Claymore / Raymond James SB-1 Equity 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- 21863

Claymore/Raymond James SB-1 Equity 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: August 31

Date of reporting period: November 30, 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.

RYJ Claymore/Raymond James SB-1 Equity Fund

Portfolio of Investments

November 30, 2007 (Unaudited)

 

Number of Shares         Value
  

Total Investments - 100.0%

   
  

Long-Term Investments - 99.4%

   
  

Common Stocks - 91.9%

   
  

Communications Equipment - 6.3%

   
123,500   

ADC Telecommunications, Inc. (a)

    $ 2,045,160
1,321,000   

Avanex Corp. (a)

      1,981,500
69,400   

EMS Technologies, Inc. (a)

      2,020,234
31,900   

Harris Corp.

      2,002,363
81,300   

KVH Industries, Inc. (a)

      706,497
121,700   

Motorola, Inc.

      1,943,549
292,500   

Orbcomm, Inc. (a)

      2,278,575
300,000   

Sonus Networks, Inc. (a)

      1,974,000
        14,951,878
  

Computers & Peripherals - 0.4%

   
891,700   

Concurrent Computer Corp. (a)

      838,198
  

Consumer Discretionary - 14.7%

   
18,100   

Autozone, Inc. (a)

      2,020,503
43,200   

Best Buy Co., Inc.

      2,205,360
127,000   

California Pizza Kitchen, Inc. (a)

      2,020,570
45,100   

Carnival Corp. (Panama)

      2,034,912
44,100   

Culp, Inc. (a)

      366,912
50,900   

Darden Restaurants, Inc.

      2,025,311
70,600   

Ethan Allen Interiors, Inc.

      2,016,336
70,100   

Home Depot, Inc.

      2,002,056
122,600   

Lithia Motors, Inc. - Class A

      1,912,560
82,000   

Lowe’s Cos., Inc.

      2,001,620
67,100   

Marvel Entertainment, Inc. (a)

      1,858,670
62,800   

O’Reilly Automotive, Inc. (a)

      2,063,608
502,800   

Pier 1 Imports, Inc. (a)

      2,071,536
43,400   

Polaris Industries, Inc.

      1,977,304
50,600   

Royal Caribbean Cruises Ltd. (Liberia)

      2,052,336
161,000   

Stanley Furniture Co., Inc.

      1,806,420
81,200   

Urban Outfitters, Inc. (a)

      2,127,440
26,900   

Whirl Pool Corp.

      2,177,824
        34,741,278
  

Consumer Staples - 0.8%

   
48,000   

CVS Caremark Corp.

      1,924,320
  

Electronic Equipment & Instruments - 4.2%

   
167,000   

Cogent, Inc. (a)

      1,853,700
99,800   

Ingram Micro, Inc. - Class A (a)

      1,986,020
102,100   

Insight Enterprises, Inc. (a)

      2,022,601
109,600   

L-1 Identity Solutions, Inc. (a)

      2,036,368
55,400   

Tech Data Corp. (a)

      2,083,594
        9,982,283
  

Energy - 11.9%

   
20,600   

Apache Corp.

      1,993,874
25,000   

Baker Hughes, Inc.

      2,006,750
22,600   

Cameron International Corp. (a)

      2,106,998
92,000   

Continental Resources, Inc. (a)

      2,191,440
135,700   

Delta Petroleum Corp. (a)

      2,085,709
99,700   

InterOil Corp. (Canada) (a)

      2,248,235
38,000   

Lufkin Industries, Inc.

      1,976,380
31,400   

National Oilwell Varco, Inc. (a)

      2,139,910
40,400   

Noble Corp. (Cayman Islands)

      2,106,052
27,400   

Occidental Petroleum Corp.

      1,911,698
21,600   

Schlumberger Ltd. (Netherland Antilles)

      2,018,520
24,115   

Transocean, Inc. (Cayman Islands)

      3,310,872
38,000   

Whiting Petroleum Corp. (a)

      2,003,360
        28,099,798
  

Financials - 7.9%

   
38,500   

Allstate Corp. (The)

      1,968,120
43,700   

American Physicians Service Group, Inc.

      852,150
49,200   

Argo Group International Holdings Ltd. (Bermuda) (a)

      1,943,892
148,839   

Cardinal Financial Corp.

      1,425,878
38,000   

Chubb Corp.

      2,072,900
120,400   

CoBiz Financial, Inc.

      1,967,336
142,200   

First State Bancorporation

      2,078,964
67,700   

HCC Insurance Holdings, Inc.

      2,081,098
38,900   

Nexity Financial Corp. (a)

      284,359
71,800   

Pinnacle Financial Partners, Inc. (a)

      2,091,534
36,600   

Reinsurance Group of America, Inc.

      1,980,426
        18,746,657
  

Health Care - 9.6%

   
46,600   

Amedisys, Inc. (a)

      1,987,956
100,100   

Bradley Pharmaceuticals, Inc. (a)

      1,970,969
90,500   

Eclipsys Corp. (a)

      2,099,600
145,900   

HLTH Corp. (a)

      2,041,141
35,000   

Icon PLC - ADR (Ireland) (a)

      2,075,850
29,900   

Johnson & Johnson

      2,025,426
50,700   

Kendle International, Inc. (a)

      2,188,719
146,000   

Noven Pharmaceuticals, Inc. (a)

      2,311,180
86,500   

Pfizer, Inc.

      2,055,240
51,400   

Psychiatric Solutions, Inc. (a)

      1,877,642
40,400   

Universal Health Services, Inc. - Class B

      2,058,380
        22,692,103
  

Industrials - 11.5%

   
106,600   

Argon ST, Inc. (a)

      1,942,252
131,400   

Casella Waste Systems, Inc. - Class A (a)

      1,967,058
49,000   

Con-Way, Inc.

      2,071,720
34,400   

EDO Corp.

      1,920,208
33,700   

Harsco Corp.

      2,024,359
151,000   

Heartland Express, Inc.

      2,194,030
78,700   

Herman Miller, Inc.

      2,160,315
34,474   

JA Solar Holdings Co. Ltd. - ADR (Cayman Islands) (a)

      2,045,687
79,000   

JB Hunt Transport Services, Inc.

      2,076,910
117,500   

Knoll, Inc.

      2,053,900
52,800   

Landstar System, Inc.

      2,100,384
156,600   

PGT, Inc. (a)

      864,432
59,550   

Republic Services, Inc.

      1,975,273
46,800   

Ryanair Holdings PLC - ADR (Ireland) (a)

      1,898,676
        27,295,204
  

Materials - 0.9%

   
55,100   

Scotts Miracle-Gro Co. (The) - Class A

      2,033,741
  

Semiconductors - 9.1%

   
107,000   

Altera Corp.

      2,009,460
68,400   

Diodes, Inc. (a)

      2,012,328
79,900   

Intel Corp.

      2,083,792
220,900   

Micron Technology, Inc. (a)

      1,837,888
89,600   

National Semiconductor Corp.

      2,048,256
63,650   

Nvidia Corp. (a)

      2,007,521
328,200   

RF Micro Devices, Inc. (a)

      1,896,996
226,700   

Skyworks Solutions, Inc. (a)

      2,058,436
63,800   

Texas Instruments, Inc.

      2,014,166
38,700   

Trina Solar Ltd. - ADR (Cayman Islands) (a)

      1,658,295
88,400   

Xilinx, Inc.

      1,935,960
        21,563,098
  

Software & Services - 6.1%

   
55,200   

Akamai Technologies, Inc. (a)

      2,100,912
484,700   

Art Technology Group, Inc. (a)

      2,026,046
42,800   

Automatic Data Processing, Inc.

      1,928,568
45,800   

Global Payments, Inc.

      1,979,476
83,500   

Interactive Intelligence, Inc. (a)

      2,177,680
105,500   

Nuance Communications, Inc. (a)

      2,128,990
46,000   

VeriFone Holdings, Inc. (a)

      2,209,380
        14,551,052
  

Telecommunications - 8.5%

   
43,900   

American Tower Corp. - Class A (a)

      1,999,206
48,900   

Cbeyond, Inc. (a)

      2,022,993
214,600   

Centennial Communications Corp. (a)

      1,909,940
39,400   

Embarq Corp.

      2,007,430
56,700   

Leap Wireless International, Inc. (a)

      1,968,057
121,700   

MetroPCS Communications, Inc. (a)

      2,081,070
38,200   

NII Holdings, Inc. (a)

      2,107,112
71,600   

NTELOS Holdings Corp.

      1,899,548
177,400   

PAETEC Holding Corp. (a)

      1,898,180
58,800   

SBA Communications Corp. - Class A (a)

      2,201,472
        20,095,008
  

Total Common Stocks - 91.9%

   
  

(Cost $211,053,989)

      217,514,618
  

Master Limited Partnerships - 7.5%

   
  

Energy - 6.6%

   
61,300   

Energy Transfer Equity LP

      2,115,463
39,200   

Energy Transfer Partners LP

      2,018,800
61,700   

Enterprise Products Partners LP

      1,928,742
62,900   

Inergy LP

      2,031,670
82,300   

Magellan Midstream Holdings LP

      2,130,747
74,400   

Targa Resources Partners LP

      2,120,400
66,800   

Teekay LNG Partners LP (Marshall Islands)

      1,980,620
53,200   

Teekay Offshore Partners LP (Marshall Islands)

      1,369,900
        15,696,342
  

Utilities - 0.9%

   
47,100   

Suburban Propane Partners LP

      2,015,409
  

Total Master Limited Partnerships

   
  

(Cost $15,674,159)

      17,711,751
  

Total Long-Term Investments - 99.4%

   
  

(Cost $226,728,148)

      235,226,369
Principal Amount          
  

Short-Term Investments - 0.6%

   
  

U.S. Government and Agency Securities - 0.6%

   
$1,365,000   

Federal Home Loan Bank Discount Note, maturing 12/3/07, yielding 2.47%

      1,364,813
  

(Cost $1,364,813)

   
     
  

Total Investments - 100.0%

   
  

(Cost $228,092,961)

      236,591,182
  

Liabilities in excess of Other Assets - (0.0%)

      (58,913)
  

Net Assets - 100.0%

      $236,532,081

ADR - American Depositary Receipt

LP - Limited Partnership

(a)    Non-income producing security.

Securities are classified by sectors that represent broad groupings of related industries.

 

Country Allocation*

       

United States

    88.7 %

Cayman Islands

    3.9 %

Ireland

    1.7 %

Marshall Islands

    1.4 %

Canada

    0.9 %

Liberia

    0.9 %

Panama

    0.9 %

Netherlands Antilles

    0.8 %

Bermuda

    0.8 %
* Subject to change daily and percentages are based on total investments.

See previously submitted notes to financial statements for the period ended August 31, 2007.

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 this filing 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, as amended) that occurred during the registrant’s last fiscal quarter that may have materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications 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)), are 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.

 

Claymore/Raymond James SB-1 Equity Fund
By:       /s/ Nicholas Dalmaso
  Nicholas Dalmaso
  Chief Legal and Executive Officer
Date:   January 25, 2008

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:   January 25, 2008
 
By:       /s/ Steven M. Hill
  Steven M. Hill
  Treasurer and Chief Financial Officer
Date:   January 25, 2008