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DCS Announces Appointment Of Guggenheim Partners Asset Management, LLC As Investment Sub-Adviser

(NYSE: DCS) Claymore Dividend & Income Fund (the “Fund”) announces that the Fund’s Board of Trustees has approved the appointment of a new investment sub-adviser to the Fund: Guggenheim Partners Asset Management, LLC (“GPAM”), an affiliate of Guggenheim Funds Investment Advisors, LLC (“GFIA”), the Fund’s investment adviser. GPAM will begin serving as investment sub-adviser as of May 16, 2011. The Fund will continue to seek its primary investment objective of seeking a high level of current income with a secondary objective of capital appreciation, but will seek to achieve such investment objective by utilizing an enhanced equity option strategy developed by GPAM. The Fund anticipates that this investment strategy may increase the income and gains earned by the Fund, which may result in an increase in the amount of quarterly distributions payable by the Fund beginning in August 2011 to an annualized range of 7% to 8%, based on current market conditions. No assurance can be given that such a distribution rate will be achieved and the Fund’s actual distribution rate may be above or below the range stated herein. In connection with the appointment of GPAM, GFIA has agreed to extend the waiver of a portion of the advisory fees payable by the Fund.

Change in Investment Sub-Adviser

The Fund’s Board of Trustees has approved the appointment of GPAM as the Fund’s investment sub-adviser, effective as of May 16, 2011. At such time, Manning & Napier Advisors, Inc. (“M&N”) will cease to serve as investment sub-adviser to the Fund and GPAM will enter into an interim investment sub-advisory agreement (the “Interim Sub-Advisory Agreement”) with GFIA and the Fund, which will be in effect for an interim period of up to 150 days. The Board of Trustees also approved a new sub-advisory agreement among the Fund, GFIA and GPAM (the “New Sub-Advisory Agreement”), to be effective upon approval by shareholders, and intends to submit the New Sub-Advisory Agreement to shareholders for approval at the 2011 annual meeting of shareholders of the Fund. Proxy materials for the annual meeting will contain information regarding the New Sub-Advisory Agreement and GPAM. Each of GFIA and GPAM is an indirect subsidiary of Guggenheim Partners, LLC (“Guggenheim”), a diversified financial services firm.

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