NOTES TO FINANCIAL STATEMENTS
1. BUSINESS AND ORGANIZATION
DLB Mid Capitalization Fund (the "Fund") is a non-diversified series of The DLB Fund Group (the "Trust").
The Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of
1940, as amended, as an open-end management investment company.
2. SIGNIFICANT ACCOUNTING POLICIES
INVESTMENT VALUATIONS - Equity securities listed on securities exchanges or reported through the
NASDAQ system are valued at last sale prices. Unlisted equity securities or listed equity securities for which last
sale prices are not available are valued at last quoted bid prices. Short-term obligations, which mature in 60 days
or less, are valued at amortized cost, which approximates market value. Securities for which there are no such
quotations or valuations are valued at fair value as determined in good faith by or at the direction of the Trustees.
INVESTMENT TRANSACTIONS AND INCOME - Investment transactions are recorded on the trade date.
Dividend income is recorded on the ex-dividend date for dividends received in cash. Dividend payments received
in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on
such date. Interest income is recorded on the accrual basis.
TAX MATTERS AND DISTRIBUTIONS - The Fund's policy is to comply with the provisions of the Internal
Revenue Code ("Code") applicable to regulated investment companies and to distribute to shareholders all of its
taxable income, including any net realized gain on investments. Accordingly, no provision for federal income or
excise tax is provided. The Fund files a tax return annually using tax accounting methods required under
provisions of the Code which may differ from generally accepted accounting principles, the basis on which these
financial statements are prepared. Accordingly, the amount of undistributed net investment income and net
realized gain reported on these financial statements may differ