Domini Impact Bond Fund ℠ - Investor Shares

as of 10/19/2018

Quick Facts

$10.76

Daily Price (NAV)
Symbol
DSBFX
Daily NAV Change
$-0.01 (-0.09%)

Manager:

Domini Impact Investments LLC

Submanager:

Wellington Management Company LLP

Symbol:

DSBFX

CUSIP:

257132209

Fund Type:

Investment-grade bond fund subject to Domini’s social and environmental standards.

Inception Date:

6/1/2000

Net Assets:

Fund: $153.6 Million

Investor shares: $140.2 Million

as of 9/30/18

Annual Expense Ratio: 1

Gross: 1.10%

Net: 0.87%

Initial Sales Fee:

None (no-load)

Minimum Initial Investment:

$2,500 for non-retirement accounts

$1,500 for IRAs, custodial accounts and accounts opened with an automatic investment plan

Fund Distributions

Dividends:

Accumulated Daily, Distributed Monthly

Capital Gains:

Distributed Annually

Investor Shares Overview

Investment Objective

The Fund seeks to provide its shareholders with a high level of current income and total return.  

Investment Strategy

As a primary strategy, the Fund’s investment approach incorporates Domini’s social and environmental standards. 

The Fund normally invests at least 80% of its assets in investment-grade fixed-income securities, including government, corporate, mortgage-backed and asset-backed securities, and U.S. dollar-denominated bonds issued by non-U.S. entities.  The Fund maintains an effective duration within two years (plus or minus) of the portfolio duration of the securities comprising the Bloomberg Barclays U.S. Aggregate Bond Index­­.

Domini evaluates potential corporate debt instruments against social and environmental standards based on:

  • the businesses in which the issuer engages
  • the quality of its relations with key stakeholders, including communities, customers, ecosystems, employees, investors, and suppliers

With respect to noncorporate debt instruments, the Fund seeks to focus on three key themes:

  • Increasing access to capital for those historically underserved by the mainstream financial community
  • Creating public goods for those most in need
  • Filling capital gaps left by current financial practice

In particular, the Fund seeks noncorporate debt instruments that support:

  • Affordable housing
  • Small business development
  • Community revitalization
  • Rural Development
  • Education
  • The environment
  • Healthcare

Domini may determine that a security is eligible for investment even if its profile reflects a mixture of positive and negative social and environmental characteristics. Please see Domini’s Impact Investment Standards for further details.

Management

The Fund is managed through a two-step process designed to capitalize on the strengths of Domini Impact Investments and Wellington Management Company. Domini sets social and environmental guidelines and objectives for each asset class, and develops an approved universe of companies, and Wellington utilizes proprietary analytical tools to manage the portfolio. Wellington Management Company has been serving as submanager of the Fund since January 7, 2015.  Campe Goodman, CFA, is primarily responsible for the day-to-day management of the Fund, assisted by other members of Wellington Management's US broad market team.

Investor Profile

Who Should Invest

  • Investors seeking a high level of current income and total return
  • Investors seeking exposure to the bond market to diversify their portfolio
  • Investors who wish to support the Fund's responsible investment standards 

Who Should Not Invest

  • Investors unwilling or unable to accept fluctuations in share price due to risks associated with the bond market

Risks

An investment in the Domini Impact Bond Fund is not a bank deposit and is not insured. You may lose money. An investment in the Fund is also subject to credit, interest rate, liquidity, and market risks.

During periods of rising interest rates, bond funds can lose value. Some of the Fund's community development investments may be unrated and may carry greater credit risks than the Fund’s other holdings. The Fund currently holds a large percentage of its portfolio in mortgage-backed securities. During periods of falling interest rates, mortgage-backed securities may prepay the principal due, which may lower the Fund’s return by causing it to reinvest at lower interest rates.

The Fund’s investments in derivatives can be volatile. Potential risks include currency risk, leverage risk (the risk that small market movements may result in large changes in the value of an investment), liquidity risk, index risk, pricing risk, and counterparty risk (the risk that the counterparty may be unwilling or unable to honor its obligations).

The Fund’s investments in TBA (To Be Announced) securities involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation, which can adversely affect the Fund’s results.

The Fund may hold a substantial portion of its assets in the direct obligations of U.S. government agencies and government-sponsored entities, including Fannie Mae and Freddie Mac, and in the mortgage-backed securities of Government National Mortgage Association (Ginnie Mae), Fannie Mae, and Freddie Mac. Ginnie Mae is a wholly owned government corporation that guarantees privately issued securities backed by pools of mortgages insured by the Federal Housing Administration, the Department of Veterans Affairs, and the Department of Agriculture under the Rural Housing Service Program. Fannie Mae and Freddie Mac are government-chartered corporations whose mandate is to enhance liquidity in the secondary mortgage markets. Ginnie Maes are guaranteed by the full faith and credit of the U.S. Treasury as to the timely payment of principal and interest. Freddie Macs and Fannie Maes are backed by their respective issuer only, and are not guaranteed or insured by the U.S. government or the U.S. Treasury.

The reduction or withdrawal of historical financial market support activities by the U.S. Government and Federal Reserve, or other governments/central banks could negatively impact financial markets generally, and increase market, liquidity and interest rate risks which could adversely affect the Fund’s returns.

 

1. Domini has contractually agreed to waive certain fees and/or reimburse certain ordinary operating expenses in order to limit Investor share expenses to 0.87% of its average daily net assets per annum until 11/30/18, absent an earlier modification by the Fund’s Board. See prospectus for details. The Fund’s performance would have been lower had these fees not been waived.

On January 7, 2015, Wellington Management Company LLP replaced Seix Investment Advisers as the subadviser of the Domini Impact Bond Fund.

Investors may meet the minimum initial investment amount by aggregating up to three separate accounts within the Institutional share class of a Fund.

The Fund may change any of the policies described above at any time.

Although the Fund’s Investor shares are no-load, certain fees and expenses apply to a continued investment and are described in the prospectus

The Fund's returns, quoted above, represent past performance after all expenses, which is no guarantee of future results. Investment return, principal value, and yield will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Each Fund charges a 2.00% redemption fee on sales or exchanges of shares made less than 30 days after the settlement of purchase or acquisition through exchange, with certain exceptions. See the applicable prospectus for further information. 

The performance quoted above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return is based on the Fund’s net asset values and assumes all dividends and capital gains were reinvested. An investment in the Domini Impact Bond Fund is not a bank deposit and is not insured. You may lose money. An investment in the Fund is subject to market, sector concentration, style, and foreign investing risks. 

Performance

Investor Shares Performance

Month-End Returns as of 9/30/2018
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YTD 1YR 3 YR* 5 YR* 10 YR*
DSBFX -1.70% -1.22% 1.66% 1.67% 2.99%
Bloomberg Barclays U.S. Aggregate -1.60% -1.22% 1.31% 2.16% 3.77%

*Average annual total returns.

Quarter-End Returns as of 9/30/2018
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YTD 1YR 3 YR* 5 YR* 10 YR*
DSBFX -1.70% -1.22% 1.66% 1.67% 2.99%
Bloomberg Barclays U.S. Aggregate -1.60% -1.22% 1.31% 2.16% 3.77%

*Average annual total returns.

Calendar Year Returns
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DSBFX BBUSA
2017 3.85% 3.54%
2016 3.44% 2.65%
2015 -0.46% 0.55%
2014 3.74% 5.97%
2013 -1.97% -2.02%
2012 2.50% 4.21%
2011 5.85% 7.84%
2010 4.74% 6.56%
2009 5.77% 5.93%
2008 5.69% 5.24%
2007 6.00% 6.96%
2006 3.38% 4.33%
2005 1.56% 2.43%
2004 2.81% 4.34%
2003 2.31% 4.11%
2002 8.85% 10.27%
2001 8.34% 8.42%
Quarterly Returns
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DSBFX BBUSA
2nd Qtr 2018 -0.11% -0.16%
1st Qtr 2018 -1.45% -1.46%
4th Qtr 2017 0.48% 0.39%
3rd Qtr 2017 0.90% 0.85%
2nd Qtr 2017 1.61% 1.45%
1st Qtr 2017 0.80% 0.82%
4th Qtr 2016 -3.21% -2.98%
3rd Qtr 2016 1.25% 0.46%
2nd Qtr 2016 2.36% 2.21%
1st Qtr 2016 3.13% 3.03%
4th Qtr 2015 -0.51% -0.57%
3rd Qtr 2015 1.15% 1.23%
2nd Qtr 2015 -2.07% -1.68%
1st Qtr 2015 1.01% 1.61%
4th Qtr 2014 1.08% 1.79%
3rd Qtr 2014 -0.09% 0.17%
2nd Qtr 2014 1.35% 2.04%
1st Qtr 2014 1.36% 1.84%
4th Qtr 2013 -0.39% -0.14%
3rd Qtr 2013 0.68% 0.57%
2nd Qtr 2013 -2.24% -2.32%
1st Qtr 2013 -0.02% -0.12%

*Average annual total returns.

On January 7, 2015, Wellington Management Company LLP replaced Seix Investment Advisers as the subadvisor of the Domini Social Bond Fund.

Institutional shares were not offered prior to 11/30/2011. All performance information for time periods beginning prior to 11/30/2011 is the performance of the Investor shares, which has not been adjusted to reflect the lower expenses of the Institutional shares.

Annual Expense Ratio – Gross: 1.10% / Net: 0.87%. Per current prospectus. Domini has contractually agreed to waive certain fees and/or reimburse certain ordinary operating expenses in order to limit Investor share expenses to 0.87% of its average daily net assets per annum until 11/30/18, absent an earlier modification by the Fund’s Board. See prospectus for details. The Fund’s performance would have been lower had these fees not been waived. 

Past performance is no guarantee of future results. The Fund’s returns quoted above represent past performance after all expenses. The returns reflect any applicable expense waivers in effect during the periods shown. Without such waivers, Fund performance would be lower. Investment return, principal value, and yield will fluctuate.  Your shares, when redeemed, may be worth more or less than their original cost. Select the Performance Tab above for more complete performance information, including returns current to the most recent month-end, which may be lower or higher than the performance data quoted. A 2.00% redemption fee applies on sales or exchanges of shares made less than 30 days after the settlement of purchase or acquisition through exchange, with certain exceptions. See the prospectus for further information.   

An investment in the Domini Impact Bond Fund is not a bank deposit and is not insured. You may lose money. An investment in the Domini Impact Bond Fund is subject to credit, interest rate, liquidity, and market risks. Select the Overview tab above or see the prospectus for more information on risk.

The performance above does not reflect the deduction of fees and taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return is based on the Fund’s net asset values and assumes all dividends and capital gains were reinvested.

Although the Domini Impact Bond Fund Investor shares are no-load, certain fees and expenses apply to a continued investment and are described in the prospectus

The Bloomberg Barclays U.S. Aggregate Index ("BBUSA") is an index representing securities that are U.S. domestic, taxable, and dollar denominated and covering the U.S. investment grade fixed rate bond market, with index components for government and corporate securities and asset-backed securities. You cannot invest directly in an index.

Holdings

Ten Largest Holdings as of 9/30/2018
Issuer % of Portfolio
Fannie Mae TBA 30-Yr (3.5% due 10/11/2048) 4.13%
Ginnie Mae II TBA 30-Yr (3.5% due 10/18/2048) 3.06%
Fannie Mae (1.5% due 6/22/2020) 3.03%
Japan Treasury Discount Bill (0% due 10/9/2018) 2.48%
Fannie Mae (5.625% due 7/15/2037) 2.33%
Ginnie Mae II TBA 30-Yr (3% due 10/18/2048) 1.86%
Freddie Mac TBA 30-Yr (4% due 10/11/2048) 1.82%
Freddie Mac Pool G08816 (3.5% due 6/1/2048) 1.72%
Ginnie Mae II TBA 30-Yr (4% due 10/18/2048) 1.30%
Fannie Mae Pool BE4435 (3% due 11/1/2046) 1.22%
Total 22.93%
Sector Weightings as of 9/30/2018
Sector % of Portfolio
Mortgage Backed Securities 43.31%
Investment Grade Credit 26.35%
U.S. Government Agency Obligations 9.25%
Commercial Mortgage Backed Sec 6.72%
Bank Loans 4.73%
Foreign Government Obligations 3.50%
High Yield Credit 3.00%
Tax Exempt Municipal 1.14%
Developed Non-US Dollar Denominated 0.86%
Asset Backed Securities 0.48%
Emerging Market Debt 0.30%
Certificates of Deposit 0.29%
Options 0.06%
Total 100.00%

*Portfolio Holdings as of 6/30/18 excluding cash & cash equivalents, cash offsets, futures, and swaps, with the exception of short-term U.S. Agency Bonds and Certificates of Deposit.

View the most recent quarterly holdings report filed with the Securities and Exchange Commission.

Formerly the Domini European PacAsia Social Equity Fund.

View Complete Portfolio Holdings

The composition of the Fund’s portfolio is subject to change.  The Domini Funds maintain portfolio holdings disclosure policies that govern the timing and circumstances of disclosure to shareholders and third parties of information regarding the portfolio investments held by the Funds. 

Characteristics

All data as of 6/30/18 unless otherwise noted.

Portfolio Composition by Credit Quality1

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CREDIT-QUALITY RANKING % OF PORTFOLIO
AAA/Aaa 3.76%
AA/Aa 64.45%
A 7.97%
BBB/Baa 19.28%
BB/Ba 6.35%
B 4.83%
CCC/Caa or Lower 0.03%
Not Rated2 3.34%

Portfolio Statistics*

Swipe to view table
 Fund BBUSA3
Total Number of Holdings4 405 10,113
Years to Worst 9.14 8.21
Effective Duration (years) 5.83 5.82

1. Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Credit-quality ratings for each issue are obtained from Moody's Investors Service (Moody's) and Standard & Poor's (S&P). When two bonds receive different ratings from Moody’s and S&P, we take the lower of the two ratings into consideration. Ratings do not apply to the Fund itself or to Fund shares. Ratings may change.

3. Securities that are not rated by either agency are listed as "Not Rated."

4. Bloomberg Barclays U.S. Aggregate Index 5. Excludes currency forwards, currency futures, currency options and cash offsets.

*These statistics are provided by Wellington Management as calculated by its proprietary portfolio management system.

The composition of the Fund’s portfolio is subject to change. View the most current list of the Domini Impact Bond Fund's holdings. The Domini Funds maintain portfolio holdings disclosure policies that govern the timing and circumstances of disclosure to shareholders and third parties of information regarding the portfolio investments held by the Funds.

The Bloomberg Barclays U.S. Aggregate Index ("BBUSA") is an index representing securities that are U.S. domestic, taxable, and dollar denominated and covering the U.S. investment grade fixed rate bond market, with index components for government and corporate securities and asset-backed securities. You cannot invest directly in an index.

Commentary

Domini Impact Bond Fund Performance Commentary

The Fund is managed through a two-step process designed to capitalize on the strengths of Domini Impact Investments and Wellington Management Company. Domini sets social and environmental guidelines and objectives for each asset class, and develops an approved universe of companies, and Wellington utilizes proprietary analytical tools to manage the portfolio. Wellington Management Company has been serving as subadviser of the Fund since January 7, 2015. 

Download Commentary as a PDF
Total Returns as of 6/30/2018
Swipe to view table
 DSBFX DSBIX BBUSA**
Second Quarter 2018 -0.11% -0.03% -0.16%
Year to Date -1.55% -1.50% -1.62%
One Year -0.19% 0.02% -0.40%
Three Year* 2.10% 2.34% 1.72%
Five Year*1 1.84% 2.07% 2.27%
Ten Year*1 3.03% 3.03% 3.72%

Market Overview

Global fixed-income sectors generated mixed results during the second quarter. Sovereign yields outside of Europe generally moved higher, driven by continued global growth momentum and rising inflation expectations. Government bonds enjoyed short-lived periods of strength, however, amid escalating tensions between the U.S. and its trade partners and bouts of elevated political uncertainty in Europe. Concerns over increased leverage and heavy supply of corporate debt due to a pickup in mergers and acquisitions activity weighed on credit spreads. The U.S. dollar rallied versus most currencies, as strong U.S. economic data reinforced expectations that policy rates are likely to continue to move higher.

Global monetary policies diverged during the period. The U.S. Federal Reserve (Fed) raised its target rate by 25 basis points, as expected, and forecast two additional hikes this year—one more than was projected at the March Federal Open Market Committee meeting. The Committee upgraded growth and employment projections, while also shifting inflation expectations higher. The European Central Bank (ECB) announced an end to quantitative easing, slated for December 2018, but pledged to keep policy rates unchanged at least through the summer of 2019. The People’s Bank of China (PBOC) unexpectedly cut its reserve-requirement ratio for most banks by 100 bps to free up lending to small businesses. The Bank of England (BOE) maintained its policy rate and asset-purchase program after growth fell shy of its forecasts.

In the U.S., first-quarter GDP grew at a 2.0% annualized rate, labor market strength continued, and small-business and consumer surveys painted an optimistic outlook for the economy. Supply shortages and higher mortgage rates led to mixed housing-market data. Eurozone economic confidence held firm despite announced trade tariffs between the currency bloc and the U.S. Eurozone inflation rose to 2% year-over-year as a result of higher energy prices, while the core rate fell to a 1% year-over-year pace. Japanese retail sales indicated weakness in consumer spending despite the jobless rate falling to the lowest level in 25 years. China’s manufacturing Purchasing Managers’ Index (PMI) declined due to weaker exports, while new order helped lift its non-manufacturing PMI.

Sovereign yield movements were somewhat limited across most developed markets, as increasing inflation pressures balanced heightened political uncertainty. Expectations for continued monetary tightening lifted U.S. and Canadian short-term yields. Ten-year yields in the countries fell sharply along with broader risk aversion following the Italian election outcome, but finished higher over the quarter as inflation expectations rose. Elevated political uncertainty in Europe—including the formation of a populist Italian government and the ousting of Spanish Prime Minister Rajoy—provided support for core European government yields at the expense of peripheral yields. Emerging-markets debt and investment-grade corporate bonds posted negative excess returns as credit spreads widened. High-yield bonds generated positive excess returns, as coupon income offset widening spreads, while the sector also benefitted from continued demand—and a lack of supply—for income.

Fund Performance

The Fund modestly outperformed the Bloomberg Barclays US Aggregate (BBUSA) Bond Index for the quarter, with Investor shares declining 0.11%—five basis points better than BBUSA return of -0.16%. Outperformance was primarily driven by the Fund’s interest-rate positioning, positioning within investment-grade corporate bonds, and exposure to inflation-protected instruments.

Throughout the quarter, the Fund’s submanager maintained an overweight to corporate credit, where positioning had an overall positive impact on benchmark-relative returns. An underweight to investment-grade credit, which was positive for performance, was maintained in favor of allocations to high-yield credit and bank loans, as well as other sectors where the submanager saw a more favorable outlook. The submanager continued to see attractive valuations and low default expectations in bank loans, and continued to favor taxable municipal bonds, particularly health care issuers. The Fund’s below-investment-grade taxable municipal positions were additive to performance over the quarter.

The submanager also continued to favor high-quality securitized sectors. Within agency mortgage-backed securities (MBS), an allocation to FNMA (“Fannie Mae”) Designated Underwriting and Servicing (DUS) bonds detracted from relative results, as the sector underperformed amid broader macroeconomic concerns. An allocation to commercial mortgage-backed securities (CMBS) contributed modestly to performance.

The Fund held directional interest-rate positions during the quarter, which had an overall positive impact on performance. Its short front-end positions helped performance as the market began to price in a faster pace of Fed rate hikes beyond 2018. The Fund was also positioned for rising inflation expectations, as the submanager continued to believe the market was underpricing inflation expectations. This positioning helped results, as stronger inflation data and the expected impact of trade tariffs increased the market’s inflation expectations.

*Average annual total returns. 

**Bloomberg Barclays U.S. Aggregate Index

1Institutional shares were not offered prior to 11/30/11. All performance information for the periods beginning prior to 11/30/11 is the performance of the Investor shares. This performance has not been adjusted to reflect the lower expenses of the Institutional shares. 

Past performance is no guarantee of future results. The Fund’s returns quoted above represent past performance after all expenses. The returns reflect any applicable expense waivers in effect during the periods shown. Without such waivers, returns would be lower. Investment return, principal value, and yield will fluctuate. Your shares, when redeemed, may be worth more or less than their original cost. An investment in the Fund is not a bank deposit. The Fund is not insured and is subject to credit, interest rate, liquidity, and market risks. Investing internationally involves special risks, such as currency fluctuations, social and economic instability, differing security regulations and accounting standards limited public information possible changes in taxation, and periods of illiquidity. You may lose money. Call 1-800-762-6814 or visit www.domini.com for performance information current to the most recent month-end, which may be lower or higher than the performance data quoted.

For the period reported in its current prospectus, the Fund’s annual operating expenses totaled: Net: 0.87% / Gross: 1.10% (Investor), Net: 0.57% / Gross: 0.96% (Institutional). The Fund’s adviser has contractually agreed to waive certain fees and/or reimburse certain ordinary operating expenses in order to limit Investor and Institutional share expenses to 0.87% and 0.57%, respectively, of the average daily net assets per annum of each class. The agreement expires on November 30, 2018 absent an earlier modification by the Fund’s Board.

The Fund charges a 2.00% redemption fee on sales or exchanges of shares made less than 30 days after the settlement of purchase or acquisition through exchange, with certain exceptions. Certain fees and expenses also apply to a continued investment in the Fund and are described in the prospectus. See the Fund’s current prospectus for further information.

Total return for the Fund is based on the Fund’s net asset values and assumes all dividends and capital gains were reinvested. The returns above do not reflect the deduction of fees and taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

During periods of rising interest rates, bond funds can lose value. Some of the Fund’s community development investments may be unrated and may carry greater credit risks than the Fund’s other holdings. The Fund currently holds a large percentage of its portfolio in mortgage-backed securities. During periods of falling interest rates, mortgage-backed securities may prepay the principal due, which may lower the Fund’s return by causing it to reinvest at lower interest rates.

Investments in derivatives can be volatile. Potential risks include currency risk, leverage risk (the risk that small market movements may result in large changes in the value of an investment), liquidity risk, index risk, pricing risk, and counterparty risk (the risk that the counterparty may be unwilling or unable to honor its obligations). TBA (To Be Announced) securities involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation, which can adversely affect the Fund’s results.

The Fund may hold a substantial portion of its assets in the direct obligations of U.S. government agencies and government-sponsored entities such as Fannie Mae (formally known as the Federal National Mortgage Association), Freddie Mac (formally known as the Federal Home Loan Mortgage Corporation), the Federal Farm Credit Banks Funding Corporation, or the Government National Mortgage Association (“Ginne Mae”). Although the U.S. government guarantees principal and interest payments on securities issued by the U.S. government and some of its agencies, such as securities issued by the Ginne Mae, this guarantee does not apply to losses resulting from declines in the market value of these securities. Some of the U.S. government securities that the Domini Funds may hold are not guaranteed or backed by the full faith and credit of the U.S. government, and no assurance can be given that the U.S. government will provide financial support and sponsorship to Fannie Mae, Freddie Mac, or other government-sponsored enterprises in the future. The reduction or withdrawal of historical financial market support activities by the U.S. Government and Federal Reserve, or other governments/central banks could negatively impact financial markets generally, and increase market, liquidity and interest rate risks which could adversely affect the Fund’s returns.

Performance attribution is provided from Wellington Management Company’s proprietary attribution system. Certain factors, which may affect performance, are not included, such as withholding taxes, fair value pricing when implemented by the Fund, accounting agent T+1 differences, market value discrepancies due to different pricing sources, methodology differences for large cash flows and NAV rounding. Wellington Management’s proprietary systems are designed to support the management of portfolios and are not meant to be used as an accounting system. This information is intended to provide insight into the investment process and is not intended to be precise calculations. Attribution should be considered a tool that can help explain sources of alpha in terms of direction and magnitude.

The Bloomberg Barclays U.S. Aggregate Bond Index (“BBUSA”) is an index representing securities that are U.S. domestic, taxable, and dollar denominated and covering the U.S investment grade fixed rate bond market, with index components for government and corporate securities and asset-backed securities. You cannot invest directly in an index.

The composition of the Fund's portfolio is subject to change. The Domini Funds maintain portfolio holdings disclosure policies that govern the timing and circum­stances of disclosure to shareholders and third parties regarding the portfolio investments held by the Funds. View the most current list of the Fund’s holdings. Obtain a copy of the Fund’s most recent Annual or Semi-Annual Report, containing a complete description of the Fund’s portfolio, by calling 1-800-762-6814.

This commentary is provided for informational purposes only. Nothing herein is to be considered a recommendation concerning the merits of any noted company, or an offer of sale or solicitation of an offer to buy shares of any Fund or company referenced herein.

Carefully consider the Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus. Please read the prospectus carefully before investing or sending money.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Domini Impact Investments. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classifica­tion nor shall any such party have any liability therefrom.


Check the background of DSIL Investment Services LLC and its investment professionals on FINRA's BrokerCheck.

Before investing, consider the Domini Funds’ investment objectives, risks, charges, and expenses. View or order a prospectus. Read it carefully.

The Domini Funds are distributed by DSIL Investment Services LLC (DSILD), Member FINRA. Domini Impact Investments LLC (Domini) is the Funds’ investment manager. The Funds are subadvised by Wellington Management Company LLP. DSILD and Domini are not affiliated with Wellington Management Company LLP.

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