000 B000000 11/30/2008
000 C000000 0001311877
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 FIDUCIARY/CLAYMORE DYNAMIC EQUITY FUND
001 B000000 811-21687
001 C000000 6305053700
002 A000000 2455 CORPORATE WEST DRIVE
002 B000000 LISLE
002 C000000 IL
002 D010000 60532
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
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007 C010100 1
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007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 CLAYMORE ADVISORS, LLC
008 B000001 A
008 C000001 801-000000
008 D010001 LISLE
008 D020001 IL
008 D030001 60532
008 A000002 FIDUCIARY ASSET MANAGEMENT, LLC
008 B000002 S
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008 D010002 ST. LOUIS
008 D020002 MO
008 D030002 63105
010 A000001 CLAYMORE ADVISORS, LLC
010 B000001 84-0000000
010 C010001 LISLE
010 C020001 IL
010 C030001 60532
011 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
011 B000001 8-00000000

011 C010001 NEW YORK
011 C020001 NY
011 C030001 10080
012 A000001 BNY MELLON SHAREOWNER SERVICES
012 B000001 84-0000000
012 C010001 PITTSBURGH
012 C020001 PA
012 C030001 15252
012 C040001 8015
013 A000001 ERNST & YOUNG LLP
013 B010001 CHICAGO
013 B020001 IL
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015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
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020 C000003 159
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020 C000010 3
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022 C000003 3802
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022 A000004 SCOTIA
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022 B000005 UNKNOWN
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025 C000001 E
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025 A000002 BANK OF AMERICA CORP.
025 B000002 56-0906609
025 C000002 E
025 D000002 658
025 A000003 GOLDMAN SACHS & CO.
025 B000003 13-5108880
025 C000003 E
025 D000003 513

025 A000004 DELETE
025 D000004 0
025 A000005 DELETE
025 D000005 0
025 A000006 DELETE
025 D000006 0
025 A000007 DELETE
025 D000007 0
025 A000008 DELETE
025 D000008 0
025 A000009 DELETE
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025 D000015 0
025 D000016 0
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070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
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070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 N
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070 Q020000 N
070 R010000 Y
070 R020000 Y
071 A000000 102089
071 B000000 147152
071 C000000 1187542
071 D000000 112

072 A000000 12
072 B000000 287
072 C000000 1566
072 D000000 0
072 E000000 0
072 F000000 936
072 G000000 26
072 H000000 0
072 I000000 19
072 J000000 62
072 K000000 0
072 L000000 52
072 M000000 137
072 N000000 22
072 O000000 0
072 P000000 59
072 Q000000 36
072 R000000 43
072 S000000 141
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 26
072 X000000 1559
072 Y000000 14
072 Z000000 308
072AA000000 0
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072CC020000 10980
072DD010000 3581
072DD020000 0
072EE000000 4349
073 A010000 0.6300
073 A020000 0.0000
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073 C000000 0.7600
074 A000000 100
074 B000000 0
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 19905
074 G000000 711
074 H000000 0
074 I000000 6060
074 J000000 0
074 K000000 0
074 L000000 90
074 M000000 4
074 N000000 26870

074 O000000 258
074 P000000 11
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 1238
074 R040000 98
074 S000000 0
074 T000000 25265
074 U010000 5705
074 U020000 0
074 V010000 4.43
074 V020000 0.00
074 W000000 0.0000
074 X000000 5186
074 Y000000 0
075 A000000 0
075 B000000 92623
076 000000 3.03
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE
080 B000000 NONE
080 C000000 525
081 A000000 Y
081 B000000 7
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N

085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE STEVEN M. HILL
TITLE CFO & TREASURER

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