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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM N-17f-1 OMB APPROVAL
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OMB Number: 3235-0359
Certificate of Accounting of Securities and Similar --------------------------
Investments of a Management Investment Company Expires: April 30, 1994
in the Custody of Members of Estimated average burden
National Securities Exchanges hours per form. . . 0.05
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Pursuant to Rule 17f-1 [17 CFR 270.17f-1]
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1. Investment Company Act File Number: Date examination completed:
801-811-6727 January 24, 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 C41002-003-02 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 December 31, 1997 and
for the six months then ended
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The Board of Directors
Dominion Insight Growth Fund
In accordance with Paragraph (b)(4) of Rule 17f-1 of the Investment Company Act
of 1940 (1940 Act), we have applied certain procedures to the securities
listings as of December 31, 1997 and the security transactions for the six
months then ended, maintained by Dominion Insight Growth Fund (DIGF), as a
registered management investment company under the 1940 Act, and the custody of
securities with May Financial Corporation (May), a member of the Chicago Stock
Exchange. Our examination was performed solely for the use of DIGF and the
Securities and Exchange Commission in evaluating compliance with the 1940 Act
and our report is not to be used for any other purpose. The scope of the
examination of the accounts of the securities is summarized as follows:
1. Securities owned as of the close of business on the examination date as
shown by the books and records of DIGF examined by us are grouped with
securities of other clients of May and are held by the Depository Trust Co.
("DTC") in the form of combined certificates for each issue. This system
renders a count, inspection and confirmation of DIGF's securities held by
DTC impossible.
Alternatively, we reconciled the securities listings maintained by May with
the listings prepared by DTC. We then agreed the recorded securities
holdings of DIGF (DIGF's portfolio listing) to detail listings prepared by
May.
We then agreed all DIGF's portfolio listings to the investment ledgers of
DIGF as of the examination date. There were no securities purchased but not
received on that date.
We then made an appropriate examination of the investment accounts and
supporting records, including an analysis of the securities transactions
since the last examination and the entries pertaining thereto.
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2. DIGF's securities were not individually segregated from the securities and
investments of any other person and marked in such a manner as to clearly
identify them as the property of DIGF in accordance with Paragraph (b)(1)
of Rule 17f-1. The securities are held in the form of combined
certificates for each issue at DTC.
3. A custodial agreement in accordance with Paragraph (a) of Rule 17f-1 was
executed between DIGF, May and Dominion Institutional Services, Inc.,
effective July 23, 1994.
Because the above procedures were performed in compliance with Paragraph (b)(4)
of Rule 17f-1 of the Investment Company Act of 1940 and therefore do not
constitute an audit made in accordance with generally accepted auditing
standards, we do not express an opinion on the investment accounts as of
December 31, 1997 or for the six months then ended. This report relates only to
the investment accounts and does not extend to any financial statements of DIGF
taken as a whole.
KINDER & WYMAN, P.C.
Irving, Texas
January 24, 1998
