DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT
2/4/08
1. NAME OF REPORTING PERSON
Bulldog Investors General Partnership and Phillip Goldstein
2. CHECK THE BOX IF MEMBER OF A GROUP a[ ]
b[ ]
3. SEC USE ONLY
4. SOURCE OF FUNDS WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e) []
6. CITIZENSHIP OR PLACE OF ORGANIZATION USA
7. SOLE VOTING POWER
2,318,306
8. SHARED VOTING POWER
0
9. SOLE DISPOSITIVE POWER
2,318,306
10. SHARED DISPOSITIVE POWER
0
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
2,318,806
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES []
13. PERCENT OF CLASS REPRESENTED BY ROW 11
20.84%
14. TYPE OF REPORTING PERSON
IA
Item 1. SECURITY AND ISSUER
This Schedule 13D relates to the shares of Common Stock of
Claymore/Raymond James SB-1 Equity Fund ("RYJ" or the "Issuer").
The principal executive offices of RYJ are located at 2544
Corporate West Drive, Lisle IL 60532.
Item 2. IDENTITY AND BACKGROUND
This statement is filed on behalf of Bulldog Investors General
Partnership ("BIGP"), 60 Heritage Drive, Pleasantville, NY
10570. BIGP is a general partnership whose business is to make
investments and to take actions deemed necessary to increase the
value of its investments. The managing general partner of BIGP
is Kimball and Winthrop, Inc., 60 Heritage Drive, Pleasantville,
NY 10570. Phillip Goldstein is President of Kimball and
Winthrop, Inc.
During the past 5 years none of the above has been convicted in
a criminal proceeding, nor been party to a civil proceeding of a
judicial or administrative body of competent jurisdiction as a
result of which they were or are subject to a judgment, decree
or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.
Each of the above are United States citizens.
ITEM 3. SOURCE AND AMOUNT OF FUNDS AND OTHER CONSIDERATIONS
Shares of the Issuer have been accumulated on behalf of BIGP and
other managed accounts.
ITEM 4. PURPOSE OF TRANSACTION
The group owns more than 20% of the Fund?s outstanding shares.
As a result, the filing persons are required to file a schedule
13D. The filing persons acquired their shares for investment
purposes. They recently proposed to the Fund?s management that
before the 2008 annual shareholder meeting is called it should
consider whether the automatic open-end fund conversion
provision should be modified in light of the Fund?s persistent
trading discount (which has hovered at about 10%) since the
commencement of the provision?s measurement period in October
2007.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
As per the Annual report dated August 31, 2007 there were
11,122,822 shares of common stock outstanding. The percentage
set forth in item 5 was derived using such number.
a) BIGP and other accounts managed by Phillip Goldstein
beneficially own an aggregate of 2,318,306 shares of RYJ or
20.84% of the outstanding shares.
b) Power to vote and dispose of securities resides either with
Mr. Goldstein or clients.
c) During the past 60 days the following shares of RYJ were
purchased, unless previously reported (there were no sales):
trade date # shares Price ($)
12/17/2007 36700 18.695
12/18/2007 16400 18.5446
12/20/2007 1300 18.65
12/26/2007 11195 17.7776
12/27/2007 15500 17.7517
1/2/2008 9,720 17.2756
1/4/2008 3,000 16.6417
1/7/2008 1,000 16.4000
1/8/2008 5,000 16.3200
1/9/2008 6,200 15.8666
1/11/2008 6,050 16.0792
1/14/2008 1,325 16.0306
1/15/2008 9,500 15.8316
1/16/2008 9,100 15.6586
1/17/2008 11,500 15.6987
1/18/2008 12,400 15.1958
1/22/2008 1,200 14.8000
1/22/2008 25,000 15.0991
1/23/2008 25,000 14.8026
1/24/2008 25,000 15.7656
1/25/2008 7,400 15.7396
1/28/2008 4,351 15.8839
1/29/2008 4,300 16.0633
1/30/2008 2,050 15.9951
1/31/2008 5,055 15.8722
2/1/2008 9,300 16.4865
2/4/2008 17,700 16.5288
2/5/2008 13,500 16.1730
2/6/2008 1,800 15.8400
2/7/2008 100 15.7500
2/8/2008 5,000 15.9854
2/11/2008 7,900 16.1448
2/12/2008 11,853 16.2759
2/13/2008 23,000 16.4373
2/14/2008 25,000 16.3307
d) Beneficiaries of managed accounts are entitled to receive any
dividends or sales proceeds.
e) NA
ITEM 6. CONTRACTS,ARRANGEMENTS,UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
None.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Dated: 2/15/08
By: /s/ Phillip Goldstein
Name: Phillip Goldstein
President, Kimball and Winthrop, Inc.
Managing General Partner, BIGP