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 811-21256
Rock Canyon Funds
(Exact name of registrant as specified in charter)
2989 West Maple Loop, Suite 210 Lehi, UT 84043
(Address of principal executive offices)
(Zip code)
Jonathan Ferrell, Rock Canyon Advisory Group, Inc.,
2989 West Maple Loop, Suite 210 Lehi, UT 84043
(Name and address of agent for service)
With copy to:
Donald S. Mendelsohn, Thompson Hine LLP
312 Walnut Street, 14th Floor, Cincinnati, Ohio 45202
Registrant's telephone number, including area code: (801) 753-0045
Date of fiscal year end: September 30
Date of reporting period: December 31, 2007
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, and 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.
Top Flight Long-Short Fund |
|
| ||
Schedule of Investments | ||||
December 31, 2007 (Unaudited) | ||||
Shares/Principal Amount |
|
Market Value |
% of Net Assets | |
COMMON STOCKS |
||||
Biological Products, (No Diagnostic Substances) |
||||
1,600 |
Biogen Idec, Inc. * |
$ 91,072 |
||
2,000 |
Gilead Sciences, Inc. * |
92,020 |
||
183,092 |
3.24% | |||
Bottled & Canned Soft Drinks & Carbonated Waters |
||||
2,700 |
Coca Cola Femso |
133,056 |
2.35% | |
Cable & Other Pay Television Services |
||||
3,300 |
Shaw Communications, Inc. Class B |
78,144 |
1.38% | |
Deep Sea Foreign Transportation of Freight |
||||
3,100 |
Diana Shipping, Inc. |
97,526 |
1.73% | |
Fabricated Plate Work (Boiler Shops) |
||||
2,300 |
McDermott International, Inc. * |
135,769 |
2.40% | |
Laboratory Analytical Instruments |
||||
1,100 |
Mettler Toledo International, Inc. * |
125,180 |
2.22% | |
Natural Gas Distribution |
||||
2,700 |
National Fuel Gas Co. |
126,036 |
2.23% | |
Office Furniture |
||||
4,500 |
Miller Herman, Inc. |
145,755 |
2.58% | |
Oil & Gas Field Services, NEC |
||||
8,600 |
Cal Dive International, Inc. * |
113,864 |
||
3,100 |
Helix Energy Solutions Group, Inc. * |
128,650 |
||
242,514 |
4.29% | |||
Orthopedic, Prosthetic & Surgical Appliances & Supplies |
||||
1,600 |
Smith & Nephew PLC |
91,872 |
1.63% | |
Paperboard Containers & Boxes |
||||
1,700 |
Greif, Inc. |
111,129 |
1.97% | |
Pharmaceutical Preparations |
||||
10,800 |
American Oriental Bioengineering, Inc. * |
119,664 |
2.12% | |
Radio & Tv Broadcasting & Communication |
||||
2,600 |
Dolby Laboratories, Inc. * |
129,272 |
||
2,000 |
Nokia Corp. |
76,780 |
||
206,052 |
3.65% | |||
Refrigeration & Services Industry Machinery |
||||
1,600 |
Middleby Corp. * |
122,592 |
2.17% | |
Retail - Drug Stores & Proprietary Stores |
||||
1,800 |
Express Scripts, Inc. * |
131,400 |
2.33% | |
Security & Commodity Brokers, Dealers, Exchanges & Services |
||||
1,300 |
GFI Group, Inc. * |
124,436 |
2.20% | |
Semiconductors & Related Devices |
||||
5,700 |
IPG Photonics Corp. * |
113,943 |
||
4,300 |
Verigy Ltd. * |
116,831 |
||
230,774 |
4.08% | |||
Services - Auto Rental & Leasing |
||||
2,700 |
Standard Parking Corp. * |
130,923 |
2.32% | |
Services - Business Services, NEC |
||||
13,900 |
Bidz.com, Inc. * |
124,683 |
||
1,100 |
Priceline Com, Inc. * |
126,346 |
||
251,029 |
4.44% | |||
Services - Computer Integrated Systems Design |
||||
5,300 |
Vasco Data Sercurity International, Inc. * |
147,976 |
2.62% | |
Services - Management Consulting |
||||
3,800 |
ICF International, Inc. * |
95,988 |
1.70% | |
Services - Miscellaneous Health & Allied Services, NEC |
||||
2,500 |
Fresenius Medical Care Corp. |
131,875 |
2.33% | |
Services - Skilled Nursing Care |
||||
16,800 |
Five Star Quality Care, Inc. * |
139,440 |
2.47% | |
Services - Specialty Outpatient Facilities, NEC |
||||
2,000 |
Psychiatric Solutions, Inc. * |
65,000 |
1.15% | |
Steel Works, Blast Furnaces & Rolling & Finishing Mills |
||||
1,700 |
Haynes International, Inc. * |
118,150 |
2.08% | |
Women's, Misses', Children's & Infants Undergarments |
||||
3,200 |
Guess, Inc. |
121,248 |
2.14% | |
Total for Common Stock (Cost $3,593,611) |
3,606,620 |
63.82% | ||
Cash Equivalents |
||||
4,129,526 |
UMB Bank Money Market Fiduciary 3.72% ** (Cost $4,129,526) |
4,129,526 |
73.08% | |
Total Investments (Cost $7,723,137) |
7,736,145 |
136.90% | ||
|
Liabilities in excess of other assets |
(2,085,359) |
-36.90% | |
Net Assets |
$ 5,650,786 |
100.00% | ||
* Non-Income producing securities |
||||
** Variable rate security; the coupon rate represents the rate at December 31, 2007. |
||||
Top Flight Long-Short Fund |
|
| ||
Schedule of Securities Sold Short | ||||
|
|
|
|
December 31, 2007 (Unaudited) |
SECURITIES SOLD SHORT |
||||
Shares |
Fair Value |
|||
3,800 |
Ambac Financial Group, Inc. |
97,926 |
||
10,100 |
Americredit Corp. |
129,179 |
||
11,100 |
Collagenex Pharmaceuticals, Inc. |
106,005 |
||
5,600 |
Convergys Corp. |
92,176 |
||
1,869 |
Cost Plus, Inc. |
8,111 |
||
3,000 |
Energy conversion Devices, Inc. |
100,950 |
||
1,900 |
Ensco International, Inc. |
113,278 |
||
6,100 |
Evergreen Solar, Inc. |
105,347 |
||
4,300 |
Hercules Offshore, Inc. |
102,254 |
||
6,500 |
Moneygram International, Inc. |
99,905 |
||
600 |
Oil Service HOLDRs Trust |
113,412 |
||
17,000 |
Ocwen Financial Corp. |
94,180 |
||
1,700 |
Petroleum Development Corp. |
100,521 |
||
7,200 |
Signet Group PLC ADR |
101,520 |
||
13,900 |
Toreador Resources Corp. |
97,161 |
||
12,000 |
Viropharma, Inc. |
95,280 |
||
5,500 |
West Coast Bancorp |
101,750 |
||
900 |
Wimm Bill Dann Foods OJSC ADR |
117,936 |
||
6,800 |
Wolseley PLC |
99,552 |
||
2,800 |
Yingli Green Energy Holding Co. Ltd. |
108,360 |
||
1,984,803 |
||||
Total (Proceeds $1,935,571) |
1,984,803 |
|||
Top Flight Long-Short Fund |
|
| ||
Notes to Financial Statements | ||||
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December 31, 2007 (Unaudited) |
1. SECURITY TRANSACTIONS |
||||
At December 31, 2007 the net unrealized depreciation on investments, based on cost for federal income tax purposes of $7,723,137 amounted to $36,224 which consisted of aggregate gross unrealized appreciation of $121,656 and aggregate gross unrealized depreciation of $157,880. | ||||
ITEM 2. CONTROLS AND PROCEDURES.
(a)
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. The Registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Registrant's filings under the Securities Exchange Act of 1934 and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant's management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Quarterly Schedule of Portfolio Holdings on Form N-Q, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant's management, including the Registrant's principal executive officer and the Registrant's principal financial officer, of the effectiveness of the design and operation of the Registrant's disclosure controls and procedures. Based on such evaluation, the Registrant's principal executive officer and principal financial officer concluded that the Registrant's disclosure controls and procedures are effective.
(b)
CHANGES IN INTERNAL CONTROLS. There have been no significant changes in the Registrant's internal controls or in other factors that could significantly affect the internal controls subsequent to the date of their evaluation in connection with the preparation of this Quarterly Schedule of Portfolio Holdings on Form N-Q.
During the last fiscal quarter, the Registrant's control procedures were revised with respect to reconciliation of transactions in any brokerage account where short sales are executed.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 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.
Rock Canyon Funds
By /s/Jonathan Ferrell
*Jonathan Ferrell
Chief Executive Officer and Chief Financial Officer
Date February 27, 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/Jonathan Ferrell
*Jonathan Ferrell
Chief Executive Officer and Chief Financial Officer
Date February 27, 2008
* Print the name and title of each signing officer under his or her signature.