-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 GQ1YKLGIDLvEqZ9OWIZgbj6BU1z9Y4WRcJVsNQ54KsBX6yAj8ojiRv73TNg/yzfJ
 /KbHnIlq8pZ0ZZfwPl9DZg==

<SEC-DOCUMENT>0001179110-04-023959.txt : 20041222
<SEC-HEADER>0001179110-04-023959.hdr.sgml : 20041222
<ACCEPTANCE-DATETIME>20041222184542
ACCESSION NUMBER:		0001179110-04-023959
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041222
FILED AS OF DATE:		20041222
DATE AS OF CHANGE:		20041222

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fiduciary/Claymore MLP Opportunity Fund
		CENTRAL INDEX KEY:			0001305197
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	BUSINESS ADDRESS:	
		STREET 1:		2455 CORPORATE WEST DRIVE
		CITY:			LISLE
		STATE:			IL
		ZIP:			60532
		BUSINESS PHONE:		630-505-3700

	MAIL ADDRESS:	
		STREET 1:		2455 CORPORATE WEST DRIVE
		CITY:			LISLE
		STATE:			IL
		ZIP:			60532

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CLAYMORE SECURITIES INC
		CENTRAL INDEX KEY:			0001167303

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21652
		FILM NUMBER:		041222027

	BUSINESS ADDRESS:	
		STREET 1:		CLAYMORE SECURITIES INC
		STREET 2:		250 NORTH ROCK RD SUITE 150
		CITY:			WICHITA
		STATE:			KS
		ZIP:			67206-2241
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 3 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2004-12-22</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001305197</issuerCik>
        <issuerName>Fiduciary/Claymore MLP Opportunity Fund</issuerName>
        <issuerTradingSymbol>FMO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001167303</rptOwnerCik>
            <rptOwnerName>CLAYMORE SECURITIES INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2455 CORPORATE WEST DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LISLE</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60532</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Investment Adviser Affiliate</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5240</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <ownerSignature>
        <signatureName>Nicholas Dalmaso</signatureName>
        <signatureDate>2004-12-22</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----