- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21687

Fiduciary/Claymore Dynamic Equity Fund

(Exact name of registrant as specified in charter)

2455 Corporate West Drive, Lisle, IL 60532

(Address of principal executive offices) (Zip code)

J. Thomas Futrell
2455 Corporate West Drive, Lisle, IL 60532

(Name and address of agent for service)

Registrant's telephone number, including area code: (630) 505-3700

Date of fiscal year end: November 30

Date of reporting period: August 31, 2008

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. SCHEDULE OF INVESTMENTS.
Attached hereto.

FIDUCIARY/CLAYMORE DYNAMIC EQUITY FUND
PORTFOLIO OF INVESTMENTS
AUGUST 31, 2008 (UNAUDITED)

NUMBER
OF SHARES DESCRIPTION VALUE
------------------------------------------------------------------------------------------------------------
 LONG-TERM INVESTMENTS - 92.8%
 COMMON STOCKS - 92.8%
 CONSUMER DISCRETIONARY - 12.8%
 17,000 Amazon.Com, Inc. (a) $ 1,373,770
 45,100 Best Buy Co., Inc. 2,019,127
 32,500 McDonald's Corp. 2,015,000
 39,000 MGM Mirage (a) 1,372,410
 10,000 Nike, Inc. - Class B 606,100
 54,200 Nordstrom, Inc. 1,685,620
 44,100 Target Corp. 2,338,182
 44,800 Walt Disney Co. (The) 1,449,280
 -------------
 12,859,489
 -------------
 CONSUMER STAPLES - 7.8%
 18,000 Coca-Cola Co. (The) 937,260
 35,400 CVS Caremark Corp. 1,295,640
 32,300 PepsiCo, Inc. 2,211,904
 20,700 Philip Morris International, Inc. 1,111,590
 33,800 Procter & Gamble Co. 2,358,226
 -------------
 7,914,620
 -------------
 ENERGY - 8.0%
 8,500 Apache Corp. 972,230
 21,300 Chevron Corp. 1,838,616
 23,000 Schlumberger Ltd. (Netherlands) 2,167,060
 20,500 Valero Energy Corp. 712,580
 76,200 Williams Cos., Inc. 2,353,818
 -------------
 8,044,304
 -------------
 FINANCIALS - 14.2%
 27,500 Aflac, Inc. 1,559,250
 11,700 American International Group, Inc. 251,433
 42,600 Bank of America Corp. 1,326,564
 80,200 Charles Schwab Corp. (The) 1,923,998
 6,000 Goldman Sachs Group, Inc. 983,820
 47,000 JPMorgan Chase & Co. 1,809,030
 39,600 Lehman Brothers Holdings, Inc. 637,164
 20,400 T Rowe Price Group, Inc. 1,210,944
 76,000 US Bancorp 2,421,360
 21,900 Wachovia Corp. 347,991
 64,100 Wells Fargo & Co. 1,940,307
 -------------
 14,411,861
 -------------
 HEALTH CARE - 4.8%
 48,100 Coventry Health Care, Inc. (a) 1,684,462
 32,100 Gilead Sciences, Inc. (a) 1,691,028
 20,600 Johnson & Johnson 1,450,858
 -------------
 4,826,348
 -------------
 INDUSTRIALS - 16.1%
 17,900 Boeing Co. 1,173,524
 26,400 Caterpillar, Inc. 1,867,272
 34,700 Deere & Co. 2,448,779
 44,100 Emerson Electric Co. 2,063,880
 65,000 General Electric Co. 1,826,500
 49,700 Honeywell International, Inc. 2,493,449
 31,100 Rockwell Collins, Inc. 1,635,549
 9,400 Sunpower Corp. - Class A (a) 916,970
 28,100 United Technologies Corp. 1,843,079
 -------------
 16,269,002
 -------------
 INFORMATION TECHNOLOGY - 22.6%
 51,500 Adobe Systems, Inc. (a) 2,205,745
 13,200 Apple, Inc. (a) 2,237,796
 81,700 Cisco Systems, Inc. (a) 1,964,885
 62,400 Corning, Inc. 1,281,696
 27,000 eBay, Inc. (a) 673,110
 114,300 EMC Corp. (a) 1,746,504
 3,400 Google, Inc. - Class A (a) 1,575,186
 34,900 Hewlett-Packard Co. 1,637,508
 85,800 Intel Corp. 1,962,246
 12,900 International Business Machines Corp. 1,570,317
 40,900 MEMC Electronic Materials, Inc. (a) 2,007,781
 50,000 Microsoft Corp. 1,364,500
 83,100 Oracle Corp. (a) 1,822,383
 15,600 Qualcomm, Inc. 821,340
 -------------
 22,870,997
 -------------
 MATERIALS - 2.5%
 13,000 Freeport-McMoRan Copper & Gold, Inc. - Class B 1,161,160
 11,600 Monsanto Co. 1,325,300
 -------------
 2,486,460
 -------------
 TELECOMMUNICATION SERVICES - 4.0%
 94,500 AT&T, Inc. 3,023,055
 27,800 Verizon Communications, Inc. 976,336
 -------------
 3,999,391
 -------------

 TOTAL LONG-TERM INVESTMENTS - 92.8%
 (Cost $104,915,746) 93,682,472
 -------------

 SHORT-TERM INVESTMENTS - 1.3%
 MONEY MARKET FUND - 1.3%
 1,264,274 Fidelity U.S. Treasury Money Market Fund
 (Cost $1,264,274) 1,264,274
 -------------


 EXPIRATION
NUMBER OF NOTES DATE
------------------------------------------------------------------------------------------------------------
 STRUCTURED NOTES - 6.5%
 FINANCIALS - 6.5%
 3,000 Goldman Sachs XLV, Note
 Linked to Health Care Select
 SPDR Fund (a)(b) December 19, 2008 2,761,161
 4,000 Morgan Stanley, Trigger Notes
 Linked to S&P 500 Index (a) (b) December 29, 2008 3,825,200
 -------------
 TOTAL STRUCTURED NOTES
 (Cost $6,649,121) 6,586,361
 -------------


CONTRACTS
(100 SHARES EXPIRATION EXERCISE
PER CONTRACT) CALL OPTIONS PURCHASED (a) DATE PRICE VALUE
------------------------------------------------------------------------------------------------------------
 CALL OPTIONS PURCHASED - 1.0%
 200 SPDR Trust Series 1
 (Cost $1,452,400) December 9, 2009 80.00 990,000
 -------------

 TOTAL INVESTMENTS - 101.6%
 (Cost $114,281,541) 102,523,107
 Other Assets in excess of Liabilities - 1.0% 959,917
 Total Options Written - (2.6%) (2,629,500)
 -------------
 NET ASSETS - 100.0% $100,853,524
 =============

------------------------------------------------------------------------------------------------------------

(a) Non-income producing security.

(b) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2008, these securities amounted to 6.5% of net assets applicable to common shares.

See previously submitted notes to financial statements for the period ended May 31, 2008.

Subsequent to August 31, 2008, the major U.S. and global equity market benchmarks posted sharp declines. From August 31, 2008 through October 15, 2008, the Dow Jones Industrial Average lost 29.0%, the S&P 500 Index declined by 25.5% and the Nasdaq Composite shed 31.2%. Globally, the MSCI World Index declined 23.8% and the MSCI EAFE lost 24.2%.

As illustrated by the benchmark returns, the impact was not limited to a specific sector. The Chicago Board of Options Exchange Volatility Index, which is generally used as a gauge of fear and uncertainty in the market place, reached levels never seen before. The markets appeared to have lost confidence in the financial system after a significant series of events which included: the government rescue of mortgage entities Fannie Mae and Freddie Mac, the failure of investment bank Lehman Brothers, the merger of Merrill Lynch with Bank of America, the government bailout of American International Group, and the passage of a $700 billion financial rescue package designed to help rid financial institutions of "toxic" debt carried on their books. The combination of these events, and others, resulted in significant declines in market valuations of the impacted securities, the financials sector in general and the broad market as a whole.

CONTRACTS
(100 SHARES EXPIRATION EXERCISE
PER CONTRACT) CALL OPTIONS WRITTEN (a) DATE PRICE VALUE
---------------------------------------------------------------------------------------------------------------------------

 504 Adobe Systems, Inc. September 20, 2008 $ 45.00 $ 37,800
 235 Aflac, Inc. October 18, 2008 60.00 24,675
 164 Amazon.Com, Inc. September 20, 2008 85.00 27,716
 41 American International Group, Inc. September 20, 2008 22.00 4,490
 76 American International Group, Inc. October 18, 2008 22.00 14,668
 50 Apache Corp. September 20, 2008 115.00 23,500
 112 Apple, Inc. September 20, 2008 175.00 39,200
 636 AT&T, Inc. September 20, 2008 32.50 34,026
 288 AT&T, Inc. October 18, 2008 34.00 11,952
 243 Bank of America Corp. September 20, 2008 32.50 16,646
 92 Bank of America Corp. October 18, 2008 32.50 15,456
 77 Best Buy Co., Inc. September 20, 2008 42.50 24,640
 249 Best Buy Co., Inc. September 20, 2008 47.50 18,675
 121 Boeing Co. October 18, 2008 70.00 15,730
 198 Caterpillar, Inc. October 18, 2008 72.50 44,550
 702 Charles Schwab Corp. (The) September 20, 2008 25.00 35,100
 213 Chevron Corp. September 20, 2008 90.00 16,508
 500 Cisco Systems, Inc. September 20, 2008 25.00 12,750
 138 Cisco Systems, Inc. September 20, 2008 24.00 9,177
 60 Coca-Cola Co. (The) September 20, 2008 55.00 750
 60 Coca-Cola Co. (The) November 22, 2008 57.50 2,850
 505 Corning, Inc. November 22, 2008 22.50 37,875
 161 Coventry Health Care, Inc. September 20, 2008 35.00 20,930
 160 Coventry Health Care, Inc. September 20, 2008 40.00 2,400
 160 Coventry Health Care, Inc. October 18, 2008 40.00 7,600
 125 CVS Caremark Corp. September 20, 2008 37.50 5,625
 96 CVS Caremark Corp. October 18, 2008 37.50 9,120
 112 Deere & Co. September 20, 2008 70.00 28,840
 117 Deere & Co. September 20, 2008 75.00 7,313
 118 Deere & Co. October 18, 2008 70.00 46,020
 160 eBay, Inc. September 20, 2008 25.00 11,200
 587 EMC Corp. October 18, 2008 16.00 30,230
 374 Emerson Electric Co. September 20, 2008 50.00 7,480
 104 Freeport-McMoRan Copper & Gold, Inc. September 20, 2008 90.00 42,900
 217 General Electric Co. September 20, 2008 29.00 7,161
 232 Gilead Sciences, Inc. October 18, 2008 55.00 41,760
 45 Goldman Sachs Group, Inc. October 18, 2008 170.00 33,187
 20 Google, Inc. September 20, 2008 500.00 6,500
 14 Google, Inc. September 20, 2008 510.00 2,695
 262 Hewlett-Packard Co. November 22, 2008 47.50 60,260
 249 Honeywell International, Inc. September 20, 2008 52.50 11,205
 248 Honeywell International, Inc. October 18, 2008 50.00 59,520
 453 Intel Corp. September 20, 2008 23.00 26,048
 43 International Business Machines Corp. September 20, 2008 125.00 4,837
 86 International Business Machines Corp. September 20, 2008 130.00 1,935
 140 Johnson & Johnson October 18, 2008 75.00 3,850
 123 JPMorgan Chase & Co. September 20, 2008 40.00 11,500
 347 JPMorgan Chase & Co. October 18, 2008 40.00 67,665
 277 Lehman Brothers Holdings, Inc. September 20, 2008 20.00 14,404
 105 McDonald's Corp. September 20, 2008 65.00 3,412
 213 McDonald's Corp September 20, 2008 62.50 24,495
 312 MEMC Electronic Materials, Inc. September 20, 2008 50.00 68,640
 98 MGM Mirage September 20, 2008 40.00 7,350
 300 Microsoft Corp. September 20, 2008 27.00 26,400
 150 Microsoft Corp. September 20, 2008 28.00 5,850
 62 Monsanto Co. September 20, 2008 120.00 12,555
 54 Monsanto Co. September 20, 2008 110.00 36,990
 80 Nike, Inc. September 20, 2008 65.00 2,000
 399 Nordstrom, Inc. October 18, 2008 35.00 29,925
 546 Oracle Corp. September 20, 2008 22.50 24,570
 261 PepsiCo, Inc. September 20, 2008 70.00 9,788
 177 Philip Morris International, Inc. September 20, 2008 55.00 7,522
 270 Procter & Gamble Co. October 18, 2008 72.50 22,950
 156 Qualcomm, Inc. September 20, 2008 55.00 9,984
 280 Rockwell Collins, Inc. September 20, 2008 55.00 18,900
 172 Schlumberger Ltd. September 20, 2008 100.00 20,640
 200 SPDR Trust Series 1 September 19, 2009 133.00 12,600
 47 Sunpower Corp. September 20, 2008 85.00 62,510
 47 Sunpower Corp. September 20, 2008 95.00 29,140
 153 T Rowe Price Group, Inc. October 18, 2008 60.00 54,315
 109 Target Corp. October 18, 2008 55.00 22,618
 223 Target Corp. October 18, 2008 52.50 73,590
 268 United Technologies Corp. September 20, 2008 70.00 4,690
 554 US Bancorp September 20, 2008 32.50 44,320
 150 Valero Energy Corp. September 20, 2008 35.00 25,350
 204 Verizon Communications, Inc. September 20, 2008 35.00 17,850
 140 Wachovia Corp. September 20, 2008 17.50 7,700
 344 Walt Disney Co. (The) October 18, 2008 32.50 39,560
 348 Wells Fargo & Co. September 20, 2008 30.00 55,680
 298 Williams Cos., Inc. November 22, 2008 32.50 52,150

 TOTAL CALL OPTIONS WRITTEN
 (Premiums received $2,471,601) 1,874,963
 -------------------

 PUT OPTIONS WRITTEN (a)
 700 Standard and Poors 500 Index October 18, 2008 1,150.00 456,802
 500 Standard and Poors 500 Index October 18, 2008 1,170.00 297,735
 -------------------
 TOTAL PUT OPTIONS PURCHASED
 (Premiums received $992,594) 754,537
 -------------------

 TOTAL OPTIONS WRITTEN
 (Premiums received $3,464,195) $ 2,629,500
 ===================

---------------------------------------------------------------------------------------------------------------------------

(a) Non-income producing security.

COUNTRY ALLOCATION*

United States 97.9%
Netherlands 2.1%
-------------------------------------------------

* Subject to change daily and percentages are based on total investments.

See previously submitted notes to financial statements for the period ended May 31, 2008.

At August 31, 2008, the following swap agreement was outstanding:

 UNREALIZED
 TERMINATION APPRECIATION/
COUNTERPARTY DESCRIPTION DATE (DEPRECIATION)
-----------------------------------------------------------------------------
Morgan Stanley S&P 500 Variance 9/22/2008 $ (73,408)

Fund receives payment if the actual realized volatility of the S&P 500 Index, based on daily closing prices, over the life of the contract, is lower than the original strike price. The Fund will make payment if the actual realized volatility of the S&P 500 Index, over the life of the contract, is higher than the original strike price.

In September, 2006, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards No. 157, "Fair Valuation Measurements" ("FAS 157"). This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. FAS 157 establishes three different categories for valuations. Level 1 valuations are those based upon quoted prices in active markets. Level 2 valuations are those based upon quoted prices in inactive markets or based upon significant observable inputs (i.e. yield curves; benchmark interest rates; indices). Level 3 valuations are those based upon unobservable inputs (i.e. discounted cash flow analysis; non-market based methods used to determine fair valuation). Details of the valuations as of August 31, 2008 were as follows:

DESCRIPTION SECURITIES DERIVATIVES TOTAL
(value in $000s) ----------------- ----------------- ------------------
Assets:
Level 1 $ 94,947 $ - $ 94,947
Level 2 - 7,576 7,576
Level 3 - - -
 ----------------- ----------------- ------------------
Total $ 94,947 $ 7,576 $ 102,523
 ================= ================= ==================

Liabilities:
Level 1 $ - $ 1,875 $ 1,875
Level 2 - 828 828
Level 3 - - -
 ----------------- ----------------- ------------------
Total $ - $ 2,703 $ 2,703
 ================= ================= ==================


LEVEL 3 HOLDINGS SECURITIES DERIVATIVES TOTAL
 ----------------- ----------------- ------------------
Beginning Balance at 5/31/08 $ - $ - $ -
Total Realized Gain/Loss - - -
Change in Unrealized Gain/Loss - - -
Net Purchases and Sales - - -
Net Transfers In/Out - - -
 ----------------- ----------------- ------------------
Ending Balance at 8/31/08 $ - $ - $ -
 ================= ================= ==================

ITEM 2. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a date within 90 days of this filing and have concluded, based on such evaluation, that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended ) that occurred during the registrant's last fiscal quarter that has materially affected or is reasonably likely to materially affect the registrant's internal control over financial reporting.

ITEM 3. EXHIBITS.

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fiduciary/Claymore Dynamic Equity Fund

By: /s/ J. Thomas Futrell
 -------------------------------------------------------------------------
 J. Thomas Futrell
 Chief Executive Officer

Date: October 29, 2008
 ------------------------------------------------------------------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ J. Thomas Futrell
 -------------------------------------------------------------------------
 J. Thomas Futrell
 Chief Executive Officer


Date: October 29, 2008
 ------------------------------------------------------------------------

By: /s/ Steven M. Hill
 -------------------------------------------------------------------------
 Steven M. Hill
 Treasurer and Chief Financial Officer

Date: October 29, 2008
 ------------------------------------------------------------------------

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