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DCS Announces New Investment Sub-Adviser, Fund Name, Ticker Symbol And Other Changes

Stocks in this article: DCS

Claymore Dividend & Income Fund (NYSE: DCS)(the “Fund”) announces that the Fund’s name and NYSE ticker symbol have changed to Guggenheim Enhanced Equity Strategy Fund (NYSE: GGE). Additionally, the Fund’s CUSIP has changed to 40167K100.

On March 14, 2011, the Fund announced that the Board of Trustees of the Fund approved the appointment of Guggenheim Partners Asset Management, LLC (“GPAM”) as investment sub-adviser to the Fund and the termination of the investment sub-advisory agreement with Manning & Napier Advisors, Inc., the Fund’s prior investment sub-adviser, each effective today. GPAM has entered into an interim investment sub-advisory agreement (the “Interim Sub-Advisory Agreement”) with the Fund and Guggenheim Funds Investment Advisors, LLC, the Fund’s investment adviser, which will be in effect for an interim period of up to 150 days pending shareholder approval of a new investment sub-advisory agreement among the Fund, GFIA and GPAM (the “New Sub-Advisory Agreement”). The Fund intends to submit the New Sub-Advisory Agreement to shareholders for approval at the 2011 annual meeting of shareholders of the Fund.

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. The Fund seeks 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 earnings of 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.

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