HCE Fiduciary Claymore Dynm EQ F

Fiduciary/Claymore Dynamic Equity Fund (the �Fund�)(NYSE:HCE), a diversified closed-end management investment company, announced today the appointment of a new portfolio manager for the Fund, Charles D. Walbrandt, CFA. Mr. Walbrandt, Chief Executive Officer and Chief Investment Officer of Fiduciary Asset Management, LLC (�FAMCO�) will assume responsibility for the day-to-day portfolio management of the Fund. Mr. Walbrandt founded FAMCO in 1994 and has served as Chief Executive Officer and Chief Investment Officer since that time. Mr. Walbrandt currently manages a commingled hedged equity portfolio at FAMCO with assets of approximately $118 million, as of September 30, 2008. Prior to founding FAMCO, Mr. Walbrandt served in various capacities with General Dynamics Corporation, including Corporate Vice President, Trust Investment and Treasurer. He created the internal investment department at General Dynamics in 1983, designed the investment management processes, and managed both equity and fixed-income portfolios. He continues to function as chief investment officer for the approximately $10 billion of General Dynamics�s employee benefit trust assets. Mr. Walbrandt holds a B.S. in economics from the University of Wisconsin, an M.B.A. in finance from St. Louis University and attended John Marshall Law School. Mr. Walbrandt is a CFA charterholder and is a member of the St. Louis Society of Financial Analysts and a former member of its Board of Governors. Mr. Walbrandt is also a former trustee of the American Red Cross Retirement System. 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 $13.8 billion in assets, as of September 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 http://www.claymore.com/cef/. 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 (11/08) NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE