497

Dominion Funds, Inc.

Fairfax Global Trends Fund

Incorporated herein by reference is the definitive version of the prospectus for Fairfax Global Trends Fund filed pursuant to Rule 497 (c) under the Securities Act of 1933, as amended, on October 5, 2012 (SEC Accession No. 0000910472-12-003065).

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Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Prospectus Date	rr_ProspectusDate	Oct. 28, 2011

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Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Fairfax Global Trends Fund

Objective [Heading]

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Investment Objective:

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Fund’s investment objective is growth of capital.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund:

Expense Narrative [Text Block]

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This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

2012-10-28

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover:

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

 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 438% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

438.00%

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]

rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

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.

Expense Example [Heading]

rr_ExpenseExampleHeading

Example:

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

Expense Example by, Year, Caption [Text]

rr_ExpenseExampleByYearCaption

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:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies of the Fund:

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

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 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 Portfolio manager uses a “relative strength” approach to choosing investments, emphasizing a selection process favoring positions with potential for growth.

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 Portfolio manager believes that the markets are in a long-term uptrend the Fund will invest in securities of companies worldwide of all capitalizations, or through ETFs holding such companies, that the Portfolio manager believes have a potential for capital growth. However, the Fund may, when   the portfolio manager 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 portfolio manager 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”.

Risk [Heading]

rr_RiskHeading

Principal Risks of Investing in the Fund:

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

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 portfolio manager 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 portfolio manager 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.

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.

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.

Risk Closing [Text Block]

rr_RiskClosingTextBlock

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.

Risk Lose Money [Text]

rr_RiskLoseMoney

Principal Risks of Investing in the Fund: You could lose money on your investment in the Fund.

Risk Not Insured Depository Institution [Text]

rr_RiskNotInsuredDepositoryInstitution

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency.

Bar Chart and Performance Table [Heading]

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Performance:

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

The bar chart below and table that follows will give you some idea of the risks involved in investing in 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 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.

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 Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart below and table that follows will give you some idea of the risks involved in investing in 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.

Performance Additional Market Index [Text]

rr_PerformanceAdditionalMarketIndex

The Dow Jones Global Index TR(SM) is a broad yet investable measure of the global stock market. It targets 95% coverage of markets open to foreign investment. The index currently tracks 42 countries, including 25 developed markets and 17 emerging markets. Index returns assume reinvestment of dividends.

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

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.

Bar Chart [Heading]

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Performance Bar Chart For Calendar Years Ended December 31

Bar Chart Does Not Reflect Sales Loads [Text]

rr_BarChartDoesNotReflectSalesLoads

The bar chart shows changes in the Fund's 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.

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

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 -16.01% (quarter ended 9/30/08).  

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

highest return for a quarter

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Jun. 30, 2003

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

15.33%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

lowest return for a quarter

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Sep. 30, 2008

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(16.01%)

Performance Table Does Reflect Sales Loads

rr_PerformanceTableDoesReflectSalesLoads

The returns in the performance table include the effect of a sales charge.

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

Unlike the Fund's returns, index returns do not reflect any fees or expenses; such costs would lower performance. It is not possible to invest directly in an index.

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

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.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

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.

Performance Table Explanation after Tax Higher

rr_PerformanceTableExplanationAfterTaxHigher

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.

Caption

rr_AverageAnnualReturnCaption

Average Annual Total Returns (For the periods ended December 31, 2010)

S&P 500

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

15.06%

^[1]

5 Years

rr_AverageAnnualReturnYear05

2.29%

^[1]

Since Inception

rr_AverageAnnualReturnSinceInception

3.54%

^[1]

Dow Jones Global Index TR

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

14.32%

^[2]

5 Years

rr_AverageAnnualReturnYear05

3.99%

^[2]

Since Inception

rr_AverageAnnualReturnSinceInception

6.78%

^[2]

Fairfax Global Trends Fund

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (Load)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions)

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee

rr_RedemptionFeeOverRedemption

none

Exchange Fee

rr_ExchangeFeeOverRedemption

none

Investment Management Fees

rr_ManagementFeesOverAssets

1.00%

Distribution (12b-l) Fees

rr_DistributionAndService12b1FeesOverAssets

0.40%

Other Expenses

rr_OtherExpensesOverAssets

3.23%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

^[3]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

4.65%

^[3]

Less Fee Waivers and Reimbursements

rr_FeeWaiverOrReimbursementOverAssets

(2.38%)

^[4]

Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement

rr_NetExpensesOverAssets

2.27%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

230

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

1,189

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

2,154

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

4,598

Annual Return 2003

rr_AnnualReturn2003

25.17%

Annual Return 2004

rr_AnnualReturn2004

(1.90%)

Annual Return 2005

rr_AnnualReturn2005

12.47%

Annual Return 2006

rr_AnnualReturn2006

7.64%

Annual Return 2007

rr_AnnualReturn2007

16.48%

Annual Return 2008

rr_AnnualReturn2008

(16.11%)

Annual Return 2009

rr_AnnualReturn2009

6.79%

Annual Return 2010

rr_AnnualReturn2010

5.04%

1 Year

rr_AverageAnnualReturnYear01

5.04%

5 Years

rr_AverageAnnualReturnYear05

3.36%

Since Inception

rr_AverageAnnualReturnSinceInception

1.97%

Inception Date

rr_AverageAnnualReturnInceptionDate

Apr. 16, 2002

Fairfax Global Trends Fund | Return After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

5.04%

^[5]

5 Years

rr_AverageAnnualReturnYear05

3.36%

^[5]

Since Inception

rr_AverageAnnualReturnSinceInception

1.97%

^[5]

Fairfax Global Trends Fund | Return After Taxes on Distributions and Sale of Fund Shares

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

3.28%

^[5]

5 Years

rr_AverageAnnualReturnYear05

2.89%

^[5]

Since Inception

rr_AverageAnnualReturnSinceInception

1.70%

^[5]

[1] The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the United States stock market. Index returns assume reinvestment of dividends. Unlike the Fund's returns, index returns do not reflect any fees or expenses; such costs would lower performance. It is not possible to invest directly in an index.

[2] The Dow Jones Global Index TRSM is a broad yet investable measure of the global stock market. It targets 95% coverage of markets open to foreign investment. The index currently tracks 42 countries, including 25 developed markets and 17 emerging markets. Index returns assume reinvestment of dividends. Unlike the Fund's returns, index returns do not reflect any fees or expenses; such costs would lower performance. It is not possible to invest directly in an index.

[3] 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.

[4] Pursuant to an Operating and Expense Limitation Agreement with the Company (the "Expense Agreement"), the Fairfax Global Management, LLC 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% of the Fund's average daily net assets. The Expense Agreement remains in effect until October 28, 2012 . The Expense Agreement may be terminated at any time, and without the payment of any penalty, by the Fund .

[5] 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.

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Fairfax Global Trends Fund

Fairfax Global Trends Fund

Investment Objective:

The Fund’s investment objective is growth of capital.

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.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees	Fairfax Global Trends Fund
Maximum Sales Charge (Load) Imposed on Purchases	none
Maximum Deferred Sales Charge (Load)	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions)	none
Redemption Fee	none
Exchange Fee	none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Operating Expenses		Fairfax Global Trends Fund
Investment Management Fees		1.00%
Distribution (12b-l) Fees		0.40%
Other Expenses		3.23%
Acquired Fund Fees and Expenses	[1]	0.02%
Total Annual Fund Operating Expenses	[1]	4.65%
Less Fee Waivers and Reimbursements	[2]	(2.38%)
Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement		2.27%

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.

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:

Expense Example (USD $)	1 Year	3 Years	5 Years	10 Years
Fairfax Global Trends Fund	230	1,189	2,154	4,598

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 438% of the average value of its portfolio.

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 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 Portfolio manager uses a “relative strength” approach to choosing investments, emphasizing a selection process favoring positions with potential for growth.

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 Portfolio manager believes that the markets are in a long-term uptrend the Fund will invest in securities of companies worldwide of all capitalizations, or through ETFs holding such companies, that the Portfolio manager believes have a potential for capital growth. However, the Fund may, when   the portfolio manager 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 portfolio manager 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”.

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 portfolio manager 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 portfolio manager 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.

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.

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.

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.

Performance:

The bar chart below and table that follows will give you some idea of the risks involved in investing in 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 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.

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

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 -16.01% (quarter ended 9/30/08).  

Average Annual Total Returns (For the periods ended December 31, 2010)

Average Annual Returns		1 Year	5 Years	Since Inception	Inception Date
Fairfax Global Trends Fund		5.04%	3.36%	1.97%	Apr. 16, 2002
Fairfax Global Trends Fund Return After Taxes on Distributions	[1]	5.04%	3.36%	1.97%
Fairfax Global Trends Fund Return After Taxes on Distributions and Sale of Fund Shares	[1]	3.28%	2.89%	1.70%
Fairfax Global Trends Fund S&P 500	[2]	15.06%	2.29%	3.54%
Fairfax Global Trends Fund Dow Jones Global Index TR	[3]	14.32%	3.99%	6.78%

[1] 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.

[2] Pursuant to an Operating and Expense Limitation Agreement with the Company (the "Expense Agreement"), the Fairfax Global Management, LLC 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% of the Fund's average daily net assets. The Expense Agreement remains in effect until October 28, 2012 . The Expense Agreement may be terminated at any time, and without the payment of any penalty, by the Fund .

[1] 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.

[2] The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the United States stock market. Index returns assume reinvestment of dividends. Unlike the Fund's returns, index returns do not reflect any fees or expenses; such costs would lower performance. It is not possible to invest directly in an index.

[3] The Dow Jones Global Index TRSM is a broad yet investable measure of the global stock market. It targets 95% coverage of markets open to foreign investment. The index currently tracks 42 countries, including 25 developed markets and 17 emerging markets. Index returns assume reinvestment of dividends. Unlike the Fund's returns, index returns do not reflect any fees or expenses; such costs would lower performance. It is not possible to invest directly in an index.

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Document and Entity Information	0 Months Ended
	Dec. 31, 2010
Risk/Return:
Document Type	Other
Document Period End Date	Dec. 31, 2010
Registrant Name	Dominion Funds Inc
Central Index Key	0000889392
Amendment Flag	false
Document Creation Date	Oct. 05, 2012
Document Effective Date	Oct. 09, 2012
Prospectus Date	Oct. 28, 2011