5 million, through a syndicate led by Merrill Lynch
+ Co.

deposits sedesa

The Fund offered 5. Claymore entities have provided supervision,
management, servicing or distribution on approximately $10.com/CEFs.

engender contributes

5 billion
in assets through closed-end funds, unit investment trusts and
separately managed accounts .

bgn alap

and Raymond James + Associates,
Inc. The net asset value of the Fund will fluctuate
with the value of the underlying securities.

orsz garantie

The
Fund seeks a high level of current income and current gains and, to a
lesser extent, capital appreciation. The Fund's common
shares do not represent a deposit or obligation of, and are not
guaranteed or endorsed by, any bank or other insured depository
institution , and are not federally insured by the Federal Deposit
Insurance Corporation or any other governmental agency.

Business Editors

NEW YORK + LISLE, Ill. The ex-dividend date will be May 11, 2005 .
Also, the Fund will make available the updated portfolio
composition including asset class, sector concentration, credit
quality and top ten holdings on the Fund's dedicated website at
www.claymore ., 2455 Corporate
West Drive, Lisle, Illinois 60532, 800-345-7999.

trustee deposit

Edwards and Sons, Inc.,
serves as the Fund's Investment Adviser.

garantie deposit

Claymore Advisors, LLC, an affiliate of Claymore Securities, Inc .5 billion
in assets through closed-end funds, unit investment trusts and
separately managed accounts .

In many jurisdictions retail deposits with banks are guaranteed by one of the government, a government -backed or a government-endorsed entity.

ipab bgn

Fiduciary manages a wide range of institutional equity,
covered call and fixed-income products.

ochrany krw

asp
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.

nima insurers

Business Editors

LISLE, Ill. Additional information on Claymore's
closed-end funds is available at www.

guarantors krw

LOUIS----The
Fiduciary/Claymore Dynamic Equity Fund (NYSE:HCE), a new closed-end
fund, announced that it has sized its initial public offering of
shares of common stock. The underwriters have the right to exercise an overallotment
option which could increase the number of shares outstanding by as
much as approximately 15% within the next 45 days. Based in New York, New York, Advent is a credit -oriented firm
specializing in the management of convertible, high-yield and equity
securities and the implementation of covered call and hedge fund
strategies.

deposit endeavours

Fiduciary/Claymore Dynamic Equity Fund Raises $107.5 Million from Common Share IPO

" The Fund will invest
substantially all of its assets in equity securities and will pursue a
strategy of writing (selling) options with varying strike prices and
expiration dates to seek attractive risk/reward characteristics.

garantie bgn

375 million shares at a price of $20,
representing $107.com/CEFs.

AVK Declares Monthly Dividend for May

----Advent
Claymore Convertible Securities and Income Fund (NYSE: AVK) today
declared its monthly dividend of $0.
An investment in the Fund is subject to certain risks and other
considerations. The Fund 's common
shares do not represent a deposit or obligation of, and are not
guaranteed or endorsed by, any bank or other insured depository
institution, and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board or any other
government agency.

sedesa ochrany

ipab payable

is a privately-held financial services
company offering unique investment solutions for financial advisors
and their clients. Such risks and considerations include, but are not
limited to: No Operating History, Not a Complete Investment Program,
Equity Risk, Options Risk, Small- and Mid-Cap Companies Risk, Income
Risk, Foreign Securities Risk, Industry Concentration Risk, Interest
Rate Risk, Inflation Risk, Derivatives Risk, Illiquid Securities Risk,
Fund Distribution Risk, Market Discount Risk, Portfolio Turnover Risk,
Tax Risk and Geopolitical Risk.
Claymore Securities, Inc. Claymore entities have provided supervision,
management, servicing or distribution on approximately $10.

payable mnden

The Fund will begin trading on the New York
Stock Exchange today under the symbol "HCE. There can be no assurance that the Fund will achieve its
investment objectives. Such risks and considerations include, but are not
limited to: Investment and Market Risk, Convertible and Synthetic
Convertible Securities Risk , High-Yield Securities Risk, Foreign
Securities Risks, Derivatives Risk, Interest Rate Risk, Leverage Risk,
Anti-Takeover Provisions, Market Disruption Risk and Illiquidity Risk.

Sometimes these deposit guarantors, also known as deposit insurers, fund themselves with a levy on banks.

krw orsz

Louis, Missouri,
Fiduciary currently has approximately $15 billion in client assets
under management.

payable krw

Additional information on Claymore's
closed-end funds is available at www.

If the deposit guarantor is not the central bank , the finance ministry, or the government's debt office, it should be listed here.

krw contributes

, A.
An investment in the Fund is subject to certain risks and other
considerations.
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.

garantie guarantors

Based in Lisle, Illinois,
Claymore Securities, Inc.claymore.

garantie alap

Investors should carefully consider the investment objectives and
policies, risk considerations, charges and expenses of the Fund before
they invest.com
Advent Capital Management, LLC serves as the Fund 's Investment
Manager.

ochrany orsz

G.asp
Fiduciary Asset Management, LLC serves as the Fund's Investment
Sub -Adviser. is a privately-held financial services
company offering unique investment solutions for financial advisors
and their valued clients. 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.

bgn insurers

Based in St., 2455 Corporate
West Drive, Lisle, Illinois 60532, 800- 345-7999 .

adventclaymore.

depositors payable

1718 per share.
Dividends will be paid on May 31, 2005 to shareholders of record
as of May 13, 2005. The firm manages assets for several FORTUNE 500 companies,
foundations , endowments, public pension plans, insurance companies and
another closed-end fund, the Advent/Claymore Enhanced Growth + Income
Fund (NYSE:LCM).

nima contributes

+ ST. For this and more information, please contact a
securities representative or Claymore Securities, Inc. Past performance is not indicative of future performance .