- 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: February 28, 2009

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
FEBRUARY 28, 2009 (UNAUDITED)

NUMBER
OF SHARES DESCRIPTION VALUE
-------------------------------------------------------------------------------------------------------------
 Long-Term Investments - 88.5%
 COMMON STOCKS - 85.1%
 CONSUMER DISCRETIONARY - 8.4%
 15,000 Lowe's Cos., Inc. (a) $ 237,600
 14,200 McDonald's Corp. (a) 741,950
 30,700 Target Corp. 869,117
 -----------------
 1,848,667
 -----------------
 CONSUMER STAPLES - 14.4%
 18,000 Coca-Cola Co. (The) 735,300
 15,400 CVS Caremark Corp. (a) 396,396
 16,000 PepsiCo, Inc. (a) 770,240
 12,000 Procter & Gamble Co. (a) 578,040
 14,000 Wal-Mart Stores, Inc. (a) 689,360
 -----------------
 3,169,336
 -----------------
 ENERGY - 9.3%
 9,600 Apache Corp. (a) 567,264
 11,800 Chevron Corp. 716,378
 2,500 Transocean Ltd. (Switzerland) (a) (b) 149,425
 30,900 Valero Energy Corp. (a) 598,842
 -----------------
 2,031,909
 -----------------
 FINANCIALS - 5.8%
 10,000 Goldman Sachs Group, Inc. (a) 910,800
 25,000 US Bancorp (a) 357,750
 -----------------
 1,268,550
 -----------------
 HEALTH CARE - 11.6%
 8,500 Abbott Laboratories (a) 402,390
 23,200 Gilead Sciences, Inc. (a) (b) 1,039,360
 13,000 Johnson & Johnson (a) 650,000
 37,000 Pfizer, Inc. (a) 455,470
 -----------------
 2,547,220
 -----------------
 INDUSTRIALS - 10.2%
 13,000 Emerson Electric Co. 347,750
 2,000 First Solar, Inc. (a) (b) 211,480
 20,000 Honeywell International, Inc. (a) 536,600
 13,700 Union Pacific Corp. (a) 514,024
 15,400 United Technologies Corp. 628,782
 -----------------
 2,238,636
 -----------------
 INFORMATION TECHNOLOGY - 18.9%
 11,200 Apple, Inc. (a) (b) 1,000,272
 13,700 Cisco Systems, Inc. (b) 199,609
 40,400 EMC Corp. (b) 424,200
 1,400 Google, Inc. - Class A (a) (b) 473,186
 10,800 International Business Machines Corp. (a) 993,924
 3,000 Mastercard, Inc. - Class A (a) 474,090
 6,500 Microsoft Corp. (a) 104,975
 31,000 Oracle Corp. (a) (b) 481,740
 -----------------
 4,151,996
 -----------------
 MATERIALS - 3.2%
 9,200 Monsanto Co. 701,684
 -----------------

 TELECOMMUNICATION SERVICES - 3.3%
 30,900 AT&T, Inc. (a) 734,493
 -----------------

 TOTAL COMMON STOCK - 85.1%
 (Cost $25,042,111) 18,692,491
 -----------------

 EXCHANGE-TRADED FUNDS - 3.4%
 FINANCIALS - 3.4%
 10,000 SPDR Trust Series 1
 (Cost $918,000) 739,300
 -----------------

 TOTAL LONG-TERM INVESTMENTS - 88.5%
 (Cost $25,960,111) 19,431,791
 -----------------

 SHORT-TERM INVESTMENTS - 10.5%
 MONEY MARKET FUND - 10.5%
 2,313,865 Fidelity U.S. Treasury Money Market Fund
 (Cost $2,313,865) 2,313,865
 -----------------

 TOTAL INVESTMENTS - 99.0%
 (Cost $28,273,976) 21,745,656
 Other Assets in excess of Liabilities - 3.0% 652,132
 Total Options Written - (2.0%) (440,517)
 -----------------
 NET ASSETS - 100.0% $ 21,957,271
 =================

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(a) All or a portion of all long-term investments represents cover for written

 options

(b) Non-income producing security.

Securities are classified by sectors that represent broad groupings of related
industries.

--------------------------------------------------------------------------------
 Country Allocation*
--------------------------------------------------------------------------------
United States 99.3%
Switzerland 0.7%
--------------------------------------------------------------------------------

* Subject to change daily. Based on total investments.

See previously submitted notes to financial statements for the year ended November 30, 2008.

At a meeting of the shareholders on April 20, 2009, the Fund's shareholders voted to approve a plan of liquidation and dissolution effective at the close of business on Friday, April 24, 2009. Shareholders of record as of the close of business on April 24, 2009 shall be entitled to receive liquidating distributions. The Fund intends to pay an initial liquidating distribution to shareholders pursuant to the liquidation plan on or about May 22, 2009.

CONTRACTS
(100 SHARES EXPIRATION EXERCISE
PER CONTRACT) CALL OPTIONS WRITTEN (A) DATE PRICE VALUE
-----------------------------------------------------------------------------------------------------------------------
 85 Abbott Laboratories May 16, 2009 $ 55.00 $ 4,462
 96 Apache Corp. April 18, 2009 80.00 2,400
 112 Apple, Inc. March 21, 2009 90.00 46,200
 309 AT&T, Inc. April 18, 2009 29.00 2,318
 154 CVS Caremark Corp. May 16, 2009 32.50 3,465
 20 First Solar, Inc. March 21, 2009 150.00 500
 232 Gilead Sciences, Inc. March 21, 2009 52.50 3,480
 42 Goldman Sachs Group, Inc. April 18, 2009 100.00 30,030
 58 Goldman Sachs Group, Inc. July 18, 2009 90.00 107,010
 14 Google, Inc. April 18, 2009 360.00 22,120
 125 Honeywell International, Inc. June 20, 2009 35.00 5,625
 54 International Business Machines Corp. April 18, 2009 100.00 11,340
 54 International Business Machines Corp. July 18, 2009 90.00 55,620
 12 Johnson & Johnson April 18, 2009 65.00 120
 150 Lowe's Cos., Inc. April 18, 2009 20.00 1,875
 30 Mastercard, Inc. July 18, 2009 160.00 66,150
 142 McDonald's Corp. June 20, 2009 65.00 3,905
 65 Microsoft Corp. April 18, 2009 21.00 423
 73 Oracle Corp. March 21, 2009 19.00 365
 160 PepsiCo, Inc. April 18, 2009 55.00 4,000
 63 Pfizer, Inc. March 21, 2009 17.50 126
 70 Pfizer, Inc. April 18, 2009 15.00 560
 237 Pfizer, Inc. June 20, 2009 16.00 3,081
 25 Procter & Gamble Co. April 18, 2009 52.50 1,750
 25 Transocean Ltd. May 16, 2009 65.00 11,125
 137 Union Pacific Corp. May 16, 2009 50.00 10,275
 250 US Bancorp March 21, 2009 17.50 10,000
 214 Valero Energy Corp. June 20, 2009 27.00 14,552
 140 Wal-Mart Stores, Inc. June 20, 2009 55.00 17,640
 -------------------

 TOTAL CALL OPTIONS WRITTEN
 (Premiums received $1,021,535) $ 440,517
 ===================

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

(a) Non-income producing security.

See notes to financial statements.

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 February 28, 2009 were as follows:

DESCRIPTION SECURITIES DERIVATIVES TOTAL
 ----------------- ----------------- ------------------
(value in $000s)
Assets:
Level 1 $ 21,746 $ - $ 21,746
Level 2 - - -
Level 3 - - -
 ----------------- ----------------- ------------------
Total $ 21,746 $ - $ 21,746
 ================= ================= ==================

Liabilities:
Level 1 $ - $ 441 $ 441
Level 2 - - -
Level 3 - - -
 ----------------- ----------------- ------------------
Total $ - $ 441 $ 441
 ================= ================= ==================


LEVEL 3 HOLDINGS SECURITIES DERIVATIVES TOTAL
 ----------------- ----------------- ------------------
Beginning Balance at 11/30/08 $ - $ - $ -
Total Realized Gain/Loss - - -
Change in Unrealized Gain/Loss - - -
Net Purchases and Sales - - -
Net Transfers In/Out - - -
 ----------------- ----------------- ------------------
Ending Balance at 2/28/09 $ - $ - $ -
 ================= ================= ==================

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: April 24, 2009
 --------------------------------------------------------------------------

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: April 24, 2009
 --------------------------------------------------------------------------

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

Date: April 24, 2009
 --------------------------------------------------------------------------

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