Claymore/Raymond James SB-1 Equity Fund (the Fund) is a diversified, closed-end management investment company. The Fund’s investment objective is to provide capital appreciation. The Fund will invest substantially all of its net assets in equity securities that are rated, at the time of purchase, Strong Buy 1 (SB-1) by the Fund’s sub-advisor, Raymond James & Associates, Inc. (Raymond James). It will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities rated SB-1. The Fund invests in sectors, such as energy, financials, consumer discretionary, semiconductors, healthcare, telecommunications, industrials, communications equipment, software and services, electronic equipment and instruments, computers and peripherals and utilities. Claymore Advisors, LLC is the investment adviser of the Fund.