000 B000000 10/31/1999
000 C000000 0000927972
000 D000000 Y
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
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 7
007 C010100 1
007 C020100 THE DLB FIXED INCOME FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C020300 THE DLB GLOBAL SMALL CAPITALIZATION FUND
007 C030300 N
007 C010400 4
007 C020400 THE DLB ENTERPRISE III FUND
007 C030400 N
007 C010500 5
007 C020500 THE DLB DISCIPLINED GROWTH FUND
007 C030500 N
007 C010600 6
007 C020600 THE DLB VALUE FUND
007 C030600 N
007 C010700 7
007 C020700 THE DLB GROWTH FUND
007 C030700 N
007 C010800 8
007 C020800 THE DLB MICRO CAPITALIZATION FUND
007 C030800 N
007 C010900 9
007 C011000 10
010 A00AA01 INVESTORS BANK & TRUST COMPANY
010 B00AA01 85-720
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
<PAGE>
012 A00AA01 INVESTORS BANK & TRUST COMPANY
012 B00AA01 85-720
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02116
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02116
014 A00AA01 MML INVESTORS SERVICES, INC.
014 B00AA01 8-27250
014 A00AA02 OPPENHEIMERFUNDS DISTRIBUTOR, INC.
014 B00AA02 8-22992
014 A00AA03 CENTENNIAL ASSET MANAGEMENT CORPORATION
014 B00AA03 8-22948
014 A00AA04 MML DISTRIBUTORS, LLC
014 B00AA04 8-48203
014 A00AA05 BABSON SECURITIES, CORP.
014 B00AA05 8-47589
015 A00AA01 INVESTORS BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02116
015 E01AA01 X
015 A00AA02 CITIBANK, N.A.
015 B00AA02 S
015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 NATIONAL AUSTRALIA BANK LIMITED
015 B00AA03 S
015 C01AA03 MELBOURNE
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 BANKAUSTRIA CREDITANSTALT
015 B00AA04 S
015 C01AA04 VIENNA
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA06 STANDARD CHARTERED BANK, DHAKA
015 B00AA06 S
015 C01AA06 DHAKA
015 D01AA06 BANGLADESH
015 E04AA06 X
015 A00AA07 BANQUE PARIBAS
015 B00AA07 S
015 C01AA07 BRUSSELS
015 D01AA07 BELGIUM
015 E04AA07 X
015 A00AA08 ING BARINGS, SOFIA BRANCH
<PAGE>
015 B00AA08 S
015 C01AA08 SOFIA
015 D01AA08 BULGARIA
015 E04AA08 X
015 A00AA09 BARCLAYS BANK OF BOTSWANA LTD.
015 B00AA09 S
015 C01AA09 GABORONE
015 D01AA09 BOTSWANA
015 E04AA09 X
015 A00AA10 BANKBOSTON BRAZIL
015 B00AA10 S
015 C01AA10 SAO PAULO
015 D01AA10 BRAZIL
015 E04AA10 X
015 A00AA11 ROYAL BANK OF CANADA
015 B00AA11 S
015 C01AA11 TORONTO
015 D01AA11 CANADA
015 E04AA11 X
015 A00AA12 STANDARD CHARTERED BANK, SHANGHAI
015 B00AA12 S
015 C01AA12 SHANGHAI
015 D01AA12 CHINA
015 E04AA12 X
015 A00AA13 STANDARD CHARTERED BANK, SHENZHEN
015 B00AA13 S
015 C01AA13 SHENZHEN
015 D01AA13 CHINA
015 E04AA13 X
015 A00AA14 CITIBANK COLOMBIA S.A.
015 B00AA14 S
015 C01AA14 BOGOTA
015 D01AA14 COLOMBIA
015 E04AA14 X
015 A00AA15 BANKAUSTRIA CREDITANSTALT
015 B00AA15 S
015 C01AA15 ZAGREB
015 D01AA15 CROATIA
015 E04AA15 X
015 A00AA16 BANCO BCT S.A.
015 B00AA16 S
015 C01AA16 SAN JOSE
015 D01AA16 COSTA RICA
015 E04AA16 X
015 A00AA17 CITIBANK A.S.
015 B00AA17 S
015 C01AA17 PRAGUE
015 D01AA17 CZECH REPUBLIC
015 E04AA17 X
015 A00AA18 UNIBANK, A.S.
015 B00AA18 S
<PAGE>
015 C01AA18 COPENHAGEN
015 D01AA18 DENMARK
015 E04AA18 X
015 A00AA19 CITIBANK, N.A.(ECUADOR)
015 B00AA19 S
015 C01AA19 QUITO
015 D01AA19 ECUADOR
015 E04AA19 X
015 A00AA20 CITIBANK, N.A.(EGYPT)
015 B00AA20 S
015 C01AA20 CAIRO
015 D01AA20 EGYPT
015 E04AA20 X
015 A00AA22 HANSABANK
015 B00AA22 S
015 C01AA22 TALLINN
015 D01AA22 ESTONIA
015 E04AA22 X
015 A00AA23 EUROCLEAR CLEARANCE SYSTEM S.C.
015 B00AA23 S
015 C01AA23 HELSINKI
015 D01AA23 FINLAND
015 E04AA23 X
015 A00AA25 BANQUE PARIBAS
015 B00AA25 S
015 C01AA25 PARIS
015 D01AA25 FRANCE
015 E04AA25 X
015 A00AA26 EUROCLEAR CLEARANCE SYSTEM S.C.
015 B00AA26 S
015 C01AA26 FRANKFURT
015 D01AA26 GERMANY
015 E04AA26 X
015 A00AA28 BANQUE PARIBAS FRANKFURT
015 B00AA28 S
015 C01AA28 FRANKFURT
015 D01AA28 GERMANY
015 E04AA28 X
015 A00AA29 BARCLAYS BANK OF GHANA LTD., ACCRA
015 B00AA29 S
015 C01AA29 ACCRA
015 D01AA29 GHANA
015 E04AA29 X
015 A00AA30 PARIBAS GREECE
015 B00AA30 S
015 C01AA30 ATHENS
015 D01AA30 GREECE
015 E04AA30 X
015 A00AA31 STANDARD CHARTERED BANK, HONG KONG
015 B00AA31 S
015 C01AA31 HONG KONG
<PAGE>
015 D01AA31 HONG KONG
015 E04AA31 X
015 A00AA32 CITIBANK BUDAPEST RT.
015 B00AA32 S
015 C01AA32 BUDAPEST
015 D01AA32 HUNGARY
015 E04AA32 X
015 A00AA33 ANZ GRINDLAYS BANK
015 B00AA33 S
015 C01AA33 MUMBAI
015 D01AA33 INDIA
015 E04AA33 X
015 A00AA35 STANDARD CHARTERED BANK, JAKARTA
015 B00AA35 S
015 C01AA35 JAKARTA
015 D01AA35 INDONESIA
015 E04AA35 X
015 A00AA36 BANK OF IRELAND SECURITIES LIMITED
015 B00AA36 S
015 C01AA36 DUBLIN
015 D01AA36 IRELAND
015 E04AA36 X
015 A00AA37 BANK HAPOALIM B.M.
015 B00AA37 S
015 C01AA37 TEL-AVIV
015 D01AA37 ISRAEL
015 E04AA37 X
015 A00AA38 BANKBOSTON, NA
015 B00AA38 S
015 C01AA38 PANAMA CITY
015 D01AA38 PANAMA
015 E04AA38 X
015 A00AA39 BANQUE PARIBAS MILAN
015 B00AA39 S
015 C01AA39 MILAN
015 D01AA39 ITALY
015 E04AA39 X
015 A00AA40 STANDARD CHARTERED BANK, TOKYO
015 B00AA40 S
015 C01AA40 TOKYO
015 D01AA40 JAPAN
015 E04AA40 X
015 A00AA41 CITIBANK, N.A., AMMAN
015 B00AA41 S
015 C01AA41 AMMAN
015 D01AA41 JORDAN
015 E04AA41 X
015 A00AA42 STANDARD CHARTERED BANK SEOUL
015 B00AA42 S
015 C01AA42 SEOUL
015 D01AA42 KOREA
<PAGE>
015 E04AA42 X
015 A00AA43 HANSABANK
015 B00AA43 S
015 C01AA43 RIGA
015 D01AA43 LATVIA
015 E04AA43 X
015 A00AA44 ABN AMRO BANK
015 B00AA44 S
015 C01AA44 ALMATY
015 D01AA44 KAZAKSTAN
015 E04AA44 X
015 A00AA45 BRITISH BANK
015 B00AA45 S
015 C01AA45 BEIRUT
015 D01AA45 LEBANON
015 E04AA45 X
015 A00AA46 VILNAIUS BANKAS A.B.
015 B00AA46 S
015 C01AA46 VILNIUS
015 D01AA46 LITHUANIA
015 E04AA46 X
015 A00AA47 CEDEL
015 B00AA47 S
015 C01AA47 LUXEMBOURG
015 D01AA47 LUXEMBOURG
015 E04AA47 X
015 A00AA48 STANDARD CHARTERED BANK OF MALAYSIA BERHAD
015 B00AA48 S
015 C01AA48 KUALA LUMPUR
015 D01AA48 MALAYSIA
015 E04AA48 X
015 A00AA49 HONG KONG SHANGHAI BANKING CORP.
015 B00AA49 S
015 C01AA49 PORT LOUIS
015 D01AA49 MAURITIUS
015 E04AA49 X
015 A00AA50 BANCOMER, S.A.
015 B00AA50 S
015 C01AA50 MEXICO CITY
015 D01AA50 MEXICO
015 E04AA50 X
015 A00AA51 CITIBANK - MAGHREB
015 B00AA51 S
015 C01AA51 CASABLANCA
015 D01AA51 MOROCCO
015 E04AA51 X
015 A00AA52 MEES PIERSON
015 B00AA52 S
015 C01AA52 AMSTERDAM
015 D01AA52 NETHERLANDS
015 E04AA52 X
<PAGE>
015 A00AA53 NATIONAL AUSTRALIA LIMITED
015 B00AA53 S
015 C01AA53 AUCKLAND
015 D01AA53 NEW ZEALAND
015 E04AA53 X
015 A00AA54 UNION BANK OF NORWAY
015 B00AA54 S
015 C01AA54 OSLO
015 D01AA54 NORWAY
015 E04AA54 X
015 A00AA55 BRITISH BANK
015 B00AA55 S
015 C01AA55 RUWI
015 D01AA55 OMAN
015 E04AA55 X
015 A00AA56 STANDARD CHARTERED BANK, KARACHI
015 B00AA56 S
015 C01AA56 KARACHI
015 D01AA56 PAKISTAN
015 E04AA56 X
015 A00AA57 CITIBANK, N.A.(PERU)
015 B00AA57 S
015 C01AA57 LIMA
015 D01AA57 PERU
015 E04AA57 X
015 A00AA58 STANDARD CHARTERED BANK, MANILA
015 B00AA58 S
015 C01AA58 MAKATI CITY
015 D01AA58 PHILIPPINES
015 E04AA58 X
015 A00AA59 BANK POLSKA (PEKAO)
015 B00AA59 S
015 C01AA59 WARSAW
015 D01AA59 POLAND
015 E04AA59 X
015 A00AA60 CITIBANK PORTUGAL, S.A., LISBON
015 B00AA60 S
015 C01AA60 LISBON
015 D01AA60 PORTUGAL
015 E04AA60 X
015 A00AA61 BANK AUSTRIA SECURITIES S.A.
015 B00AA61 S
015 C01AA61 BUCHAREST
015 D01AA61 ROMANIA
015 E04AA61 X
015 A00AA62 CREDIT SUISSE FIRST BOSTON AO
015 B00AA62 S
015 C01AA62 MOSCOW
015 D01AA62 RUSSIA
015 E04AA62 X
015 A00AA63 STANDARD CHARTERED BANK, SINGAPORE
<PAGE>
015 B00AA63 S
015 C01AA63 SINGAPORE
015 D01AA63 SINGAPORE
015 E04AA63 X
015 A00AA64 CESKOSLOVENSKA OBCHODNA BANKA, A.S.
015 B00AA64 S
015 C01AA64 BRATISLAVA
015 D01AA64 SLOVAK REPUBLIC
015 E04AA64 X
015 A00AA65 BANKA AUSTRIA D.D. LJUBLJANA
015 B00AA65 S
015 C01AA65 LJUBLJANA
015 D01AA65 SLOVENIA
015 E04AA65 X
015 A00AA66 THE STANDARD BANK OF SOUTH AFRICA LIMITED
015 B00AA66 S
015 C01AA66 JOHANNESBURG
015 D01AA66 SOUTH AFRICA
015 E04AA66 X
015 A00AA67 BANQUE PARIBAS MADRID
015 B00AA67 S
015 C01AA67 MADRID
015 D01AA67 SPAIN
015 E04AA67 X
015 A00AA68 STANDARD CHARTERED BANK, COLOMBO
015 B00AA68 S
015 C01AA68 COLOMBO
015 D01AA68 SRI LANKA
015 E04AA68 X
015 A00AA69 SVENSKA HANDELSBANKEN S.C.
015 B00AA69 S
015 C01AA69 STOCKHOLM
015 D01AA69 SWEDEN
015 E04AA69 X
015 A00AA70 BANK LEU LTD.
015 B00AA70 S
015 C01AA70 ZURICH
015 D01AA70 SWITZERLAND
015 E04AA70 X
015 A00AA71 STANDARD CHARTERED BANK, TAIPEI
015 B00AA71 S
015 C01AA71 TAIPEI
015 D01AA71 TAIWAN
015 E04AA71 X
015 A00AA72 STANDARD CHARTERED BANK, BANGKOK
015 B00AA72 S
015 C01AA72 BANGKOK
015 D01AA72 THAILAND
015 E04AA72 X
015 A00AA73 OTTOMAN BANK
015 B00AA73 S
<PAGE>
015 C01AA73 ISTANBUL
015 D01AA73 TURKEY
015 E04AA73 X
015 A00AA74 HONG KONG SHANGHAI BANKING CORP.
015 B00AA74 S
015 C01AA74 LONDON
015 D01AA74 UNITED KINGDOM
015 E04AA74 X
015 A00AA76 CITIBANK, N.A., CARACAS
015 B00AA76 S
015 C01AA76 CARACAS
015 D01AA76 VENEZUELA
015 E04AA76 X
015 A00AA77 BARCLAYS BANK PLC
015 B00AA77 S
015 C01AA77 LUSAKA
015 D01AA77 ZAMBIA
015 E04AA77 X
015 A00AA78 BARCLAYS BANK OF ZIMBABWE LTD
015 B00AA78 S
015 C01AA78 HARARE
015 D01AA78 ZIMBABWE
015 E04AA78 X
015 A00AA79 BARCLAYS BANK OF KENYA LTD.
015 B00AA79 S
015 C01AA79 NAIROBI
015 D01AA79 KENYA
015 E04AA79 X
015 A00AA80 BANKBOSTON, SANTIAGO
015 B00AA80 S
015 C01AA80 SANTIAGO
015 D01AA80 CHILE
015 E04AA80 X
015 A00AA81 THE BANK OF BERMUDA LIMITED
015 B00AA81 S
015 C01AA81 HAMILTON
015 D01AA81 BERMUDA
015 E04AA81 X
015 A00AA82 ING BANK UKRAINE
015 B00AA82 S
015 C01AA82 KIEV
015 D01AA82 UKRAINE
015 E04AA82 X
015 A00AA83 BRITISH BANK
015 B00AA83 S
015 C01AA83 MANAMA
015 D01AA83 BAHRAIN
015 E04AA83 X
015 A00AA84 DELETE
015 A00AA85 SOCIETE GENERALE
015 B00AA85 S
<PAGE>
015 C01AA85 ABIDJAN
015 D01AA85 IVORY COAST
015 E04AA85 X
015 A00AA86 NATIONAL AUSTRALIA BANK
015 B00AA86 S
015 C01AA86 VIA MELBOURNE
015 D01AA86 PAPUA NEW GUINEA
015 E04AA86 X
015 A00AA87 BARCLAYS BANK
015 B00AA87 S
015 C01AA87 NICOSIA
015 D01AA87 CYPRUS
015 E04AA87 X
015 A00AA88 BANKBOSTON
015 B00AA88 S
015 C01AA88 MONTEVIDEO
015 D01AA88 URUGUAY
015 E04AA88 X
015 A00AA89 CITIBANK
015 B00AA89 S
015 C01AA89 LAPAZ
015 D01AA89 BOLIVIA
015 E04AA89 X
015 A00AA90 EUROCLEAR
015 B00AA90 S
015 C01AA90 REYKJAVIC
015 D01AA90 ICELAND
015 E04AA90 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 POSIT ITG
020 C000001 31
020 A000002 STANDARD & POORS SECURITIES INC.
020 B000002 13-2671951
020 C000002 29
020 A000003 BANKBOSTON ROBERTSON STEPHANS
020 C000003 23
020 A000004 DONALDSON LUFKIN & JENRETTE
020 C000004 19
020 A000005 HAMBRECHT & QUIST
020 B000005 94-3220292
020 C000005 16
020 A000006 FACTSET DATA SYSTEMS, INC.
020 C000006 15
020 A000007 WM. BLAIR & CO.
020 C000007 14
020 A000008 WM. O'NEILL & CO.
020 C000008 13
020 A000009 SALOMON SMITH BARNEY
020 C000009 13
<PAGE>
020 A000010 CAPITAL INSITUTIONAL SERVICES
020 C000010 12
021 000000 494
022 A000001 SALOMON SMITH BARNEY
022 C000001 14727
022 D000001 6410
022 A000002 MORGAN STANLEY & CO., INC.
022 B000002 13-2655998
022 C000002 2234
022 D000002 9796
022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
022 C000003 4950
022 D000003 5337
022 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000004 13-5674085
022 C000004 3446
022 D000004 3349
022 A000005 HERZOG, HEINE, GEDULD, INC.
022 B000005 13-1955436
022 C000005 3493
022 D000005 2729
022 A000006 ROBERTSON COLEMAN & STEPHANS
022 C000006 1523
022 D000006 3200
022 A000007 KNIGHT SECURITIES, INC.
022 C000007 2448
022 D000007 1712
022 A000008 CIBC OPPENHEIMER & CO. INC.
022 C000008 2111
022 D000008 758
022 A000009 JEFFERIES & CO., INC.
022 B000009 95-2622900
022 C000009 1397
022 D000009 1340
022 A000010 BEAR, STEARNS & CO. INC.
022 C000010 1800
022 D000010 826
023 C000000 57057
023 D000000 46832
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
<PAGE>
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 Y
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
<PAGE>
058 A00AA00 N
059 00AA00 Y
060 A00AA00 N
060 B00AA00 N
061 00AA00 100000
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 Y
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 NEW HAMPSHIRE INSURANCE COMPANY
080 C00AA00 750000
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 DAVID L. BABSON & CO., INC.
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<PAGE>
008 C000101 801-241
008 D010101 CAMBRIDGE
008 D020101 MA
008 D030101 02142
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025 D000101 0
025 D000102 0
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028 D020100 130
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028 D040100 250
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028 E020100 0
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028 G040100 1310
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047 000100 Y
048 000100 0.400
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
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<PAGE>
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048 E020100 0.000
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048 I020100 0.000
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048 K020100 0.000
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062 B000100 0.0
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062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 16.0
062 N000100 27.0
062 O000100 2.0
062 P000100 55.0
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062 R000100 0.0
063 A000100 0
063 B000100 8.6
064 A000100 Y
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
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070 C010100 N
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<PAGE>
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070 H010100 N
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070 J020100 N
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<PAGE>
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<PAGE>
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 Y
070 R020700 N
071 A000700 151741
071 B000700 68149
071 C000700 103652
071 D000700 66
072 A000700 10
072 B000700 254
072 C000700 579
072 D000700 0
072 E000700 0
072 F000700 527
072 G000700 0
072 H000700 0
072 I000700 6
072 J000700 49
072 K000700 0
072 L000700 3
072 M000700 4
072 N000700 24
072 O000700 0
<PAGE>
072 P000700 0
072 Q000700 0
072 R000700 29
072 S000700 13
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 0
072 X000700 655
072 Y000700 0
072 Z000700 178
072AA000700 14126
072BB000700 9307
072CC010700 0
072CC020700 3520
072DD010700 2
072DD020700 0
072EE000700 3
073 A010700 0.0001
073 A020700 0.0000
073 B000700 0.0003
073 C000700 0.0000
074 A000700 0
074 B000700 125
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 115733
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 159
074 K000700 0
074 L000700 124
074 M000700 0
074 N000700 116141
074 O000700 0
074 P000700 63
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 87
074 S000700 0
074 T000700 115991
074 U010700 8974
074 U020700 0
074 V010700 12.93
074 V020700 0.00
074 W000700 0.0000
074 X000700 6
<PAGE>
074 Y000700 0
075 A000700 0
075 B000700 114945
076 000700 0.00
008 A000801 DAVID L. BABSON & CO., INC.
008 B000801 A
008 C000801 801-241
008 D010801 CAMBRIDGE
008 D020801 MA
008 D030801 02142
024 000800 N
028 A010800 437
028 A020800 0
028 A030800 0
028 A040800 88
028 B010800 2510
028 B020800 0
028 B030800 0
028 B040800 14
028 C010800 1784
028 C020800 0
028 C030800 0
028 C040800 10
028 D010800 77
028 D020800 0
028 D030800 0
028 D040800 41
028 E010800 0
028 E020800 0
028 E030800 0
028 E040800 0
028 F010800 0
028 F020800 0
028 F030800 0
028 F040800 0
028 G010800 4808
028 G020800 0
028 G030800 0
028 G040800 153
028 H000800 0
045 000800 Y
046 000800 N
047 000800 Y
048 000800 1.000
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
<PAGE>
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 0.0
066 A000800 Y
066 B000800 N
066 C000800 Y
066 D000800 N
066 E000800 N
066 F000800 N
066 G000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 N
070 B020800 N
070 C010800 N
<PAGE>
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 Y
070 M010800 Y
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 Y
070 R020800 N
071 A000800 24015
071 B000800 15620
071 C000800 23003
071 D000800 68
072 A000800 10
072 B000800 116
072 C000800 127
072 D000800 0
072 E000800 0
072 F000800 216
072 G000800 0
072 H000800 0
072 I000800 6
072 J000800 44
072 K000800 0
072 L000800 4
072 M000800 4
072 N000800 19
072 O000800 0
072 P000800 0
<PAGE>
072 Q000800 0
072 R000800 22
072 S000800 13
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 0
072 X000800 328
072 Y000800 46
072 Z000800 -39
072AA000800 4025
072BB000800 2406
072CC010800 0
072CC020800 556
072DD010800 0
072DD020800 0
072EE000800 0
073 A010800 0.0000
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 0
074 B000800 4122
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 28140
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 283
074 K000800 7
074 L000800 20
074 M000800 0
074 N000800 32572
074 O000800 692
074 P000800 27
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 34
074 S000800 0
074 T000800 31819
074 U010800 3577
074 U020800 0
074 V010800 8.89
074 V020800 0.00
074 W000800 0.0000
074 X000800 20
074 Y000800 0
<PAGE>
075 A000800 0
075 B000800 26001
076 000800 0.00
SIGNATURE DEANNE B. DUPONT
TITLE TREASURER
EXHIBIT 99.77.B
DELOITTE & ---------------------------------------------------
TOUCHE DELOITTE & TOUCHE LLP Telephone: (617) 437-2000
- ---------- 200 Berkeley Street Facsimile: (617) 437-2111
[LOGO] Boston, Massachusetts 02116-5022
INDEPENDENT AUDITORS' REPORT
To the Trustees and Shareholders of The DLB Fund Group:
In planning and performing our audits of the financial statements of DLB Fund
Group (the "Trust") (composed of DLB Fixed Income Fund, DLB Global Small
Capitalization Fund, DLB Value Fund, DLB Enterprise III Fund, DLB Disciplined
Growth Fund, DLB Growth Fund, and DLB Micro Capitalization Fund) for the ten
months ended October 31, 1999 (on which we have issued our reports, each dated
December 10, 1999), we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinions on the financial
statements and to comply with the requirements of Form N-SAR and not to provide
assurance on the Trust's internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal control, misstatements due to
error or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
the internal control may become inadequate because of changes in conditions or
that the degree of compliance with policies or procedures may deteriorate.
Our consideration of the Trust's internal control would not necessarily disclose
all matters in internal control 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 one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud 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
Trust's internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
/s/ Deloitte & Touche LLP
December 10, 1999
- -------------------
DELOITTE TOUCHE
TOHMATSU
- -------------------
EXHIBIT 99.77D
July 20, 1999
On July 20, 1999, the Board of Trustees of the Trust unanimously:
VOTED: That the following non-fundamental investment restriction, which is
applicable to the DLB Fixed Income Fund, The DLB Value Fund, The DLB
Disciplined Growth Fund, the DLB Mid Capitalization Fund,and the DLB
Global Small Capitalization Fund, and which is set forth in paragraph
(c) on page 2 of the DLB Fund Group's Statement of Additional
Information dated April 30, 1999, be, and it is, hereby eliminated
effective immediately; and the President, each Vice President, the
Clerk and any Trustee of the Trust be, and each of them acting singly
is, authorized, in the name and on behalf of the Trust, to prepare and
make any filings with the Securities and Exchange Commission as the
officet or Trustee so acting may deem necessary or advisable to
effectuate this vote:
"In addition, it is contrary to the present policy of each Fund to:
................. (c) (All Funds except the Growth Fund and the Micro
Cap Fund) Invest in securities of any issuer if officers and Trustees
of the Trust and officers and partners of David L. Babson and Company
Incorporated (the "Manager") who beneficially own more than 1/2 of 1%
of the securities of that issuer together beneficially own more than
5%."
EXHIBIT 99.77.Q1(a)
THE DLB FUND GROUP
AMENDMENT NO. 7
AGREEMENT AND DECLARATION OF TRUST
The undersigned, being at least a majority of the Trustees of the DLB Fund
Group, a Massachusetts business trust, created and existing under an Agreement
and Declaration of Trust dated August 1, 1994, as amended by Amendment No. 1
thereto dated May 16, 1996, Amendment No. 2 thereto dated December 17, 1997,
Amendment No. 3 thereto dated April 22, 1998, Amendment No. 4 thereto dated
February 12, 1998, Amendment No. 5 thereto dated February 12, 1998 and Amendment
No. 6 thereto dated May 12, 1999 (the "Agreement"), a copy of which is on file
in the Office of the Secretary of State of the Commonwealth of Massachusetts, do
hereby direct that this Amendment No. 7 be filed with the Secretary of State of
the Commonwealth of Massachusetts and do hereby amend the first sentence of
Section 6 of Article III of the Agreement to read in its entirety as follows:
"Without limiting the authority of the Trustees set forth in Section 5,
inter alia, to establish and designate any further Series or Classes or
to modify the rights and preferences of any Series or Classes, the "DLB
Fixed Income Fund", the "DLB Value Fund", the "DLB Growth Fund", the
"DLB Disciplined Growth Fund", the "DLB Enterprise III Fund", the "DLB
Micro Capitalization Fund", the "DLB Global Small Capitalization Fund",
the "DLB Stewart Ivory International Fund" and the "DLB Stewart Ivory
Emerging Markets Fund" shall be, and hereby are, established and
designated as separate Series of the Trust."
The foregoing amendment shall become effective as of the time it is filed with
the Secretary of State of the Commonwealth of Massachusetts.
<PAGE>
IN WITNESS WHEREOF, we have hereunto set our hands for ourselves and our
successors and assigns this 20th day of October 1999.
/s/ C. E. Hugel
- ------------------------
Charles E. Hugel
/s/ Richard A. Nenneman
- ------------------------
Richard A. Nenneman
/s/ R. J. Phelps
- ------------------------
Richard J. Phelps
-2-
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1999
ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ANNUAL
REPORT.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> THE DLB FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 37,278,368
<INVESTMENTS-AT-VALUE> 36,119,665
<RECEIVABLES> 469,765
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,589,430
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 49,322
<TOTAL-LIABILITIES> 49,322
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,666,303
<SHARES-COMMON-STOCK> 3,610,461
<SHARES-COMMON-PRIOR> 3,156,951
<ACCUMULATED-NII-CURRENT> 17,145
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,363
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,158,703)
<NET-ASSETS> 36,540,108
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,876,059
<OTHER-INCOME> 0
<EXPENSES-NET> 166,872
<NET-INVESTMENT-INCOME> 1,709,187
<REALIZED-GAINS-CURRENT> 28,638
<APPREC-INCREASE-CURRENT> (2,150,902)
<NET-CHANGE-FROM-OPS> (413,077)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,699,687
<DISTRIBUTIONS-OF-GAINS> 4,038
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 514,248
<NUMBER-OF-SHARES-REDEEMED> 179,883
<SHARES-REINVESTED> 119,145
<NET-CHANGE-IN-ASSETS> 2,682,030
<ACCUMULATED-NII-PRIOR> 6,502
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 8,094
<GROSS-ADVISORY-FEES> 121,361
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 239,143
<AVERAGE-NET-ASSETS> 36,428,874
<PER-SHARE-NAV-BEGIN> 10.72
<PER-SHARE-NII> 0.48
<PER-SHARE-GAIN-APPREC> (0.60)
<PER-SHARE-DIVIDEND> 0.48
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.12
<EXPENSE-RATIO> 0.55
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1999
ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ANNUAL
REPORT.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> THE DLB GLOBAL SMALL CAPITALIZATION FUND
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 13,765,764
<INVESTMENTS-AT-VALUE> 15,541,971
<RECEIVABLES> 322,332
<ASSETS-OTHER> 789
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,865,092
<PAYABLE-FOR-SECURITIES> 201,387
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48,247
<TOTAL-LIABILITIES> 249,634
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,065,061
<SHARES-COMMON-STOCK> 1,323,026
<SHARES-COMMON-PRIOR> 1,327,748
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 27,328
<ACCUMULATED-NET-GAINS> 800,590
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,777,135
<NET-ASSETS> 15,615,458
<DIVIDEND-INCOME> 173,303
<INTEREST-INCOME> 23,456
<OTHER-INCOME> 0
<EXPENSES-NET> 184,908
<NET-INVESTMENT-INCOME> 11,851
<REALIZED-GAINS-CURRENT> 834,326
<APPREC-INCREASE-CURRENT> 502,573
<NET-CHANGE-FROM-OPS> 1,348,750
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 72
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 50,868
<NUMBER-OF-SHARES-REDEEMED> 55,596
<SHARES-REINVESTED> 6
<NET-CHANGE-IN-ASSETS> 1,305,634
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 70,207
<OVERDIST-NET-GAINS-PRIOR> 2,636
<GROSS-ADVISORY-FEES> 123,274
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 250,565
<AVERAGE-NET-ASSETS> 14,800,761
<PER-SHARE-NAV-BEGIN> 10.78
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 1.01
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.80
<EXPENSE-RATIO> 1.50
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTANS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1999
ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ANNUAL
REPORT.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> THE DLB ENTERPRISE III FUND
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 36,750,863
<INVESTMENTS-AT-VALUE> 32,424,043
<RECEIVABLES> 285,964
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,710,007
<PAYABLE-FOR-SECURITIES> 46,655
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51,303
<TOTAL-LIABILITIES> 97,958
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,178,101
<SHARES-COMMON-STOCK> 2,985,062
<SHARES-COMMON-PRIOR> 2,516,677
<ACCUMULATED-NII-CURRENT> 204,015
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,556,753
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,326,820)
<NET-ASSETS> 32,612,049
<DIVIDEND-INCOME> 377,848
<INTEREST-INCOME> 84,457
<OTHER-INCOME> 0
<EXPENSES-NET> 258,290
<NET-INVESTMENT-INCOME> 204,015
<REALIZED-GAINS-CURRENT> 1,556,752
<APPREC-INCREASE-CURRENT> (3,928,866)
<NET-CHANGE-FROM-OPS> (2,168,099)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,565
<DISTRIBUTIONS-OF-GAINS> 12,380
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,355,408
<NUMBER-OF-SHARES-REDEEMED> 888,231
<SHARES-REINVESTED> 1,208
<NET-CHANGE-IN-ASSETS> 2,671,907
<ACCUMULATED-NII-PRIOR> 2,565
<ACCUMULATED-GAINS-PRIOR> 12,381
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 172,193
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 286,151
<AVERAGE-NET-ASSETS> 34,458,145
<PER-SHARE-NAV-BEGIN> 11.90
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> (1.04)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.93
<EXPENSE-RATIO> 0.90
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1999
ANNUAL REPORT AND IS QUALIFIED IN TIS ENTIRETY BY REFERENCE TO SUCH ANNUAL
REPORT.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> THE DLB DISCIPLINED GROWTH FUND
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 35,652,162
<INVESTMENTS-AT-VALUE> 41,730,216
<RECEIVABLES> 27,419
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,757,635
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 74,384
<TOTAL-LIABILITIES> 74,384
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,603,807
<SHARES-COMMON-STOCK> 2,416,428
<SHARES-COMMON-PRIOR> 2,222,547
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,001,390
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,078,054
<NET-ASSETS> 41,683,251
<DIVIDEND-INCOME> 223,571
<INTEREST-INCOME> 9,421
<OTHER-INCOME> 0
<EXPENSES-NET> 298,831
<NET-INVESTMENT-INCOME> (65,839)
<REALIZED-GAINS-CURRENT> 5,080,337
<APPREC-INCREASE-CURRENT> (1,765,520)
<NET-CHANGE-FROM-OPS> 3,248,978
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,240
<DISTRIBUTIONS-OF-GAINS> 9,521
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 270,747
<NUMBER-OF-SHARES-REDEEMED> 77,526
<SHARES-REINVESTED> 660
<NET-CHANGE-IN-ASSETS> 6,375,495
<ACCUMULATED-NII-PRIOR> 2,240
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 3,587
<GROSS-ADVISORY-FEES> 249,026
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 362,564
<AVERAGE-NET-ASSETS> 39,558,547
<PER-SHARE-NAV-BEGIN> 15.89
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 1.39
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.25
<EXPENSE-RATIO> 0.90
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1999
ANNUAL REPORT AND IS QUALIFIED IN TIS ENTIRETY BY REFERENCE TO SUCH ANNUAL
REPORT.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> THE DLB VALUE FUND
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 73,262,278
<INVESTMENTS-AT-VALUE> 74,198,784
<RECEIVABLES> 258,701
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 74,457,485
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 74,963
<TOTAL-LIABILITIES> 74,963
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67,012,960
<SHARES-COMMON-STOCK> 4,990,096
<SHARES-COMMON-PRIOR> 4,965,028
<ACCUMULATED-NII-CURRENT> 1,422,633
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,010,423
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 936,506
<NET-ASSETS> 74,382,522
<DIVIDEND-INCOME> 1,807,557
<INTEREST-INCOME> 86,460
<OTHER-INCOME> 0
<EXPENSES-NET> 471,384
<NET-INVESTMENT-INCOME> 1,422,633
<REALIZED-GAINS-CURRENT> 5,248,005
<APPREC-INCREASE-CURRENT> (4,541,428)
<NET-CHANGE-FROM-OPS> 2,129,210
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,992
<DISTRIBUTIONS-OF-GAINS> 5,665
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,827,660
<NUMBER-OF-SHARES-REDEEMED> 1,803,494
<SHARES-REINVESTED> 902
<NET-CHANGE-IN-ASSETS> 2,471,497
<ACCUMULATED-NII-PRIOR> 8,992
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 231,917
<GROSS-ADVISORY-FEES> 352,180
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 471,384
<AVERAGE-NET-ASSETS> 76,875,691
<PER-SHARE-NAV-BEGIN> 14.48
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 0.14
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.91
<EXPENSE-RATIO> 0.74
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1999
ANNUAL REPORT AND IS QUALIFIED IN TIS ENTIRETY BY REFERENCE TO SUCH ANNUAL
REPORT.
</LEGEND>
<SERIES>
<NUMBER> 7
<NAME> THE DLB GROWTH FUND
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 112,283,427
<INVESTMENTS-AT-VALUE> 115,857,353
<RECEIVABLES> 283,819
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 116,141,172
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150,074
<TOTAL-LIABILITIES> 150,074
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 107,420,428
<SHARES-COMMON-STOCK> 8,973,676
<SHARES-COMMON-PRIOR> 2,578,422
<ACCUMULATED-NII-CURRENT> 177,493
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,819,251
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,573,926
<NET-ASSETS> 115,991,098
<DIVIDEND-INCOME> 578,925
<INTEREST-INCOME> 253,851
<OTHER-INCOME> 0
<EXPENSES-NET> 655,283
<NET-INVESTMENT-INCOME> 177,493
<REALIZED-GAINS-CURRENT> 4,819,251
<APPREC-INCREASE-CURRENT> (3,520,316)
<NET-CHANGE-FROM-OPS> 1,476,428
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,548
<DISTRIBUTIONS-OF-GAINS> 3,062
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,276,496
<NUMBER-OF-SHARES-REDEEMED> 3,881,592
<SHARES-REINVESTED> 350
<NET-CHANGE-IN-ASSETS> 82,937,380
<ACCUMULATED-NII-PRIOR> 1,548
<ACCUMULATED-GAINS-PRIOR> 3,062
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 526,541
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 655,283
<AVERAGE-NET-ASSETS> 114,944,588
<PER-SHARE-NAV-BEGIN> 12.82
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.09
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.93
<EXPENSE-RATIO> 0.68
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1999
ANNUAL REPORT AND IS QUALIFIED IN TIS ENTIRETY BY REFERENCE TO SUCH ANNUAL
REPORT.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> THE DLB MICRO CAPITALIZATION FUND
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 34,433,440
<INVESTMENTS-AT-VALUE> 32,262,236
<RECEIVABLES> 309,284
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,571,520
<PAYABLE-FOR-SECURITIES> 691,883
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69,689
<TOTAL-LIABILITIES> 752,572
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,608,306
<SHARES-COMMON-STOCK> 3,577,406
<SHARES-COMMON-PRIOR> 2,311,292
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 381,846
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,171,204)
<NET-ASSETS> 31,818,948
<DIVIDEND-INCOME> 127,060
<INTEREST-INCOME> 115,694
<OTHER-INCOME> 0
<EXPENSES-NET> 281,457
<NET-INVESTMENT-INCOME> (38,703)
<REALIZED-GAINS-CURRENT> 1,618,801
<APPREC-INCREASE-CURRENT> (556,308)
<NET-CHANGE-FROM-OPS> 1,023,790
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,291,792
<NUMBER-OF-SHARES-REDEEMED> 25,678
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11,908,877
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,198,252)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 216,505
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 327,882
<AVERAGE-NET-ASSETS> 26,000,818
<PER-SHARE-NAV-BEGIN> 8.61
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.29
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.89
<EXPENSE-RATIO> 1.30
</TABLE>
