Fiduciary / Claymore MLP Opportunity Fund

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

 

 

 

 

 

 

 

Fiduciary/Claymore MLP Opportunity Fund

(Exact name of registrant as specified in charter)

 

2455 Corporate West Drive, Lisle, IL   60532
(Address of principal executive offices)   (Zip code)

 

 

Nicholas Dalmaso

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, 2007

 

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 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. § 3507.

Item 1. Schedule of Investments.

Attached hereto.

Fiduciary/Claymore MLP Opportunity Fund

Portfolio of Investments

August 31, 2007 (unaudited)

 

Number of Shares        Value  
  Master Limited Partnerships and MLP Affiliates - 163.1%   
    Coal - 12.8%       
  881,300   Alliance Holdings GP, L.P.    $ 22,208,760  
  357,800   Alliance Resource Partners, L.P.      11,989,878  
  1,145,621  

Clearwater Natural Resources, L.P.

(Acquired 08/01/05 and 10/02/06, Cost $22,912,423) (a) (b)

      16,038,694  
  170,600   Natural Resource Partners, L.P.      5,587,150  
          
       55,824,482  
          
  Midstream Energy Infrastructure - 131.5%   
  129,300   Atlas Pipeline Partners, L.P.      5,999,520  
  1,692,804   Copano Energy, L.L.C.      66,002,428  
  407,167   Crosstex Energy, L.P.      14,413,712  
  249,470   Crosstex Energy, L.P., Senior Subordinated Series C Units (Acquired 06/29/06, Cost $7,000,128) (a) (b) (c)      8,442,845  
  387,534   Crosstex Energy, L.P., Senior Subordinated Series D Units (Acquired 03/23/07, Cost $10,050,005) (a) (b) (c)      10,878,125  
  548,775   DCP Midstream Partners, L.P.      24,832,069  
  86,705   DCP Midstream Partners, L.P. (Acquired 06/22/07, Cost $3,704,038) (a) (b)      3,574,926  
  16,228   Enbridge Energy Management, L.L.C. (d)      845,479  
  507,545   Enbridge Energy Partners, L.P.      25,879,720  
  1,620,580   Energy Transfer Partners, L.P.      84,334,983  
  1,203,480   Enterprise Products Partners L.P.      35,514,695  
  255,700   Hiland Partners, L.P.      12,787,557  
  648,450   Holly Energy Partners, L.P.      29,517,444  
  507,450   Kinder Morgan Energy Partners, L.P.      25,519,660  
  570,778   Kinder Morgan Management, L.L.C. (d)      27,477,253  
  274,480   Linn Energy L.L.C. (Acquired 01/30/07, Cost $7,000,018) (a) (b)      8,852,900  
  163,319   Linn Energy L.L.C., Class D (Acquired 08/31/07, Cost $5,058,659) (a) (b)      5,013,078  
  60,666   Linn Energy L.L.C., Common Units (Acquired 08/31/07, Cost $1,941,312) (a) (b)      1,929,863  
  1,661,086   Magellan Midstream Partners, L.P.      71,426,698  
  226,194   Markwest Energy Partners, L.P.      7,211,065  
  266,600   NuStar GP Holdings, L.L.C.      8,717,820  
  1,176,651   Plains All American Pipeline, L.P.      67,716,265  
  206,918   Targa Resources Partners L.P.      6,207,540  
  426,400   Williams Partners, L.P.      19,013,176  
          
       572,108,821  
          
  Oil and Gas Production - 4.8%   
  571,150   Abraxas Petroleum Corp. (c)      2,044,717  
  525,211   Abraxas Energy Partners, L.P. (Acquired 05/25/07, Cost $8,670,183) (a) (b)      8,750,015  
  302,595   EV Energy Partner, L.P. (Acquired 06/01/07, Cost $10,288,230) (a) (b)      10,138,786  
          
       20,933,518  
          
  Propane - 10.1%   
  250,000   Global Partners, L.P.      7,816,549  
  524,100   Inergy Holdings, L.P.      23,574,018  
  385,400   Inergy, L.P.      12,552,478  
          
       43,943,045  
          
  Shipping - 3.9%   
  128,860   Capital Product Partners, L.P. (Greece)      3,733,074  
  39,100   K-Sea Transportation Partners, L.P.      1,522,163  
  36,000   Teekay LNG Partners, L.P. (Marshall Island)      1,258,920  
  15,603   Teekay Offshore Partners, L.P. (Marshall Island)      459,664  
  518,051   U.S. Shipping Partners, L.P.      10,008,745  
          
       16,982,566  
          
 

Total Master Limited Partnerships and MLP Affiliates

(Cost $461,619,767)

      709,792,432  
          
  Incentive Distribution Rights - 0.0%   
  43   Clearwater Natural Resources, L.P. (Acquired 08/01/05, Cost $0) (a) (b) (c)      —    
          
  Warrants - 0.1%   
  114,230   Abraxas Petroleum Corp. (Acquired 05/25/07, Cost $0) (a) (b) (c)      233,258  
          
Principal Amount        Value  
  Short-Term Investments - 0.2%   
  U.S. Government and Agency Securities - 0.2%   
$ 800,000  

Federal Home Loan Bank Discount Note, yielding 4.10%, maturing 9/04/07

(Amortized cost $799,727)

      800,000  
          
 

Total Investments - 163.4%

(Cost $462,419,494)

     710,825,690  
  Borrowings Outstanding - (40.2% of Net Assets or 24.6% of Total Investments)      (175,000,000 )
  Liabilities in Excess of Other Assets - (23.2%)      (100,811,789 )
          
  Net Assets - 100.0%    $ 435,013,901  
          
L.L.C. Limited Liability Corporation

 

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 August 31, 2007, restricted securities aggregate market value amounted to $73,852,490 or 17.0% 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 $73,852,490 which represents 17.0% of net assets.

 

(c) Non-income producing security.

 

(d) While non-income producing, security makes regular in-kind distributions.

See previously submitted Notes to Financial Statements for the period ended May 31, 2007.

Fair Valued Securities

 

Security

    Date of
Acquisition		    Shares    Current
Cost		   

Fair

Market
Value

    Value per share at
Acquisition date
(unrestricted)***		    8/31/07
Price

Abraxas Energy Partners, L.P.

    5/25/07    525,211    8,670,183    8,750,015    $ 16.66    $ 16.66

Abraxas Petroleum Corp.*

    5/25/07    114,230    —      233,258      N/A    $ 2.04

Clearwater Natural Resources L.P.**

    8/01/05    43    —      —        N/A    $ 0.00

Clearwater Natural Resources L.P.

    8/01/05    892,857    17,857,143    12,499,998      N/A    $ 14.00

Clearwater Natural Resources L.P.

    10/02/06    252,764    5,055,280    3,538,696      N/A    $ 14.00

Crosstex Energy, L.P., Senior Subordinated Series C Units

    6/29/06    249,470    7,000,128    8,442,845    $ 37.50    $ 33.84

Crosstex Energy, L.P., Senior Subordinated Series D Units

    3/23/07    387,534    10,050,005    10,878,125    $ 34.65    $ 28.07

DCP Midstream Partners, L.P.

    6/22/07    86,705    3,704,038    3,574,926    $ 45.48    $ 41.23

EV Energy Partner, L.P.

    6/01/07    302,595    10,288,230    10,138,786    $ 35.88    $ 33.51

Linn Energy L.L.C.

    1/30/07    274,480    7,000,018    8,852,900    $ 33.29    $ 32.25

Linn Energy L.L.C., Class D

    8/31/07    163,319    5,058,659    5,013,078    $ 34.68    $ 30.70

Linn Energy L.L.C., Common Units

    8/31/07    60,666    1,941,312    1,929,863    $ 34.68    $ 31.81

 

* Warrants

 

** Incentive Distribution Rights.

 

*** Valuation of unrestricted common stock on the acquisition date of the restricted securities.

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
By:   /s/ Nicholas Dalmaso
  Nicholas Dalmaso
  Chief Legal and Executive Officer
Date:   October 26, 2007

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
  Nicholas Dalmaso
  Chief Legal and Executive Officer
Date:   October 26, 2007
By:   /s/ Steven M. Hill
  Steven M. Hill
  Treasurer and Chief Financial Officer
Date:   October 26, 2007