In the Matter of Claymore Advisors, LLC, Admin. Proc. File No. 3-15139; In the Matter of Mohamed Riad and Kevin Timothy Swanson, Admin. Proc. File No. 3-15141; In the Matter of Fiduciary Asset Management, LLC, Admin. Proc. File No. 3-15140.  On December 19, 2012, the SEC announced charges against Claymore Advisors, Fiduciary Asset Management, Mohammed Riad and Kevin Swanson.  The SEC’s Orders Instituting Proceedings Found that a Fiduciary/Claymore mutual fund had strategies to enhance returns.  One was to write out-of-the money put options and the other was to short variance swaps.  As a result, the fund was exposed to risks that were not disclosed to investors and which caused the fund to lose more than $45 million over a two-month period, which was about 45% of the fund’s assets.  Claymore and Fiduciary agreed to settle the charges.  Claymore has developed a plan to distribute up to $45 million to compensate investors.  Fiduciary will pay $2 million in disgorgement and civil monetary penalties.  The SEC’s case against Riad and Swanson is not settled.  The OIP alleges that they violated, aided and abetted, and/or caused violations of Section 10(b) of the Exchange Act and Rule 10b-5, Section 206(4) of the Investment Advisers Act and Rule 206(4)-8, and Section 34(b) of the Investment Company Act.  The Division of Enforcement also alleges that Riad caused violations of Investment Company Act Rule 8b-16.