<PAGE>
000 A000000 12/31/96
000 C000000 0000927972
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE DLB FUND GROUP
001 B000000 811-08690
001 C000000 6172253800
002 A000000 ONE MEMORIAL DRIVE
002 B000000 CAMBRIDGE
002 C000000 MA
002 D010000 02142
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 6
007 C010100 1
007 C020100 THE DLB FIXED INCOME FUND
007 C030100 N
007 C010200 2
007 C020200 THE DLB GLOBAL SMALL CAPITALIZATION FUND
007 C030200 N
007 C010300 3
007 C020300 THE DLB VALUE FUND
007 C030300 N
007 C010400 4
007 C020400 THE DLB MID CAPITALIZATION FUND
007 C030400 N
007 C010500 5
007 C020500 THE DLB QUANTITATIVE EQUITY FUND
007 C030500 N
007 C010600 6
007 C020600 THE DLB GLOBAL BOND FUND
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
<PAGE>
007 C011800 18
007 C011900 19
007 C012000 20
012 A00AA01 INVESTORS BANK & TRUST COMPANY
012 B00AA01 85-720
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02111
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
014 A00AA01 BABSON SECURITIES CORPORATION
014 B00AA01 8-47589
015 A00AA01 INVESTORS BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02111
015 E01AA01 X
015 A00AA02 CITIBANK, N.A., BUENOS AIRES
015 B00AA02 S
015 C01AA02 X
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 NATIONAL AUSTRALIA BANK LIMITED
015 B00AA03 S
015 C01AA03 X
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA05 CREDITANSTALT BANKVEREIN
015 B00AA05 S
015 C01AA05 X
015 D01AA05 AUSTRIA
015 E04AA05 X
015 A00AA06 STANDARD CHARTERED BANK, DHAKA
015 B00AA06 S
015 C01AA06 X
015 D01AA06 BANGLADESH
015 E04AA06 X
015 A00AA07 EUROCLEAR CLEARANCE SYSTEM S.C.
015 B00AA07 S
015 C01AA07 X
015 D01AA07 BELGIUM
015 E04AA07 X
015 A00AA08 GENERALE DE BANQUE
015 B00AA08 S
015 C01AA08 X
015 D01AA08 BELGIUM
015 E04AA08 X
015 A00AA09 BARCLAYS BANK OF BOTSWANA LTD., GABORONE
<PAGE>
015 B00AA09 S
015 C01AA09 X
015 D01AA09 BOTSWANA
015 E04AA09 X
015 A00AA10 BANCO DE BOSTON, SAO PAULO
015 B00AA10 S
015 C01AA10 SAO PAULO
015 D01AA10 BRAZIL
015 E04AA10 X
015 A00AA11 ROYAL TRUST CORPORATION OF CANADA, TORONTO
015 B00AA11 S
015 C01AA11 X
015 D01AA11 CANADA
015 E04AA11 X
015 A00AA12 STANDARD CHARTERED BANK, SHANGHAI
015 B00AA12 S
015 C01AA12 X
015 D01AA12 CHINA
015 E04AA12 X
015 A00AA13 STANDARD CHARTERED BANK, SHENZHEN
015 B00AA13 S
015 C01AA13 X
015 D01AA13 CHINA
015 E04AA13 X
015 A00AA14 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B00AA14 S
015 C01AA14 X
015 D01AA14 COLOMBIA
015 E04AA14 X
015 A00AA15 CITIBANK N.A., PRAGUE
015 B00AA15 S
015 C01AA15 X
015 D01AA15 CZECH REPUBLIC
015 E04AA15 X
015 A00AA18 UNIBANK, A.S.
015 B00AA18 S
015 C01AA18 X
015 D01AA18 DENMARK
015 E04AA18 X
015 A00AA19 CHASE MANHATTAN, N.A.
015 B00AA19 S
015 C01AA19 X
015 D01AA19 EGYPT
015 E04AA19 X
015 A00AA20 NATIONAL BANK OF EGYPT, CAIRO
015 B00AA20 S
015 C01AA20 X
015 D01AA20 EGYPT
015 E04AA20 X
015 A00AA21 EUROCLEAR CLEARANCE SYSTEM S.C.
015 B00AA21 S
<PAGE>
015 C01AA21 X
015 D01AA21 FINLAND
015 E04AA21 X
015 A00AA22 KANSALLIS-OSAKE-PANKI, HELSINKI
015 B00AA22 S
015 C01AA22 X
015 D01AA22 FINLAND
015 E04AA22 X
015 A00AA23 BANQUE PARIBAS
015 B00AA23 S
015 C01AA23 X
015 D01AA23 FRANCE
015 E04AA23 X
015 A00AA26 EUROCLEAR CLEARANCE SYSTEM S.C.
015 B00AA26 S
015 C01AA26 X
015 D01AA26 GERMANY
015 E04AA26 X
015 A00AA27 DEUTSCHE BANK A.G.
015 B00AA27 S
015 C01AA27 X
015 D01AA27 GERMANY
015 E04AA27 X
015 A00AA28 BARCLAYS BANK OF GHANA LTD., ACCRA
015 B00AA28 S
015 C01AA28 X
015 D01AA28 GHANA
015 E04AA28 X
015 A00AA29 CITIBANK, N.A. (GREECE) ATHENS
015 B00AA29 S
015 C01AA29 X
015 D01AA29 GREECE
015 E04AA29 X
015 A00AA30 STANDARD CHARTERED BANK, HONG KONG
015 B00AA30 S
015 C01AA30 X
015 D01AA30 HONG KONG
015 E04AA30 X
015 A00AA31 CITIBANK BUDAPEST RT.
015 B00AA31 S
015 C01AA31 X
015 D01AA31 HUNGARY
015 E04AA31 X
015 A00AA33 STANDARD CHARTERED BANK, JAKARTA
015 B00AA33 S
015 C01AA33 X
015 D01AA33 INDONESIA
015 E04AA33 X
015 A00AA34 BANK OF IRELAND SECURITIES SERVICES, DUBLIN
015 B00AA34 S
015 C01AA34 X
<PAGE>
015 D01AA34 IRELAND
015 E04AA34 X
015 A00AA35 CHASE MANHATTAN BANK, N.A.
015 B00AA35 S
015 C01AA35 X
015 D01AA35 ISRAEL
015 E04AA35 X
015 A00AA36 BANK LEUMI LE-ISRAEL, TEL AVIV
015 B00AA36 S
015 C01AA36 X
015 D01AA36 ISRAEL
015 E04AA36 X
015 A00AA37 CITIBANK, N.A., MILAN
015 B00AA37 S
015 C01AA37 X
015 D01AA37 ITALY
015 E04AA37 X
015 A00AA38 STANDARD CHARTERED BANK, TOKYO
015 B00AA38 S
015 C01AA38 X
015 D01AA38 JAPAN
015 E04AA38 X
015 A00AA39 CITIBANK, N.A., AMMAN
015 B00AA39 S
015 C01AA39 X
015 D01AA39 JORDAN
015 E04AA39 X
015 A00AA40 STANDARD CHARTERED BANK SEOUL
015 B00AA40 S
015 C01AA40 X
015 D01AA40 KOREA
015 E04AA40 X
015 A00AA41 EUROCLEAR CLEARANCE SYSTEM S.C.
015 B00AA41 S
015 C01AA41 X
015 D01AA41 LUXEMBOURG
015 E04AA41 X
015 A00AA42 STANDARD CHARTERED BANK OF MALAYSIA BERHAD
015 B00AA42 S
015 C01AA42 X
015 D01AA42 MALAYSIA
015 E04AA42 X
015 A00AA43 CHASE MANHATTAN, N.A.
015 B00AA43 S
015 C01AA43 X
015 D01AA43 MAURITIUS
015 E04AA43 X
015 A00AA44 HONGKONG SHANGHAI BANKING CORP.
015 B00AA44 S
015 C01AA44 X
015 D01AA44 MAURITIUS
<PAGE>
015 E04AA44 X
015 A00AA45 BANCOMER, S.A.
015 B00AA45 S
015 C01AA45 X
015 D01AA45 MEXICO
015 E04AA45 X
015 A00AA46 CHASE MANHATTAN, N.A.
015 B00AA46 S
015 C01AA46 X
015 D01AA46 MOROCCO
015 E04AA46 X
015 A00AA47 BANQUE COMMERCIAL DU MAROC
015 B00AA47 S
015 C01AA47 X
015 D01AA47 MOROCCO
015 E04AA47 X
015 A00AA48 MEES PIERSON
015 B00AA48 S
015 C01AA48 X
015 D01AA48 NETHERLANDS
015 E04AA48 X
015 A00AA50 NATIONAL AUSTRALIA BANK
015 B00AA50 S
015 C01AA50 X
015 D01AA50 NEW ZEALAND
015 E04AA50 X
015 A00AA51 EUROCLEAR CLEARANCE SYSTEM S.C.
015 B00AA51 S
015 C01AA51 X
015 D01AA51 NORWAY
015 E04AA51 X
015 A00AA52 CHRISTIANA BANK
015 B00AA52 S
015 C01AA52 X
015 D01AA52 NORWAY
015 E04AA52 X
015 A00AA53 STANDARD CHARTERED BANK, KARACHI
015 B00AA53 S
015 C01AA53 X
015 D01AA53 PAKISTAN
015 E04AA53 X
015 A00AA54 CITIBANK, N.A., LIMA
015 B00AA54 S
015 C01AA54 X
015 D01AA54 PERU
015 E04AA54 X
015 A00AA55 STANDARD CHARTERED BANK, MANILA
015 B00AA55 S
015 C01AA55 X
015 D01AA55 PHILIPPINES
015 E04AA55 X
<PAGE>
015 A00AA56 CITIBANK POLAND S.A., WARSAW
015 B00AA56 S
015 C01AA56 X
015 D01AA56 POLAND
015 E04AA56 X
015 A00AA57 CITIBANK PORTUGAL S.A., LISBON
015 B00AA57 S
015 C01AA57 X
015 D01AA57 PORTUGAL
015 E04AA57 X
015 A00AA58 STANDARD CHARTERED BANK, SINGAPORE
015 B00AA58 S
015 C01AA58 X
015 D01AA58 SINGAPORE
015 E04AA58 X
015 A00AA59 THE STANDARD BANK OF SOUTH AFRICA LIMITED
015 B00AA59 S
015 C01AA59 X
015 D01AA59 SOUTH AFRICA
015 E04AA59 X
015 A00AA60 BANQUE PARIBAS
015 B00AA60 S
015 C01AA60 X
015 D01AA60 SPAIN
015 E04AA60 X
015 A00AA62 STANDARD CHARTERED BANK, COLOMBO
015 B00AA62 S
015 C01AA62 COLOMBO
015 D01AA62 SRI LANKA
015 E04AA62 X
015 A00AA63 SVENSKA HANDELSBANKEN S.C.
015 B00AA63 S
015 C01AA63 X
015 D01AA63 SWEDEN
015 E04AA63 X
015 A00AA65 BANK LEU LTD.
015 B00AA65 S
015 C01AA65 X
015 D01AA65 SWITZERLAND
015 E04AA65 X
015 A00AA68 STANDARD CHARTERED BANK, TAIPEI
015 B00AA68 S
015 C01AA68 X
015 D01AA68 TAIWAN
015 E04AA68 X
015 A00AA69 STANDARD CHARTERED BANK, BANGKOK
015 B00AA69 S
015 C01AA69 X
015 D01AA69 THAILAND
015 E04AA69 X
015 A00AA70 CHASE MANHATTAN N.A., ISTANBUL
<PAGE>
015 B00AA70 S
015 C01AA70 X
015 D01AA70 TURKEY
015 E04AA70 X
015 A00AA71 BARCLAYS BANK PLC
015 B00AA71 S
015 C01AA71 X
015 D01AA71 UNITED KINGDOM
015 E04AA71 X
015 A00AA72 FIRST CHICAGO CLEARING CENTRE
015 B00AA72 S
015 C01AA72 X
015 D01AA72 UNITED KINGDOM
015 E04AA72 X
015 A00AA73 CITIBANK, N.A., CARACAS
015 B00AA73 S
015 C01AA73 X
015 D01AA73 VENEZUELA
015 E04AA73 X
015 A00AA74 BARCLAYS BANK PLC
015 B00AA74 S
015 C01AA74 X
015 D01AA74 ZAMBIA
015 E04AA74 X
015 A00AA75 BARCLAYS BANK PLC
015 B00AA75 S
015 C01AA75 X
015 D01AA75 ZIMBABWE
015 E04AA75 X
015 A00AA76 CITIBANK N.A. QUITO
015 B00AA76 S
015 C01AA76 X
015 D01AA76 ECUADOR
015 E04AA76 X
015 A00AA77 EUROCLEAR CLEARANCE SYSTEM S.C.
015 B00AA77 S
015 C01AA77 X
015 D01AA77 N/A
015 E04AA77 X
015 A00AA78 BARCLAYS BANK PLC
015 B00AA78 S
015 C01AA78 X
015 D01AA78 GHANA
015 E04AA78 X
015 A00AA79 BANQUE ET CAISSE D'ESPARGNE DE L'ETAT
015 B00AA79 S
015 C01AA79 X
015 D01AA79 LUXEMBOURG
015 E04AA79 X
015 A00AA80 CESKOSLOVENSKA OBCHODNA BANKA A.S.
015 B00AA80 S
<PAGE>
015 C01AA80 X
015 D01AA80 SLOVAK REPUBLIC
015 E04AA80 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 PRINCIPAL FINANCIAL SECURITIES
020 C000001 4
020 A000002 INVESTMENT TECHNOLOGY GROUP
020 C000002 4
020 A000003 MERRILL LYNCH PIERCE FENNER & SMITH INC.
020 C000003 4
020 A000004 BROADCORT CAPITAL CORP.
020 C000004 2
020 A000005 DUNLERY & COMPANY CO.
020 C000005 2
020 A000006 PRUDENTIAL SECURITIES INC.
020 C000006 2
020 A000007 CANTOR FITZGERALD & CO. INC.
020 C000007 2
020 A000008 SMITH BARNEY SHEARSON
020 C000008 2
020 A000009 CAPITAL INSTITUTIONAL SERVICES
020 C000009 2
020 A000010 BEAR STEARNS & CO. INC.
020 C000010 2
021 000000 56
022 A000001 CANTOR FITZGERALD & CO. INC.
022 C000001 558948
022 D000001 0
022 A000002 SANWA BANK LIMITED NY/IPA
022 C000002 4
022 D000002 742
022 A000003 DLJ CAPITAL MARKETSES
022 C000003 4996
022 D000003 25698
022 A000004 PERSHING DIVISION OF DLJ
022 C000004 5969
022 D000004 14119
022 A000005 UBS SECURITIESS
022 C000005 9225
022 D000005 7555
022 A000006 BERAR STEARNS & CO.
022 C000006 5356
022 D000006 9934
022 A000007 BANK OF MONTREAL
022 C000007 10626
022 D000007 4000
022 A000008 ING BANK AMSTERDAM
022 C000008 8198
022 D000008 5579
<PAGE>
022 A000009 SALOMON BROTHERS INC.
022 C000009 6999
022 D000009 1513
022 A000010 NATWEST SECURITIES CORPORATION
022 C000010 7922
022 D000010 0
023 C000000 692184
023 D000000 78867
024 00AA00 N
026 A000000 N
026 B000000 Y
026 C000000 N
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026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
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030 B00AA00 0.00
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031 A00AA00 0
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032 00AA00 0
033 00AA00 0
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036 B00AA00 0
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039 00AA00 N
040 00AA00 Y
041 00AA00 N
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042 E00AA00 0
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042 H00AA00 0
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044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
<PAGE>
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054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 Y
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
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060 A00AA00 N
060 B00AA00 N
061 00AA00 100000
077 A000000 Y
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077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
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080 C00AA00 5000
081 A00AA00 Y
081 B00AA00 7
082 A00AA00 Y
082 B00AA00 100
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084 A00AA00 N
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085 B00AA00 N
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<PAGE>
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086 F020000 0
008 A000101 DAVID L. BABSON & CO., INC.
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008 C000101 801-801-21
008 D010101 CAMBRIDGE
008 D020101 MA
008 D030101 02142
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<PAGE>
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064 B000100 N
066 A000100 N
067 000100 N
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<PAGE>
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008 A000201 DAVID L. BABSON & CO., INC.
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<PAGE>
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008 A000202 BABSON-STEWART IVORY INTERNATIONAL
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<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
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008 A000601 DAVID L. BABSON & CO., INC.
008 B000601 A
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<PAGE>
008 D020601 MA
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SIGNATURE RONALD E. GWOZDZ
TITLE PRESIDENT
DELOITTE &
TOUCHE LLP
125 Summer Street Telephone: (617) 261-8000
Boston, Massachusetts 02110-1617 Facsimile: (617) 261-8111
INDEPENDENT AUDITORS' REPORT
To the Trustees and Shareholders of The DLB Fund Group:
In planning and performing our audits of the financial statements of the The DLB
Fund Group (comprising, respectively, the DLB Fixed Income Fund, DLB Global
Small Capitalization Fund, the DLB Value Fund, the DLB Mid Capitalization Fund,
the DLB Quantitative Equity Fund and the DLB Global Bond Fund) for the year
ended December 31, 1996 (on which we have issued our reports each dated February
5, 1997), we considered their internal control structure, including procedures
for safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form NSAR, not to provide assurance on the internal
control structure.
The management of The DLB Fund Group is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Deloitte & Touche LLP
- -------------------------
February 5, 1997
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DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
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