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)
J. Thomas Futrell
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 28, 2010
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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 28, 2010 (UNAUDITED)
NUMBER OF SHARES VALUE
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MASTER LIMITED PARTNERSHIPS AND MLP AFFILIATES - 147.1%
COAL - 4.4%
156,800 Alliance Resource Partners L.P. $ 6,508,768
217,270 Natural Resource Partners, L.P. 5,566,457
130,495 Penn Virginia GP Holdings, L.P. 2,288,882
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14,364,107
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CONSUMER DISCRETIONARY - 1.0%
162,680 StoneMor Partners, L.P. (a) 3,224,318
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MIDSTREAM GAS INFRASTRUCTURE - 69.2%
673,082 Boardwalk Pipeline Partners L.P. (a) 20,152,075
598,692 Copano Energy, L.L.C. (a) 14,248,870
190,000 Copano Energy, L.L.C. 4,522,000
627,095 DCP Midstream Partners, L.P. (a) 19,327,068
545,054 El Paso Pipeline Partners, L.P. (a) 14,111,448
558,050 Energy Transfer Equity L.P. (a) 18,036,176
329,237 Energy Transfer Partners, L.P. (a) 15,237,088
1,704,101 Enterprise Products Partners, L.P. (a) 55,826,349
117,585 Exterran Partners L.P. 2,580,991
377,035 ONEOK Partners L.P. 22,867,173
285,550 TC PipeLines L.P. 10,536,795
448,155 Western Gas Partners, L.P. (a) 9,581,554
484,300 Williams Partners, L.P. 18,810,212
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225,837,799
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MIDSTREAM OIL INFRASTRUCTURE - 53.5%
567,302 Enbridge Energy Partners, L.P. (a) 29,057,208
278,685 Genesis Energy, L.P. (a) 5,523,537
127,055 Global Partners, L.P. (a) 3,156,046
235,825 Holly Energy Partners, L.P. (a) 10,043,787
699,818 Kinder Morgan Management, L.L.C. (a) (b) (c) 40,134,562
662,726 Magellan Midstream Partners, L.P. (a) 29,981,724
248,105 NuStar Energy L.P. (a) 14,238,746
607,851 Plains All American Pipeline, L.P. (a) 33,681,024
130,385 Sunoco Logistics Partners L.P. (a) 8,847,926
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174,664,560
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OIL AND GAS PRODUCTION - 4.6%
389,212 EV Energy Partners, L.P. (a) 12,022,759
133,346 Pioneer Southwest Energy Partners, L.P. (a) 3,005,619
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15,028,378
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PROPANE - 14.4%
517,600 Inergy Holdings, L.P. (a) 36,112,952
308,711 Inergy, L.P. (a) 11,150,641
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47,263,593
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TOTAL MASTER LIMITED PARTNERSHIPS AND MLP AFFILIATES
(Cost $273,982,002) 480,382,755
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COMMON STOCKS - 1.4%
OIL AND GAS PRODUCTION - 1.4%
756,923 Abraxas Petroleum Corp. (b) 1,453,292
1,513,847 Abraxas Petroleum Corp. (b) (d) (e) 2,889,651
(Cost $7,406,661) ---------------
4,342,943
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OTHER EQUITY SECURITIES - 0.0%
COAL - 0.0%
1,145,621 Clearwater Natural Resources, L.P. (b) (d) (e) (f) -
123 Clearwater GP Holding Co. (b) (d) (e) (f) -
(Cost $23,110,278) ---------------
-
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INCENTIVE DISTRIBUTION RIGHTS - 0.0%
43 Clearwater Natural Resources, L.P. (b) (d) (e) (f) -
(Cost $0) ---------------
WARRANTS - 0.0%
114,230 Abraxas Petroleum Corp. (b) (d) (e) 41,765
9,499 Clearwater Natural Resources, L.P. (b) (d) (e) (f) -
(Cost $0) ---------------
41,765
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PRINCIPAL AMOUNT
TERM LOANS - 0.1%
$ 1,237,397 Clearwater Subordinate Note, 13.75%, 12/03/09,
NR (b) (c) (d) (e) (f) (g) 408,341
(Cost $1,237,397) ---------------
LONG TERM INVESTMENTS - 148.6%
(Cost 305,736,338) 485,175,804
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NUMBER OF SHARES SHORT TERM INVESTMENTS - 2.0%
MONEY MARKET FUND - 2.0%
6,471,259 Dreyfus Treasury & Agency Cash Management - Investor Shares
(Cost $6,471,259) 6,471,259
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TOTAL INVESTMENTS - 150.6%
(Cost $312,207,597) 491,647,063
Borrowings Outstanding - (33.8% of Net Assets or 22.4% of
Total Investments) (110,262,708)
Liabilities in excess of Other Assets - (16.8%) (54,822,893)
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NET ASSETS - 100.0% $ 326,561,462
===============
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L.L.C. Limited Liability Company
L.P. Limited Partnership
MLP Master Limited Partnership
NR Ratings shown are per Standard & Poor's. Securities classified as NR are
not rated by Standard & Poor's. (unaudited)
(a) All or a portion of these securities have been physically segregated in
connection with swap agreements or as collateral for borrowings
outstanding. The total amount segregated is $306,859,472.
(b) Non-income producing security.
(c) While non-income producing, security makes regular in-kind distributions.
(d) Security is restricted and may be resold only in transactions exempt from
registration, normally to qualified institutional buyers. At February 28,
2010, restricted securities aggregate market value amounted to $3,339,757
or 1.0% of net assets.
(e) 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 $3,339,757 which represents 1.0% of net
assets.
(f) Company has filed for protection in federal bankruptcy court.
(g) Floating rate security. The rate shown is as of February 28, 2010.
Country Allocation*
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United States 100.0%
* Subject to change daily. Based on total investments.
See previously submitted Notes to Financial Statements for the period ended
November 30, 2009.
INTEREST RATE SWAP AGREEMENTS
UNREALIZED
TERMINATION NOTIONAL APPRECIATION/
COUNTERPARTY DATE AMOUNT ($000) FIXED RATE FLOATING RATE (DEPRECIATION)
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Merrill Lynch 1/30/2011 $ 30,000 3.05% 1 - Month LIBOR $ (804,309)
Merrill Lynch 1/30/2013 $ 30,000 3.49% 1 - Month LIBOR (1,766,838)
Morgan Stanley 2/7/2011 $ 30,000 2.92% 1 - Month LIBOR (754,722)
Morgan Stanley 3/19/2013 $ 30,000 3.13% 1 - Month LIBOR (1,776,853)
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$ (5,102,722)
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For each swap noted, the Fund is obligated to pay the fixed rate and entitled to
receive the floating rate.
RESTRICTED SECURITIES
PRICE AT
DATE
DATE OF FAIR MARKET ACQUISITION 2/28/2010
Security ACQUISITION SHARES/PAR CURRENT COST VALUE (UNRESTRICTED)*** PRICE
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Abraxas Petroleum Corp. 10/5/2009 756,923 $ 2,468,886 $ 1,448,847 $ 1.75 $ 1.9141
Abraxas Petroleum Corp. 10/5/2009 756,924 $ 2,468,889 $ 1,440,804 $ 1.75 $ 1.9035
Abraxas Petroleum Corp.* 5/25/2007 114,230 $ - $ 41,765 $ - $ 0.3656
Clearwater GP Holding Co. 2/29/2008 123 $ 197,855 $ - $ 1,252.03 $ -
Clearwater Natural Resources, L.P.* 1/13/2009 9,499 $ - $ - $ - $ -
Clearwater Natural Resources, L.P.** 8/1/2005 43 $ - $ - $ - $ -
Clearwater Natural Resources, L.P. 8/1/2005 892,857 $ 17,857,143 $ - N/A $ -
Clearwater Natural Resources, L.P. 10/2/2006 252,764 $ 5,055,280 $ - N/A $ -
Clearwater Subordinate Note 7/8/2008 $ 212,000 $ 212,000 $ 69,960 $ 100.00 $ 33.00
Clearwater Subordinate Note 8/6/2008 $ 212,000 $ 212,000 $ 69,960 $ 100.00 $ 33.00
Clearwater Subordinate Note 9/29/2008 $ 759,880 $ 759,880 $ 250,760 $ 100.00 $ 33.00
Clearwater Subordinate Note 1/9/2009 $ 53,517 $ 53,517 $ 17,661 $ 100.00 $ 33.00
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Total $ 29,285,450 $ 3,339,757
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* Warrants
** Incentive Distribution Rights
***Valuation of unrestricted security on the acquisition date of the restricted
shares.
At February 28, 2010, the cost and related gross unrealized appreciation and
depreciation on investments for tax purposes are as follows:
Net Tax
Gross Tax Gross Tax Unrealized
Unrealized Unrealized Appreciation on
Cost of Investments for Tax Purposes Appreciation Depreciation Investments
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$ 277,104,218 $ 242,011,396 $(27,468,551) $ 214,542,845
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In accordance with ASC 820, Fair Value Measurements and Disclosures (formerly
known as the Statement of Financial Accounting Standard ("FAS") No. 157, fair
value is defined as the price that the Fund would receive to sell an investment
or pay to transfer a liability in an orderly transaction with an independent
buyer in the principal market, or in the absence of a principal market, the most
advantageous market for the investment or liability. ASC 820 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 (e.g.
yield curves; benchmark interest rates; indices). Level 3 valuations are those
based upon unobservable inputs (e.g. discounted cash flow analysis; non-market
based methods used to determine fair valuation). The following table represents
the Fund's investments carried on the Statement of Assets and Liabilities by
caption and by level within the fair value hierarchy as of February 28, 2010.
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DESCRIPTION LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
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(value in $000s)
ASSETS:
Master Limited Partnerships &
MLP Affiliates
Coal $ 14,364 $ - $ - $ 14,364
Consumer Discretionary 3,224 - - 3,224
Midstream Gas Infrastructure 225,838 - - 225,838
Midstream Oil Infrastructure 174,665 - - 174,665
Oil and Gas Production 15,028 - - 15,028
Propane 47,264 - - 47,264
Common Stocks
Oil and Gas Production 1,453 2,890 - 4,343
Other Equity Securities
Coal - - - -
Incentive Distribution Rights - - - -
Warrants - 42 - 42
Term Loans - - 408 408
Money Market Fund 6,471 - - 6,471
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Total $ 488,307 $ 2,932 $ 408 $ 491,647
========= ========= ======== =========
LIABILITIES:
Derivatives $ - 5,103 $ - $ 5,103
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Total $ - $ 5,103 $ - $ 5,103
========= ========= ======== =========
The following table presents the activity of the Fund's investments measured at
fair value using significant unobservable inputs (Level 3 valuations) for the
period ended February 28, 2010.
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LEVEL 3 HOLDINGS
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Beginning Balance at 11/30/09
Other Equity Securities $ -
Incentive Distribution Rights -
Warrants -
Term Loans 433
Total Realized Gain/Loss
Other Equity Securities -
Incentive Distribution Rights -
Warrants -
Term Loans -
Change in Unrealized Gain/Loss
Other Equity Securities -
Incentive Distribution Rights -
Warrants -
Term Loans (25)
Net Purchases and Sales
Other Equity Securities -
Incentive Distribution Rights -
Warrants -
Term Loans -
Net Transfers In/Out
Other Equity Securities -
Incentive Distribution Rights -
Warrants -
Term Loans -
Ending Balance at 2/28/10
Other Equity Securities -
Incentive Distribution Rights -
Warrants -
Term Loans 408
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Total Level 3 holdings $ 408
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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 (the "Investment Company Act")) 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 changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act) 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 (17 CFR 270.30a-2(a)), exactly as set forth below:
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.
(Registrant) Fiduciary/Claymore MLP Opportunity Fund
By: /s/ J. Thomas Futrell
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Name: J. Thomas Futrell
Title: Chief Executive Officer
Date: April 28, 2010
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
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Name: J. Thomas Futrell
Title: Chief Executive Officer
Date: April 28, 2010
By: /s/ Steven M. Hill
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Name: Steven M. Hill
Title: Chief Financial Officer, Chief Accounting Officer and Treasurer
Date: April 28, 2010