Claymore Dividend and Income Fund (the Fund), formerly Dreman/Claymore Dividend & Income Fund, is a non-diversified, closed-end management investment company. The Fund's primary investment objective is to provide a high level of current income, with a secondary objective of capital appreciation. The Fund invests its assets primarily in dividend-paying common and preferred stocks. The Fund will invest at least 80% of its total assets in dividend-paying or other income-producing securities, and at least 65% of the Fund's total assets will consist of investments in dividend-paying common and preferred stocks. The Fund may invest up to 20% of its total assets in United States dollar-denominated securities of foreign issuers. The Fund will not invest more than 10% of its total assets in non-convertible fixed-income securities of below investment-grade quality. The Fund’s investment advisor and administrator is Claymore Advisors, LLC.