NOTES TO FINANCIAL STATEMENTS
1. BUSINESS AND ORGANIZATION
DLB Stewart Ivory International Fund (the "Fund") is a non-diversified series of The DLB Fund Group (the
"Trust"), a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as
amended, as an open-end management investment company. The Fund commenced operations on November 2,
2. SIGNIFICANT ACCOUNTING POLICIES
INVESTMENT VALUATION - 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. 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. Short-term
obligations, which mature in 60 days or less, are valued at amortized cost, which approximates market value.
REPURCHASE AGREEMENTS - Securities purchased under agreements to resell to the original owner are
recorded at cost. The Fund may enter into such agreements with institutions that the Fund's investment adviser
has determined to be creditworthy. The Fund requires that the securities collateral in a repurchase transaction be
transferred to the custodian under terms that enable the Fund to obtain such securities in the event of a default.
The Fund monitors, on a daily basis, the value of the securities to ensure that such value, including accrued
interest, is greater than amounts owed to the Fund.
FOREIGN CURRENCY TRANSLATION - Investment valuations, other assets, and liabilities initially
expressed in foreign currencies are converted each business day into U.S. dollars at current exchange rates.
Purchases and sales of foreign investments and income and expenses are converted into U.S. dollars at currency
exchange rates prevailing on the respective dates of such transactions. Security transaction gains and losses
attributable to change