Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
November 29 2012 - 10:11AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number
811-06727
Dominion Funds
(Exact name of registrant as specified in charter)
35 Old Tavern Rd, 2
nd
Floor Orange, CT
06477
(Address of principal executive offices)
(Zip code)
James Ash
Gemini Fund Services, LLC,
450 Wireless Blvd. Hauppauge, NY 11788
(Name and address of agent for service)
Registrant's telephone number, including area code:
631-470-2619
Date of fiscal year end:
6/30
Date of reporting period:
9/30/12
Item 1. Schedule of Investments.
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Fairfax Global Trends Fund
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PORTFOLIO OF INVESTMENTS (Unaudited)
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September 30, 2012
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Shares
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Market Value
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COMMON STOCK - 97.33 %
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ADVERTISING - 1.93 %
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Omnicom Group, Inc.
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3,759
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$ 193,814
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AEROSPACE/DEFENSE - 3.88 %
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Boeing Co.
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2,767
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192,639
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Lockheed Martin Corp.
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2,115
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197,499
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390,138
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AUTO PARTS & EQUIPMENT - 5.82 %
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Cooper Tire & Rubber Co.
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9,949
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190,822
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Delphi Automotive PLC *
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6,203
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192,293
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WABCO Holdings, Inc. *
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3,503
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202,018
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585,133
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BEVERAGES - 1.94 %
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Coca-Cola Co.
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5,149
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195,302
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BIOTECHNOLOGY - 3.94 %
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Charles River Laboratories International, Inc. *
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5,169
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204,692
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United Therapeutics Corp. *
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3,439
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192,171
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396,863
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CHEMICALS - 9.82 %
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CF Industries Holdings, Inc.
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900
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200,016
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NewMarket Corp.
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810
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199,649
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PPG Industries, Inc.
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1,696
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194,769
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Westlake Chemical Corp.
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2,702
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197,408
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WR Grace & Co. *
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3,322
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196,264
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988,106
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COMMERCIAL SERVICES - 5.79 %
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Deluxe Corp.
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6,269
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191,581
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Heartland Payment Systems, Inc.
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6,166
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195,339
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Lender Processing Services, Inc.
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7,018
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195,732
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582,652
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COMPUTERS - 3.92 %
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j2 Global, Inc.
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6,081
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199,578
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Seagate Technology PLC
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6,275
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194,525
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394,103
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ELECTRICAL COMPONENTS &EQUIPMENT - 1.94 %
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AMETEK, Inc.
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5,510
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195,330
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FOOD - 1.93 %
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Campbell Soup Co.
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5,577
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194,191
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HEALTHCARE-SERVICES - 3.88 %
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Air Methods Corp. *
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1,646
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196,483
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HealthSouth Corp. *
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8,077
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194,333
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390,816
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INTERNET - 1.92 %
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Symantec Corp. *
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10,759
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193,662
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Fairfax Global Trends Fund
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PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
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September 30, 2012
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Shares
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Market Value
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MEDIA - 5.78 %
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10,855
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$ 192,676
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Gannett Co., Inc.
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4,167
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191,474
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John Wiley & Sons, Inc.
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3,230
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197,773
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Scripps Networks Interactive, Inc.
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581,923
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MISCELLANEOUS MANUFACTURING - 3.89 %
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3M Co.
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2,100
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194,082
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Parker Hannifin Corp.
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2,363
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197,500
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391,582
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OIL & GAS - 7.88 %
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CVR Energy, Inc. *
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5,328
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195,804
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Delek US Holdings, Inc.
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7,805
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198,949
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Tesoro Corp.
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4,778
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200,198
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Western Refining, Inc.
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7,544
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197,502
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792,453
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PHARMACEUTICALS - 3.86 %
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McKesson Corp.
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2,214
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190,470
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Taro Pharmaceutical Industries Ltd. *
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4,328
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197,746
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388,216
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RETAIL - 15.58 %
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ANN, Inc. *
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5,143
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194,045
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Brinker International, Inc.
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5,611
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198,068
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Cheesecake Factory, Inc.
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5,504
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196,768
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Cracker Barrel Old Country Store, Inc.
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2,896
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194,350
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Dillard's, Inc.
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2,665
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192,733
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HSN, Inc.
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4,036
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197,966
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Pier 1 Imports, Inc.
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10,509
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196,939
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Williams-Sonoma, Inc.
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4,461
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196,150
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1,567,019
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SEMICONDUCTORS - 3.89 %
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Entegris, Inc. *
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23,737
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192,982
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KLA-Tencor Corp.
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4,151
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198,023
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391,005
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SOFTWARE - 1.98 %
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Oracle Corp.
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6,327
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199,237
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TELECOMMUNICATIONS - 5.83 %
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Harris Corp.
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3,827
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196,019
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NeuStar Inc. - Cl. A *
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4,973
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199,069
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Plantronics, Inc.
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5,433
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191,948
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587,036
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TRUCKING & LEASING - 1.93 %
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Amerco, Inc.
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1,829
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194,532
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TOTAL COMMON STOCK
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9,793,113
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( Cost - $9,308,496)
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TOTAL INVESTMENTS - 97.33 %
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( Cost - $9,308,496) (a)
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$ 9,793,113
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OTHER ASSETS LESS LIABILITIES - 2.67 %
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267,777
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NET ASSETS - 100.00%
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$ 10,060,890
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Fairfax Global Trends Fund
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PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
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September 30, 2012
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*Non-income producing security.
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(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is substantially
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the same and differs from markete value by net unrealized appreciation (depreciation) of securities
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as follows:
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Unrealized appreciation
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$ 581,620
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Unrealized depreciation
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(97,003)
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Net unrealized appreciation
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$ 484,617
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The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).
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Security Valuation Equity and fixed income securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Fixed income securities are valued each day by an independent pricing service which utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices.
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When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Board of Directors. The Board has adopted guidelines for good faith pricing, and has delegated to the Adviser the responsibility for determining fair value prices, subject to review by the Board of Directors.
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Short term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued using amortized cost method of valuation, which the Board has determined will represent fair value.
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The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
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Level 1 Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.
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Level 2 Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
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Level 3 Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
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The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
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The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
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Fairfax Global Trends Fund
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PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
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September 30, 2012
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The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs used as of September 30, 2012 for the Funds assets and liabilities measured at fair value:
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Assets
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Level 1
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Level 2
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Level 3
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Total
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Common Stock
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$ 9,793,113
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$ -
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$ -
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$ 9,793,113
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Total
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$ 9,793,113
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$ -
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$ -
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$ 9,793,113
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The Fund did not hold any Level 3 securities during the period.
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There were no transfers into or out of Level 1 and Level 2 during the current period presented.
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It is the Fund's policy to record transfers into or out of Level 1 and Level 2 at the end of the reporting period.
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Item 2. Controls and Procedures.
(a)
The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act)) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b)
There were no significant changes in the registrants internal control over financial reporting that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 3. Exhibits.
Certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) (and Item 3 of Form N-Q) are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant)
Dominion Funds
By (Signature and Title)
/s/Paul Dietrich
Paul Dietrich, President/Treasurer
Date
11/29/12
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)
/s/Paul Dietrich
Paul Dietrich, President/Treasurer
Date
11/29/12
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