N-Q

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         811-22434            

                            del Rey Global Investors Funds                            

(Exact name of registrant as specified in charter)

6701 Center Dive West, Suite 655

                         Los Angeles, CA 90045                        

(Address of principal executive offices) (Zip code)

Corporation Service Company

Gerald W. Wheeler, Esq.

Chief Operating Officer

del Rey Global Investors, LLC

6701 Center Dive West, Suite 655

                             Los Angeles, CA 90045                            

(Name and address of agent for service)

Registrant’s telephone number, including area code: (310) 649-1230

Date of fiscal year end: May 31

Date of reporting period: August 31, 2011

Item 1. Schedule of Investments.

del Rey Global Investors Funds					(UNAUDITED)
del Rey Monarch Fund
SCHEDULE OF INVESTMENTS
August 31, 2011
	Number of Shares		Market Value			% of Net Assets
Common Stock
Belgium (Cost $174,477)
Belgacom SA		5,000		$	164,045
					164,045		2.9%
Canada (Cost $464,470)
Barrick Gold Corp		3,600			182,700
Kinross Gold Corp		3,000			51,870
Magna International Inc		1,400			53,284
Nexen Inc		4,400			93,940
Suncor Energy Inc		2,700			86,130
					467,924		8.3%
China (Cost $236,870)
Guangshen Railway Co Ltd, Class H		76,000			27,722
Huaneng Power International Inc, Class H		380,000			186,442
					214,164		3.8%
Finland (Cost $313,085)
Nokia OYJ		26,500			171,300
Stora Enso OYJ, Class R		15,000			109,675
					280,975		5.0%
France (Cost $408,654)
Alcatel-Lucent *		31,000			114,355
Sanofi		2,400			174,652
Societe Generale SA		1,400			46,979
					335,986		6.0%
Germany (Cost $107,809)
Deutsche Bank AG (Registered)		1,200			48,688
Siemens AG (Registered)		500			51,627
					100,315		1.8%
Hong Kong (Cost $147,556)
Chaoda Modern Agriculture Holdings Ltd		168,000			54,591
China Mobile Ltd		6,000			60,880
Sino-Forest Corp *		5,000			24,558
					140,029		2.5%
Italy (Cost $256,386)
Intesa Sanpaolo SpA		25,300			41,224
Telecom Italia SpA - RSP		161,000			175,235
					216,459		3.8%
Japan (Cost $1,512,597)
Dai Nippon Printing Co Ltd		16,000			166,123
FUJIFILM Holdings Corp		6,000			144,417
Hachijuni Bank Ltd		10,000			55,374
Mabuchi Motor Co Ltd		3,500			154,728
MS&AD Insurance Group Holdings		2,900			67,491
Nintendo Co Ltd		1,100			192,504
Rohm Co Ltd		2,000			102,651
Sega Sammy Holdings Inc		4,200			96,759
Sekisui House Ltd		12,000			107,510
Seven & I Holdings Co Ltd		6,300			166,036
Shiseido Co Ltd		6,200			117,814
Sumitomo Mitsui Trust Holdings Inc		18,000			60,651
					1,432,058		25.4%

del Rey Global Investors Funds	(UNAUDITED)
del Rey Monarch Fund SCHEDULE OF INVESTMENTS (continued) August 31, 2011

	Number of Shares		Market Value			% of Net Assets
Common Stock (continued)
Netherlands (Cost $381,215)
Aegon NV *		11,900		$	53,539
Royal Dutch Shell PLC, Class B		5,100			172,156
Wolters Kluwer NV		6,000			113,553
					339,248		6.0%
South Africa (Cost $292,457)
AngloGold Ashanti Ltd		2,700			122,753
Gold Fields Ltd		7,100			118,764
Impala Platinum Holdings Ltd		2,400			61,680
					303,197		5.4%
South Korea (Cost $199,707)
KT Corp ADR		2,400			41,016
SK Telecom Co Ltd ADR		8,800			141,504
					182,520		3.3%
Spain (Cost $259,077)
Banco Popular Espanol SA		11,500			59,966
Indra Sistemas SA		9,600			172,170
					232,136		4.1%
Switzerland (Cost $178,024)
Novartis AG (Registered)		2,800			163,274
					163,274		2.9%
United Kingdom (Cost $828,669)
AstraZeneca PLC		1,900			90,060
BAE Systems PLC		38,900			173,840
BP PLC		16,400			107,139
Home Retail Group PLC		75,800			156,882
Lloyds Banking Group PLC *		78,700			42,918
Tesco PLC		17,900			110,009
					680,848		12.1%
United States (Cost $163,598)
Newmont Mining Corp		3,000			187,860
					187,860		3.3%
Total Common Stock (Cost $5,924,651)					5,441,038		96.6%
Investment Companies
Northern Institutional Funds- Treasury Portfolio		112,309			112,309		2.0%
Total Investment Companies (Cost $112,309)
Total Value of Investments (Total Cost $6,036,960)					5,553,347		98.6%
Other Assets less Liabilities					74,415		1.3%
Net Assets				$	5,627,762		100.0%

* Non-Income Producing Security

Percentages shown are based on Net Assets.

del Rey Global Investors Funds	(UNAUDITED)
del Rey Monarch Fund SCHEDULE OF INVESTMENTS (continued) August 31, 2011

Federal Tax Information:

At August 31, 2011, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	6,036,960
Gross tax appreciation of investments	$	101,327
Gross tax depreciation of investments		(584,940)
Net tax depreciation of investments	$	(483,613)

At August 31, 2011, the industry sectors for the del Rey Monarch Fund were:

INDUSTRY           SECTOR	% OF LONG-TERM   INVESTMENTS
Consumer Discretionary	9.7%
Consumer Staples	8.2
Energy	8.4
Financials	8.8
Health Care	7.9
Industrials	10.6
Information Technology	16.5
Materials	15.8
Telecommunication Services	10.7
Utilities	3.4
Total	100.0%

At August 31, 2011, the del Rey Monarch Fund’s investments were denominated in the following currencies:

CONCENTRATION        BY CURRENCY	% OF LONG-TERM	INVESTMENTS
Euro		27.5%
Japanese Yen		26.3
British Pound		15.7
U.S. Dollar		15.4
Hong Kong Dollar		6.1
South African Rand		5.6
All other currencies less than 5%		3.4
Total		100.0%

del Rey Global Investors Funds	(UNAUDITED)
del Rey Monarch Fund SCHEDULE OF INVESTMENTS (continued) August 31, 2011

Various inputs are used in determining the value of the del Rey Monarch Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, and/or securities indices).

Level 3 - Valuations based on inputs that are unobservable and significant. The del Rey Monarch Fund utilized the following technique on Level 3 investments: The del Rey Monarch Fund valued certain securities using a stale price based on suspension from trading exchanges.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. Following is a summary of the inputs used in valuing the del Rey Monarch Fund’s investments, which are carried at fair value, as of August 31, 2011.

INVESTMENTS		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Common Stock
	Consumer Discretionary	$	527,988	$	-	$	-	$	527,988
	Consumer Staples		448,451		-		-		448,451
	Energy		459,365		-		-		459,365
	Financials		476,829		-		-		476,829
	Health Care		427,986		-		-		427,986
	Industrials		574,040		-		-		574,040
	Information Technology		897,397		-		-		897,397
	Materials		835,301		-		24,558		859,859
	Telecommunication Service		582,681		-		-		582,681
	Utilities		186,442		-		-		186,442
Investment Companies			112,309		-		-		112,309
	Total Investments	$	5,528,789	$	-	$	24,558	$	5,553,347

The del Rey Monarch Fund discloses significant transfers between levels based on valuations at the end of each reporting period. At August 31, 2011, there were no significant transfers between Level 1 and Level 2 based on levels assigned to the securities on May 31, 2011. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.

	BALANCE AS OF 5/31/11		REALIZED GAIN		REALIZED LOSS		CHANGE IN UNREALIZED APPRECIATION		CHANGE IN UNREALIZED DEPRECIATION			PURCHASES		SALES		TRANSFERS INTO LEVEL 3		TRANSFERS OUT OF LEVEL 3		BALANCE AS OF 8/31/11
Common Stock
Materials	$	-	$	-	$	-	$	-	$	(1,788	)	$	26,346	$	-	$	-	$	-	$	24,558

Item 2.   Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3.   Exhibits.

(a) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.CERT.

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.

	del Rey Global Investors Funds
By:	/s/ Paul J. Hechmer
	Paul J. Hechmer, Chief Executive Officer
	(Principal Executive Officer)
Date:	October 26, 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/ Paul J. Hechmer
	Paul J. Hechmer, Chief Executive Officer
	(Principal Executive Officer)
Date:	October 26, 2011
By:	/s/ Gerald W. Wheeler
	Gerald W. Wheeler, Chief Financial Officer
	(Principal Financial Officer)
Date:	October 26, 2011

EX-99.CERT

EX-99.CERT

Certifications

I, Paul J. Hechmer, certify that:

1. I have reviewed this report on Form N-Q of del Rey Global Investors Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 26, 2011	/s/ Paul J. Hechmer
	Paul J. Hechmer, Chief Executive Officer
	(Principal Executive Officer)

EX-99.CERT

Certifications

I, Gerald W. Wheeler, certify that:

1. I have reviewed this report on Form N-Q of del Rey Global Investors Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 26, 2011	/s/ Gerald W. Wheeler
	Gerald W. Wheeler, Chief Financial Officer
	(Principal Financial Officer)