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                                                               EXHIBIT 99.(3)(1)

                                  July 25, 2003

Claymore Securities, Inc.
210 North Hale Street
Wheaton, Illinois  60187


     Re:       CLAYMORE SECURITIES DEFINED PORTFOLIOS, SERIES 154


Gentlemen:

We have served as counsel to Claymore Securities Defined Portfolios, Series 154
(hereinafter referred to as the "FUND"), in connection with the issuance, under
the Reference Trust Agreement dated the date hereof between Claymore Securities,
Inc., as Depositor, and The Bank of New York, as Trustee, of Units of fractional
undivided interest in the one or more Trusts of said Fund (hereinafter referred
to as the "UNITS").

     In connection therewith, we have examined such pertinent records and
documents and matters of law as we have deemed necessary in order to enable us
to express the opinions hereinafter set forth.

     Based upon the foregoing, we are of the opinion that:

     1.   The execution and delivery of the Reference Trust Agreement and the
establishment of book entry positions evidencing the Units in the Trust(s) of
the Fund have been duly authorized; and

     2.   The book entry positions evidencing the Units in the Trust(s) of the
Fund when duly established in accordance with the aforementioned Reference Trust
Agreement, will constitute valid and binding obligations of such Trust(s) and
the Depositor in accordance with the terms thereof.

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     We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement (File No. 333-106475) relating to the Units referred to
above and to the use of our name and to the reference to our firm in said
Registration Statement and in the related Prospectus.


                                         Respectfully submitted,


                                         /s/ Chapman and Cutler LLP
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                                         Chapman and Cutler LLP