Davis Polk & Wardwell LLP advised Morgan Stanley & Co. Incorporated, Citigroup Global Markets Inc. and UBS Securities LLC as underwriters on an SEC-registered shelf takedown offering of 4,250,000 common shares of Fiduciary/Claymore MLP Opportunity Fund. The public offering price was $19.36 per share for a total public offering price of approximately $82.3 million. The shares are listed on the New York Stock Exchange under the symbol “FMO.”

Fiduciary/Claymore MLP Opportunity Fund is a non-diversified, closed-end management investment company that commenced investment operations on December 28, 2004. Claymore Advisors, LLC, a wholly owned subsidiary of Claymore Group Inc. and an indirect subsidiary of Guggenheim Partners, LLC, serves as the Fund's investment adviser and Fiduciary Asset Management, LLC, a wholly owned subsidiary of Piper Jaffray Companies, serves as the Fund's investment sub-adviser and is responsible for the management of the Fund's investment portfolio.

The Davis Polk corporate team included partner Joseph A. Hall and associates Erik Niit and Abdurahman Ravat. Partner Mary Conway and associate Devasish Majumdar provided tax advice. Counsel Susan Betteridge Baker provided Investment Company Act advice. Counsel Marcie A. Goldstein provided FINRA advice. Gwendolyn P. Ranada was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.