UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549

                           FORM 10-QSB

[X]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
               THE SECURITIES EXCHANGE ACT OF 1934

             For the Quarter Ended March 31, 2001

                                OR

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934

     For the transition period from            to

                  Commission File Number 0-24633

                         RAKO CORPORATION
(Exact name of small business issuer as specified in its charter)

            Idaho                           91-0853320
-------------------------------         -----------------
(State or other jurisdiction of         (I.R.S. Employer
incorporation or organization)          Identification No.)

     56 W. 400 S. Ste. 220,
      Salt Lake City, Utah                     84101
  --------------------------------------     ----------
 (Address of principal executive offices)     Zip code

Registrant's telephone no., including area code:  (801) 322-3401

     Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the past 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes   X   No

               APPLICABLE ONLY TO CORPORATE ISSUERS

     State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date.

           Class               Outstanding as of March 31, 2001.
Common Stock, $.001 par value              1,025,030











<PAGE>

                              RAKO CORPORATION
                        (A Development Stage Company)

                            FINANCIAL STATEMENTS

                   March 31, 2001 and December 31, 2000


                              C O N T E N T S
PART I

Balance Sheets                                                          4

Statements of Operations                                                5

Statements of Stockholders' Equity (Deficit)                            6

Statements of Stockholders' Equity (Deficit) Continued                  7

Statements of Cash Flows                                                8

Statements of Cash Flows (Continued)                                    9

Notes to the Financial Statements                                      10

PART II

Item 1  Legal Proceedings                                              11

Item 2  Changes in Securities                                          11

Item 3  Defaults in Senior Securities                                  11

Item 4  Submission of Matters to a Vote of Security Holders            11

Item 5  Other Information                                              11

Item 6  Exhibits and Reports on Form 8-K                               11






















<PAGE>
                              RAKO CORPORATION
                       (A Development Stage Company)
                               Balance Sheets

<TABLE>
                                   ASSETS


                                                    March 31,    December 31,
                                                      2001           2000
<S>                                             <C>           <C>
CURRENT ASSETS

Cash                                              $     -        $     -
                                                  ----------     ----------
Total Current Assets                                    -              -
                                                  ----------     ----------
TOTAL ASSETS                                      $     -        $     -


</TABLE>