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
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Claymore/Raymond James SB-1 Equity 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: August 31
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Date of reporting period: May 31, 2008
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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.
RYJ | CLAYMORE/RAYMOND JAMES SB-1 EQUITY FUND
PORTFOLIO OF INVESTMENTS
MAY 31, 2008 (UNAUDITED)
NUMBER OF
SHARES DESCRIPTION VALUE
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TOTAL INVESTMENTS - 100.0%
COMMON STOCKS - 90.4%
COMMUNICATIONS EQUIPMENT - 8.0%
114,100 ADC Telecommunications, Inc. (a) $ 1,795,934
69,600 Adtran, Inc. 1,732,344
1,624,185 Avanex Corp. (a) 1,916,538
61,700 EMS Technologies, Inc. (a) 1,689,346
27,500 Harris Corp. 1,808,950
33,100 Hughes Communications, Inc. (a) 1,535,509
147,400 JDS Uniphase Corp. (a) 1,823,338
49,800 KVH Industries, Inc. (a) 438,240
172,300 Motorola, Inc. 1,607,559
58,100 Nokia Corp. - ADR (Finland) 1,650,040
227,591 Orbcomm, Inc. (a) 1,408,788
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17,406,586
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COMPUTERS & PERIPHERALS - 0.1%
354,500 Concurrent Computer Corp. (a) 244,605
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CONSUMER DISCRETIONARY - 13.9%
13,700 Autozone, Inc. (a) 1,733,872
38,500 Best Buy Co., Inc. 1,797,565
76,000 Brinker International, Inc. 1,666,680
43,600 Carnival Corp. (Panama) 1,746,616
26,000 Culp, Inc. (a) 187,200
19,240 Dixie Group, Inc. (a) 140,452
49,700 Dollar Tree, Inc. (a) 1,833,930
59,700 Ethan Allen Interiors, Inc. 1,673,988
60,300 Home Depot, Inc. 1,649,808
71,900 Lowe's Cos., Inc. 1,725,600
51,400 Marvel Entertainment, Inc. (a) 1,749,142
62,500 O'Reilly Automotive, Inc. (a) 1,634,375
33,126 Panera Bread Co. - Class A (a) 1,720,564
223,500 Pier 1 Imports, Inc. (a) 1,611,435
36,400 Polaris Industries, Inc. 1,737,008
43,000 Red Robin Gourmet Burgers, Inc. (a) 1,445,230
55,600 Royal Caribbean Cruises Ltd. (Liberia) 1,652,432
72,700 Stanley Furniture Co., Inc. 862,222
152,100 Texas Roadhouse, Inc. - Class A (a) 1,677,663
23,100 WhirlPool Corp. 1,702,008
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29,947,790
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CONSUMER STAPLES - 0.8%
40,000 CVS Caremark Corp. 1,711,600
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ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.3%
159,600 Cogent, Inc. (a) 1,910,412
95,800 Ingram Micro, Inc. - Class A (a) 1,736,854
108,200 L-1 Identity Solutions, Inc. (a) 1,713,888
47,500 Tech Data Corp. (a) 1,738,025
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7,099,179
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ENERGY - 14.0%
12,000 Apache Corp. 1,608,720
72,600 BPZ Resources, Inc. (a) 1,650,924
31,100 Cameron International Corp. (a) 1,655,453
33,400 Continental Resources, Inc. (a) 2,143,278
22,212 Dawson Geophysical Co. (a) 1,516,858
68,300 Delta Petroleum Corp. (a) 1,509,430
12,300 Diamond Offshore Drilling, Inc. 1,678,212
45,500 Helix Energy Solutions Group, Inc. (a) 1,757,665
65,400 InterOil Corp. (Canada) (a) 1,690,590
21,300 Lufkin Industries, Inc. 1,699,314
20,400 National Oilwell Varco, Inc. (a) 1,699,728
26,300 Noble Corp. (Cayman Islands) 1,660,582
18,200 Occidental Petroleum Corp. 1,673,126
24,700 Pioneer Natural Resources Co. 1,773,213
22,900 Plains Exploration & Production Co. (a) 1,636,892
16,400 Schlumberger Ltd. (Netherland Antilles) 1,658,532
10,715 Transocean, Inc. (Cayman Islands) 1,609,286
17,800 Whiting Petroleum Corp. (a) 1,664,834
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30,286,637
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FINANCIALS - 11.2%
34,600 Allstate Corp. (The) 1,762,524
44,761 American Physicians Service Group, Inc. 978,028
45,800 Argo Group International Holdings Ltd. (Bermuda) (a) 1,767,422
74,100 Astoria Financial Corp. 1,768,026
92,939 Cardinal Financial Corp. 798,346
32,400 Chubb Corp. 1,741,824
164,600 CoBiz Financial, Inc. 1,741,468
162,248 First Bancorp (Puerto Rico) 1,632,215
212,700 First State Bancorporation 1,648,425
72,400 HCC Insurance Holdings, Inc. 1,727,464
110,400 Lakeland Bancorp, Inc. 1,627,296
88,000 New York Community Bancorp, Inc. 1,805,760
17,218 Nexity Financial Corp. (a) 96,076
64,500 Pinnacle Financial Partners, Inc. (a) 1,734,405
144,600 Popular, Inc. (Puerto Rico) 1,576,140
33,800 Reinsurance Group of America, Inc. 1,737,996
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24,143,415
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HEALTH CARE - 11.3%
140,400 Allscripts Healthcare Solutions, Inc. (a) 1,745,172
33,000 Amedisys, Inc. (a) 1,676,730
31,100 Cardinal Health, Inc. 1,758,394
36,500 Cerner Corp. (a) 1,656,005
20,900 Covance, Inc. (a) 1,713,382
28,300 Dialysis Corp. of America (a) 206,590
84,400 Eclipsys Corp. (a) 1,721,760
69,671 IMS Health, Inc. 1,688,825
25,900 Johnson & Johnson 1,728,566
46,710 Kendle International Inc. (a) 1,765,171
29,500 McKesson Corp. 1,700,675
40,100 Pharmaceutical Product Development, Inc. 1,772,821
95,208 Phase Forward, Inc. (a) 1,650,907
47,600 Psychiatric Solutions, Inc. (a) 1,735,972
27,800 Universal Health Services, Inc. - Class B 1,807,000
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24,327,970
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INDUSTRIALS - 7.9%
74,500 Argon ST, Inc. (a) 1,798,430
163,300 Casella Waste Systems, Inc. - Class A (a) 1,822,428
35,100 Con-Way, Inc. 1,713,231
27,500 Harsco Corp. 1,741,300
68,622 JA Solar Holdings Co. Ltd. - ADR (Cayman Islands) (a) 1,459,590
32,200 Landstar System, Inc. 1,794,184
52,450 Republic Services, Inc. 1,727,179
62,700 Ryanair Holdings PLC - ADR (Ireland) (a) 1,652,145
19,200 Sunpower Corp. - Class A (a) 1,572,480
54,600 Waste Connections, Inc. (a) 1,792,518
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17,073,485
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SEMICONDUCTORS - 7.9%
75,000 Altera Corp. 1,735,500
61,700 Diodes, Inc. (a) 1,741,791
69,000 Intel Corp. 1,599,420
194,200 Micron Technology, Inc. (a) 1,567,194
69,850 Nvidia Corp. (a) 1,725,295
454,700 RF Micro Devices, Inc. (a) 1,818,800
187,500 Skyworks Solutions, Inc. (a) 1,936,875
53,700 Texas Instruments, Inc. 1,744,176
33,100 Trina Solar Ltd. - ADR (Cayman Islands) (a) 1,487,514
63,900 Xilinx, Inc. 1,738,080
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17,094,645
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SOFTWARE & SERVICES - 5.5%
43,900 Akamai Technologies, Inc. (a) 1,714,295
469,600 Art Technology Group, Inc. (a) 1,761,000
39,500 Automatic Data Processing, Inc. 1,700,475
140,900 Interactive Intelligence, Inc. (a) 1,835,927
61,000 NCI, Inc. - Class A (a) 1,281,000
87,600 Nuance Communications, Inc. (a) 1,727,472
105,800 Switch & Data Facilities Co., Inc. (a) 1,888,530
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11,908,699
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TELECOMMUNICATIONS - 6.5%
236,100 Centennial Communications Corp. (a) 1,787,277
37,900 Embarq Corp. 1,793,428
28,500 Leap Wireless International, Inc. (a) 1,637,610
79,600 MetroPCS Communications, Inc. (a) 1,690,704
34,400 NII Holdings, Inc. (a) 1,726,880
61,825 NTELOS Holdings Corp. 1,726,154
214,060 PAETEC Holding Corp. (a) 1,892,290
48,300 SBA Communications Corp. - Class A (a) 1,797,726
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14,052,069
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TOTAL COMMON STOCKS - 90.4%
(Cost $179,282,448) 195,296,680
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MASTER LIMITED PARTNERSHIPS - 9.5%
ENERGY - 8.7%
51,500 Energy Transfer Equity LP 1,672,205
34,400 Energy Transfer Partners LP 1,663,240
56,200 Enterprise Products Partners LP 1,701,174
22,855 Hiland Holdings GP LP 615,942
61,400 Inergy LP 1,725,954
75,200 Legacy Reserves LP 1,731,856
68,900 Magellan Midstream Holdings LP 1,688,050
63,600 SemGroup Energy Partners LP 1,732,464
68,100 Targa Resources Partners LP 1,806,693
58,000 Teekay LNG Partners LP (Marshall Islands) 1,696,500
39,579 Teekay Offshore Partners LP (Marshall Islands) 910,317
50,000 Williams Partners LP 1,784,500
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18,728,895
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UTILITIES - 0.8%
42,500 Suburban Propane Partners LP 1,759,500
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TOTAL MASTER LIMITED PARTNERSHIPS - 9.5%
(Cost $18,049,434) 20,488,395
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EXCHANGE TRADED FUNDS - 0.1%
800 Midcap SPDR Trust Series 1 128,496
(Cost $123,476) --------------
TOTAL INVESTMENTS - 100.0%
(Cost $197,455,358) 215,913,571
Other Assets in excess of Liabilities - 0.0% 78,920
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NET ASSETS - 100.0% $ 215,992,491
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ADR - American Depositary Receipt
LP - Limited Partnership
(a) Non-income producing security.
Securities are classified by sectors that represent broad groupings of related
industries.
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COUNTRY ALLOCATION*
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United States 89.0%
Cayman Islands 2.9%
Puerto Rico 1.5%
Marshall Islands 1.2%
Bermuda 0.8%
Panama 0.8%
Canada 0.8%
Netherlands Antilles 0.8%
Liberia 0.8%
Ireland 0.7%
Finland 0.7%
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* Subject to change daily and percentages are based on total
investments.
See previously submitted notes to financial statements for the period ending
February 29, 2008.
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 as required by Rule 30a-3(b)
under the Investment Company Act of 1940, 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) 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.
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 of 1940 (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/ J. Thomas Futrell
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J. Thomas Futrell
Chief Executive Officer
Date: July 29, 2008
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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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J. Thomas Futrell
Chief Executive Officer
Date: July 29, 2008
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By: /s/ Steven M. Hill
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Steven M. Hill
Treasurer and Chief Financial Officer
Date: July 29, 2008
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