-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 6IzWAPBDgOVIiKSuSFd0mw==

<SEC-DOCUMENT>0001179110-09-005592.txt : 20090325
<SEC-HEADER>0001179110-09-005592.hdr.sgml : 20090325
<ACCEPTANCE-DATETIME>20090325163732
ACCESSION NUMBER:		0001179110-09-005592
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050415
FILED AS OF DATE:		20090325
DATE AS OF CHANGE:		20090325

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CLAYMORE SECURITIES INC
		CENTRAL INDEX KEY:			0001167303

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21687
		FILM NUMBER:		09704377

	BUSINESS ADDRESS:	
		STREET 1:		CLAYMORE SECURITIES INC
		STREET 2:		250 NORTH ROCK RD SUITE 150
		CITY:			WICHITA
		STATE:			KS
		ZIP:			67206-2241

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fiduciary/Claymore Dynamic Equity Fund
		CENTRAL INDEX KEY:			0001311877
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	BUSINESS ADDRESS:	
		STREET 1:		2455 CORPORATE WEST DRIVE
		CITY:			LISLE
		STATE:			IL
		ZIP:			60532
		BUSINESS PHONE:		630-505-3700

	MAIL ADDRESS:	
		STREET 1:		2455 CORPORATE WEST DRIVE
		CITY:			LISLE
		STATE:			IL
		ZIP:			60532

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Fiduciary/Claymore Dynamic Equity Income Fund
		DATE OF NAME CHANGE:	20050308

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Fiduciary/Claymore Hedged Equity Fund
		DATE OF NAME CHANGE:	20050307

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Fiduciary/Claymore Premium Income Opportunity Fund
		DATE OF NAME CHANGE:	20050218
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-04-15</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001311877</issuerCik>
        <issuerName>Fiduciary/Claymore Dynamic Equity Fund</issuerName>
        <issuerTradingSymbol>HCE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001167303</rptOwnerCik>
            <rptOwnerName>CLAYMORE SECURITIES INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2455 CORPORATE WEST DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LISLE</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60532</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Investment Distributor/Advisor</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-04-15</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2005-04-15</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5240</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>19.10</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5240</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2009-03-24</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2009-03-27</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5633</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>3.9443</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">This amount includes DRIP Shares.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Claymore Securities, Inc., by Kevin M. Robinson, Gen. Counsel &amp; Corp. Secretary</signatureName>
        <signatureDate>2009-03-25</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----