<PAGE> 1
000 B000000 12/31/1998
000 C000000 0000927972
000 D000000 N
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 8
007 C010100 1
007 C020100 THE DLB FIXED INCOME FUND
007 C030100 N
007 C010200 2
007 C020200 THE DLB GLOBAL BOND FUND
007 C030200 N
007 C010300 3
007 C020300 THE DLB GLOBAL SMALL CAPITALIZATION 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 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
012 A00AA01 INVESTORS BANK & TRUST COMPANY
012 B00AA01 85-720
012 C01AA01 BOSTON
<PAGE> 2
012 C02AA01 MA
012 C03AA01 02111
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
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 MULTI SOURCE SERVICES, INC.
014 B00AA04 8-40450
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 02111
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 A00AA05 BRITISH BANK OF THE MIDDLE EAST
015 B00AA05 S
015 C01AA05 X
015 D01AA05 BAHRAIN
015 E04AA05 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
<PAGE> 3
015 E04AA07 X
015 A00AA08 DELETE
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 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.
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 DELETE
015 A00AA17 CITIBANK A.S.
015 B00AA17 S
015 C01AA17 PRAHA
015 D01AA17 CZECH REPUBLIC
015 E04AA17 X
015 A00AA18 UNIBANK, A.S.
015 B00AA18 S
015 C01AA18 TOASTRUP
015 D01AA18 DENMARK
015 E04AA18 X
015 A00AA19 CITIBANK, N.A.(ECUADOR)
015 B00AA19 S
015 C01AA19 QUITO
<PAGE> 4
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 A00AA21 DELETE
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 BRUSSELS
015 D01AA23 FINLAND
015 E04AA23 X
015 A00AA24 KANSALLIS-OSAKE-PANKI, HELSINKI
015 B00AA24 S
015 C01AA24 X
015 D01AA24 FINALND
015 E04AA24 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 X
015 D01AA26 GERMANY
015 E04AA26 X
015 A00AA27 DEUTSCHE BANK A.G.
015 B00AA27 S
015 C01AA27 FRANKFURT
015 D01AA27 GERMANY
015 E04AA27 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 CITIBANK, N.A. (GREECE) ATHENS
015 B00AA30 S
015 C01AA30 ATHENS
<PAGE> 5
015 D01AA30 GREECE
015 E04AA30 X
015 A00AA31 STANDARD CHARTERED BANK, HONG KONG
015 B00AA31 S
015 C01AA31 X
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 A00AA34 DELETE
015 A00AA35 STANDARD CHARTERED BANK, JAKARTA
015 B00AA35 S
015 C01AA35 JAKARTA
015 D01AA35 INDONESIA
015 E04AA35 X
015 A00AA36 BANK OF IRELAND SECURITIES SERVICES, DUBLIN
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 DELETE
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
<PAGE> 6
015 C01AA42 SEOUL
015 D01AA42 KOREA
015 E04AA42 X
015 A00AA43 SOCIETE GENERALE
015 B00AA43 S
015 C01AA43 X
015 D01AA43 LATVIA
015 E04AA43 X
015 A00AA44 DELETE
015 A00AA45 HONG KONG SHANGHAI BANKING CORP.
015 B00AA45 S
015 C01AA45 X
015 D01AA45 LEBANON
015 E04AA45 X
015 A00AA46 VILNAIUS BANKAS A.B.
015 B00AA46 S
015 C01AA46 VINAIUS
015 D01AA46 LITHUANIA
015 E04AA46 X
015 A00AA47 EUROCLEAR CLEARANCE SYSTEM S.C.
015 B00AA47 S
015 C01AA47 BRUSSELS
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 X
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
015 A00AA53 NATIONAL NOMINEES LIMITED
015 B00AA53 S
<PAGE> 7
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 HONG KONG SHANGHAI BANKING CORP.
015 B00AA55 S
015 C01AA55 X
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 (MOSCOW) LTD.
015 B00AA62 S
015 C01AA62 MOSCOW
015 D01AA62 RUSSIA
015 E04AA62 X
015 A00AA63 STANDARD CHARTERED BANK, SINGAPORE
015 B00AA63 S
015 C01AA63 X
<PAGE> 8
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 CITIBANK N.A.(TURKEY)
015 B00AA73 S
015 C01AA73 ISTANBUL
015 D01AA73 TURKEY
<PAGE> 9
015 E04AA73 X
015 A00AA74 MIDLAND BANK
015 B00AA74 S
015 C01AA74 LONDON
015 D01AA74 UNITED KINGDOM
015 E04AA74 X
015 A00AA75 FIRST CHICAGO CLEARING CENTRE
015 B00AA75 S
015 C01AA75 LONDON
015 D01AA75 UNITED KINGDOM
015 E04AA75 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 PLC
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
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 CAPITAL INSTITUTIONAL SERVICES
020 C000001 22
020 A000002 MERRILL LYNCH PIERCE FENNER & SMITH INC.
020 B000002 13-5674085
020 C000002 17
020 A000003 INVESTMENT TECHNOLOGY GROUP
020 C000003 12
<PAGE> 10
020 A000004 PERSHING DIVISION OF DLJ
020 C000004 10
020 A000005 ESI SECURITIES, INC.
020 C000005 9
020 A000006 CANTOR FITZGERALD & CO., INC.
020 C000006 6
020 A000007 NEEDHAM & COMPANY
020 C000007 5
020 A000008 JONES & ASSOCIATES, INC.
020 C000008 5
020 A000009 PAINE WEBBER INC.
020 B000009 13-2638166
020 C000009 5
020 A000010 SMITH BARNEY INC.
020 B000010 13-3371860
020 C000010 4
021 000000 177
022 A000001 CANTOR FITZGERALD & CO. INC.
022 C000001 781858
022 D000001 591
022 A000002 NATWEST SECURITIES CORPORATION
022 C000002 153128
022 D000002 82264
022 A000003 DLJ CAPITAL MARKETS
022 C000003 104298
022 D000003 97130
022 A000004 BEAR STEARNS & CO. INC.
022 C000004 33330
022 D000004 34896
022 A000005 BARCLAYS BANK PLC, LONDON
022 C000005 22089
022 D000005 22534
022 A000006 IBJ SCHRADER BANK & TRUST CO.
022 C000006 2954
022 D000006 37906
022 A000007 DEUTSCHE BANK
022 C000007 18787
022 D000007 13707
022 A000008 SOCIETE GENERALE
022 C000008 8219
022 D000008 10862
022 A000009 FUJI SECURITIES
022 C000009 8018
022 D000009 10173
022 A000010 PARIBAS CORPORATION
022 C000010 4070
022 D000010 4398
023 C000000 1170272
023 D000000 345637
026 A000000 N
026 B000000 Y
<PAGE> 11
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
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
<PAGE> 12
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
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 N
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 750
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
<PAGE> 13
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.
008 B000101 A
008 C000101 801-241
008 D010101 CAMBRIDGE
008 D020101 MA
008 D030101 02142
024 000100 Y
025 A000101 MERRILL LYNCH & CO.
025 C000101 D
025 D000101 511
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
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028 A020100 813
028 A030100 0
028 A040100 1094
028 B010100 100
028 B020100 109
028 B030100 0
028 B040100 495
028 C010100 0
028 C020100 108
028 C030100 0
028 C040100 360
028 D010100 1000
028 D020100 113
028 D030100 0
028 D040100 0
028 E010100 379
028 E020100 114
028 E030100 0
028 E040100 0
028 F010100 44
028 F020100 414
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028 F040100 16
028 G010100 1604
028 G020100 1671
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<PAGE> 14
028 G040100 1965
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.400
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048 B020100 0.000
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048 D020100 0.000
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048 E020100 0.000
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048 I020100 0.000
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048 K020100 0.000
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 2.7
062 E000100 0.0
062 F000100 0.0
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 26.2
062 N000100 15.9
062 O000100 2.2
062 P000100 55.7
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 8.3
064 A000100 Y
064 B000100 N
066 A000100 N
<PAGE> 15
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
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071 B000100 15772
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<PAGE> 16
072 H000100 0
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072 L000100 3
072 M000100 5
072 N000100 26
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072 P000100 0
072 Q000100 0
072 R000100 28
072 S000100 10
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072 Y000100 83
072 Z000100 1878
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<PAGE> 17
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075 A000100 0
075 B000100 32911
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008 A000201 DAVID L. BABSON & CO., INC.
008 B000201 A
008 C000201 801-241
008 D010201 CAMBRIDGE
008 D020201 MA
008 D030201 02142
008 A000202 POTOMAC BABSON INCORPORATED
008 B000202 S
008 C000202 801-51372
008 D010202 NEW YORK
008 D020202 NY
008 D030202 10104
008 D040202 0101
024 000200 N
028 A010200 21732
028 A020200 87
028 A030200 0
028 A040200 83
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028 F040700 0
028 G010700 3
028 G020700 802
028 G030700 0
028 G040700 0
028 H000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.550
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
<PAGE> 39
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 0.0
066 A000700 Y
066 B000700 N
066 C000700 N
066 D000700 Y
066 E000700 N
066 F000700 N
066 G000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 N
070 B020700 N
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
<PAGE> 40
070 R010700 Y
070 R020700 N
071 A000700 31965
071 B000700 8895
071 C000700 26496
071 D000700 30
072 A000700 11
072 B000700 123
072 C000700 218
072 D000700 0
072 E000700 0
072 F000700 148
072 G000700 0
072 H000700 0
072 I000700 8
072 J000700 44
072 K000700 0
072 L000700 4
072 M000700 4
072 N000700 5
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 27
072 S000700 15
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 0
072 X000700 255
072 Y000700 42
072 Z000700 128
072AA000700 1249
072BB000700 571
072CC010700 7094
072CC020700 0
072DD010700 127
072DD020700 0
072EE000700 675
073 A010700 0.0505
073 A020700 0.0000
073 B000700 0.2683
073 C000700 0.0000
074 A000700 0
074 B000700 2243
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 30841
074 G000700 0
074 H000700 0
<PAGE> 41
074 I000700 0
074 J000700 0
074 K000700 0
074 L000700 21
074 M000700 0
074 N000700 33105
074 O000700 0
074 P000700 15
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 36
074 S000700 0
074 T000700 33054
074 U010700 2578
074 U020700 0
074 V010700 12.82
074 V020700 0.00
074 W000700 0.0000
074 X000700 3
074 Y000700 0
075 A000700 0
075 B000700 28958
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 0
028 A020800 0
028 A030800 0
028 A040800 0
028 B010800 100
028 B020800 0
028 B030800 0
028 B040800 0
028 C010800 263
028 C020800 0
028 C030800 0
028 C040800 0
028 D010800 0
028 D020800 0
028 D030800 0
028 D040800 0
028 E010800 3
028 E020800 0
028 E030800 0
<PAGE> 42
028 E040800 0
028 F010800 750
028 F020800 0
028 F030800 0
028 F040800 0
028 G010800 1116
028 G020800 0
028 G030800 0
028 G040800 0
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
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
<PAGE> 43
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 Y
070 B020800 N
070 C010800 N
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 Y
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
<PAGE> 44
070 R020800 N
071 A000800 25649
071 B000800 4234
071 C000800 8278
071 D000800 51
072 A000800 5
072 B000800 53
072 C000800 31
072 D000800 0
072 E000800 0
072 F000800 82
072 G000800 0
072 H000800 0
072 I000800 4
072 J000800 24
072 K000800 0
072 L000800 2
072 M000800 1
072 N000800 0
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 27
072 S000800 6
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 0
072 X000800 146
072 Y000800 39
072 Z000800 -23
072AA000800 193
072BB000800 1391
072CC010800 0
072CC020800 1615
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 1330
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 18686
074 G000800 0
074 H000800 0
074 I000800 0
<PAGE> 45
074 J000800 27
074 K000800 5
074 L000800 4
074 M000800 0
074 N000800 20052
074 O000800 90
074 P000800 16
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 36
074 S000800 0
074 T000800 19910
074 U010800 2311
074 U020800 0
074 V010800 8.61
074 V020800 0.00
074 W000800 0.0000
074 X000800 9
074 Y000800 0
075 A000800 0
075 B000800 18190
076 000800 0.00
SIGNATURE DEANNE B. DUPONT
TITLE TREASURER
<PAGE> 1
Deloitte &
Touche Deloitte & Touche LLP Telephone:(617)261-8000
125 Summer Street Facsimile:(617)261-8111
Boston, Massachusetts 02110-1617
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 DLB
Fund Group (the "Trust")(comprised of DLB Fixed Income Fund, DLB Global Small
Capitalization Fund, DLB Value Fund, DLB Mid Capitalization Fund, DLB
Quantitative Equity Fund, DLB Growth Fund, DLB Micro Capitalization Fund and
DLB Global Bond Fund) for the year ended December 31, 1998 (on which we have
issued our reports dated February 12, 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 judgements
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. Thos 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
December 31, 1998.
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 that these specified
parties.
/s/ Deloitte & Touche LLP
- -------------------------
February 12, 1999
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1998
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 32,432,769
<INVESTMENTS-AT-VALUE> 33,424,968
<RECEIVABLES> 479,418
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,904,386
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,308
<TOTAL-LIABILITIES> 46,308
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,867,471
<SHARES-COMMON-STOCK> 3,156,951
<SHARES-COMMON-PRIOR> 3,030,691
<ACCUMULATED-NII-CURRENT> 6,502
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 8,094
<ACCUM-APPREC-OR-DEPREC> 992,199
<NET-ASSETS> 33,858,078
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,058,768
<OTHER-INCOME> 0
<EXPENSES-NET> 180,983
<NET-INVESTMENT-INCOME> 1,877,785
<REALIZED-GAINS-CURRENT> 291,288
<APPREC-INCREASE-CURRENT> 368,912
<NET-CHANGE-FROM-OPS> 2,537,985
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,894,627
<DISTRIBUTIONS-OF-GAINS> 290,918
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 208,434
<NUMBER-OF-SHARES-REDEEMED> 237,538
<SHARES-REINVESTED> 155,364
<NET-CHANGE-IN-ASSETS> 1,703,125
<ACCUMULATED-NII-PRIOR> 22,557
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 7,677
<GROSS-ADVISORY-FEES> 131,644
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 264,251
<AVERAGE-NET-ASSETS> 32,910,888
<PER-SHARE-NAV-BEGIN> 10.61
<PER-SHARE-NII> 0.63
<PER-SHARE-GAIN-APPREC> 0.20
<PER-SHARE-DIVIDEND> 0.63
<PER-SHARE-DISTRIBUTIONS> 0.09
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.72
<EXPENSE-RATIO> 0.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1998
ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ANNUAL
REPORT.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> THE DLB GLOBAL SMALL CAPITALIZATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 13,055,781
<INVESTMENTS-AT-VALUE> 14,329,622
<RECEIVABLES> 31,009
<ASSETS-OTHER> 3,493
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,364,124
<PAYABLE-FOR-SECURITIES> 5,783
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48,517
<TOTAL-LIABILITIES> 54,300
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,108,105
<SHARES-COMMON-STOCK> 1,327,748
<SHARES-COMMON-PRIOR> 1,231,899
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 70,207
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2,636
<ACCUM-APPREC-OR-DEPREC> 1,274,562
<NET-ASSETS> 14,309,824
<DIVIDEND-INCOME> 206,307
<INTEREST-INCOME> 23,203
<OTHER-INCOME> 0
<EXPENSES-NET> 214,748
<NET-INVESTMENT-INCOME> 14,762
<REALIZED-GAINS-CURRENT> 1,044,400
<APPREC-INCREASE-CURRENT> (538,247)
<NET-CHANGE-FROM-OPS> 520,915
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14,762
<DISTRIBUTIONS-OF-GAINS> 989,096
<DISTRIBUTIONS-OTHER> 93,233
<NUMBER-OF-SHARES-SOLD> 74,346
<NUMBER-OF-SHARES-REDEEMED> 81,996
<SHARES-REINVESTED> 103,499
<NET-CHANGE-IN-ASSETS> 422,682
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 26,926
<OVERDIST-NET-GAINS-PRIOR> 7,988
<GROSS-ADVISORY-FEES> 143,177
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 286,999
<AVERAGE-NET-ASSETS> 14,317,723
<PER-SHARE-NAV-BEGIN> 11.27
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.40
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0.81
<RETURNS-OF-CAPITAL> .08
<PER-SHARE-NAV-END> 10.78
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTANS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1998
ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ANNUAL
REPORT.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> THE DLB MID CAPITALIZATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 30,364,586
<INVESTMENTS-AT-VALUE> 29,966,632
<RECEIVABLES> 47,338
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,013,970
<PAYABLE-FOR-SECURITIES> 27,004
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,824
<TOTAL-LIABILITIES> 73,828
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,323,150
<SHARES-COMMON-STOCK> 2,516,677
<SHARES-COMMON-PRIOR> 1,928,534
<ACCUMULATED-NII-CURRENT> 2,565
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,381
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (397,954)
<NET-ASSETS> 29,940,142
<DIVIDEND-INCOME> 380,770
<INTEREST-INCOME> 61,061
<OTHER-INCOME> 0
<EXPENSES-NET> 219,309
<NET-INVESTMENT-INCOME> 222,522
<REALIZED-GAINS-CURRENT> 2,187,410
<APPREC-INCREASE-CURRENT> (5,034,660)
<NET-CHANGE-FROM-OPS> (2,624,728)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 223,867
<DISTRIBUTIONS-OF-GAINS> 2,175,064
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 701,642
<NUMBER-OF-SHARES-REDEEMED> 321,680
<SHARES-REINVESTED> 208,181
<NET-CHANGE-IN-ASSETS> 2,582,452
<ACCUMULATED-NII-PRIOR> 3,910
<ACCUMULATED-GAINS-PRIOR> 35
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 173,748
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 294,786
<AVERAGE-NET-ASSETS> 28,958,184
<PER-SHARE-NAV-BEGIN> 14.19
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> (1.36)
<PER-SHARE-DIVIDEND> 0.10
<PER-SHARE-DISTRIBUTIONS> 0.93
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.90
<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1998
ANNUAL REPORT AND IS QUALIFIED IN TIS ENTIRETY BY REFERENCE TO SUCH ANNUAL
REPORT.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> THE DLB VALUE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 66,187,527
<INVESTMENTS-AT-VALUE> 71,665,461
<RECEIVABLES> 312,393
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 71,977,854
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 66,829
<TOTAL-LIABILITIES> 66,829
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66,656,016
<SHARES-COMMON-STOCK> 4,965,028
<SHARES-COMMON-PRIOR> 3,786,510
<ACCUMULATED-NII-CURRENT> 8,992
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 231,917
<ACCUM-APPREC-OR-DEPREC> 5,477,934
<NET-ASSETS> 71,911,025
<DIVIDEND-INCOME> 1,533,556
<INTEREST-INCOME> 101,912
<OTHER-INCOME> 0
<EXPENSES-NET> 398,452
<NET-INVESTMENT-INCOME> 1,237,016
<REALIZED-GAINS-CURRENT> 4,274,144
<APPREC-INCREASE-CURRENT> (2,709,889)
<NET-CHANGE-FROM-OPS> 2,801,271
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,228,024
<DISTRIBUTIONS-OF-GAINS> 4,256,810
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,766,141
<NUMBER-OF-SHARES-REDEEMED> 968,493
<SHARES-REINVESTED> 380,870
<NET-CHANGE-IN-ASSETS> 15,461,914
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 249,251
<GROSS-ADVISORY-FEES> 367,883
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 501,838
<AVERAGE-NET-ASSETS> 66,887,649
<PER-SHARE-NAV-BEGIN> 14.91
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 0.50
<PER-SHARE-DIVIDEND> 0.27
<PER-SHARE-DISTRIBUTIONS> 0.93
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.48
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1998
ANNUAL REPORT AND IS QUALIFIED IN TIS ENTIRETY BY REFERENCE TO SUCH ANNUAL
REPORT.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> THE DLB GLOBAL BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 30,209,483
<INVESTMENTS-AT-VALUE> 30,177,605
<RECEIVABLES> 261,109
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,438,714
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68,100
<TOTAL-LIABILITIES> 68,100
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,517,839
<SHARES-COMMON-STOCK> 3,067,467
<SHARES-COMMON-PRIOR> 2,930,729
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 119,384
<ACCUM-APPREC-OR-DEPREC> (27,841)
<NET-ASSETS> 30,370,614
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,653,415
<OTHER-INCOME> 0
<EXPENSES-NET> 236,989
<NET-INVESTMENT-INCOME> 1,416,426
<REALIZED-GAINS-CURRENT> 936,203
<APPREC-INCREASE-CURRENT> 424,128
<NET-CHANGE-FROM-OPS> 2,776,757
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 639,727
<DISTRIBUTIONS-OF-GAINS> 936,203
<DISTRIBUTIONS-OTHER> 613,813
<NUMBER-OF-SHARES-SOLD> 24,916
<NUMBER-OF-SHARES-REDEEMED> 109,216
<SHARES-REINVESTED> 221,038
<NET-CHANGE-IN-ASSETS> 1,869,332
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 21,541
<OVERDIST-NET-GAINS-PRIOR> 260,729
<GROSS-ADVISORY-FEES> 222,217
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 387,632
<AVERAGE-NET-ASSETS> 29,628,921
<PER-SHARE-NAV-BEGIN> 9.72
<PER-SHARE-NII> 0.47
<PER-SHARE-GAIN-APPREC> 0.47
<PER-SHARE-DIVIDEND> 0.22
<PER-SHARE-DISTRIBUTIONS> 0.33
<RETURNS-OF-CAPITAL> 0.21
<PER-SHARE-NAV-END> 9.90
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1998
ANNUAL REPORT AND IS QUALIFIED IN TIS ENTIRETY BY REFERENCE TO SUCH ANNUAL
REPORT.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> THE DLB GROWTH FUND
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-20-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 25,990,504
<INVESTMENTS-AT-VALUE> 33,084,746
<RECEIVABLES> 20,699
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,105,445
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51,727
<TOTAL-LIABILITIES> 51,727
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,954,866
<SHARES-COMMON-STOCK> 2,578,422
<SHARES-COMMON-PRIOR> 1
<ACCUMULATED-NII-CURRENT> 1,548
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,062
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,094,242
<NET-ASSETS> 33,053,718
<DIVIDEND-INCOME> 218,384
<INTEREST-INCOME> 122,770
<OTHER-INCOME> 0
<EXPENSES-NET> 212,587
<NET-INVESTMENT-INCOME> 128,567
<REALIZED-GAINS-CURRENT> 677,899
<APPREC-INCREASE-CURRENT> 7,094,242
<NET-CHANGE-FROM-OPS> 7,900,708
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 127,019
<DISTRIBUTIONS-OF-GAINS> 674,837
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,515,233
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 63,188
<NET-CHANGE-IN-ASSETS> 33,053,708
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 147,804
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 254,555
<AVERAGE-NET-ASSETS> 28,349,091
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 3.09
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0.27
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.82
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1998
ANNUAL REPORT AND IS QUALIFIED IN TIS ENTIRETY BY REFERENCE TO SUCH ANNUAL
REPORT.
</LEGEND>
<SERIES>
<NUMBER> 7
<NAME> THE DLB MICRO CAPITALIZATION FUND
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JUL-20-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 21,631,048
<INVESTMENTS-AT-VALUE> 20,016,152
<RECEIVABLES> 36,202
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,052,354
<PAYABLE-FOR-SECURITIES> 89,514
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 52,769
<TOTAL-LIABILITIES> 142,283
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,723,219
<SHARES-COMMON-STOCK> 2,311,292
<SHARES-COMMON-PRIOR> 1
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,198,252)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,614,896)
<NET-ASSETS> 19,910,071
<DIVIDEND-INCOME> 30,873
<INTEREST-INCOME> 53,138
<OTHER-INCOME> 0
<EXPENSES-NET> 106,716
<NET-INVESTMENT-INCOME> (22,705)
<REALIZED-GAINS-CURRENT> (1,198,252)
<APPREC-INCREASE-CURRENT> (1,614,896)
<NET-CHANGE-FROM-OPS> (2,835,853)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,311,291
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 19,910,061
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 82,227
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 146,273
<AVERAGE-NET-ASSETS> 18,189,574
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> (1.38)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.61
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1998
ANNUAL REPORT AND IS QUALIFIED IN TIS ENTIRETY BY REFERENCE TO SUCH ANNUAL
REPORT.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> THE DLB QUANTITATIVE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 27,471,014
<INVESTMENTS-AT-VALUE> 35,314,588
<RECEIVABLES> 47,063
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35,361,651
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,895
<TOTAL-LIABILITIES> 53,895
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,465,529
<SHARES-COMMON-STOCK> 2,222,547
<SHARES-COMMON-PRIOR> 1,723,525
<ACCUMULATED-NII-CURRENT> 2,240
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3,587
<ACCUM-APPREC-OR-DEPREC> 7,843,574
<NET-ASSETS> 35,307,756
<DIVIDEND-INCOME> 277,637
<INTEREST-INCOME> 12,236
<OTHER-INCOME> 0
<EXPENSES-NET> 267,537
<NET-INVESTMENT-INCOME> 22,336
<REALIZED-GAINS-CURRENT> 4,595,904
<APPREC-INCREASE-CURRENT> 2,342,094
<NET-CHANGE-FROM-OPS> 6,960,334
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 27,930
<DISTRIBUTIONS-OF-GAINS> 4,590,140
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 249,348
<NUMBER-OF-SHARES-REDEEMED> 40,944
<SHARES-REINVESTED> 290,618
<NET-CHANGE-IN-ASSETS> 10,238,274
<ACCUMULATED-NII-PRIOR> 7,834
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 9,351
<GROSS-ADVISORY-FEES> 223,157
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 339,560
<AVERAGE-NET-ASSETS> 29,754,233
<PER-SHARE-NAV-BEGIN> 14.55
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 3.72
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 2.38
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.89
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>