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THE DLB FUND GROUP
Supplement to Prospectus dated September 4, 2000, (as previously
supplemented by the Supplement to Prospectus dated September 5, 2000)
DLB STEWART IVORY INTERNATIONAL FUND
DLB STEWART IVORY EMERGING MARKETS FUND
The Board of Trustees which oversees the DLB Stewart Ivory International Fund
(the "International Fund") and the DLB Stewart Ivory Emerging Markets Fund (the
"Emerging Markets Fund") has decided to eliminate the Purchase Premium imposed
by each of the International Fund and the Emerging Markets Fund with respect to
purchase orders for shares of the Funds received on or after September 29, 2000.
THE DATE OF THIS SUPPLEMENT IS SEPTEMBER 28, 2000
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