SEC Filing N-Q 1 rocknq.htm

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

 

 

 

 

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.