0000889392 2012-06-30 2012-06-30 0000889392 cik0000889392:S000011294Member cik0000889392:S000011294Member 2012-06-30 2012-06-30 0000889392 cik0000889392:S000011294Member cik0000889392:S000011294Member cik0000889392:C000031108Member 2012-06-30 2012-06-30 0000889392 cik0000889392:S000011294Member cik0000889392:S000011294Member cik0000889392:C000122776Member 2012-06-30 2012-06-30 0000889392 cik0000889392:S000011294Member cik0000889392:S000011294Member rr:AfterTaxesOnDistributionsMember cik0000889392:C000031108Member 2012-06-30 2012-06-30 0000889392 cik0000889392:S000011294Member cik0000889392:S000011294Member rr:AfterTaxesOnDistributionsAndSalesMember cik0000889392:C000031108Member 2012-06-30 2012-06-30 0000889392 cik0000889392:S000011294Member cik0000889392:S000011294Member cik0000889392:index_SP_500Member 2012-06-30 2012-06-30 0000889392 cik0000889392:S000011294Member cik0000889392:S000011294Member cik0000889392:index_Dow_Jones_Global_Index_TRMember 2012-06-30 2012-06-30 0000889392 cik0000889392:S000036961Member cik0000889392:S000036961Member 2012-06-30 2012-06-30 0000889392 cik0000889392:S000036961Member cik0000889392:S000036961Member cik0000889392:C000113088Member 2012-06-30 2012-06-30 0000889392 cik0000889392:S000036961Member cik0000889392:S000036961Member cik0000889392:C000122777Member 2012-06-30 2012-06-30 xbrli:pure iso4217:USD Please note that the Total Annual Fund Operating Expenses in the table above do not correlate to the ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of this prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund fees and expenses. Pursuant to an Operating and Expense Limitation Agreement with the Company (the "Expense Agreement"), the Advisor has contractually agreed to reimburse Fund expenses to the extent necessary to limit total annual Fund operating expenses (excluding Acquired Fund Fees and Expenses, brokerage fees and commissions, borrowing costs, taxes and extraordinary expenses such as litigation) to an annual rate of 2.25% and 1.85% of the average daily net asset value of Class N and Class I, respectively. The Expense Agreement remains in effect until January 31, 2014. The Expense Agreement may be terminated at any time, and without the payment of any penalty, by the Fund. The Transfer Agent charges a fee (currently $15) for each wire payment for shares redeemed, and a service charge(currently $20) for redemption proceeds sent by overnight courier. Estimated for the current fiscal year. DOMINION FUNDS INC 485BPOS false 0000889392 2012-06-30 2013-01-07 2013-01-08 2013-01-08 Fairfax Global Trends Fund Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0100 0.0100 0.0040 0.0000 0.0176 0.0176 0.0004 0.0004 0.0320 0.0280 -0.0091 -0.0091 0.0229 0.0189 ~ http://fairfaxfunds.com/20130107/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact cik0000889392_S000011294Member row primary compact * ~ ~ http://fairfaxfunds.com/20130107/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact cik0000889392_S000011294Member row primary compact * ~ 2014-01-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The Transfer Agent charges a fee (currently $15) for each wire payment for shares redeemed, and a service charge (currently $20) for redemption proceeds sent by overnight courier Please note that the Total Annual Fund Operating Expenses in the table above do not correlate to the ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of this prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund fees and expenses. Shareholder Fees (fees paid directly from your investment) Portfolio Turnover:  The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 494% of the average value of its portfolio. 4.94 Performance: The bar chart below and table that follows will give you some idea of the risks involved in investing in Class N shares of the Fund by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of a market index.  The bar chart shows changes in the Fund’s Class N share performance from year to year and does not reflect the deduction of any sales charges applicable during those years.  If the effect of a sales charge was reflected, returns would have been lower than those shown.  The returns in the performance table include the effect of a sales charge.   As with all mutual funds, the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.  Because Class I has not been in operation for an entire calendar year, there is no Class I performance shown.     The predecessor to the Fund, the Dominion Insight Growth Fund, was reorganized into the Shepherd Large Cap Growth Fund which commenced operations on April 16, 2002. The Shepherd Large Cap Growth Fund changed its name to the Shepherd Fund in August 2008, to the Foxhall Global Trends Fund in December 2009, and subsequently changed its name to the Fairfax Global Trends Fund in September 2012. Performance Bar Chart For Calendar Years Ended December 31 0.2517 -0.0190 0.1247 0.0764 0.1648 -0.1611 0.0679 0.0504 -0.1988 0.0194 ~ http://fairfaxfunds.com/20130107/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact cik0000889392_S000011294Member row primary compact * ~ highest return for a quarter 0.1533 2003-06-30 lowest return for a quarter -0.2565 2011-09-30 During the periods shown in the chart, the highest return for a quarter was 15.33% (quarter ended 6/30/03) and the lowest return for a quarter was -25.65% (quarter ended 9/30/11).   0.0194 -0.0513 0.0290 0.0194 -0.0638 0.0222 0.0126 -0.0495 0.0212 0.1600 0.0166 0.0710 0.1659 -0.0046 0.0874 ~ http://fairfaxfunds.com/20130107/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact cik0000889392_S000011294Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns in the performance table include the effect of a sales charge. After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Because Class I has not been in operation for an entire calendar year, there is no Class I performance shown. The bar chart below and table that follows will give you some idea of the risks involved in investing in Class N shares of the Fund by showing how the Fund's average annual returns for 1, 5 and 10 years compare with those of a broad measure of a market index. As with all mutual funds, the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. The bar chart shows changes in the Fund's Class N share performance from year to year and does not reflect the deduction of any sales charges applicable during those years. If the effect of a sales charge was reflected, returns would have been lower than those shown. Average Annual Total Returns (For the periods ended December 31, 2012) After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Example:     This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. 232 901 1595 3441 192 782 1399 3062 ~ http://fairfaxfunds.com/20130107/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact cik0000889392_S000011294Member row primary compact * ~ The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs maybe higher or lower, based on these assumptions your costs would be: Principal Investment Strategies of the Fund: The Fund invests in a diversified portfolio of securities of companies worldwide and exchange traded funds (ETFs) that meet the Fund's investment criteria. The Fund is actively managed and may invest anywhere globally in the U.S. and foreign markets, including emerging markets, but substantially outside the U.S. in ETFs, equities and bonds. The Fund may invest in common stock, preferred stock and ADRs of companies listed on any of the U.S. stock exchanges, currencies of other countries, corporate bonds and municipal bonds of any duration and quality, bonds from other countries and U.S Treasury obligations of any duration.  The Advisor uses a “relative strength” approach to choosing investments, emphasizing a selection process favoring positions with potential for growth.  The Advisor may engage in frequent buying and selling of securities to achieve the Fund’s objective.   The Fund invests in a diversified asset allocation of countries, regions, sectors and industries. “Trends” means that the Fund invests in a diversified allocation of sectors and industries, and when the Advisor believes that the markets are in a long-term uptrend the Fund will invest in securities of companies worldwide of all capitalizations that the Advisor believes have a potential for capital growth.  The Advisor executes this strategy by investing in <strike></strike> U.S. exchange traded securities, including Exchange Traded Funds (“ETFs”) and American Depositary Receipts (“ADRs”) holding the securities of such companies.  However, the Fund may, when the Advisor believes the markets are in a  downtrend, invest the portfolio predominantly or completely in certain fixed income securities including U.S. government securities, and ETFs that invest in such securities, and other investments that it believes may help to protect and preserve shareholder capital. The Advisor may also utilize certain “values-based” non-financial investment analysis and screening that is intended to specifically seek out companies that support traditional family values and positive global values such as respect for human life and dignity, while avoiding industries and activities that do not support human life, and/or promote pornography, gambling, alcohol and tobacco production.  Such analysis and screening will not apply to potential and actual investments in ETFs.  See "Investment Selection Process”. Investment Objective: The Fund’s investment objective is growth of capital. Principal Risks of Investing in the Fund: You could lose money on your investment in the Fund.    As with any fund, there can be no guarantee that the Fund will meet its objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. The Fund may be suitable for the more aggressive section of an investor’s portfolio.  Though the investment discipline that the Advisor uses in its management of the Fund includes elements designed to reduce the volatility and exposure to loss that are inherent in the stock markets, the Fund is best suited for people who want to grow their capital over the long term and who are comfortable with possible frequent short-term changes in the value of their investment. An investment in the Fund should not be considered a complete investment program. Equity Securities Risk.   Equity securities and stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, interest rate fluctuations or economic developments.  The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. Interest Rate Risk.  Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise. Market Risk and Selection Risk.   Market risk is the risk that one or more markets in which the Fund invests may go down in value.  Selection risk is the risk that the securities selected by Fund management may underperform the market or other securities selected by other funds. Investing in ETFs. The Fund may invest in exchange-traded funds (“ETF”), including short or leveraged ETFs. (See also “Derivatives Risks” below and in the “Investment Risks” section of this prospectus).   The price of an ETF can fluctuate up and down, and the portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down.    Values Based Screening.   The Advisor cannot guarantee that it will be successful in identifying companies that will satisfy its values-based investment screening process nor that it will be able to invest in them at a suitable price and quantity.  The Fund utilizes IW Financial to provide values based investment screening services. There can be no guarantee that firm will continue to make available such services or, if they did not, that a suitable replacement could be found. Portfolio Turnover Risk.  The annual portfolio turnover rate is the number of times the Fund’s portfolio securities are replaced in a period of one year.    Increased portfolio turnover necessarily results in correspondingly higher brokerage costs that the Fund must pay, which may negatively impact the portfolio’s performance, and may result in accelerated realization of capital gains for federal income tax purposes.   The Advisor believes that high turnover is a function of the investment style of the Fund. <strike></strike> Foreign Securities Risks.  Securities traded in foreign markets have often (though not always) performed differently from securities traded in the United States. However, such investments often involve special risks that may not be present in U.S. investments that can increase the chances that the Fund will lose money. These risks include foreign economy risk, currency risk, governmental supervision and regulation/accounting risk, risks of holding funds outside of the United States, and settlement risk. Foreign Economy Risk.  The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. In addition, the governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. Currency Risk.   Securities and other instruments in which the Fund invests may be denominated or quoted in currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. Governmental Supervision and Regulation/Accounting Standards. Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in the United States. They also may not have laws to protect investors that are comparable to U.S. securities laws. Certain Risks of Holding Fund Assets Outside the United States. The Fund generally holds its foreign securities and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight of their operations. Settlement Risk. Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Emerging Markets Risk.  The risks of foreign investments are usually much greater for emerging markets. Investments in emerging markets may be considered speculative. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, emerging markets have far lower trading volumes and less liquidity than developed markets. Call Risk.   Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates. Credit Risk.   Credit risk is the risk that the issuer of a bond will not be able to make payments of interest and principal when due, at all, or otherwise default on its obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Derivatives Risks.  The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.  Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will default and not fulfill its contractual obligation. The Fund may invest in leveraged ETFs, which are exchange-traded funds (ETFs) that use financial derivatives and debt to amplify the returns of an underlying index.  These funds aim to keep a constant amount of leverage during the investment time frame, such as a 2:1 or 3:1 ratio.  Leveraged ETFs aim to deliver a stated multiple of the index return (or in some cases a multiple of the inverse of the return on that index) on a daily basis, which means that holding the leveraged ETF longer than a day, especially when the index has large ups and downs, can lead to unexpectedly negative results because of the daily rebalancing.  Whenever the index declines, a leveraged ETF sells its exposure to the index and reduces its debt level in order to maintain its target leverage ratio. This locks in losses and reduces the leveraged ETF’s asset base, making it much harder to recover gains in the next market upturn.  Furthermore, leveraged ETFs have interest costs, transaction costs, expenses, and costs of capital. These costs reduce returns. Small Cap and Emerging Growth Securities Risk.  Small cap or emerging growth companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a small number of key personnel. Money Market Instruments. When the Advisor does not believe that the markets are in a long-term uptrend, the Fund may invest in money market instruments. Holding cash or cash equivalents could reduce the benefit from any upswing in the market. For additional information about the Fund’s primary risks, see the “Investment Risks” section of this prospectus and “Investment Risks and Considerations” section in the Fund’s Statement of Additional Information. Principal Risks of Investing in the Fund: You could lose money on your investment in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. Fairfax Gold and Precious Metals Fund Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0100 0.0100 0.0040 0.0000 0.0057 0.0057 0.0002 0.0002 0.0199 0.0159 ~ http://fairfaxfunds.com/20130107/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact cik0000889392_S000036961Member row primary compact * ~ ~ http://fairfaxfunds.com/20130107/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact cik0000889392_S000036961Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The Transfer Agent charges a fee (currently $15) for each wire payment for shares redeemed, and a service charge (currently $20) for redemption proceeds sent by overnight courier. Estimated for the current fiscal year. Estimated for the current fiscal year. Shareholder Fees (fees paid directly from your investment) Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.   Performance:  Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here. You may request a copy of the Fund’s annual and semi-annual reports, once available, at no charge by calling the Fund. Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here. Example:  This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. 202 624 162 502 ~ http://fairfaxfunds.com/20130107/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact cik0000889392_S000036961Member row primary compact * ~ The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same, except that the Expense Agreement will remain in effect only through January 31, 2014 so Fund expenses thereafter will be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Strategies of the Fund: The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in equity and equity-related securities of companies that are principally engaged in the mining, fabrication, processing or distribution of gold, silver, platinum, palladium and other precious metals or in the development of such precious metals mines. The Fund expects to invest principally in junior and mid-tier mining companies with mines in production. Up to 20% of the Fund’s net assets may be invested in companies developing gold, silver, platinum, palladium or other precious metals mines that have no current production from mining operations and no immediate source of cash flow. The Fund may invest in gold, silver, platinum, palladium and other precious metals through equity or equity-related securities, such as exchange traded funds ("ETFs"), which represent interests in, or relate to, gold, silver, platinum, palladium or other precious metals and which management believes have the potential for capital appreciation. The Fund may purchase securities issued by companies of any size or market capitalization. The Fund concentrates its investments in the gold and precious metals industries because it invests more than 25% of its assets in these industries, under normal circumstances. The Fund may invest in the following type of equity securities: common stock, preferred stock, rights and warrants, American depositary receipts ("ADRs") and Global depositary receipts ("GDRs") of companies listed on any of the U.S. stock exchanges and the stock exchanges of other countries. The Fund may invest in equity securities that are private placements and initial public offerings. The Fund may invest in derivative investments, which the Fund defines as short ETFs (commonly known as inverse funds) or leveraged ETFs.  The Fund uses leveraged ETFs to increase the Fund’s overall market exposure to gold, silver, platinum, palladium or other precious metals, including following cash inflows from new investments. The Fund uses short ETFs to hedge the risks of existing stock positions in the Fund’s portfolio. The ETF’s in which the Fund will invest will invest substantially in gold, silver, platinum, palladium of other precious metals.  Investments by the Fund in equity and equity-related securities are expected principally to be made in companies with operations in the United States, Canada or Australia. However, the Fund may invest in equity and equity-related securities of companies operating anywhere in the world, in both developed and emerging markets. The Fund intends to invest primarily in the securities of junior and mid-tier mining companies, which will typically have a market capitalization in the range from $100 million to $5 billion. Companies in which the Fund typically invests will have a strong resource base, with a substantial amount of gold, silver, platinum, palladium or other precious metals that have been assessed in accordance with industry standards. The Fund will seek to invest in the securities of companies that have little or no history or likelihood of serious environmental problems and a strong balance sheet, preferably with little or no debt. Companies with currently operating mines in which the Fund invests will not generally have hedged future production to any material extent and the companies will generally have strong cash flow compared with other companies of a similar market capitalization mining the same type of precious metals. The companies in which the Fund invests will typically operate mines or develop mines with a reasonably long forecast lifespan and potential for further discoveries of gold, silver, platinum, palladium or other precious metals. While the Fund intends to invest primarily in junior and mid-tier mining companies, the Fund will also be allowed to invest in larger-cap mining companies, with market capitalizations over $5 billion. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in equity and equity-related securities of companies that are principally engaged in the mining, fabrication, processing or distribution of gold, silver, platinum, palladium and other precious metals or in the development of such precious metals mines. Investment Objective: The Fund’s investment objective is capital appreciation. Principal Risks of Investing in the Fund:  You could lose money on your investment in the Fund.  As with any fund, there can be no guarantee that the Fund will meet its objective or that the Fund’s performance will be positive for any period of time. The Fund is best suited for people who want to grow their capital over the long term and who are comfortable with possible frequent short-term changes in the value of their investment. An investment in the Fund should not be considered a complete investment program. Gold and Precious Metals Risk.  The Fund’s investments are concentrated in gold and other precious metals (including silver, platinum, palladium and other precious metals) operating companies. By concentrating in the industries in a single sector, the Fund carries a much greater risk of adverse developments than a fund that invests in companies from a wide variety of industries. The price of gold and precious metals operating companies is strongly affected by the price of gold or other precious metals such as platinum, palladium and silver, as well as by certain costs and business and operational risks directly associated with their operations. These prices may be volatile, fluctuating substantially over short periods of time. In times of stable economic growth, traditional equity and debt investments could offer greater appreciation potential and the value of gold and other precious metals may be adversely affected, which in turn could affect the Fund’s returns. In addition, some gold and precious metals mining companies have hedged their exposure to falls in the price of gold or precious metals by selling forward future production, which could limit the company’s benefit from future rises in the price of gold or precious metals.  Mining operations have varying expected life spans and those with a short expected life span may experience more stock price volatility. Companies developing precious metals mines may present greater risks than companies with mines in production.  Also investments in mining and in metals entail the risk that the Fund’s investments might not qualify as a "regulated investment company" under the Internal Revenue Code, and its income and capital gains might become subject to federal income taxes, reducing returns to shareholders. Junior and Mid-Tier Mining Companies Risk.  Securities of junior and mid-tier mining companies are often more speculative in nature, and tend to be less liquid and more volatile in price than securities of larger mining companies. Equity Securities Risk.  Equity securities and stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, interest rate fluctuations or economic developments.  The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. Market Risk and Selection Risk.  Market risk is the risk that prices of securities in which the Fund invests may go down in value due to risks associated with investments in the stock markets.  Selection risk is the risk that the securities selected by Fund management may underperform the market or other securities selected by other funds. ETFs Risk.  The Fund may invest in ETFs, including short or leveraged ETFs. The Fund may invest in ETFs that represent interests in or relate to gold, silver, platinum, palladium or other precious metals.  The price of an ETF can fluctuate up and down, and the Fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. Gold and other precious metal ETFs trade like a stock on an exchange and are intended to track the price of the precious metal to which the ETF relates.    Derivatives Risk.  The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.  Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will default and not fulfill its contractual obligation.  The Fund may invest in leveraged ETFs that use financial derivatives and debt to amplify the returns of an underlying index.  Holding a leveraged ETF longer than a day, especially when the index has large ups and downs, can lead to unexpectedly negative results because of daily rebalancing of the ETF. Foreign Securities Risk.  Securities traded in foreign markets have often (though not always) performed differently from securities traded in the United States. However, such investments often involve special risks that may not be present in U.S. investments that can increase the chances that the Fund will lose money. These risks include foreign economy risk, currency risk, governmental supervision and regulation/accounting risk, risks of holding funds outside of the United States, and settlement risk. Foreign Economy Risk.  The Fund may be susceptible to risk of loss in the event of adverse political, economic or diplomatic developments in foreign countries. To the extent that the Fund invests in securities of companies located in Canada and Australia, the Fund’s securities may go up or down in value depending on changes in the stock markets in these countries, on the relative exchange rates of their currencies, political and economic developments in these countries, and laws relating to investments in Canada and Australia. Currency Risk.  Securities and other instruments in which the Fund invests may be denominated or quoted in currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. Governmental Supervision and Regulation/Accounting Standard Risks.  Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in the United States. They also may not have laws to protect investors that are comparable to U.S. securities laws. Holding Fund Assets Outside the United States Risk.  The Fund generally holds its foreign securities and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight of their operations. Settlement Risk.  Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Emerging Markets Risk.  The risks of foreign investments are usually much greater for emerging markets. Investments in emerging markets may be considered speculative.  Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. The Fund is not limited in the amount of assets that it may invest in emerging market securities; therefore, the Fund is at a greater risk of loss due to the risks involved in investing in emerging market countries if the Fund invests a significant portion of its assets in such countries. Small Cap and Emerging Growth Securities Risk.  Small cap or emerging growth companies may have limited production or markets. They may be less financially secure than larger, more established companies. They may depend on a small number of key personnel.  Historically, small cap or emerging growth company securities have been more volatile in price than larger company securities, especially over the short term. Rights and Warrants Risk.  Warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants do not necessarily move in tandem with prices of the underlying securities and, therefore, may be considered speculative investments. If a warrant held by the Fund were not exercised by the date of its expiration, the Fund would incur a loss in the amount of the cost of the warrant. Rights are similar to warrants but are distributed directly by the issuer to its shareholders and normally have a short duration. Restricted and Illiquid Security Risk.The Fund may make direct equity investments in securities that are subject to contractual and regulatory restrictions on transfer or that may be illiquid. The Fund may invest up to 15% of its net assets in illiquid securities.  These investments may involve a high degree of business and financial risk. The restrictions on transfer may cause the Fund to hold a security at a time when it may be beneficial to liquidate the security, and the security could decline significantly in value before the Fund could liquidate the security. Initial Public Offerings Risk.  The Fund may invest in IPOs. An IPO is a company’s first offering of stock to the public. IPO risk is the risk that the market value of IPO shares will fluctuate considerably.  When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. Industry Concentration Risk.  By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Fluctuations in the price of gold, silver, platinum, palladium and other precious metals often dramatically affect the profitability of companies in the precious metals industry. Because the Fund concentrates in the gold, silver, platinum, palladium and other precious metals industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities in such industries. You could lose money on your investment in the Fund.