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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 -------------------------
OMB APPROVAL
FORM N-17f-1 -------------------------
OMB Number: 3235-0359
Certificate of Accounting of Securities and Similar Expires: April 30, 1994
Investments of a Management Investment Company Estimated average burden
in the Custody of Members of hours per form.......0.05
National Securities Exchanges -------------------------
Pursuant to Rule 17f-1 [17 CFR 270.17f-1]
<S><C> <C> <C> <C> <C> <C>
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1. Investment Company Act File Number: Date examination completed:
801-811-6727 May 27, 1998
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2. State identification Number:
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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.
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4. Name under which business is conducted, if different from above:
Dominion Insight Growth Fund
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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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INSTRUCTIONS
This Form must be completed by investment companies that place or maintain
securities or similar investments in the custody of a company that is a member
of a national securities exchange.
INVESTMENT COMPANY
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance with
Rule 17f-1 under the Act and applicable state law, examines securities and
similar investments in the custody of a company that is a member of a
national securities exchange.
ACCOUNTANT
3. Submit this Form to the Securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-1 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission's
principal office in Washington, D.C., one copy with the regional office for
the region in which the investment company's principal business operations
are conducted, and one copy with the appropriate state administrator(s), if
applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
Note: The estimated average burden hours are made solely for purposes of the
Paperwork Reduction Act, and are not derived from a comprehensive or even
a representative survey or study of the costs of SEC rules and forms.
Direct any comments concerning the accuracy of the estimated average
burden hours for compliance with SEC rules and forms to Kenneth A.
Fogash, Deputy Executive Director, U.S. Securities and Exchange
Commission, 450 Fifth Street, N.W., Washington, D.C. 20549 and Gary
Waxman, Clearance Officer, Office of Management and Budget, Room 3208 New
Executive Office Building, Washington, D.C. 20503.
SEC 2205 (5/91)
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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 April 30, 1998 and
for the four months then ended
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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 April 30, 1998 with respect
to securities and similar investments reflected in the investment account of
the Fund. Management is responsible for the Funds 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 April 30, 1998 and with respect to agreement of security and
similar investments purchases and sales, for the period from December 31, 1997
(the date of last examination) through April 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 65 security and/or investment purchases (100%) and 82 security
and/or investment sales or maturities (100%) since our last examination
from the books and records of the Fund to broker confirmations.
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.
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 April 30, 1998 with respect to securities
and similar investments reflected in the investment account of the Fund is
fairly stated, in all material respects.
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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.
KINDER & WYMAN, P.C.
Irving, Texas
May 27, 1998
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[LETTERHEAD]
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 April 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 April 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
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Douglas W. Powell C. Dewey Elliott, III
Chief Executive Officer President
