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U.S. Securities and Exchange Commission
Washington, D.C. 20549
FORM N-17f-1
Certificate of Accounting of Securities and Similar Investments
of a Management Investment Company in the Custody of
Members of National Securities Exchanges
Pursuant to Rule 17f-1 [17 CFR 270.17f-1]
1. Investment Company Act File Number: Date examination completed:
801-811-6727 July 14, 1998
2. State identification Number:
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<S> <C> <C> <C> <C> <C>
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AL AK AZ AR CA CO
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CT DE DC FL GA HI
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ID IL IN IA KS KY
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LA ME MD MA MI MN
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MS MO MT NE NV NH
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NJ NM NY NC ND OH
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OK OR PA RI SC SD
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TN TX C 41002-003-02 UT VT VA WA
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WV WI WY PUERTO RICO
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Other (specify):
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3. Exact name of investment company as specified in registration statement:
Dominion Funds, Inc.
4. Name under which business is conducted, if defferent from above:
Dominion Insight Growth Fund
5. Address of principal place of business: (number, street, city, state,
zip code)
5000 Quorum Drive, Suite 620, Dallas, Texas 75240
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DOMINION INSIGHT GROWTH FUND
Certificate of Accounting of Securities in the
Custody of a Member of a National Securities Exchange.
As of June 30, 1998 and
for the two months then ended
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[LETTERHEAD OF KINDER & WYMAN, P.C.]
REPORT OF INDEPENDENT ACCOUNTANTS
The Board of Directors
Dominion Insight Growth Fund
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, about Dominion Insight Growth Fund's (Fund) compliance with the
requirements of subsection (b) (1) of Rule 17f-1 of the Investment Company Act
of 1940 ("the Act") as of June 30, 1998 with respect to securities and similar
investments reflected in the investment account of the Fund. Management is
responsible for the Fund's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Fund's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of June 30, 1998 and with respect to agreement of security and
similar investments purchases and sales, for the period from April 30, 1998 (the
date of last examination) through June 30, 1998:
Confirmation of all securities and similar investments held by May Financial
Corporation (Custodian) in book entry form;
Reconciliation of confirmation results as to all such securities and investments
to the books and records of the Fund and the Custodian;
Agreement of 26 security and/or investment purchases (100%) and 43 security
and/or investment sales or maturities (100%) since our last examination from the
books and records of the Fund to Custodian records.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Fund's compliance with
specified requirements.
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In our opinion, management's assertion that Dominion Insight Growth Fund was in
compliance with the requirements of subsection (b) (1) of Rule 17f-1 of the
Investment Company Act of 1940 as of June 30, 1998 with respect to securities
and similar investments reflected in the investment account of the Fund is
fairly stated, in all material respects.
This report is intended solely for the information and use of management of
Dominion Insight Growth Fund and the Securities and Exchange Commission and
should not be used for any other purpose.
/s/ KINDER & WYMAN, P.C.
KINDER & WYMAN, P.C.
Irving, Texas
July 14, 1998
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[LETTERHEAD OF THE DOMINION COMPANIES]
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH
CERTAIN PROVISIONS OF THE INVESTMENT COMPANY ACT OF 1940
We, as members of management of Dominion Insight Growth Fund (Fund) are
responsible for complying with the requirements of subsection (b) (1) of Rule
17f-1, "Custody of Securities with Members of National Securities Exchanges,"
of the Investment Company Act of 1940. We are also responsible for
establishing and maintaining effective controls over compliance with those
requirements. We have performed an evaluation of the Fund's compliance with
the requirements of subsection (b) (1) of Rule 17f-1 as of June 30, 1998.
Based on this evaluation, we assert that the Fund was in compliance with the
requirements of subsection (b) (1) of Rule 17f-1 of the Investments Company
Act of 1940 as of June 30, 1998 with respect to securities and similar
investments reflected in the investment account of the Fund.
We have made available to you all financial and related data. There are no
material transactions which have not been properly recorded in the Fund's
books and records.
DOMINION INSIGHT GROWTH FUND
By:
/s/ Douglas W. Powell /s/ C. Dewey Elliott, III
Douglas W. Powell C. Dewey Elliott, III
Chief Executive Officer President
Through July 9, 1998 Through July 9, 1998
/s/ Brian E. White
Brian E. White
President
