| Symbol | DSBFX |
| Daily NAV Change | $0.02 (0.18%) |
The Fund seeks to provide its shareholders with a high level of current income and total return.
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:
With respect to noncorporate debt instruments, the Fund seeks to focus on three key themes:
In particular, the Fund seeks noncorporate debt instruments that support:
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.
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.
Who Should Invest
Who Should Not Invest
All data as of 6/30/17 unless otherwise noted.
On January 7, 2015, Wellington Management Company LLP replaced Seix Investment Advisers as the subadvisor of the Domini Social Bond Fund.
1. Until 11/30/17, Domini Impact Investments LLC has contractually agreed to waive certain fees and/or reimburse certain expenses, including management fees, so that the Fund's expenses will not exceed, on a per annum basis, 0.95% of its average daily net assets.The Fund's performance, quoted above, 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. 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. 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. 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.
The Domini Impact Bond Fund is not insured and is subject to market risks, including interest rate and credit risks. You may lose money. During periods of rising interest rates, bond funds can lose value. The Domini Impact Bond 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. Some of the Domini Impact Bond Fund's community development investments may be unrated and carry greater credit risks than its other investments.
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 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.
| YTD | 1 Yr | 3 Yr* | 5 Yr* | 10 Yr* | Since Inception (6/1/00)* | |
|---|---|---|---|---|---|---|
| DSBFX | 2.42% | 0.37% | 2.12% | 1.60% | 3.67% | 4.27% |
| Bloomberg Barclays U.S. Aggregate | 2.28% | -0.31% | 2.48% | 2.21% | 4.48% | 5.21% |
| YTD | 1 Yr | 3 Yr* | 5 Yr* | 10 Yr* | Since Inception (6/1/00)* | |
|---|---|---|---|---|---|---|
| DSBFX | 2.42% | 0.37% | 2.12% | 1.60% | 3.67% | 4.27% |
| Bloomberg Barclays U.S. Aggregate | 2.28% | -0.31% | 2.48% | 2.21% | 4.48% | 5.21% |
| DSBFX | BBUSA | |
|---|---|---|
| 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% |
| DSBFX | BBUSA | |
|---|---|---|
| 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.
Annual Expense Ratio: Gross: 1.11% / Net: 0.85%. Per current prospectus. Domini has contractually agreed to cap Investor share expenses to not exceed 0.95% until 11/30/17, subject to earlier modification by the Fund’s Board of Trustees. See prospectus for details. The Funds’ 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. 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.
The Domini Impact Bond Fund is not insured and is subject to market risks, including interest rate and credit risks. You may lose money. During periods of rising interest rates, bond funds can lose value. The Domini Impact Bond 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. Some of the Domini Impact Bond Fund's community development investments may be unrated and carry greater credit risks than its other investments.
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 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.
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.
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.
Although the Domini Impact Bond Fund Iinvestor shares are no-load, certain fees and expenses apply to a continued investment and are described in the prospectus. The composition of the Fund's portfolio is subject to change.
| ISSUER | % OF PORTFOLIO |
|---|---|
| Fannie Mae TBA 30 YR (3.5% due 8/14/2047) | 5.1% |
| Fannie Mae (1.5% due 6/22/2020) | 3.2% |
| Fannie Mae TBA 30 YR (3.5% due 7/25/2046) | 3.0% |
| Fed Hm Ln PC Pool G08741 (3.0% due 1/1/2047) | 2.4% |
| Ginnie Mae II TBA 30 YR (3.0% due 2/20/2047) | 2.0% |
| Fannie Mae (5.625% due 7/15/2037) | 2.0% |
| Freddie Mac TBA 30 YR (3.5% due 9/15/2046) | 1.6% |
| Fannie Mae TBA 15 YR (3.0%% due 7/18/2032) | 1.6% |
| Ginnie Mae II TBA 30 YR (3.5% due 8/21/2047) | 1.5% |
| Freddie Mac TBA 30 YR (3.5% due 8/14/2047) | 1.5% |
| TOTAL | 23.9% |
| SECTOR | % OF PORTFOLIO |
|---|---|
| Mortgage Backed Securities | 55.1% |
| Investment Grade Credit | 30.7% |
| Commercial Mortgage Backed Securities | 7.1% |
| Bank Loans | 6.7% |
| U.S. Govt Agencies | 6.1% |
| High Yield Credit | 2.5% |
| Developed Non U.S. Dollar Denom. | -0.1% |
| Tax Exempt Municipal | 2.3% |
| Asset Backed Securities | 1.0% |
| Cash & Cash Equivalents | -11.6% |
| Total | 100% |
View the most recent quarterly holdings report filed with the Securities and Exchange Commission.
Past performance is no guarantee of future results. The Fund’s returns quoted above represent past performance after all expenses. 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. 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. 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.
The Domini Impact Bond Fund is not insured and is subject to market risks, including interest rate and credit risks. You may lose money. During periods of rising interest rates, bond funds can lose value. The Domini Impact Bond 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. Some of the Domini Impact Bond Fund's community development investments may be unrated and carry greater credit risks than its other investments.
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 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.
All data as of 6/30/17 unless otherwise noted.
| Aaa | 6.12% |
| Aa | 67.97% |
| A | 9.25% |
| Baa | 16.65% |
| Ba | 7.07% |
| B | 1.72% |
| Below B | 0.25% |
| Cash & Cash Offsets2 | -11.59% |
| Not Rated3 | 2.55% |
| DSBFX | BUSA4 | |
|---|---|---|
| Total Number of Holdings5 | 386 | 9,348 |
| Years to Worst | 9.17 | 7.88 |
| Effective Duration (years) | 5.84 | 5.88 |
Past performance is no guarantee of future results. The Fund’s returns quoted above represent past performance after all expenses. 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. 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. 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.
The Domini Impact Bond Fund is not insured and is subject to market risks, including interest rate and credit risks. You may lose money. During periods of rising interest rates, bond funds can lose value. The Domini Impact Bond 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. Some of the Domini Impact Bond Fund's community development investments may be unrated and carry greater credit risks than its other investments.
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 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.
*Average annual total returns.
†Bloomberg Barclays U.S. Aggregate Index
Past performance is no guarantee of future results. The Fund’s returns quoted above represent past performance after all expenses. 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. 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. 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.
Annual Expense Ratio – Gross: 1.11% / Net: 0.85% (Per current prospectus. Domini has contractually agreed to cap Investor share expenses to not exceed 0.95% until 11/30/17, subject to earlier modification by the Fund’s Board of Trustees. Fund performance would have been lower had these fees not been waived. See prospectus for details.)
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.
The Domini Impact Bond Fund is not insured and is subject to market risks, including interest rate and credit risks. You may lose money. During periods of rising interest rates, bond funds can lose value. The Domini Impact Bond 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. Some of the Domini Impact Bond Fund's community development investments may be unrated and carry greater credit risks than its other investments.
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.
Although the Fund’s Institutional shares are no-load, certain fees and expenses apply to a continued investment and are described in the prospectus. The composition of the Fund’s portfolio is subject to change. View the most current list of the Domini Impact Bond Fund 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 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.
This material must be preceded or accompanied by a current prospectus. Please read it carefully before investing.
The Domini Impact Bond seeks to have a positive impact across multiple key themes, including affordable housing, education and climate mitigation. In the second quarter, securities Domini characterizes as “high impact” represented 14.7% of the Fund’s total portfolio.
The Domini Social Bond seeks to have a positive impact across multiple key themes, including affordable housing, education and climate mitigation. In the second quarter, securities Domini characterizes as “high impact” represented 14.7% of the Fund’s total portfolio, including the following two examples, which were added to the portfolio during the quarter.
Although our engagement work has historically focused on corporations, leveraging our rights as shareholders, we are also interested in opportunities to deepen the impact of the Domini Social Bond Fund through engagements with issuers and standard setters. To date, these engagements have focused on green bonds, designed to finance projects and activities that address climate change or serve other environmentally beneficial purposes.
Domini has a longstanding policy to avoid investment in the manufacturers of weapons, including military weapons and civilian firearms. This policy extends to firms that derive a significant percentage of revenues from the sale of firearms. We believe this industry is inherently damaging to society, due to the intersection between a particularly dangerous product and the extraordinary pressures to maximize profits and increase market share—pressures which are exponentially heightened for publicly traded companies.
Fixed-income investments provide an important opportunity to create public goods, address a wide range of economic disparities in our society, and to fill certain capital gaps – funding needs that have often received insufficient attention from investors. We seek to address some of these disparities through the investments of the Domini Social Bond Fund, while simultaneously seeking to achieve competitive returns for our Fund’s investors.
The Domini Impact Bond Fund is not insured and is subject to market risks, including interest rate and credit risks. You may lose money. During periods of rising interest rates, bond funds can lose value. The Domini Impact Bond 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. Some of the Domini Impact Bond Fund's community investments may be unrated and carry greater credit risks than its other investments.
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.
Investor Shares 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 submanager of the Fund since January 7, 2015.
Dowload Commentary as a PDF.
Total Returns as of June 30, 2017
2017
2017
2017
2017
Year
Year*
Year*
Year*
(6/1/00)*
Market Overview
Global bond markets generated strong gains in the second quarter as bouts of elevated political uncertainty kept a lid on government bond yields. In the U.S., political controversies—in particular, the ongoing investigation into Russia’s meddling in the 2016 presidential election—led to a short-lived dip in risk assets. Elections in France and the UK presented potential sources of volatility, but proved benign in the aftermath. Most currencies strengthened versus the U.S. dollar as market participants seemed doubtful that the Federal Reserve (Fed) would deliver on its projected tightening path.
Monetary policy developments among developed markets turned marginally more hawkish during the period. The Fed hiked rates in June, projected an additional hike later in 2017, and lied out a plan for tapering its asset purchases. Comments from Bank of England Governor Carney indicated rate hikes may be looming in the UK. However, even as it noted improved Eurozone growth, the European Central Bank (ECB) lowered its inflation forecasts, triggering speculation that it might postpone the tapering of asset purchases that had been expected later this year.
U.S. GDP growth moderated to 1.4% in the first quarter, but housing and labor market data remained robust during the second quarter. Economic momentum built in Europe as political risk faded, with continued strength in both the services and manufacturing sectors. In Japan, data pointed to domestically-driven growth, including declining unemployment, rising consumer prices, and improving business and consumer confidence. While China’s official Purchasing Managers’ Index (PMI) data improved, other indicators pointed to weaker growth, notably slowdowns in construction activity and property sales. Despite continued labor-market strength, inflation data across developed market economies remained subdued. Oil prices declined over the quarter, as rising U.S. shale production and growing supplies from Libya and Nigeria continued to offset OPEC production cuts.
Performance Commentary
The Fund’s Investor shares outperformed the Bloomberg Barclays U.S. Aggregate Bond Index for the second quarter, returning 1.61% vs. the benchmark’s 1.45% performance. The Fund’s exposure to mortgage-backed securities (MBS) and investment-grade credit represented the main contributors to outperformance, while it’s inflation positioning detracted from relative performance.
The Fund held an overweight to agency MBS, as its submanager, Wellington Management Company, saw evidence of lower interest-rate volatility and better visibility on the Fed’s balance-sheet intentions. A drop in bond-market volatility and increased clarity about the Fed’s plan to gradually taper its MBS reinvestments were generally positive for the sector, but the June rate rally had a greater influence on performance due to pre-payment fears. The Fund maintained an allocation to collateralized mortgage obligations (CMOs) and FNMA (Fannie Mae) Delegated Underwriting and Servicing (DUS) bonds, which the submanager believes have attractive income and convexity profiles. The Fund’s DUS exposure, as well as security selection within agency MBS, had a favorable impact on relative performance.
Based on attractive valuations, the Fund also held an overweight to high-quality commercial mortgage-backed securities (CMBS), which was also additive to relative performance. CMBS performance was positive despite negative headlines for retail companies, suggesting that the market has already largely priced in the weakness that has played out so far.
The Fund had an overall underweight position in investment-grade credit during the quarter, as the submanager believed there were better opportunities in other sectors. Within investment-grade corporate bonds, the Fund maintained overweight positions in U.S. financials, particularly large money center banks, and in taxable municipals. Despite concerns about prospects for retailers, particularly in the U.S., generally solid corporate earnings and continued demand for yield-producing assets supported credit markets and spreads tightened further. Overall, credit positioning was a positive contributor to relative results for the quarter, as a negative impact from an underweight to industrials was more than offset by positive impacts from security selection within the banking sector and the overweight to taxable municipals.
The submanager continued to favor bank loans based on attractive valuations and low default expectations, and maintained an allocation to BB-rated high-yield issuances. Additionally, the Fund’s submanager used high-yield derivatives as a source of liquidity and to manage overall portfolio risk. High yield generated strong gains, as generally supportive economic and earnings data outweighed elevated political uncertainty and lower oil prices. Bank loans also generated a positive total return. Tighter U.S. monetary policy may benefit bank loans more than fixed-rate sectors, as bank-loan coupons reset higher given their floating-rate nature. High-yield positioning, including exposure to bank loans and high-yield bonds, was beneficial to relative performance overall.
The primary detractor from relative performance was the Fund’s positioning within Government issues. The Fund was positioned for rising inflation expectations, as the submanager continued to believe the market was underpricing inflation expectations. However, this positioning detracted from relative performance amid growing doubts about fiscal stimulus prospects and three consecutive monthly readings of the U.S. Consumer Price Index (CPI) that were below markets expectations. The Fund also held modest opportunistic interest-rate positions that had a negative impact on relative performance.
Community & Environmental Impact