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)
J. Thomas Futrell
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: February 28, 2009
-------------------
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, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE
----------------------------------------------------------------------------------------------------
MASTER LIMITED PARTNERSHIPS AND MLP AFFILIATES - 124.7%
COAL - 3.5%
401,104 Alliance Holdings GP, L.P. $ 5,948,372
30,900 Alliance Resource Partners L.P. 817,923
1,145,621 Clearwater Natural Resources, L.P.
(Acquired 08/01/05 and 10/02/06, Cost $22,912,423) (a) (b) (c) (d) -
123 Clearwater GP Holding Co.
(Acquired 02/29/08, Cost $192,961) (a) (b) (c) (d) -
38,300 Natural Resource Partners, L.P. 793,959
----------------
7,560,254
----------------
CONSUMER DISCRETIONARY - 0.8%
162,680 StoneMor Partners, L.P. 1,742,303
----------------
MIDSTREAM GAS INFRASTRUCTURE - 45.0%
328,807 Boardwalk Pipeline Partners L.P. 6,937,828
956,417 Copano Energy, L.L.C. (e) 13,600,250
190,000 Copano Energy, L.L.C., Unregistered Series D Units
(Acquired 03/14/08, Cost $4,987,500) (a) (b) (c) 2,412,018
387,534 Crosstex Energy, L.P., Senior Subordinated Series D Units
(Acquired 03/23/07, Cost $10,050,005) (a) (b) (c) 1,331,615
586,915 DCP Midstream Partners, L.P. 6,326,944
521,754 El Paso Pipeline Partners, L.P. 9,198,523
499,278 Energy Transfer Equity L.P. 9,800,827
239,612 Energy Transfer Partners, L.P. (e) 8,676,351
1,001,767 Enterprise Products Partners, L.P. 21,618,132
251,451 Hiland Partners, L.P. 1,865,766
166,000 ONEOK Partners L.P. 7,033,420
49,060 Spectra Energy Partners, L.P. 1,088,151
81,400 TC Pipelines L.P. 2,105,818
215,690 Western Gas Partners, L.P. 3,164,172
38,300 Williams Partners, L.P. 419,385
86,535 Williams Pipeline Partners, L.P. 1,372,445
----------------
96,951,645
----------------
MIDSTREAM OIL INFRASTRUCTURE - 59.3%
484,552 Enbridge Energy Partners, L.P. (e) 13,795,195
274,225 Genesis Energy, L.P. 2,769,672
215,415 Global Partners, L.P. 2,304,941
354,900 Holly Energy Partners, L.P. 9,042,852
528,176 Kinder Morgan Management, L.L.C. (f) 22,035,503
304,500 Magellan Midstream Holdings L.P. 4,847,640
802,529 Magellan Midstream Partners, L.P. (e) 25,520,422
232,210 NuStar Energy L.P. 10,714,169
523,856 Plains All American Pipeline, L.P. (e) 20,189,410
116,600 Sunoco Logistics Partners L.P. 6,411,834
445,445 TEPPCO Partners, L.P. (e) 10,138,328
----------------
127,769,966
----------------
OIL AND GAS PRODUCTION - 6.3%
363,512 Abraxas Petroleum Corp. (c) (e) 308,985
529,751 Abraxas Energy Partners, L.P. (Acquired 05/25/07,
Cost $7,406,661) (a) (b) 3,607,604
644,188 BreitBurn Energy Partners, L.P. 4,026,175
324,342 EV Energy Partner, L.P. 4,787,288
8,000 Exterran Partners L.P. 98,000
54,796 Pioneer Southwest Energy Partners, L.P. 848,242
----------------
13,676,294
----------------
PROPANE - 9.8%
524,400 Inergy Holdings, L.P. 14,620,272
288,931 Inergy, L.P. 6,506,726
----------------
21,126,998
----------------
TOTAL MASTER LIMITED PARTNERSHIPS AND MLP AFFILIATES
(Cost $309,957,261) 268,827,460
----------------
INCENTIVE DISTRIBUTION RIGHTS - 0.0%
43 Clearwater Natural Resources, L.P. (Acquired 08/01/05,
Cost $0) (a) (b) (c) (d) -
----------------
WARRANTS - 0.0%
114,230 Abraxas Petroleum Corp. (Acquired 5/25/07, Cost $0)
(a) (b) (c) 11,437
9,499 Clearwater Natural Resouces, L.P. (Acquired 1/13/09,
Cost $0) (a) (b) (c) (d) -
----------------
11,437
----------------
PRINCIPAL AMOUNT
TERM LOANS - 0.2%
$ 1,237,397 Clearwater Subordinate Note 10.314%, 12/03/09, NR
(Acquired 07/08/08, 08/06/08, 09/29/08 and 01/09/09,
Cost $1,237,397) (a) (b) (c) (d) (f) (g) 433,089
----------------
NUMBER OF SHARES SHORT TERM INVESTMENTS - 1.2%
MONEY MARKET FUND - 1.2%
2,616,358 Dreyfus Treasury & Agency Cash Management - Investor Shares
(Cost $2,616,358) 2,616,358
----------------
TOTAL INVESTMENTS - 126.1%
(Cost $313,811,016) 271,888,344
Borrowings Outstanding - (33.5% of Net Assets or 26.6% of
Total Investments) (72,262,708)
Other Assets in excess of Liabilities - 7.4% 15,921,075
----------------
NET ASSETS - 100.0% $ 215,546,711
================
--------------------------------------------------------------------------------
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.
(a) Security is restricted and may be resold only in transactions exempt from
registration, normally to qualified institutional buyers. At February 28,
2009, restricted securities aggregate market value amounted to $7,795,763
or 3.6% 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 $7,795,763 which represents 3.6% of net
assets.
(c) Non-income producing security.
(d) Company has filed for protection in federal bankruptcy court.
(e) All or a portion of these securities have been physically segregated in
connection with swap agreements.
(f) While non-income producing, security makes regular in-kind distributions.
(g) Floating rate security. The rate shown is as of February 28, 2009.
Country Allocation*
------------------------------------------------------
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, 2008.
Interest Rate Swap Agreements
Unrealized
Termination Notional Appreciation/
Counterparty Date Amount (000) Fixed Rate Floating Rate (Depreciation)
-------------------------------------------------------------------------------------------------------------
Merrill Lynch 1/30/2011 $ 30,000 3.05% 1 - Month LIBOR $ (1,030,432)
Merrill Lynch 1/30/2013 $ 30,000 3.49% 1 - Month LIBOR (1,506,338)
Morgan Stanley 2/7/2011 $ 30,000 2.92% 1 - Month LIBOR (949,625)
Morgan Stanley 3/19/2013 $ 30,000 3.13% 1 - Month LIBOR (1,443,157)
-------------
$ (4,929,552)
=============
For each swap noted, the Fund is obligated to pay the fixed rate and entitled to
receive the floating rate.
Restricted Securities
Value Per Share at
Date of Fair Market Acquisition Date 2/28/2009
Security Acquisition Shares Current Cost Value (unrestricted)*** Price
----------------------------------------------------------------------------------------------------------------------------
Abraxas Energy Partners, L.P. 5/25/2007 529,751 $ 7,406,661 $ 3,607,604 $ 16.66 $ 6.81
Abraxas Petroleum Corp.* 5/25/2007 114,230 $ - $ 11,437 $ - $ 0.1001
Clearwater GP Holding Co. 2/29/2008 123 $ 192,961 $ - $ 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 $ - $ - $ -
Clearwater Natural Resources, L.P. 10/2/2006 252,764 $ 5,055,280 $ - $ - $ -
Clearwater Subordinate Note 7/8/2008 212,000 $ 212,000 $ 74,200 $ 100.00 $ 35.00
Clearwater Subordinate Note 8/6/2008 212,000 $ 212,000 $ 74,200 $ 100.00 $ 35.00
Clearwater Subordinate Note 9/29/2008 759,880 $ 759,880 $ 265,958 $ 100.00 $ 35.00
Clearwater Subordinate Note 1/9/2009 53,517 $ 53,517 $ 18,731 $ 35.00 $ 35.00
Copano Energy, L.L.C., Unregistered
Series D Units 3/14/2008 190,000 $ 4,987,500 $ 2,412,018 $ 34.05 $ 12.69
Crosstex Energy, L.P., Senior
Subordinated Series D Units 3/23/2007 387,534 $10,050,005 $ 1,331,615 $ 34.65 $ 3.44
--------------------------
Total $46,786,947 $ 7,795,763
--------------------------
* Warrants
** Incentive Distribution Rights
*** Valuation of unrestricted common stock on the acquisition date of the
restricted shares
------------------------------------------------------------------------------
In September, 2006, the Financial Accounting Standards Board ("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 (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). Details of
the valuations as of February 28, 2009 were as follows:
Description Securities Derivatives Total
----------- ----------- -----------
(value in $000s)
Assets
Level 1 $ 264,092 $ - $ 264,092
Level 2 3,744 - 3,744
Level 3 4,052 - 4,052
----------- ----------- ------------
Total $ 271,888 $ - $ 271,888
=========== =========== ============
Liabilities
Level 1 $ - $ - $ -
Level 2 - 4,930 4,930
Level 3 - - -
----------- ----------- ------------
Total $ - $ 4,930 $ 4,930
=========== =========== ============
Level 3 holdings Securities Derivatives Total
----------- -------------------------
Beginning Balance at 11/30/08 $ 21,577 $ - $ 21,577
Total Realized Gain/Loss - - -
Change in Unrealized Gain/Loss (17,578) - (17,578)
Net Purchases and Sales 53 - 53
Net Transfers In/Out - - -
----------- ----------- ------------
Ending Balance at 2/28/09 $ 4,052 $ - $ 4,052
=========== =========== ============
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.
(Registrant) Fiduciary/Claymore MLP Opportunity Fund
---------------------------------------
By: /s/ J. Thomas Futrell
---------------------------------------------------------------------
Name: J. Thomas Futrell
Title: Chief Executive Officer
Date: April 24, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ J. Thomas Futrell
---------------------------------------------------------------------
Name: J. Thomas Futrell
Title: Chief Executive Officer
Date: April 24, 2009
By: /s/ Steven M. Hill
---------------------------------------------------------------------
Name: Steven M. Hill
Title: Chief Financial Officer, Chief Accounting Officer and Treasurer
Date: April 24, 2009