HCE Fiduciary Claymore Dynm EQ F

Fiduciary/Claymore Dynamic Equity Fund (NYSE:HCE), a diversified closed-end management investment company, has declared its quarterly dividend of $0.39 per share, reflecting a reduction of $0.035 per share from the Fund�s most recent quarterly dividend. This represents an annualized distribution rate of 10.23% based upon the closing market price of $15.25 on July 31, 2008. The Fund�s dividend was modified in an effort to provide a greater balance between the Fund�s ability to generate a high level of current income, including current gains, and capital appreciation. The Fund�s management believes that maintaining and potentially growing the Fund�s net asset value will benefit the Fund�s shareholders over time. �Given the recent conditions in the equity markets, we believe the current dividend level enhances the Fund�s ability to provide shareholders with greater potential for long-term capital appreciation while still providing an attractive level of quarterly income. We believe this proactive decision should be in the long-term shareholder�s best interest,� stated J. Thomas Futrell, CFA, Chief Executive Officer of the Fund. Since the Fund�s inception on April 29, 2005 through July 31, 2008 the Fund generated an average annual total return, including reinvestment of dividends, of 5.44% based on net asset value (�NAV�) and 0.13% based on market price. This compares to a 10.47% total return of the Fund�s benchmark, the S&P 500 Index over the same period. The Fund�s one year total return, as of July 31, 2008 was -0.46% based on NAV and �4.94% based on market price. The Fund�s investment objective is to provide a high level of current income and current gains and, to a lesser extent, capital appreciation. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of equity securities and writing (selling) call options on a substantial portion of its portfolio securities. Dividends will be paid on August 29, 2008 to shareholders of record as of August 15, 2008. The ex-dividend date will be August 13, 2008. If it is determined that a notification is required pursuant to Section 19(a) of the Investment Company Act of 1940, as amended, such notice will be posted to the Fund�s website after the close of business three business days prior to the payable date. If a distribution rate is largely comprised of sources other than income, it may not be reflective of the Fund�s performance. Claymore Advisors, LLC, an affiliate of Claymore Securities, Inc., serves as the Fund�s Investment Adviser. Claymore Securities, Inc. is a privately-held financial services company offering unique investment solutions for financial advisors and their valued clients. Claymore entities have provided supervision, management, servicing or distribution on approximately $18.4 billion in assets, as of June 30, 2008, through closed-end funds, unit investment trusts and exchange-traded funds. Registered investment products are sold by prospectus only and investors should read the prospectus carefully before investing. Additional information on Claymore�s closed-end funds is available at www.claymore.com/CEFs. Fiduciary Asset Management, LLC serves as the Fund's sub-adviser and manages a wide range of institutional equity, hedged equity, and fixed-income products. Fiduciary Asset Management currently manages and supervises approximately $16.6 billion, as of June 30, 2008, in client assets. Additional information on the firm is available at www.famco.com. This information does not represent an offer to sell securities of the Fund and it is not soliciting an offer to buy securities of the Fund. There can be no assurance that the Fund will achieve its investment objectives. The net asset value of the Fund will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in the Fund is subject to certain risks and other considerations. Such risks and considerations include, but are not limited to: Investment Risk, Equity Risk, Risks Associated with Options on Securities, Call Option Writing Risks, Risks of Mid-Cap and Small-Cap Companies, Income Risk, Foreign Securities Risk, Industry Concentration Risk, Interest Rate Risk, Risks Related to Preferred Securities, Derivatives Risk, Inflation Risk, Illiquid Securities Risk, Fund Distribution Risk, Market Discount Risk, Portfolio Turnover Risk, Tax Risk, Other Investment Companies Risk, Management Risk and Current Development Risks. Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully before they invest. For this and more information, please contact a securities representative or Claymore Securities, Inc., 2455 Corporate West Drive, Lisle, Illinois 60532, 800-345-7999. Member FINRA/SIPC (8/08) NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE