INVESTMENT MANAGEMENT AGREEMENT

      This INVESTMENT MANAGEMENT  AGREEMENT made this 25th day
 of May 2016,
by and among Western Asset Management Company (the "Advisor"), a
 California corporation,
Western Asset Management Company Ltd ("Subadviser"), a
 corporation
 organized under the
laws of Japan, and Security Investors, LLC ("SI"), a Kansas
 limited
 liability company, each of
which is registered as an investment adviser under the
 Investment
 Advisers Act of 1940, as
amended.

      WHEREAS, the Advisor and SI are each advisers of Western
 Asset/Claymore Jnflation-
Linked Opportunities & Income Fund (the "Trust"), a closed-end,
 management investment
company registered under the Investment Company Act of 1940, as
 amended (the "1940 Act");
and

      WHEREAS, the Advisor wishes lo retain Subadviser to provide
 certain investment
advisory services in connection with the Advisor's management
 of the
 Trust; and

      WHEREAS, Subadviser is willing to furnish such services
 on the
 terms and conditions
hereinafter set forth;

      NOW, THEREFORE, in consideration of the promises and mutual
 covenants herein
contained, it is agreed as follows:

      1.	Appointment.  The Advisor hereby appoints
 Subadviser as
 investment manager
for the Trust with respect to those assets of the Trust as may be
 designated by the Advisor from
time to time for the period and on the terms set forth in this
 Agreement.
  Subadviser accepts such
appointment and agrees to furnish the services herein set forth
 for the
 compensation herein
provided .

      2.	Delivery of Documents. SI has furnished Subadviser
 with
 copies of each of the
following :

             (a)	The Trust's Agreement and Declaration of
 Trust and
 all amendments
thereto (such Declaration of Trust, as presently in effect and as
 it shall
 from time to time be
amended, is herein called the "Declaration");

             (b)	The Trust's By-Laws and all amendments
 thereto (such
 By-Laws, as
presently in effect and as they shall from time to time be amended
, are
 herein called the "By-
laws");


            (c)	Resolutions of the Trust's Board of Trustees
 (the "Trustees"
) authorizing
the appointment of SI and the Advisor as advisers and Subadviser as
 investment manager and
approving an Investment Advisory Agreement between SI and the Trust
, an
 Investment
Management Agreement between the Adviser and SI with respect to
 the Trust
 (the "Western
Management Agreement") and this Agreement;

             (d)	The Trust's most recently filed Amendment
 to its
 Registration Statement
on Fonn N-2 under the Securities Act of 1933, as amended, and the
 1940 Act,
 including all
exhibits thereto, relating to common shares of beneficial interes
t of the
 Trust, no par value;

             (e)	The Trust's most recent prospectus (such
 prospectus,
 as presently in effect,
and all amendments and supplements thereto are herein called the
 "Prospectus"); and

           (t)	The Trust's most recent statement of additional
 infonnation
 (such
statement of additional infonnation, as presently in effect, and
 all
 amendments and supplements
thereto are herein called the "Statement of Additional lnformation").

      SI will furnish Subadviser from time to time with copies of all
 amendments of or
supplements to the foregoing.

      3.	Investment Advisory Services. (a) Subject to the
 supervision
 of the Trustees and
the Advisor, Subadviser shall as requested by the Advisor regularly
 provide
 the Trust with
investment research, advice, management and supervision and shall
 furnish a
 continuous
investment program for the Trust with respect to those assets of the
 Trust as
 may be designated
by the Advisor from time to time consistent with the Trust's investment
 objectives, policies, and
restrictions as stated in the Trust's current Prospectus and Statement of
 Additional Information.
Subadviser shall as requested by the Advisor determine from time to
 time what
 securities or other
property will be purchased, retained or sold by the Trust, and shall
 implement
 those decisions, all
subject to the provisions of the Trust's Declaration and By-Laws, the
 1940 Act,
 the applicable
rules and regulations of the Securities and Exchange Commission, and
 other
 applicable federal
and state law, as well as the investment objectives, policies, and
 restrictions
 of the Trust, as each
of the foregoing may be amended from time to time. Subadviser will as
 requested
 by the
Advisor place orders pursuant to its investment detenninations for the
 Trust
 either directly with
the issuer or with any broker, dealer or futures commission merchant
 (collectively, a "broker").
In the selection of brokers and the placing of orders for the purchase
 and sale
 of portfolio
investments for the Trust, Subadviser shall seek to obtain for the Trust
 the
 most favorable price
and execution available, except to the extent it may be pennitted to pay
 higher
brokerage
commissions for brokerage and research services as described below. In
 using its
 best efforts to
obtain for the Trust the most favorable price and execution available,
 Subadviser, bearing in
mind the Trust's best interests at all times, shall consider all factors
 it
 deems relevant, includi ng,
by way of illustration, price, the size of the transaction, the nature
 of the
 market for the security,
the amount of the commission, the timing of the transaction taking into
 consideration market
prices and trends, the reputation, experience and financial stability
 of the
 broker involved and the
quality of service rendered by the broker in other transactions.


Subject to such policies as the Trustees may determine and communicate to
 Subadviser in
writing, Subadviser shall not be deemed to have acted unlawfully or to have
 breached any duty
created by this Agreement or otherwise solely by reason of its having caused
 the Trust to pay a
broker that provides brokerage and research services to Subadviser or any
 affiliated person of
Subadviser an amount of commission for effecting a portfolio investment
 transaction in excess of
the amount of commission another broker would have charged for
 effecting that
 transaction, if
Subadviser determines in good faith that such amount of commission
 was
 reasonable in relation
to the value of the brokerage and research services provided by such
 broker,
 viewed in terms of
either that particular transaction or Subadviser's overall responsibilities
 with respect to the Trust
and to other clients of Subadviser and any affiliated person of
 Subadviser as
 to which Subadviser
or any affiliated person of Subadviser exercises investment discretion.
  Subadviser shall also
perform such other functions of management and supervision as may be
 requested
 by the
Advisor and agreed to by Subadviser.

             (b)	Subadviser will as requested by the Advisor
 oversee the
 maintenance of
all books and records with respect to the investment transactions of the
 Trust
 that it implements
in accordance with all applicable federal and state laws and regulations,
 and
 will furnish the
Trustees with such periodic and special reports as the Trustees or the
 Advisor
 reasonably may
request.

(c)	The Trust hereby agrees with the Subadviser and with any
 investment


manager appointed pursuant to paragraph 3(d) below (a 11 Sub-Subadviser11


that any entity or


person associated with Subadviser or Sub-Subadviser (or with any affiliated
 person of
Subadviser or Sub-Subadviser) which is a member of a national securities
 exchange
 is authorized
to effect any transaction on such exchange for the account of the Trust
 which is
 permitted by
Section l l (a) of the Securities Exchange Act of 1934, as amended, and
 Rule  l
 la2-2(T)
thereunder, and the Trust hereby consents to the retention of
 compensation for
 such transactions
in accordance with Rule l la2-2(T)(a)(2)(iv) or otherwise.

             (d)	Subadviser may enter into a contract (a
 "Sub-Subadvisory
 Contract") with
one or more investment managers in which Subadviser delegates to such
 investment
 managers
any or all duties specified in this Section 3.  Such Sub-Subadvisory
 Contract
 must meet all
requirements of the 1940 Act and the rules and regulations thereunder.

      4.	Services Not Exclusive. Subadviser's services hereunder
 are not
 deemed to be
exclusive, and Subadviser shall be free to render similar services to
 others. It
 is understood that
persons employed by Subadviser to assist in the performance of its duties
 hereunder might not
devote their full time to such service. Nothing herein contained shall
 be deemed
 to limit or
restrict the right of Subadviser or any affiliate of Subadviser to engage
 in and
 devote time and
attention to other businesses or to render services of whatever kind
 or nature.


      5.	Books and Records.  In compliance with the requirements
 of Rule
 3 Ia-3 under the
1940 Act, Subadviser hereby agrees that all books and records which it
 maintains
 for the Trust
are property of the Trust and further agrees to surrender promptly to
 the Trust
 or its agents any of
such records upon the Trust's request.  Subadviser further agrees to
 preserve for
 the periods
prescribed by Rule 3Ia-2 under the I 940 Act any such records required
 to be
 maintained by Rule
3Ia- I under the 1940 Act.

      6.	Expenses. During the term of this Agreement, Subadviser
 will pay
 all expenses
incurred by it in connection with its activities under this Agreement
 other than
 the cost of
securities and other property (including brokerage commissions, if any)
 purchased
 for the Trust.

      7.	Compensation.  For the services which Subadviser will
 render to
 the Advisor and
the Trust under this Agreement, the Advisor shall pay Subadviser an
 annual fee,
 payable on a
monthly basis, at the annual rate of .27% of the Trust's average weekly
 assets
 that Subadviser
manages.  "Average Weekly Assets" means the average weekly value of the
 total
 assets of the
Trust (including any assets attributable to leverage) minus accrued
 liabilities
 (other than
liabilities representi ng leverage).  For purposes of calculating Average
 Weekly
 Assets, neither
the liquidation preference of any preferred shares of beneficial interest
 outstanding nor any
liabilities associated with any instruments or transactions to leverage
 the
 Trust's portfolio
(whether or not such instruments or transactions are "covered" within
 the meaning
 of the  1940
Act and the rules and regulations thereunder, giving effect to any
 interpretations
 of the Securities
and Exchange Commission and its staff) is considered a liability.
  In addition,
 with respect to
reverse repurchase or dollar roll transactions ("Repurchase
 Transactions") entered
 into by the
Trust, Average Weekly Assets includes (a) any proceeds from the sale
 of an asset
 (the
"Underlying Asset") of the Trust to a counterparty in a Repurchase
 Transaction and
 (b) the value
of such Underlying Asset as of the relevant measuring date. Fees due
 to Subadviser
 hereunder
shall be paid promptly to Subadviser by the Advisor following its
 receipt of fees
 from SI. For
any period less than a month during which this Agreement is in effect,
 the fee
 shall be prorated
according to the proportion which such period bears to a full month
 of 28, 29, 30
 or 31 days, as
the case may be. For purposes of this Agreement and except as otherwise
 provided
 herein, the
Average Weekly Assets of the Trust shall be calculated pursuant to
 procedures
 adopted by the
Trustees of the Trust for calculating the value of the Trust's assets or
 delegating such
calculations to third parties.

      8.	Limitation of Liability.  In the absence of willful
 misfeasance,
 bad faith or gross
negligence on the part of Subadviser, or reckless disregard of its
 obligations and
 duties
hereunder, Subadviser shall not be subject to any liability to the
 Advisor, the
 Trust or any
shareholder of the Trust, for any act or omission in the course of,
 or connected
 with, rendering
services hereunder.


      9.	Definitions. As used in this Agreement, the terms
 "assignment,"
 "interested
person," "affiliated person," and "majority of the outstanding voting
 securities"
 shall have the
meanings given to them by Section 2(a) of the 1940 Act, subject to such
 exemptions
 as may be
granted, issued or adopted by the Securities and Exchange Commission or
 its staff
 by any rule,
regulation, or order; the term "specifically approve at least annually"
 shall be
 construed in a
manner consistent with the 1940 Act and the rules and regulations
 thereunder; and
 the term
"brokerage and research services" shall have the meaning given in the
 Securities
 Exchange Act
of 1934, as amended, and the rules and regulations thereunder.

       10.	Term.  This Agreement shall become effective upon its
 execution,
 and shall
remain in full force and effect continuously thereafter (unless
 terminated
 automatically as set
forth in Section  12) until terminated as follows:

             (a)	The Trust may at any time terminate this
 Agreement by 60
 days' written
notice delivered or mailed by registered mail, postage prepaid, to the
 Advisor and
 Subadviser, or

            (b)	If (i) the Trustees or the shareholders of the Trust
 by vote of a
 majority of
the outstanding voting securities of the Trust, and (ii) a majority
 of the Trustees
 who are not
interested persons of the Trust, the Advisor or Subadviser, by vote
 cast in person
 at a meeti ng
called for the purpose of voting on such approval , do not specifically
 approve at
 least annually
the continuance of this Agreement, then this Agreement shall
 automatically terminate
 at the close
of business on December 31, 2016; provided,  however, that if the
 continuance of
 this Agreement
is submitted to the shareholders of the Trust for their approval and such
 shareholders fail to
approve such continuance of this Agreement as provided herein,
 Subadviser may
 continue to
serve hereunder in a manner consistent with the 1940 Act and the
 rules and
 regulations
thereunder , or

            (c)	Subadviser may at any time terminate this Agreement
 by 60 days'
 written
notice delivered or mailed by registered mail, postage prepaid, to
 the Advisor.

      Action by the Trust under paragraph (a) of this Section IO may
 be taken either
 (i) by vote
of a majority of the Trustees, or (ii) by the vote of a majority of
 the outstanding
 voting securities
of the Trust.

      11.	Further Actions. Each party agrees to perform such
 further acts and
 execute such
further documents as are necessary to effectuate the purposes hereof.


       12.	No Assignment; Amendments. This Agreement shall terminate
 automatically  in
the event of its assignment or in the event that the Western Management
 Agreement
 shall have
terminated for any reason.  Any termination of this Agreement pursuant
 to Section 10
 shall be
without the payment of any penalty.  This Agreement shall not be
 amended unless such
amendment is approved by the vote of a majority of the outstanding
 voting securities
 of the Trust
(provided that such shareholder approval is required by the 1940 Act
 and the rules
 and
regulations thereunder, giving effect to any interpretations of the
 Securities and
 Exchange
Commission and its staff) and by the vote, cast in person at a
 meeting called for the
 purpose of
voting on such approval, of a majority of the Trustees who are not
 interested persons
 of the
Trust, the Advisor or Subadviser.

       13.	Non-Exclusive  Right.  Subadviser hereby grants to
 the Trust the
 nonexclusive
right and license to use the mark "Western Asset Management  Company
 Ltd" (the
 "Licensed
Mark") in the Trust's name and in connection with the formation,
 issuance, marketing,
promotion and operations of, or disclosure related to, the Trust.
  Subadviser agrees
 that it shall
recei ve no compensation for any such use by the Trust.  Subadviser
 hereby warrants
 and
represents that it has filed applications and/or owns rights in the
 Licensed Mark
 sufficient to
grant this license.  No right, title, or interest in the Licensed Mark,
 except the
 right to use the
Licensed Mark as provided in this Agreement, is or will be transferred
 to the Trust
 by this
Agreement.  Should this Agreement be terminated, the Trust agrees that
 it will take
 reasonably
necessary steps to change its name to a name not including the word
 ''Western
 Asset."

       14.	Miscellaneous.   This Agreement embodies the entire
 agreement
 and
understanding between the parties hereto, and supersedes all prior
 agreements
 and
understandings relating to the subject matter hereof.  The captions
 in this
 Agreement are
included for convenience of reference only and in no way define or
 delimit any of
 the provisions
hereof or otherwise affect their construction or effect.  Should any
 part of this
 Agreement be held
or made invalid by a court decision, statute, rule or otherwise, the
 remainder of
 this Agreement
shall not be affected thereby.  This Agreement shall be binding and
 shall inure to
 the benefit of
the parties hereto and their respective successors.

       15.	Limitation of Liability.  A copy of the Trust's
 Agreement and
 Declaration of
Trust is on file with the Secretary of The Commonwealth of
 Massachusetts, and notice
 is hereby
given that this Agreement has been executed on behalf of the Trust
 by an officer of
 the Trust as
an officer and not individually and the obligations of or arising out
 of this
 Agreement are not
bindi ng upon any of the Trustees, officers or shareholders of the
 Trust
 individually but are
binding only upon the assets and property of the Trust.

      16.	Japanese Law. Subadviser is regulated by the Japanese
 Securities
 and Exchange
Surveillance Commission, a commission established by the Japanese
 Financial Services
 Agency,
and is subject to applicable local laws and regulation.





IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
 be executed
by their officers designated below on the day and year first above
 written .



Attest:

By:	d