banks new
authority to conduct certain authorized activity, such as sales of units,
through financial subsidiaries. A portion of the sales charge discussed above
is retained by or remitted to the banks or their financial subsidiaries for
these agency and brokerage transactions. The sponsor reserves the right to
change the concessions or agency commissions set forth in the prospectus from
time to time. In addition to such concessions or agency commissions, the
sponsor may, from time to time, pay or allow additional concessions or agency
commissions, in the form of cash or other compensation, to dealers employing
registered representatives who sell, during a specified time period, a minimum
dollar amount of units of unit investment trusts underwritten by the sponsor.
At various times the sponsor may implement programs under which the sales force
of a broker or dealer may be eligible to win nominal awards for certain sales
efforts, or under which the sponsor will reallow to any such broker or dealer
that sponsors sales contests or recognition programs conforming to criteria
established by the sponsor, or participates in sales programs sponsored by the
sponsor, an amount not exceeding the total applicable sales charges on the
sales generated by such person at the public offering price during such
programs. Also, the sponsor in its discretion may from time to time pursuant to
objective criteria established by the sponsor pay fees to qualifying brokers or
dealers for certain services or activities which are primarily intended to
result in sales of units of a trust. Such payments are made by the sponsor out
of its own assets, and not out of the assets of any trust. These programs will
not change the price unitholders pay for their units or the amount that a trust
will receive from the units sold. The difference between the discount and the
sales charge will be retained by the sponsor.

The sponsor reserves the right to reject, in whole or in part, any order for
the purchase of units.

Sponsor Profits. The sponsor will receive gross sales fees equal to the
percentage of the public offering price of the units of a trust described in
the prospectus. In addition, the sponsor may realize a profit (or sustain a
loss) as of the date a trust is created resulting from the difference between
the purchase prices of the securities to the sponsor and the cost of such
securities to the trust. Thereafter, on subsequent deposits the sponsor may
realize profits or sustain losses from such deposits. The sponsor may realize
additional profits or losses during the initial offering period on unsold units
as a result of changes in the daily market value of the securities in the
trust.

Market for Units. After the initial offering period, the sponsor may
maintain a market for units of a trust offered hereby and continuously offer to
purchase said units at prices, determined by the evaluator, based on the value
of the underlying securities. Unitholders who wish to dispose of their units
should inquire of their broker as to current market prices in order to determine
whether there is in existence any price in excess of the redemption price and,
if so, the amount thereof. Unitholders who sell or redeem units prior to such
time as the entire deferred sales fee on such units has been collected will be
assessed the amount of the remaining deferred sales fee at the time of such sale
or redemption. The offering price of any units resold by the sponsor will be in
accord with that described in the currently effective prospectus describing such
units. Any profit or loss resulting from the resale of such units will belong to
the sponsor. If the sponsor decides to maintain a secondary market, it may
suspend or discontinue purchases of units of the trust if the supply of units
exceeds demand, or for other business reasons.

Redemption. A unitholder who does not dispose of units in the secondary
market described above may cause units to be redeemed by the trustee by making
a written request to the trustee at its Unit Investment Trust Division office
in the city of New York. Unitholders must sign the request, and such transfer
instrument, exactly as their names appear on the records of the trustee. If the
amount of the redemption is $500 or less and the proceeds are payable to the
unitholder(s) of record at the address of record, no signature guarantee is
necessary for redemptions by individual account owners (including joint
owners). Additional documentation may be requested, and a signature guarantee
is always required, from corporations, executors, administrators, trustees,
guardians or associations. The signatures must be guaranteed by a participant
in the Securities Transfer Agents Medallion Program ("STAMP") or such other
signature guaranty program in addition to, or in substitution for, STAMP, as
may be accepted by the trustee.

Redemption shall be made by the trustee no later than the third business
day following the day on which a tender for redemption is received (the
"Redemption Date") by payment of cash equivalent to the redemption price,
determined as set forth below under "Computation of Redemption Price," as of
the close of the New York Stock Exchange next following such tender, multiplied
by the number of units being redeemed. Any units redeemed shall be canceled and
any undivided fractional interest in the related trust extinguished. The price
received upon redemption might be more or less than the amount paid by the
unitholder depending on the value of the securities in the trust at the time of
redemption. Unitholders who sell or redeem units prior to such time as the
entire deferred sales fee on such units has been collected will be assessed the
amount of the remaining deferred sales fee at the time of such sale or
redemption. Certain broker-dealers may charge a transaction fee for processing
redemption requests.

Under regulations issued by the Internal Revenue Service, the trustee is
required to withhold a specified percentage of the principal amount of a unit
redemption if the trustee has not been furnished the redeeming unitholder's tax
identification number in the manner required by such regulations. Any amount so
withheld is transmitted to the Internal Revenue Service and may be recovered by
the unitholder only when filing a tax return. Under normal circumstances the
trustee obtains the unitholder's tax identification number from the selling
broker. However, any time a unitholder elects to tender units for redemption,
such unitholder should make sure that the trustee has been provided a certified
tax identification number in order to avoid this possible "back-up
withholding." In the event the trustee has not been previously provided such
number, one must be provided at the time redemption is requested. Any amounts
paid on redemption representing unpaid dividends shall be withdrawn from the
Income Account of a trust to the extent that funds are available for such
purpose. All other amounts paid on redemption shall be withdrawn from the
Capital Account for a trust.

Unitholders tendering units for redemption may request an in-kind
distribution (a "Distribution In Kind") from the trustee in lieu of cash
redemption. A unitholder may request a Distribution In Kind of an amount and
value of securities per unit equal to the redemption price per unit as
determined as of the evaluation time next following the tender, provided that
the tendering unitholder is (1) entitled to receive at least $25,000 of proceeds
as part of his or her distribution or if he paid at least $25,000 to acquire the
units being tendered and (2) the unitholder has elected to redeem at least
thirty business days prior to the termination of the trust. If the unitholder
meets these requirements, a Distribution In Kind will be made by the trustee
through the distribution of each of the securities of the trust in book entry
form to the account of the unitholder's bank or broker-dealer at Depository
Trust Company. The tendering unitholder shall be entitled to receive whole
shares of each of the securities comprising the portfolio of the trust and cash
from the Capital Account equal to the fractional shares to which the tendering
unitholder is entitled. The trustee shall make any adjustments necessary to
reflect differences between the redemption price of the units and the value of
the securities distributed in kind as of the date of tender. If funds in the
Capital Account are insufficient to cover the required cash distribution to the
tendering unitholder, the trustee may sell securities. The in-kind redemption
option may be terminated by the sponsor at any time. The trustee is empowered to
sell securities in order to make funds available for the redemption of units. To
the extent that securities are sold or redeemed in kind, the size of a trust
will be, and the diversity of a trust may be, reduced but each remaining unit
will continue to represent approximately the same proportional interest in each
security. Sales may be required at a time when securities would not otherwise be
sold and may result in lower prices than might otherwise be realized. The price
received upon redemption may be more or less than the amount paid by the
unitholder depending on the value of the securities in the portfolio at the time
of redemption.

Unitholders of a trust that holds closed-end funds or other investment
company securities who request a Distribution In Kind will be subject to any
12b-1 Fees or other service or distribution fees applicable to the underlying
securities.

The right of redemption may be suspended and payment postponed for more
than three business days following the day on which tender for redemption is
made (1) for any period during which the New York Stock Exchange is closed,
other than customary weekend and holiday closings, or during which (as
determined by the Securities and Exchange Commission) trading on the New York
Stock Exchange is restricted; (2) for any period during which an emergency
exists as a result of which disposal by the trustee of securities is not
reasonably practicable or it is not reasonably practicable to fairly determine
the value of the underlying securities in accordance with the trust agreement;
or (3) for such other period as the Securities and Exchange Commission may by
order permit. The trustee is not liable to any person in any way for any loss
or damage which may result from any such suspension or postponement.

Computation of Redemption Price. The redemption price per unit (as well as
the secondary market public offering price) will generally be determined on the
basis of the last sale price of the securities in a trust. The redemption price
per unit is the pro rata share of each unit in a trust determined generally on
the basis of (i) the cash on hand in the trust or moneys in the process of being
collected and (ii) the value of the securities in the trust less (a) amounts
representing taxes or other governmental charges payable out of the trust, (b)
any amount owing to the trustee for its advances and (c) the accrued expenses or
remaining deferred sales fees of the trust. During the initial offering period,
the redemption price and the secondary market repurchase price will also include
estimated organizational costs. The evaluator may determine the value of the
securities in the trust in the following manner: if the securities are listed on
a national or foreign securities exchange or the Nasdaq National Market System,
such evaluation shall generally be based on the last available sale price on or
immediately prior to the Evaluation Time on the exchange or Nasdaq National
Market System which is the principal market therefor, which shall be deemed to
be the New York Stock Exchange if the securities are listed thereon (unless the
evaluator deems such price inappropriate as a basis for evaluation) or, if there
is no such available sale price on such exchange, at the last available bid
prices (offer prices for primary market purchases) of the securities. Securities
not listed on the New York Stock Exchange but principally traded on the Nasdaq
National Market System will be valued at the Nasdaq National Market System's
official closing price. If the securities are not so listed or, if so listed,
the principal market therefor is other than on such exchange or there is no such
available sale price on such exchange, such evaluation shall generally be based
on the following methods or any combination thereof whichever the evaluator
deems appropriate: (i) on the basis of the current bid price (offer prices for
primary market purchases) for comparable securities (unless the evaluator deems
such price inappropriate as a basis for evaluation), (ii) by determining the
valuation of the securities on the bid side (offer side for primary market
purchases) of the market by appraisal or (iii) by any combination of the above.
Notwithstanding the foregoing, the evaluator or its designee, will generally
value foreign securities primarily traded on foreign exchanges at their fair
value which may be other than their market price. If the trust holds securities
denominated in a currency other than U.S. dollars, the evaluation of such
security is based upon U.S. dollars based on current bid side (offer side for
primary market purchases) exchange rates (unless the evaluator deems such prices
inappropriate as a basis for valuation).

Retirement Plans. A trust may be well suited for purchase by Individual
Retirement Accounts, Keogh Plans, pension funds and other qualified retirement
plans. Generally, capital gains and income received under each of the foregoing
plans are deferred from federal taxation. All distributions from such plans are
generally treated as ordinary income but may, in some cases, be eligible for
special income averaging or tax deferred rollover treatment. Investors
considering participation in any such plan should review specific tax laws
related thereto and should consult their attorneys or tax advisers with respect
to the establishment and maintenance of any such plan. Such plans are offered
by brokerage firms and other financial institutions. The trust will lower the
minimum investment requirement for IRA accounts to $250. Fees and charges with
respect to such plans may vary.

Ownership of Units. Ownership of units will not be evidenced by
certificates. All evidence of ownership of units will be recorded in book entry
form at Depository Trust Company ("DTC") through an investor's brokers'
account. Units held through DTC will be registered in the nominee name of Cede
& Co. Individual purchases of beneficial ownership interest in the trust will
be made in book entry form through DTC. Ownership and transfer of units will be
evidenced and accomplished by book entries made by DTC and its participants.
DTC will record ownership and transfer of the units among DTC participants and
forward all notices and credit all payments received in respect of the units
held by the DTC participants. Beneficial owners of units will receive written
confirmation of their purchases and sale from the broker dealer or bank from
whom their purchase was made. Units are transferable by making a written
request properly accompanied by a written instrument or instruments of transfer
which should be sent registered or certified mail for the protection of the
unitholder. Record holders must sign such written request exactly as their
names appear on the records of the trust. The signatures must be guaranteed by
a participant in the STAMP or such other signature guaranty program in addition
to, or in substitution for, STAMP, as may be acceptable by the trustee.

Units may be purchased in denominations of one unit or any multiple
thereof, subject to the minimum investment requirement. Fractions of units, if
any, will be computed to three decimal places.

Taxes

This section summarizes some of the main U.S. federal income tax
consequences of owning units of a trust. This section is current as of the date
of this prospectus. Tax laws and interpretations change frequently, and these
summaries do not describe all of the tax consequences to all taxpayers. For
example, these summaries generally do not describe your situation if you are a
corporation, a non-U.S. person, a broker/dealer, or other investor with special
circumstances. In addition, this section does not describe your state, local or
foreign tax consequences.

This federal income tax summary is based in part on the advice and opinion
of counsel to the sponsor. The Internal Revenue Service could disagree with any
conclusions set forth in this section. In addition, our counsel was not asked
to review, and has not reached a conclusion with respect to the federal income
tax treatment of the assets to be deposited in your trust. This may not be
sufficient for you to use for the purpose of avoiding penalties under federal
tax law.

As with any investment, you should seek advice based on your individual
circumstances from your own tax advisor.

Assets of the Trusts. The trusts are expected to hold shares of stock in
corporations (the "Stocks") that are treated as equity for federal income tax
purposes. It is possible that a trust will also hold other assets, including
assets that are treated differently for federal income tax purposes from those
described above, in which case you will have federal income tax consequences
different from or in addition to those described in this section. All of the
assets held by the trusts constitute the "Trust Assets." Neither our counsel
nor we have analyzed the proper federal income tax treatment of the Trust
Assets and thus neither our counsel nor we have reached a conclusion regarding
the federal income tax treatment of the Trust Assets.

Trust Status. If your trust is at all times operated in accordance with
the documents establishing the trust and certain requirements of federal income
tax law are met, the trust will not be taxed as a corporation for federal
income tax purposes. As a unit owner, you will be treated as the owner of a pro
rata portion of each of the Trust Assets, and as such you will be considered to
have received a pro rata share of income (e.g., dividends and capital gains, if
any) from each Trust Asset when such income would be considered to be received
by you if you directly owned the Trust Assets. This is true even if you elect
to have your distributions reinvested into additional units. In addition, the
income from Trust Assets that you must take into account for federal income tax
purposes is not reduced by amounts used to pay sales charges or trust
expenses.

Your Tax Basis and Income or Loss Upon Disposition. If your trust disposes
of Trust Assets, you will generally recognize gain or loss. If you dispose of
your units or redeem your units for cash, you will also generally recognize
gain or loss. To determine the amount of this gain or loss, you must subtract
your tax basis in the related Trust Assets from your share of the total amount
received in the transaction. You can generally determine your initial tax basis
in each Trust Asset by apportioning the cost of your units, including sales
charges, among the Trust Assets ratably according to their values on the date
you acquire your units. In certain circumstances, however, you may have to
adjust your tax basis after you acquire your units (for example, in the case of
certain dividends that exceed a corporation's accumulated earnings and profits,
as discussed below).

If you are an individual, the maximum marginal federal tax rate for net
capital gain is generally 15% (generally 5% for certain taxpayers in the 10%
and 15% tax brackets). These capital gains rates are generally effective for
taxable years beginning before January 1, 2011. For later periods, if you are
an individual, the maximum marginal federal tax rate for net capital gain is
generally 20% (10% for certain taxpayers in the 10% and 15% tax brackets). The
20% rate is reduced to 18% and the 10% rate is reduced to 8% for long-term
capital gains from most property acquired after December 31, 2000 with a
holding period of more than five years.

Net capital gain equals net long-term capital gain minus net short-term
capital loss for the taxable year. Capital gain or loss is long-term if the
holding period for the asset is more than one year and is short-term if the
holding period for the asset is one year or less. You must exclude the date you
purchase your units to determine your holding period. The tax rates for capital
gains realized from assets held for one year or less are generally the same as
for ordinary income. The Internal Revenue Code, however, treats certain capital
gains as ordinary income in special situations. Capital gain received from
assets held for more than one year that is considered "unrecaptured section
1250 gain" (which may be the case, for example, with some capital gains
attributable to the REIT Shares) is taxed at a maximum stated tax rate of 25%.
In the case of capital gains dividends, the determination of which portion of
the capital gains dividend, if any, is subject to the 25% tax rate, will be
made based on rules prescribed by the United States Treasury.

Dividends from Stocks. Certain dividends received with respect to the
Stocks may qualify to be taxed at the same rates that apply to net capital gain
(as discussed above), provided certain holding period requirements are
satisfied. These special rules relating to the taxation of dividends at capital
gains rates generally apply to taxable years beginning before January 1, 2011.

Dividends Received Deduction. Generally, a domestic corporation owning
units in a trust may be eligible for the dividends received deduction with
respect to such unit owner's pro rata portion of certain types of dividends
received by the trust. However, a corporation that owns units generally will
not be entitled to the dividends received deduction with respect to dividends
from most foreign corporations.

In-Kind Distributions. Under certain circumstances as described in this
prospectus, you may request an In-Kind Distribution of Trust Assets when you
redeem your units at any time prior to 30 business days before your trust's
termination. However, this ability to request an in-kind distribution will
terminate at any time that the number of outstanding units has been reduced to
10% or less of the highest number of units issued by the trust. By electing to
receive an In-Kind Distribution, you will receive Trust Assets plus, possibly,
cash. You will not recognize gain or loss if you only receive whole Trust
Assets in exchange for the identical amount of your pro rata portion of the
same Trust Assets held by your trust. However, if you also receive cash in
exchange for a Trust Asset or a fractional portion of a Trust Asset, you will
generally recognize gain or loss based on the difference between the amount of
cash you receive and your tax basis in such Trust Asset or fractional portion.

Exchanges. If you elect to have your proceeds from your trust rolled over
into a future series of the trust, it is considered a sale for federal income
tax purposes and any gain on the sale will be treated as a capital gain, and
any loss will be treated as a capital loss. However, any loss you incur in
connection with the exchange of your units of your trusts for units of the next
series will generally be disallowed with respect to this deemed sale and
subsequent deemed repurchase, to the extent the two trusts have substantially
identical Trust Assets under the wash sale provisions of the Internal Revenue
Code.

Limitations on the Deductibility of Trust Expenses. Generally, for federal
income tax purposes, you must take into account your full pro rata share of
your trust's income, even if some of that income is used to pay trust expenses.
You may deduct your pro rata share of each expense paid by your trust to the
same extent as if you directly paid the expense. You may be required to treat
some or all of the expenses of your trust as miscellaneous itemized deductions.
Individuals may only deduct certain miscellaneous itemized deductions to the
extent they exceed 2% of adjusted gross income.

Foreign Investors, Taxes and Investments. Distributions by your trust that
are treated as U.S. source income (e.g., dividends received on Stocks of
domestic corporations) will generally be subject to U.S. income taxation and
withholding in the case of units held by nonresident alien individuals, foreign
corporations or other non-U.S. persons, subject to any applicable treaty. If
you are a foreign investor (i.e., an investor other than a U.S. citizen or
resident or a U.S. corporation, partnership, estate or trust), you may not be
subject to U.S. federal income taxes, including withholding taxes, on some of
the income from your trust or on any gain from the sale or redemption of your
units, provided that certain conditions are met. You should consult your tax
advisor with respect to the conditions you must meet in order to be exempt for
U.S. tax purposes. You should also consult your tax advisor with respect to
other U.S. tax withholding and reporting requirements.

Some distributions by your trust may be subject to foreign withholding
taxes. Any income withheld will still be treated as income to you. Under the
grantor trust rules, you are considered to have paid directly your share of any
foreign taxes that are paid. Therefore, for U.S. tax purposes, you may be
entitled to a foreign tax credit or deduction for those foreign taxes.

If any U.S. investor is treated as owning directly or indirectly 10% or
more of the combined voting power of the stock of a foreign corporation, and
all U.S. shareholders of that corporation collectively own more than 50% of the
vote or value of the stock of that corporation, the foreign corporation may be
treated as a controlled foreign corporation (a "CFC"). If you own 10% or more
of a CFC (through your trust and in combination with your other investments)
you will be required to include certain types of the CFC's income in your
taxable income for federal income tax purposes whether or not such income is
distributed to your trust or to you.

A foreign corporation will generally be treated as a passive foreign
investment company (a "PFIC") if 75% or more of its income is passive income or
if 50% or more of its assets are held to produce passive income. If your trust
purchases shares in a PFIC, you may be subject to U.S. federal income tax on a
portion of certain distributions or on gains from the disposition of such
shares at rates that were applicable in prior years and any gain may be
recharacterized as ordinary income that is not eligible for the lower net
capital gains tax rate. Additional charges in the nature of interest may also
be imposed on you. Certain elections may be available with respect to PFICs
that would limit these consequences. However, these elections would require you
to include certain income of the PFIC in your taxable income even if not
distributed to your trust or to you, or require you to annually recognize as
ordinary income any increase in the value of the shares of the PFIC, thus
requiring you to recognize income for federal income tax purposes in excess of
your actual distributions from PFICs and proceeds from dispositions of PFIC
stock during a particular year. Dividends paid by PFICs will not be eligible to
be taxed at the net capital gains tax rate.

New York Tax Status. Based on the advice of Dorsey & Whitney LLP, special
counsel to your trust for New York tax matters, under the existing income tax
laws of the State and City of New York, your trust will not be taxed as a
corporation, and the income of your trust will be treated as the income of the
unitholders in the same manner as for federal income tax purposes. You should
consult your tax advisor regarding potential foreign, state or local taxation
with respect to your units.

Experts

Legal Matters. Chapman and Cutler LLP, 111 West Monroe Street, Chicago,
Illinois 60603, acts as counsel for the trusts and has passed upon the legality
of the units.

Independent Registered Public Accounting Firm. The statements of financial
condition, including the Trust Portfolios, appearing herein, have been audited
by Grant Thornton LLP, independent auditors, as set forth in their report
thereon appearing elsewhere herein, and are included in reliance on such report
given on the authority of such firm as experts in accounting and auditing.

Description of Ratings

Standard & Poor's Issue Credit Ratings

A Standard & Poor's issue credit rating is a forward-looking opinion about
the credit worthiness of an obligor with respect to a specific financial
obligation, a specific class of financial obligations, or a specific financial
program (including ratings on medium-term note programs and commercial paper
programs). It takes into consideration the creditworthiness of guarantors,
insurers, or other forms of credit enhancement on the obligation and takes into
account the currency in which the obligation is denominated. The opinion
reflects Standard & Poor's view of the obligor's capacity and willingness to
meet its financial commitments as they come due, and may assess terms, such as
collateral security and subordination, which could affect ultimate payment in
the event of default.

Issue credit ratings can be either long term or short term. Short-term
ratings are generally assigned to those obligations considered short-term in
the relevant market. In the U.S., for example, that means obligations with an
original maturity of no more than 365 days, including commercial paper.
Short-term ratings are also used to indicate the creditworthiness of an obligor
with respect to put features on long-term obligations. The result is a dual
rating, in which the short-term rating addresses the put feature, in addition
to the usual long-term rating. Medium-term notes are assigned long-term
ratings.

The ratings and other credit related opinions of Standard & Poor's and its
affiliates are statements of opinion as of the date they are expressed and not
statements of fact or recommendations to purchase, hold, or sell any securities
or make any investment decisions. Standard & Poor's assumes no obligation to
update any information following publication. Users of ratings and credit
related opinions should not rely on them in making any investment decision.
Standard &Poor's opinions and analyses do not address the suitability of any
security. Standard & Poor's Financial Services LLC does not act as a fiduciary
or an investment advisor. While Standard & Poor's has obtained information from
sources it believes to be reliable, Standard & Poor's does not perform an audit
and undertakes no duty of due diligence or independent verification of any
information it receives. Ratings and credit related opinions may be changed,
suspended, or withdrawn at any time.

Long-term issue credit ratings

Issue credit ratings are based, in varying degrees, on the following
considerations:

o Likelihood of payment-capacity and willingness of the obligor to meet
its financial commitment on an obligation in accordance with the terms
of the obligation;

o Nature of and provisions of the obligation;

o Protection afforded by, and relative position of, the obligation in
the event of bankruptcy, reorganization, or other arrangement under
the laws of bankruptcy and other laws affecting creditors' rights.

Issue ratings are an assessment of default risk, but may incorporate an
assessment of relative seniority or ultimate recovery in the event of default.
Junior obligations are typically rated lower than senior obligations, to
reflect the lower priority in bankruptcy, as noted above. (Such differentiation
may apply when an entity has both senior and subordinated obligations, secured
and unsecured obligations, or operating company and holding company
obligations).

AAA An obligation rated "AAA" has the highest rating assigned by Standard
& Poor's. The obligor's capacity to meet its financial commitment on
the obligation is extremely strong.

AA An obligation rated "AA" differs from the highest-rated obligations
only to a small degree. The obligor's capacity to meet its financial
commitment on the obligation is very strong.

A An obligation rated "A" is somewhat more susceptible to the adverse
effects of changes in circumstances and economic conditions than
obligations in higher-rated categories. However, the obligor's
capacity to meet its financial commitment on the obligation is still
strong.

BBB An obligation rated "BBB" exhibits adequate protection parameters.
However, adverse economic conditions or changing circumstances are
more likely to lead to a weakened capacity of the obligor to meet its
financial commitment on the obligation.

Obligations rated "BB," "B," "CCC," "CC," and "C" are regarded as
having significant speculative characteristics. "BB" indicates the
least degree of speculation and "C" the highest. While such
obligations will likely have some quality and protective
characteristics, these may be outweighed by large uncertainties or
major exposures to adverse conditions.

BB An obligation rated "BB" is less vulnerable to nonpayment than other
speculative issues. However, it faces major ongoing uncertainties or
exposure to adverse business, financial, or economic conditions which
could lead to the obligor's inadequate capacity to meet its financial
commitment on the obligation.

B An obligation rated "B" is more vulnerable to nonpayment than
obligations rated "BB," but the obligor currently has the capacity to
meet its financial commitment on the obligation. Adverse business,
financial, or economic conditions will likely impair the obligor's
capacity or willingness to meet its financial commitment on the
obligation.

CCC An obligation rated "CCC" is currently vulnerable to nonpayment, and
is dependent upon favorable business, financial, and economic
conditions for the obligor to meet its financial commitment on the
obligation. In the event of adverse business, financial, or economic
conditions, the obligor is not likely to have the capacity to meet its
financial commitment on the obligation.

CC An obligation rated "CC" is currently highly vulnerable to nonpayment.

C A "C" rating is assigned to obligations that are CURRENTLY HIGHLY
VULNERABLE to nonpayment, obligations that have payment arrearages
allowed by the terms of the documents, or obligations of an issuer
that is the subject of a bankruptcy petition or similar action which
have not experienced a payment default. Among others, the 'C' rating
may be assigned to subordinated debt, preferred stock or other
obligations on which cash payments have been suspended in accordance
with the instrument's terms or when preferred stock is the subject of
a distressed exchange offer, whereby some or all of the issue is
either repurchased for an amount of cash or replaced by other
instruments having a total value that is less than par.

D An obligation rated "D" is in payment default. The "D" rating category
is used when payments on an obligation are not made on the date due
even if the applicable grace period has not expired, unless Standard &
Poor's believes that such payments will be made during such grace
period.

The "D" rating also will be used upon the filing of a bankruptcy petition
or the taking of a similar action if payments on an obligation are jeopardized.

Plus (+) or minus (-): The ratings from "AA" to "CCC" may be modified by
the addition of a plus or minus sign to show relative standing within the major
rating categories.

NR This indicates that no rating has been requested, that there is
insufficient information on which to base a rating, or that Standard &
Poor's does not rate a particular obligation as a matter of policy.

Moody's Ratings

Long-term obligation ratings

Moody's long-term obligation ratings are opinions of the relative credit
risk of fixed-income obligations with an original maturity of one year or more.
They address the possibility that a financial obligation will not be honored as
promised. Such ratings reflect both the likelihood of default and any financial
loss suffered in the event of default.

Aaa Obligations rated Aaa are judged to be of the highest quality, with
minimal credit risk.

Aa Obligations rated Aa are judged to be of high quality and are subject
to very low credit risk.

A Obligations rated A are considered upper-medium grade and are subject
to low credit risk.

Baa Obligations rated Baa are subject to moderate credit risk. They are
considered medium-grade and as such may possess certain speculative
characteristics.

Ba Obligations rated Ba are judged to have speculative elements and are
subject to substantial credit risk.

B Obligations rated B are considered speculative and are subject to high
credit risk.

Caa Obligations rated Caa are judged to be of poor standing and are
subject to very high credit risk.

Ca Obligations rated Ca are highly speculative and are likely in, or very
near, default, with some prospect of recovery of principal and
interest.

C Obligations rated C are the lowest rated class of bonds and are
typically in default, with little prospect for recovery of principal
or interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic
rating classification from Aa through Caa. The modifier 1 indicates that the
obligation ranks in the higher end of its generic rating category; the modifier
2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the
lower end of that generic rating category.

NR Not Rated. The symbol NR is assigned to unrated obligations, issuers
and/or programs.

WR Withdrawn. When Moody's no longer rates an obligation on which it
previously maintained a rating, the symbol WR is employed.

CLAYMORE SECURITIES DEFINED PORTFOLIOS

CLAYMORE INDEX PORTFOLIO PROSPECTUS-PART B

______ , 2010

Where to Learn More
You can contact us for free information about this and other investments.

Visit us on the Internet
http://www.claymore.com

By e-mail
invest@claymore.com

Call Claymore
(800) 345-7999
Pricing Line (888) 248-4954

Call the Bank of New York Mellon
(800) 701-8178 (investors)
(800) 647-3383 (brokers)

Additional Information

This prospectus does not contain all information filed with the Securities
and Exchange Commission. To obtain a copy of this information (a duplication fee
may be required):

E mail: publicinfo@sec.gov
Write: Public Reference Room
Washington, D.C. 20549-0102
Visit: http://www.sec.gov (EDGAR Database)
Call: 1-202-942-8090 (only for information on the operation of the Public
Reference Room)

When units of the trusts are no longer available, we may use this
prospectus as a preliminary prospectus for future trusts. In this case you
should note that:

The information in this prospectus is not complete with respect to future
trusts and may be changed. No one may sell units of a future trust until a
registration statement is filed with the Securities and Exchange Commission and
is effective. This prospectus is not an offer to sell units and is not
soliciting an offer to buy units in any state where the offer or sale is not
permitted.

Contents Investment Summary
- --------------------------------------------------------
2 Overview
Guggenheim ABC High Dividend Strategy, Series 1
- --------------------------------------------------------
A concise 2 Investment Objective
description 2 Principal Investment Strategy
of essential 2 Security Selection
information 4 Future Trusts
about the 4 Essential Information
portfolio 4 Portfolio Diversification
4 Principal Risks
6 Who Should Invest
6 Fees and Expenses
7 Example
8 Trust Portfolio
Guggenheim BMAC Commodity Producers Strategy, Series 1
- --------------------------------------------------------
A concise 10 Investment Objective
description 10 Principal Investment Strategy
of essential 10 Security Selection
information 11 Future Trusts
about the 12 Essential Information
portfolio 12 Portfolio Diversification
12 Principal Risks
14 Who Should Invest
15 Fees and Expenses
16 Example
17 Trust Portfolio
Guggenheim Global Telecom Strategy, Series 1
- --------------------------------------------------------
A concise 19 Investment Objective
description 19 Principal Investment Strategy
of essential 19 Security Selection
information 20 Future Trusts
about the 21 Essential Information
portfolio 21 Portfolio Diversification
21 Principal Risks
23 Who Should Invest
23 Fees and Expenses
24 Example
25 Trust Portfolio
Understanding Your Investments
- --------------------------------------------------------
Detailed 27 How to Buy Units
information 31 How to Sell Your Units
to help you 32 Distributions
understand 33 Investment Risks
your 39 How the Trust Works
investment 40 General Information
40 Expenses
42 Report of Independent Registered Public
Accounting Firm
43 Statements of Financial Condition

For the Table of Contents of Part B, See Part B of the prospectus.

Where to Learn More
- --------------------------------------------------------------
You can contact us for Visit us on the Internet
free information about http://www.claymore.com
these investments. By e-mail invest@claymore.com
Call Claymore (800) 345-7999
Pricing Line (888) 248-4954
Call The Bank of New York
(800) 701-8178 (investors) /
(800) 647-3383 (brokers)

Additional Information
- --------------------------------------------------------------------------------
This prospectus does not contain all information filed with the Securities and
Exchange Commission. To obtain or copy this information (a duplication fee may
be required):

E-mail: publicinfo@sec.gov
Write: Public Reference Room, Washington, D.C. 20549-0102
Visit: http://www.sec.gov (EDGAR Database)
Call: 1-202-942-8090 (only for information on the operation of the
Public Reference Room)

Refer to:

Claymore Securities Defined Portfolios, Series 679
Securities Act file number: 333-______
Investment Company Act file number: 811-03763

When units of the trusts are no longer available, we may use this prospectus as
a preliminary prospectus for future trusts. In this case you should note that:

Claymore Logo

PROSPECTUS

Guggenheim ABC High Dividend Strategy, Series 1

Guggenheim BMAC Commodity Producers Strategy, Series 1

Guggenheim Global Telecom Strategy, Series 1

UNIT INVESTMENT TRUSTS

Claymore Securities Defined Portfolios Series 679

DATED ______ , 2010

CONTENTS OF REGISTRATION STATEMENT

A. Bonding Arrangements of Depositor:

The Depositor has obtained the following Securities Dealer Blanket Bond for
its officers, directors and employees:

INSURER/POLICY NO. AMOUNT

National Union Fire Insurance
Company of Pittsburgh, Pennsylvania $250,000
959-9000

This Registration Statement comprises the following papers and documents.

The Facing Sheet
The Prospectus
The Signatures
Consents of Counsel

The following exhibits:

1.1 Reference Trust Agreement (to be supplied by amendment).

1.1.1 Standard Terms and Conditions of Trust (Reference is made to Exhibit
1.1.1 to Amendment No. 2 to the Registration Statement on Form S-6 for
Claymore Securities Defined Portfolios, Series 116 (File No. 333-72828
filed on December 18, 2001).

2.1 Code of Ethics (Reference is made to Exhibit 2.1 to the Registration
Statement on Form S-6 for Claymore Securities Deferred Portfolios,
Series 213 (File No. 333-122184 filed on February 9, 2005).

3.1 Opinion of counsel as to legality of the securities being registered
including a consent to the use of its name in the Registration
Statement (to be supplied by amendment).

3.2 Opinion of counsel as to Federal Income tax status of the securities
being registered including a consent to the use of its name in the
Registration Statement (to be supplied by amendment).

3.3 Opinion of counsel as to New York Income tax status of the securities
being registered including a consent to the use of its name in the
Registration Statement (to be supplied by amendment).

3.4 Opinion of counsel as to the Trustee and the Trust (s) including a
consent to the use of its name in the Registration Statement (to be
supplied by amendment).

4.1 Consent of Independent Registered Public Accounting Firm (to be
supplied by amendment).

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the Registrant,
Claymore Securities Defined Portfolios, Series 679 has duly caused this
Registration Statement to be signed on its behalf by the undersigned thereunto
duly authorized, in the City of Lisle, and State of Illinois, on the 19th day of
February, 2010.

CLAYMORE SECURITIES DEFINED PORTFOLIOS, SERIES 679,
Registrant

By: CLAYMORE SECURITIES, INC., Depositor

By: /s/ Kevin Robinson
Kevin Robinson

Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below on February 19, 2010 by the
following persons, who constitute a majority of the Board of Directors of
Claymore Securities, Inc.

SIGNATURE* TITLE*** DATE

CHRISTIAN MAGOON** President ) By: /s/ Kevin Robinson
------------------
) Kevin Robinson
) Attorney-in-Fact*
)
DAVID HOOTEN* Chief Executive Officer and ) February 19, 2010
Chairman of the Board of )
Directors )

MICHAEL RIGERT* Vice Chairman ) February 19, 2010

ANTHONY DILEONARDI* Vice Chairman ) February 19, 2010

BRUCE ALBELDA* Chief Financial Officer and February 19, 2010
Director
/s/ Kevin Robinson
KEVIN ROBINSON Senior Managing Director, February 19, 2010
General Counsel and Secretary

- ---------------------
* An executed copy of the related power of attorney was filed as Exhibit
6.0 to Registration Statement No. 333-149523 on April 9, 2008.

** An executed copy of the related power of attorney was filed as Exhibit
6.0 to Registration Statement No. 333-150840 on June 2, 2008.

*** The titles of the persons named herein represent their capacity in and
relationship to Claymore Securities, Inc., the Depositor.

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The consent of Grant Thornton LLP to the use of its report and to the
reference to such firm in the Prospectus included in the Registration Statement
will be filed as Exhibit 4.1 to the Registration Statement.

CONSENT OF CHAPMAN AND CUTLER LLP

The consent of Chapman and Cutler LLP to the use of its name in the
Prospectus included in the Registration Statement will be contained in its
opinions to be filed as Exhibits 3.1 and 3.2 to the Registration Statement.

CONSENT OF DORSEY & WHITNEY LLP

The consent of Dorsey & Whitney LLP to the use of its name in the
Prospectus included in the Registration Statement will be contained in its
opinions to be filed as Exhibits 3.3 and 3.4 to the Registration Statement.

MEMORANDUM

Re: Claymore Securities Defined Portfolios, Series 679

The list of securities comprising the trust of the fund, the evaluation,
record and distribution dates and other changes pertaining specifically to the
new series, such as size and number of units of the trust in the fund and the
statement of financial condition of the new fund will be filed by amendment.

1940 ACT

FORMS N-8A AND N-8B-2

Form N-8A and Form N-8B-2 were filed in respect of Claymore Securities
Defined Portfolios, Series 116 (and subsequent series) (File No. 811-03763).

1933 ACT

THE INDENTURE

The form of the proposed Standard Terms and Conditions of Trust is expected
to be in all respects consistent with the form of the Standard Terms and
Conditions of Trust dated December 18, 2001 relative to Claymore Securities
Defined Portfolios, Series 116.

CHAPMAN AND CUTLER LLP

Chicago, Illinois
February 19, 2010