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 811-21652
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Fiduciary/Claymore MLP Opportunity Fund
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(Exact name of registrant as specified in charter)
2455 Corporate West Drive, Lisle, IL 60532
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(Address of principal executive offices) (Zip code)
Nicholas Dalmaso
2455 Corporate West Drive, Lisle, IL 60532
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(Name and address of agent for service)
Registrant's telephone number, including area code: (630) 505-3700
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Date of fiscal year end: November 30
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Date of reporting period: February 29, 2008
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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 MLP OPPORTUNITY FUND
PORTFOLIO OF INVESTMENTS
FEBRUARY 29, 2008 (UNAUDITED)
NUMBER OF SHARES VALUE
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MASTER LIMITED PARTNERSHIPS AND MLP AFFILIATES - 163.6%
CONSUMER DISCRETIONARY - 0.8%
183,105 StoneMor Partners, L.P. $ 3,400,260
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COAL - 12.2%
848,700 Alliance Holdings GP, L.P. 19,613,457
310,800 Alliance Resource Partners, L.P. 11,785,536
1,145,621 Clearwater Natural Resources, L.P.
(Acquired 08/01/05 and 10/02/06, Cost $22,912,423) (a) (b) (c) 11,456,210
123 Clearwater GP Holding Co.
(Acquired 02/29/08, Cost $154,000) (a) (b) (c) 154,000
170,600 Natural Resource Partners, L.P. 5,472,848
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48,482,051
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MARINE TRANSPORTATION - 1.7%
36,000 Teekay LNG Partners, L.P. (Marshall Island) 1,081,800
15,603 Teekay Offshore Partners, L.P. (Marshall Island) 395,224
457,726 U.S. Shipping Partners, L.P. 5,140,263
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6,617,287
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MIDSTREAM GAS INFRASTRUCTURE - 68.7%
129,300 Atlas Pipeline Partners, L.P. 5,727,990
1,692,804 Copano Energy, L.L.C. 61,702,706
656,637 Crosstex Energy, L.P. 20,756,296
387,534 Crosstex Energy, L.P., Senior Subordinated Series D Units
(Acquired 03/23/07, Cost $10,050,005) (a) (b) (c) 10,523,377
635,480 DCP Midstream Partners, L.P. 23,042,505
515,300 El Paso Pipeline Partners L.P. 12,078,632
1,620,580 Energy Transfer Partners, L.P. 77,658,194
544,280 Enterprise Products Partners L.P. 16,856,352
255,700 Hiland Partners, L.P. 12,961,433
226,194 Markwest Energy Partners, L.P. 7,803,693
206,918 Targa Resources Partners L.P. 5,015,692
426,400 Williams Partners, L.P. 15,832,232
175,000 Williams Pipeline Partners, L.P. (c) 3,465,000
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273,424,102
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MIDSTREAM OIL INFRASTRUCTURE - 60.1%
433,245 Enbridge Energy Partners, L.P. 21,653,585
463,730 Genesis Energy, L.P. 9,970,195
250,000 Global Partners, L.P. 6,830,000
498,000 Holly Energy Partners, L.P. (e) 20,457,840
467,450 Kinder Morgan Energy Partners, L.P. 26,859,677
468,602 Kinder Morgan Management, L.L.C. (d) 25,543,495
1,481,086 Magellan Midstream Partners, L.P. 64,145,835
266,600 NuStar GP Holdings, L.L.C. 7,235,524
1,176,651 Plains All American Pipeline, L.P. 56,185,085
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238,881,236
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OIL AND GAS PRODUCTION - 11.8%
571,150 Abraxas Petroleum Corp. (c) 2,141,812
525,211 Abraxas Energy Partners, L.P. (Acquired 05/25/07,
Cost $8,276,275) (a) (b) 8,750,015
778,888 BreitBurn Energy Partners L.P. (Acquired 11/01/07,
Cost $21,029,976) (a) (b) 16,080,665
302,595 EV Energy Partner, L.P. 8,542,257
498,465 Linn Energy L.L.C. 11,365,002
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46,879,751
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PROPANE - 8.3%
522,900 Inergy Holdings, L.P. 23,112,180
338,900 Inergy, L.P. 9,899,269
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33,011,449
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TOTAL MASTER LIMITED PARTNERSHIPS AND MLP AFFILIATES
(Cost $450,488,092) 650,696,136
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INCENTIVE DISTRIBUTION RIGHTS - 0.0%
43 Clearwater Natural Resources, L.P. (Acquired 08/01/05,
Cost $0) (a) (b) (c) -
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WARRANTS - 0.1%
114,230 Abraxas Petroleum Corp. (Acquired 5/25/07,
Cost $0) (a) (b) (c) 237,004
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PRINCIPAL VALUE VALUE
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SHORT TERM INVESTMENTS - 1.7%
U.S. GOVERNMENT AND AGENCY SECURITIES - 1.7%
$ 6,800,000 Federal Home Loan Bank Discount Note, yielding 1.70%,
maturing 03/03/08 (Amortized cost $6,799,358) 6,799,358
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TOTAL INVESTMENTS - 165.4%
(Cost $457,287,450) 657,732,498
Borrowings Outstanding - (44.0% of Net Assets or 26.6% of
Total Investments) (175,000,000)
Liabilities in Excess of Other Assets - (21.4%) (84,965,560)
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NET ASSETS - 100.0% $ 397,766,938
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L.L.C. Limited Liability Company
L.P. Limited Partnership
MLP Master Limited Partnership
(a) Security is restricted and may be resold only in transactions exempt from
registration, normally to qualified institutional buyers. At February 29,
2008, restricted securities aggregate market value amounted to $47,201,271
or 11.9% of net assets.
(b) Security is valued in accordance with Fair Valuation procedures established
in good faith by the Board of Trustees. The total market value of such
securities is $47,201,271 which represents 11.9% of net assets.
(c) Non-income producing security.
(d) While non-income producing, security makes regular in-kind distributions.
(e) Affiliated company.
See previously submitted Notes to Financial Statements for the period ended
November 30, 2007.
Country Allocation*
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United States 99.8%
Marshall Island 0.2%
* Subject to change daily. Based on total investments.
INTEREST RATE SWAP AGREEMENTS
TERMINATION NOTIONAL UNREALIZED APPRECIATION/
COUNTERPARTY DATE AMOUNT (000) RATE PAID RATE RECEIVED (DEPRECIATION)
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Merrill Lynch 1/30/13 $ 30,000 3.49% 1 - Month LIBOR $ 64,975
Merrill Lynch 1/30/11 $ 30,000 3.05% 1 - Month LIBOR (64,462)
Morgan Stanley 2/7/11 $ 30,000 2.92% 1 - Month LIBOR 48,092
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$ 48,605
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For each swap noted, the Fund pays a fixed rate and receives a floating rate.
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AFFILIATED COMPANIES
Affiliated companies are defined by the Investment Company Act of 1940, as
amended, as those companies in which a Fund holds 5% or more of the outstanding
voting securities. As of February 29, 2008, the Fund owned shares of the
following affiliated companies:
MARKET VALUE
SECURITY SHARES 2/29/2008 COST
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Holly Energy Partners, L.P. 498,000 $ 20,457,840 $ 16,061,848
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RESTRICTED SECURITIES
VALUE PER SHARE AT
ACQUISITION FAIR MARKET ACQUISITION DATE 2/29/2008
Security DATE SHARES CURRENT COST VALUE (UNRESTRICTED)*** PRICE
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Abraxas Energy Partners, L.P. 5/25/2007 525,211 $ 8,276,275 $ 8,750,015 $ 16.66 $ 16.66
Abraxas Petroleum Corp.* 5/25/2007 114,230 $ - $ 237,004 n/a $ 2.07
BreitBurn Energy Partners, L.P. 11/1/2007 778,888 $ 21,029,976 $ 16,080,665 $ 27.00 $ 20.65
Clearwater GP Holding Co. 2/29/2008 123 $ 154,000 $ 154,000 $ 1,252.03 $ 1,252.03
Clearwater Natural Resources, L.P.** 8/1/2005 43 $ - $ - $ - $ -
Clearwater Natural Resources, L.P. 8/1/2005 892,857 $ 17,857,143 $ 8,928,570 n/a $ 10.00
Clearwater Natural Resources, L.P. 10/2/2006 252,764 $ 5,055,280 $ 2,527,640 n/a $ 10.00
Crosstex Energy, L.P., Series D 3/23/2007 387,534 $ 10,050,005 $ 10,523,377 $ 34.65 $ 27.15
n/a - not applicable
*Warrants
**Incentive Distribution Rights
***Valuation of unrestricted common stock on the acquisition date of the
restricted shares
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In September, 2006, the 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).
Valuations at February 29, 2008
Description Securities Derivatives Total
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(value in $000s)
Level 1 $ 603,732 $ - $603,732
Level 2 33,403 49 33,452
Level 3 20,360 237 20,597
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Total $ 657,495 $ 286 $657,781
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Level 3 holdings Securities Derivatives Total
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Beginning Balance at 11/30/07 $ 20,206 $ 212 $ 20,418
Total Realized Gain/Loss - - -
Change in Unrealized Gain/Loss - 25 25
Net Purchases and Sales 154 - 154
Net Transfers In/Out - - -
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Ending Balance at 2/29/08 $ 20,360 $ 237 $ 20,597
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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 the filing date
of this report 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 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 MLP Opportunity Fund
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By: /s/ Nicholas Dalmaso
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Nicholas Dalmaso
Chief Legal and Executive Officer
Date: April 29, 2008
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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/ Nicholas Dalmaso
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Nicholas Dalmaso
Chief Legal and Executive Officer
Date: April 29, 2008
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By: /s/ Steven M. Hill
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Steven M. Hill
Treasurer and Chief Financial Officer
Date: April 29, 2008
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