F/C Dyn EQ (NYSE:HCE)
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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