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 811-21927

AMM Funds

(Exact Name of Registrant as Specified in Charter)

P.O. Box 675203

14249 Rancho Santa Fe Farms Road

Rancho Santa Fe, CA 92067

(Address of Principal Executive Offices)(Zip Code)

Gabriel B. Wisdom

P.O. Box 675203

14249 Rancho Santa Fe Farms Road

Rancho Santa Fe, CA 92067

(Name and Address of Agent for Service)

With copy to:

JoAnn M. Strasser

Thompson Hine LLP

312 Walnut Street, 14th floor

Cincinnati, Ohio 45202

Registrant’s Telephone Number, including Area Code:  858-755-0909

Date of fiscal year end: July 31

Date of reporting period: October 31, 2011

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.

Fallen Angels Value Fund
Schedule of Investments
October 31, 2011 (Unaudited)
Shares				Value
COMMON STOCKS  -  93.35%
Consumer Discretionary - 11.56%
16,000	Aeropostale, Inc. *			218,560
8,000	Apollo Group, Inc. Class-A *			378,800
8,000	DeVry, Inc.			301,440
9,000	McGraw-Hill Co., Inc.			382,500
				1,281,300
Consumer Staples - 5.49%
10,000	Altria Group, Inc.			275,500
6,000	Anheuser-Busch Co., Inc. ADR *			332,820
				608,320
Energy - 3.84%
6,000	Alpha Natural Resources, Inc. *			144,240
10,000	Chesapeake Energy Corp.			281,200
				425,440
Financials - 16.83%
4	Berkshire Hathaway, Inc. Class-A *			467,800
3,000	Berkshire Hathaway, Inc. Class-B *			233,580
30,000	Gleacher & Co., Inc. *			38,400
10,000	JP Morgan Chase & Co.			347,600
25,000	Knight Capital Group, Inc. *			312,250
5,000	Visa, Inc. Class-A			466,300
				1,865,930
Healthcare - 12.04%
10,000	Gilead Sciences, Inc. *			416,600
8,000	Lilly, Eli & Co.			297,280
8,000	Medtronic, Inc.			277,920
8,400	Teva Pharmaceutical Industries, Ltd. ADR			343,140
				1,334,940
Industrial - 14.50%
25,000	General Electric Co.			417,750
6,400	Northrop Grumman Corp.			369,600
13,450	Oshkosh Corp. *			280,567
8,000	Raytheon Co.			353,520
15,000	SAIC, Inc. *			186,450
				1,607,887
Information Technology - 26.86%
30,000	Applied Materials, Inc.			369,600
15,000	Cisco Systems, Inc.			277,950
17,000	Computer Associates International, Inc.			368,220
25,000	Entropic Communications, Inc. *			145,500
500	Google, Inc. *			296,320
25,000	GT Advanced Technologies *			205,000
11,500	Hewlett-Packard Co.			306,015
14,000	Lender Processing Services, Inc.			245,700
26,000	Marvell Technology Group Ltd. *			363,740
15,000	Microsoft Corp.			399,450
				2,977,495
Materials - 2.22%
10,000	Alcoa, Inc.			107,600
15,000	Noranda Aluminum Corp. *			138,900
				246,500
TOTAL FOR COMMON STOCKS (Cost $11,956,523) - 93.35%				10,347,812
EXCHANGE TRADED FUNDS  - 3.50%
10,000	iShares S&P Global Energy			388,000
TOTAL FOR EXCHANGE TRADE FUNDS (Cost $341,493) - 16.73%				388,000
SHORT TERM INVESTMENTS - 3.31%
367,402	Fidelity Money Market Portfolio Class Select 0.16%** (Cost $367,402)			367,402
TOTAL FOR SHORT TERM INVESTMENTS (Cost $367,402) - 3.31%				367,402
TOTAL INVESTMENTS (Cost $12,665,418) - 100.16%				11,103,214
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.16%)				(17,886)
NET ASSETS  - 100.00%				$                  11,085,328
ADR - American Depository Receipt.
* Non-income producing during the period.
** Variable rate security; the coupon rate shown represents the yield at October 31, 2011.
Fallen Angels Value Fund
Notes to Financial Statements
October 31, 2011 (Unaudited)
1. SECURITY TRANSACTIONS
At October 31, 2011, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $12,665,418 amounted to $1,562,204, which consisted of aggregate gross unrealized appreciation of $1,986,366 and aggregate gross unrealized depreciation of $424,162.
2. SECURITY VALUATION
Each Fund’s assets are generally valued at their market value using market quotations. If market prices are not available or, in the Advisor’s opinion, market prices do not reflect fair value, or if an event occurs after the close of trading on the domestic or foreign exchange or market on which the security is principally traded (but prior to the time the NAV is calculated) that materially affects fair value, the Advisor will value a Fund’s assets at their fair value in accordance with policies approved by the Funds’ Board of Trustees (the “Board”). For example, fair value pricing may be used if an event occurs after the close of the foreign market that could have an impact on the foreign securities value. The Board has adopted guidelines for good faith pricing, and has delegated to the Advisor the responsibility for determining fair value prices, subject to review by the Board.
Fixed income securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Advisor believes such prices accurately reflect the fair market value of such securities.  A pricing service utilities electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional size trading units of debt securities without regard to sale or bid prices.  If the Advisor decides that a price provided by the pricing service does not accurately reflect the fair market value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Advisor, in conformity with guidelines adopted by and subject to review of the Board of Trustees.  Short term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value.
In accordance with the Trust’s good faith pricing guidelines, the Advisor is required to consider all appropriate factors relevant to the value of securities for which it had determined other pricing sources are not available or reliable as described above.  No single standard for determining fair value controls, since fair value depends upon the circumstances of each individual case.  As a general principle, the current fair value of an issue of securities being valued by the Advisor would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale.  Methods which are in accord with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (included a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods.
As required by the fair value topic of the FASB Accounting Standards Codification, fair value is defined as the price that the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The topic also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency  of  inputs  to  the valuation of an asset or liability.  The three-tier hierarchy of inputs is summarized below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following table summarizes the valuation of the Funds’ investments by the above fair value hierarchy levels as of October 31, 2011:
Valuation Inputs of Assets	Level 1	Level 2	Level 3	Total
Common Stock	10,347,812	$0	$0	$10,347,812
Exchange Traded Funds	388,000	$0	$0	$388,000
Convertible Bonds	$0	$0	$0	$0
Cash Equivalents	$367,402	$0	$0	$367,402
Total	$11,103,214	$0	$0	$11,103,214
Fallen Angels Income Fund
Schedule of Investments
October 31, 2011 (Unaudited)
Shares				Value
CLOSED END MUTUAL FUNDS - 31.85%
25,000	Adams Express Co.			254,750
13,000	Advent Claymore Convert Securities & Income Fund			206,310
46,558	Alpine Global Premier Properties Fund			279,813
60,000	BlackRock Income Trust			442,200
25,000	Eaton Vance Tax Advantaged Dividend Income Fund			374,000
35,000	Eaton Vance Tax Advantaged Global Dividend Income Fund			466,900
15,000	Helios Total Return Fund, Inc.			90,000
45,000	Liberty All-Star Equity Fund			202,950
17,000	Royce Value Trust			215,560
5,000	Source Capital, Inc.			238,650
20,000	Templeton Emerging Markets Income Fund			317,640
TOTAL FOR CLOSED END MUTUAL FUNDS (Cost $3,221,885) - 31.85%				3,088,773
EQUITY SECURITIES - 25.58%
2,000	Abbott Laboratories			107,740
10,000	Altria Group, Inc.			275,500
10,000	AT&T Corp.			293,100
1,000	BlackRock, Inc.			157,790
2,000	ConocoPhillips			139,300
3,900	Exelon Corp.			173,121
2,000	Johnson & Johnson			128,780
3,000	JP Morgan Chase & Co.			104,280
2,200	Lockheed Martin Corp.			166,980
5,000	Merck & Co., Inc.			172,500
6,000	Microsoft Corp.			159,780
15,000	Pfizer, Inc.			288,900
2,000	Procter & Gamble Co.			127,980
45,000	Sea Containers Ltd. Class-A (Bermuda) † *			0
5,000	Verizon Communication, Inc.			184,900
TOTAL FOR EQUITY SECURITIES (Cost $2,274,022) - 25.58%				2,480,651
EXCHANGE TRADED FUNDS - 9.32%
10,000	iShares S&P U.S. Preferred Stock Index			373,100
10,000	SPDR S&P Dividend			531,100
TOTAL FOR EXCHANGE TRADED FUNDS (Cost $787,340) - 9.32%				904,200
INVESTMENT TRUST - 2.77%
15,000	Penn West Energy Trust (Canada)			268,800
TOTAL FOR INVESTMENT TRUST (Cost $377,472) - 2.77%				268,800
LIMITED PARTNERSHIP - 3.85%
8,000	Energy Transfer Partners L.P.			373,760
TOTAL FOR LIMITED PARTNERSHIP (Cost $348,970) - 3.85%				373,760
MORTGAGE BACKED SECURITIES - 1.47%
47,753	Credit Suisse Mortgage Capital Certificate, 5.711%, 02/15/2039			50,527
28,054	CSFB Mortgage Securities Corp., 5.100%, 08/15/2038			28,694
15,849	GMAC Commercial Mortgage Securities, Inc., 4.547%, 12/10/2041			15,937
47,153	J.P. Morgan Chase & Co., 5.250%, 01/12/2043			47,679
TOTAL FOR MORTGAGE BACKED SECURITIES (Cost $138,398) - 1.47%				142,837
PREFERRED SECURITIES - 17.61%
9,800	Arch Capital Trust A (Cortz) 8.000%			249,900
5,812	Bristol-Meyers Squibb (Cortz) 6.800%			156,924
12,300	Hospitality Property Trust 7.000%			297,168
6,200	JC Penney (Cortz) 7.625%			157,604
6,000	LMG Pplus 6.700%			131,940
7,000	SLM Corp. 6.970%			295,680
6,190	SunAmerica (Cortz) 6.700%			151,964
10,583	Unum Provident (Pplus) 7.400%			266,691
TOTAL FOR PREFERRED SECURITIES (Cost $1,708,085) - 17.61%				1,707,871
SHORT TERM INVESTMENTS - 7.54%
730,912	Fidelity Money Market Portfolio Class Select 0.16%** (Cost $730,912)			$                      730,912
TOTAL FOR SHORT TERM INVESTMENTS (Cost $730,912) - 7.54%				730,912
TOTAL INVESTMENTS (Cost $9,585,727) - 99.99%				9,697,804
OTHER ASSETS LESS LIABILITIES - 0.01%				492
NET ASSETS  - 100.00%				$                   9,698,296
† This security has been valued according to the fair value pricing policies of the Fund.
* Non-Income producing during the period.
** Variable rate security; the coupon rate shown represents the yield at October 31, 2011.
Fallen Angels Income Fund
Schedule of Call Options Written
October 31, 2011 (Unaudited)
CALL OPTIONS WRITTEN
Underlying Security		Shares Subject
Expiration Date/Exercise Price		to Call		Value
Conocophillips
November 2011 Call @ 72.50		1,000		$                              600
Total (Premiums Received $1,357)				$                              600
Fallen Angels Income Fund
Notes to Financial Statements
October 31, 2011 (Unaudited)
1. SECURITY TRANSACTIONS
At October 31, 2011, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $9,585,727 amounted to $111,479, which consisted of aggregate gross unrealized appreciation of $753,541 and aggregate gross unrealized depreciation of $642,062.
2. SECURITY VALUATION
Each Fund’s assets are generally valued at their market value using market quotations. If market prices are not available or, in the Advisor’s opinion, market prices do not reflect fair value, or if an event occurs after the close of trading on the domestic or foreign exchange or market on which the security is principally traded (but prior to the time the NAV is calculated) that materially affects fair value, the Advisor will value a Fund’s assets at their fair value in accordance with policies approved by the Funds’ Board of Trustees (the “Board”). For example, fair value pricing may be used if an event occurs after the close of the foreign market that could have an impact on the foreign securities value. The Board has adopted guidelines for good faith pricing, and has delegated to the Advisor the responsibility for determining fair value prices, subject to review by the Board.
Fixed income securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Advisor believes such prices accurately reflect the fair market value of such securities.  A pricing service utilities electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional size trading units of debt securities without regard to sale or bid prices.  If the Advisor decides that a price provided by the pricing service does not accurately reflect the fair market value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Advisor, in conformity with guidelines adopted by and subject to review of the Board of Trustees.  Short term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value.
In accordance with the Trust’s good faith pricing guidelines, the Advisor is required to consider all appropriate factors relevant to the value of securities for which it had determined other pricing sources are not available or reliable as described above.  No single standard for determining fair value controls, since fair value depends upon the circumstances of each individual case.  As a general principle, the current fair value of an issue of securities being valued by the Advisor would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale.  Methods which are in accord with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (included a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods.
As required by the fair value topic of the FASB Accounting Standards Codification, fair value is defined as the price that the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The topic also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency  of  inputs  to  the valuation of an asset or liability.  The three-tier hierarchy of inputs is summarized below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following table summarizes the valuation of the Funds’ investments by the above fair value hierarchy levels as of October 31, 2011:
Valuation Inputs of Assets	Level 1	Level 2	Level 3	Total
Common Stock	2,480,651	$0	$0	$2,480,651
Exchange Traded Funds	904,200	$0	$0	$904,200
Preferred Securities	1,707,871	$0	$0	$1,707,871
Mutual Funds	$3,088,773	$0	$0	$3,088,773
Convertible Bonds	$0	142,837	$0	$142,837
Limited Partnerships	373,760	$0	$0	$373,760
Investment Trust	268,800	$0	$0	$268,800
Cash Equivalents	$730,912	$0	$0	$730,912
Total	$9,554,967	$142,837	$0	$9,697,804

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.

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.

AMM Funds

By /s/Gabriel B. Wisdom

     Gabriel B. Wisdom

     President

Date December 30, 2011

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/ Michael Moore

     Michael Moore

     Treasurer

Date December 30, 2011