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: October 31

Date of reporting period: July 31, 2011

Item 1. Schedule of Investments.

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

	Number of     Shares		Market Value		% of Net Assets
Common Stock
Belgium (Cost $171,214)
Belgacom SA		4,900		$    171,257
				171,257	3.0%
Canada (Cost $378,543)
Barrick Gold Corp		3,600		171,252
Kinross Gold Corp		3,000		49,020
Nexen Inc		3,700		86,210
Suncor Energy Inc		2,100		80,262
				386,744	6.9%
China (Cost $204,246)
Guangshen Railway Co Ltd, Class H		56,000		21,915
Huaneng Power International Inc, Class H		320,000		157,256
				179,171	3.2%
Finland (Cost $319,456)
Nokia OYJ		30,600		178,328
Stora Enso OYJ, Class R		12,000		103,623
				281,951	5.0%
France (Cost $348,887)
Alcatel-Lucent *		22,300		88,273
Sanofi		2,100		163,809
Societe Generale SA		1,200		59,889
				311,971	5.5%
Hong Kong (Cost $99,394)
Chaoda Modern Agriculture Holdings Ltd		130,000		52,042
China Mobile Ltd		5,000		49,752
				101,794	1.8%
Italy (Cost $256,385)
Intesa Sanpaolo SpA		25,300		58,744
Telecom Italia SpA - RSP		161,000		173,032
				231,776	4.1%
Japan (Cost $1,409,491)
Dai Nippon Printing Co Ltd		14,000		159,307
FUJIFILM Holdings Corp		5,300		160,618
Hachijuni Bank Ltd		9,000		50,037
Mabuchi Motor Co Ltd		3,400		176,220
MS&AD Insurance Group Holdings		2,600		65,250
Nintendo Co Ltd		900		143,680
Rohm Co Ltd		2,000		116,908
Sega Sammy Holdings Inc		4,200		90,401
Sekisui House Ltd		12,000		114,570
Seven & I Holdings Co Ltd		6,200		176,778
Shiseido Co Ltd		5,500		105,737
Sumitomo Mitsui Trust Holdings Inc		18,000		66,404
				1,425,910	25.3%

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

	Number of     Shares		Market Value			% of Net Assets
Common Stock (continued)
Netherlands (Cost $340,889)
Aegon NV *		9,700		$      55,971
Royal Dutch Shell PLC, Class B		4,500		165,415
Wolters Kluwer NV		5,400		112,270
				333,656		5.9%
South Africa (Cost $287,971)
AngloGold Ashanti Ltd		2,700		113,476
Gold Fields Ltd		7,100		110,015
Impala Platinum Holdings Ltd		2,200		56,399
				279,890		5.0%
South Korea (Cost $159,939)
SK Telecom Co Ltd ADR		8,800		140,096
				140,096		2.4%
Spain (Cost $255,703)
Banco Popular Espanol SA		11,500		59,666
Indra Sistemas SA		9,400		186,788
				246,454		4.4%
Switzerland (Cost $178,024)
Novartis AG (Registered)		2,800		172,546
				172,546		3.0%
United Kingdom (Cost $776,150)
AstraZeneca PLC		1,700		82,957
BAE Systems PLC		33,000		164,664
BP PLC		14,400		108,962
Home Retail Group PLC		74,200		165,149
Lloyds Banking Group PLC *		78,700		55,998
Tesco PLC		17,500		110,143
				687,873		12.2%
United States (Cost $163,598)
Newmont Mining Corp		3,000		166,830
				166,830		3.0%
Total Common Stock (Cost $5,349,890)				5,117,919		90.7%
Investment Companies
Investment Companies
Northern Institutional Funds- Treasury Portfolio		599,652		599,652		10.6%
Total Investment Companies (Cost $599,652)
Total Value of Investments (Total Cost $5,949,542)				5,717,571		101.3%
Liabilities less Other Assets				(73,153	)	(1.3)%
Net Assets				$  5,644,418		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)
July 31, 2011

Federal Tax Information:

At July 31, 2011, the components of investments for federal income

tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	5,949,542
Gross tax appreciation of investments	$	101,717
Gross tax depreciation of investments		(333,688	)
Net tax depreciation of investments	$	(231,971	)

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

INDUSTRY               SECTOR	% OF LONG-TERM         INVESTMENTS
Consumer Discretionary		9.4	%
Consumer Staples		8.7
Energy		8.6
Financials		9.2
Health Care		8.2
Industrials		10.2
Information Technology		17.1
Materials		15.1
Telecommunication Services		10.4
Utilities		3.1
Total		100.0	%

At July 31, 2011, the del Rey Monarch Fund’s investments were

denominated in the following currencies:

CONCENTRATION            BY CURRENCY	% OF LONG-TERM         INVESTMENTS
Japanese Yen		27.9	%
Euro		27.6
British Pound		16.7
U.S. Dollar		13.5
Hong Kong Dollar		5.5
South African Rand		5.5
All other currencies less than 5%		3.3
Total		100.0	%

del Rey Global Investors Funds	(UNAUDITED)
del Rey Monarch Fund
SCHEDULE OF INVESTMENTS (continued)
July 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 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

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 July 31, 2011.

INVESTMENTS	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Common Stock
Consumer Discretionary	$	482,389	$	-	$	-	$	482,389
Consumer Staples		444,701		-		-		444,701
Energy		440,849		-		-		440,849
Financials		471,959		-		-		471,959
Health Care		419,313		-		-		419,313
Industrials		522,106		-		-		522,106
Information Technology		874,594		-		-		874,594
Materials		770,614		-		-		770,614
Telecommunication Services		534,137		-		-		534,137
Utilities		157,256		-		-		157,256
Investment Companies		599,652		-		-		599,652
Total Investments	$	5,717,571	$	-	$	-	$	5,717,571

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:	September 27, 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:	September 27, 2011
By:	/s/ Gerald W. Wheeler
	Gerald W. Wheeler, Chief Financial Officer
	(Principal Financial Officer)
Date:	September 27, 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: September 27, 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: September 27, 2011	/s/ Gerald W. Wheeler
	Gerald W. Wheeler, Chief Financial Officer
	(Principal Financial Officer)