DCS Announces Final Results of In-Kind Tender Offer and Schedule of In-Kind Proceeds to be Distributed
Lisle, IL – January 19, 2010 – (NYSE: DCS) Claymore Dividend & Income Fund (the “Fund”), today announced that, in accordance with its in-kind tender offer (the “Offer”) to repurchase up to 4,085,947 of its issued and outstanding common shares of beneficial interest (“Common Shares”), representing approximately 45% of its issued and outstanding Common Shares, which expired at 11:59 p.m. EST on Monday, January 4, 2010, the Fund has accepted 4,085,893 properly tendered shares, representing approximately 45% of the Fund’s Common Shares outstanding, at a price per Common Share of approximately $16.24 (the “Repurchase Price”). The total value of assets of the Fund to be distributed in payment for such properly tendered Common Shares accepted in the Offer based on the Repurchase Price is approximately $66.36 million.
4,595,592 Common Shares were properly tendered in the Offer. In accordance with the terms of the Offer, the Fund is repurchasing shares on a pro-rata basis, disregarding fractions, from all tendering shareholders, with the exception of Common Shares tendered by shareholders who owned not more than 99 Common Shares and who properly tendered all such Common Shares, which the Fund will purchase in full in accordance with the terms of the Offer. Accordingly, on a pro rata basis, except as noted above, approximately 88.91% of the Common Shares properly tendered by each shareholder who tendered their Common Shares has been accepted for payment.
The Fund released today the aggregate schedule of in-kind proceeds to be distributed in connection with the Offer. The market value of each of the distributable assets listed below may increase or decrease before the actual receipt by shareholders of the distributable assets. The Fund delivered the distributable assets on January 15, 2010 to brokers whose customers tendered shares in the Offer through the Depository Trust Company (“DTC”). The Fund will distribute cash in lieu of any fractional share of a security that is not distributed due to rounding. Shareholders are encouraged to consult their own tax advisers with respect to the tax consequences of a sale of Common Shares pursuant to the Offer, including potential tax consequences in jurisdictions where the shareholder is a citizen, resident or domiciliary.
Schedule of In-Kind Proceeds
| Security Name | CUSIP | Par/Shares | Market Value ($) |
| TIME WARNER 7.7% 5/01/32 | 00184AAG0 | 135,000 | $161,717.60 |
| AU OPTRONICS CORPORATION ADR | 2255107 | 8,647 | $111,373.36 |
| ABBOTT LABS | 2824100 | 21,103 | $1,149,269.38 |
| AETNA INC. 6.75% 12/15/37 | 00817YAG3 | 206,000 | $215,720.30 |
| ALCOA INC. 6.75% 7/15/18 | 013817AS0 | 125,000 | $131,698.02 |
| ALTRIA GROUP INC. | 02209S103 | 35,211 | $696,825.69 |
| AMERICAN EXPRESS AXP VAR 9/1/66 | 025816AU3 | 58,000 | $53,848.48 |
| AMERICAN EXPRESS CO. | 025816BB4 | 206,000 | $246,631.47 |
| AMERICAN INT’L GROUP 5.375% 10/18/11 | 02687QBE7 | 212,000 | $213,776.08 |
| ANADARKO 8.70% 3/15/19 | 032511BC0 | 200,000 | $254,502.25 |
| ANALOG DEVICES INC. | 32654105 | 5,105 | $161,675.35 |
| ASTRAZENECA PLC ADR | 46353108 | 26,101 | $1,237,448.41 |
| AUTOMATIC DATA PROCESSING | 53015103 | 9,224 | $395,063.92 |
| AVALONBAY COMMUNITIES 6.1% 3/15/20 | 05348EAN9 | 84,000 | $87,568.66 |
| AVERY-DENNISON CORPORATION | 53611109 | 1,652 | $60,876.20 |
| AVON PRODUCTS, INC. | 54303102 | 4,228 | $135,803.36 |
| BP AMOCO PLC ADR | 55622104 | 38,350 | $2,268,402.50 |
| BANK OF AMERICA 8% 12/29/49 | 060505DR2 | 57,000 | $57,180.69 |
| BEMIS COMPANY | 81437105 | 1,652 | $49,576.52 |
| BHP BILLITON LTD. | 88606108 | 25,014 | $1,990,363.98 |
| BIOVAIL CORPORATION | 09067J109 | 1,574 | $23,106.32 |
| BOSTON PROPERTIES 5.875% 10/15/19 | 10112RAQ7 | 89,000 | $90,698.74 |
| BRASIL TELECOM SA ADR | 10553M101 | 3,382 | $102,136.40 |
| BRISTOL-MYERS SQUIBB CO. | 110122108 | 34,207 | $876,725.41 |
| CRH PLC SPONSORED ADR | 12626K203 | 4,374 | $122,690.70 |
| CSX CORPORATION 6% 10/1/36 | 126408GH0 | 201,000 | $201,884.37 |
| CAMDEN PROPERTY 5.7% 5/15/17 | 133131AQ5 | 94,000 | $89,527.10 |
| CAMPBELL SOUP CO. | 134429109 | 5,089 | $172,364.43 |
| CATERPILLAR INC. | 149123101 | 6,177 | $361,663.35 |
| CATERPILLAR 7.15% 2/15/19 | 14912L4E8 | 135,000 | $160,148.71 |
| CENOVUS ENERGY INC. | 15135U109 | 7,657 | $203,676.20 |
| CENTURYTEL INC. | 156700106 | 976 | $35,780.16 |
| CHEVRON CORPORATION | 166764100 | 26,418 | $2,088,607.08 |
| CHUNGHWA TELECOM CO. ADR | 17133Q403 | 9,177 | $172,527.60 |
| CITIGROUP 8.5% 5/22/19 | 172967EV9 | 214,000 | $252,197.45 |
| COCA-COLA COMPANY | 191216100 | 37,555 | $2,142,137.20 |
| COMCAST CORPORATION 6.55% 7/1/39 | 20030NAY7 | 206,000 | $216,199.23 |
| CEMIG SA SPONSORED ADR | 204409601 | 3,491 | $64,339.13 |
| CIA SIDERURGICA SPONSORED ADR | 20440W105 | 7,844 | $260,185.48 |
| CIA DE SANEAMENTO BAS ADR | 20441A102 | 2,008 | $80,139.28 |
| CONOCOPHILLIPS | 20825C104 | 24,274 | $1,276,326.92 |
| CORNING INC 6.625% 5/15/19 | 219350AS4 | 128,000 | $141,402.05 |
| DPL INC. | 233293109 | 1,081 | $29,781.55 |
| DIAGEO PLC SPONSORED ADR | 25243Q205 | 10,715 | $744,371.05 |
| WALT DISNEY CO. 7% 3/1/32 | 25468PBW5 | 208,000 | $248,619.54 |
| R.R. DONNELLEY & SONS CO. | 257867101 | 3,526 | $80,075.46 |
| DOVER CORPORATION | 260003108 | 1,796 | $76,078.56 |
| DOW CHEMICAL | 260543103 | 18,502 | $539,888.36 |
| E.I. DU PONT DE NEMOURS | 263534109 | 16,917 | $579,576.42 |
| EASTMAN CHEMICAL CO. | 277432100 | 1,318 | $81,386.50 |
| EATON CORP. | 278058102 | 2,777 | $178,616.64 |
| EMBRAER AIRCRAFT CORP. ADR | 29081M102 | 1,796 | $41,721.08 |
| EMERSON ELECTRIC CO. | 291011104 | 14,374 | $623,112.90 |
| ENCANA CORP. | 292505104 | 7,657 | $261,869.40 |
| ENERPLUS RESOURCES | 29274D604 | 1,673 | $39,449.34 |
| EXELON GENERATION 6.2% 10/1/17 | 30161MAE3 | 209,000 | $227,787.80 |
| FANNIE MAE 5.375% PREFERRED | 313586810 | 131 | $393,000.00 |
| FEDERATED INVESTORS INC. | 314211103 | 1,827 | $51,156.00 |
| FEDEX CORP. 8% 1/15/2019 | 31428XAR7 | 197,000 | $244,313.06 |
| FORTUNE BRANDS INC. | 349631101 | 2,513 | $109,039.07 |
| FORTUNE BRANDS 6.625% 7/15/28 | 349631AG6 | 205,000 | $200,352.80 |
| GE CAPITAL CORP. 6.375% 11/15/67 | 36962G3M4 | 26,000 | $23,142.71 |
| GE CAPITAL CORP. 6.75% 3/15/32 | 36962GXZ2 | 208,000 | $217,710.23 |
| GENERAL MILLS INC. | 370334104 | 4,374 | $310,116.60 |
| GENUINE PARTS COMPANY | 372460105 | 2,726 | $103,942.38 |
| GLAXOSMITHKLINE PLC ADR | 37733W105 | 42,893 | $1,843,112.21 |
| GOLDMAN SACHS 6.75% 10/1/37 | 38141GFD1 | 201,000 | $211,330.19 |
| GOLDMAN SACHS CAP. II 5.793% 12/29/49 | 381427AA1 | 60,000 | $47,428.24 |
| GREIF BROS CORP. | 397624107 | 387 | $21,571.38 |
| HCP INC. 6.7% 1/30/18 | 40414LAA7 | 89,000 | $89,575.12 |
| HARSCO CORP. | 415864107 | 771 | $25,867.05 |
| HEINZ (H.J.) CO. | 423074103 | 5,253 | $225,038.52 |
| HELLENIC TELCOMMUNICATIONS ORG. ADR | 423325307 | 17,287 | $128,961.02 |
| HERSHEY CO. | 427866108 | 4,096 | $148,357.12 |
| HOME DEPOT, INC. | 437076102 | 32,342 | $927,245.14 |
| HOME DEPOT 5.875% 12/16/36 | 437076AS1 | 206,000 | $199,613.13 |
| HONEYWELL INT'L INC. | 438516106 | 7,302 | $294,635.70 |
| HUBBELL INC. (CLASS B) | 443510201 | 846 | $40,447.26 |
| HUGHES NETWORK 9.5% 4/15/14 | 444433AF3 | 126,000 | $133,385.02 |
| ILLINOIS TOOL WORKS | 452308109 | 9,216 | $447,621.12 |
| INTEL CORP. | 458140100 | 96,489 | $2,014,690.32 |
| INT’L FLAVORS & FRAGRANCES | 459506101 | 1,146 | $48,143.46 |
| INT’L GAME TECHNOLOGY 7.5% 6/15/19 | 459902AR3 | 206,000 | $224,463.30 |
| INT’L PAPER 7.5% 8/15/21 | 460146CE1 | 199,000 | $229,424.37 |
| INVERNESS MEDICAL INNOVATION 9% 5/15/16 | 46126PAF3 | 211,000 | $219,440.00 |
| JPMORGAN CHASE 7.9% 4/49 | 46625HHA1 | 58,000 | $60,812.65 |
| JPMORGAN CHASE 6.3% 4/23/19 | 46625HHL7 | 204,000 | $230,610.98 |
| JOHNSON & JOHNSON | 478160104 | 28,804 | $1,863,042.72 |
| JOHNSON CONTROLS INC. | 478366107 | 6,356 | $176,696.80 |
| KELLOGG COMPANY | 487836108 | 5,512 | $291,198.96 |
| KIMBERLY CLARK | 494368103 | 7,221 | $464,093.67 |
| KOHL'S CORPORATION 6.875% 12/15/37 | 500255AQ7 | 206,000 | $234,575.39 |
| PHILIPS ELECTRONICS | 500472303 | 8,300 | $255,889.00 |
| KRAFT FOODS INC. | 50075N104 | 14,495 | $397,597.85 |
| LEGGETT AND PLATT INC. | 524660107 | 2,888 | $59,232.88 |
| ELI LILLY & CO. | 532457108 | 19,702 | $705,725.64 |
| LIMITED BRANDS INC. | 532716107 | 6,228 | $120,262.68 |
| LINEAR TECHNOLOGY CORP. | 535678106 | 3,955 | $122,367.70 |
| LORILLARD INC. | 544147101 | 1,589 | $129,535.28 |
| LUBRIZOL CORPORATION | 549271104 | 1,145 | $85,520.05 |
| MDU RESOURCES GROUP | 552690109 | 2,911 | $69,602.01 |
| MAGYAR TELECOM TELE SPONSORED ADR | 559776109 | 3,779 | $73,388.18 |
| MARATHON OIL CORP. | 565849106 | 7,067 | $226,921.37 |
| MARSH & MCLENNAN CO. | 571748102 | 7,881 | $172,357.47 |
| MASCO CORPORATION | 574599106 | 7,189 | $102,730.81 |
| MATTEL INC. | 577081102 | 6,306 | $126,056.94 |
| MAXIM INTEGRATED PRODUCTS | 57772K101 | 2,789 | $57,146.61 |
| MCCORMICK & COMPANY | 579780206 | 1,732 | $62,871.60 |
| MCDONALD'S CORPORATION | 580135101 | 21,327 | $1,338,909.06 |
| MCGRAW-HILL COMPANIES | 580645109 | 5,706 | $191,778.66 |
| MERCK & CO. INC. | 58933Y105 | 36,071 | $1,334,987.71 |
| MICROCHIP TECHNOLOGY INC. | 595017104 | 3,250 | $94,835.00 |
| NATIONAL FUEL GAS COMPANY | 636180101 | 1,437 | $72,798.42 |
| NORDSTROM INC. | 655664100 | 2,301 | $87,253.92 |
| NORFOLK SOUTHERN CORP. | 655844108 | 3,536 | $185,958.24 |
| NORTHROP GRUMMAN CORP. | 666807102 | 3,298 | $187,491.30 |
| NUCOR CORP. | 670346105 | 3,297 | $157,563.63 |
| ORACLE CORPORATION 6.125% 7/8/39 | 68389XAH8 | 126,000 | $136,191.23 |
| PPG INDUSTRIES INC. | 693506107 | 3,110 | $188,466.00 |
| PARTNER COMM. ADR | 70211M109 | 2,633 | $54,081.82 |
| PAYCHEX INC. | 704326107 | 6,553 | $201,963.46 |
| PEARSON PLC SPONSORED ADR | 705015105 | 7,128 | $102,571.92 |
| PENN WEST ENERGY TRUST | 707885109 | 4,755 | $86,065.50 |
| J.C. PENNEY CO. | 708160106 | 2,383 | $64,722.28 |
| PENTAIR INC. | 709631105 | 1,329 | $44,362.02 |
| PEPSICO INC. | 713448108 | 29,221 | $1,789,494.04 |
| PFIZER INC. | 717081103 | 96,620 | $1,829,016.60 |
| PHILIP MORRIS INTERNATIONAL | 718172109 | 19,830 | $978,610.50 |
| PHILIPPINE LONG DISTANCE SPONSORED ADR | 718252604 | 1,857 | $106,944.63 |
| PINNACLE ENTERTAINMENT 7.5% 6/15/15 | 723456AG4 | 214,000 | $200,446.68 |
| PITNEY-BOWES INC. | 724479100 | 4,099 | $93,949.08 |
| PLUM CREEK TIMBER COMPANY INC. | 729251108 | 2,368 | $90,220.80 |
| PUBLIC SERVICE ENTERPRISE | 744573106 | 9,245 | $310,909.35 |
| RPM INTERNATIONAL, INC. | 749685103 | 1,142 | $23,970.58 |
| REPSOL YPF SA SPONSORED ADR | 76026T205 | 16,657 | $452,903.83 |
| RIO TINTO PLC ADR | 767204100 | 3,459 | $775,196.49 |
| ROCKWELL AUTOMATION INC. | 773903109 | 1,454 | $69,399.42 |
| ROYAL DUTCH SHELL PLC ADR | 780259206 | 33,381 | $2,081,305.35 |
| SARA LEE CORP. | 803111103 | 14,547 | $178,928.10 |
| SASOL LTD SPONSORED ADR | 803866300 | 6,603 | $275,675.25 |
| SIMON PROPERTY GROUP 10.35% 4/1/19 | 828807CA3 | 62,000 | $79,671.24 |
| JM SMUCKER CO. | 832696405 | 1,294 | $80,460.92 |
| SNAP-ON INC. | 833034101 | 815 | $34,930.90 |
| SONOCO PRODUCTS | 835495102 | 1,836 | $55,171.80 |
| SOUTHWEST AIRLINES CO. | 844741AX6 | 208,000 | $203,572.63 |
| SOUTHWESTERN ELECTRIC 6.45% 1/15/19 | 845437BK7 | 126,000 | $139,037.66 |
| STANLEY WORKS | 854616109 | 1,431 | $75,428.01 |
| STEEL DYNAMICS INC. | 858119100 | 1,675 | $30,635.75 |
| SUNOCO INC. | 86764P109 | 1,190 | $32,927.30 |
| SYSCO CORPORATION | 871829107 | 10,986 | $308,706.60 |
| TAIWAN SEMICONDUCTOR ADR | 874039100 | 90,691 | $1,050,201.78 |
| TELECOM NEW ZEALAND SPONSORED ADR | 879278208 | 6,952 | $64,375.52 |
| TELEFONOS DE MEXICO ADR | 879403780 | 9,015 | $153,976.20 |
| TENARIS SA ADR | 88031M109 | 6,181 | $274,003.73 |
| TEXTRON INC 7.25% 10/1/19 | 883203BQ3 | 126,000 | $133,389.90 |
| THOMSON REUTERS CORP. | 884903105 | 11,375 | $371,166.25 |
| 3M CO. | 88579Y101 | 12,912 | $1,071,954.24 |
| TOTAL SA SPONSORED ADR | 8.92E+113 | 31,979 | $2,106,776.52 |
| UNITED PARCEL SERVICE (CLASS B) | 911312106 | 18,992 | $1,104,954.56 |
| UNITEDHEALTH 6.5% 6/15/37 | 91324PAX0 | 206,000 | $205,039.22 |
| VF CORPORATION | 918204108 | 2,066 | $151,603.08 |
| WGL HOLDINGS INC. | 92924F106 | 454 | $15,354.28 |
| WADDELL & REED FINANCIAL | 930059100 | 1,100 | $34,397.00 |
| WASTE MAGEMENT INC. | 94106L109 | 17,002 | $580,788.32 |
| WASTE MANAGEMENT INC. 7.375% 3/11/19 | 94106LAU3 | 200,000 | $235,841.84 |
| WEATHERFORD 9.625% 3/1/19 | 947075AF4 | 199,000 | $255,078.96 |
| WELLPOINT 5.95% 12/15/34 | 94973VAH0 | 198,000 | $188,440.64 |
| WELLS FARGO 7.98% 2/28/49 | 949746PM7 | 58,000 | $59,849.22 |
| WHIRLPOOL CORPORATION | 963320106 | 768 | $62,937.60 |
| WILLIAMS COMPANIES, INC. | 969457100 | 15,580 | $336,683.80 |
| COOPER INDUSTRIES (CLASS A) | G24140108 | 3,357 | $144,149.58 |
| INGERSOLL-RAND PLC | G47791101 | 3,092 | $112,085.00 |
| INVESCO LTD | G491BT108 | 3,862 | $90,139.08 |
| SCOTTISH RE GROUP (PREFERRED) | G73537402 | 103,638 | $544,099.50 |
| TYCO INTERNATIONAL LTD | H89128104 | 4,104 | $148,852.08 |
| TYCO ELECTRONICS LTD | H8912P106 | 4,381 | $109,656.43 |
| CELLCOM ISRAEL LTD | M2196U109 | 901 | $29,579.83 |
The Offer is not part of a plan to liquidate the Fund. Shareholder participation was not mandatory as shareholders can continue to purchase and sell Common Shares in cash transactions on the New York Stock Exchange.
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 or servicing on approximately $15.2 billion in assets, as of December 31, 2009. Claymore currently offers 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.
Manning & Napier Advisors, Inc. serves as the Fund’s Investment Sub-Adviser. Manning & Napier has been a registered investment adviser since 1970. For more than 35 years, Manning & Napier has focused on managing clients’ investments through a variety of market conditions, including five bear markets. The firm managed approximately $19 billion for individuals, corporations, defined benefit pension plans, 401(k) choice plans, Taft-Hartley accounts, endowments, foundations and municipal retirement plans as of June 30, 2009. It remains an employee-owned firm, with 100% of the firm owned by full-time employees.
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, Preferred Securities Risk, Income Risk, “Value Investing” Risk, Interest Rate Risk, Inflation Risk, Lower-Grade Securities Risk, Foreign Securities Risk, Derivatives Risk, Illiquid Securities Risk, Fund Distribution Risk, Market Discount Risk, Industry Concentration Risk, Other Investment Companies Risk, Non-Diversified Status Risk, Financial Leverage Risk, Management Risk, Current Developments Risk, Anti-Takeover Provisions, and Market Disruption Risk and AMPS Risk.
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.
Press and Analyst Inquiries:
William T. Korver
Claymore Securities, Inc.
cefs@claymore.com
630-505-3700
Member FINRA/SIPC (1/10)
NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE
