Domini Impact Equity Fund ℠ - Institutional Shares

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Quick Facts

$23.05

Daily Price (NAV)
Symbol
DIEQX
Daily NAV Change
$-0.10 (-0.43%)

Manager:

Domini Impact Investments LLC

Submanager:

Wellington Management Company LLP

Symbol:

DIEQX

CUSIP:

257132852

Fund Type:

Diversified large-cap equity, socially screened

Inception Date:

Fund: 6/3/91

Institutional shares: 11/28/08

Net Assets:

Fund: $817.1 Million

Institutional shares: $119.1 Million

as of 9/30/18

Annual Expense Ratio 1

Gross: 0.74%

Net: 0.74%

Initial Sales Fee:

None (no-load)

Minimum Initial Investment: 2

$500,000

Fund Distributions

Dividends:

Quarterly

Capital Gains:

Annually

Institutional Shares Overview

Institutional shares are available to endowments, foundations, religious organizations, nonprofit entities, individuals, retirement plan sponsors, family office clients, private trusts, certain corporate or similar institutions, or omnibus accounts maintained by financial intermediaries that meet the minimum initial investment requirements. Please see the Fund's prospectus for further details, or call 1-800-498-1351.

Socially and environmentally concerned investors have social, as well as financial, objectives. The Domini Impact Equity Fund seeks to meet these objectives by offering a diversified stock portfolio for long-term capital appreciation that is consistent with social and environmental priorities.

Investment Objective

The Fund seeks to provide its shareholders with long-term total return.

Investment Strategy

The Fund invests primarily in stocks of U.S. companies that meet Domini Impact Investments’ social and environmental standards. Subject to these standards, Wellington Management Company, LLP, the Fund’s subadvisor, seeks to add value using a diversified quantitative stock selection approach, while managing risk through portfolio construction.

Shareholder Activism

The Fund also advances its social and environmental objectives through proxy voting, dialogue with corporations, and the filing of shareholder resolutions

Social and Environmental Standards

Domini evaluates the Fund’s current and potential investments against its social and environmental standards based on the businesses in which they engage, as well as on the quality of their relations with key stakeholders, including communities, customers, ecosystems, employees, investors, and suppliers.

Domini may determine that a security is eligible for investment even if a corporation’s profile reflects a mixture of positive and negative social and environmental characteristics.

Investor Profile

Who Should Invest:

  • The Institutional share class of the Domini Impact Equity Fund is available to investors that meet the minimum investment requirements, have been approved by the distributor, and fall within the following categories: endowments, foundations, religious organizations and other nonprofit entities, individuals, retirement plan sponsors, family office clients, private trusts, certain corporate or similar institutions, or omnibus accounts maintained by financial intermediaries.
  • Investors seeking long-term growth of capital.
  • Investors committed to the Fund's socially responsible investment standards.

Who Should Not Invest:

  • Investors unwilling or unable to accept moderate to significant fluctuations in share price.

Risks

An investment in the Domini Impact Equity Fund is not a bank deposit and is not insured. You may lose money. An investment in the Fund is also subject to market, sector concentration, style, and foreign investing 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. 

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 risk which could adversely affect the Fund’s returns.

1. Domini Impact Investments LLC has contractually agreed to waive certain fees and/or reimburse certain ordinary operating expenses in order to limit Institutional share expenses to 0.74% of its average daily net assets per annum until 11/30/18, absent an earlier modification by the Fund’s Board. Investors may meet the minimum initial investment amount by aggregating up to three separate accounts under the same registration within the Institutional share class of a Fund.

Accounts will generally not be established for omnibus or other accounts for which Domini provides recordkeeping and other shareholder services or for which the Fund is required to pay any type of administrative payment per participant account.

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

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

Note: On 11/30/06, the Fund, formerly an index fund, transitioned to an active management strategy. 

Although the Domini Impact Equity Fund Institutional 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 Equity 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. 

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Performance

Institutional Shares Performance

Month-End Returns as of 9/30/2018
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YTD 1YR 3 YR* 5 YR* 10 YR*
DIEQX 5.84% 11.03% 11.89% 9.80% 9.59%
S&P 500 10.56% 17.91% 17.31% 13.95% 11.97%

*Average annual total returns.

Quarter-End Returns as of 9/30/2018
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YTD 1YR 3 YR* 5 YR* 10 YR*
DIEQX 5.84% 11.03% 11.89% 9.80% 9.59%
S&P 500 10.56% 17.91% 17.31% 13.95% 11.97%

*Average annual total returns.

Calendar Year Returns
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DIEQX S&P 500
2017 15.80% 21.83%
2016 11.66% 11.96%
2015 -6.97% 1.38%
2014 14.40% 13.69%
2013 33.46% 32.39%
2012 11.84% 16.00%
2011 1.12% 2.11%
2010 14.25% 15.06%
2009 36.22% 26.46%
2008 -37.88% -37.00%
2007 1.46% 5.50%
2006 12.58% 15.79%
2005 2.03% 4.91%
2004 9.26% 10.88%
2003 27.13% 28.69%
2002 -20.69% -22.10%
2001 -12.76% -11.88%
2000 -15.05% -9.11%
1999 22.63% 21.04%
1998 32.99% 28.58%
1997 36.02% 33.36%
1996 21.84% 23.07%
1995 35.17% 37.50%
1994 -0.36% 1.26%
1993 6.54% 10.08%
1992 12.10% 7.68%
Quarterly Returns
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DIEQX S&P 500
2nd Qtr 2018 -0.08% 3.43%
1st Qtr 2018 -0.63% -0.76%
4th Qtr 2017 4.91% 6.64%
3rd Qtr 2017 4.56% 4.48%
2nd Qtr 2017 0.34% 3.09%
1st Qtr 2017 5.21% 6.07%
4th Qtr 2016 4.05% 3.82%
3rd Qtr 2016 7.68% 3.85%
2nd Qtr 2016 -1.81% 2.46%
1st Qtr 2016 1.49% 1.35%
4th Qtr 2015 2.37% 7.04%
3rd Qtr 2015 -8.22% -6.44%
2nd Qtr 2015 -2.13% 0.28%
1st Qtr 2015 1.18% 0.95%
4th Qtr 2014 3.38% 4.93%
3rd Qtr 2014 1.62% 1.13%
2nd Qtr 2014 5.79% 5.23%
1st Qtr 2014 2.94% 1.81%
4th Qtr 2013 9.57% 10.51%
3rd Qtr 2013 7.33% 5.24%
2nd Qtr 2013 2.85% 2.91%
1st Qtr 2013 10.33% 10.61%

*Average annual total returns.

On 11/30/06, the Fund changed to an active management strategy. Past performance through 11/29/06 represents the former passive investment strategy, and is not indicative of future results.

Institutional shares were not offered prior to 11/28/08. All performance information for time periods beginning prior to November 28 is the performance of the Investor shares. This performance has not been adjusted to reflect the lower expenses of the Institutional shares.

Annual Expense Ratio: Gross: 0.74% / Net: 0.74%. Per current prospectus. Domini has contractually agreed to waive certain fees and/or reimburse certain ordinary operating expenses in order to limit Institutional share expenses to 0.74% 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 Equity 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. 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 Equity Fund Class Institutional shares are no-load, certain fees and expenses apply to a continued investment and are described in the prospectus. 


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Holdings

Ten Largest Holdings as of 9/30/2018
Company % of Portfolio
Microsoft Corporation 6.12%
Alphabet Inc. (Class A) 3.94%
Apple Inc. 3.05%
Walgreens Boots Alliance, Inc. 2.93%
Intel Corporation 2.91%
International Business Machines Corporation (IBM) 2.74%
PACCAR Inc. 2.60%
Prudential Financial, Inc. 2.58%
Gilead Sciences, Inc. 2.56%
Merck & Co., Inc. 2.27%
Total 31.70%
Sector Weightings as of 9/30/2018
Sector % of Portfolio
Information Technology 24.57%
Financials 15.29%
Health Care 14.26%
Consumer Discretionary 11.43%
Industrials 10.61%
Communication Services 8.14%
Consumer Staples 6.54%
Materials 4.38%
Real Estate 2.83%
Utilities 1.94%
Energy 0.00%
Total 100.00%

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

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.

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.

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Characteristics

Portfolio Overview

Socially screened, mid- to large-capitalization domestic equity fund.

Investment Style:

Blend

Weighted Average Market Capitalization:

Large
Portfolio Statistics as of 9/30/2018
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 Fund S&P 500
Price-to-Earnings Ratio (projected) 13.9x 16.7x
Price-to-Book Ratio 2.8x 3.8x
Beta (projected) 1.01 --
R-squared (projected) 0.96 --
Market Cap Asset Weighted Avg. (Millions) $191,516 $247,140
Total Number of Holdings 141 500

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

Definitions

The Price/Earnings Ratio is a stock’s current price divided by the company’s trailing 12-month earnings per share. 

The Price/Book Ratio is used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share. The P/E and P/B ratio of a fund is the weighted average of the price/earnings and price/book ratios of the underlying stocks in a fund’s portfolio. 

R-squared measures how a fund’s performance correlates with a benchmark index’s performance and shows what portion of it can be explained by the performance of the overall market/index. R-squared ranges from  0, meaning no correlation, to 1, meaning perfect correlation.

Beta is a measure of the volatility of a fund relative to its benchmark index. A beta greater (less) than 1 is more (less) volatile than the index.

The composition of the Fund’s portfolio is subject to change. View the most current list of the Domini Impact Equity 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 Standard & Poor’s 500 Index (S&P 500) is an unmanaged index of common stocks. You cannot invest directly in an index.

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Commentary

Domini Impact Equity Fund Performance Commentary

The Fund invests primarily in mid- and large-cap U.S. equities. It is managed through a two-step process designed to capitalize on the strengths of Domini Impact Investments and Wellington Management Company, the Fund’s subadvisor. Domini creates an approved list of companies based on its social, environmental and governance analysis, and Wellington seeks to add value and manage risk through a systematic and disciplined portfolio construction process. 

Download Commentary as a PDF
Total Returns as of 6/30/2018
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 DSEFX  DIEQX  DSFRX  DSEPX (WITHOUT LOAD)2  DSEPX (WITH MAX LOAD)2 S&P 5003
Second Quarter 2018 -0.21% -0.08% -0.10% -0.17% -4.91% 3.43%
Year to Date -0.91% -0.71% -0.87% -0.88% -5.59% 2.65%
One Year 8.51% 8.92% 8.85% 8.57% 3.41% 14.37%
Three Year* 6.06% 6.45% 6.37% 6.04% 4.33% 11.93%
Five Year* 9.55% 9.95% 9.87% 9.53% 8.47% 13.42%
Ten Year*1 7.97% 7.97% 8.32% 7.97% 7.45% 10.17%

*Average annual total returns.


Market Overview

For the second quarter, the S&P 500 Index gained 3.43%, with U.S. equities driven higher by exceptionally strong corporate earnings. First-quarter earnings growth for the S&P 500 exceeded 20% for the first time since 2010, as the vast majority of constituents reported better-than-expected results. Although companies were generally upbeat about growth prospects, they cited rising wages, commodity prices, and logistics costs as potential earnings headwinds.

Data releases during the quarter suggested that the U.S. economy gained momentum. Jobless claims declined to historically low levels, with the unemployment rate approaching an 18-year low of 3.8% in May. Wage growth accelerated ahead of expectations, as average hourly earnings rose 0.3% in May. After two months of decline, the Institute of Supply Management’s Manufacturing Index rebounded in May, while strong sales and orders drove the Non-Manufacturing Index to the highest level since 1997. The National Federation of Independent Business (NFIB) Small Business Optimism Index reached a 34-year high, with a record number of companies indicating that the current economic environment is favorable for business expansion. Nevertheless, due to concerns about rising inflation and potential impacts of tariffs, consumer sentiment weakened at the end of the quarter. The housing market was also weaker, due to rising construction costs, supply shortages, and higher home prices and mortgage rates.

The Federal Reserve (Fed) raised benchmark interest rates by another 25 basis points, and signaled the potential for two additional hikes this year. Despite rising uncertainties over the sustainability of growth in light of broader macroeconomic risks—including ongoing trade tensions and slowing growth in Europe—the Fed lifted its economic growth forecast for 2018 and lowered its projection for unemployment.

Top Relative Contributors

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Company Sector Stock Return* %
Align Technology, Inc. Health Care 36.08%
NetApp, Inc. Information Technology 27.70%
Robert Half International Inc. Industrials 12.94%
Mastercard Inc. Information Technology 12.24%
Berkshire Hathaway Inc.** Financials -6.43%

Top Relative Detractors

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Company Sector Stock Return* %
Cummins Inc. Industrials -17.37%
Banco Santander (Brasil) S.A. Financials -37.35%
Prudential Financial, Inc. Financials -8.90%
Facebook, Inc.*** Information Technology 0.22%
Amazon.com, Inc. Consumer Discretionary 17.16%

Fund Performance

The Fund’s Investor shares declined 0.21% for the quarter, underperforming the S&P 500 Index gain of 3.43%. Security selection was the largest driver of underperformance, with particularly poor selection in the financials and information technology sectors, although selection was also weak in consumer staples, consumer discretionary, and telecommunication services. Sector allocation also had a large negative impact on relative results, primarily because the Fund was significantly underweight to the energy sector, which was the S&P 500’s top performing sector for the quarter. This underweight is primarily due to the Fund’s exclusion of oil and gas exploration and production companies.† The Fund was also underweight in consumer discretionary, which also outperformed, and overweight in financials and telecommunication services, which underperformed. 

At a security level, the largest detractor from relative results was Cummins, a manufacturer of engines and engine-related components, which declined more than 17%. The company reported disappointing first-quarter results, with lower-than-expected profit driven by various recurring events. Margins in the engine and components segments were negatively impacted by a costly warranty campaign and product campaign, respectively.

Within financials, our out-of-benchmark position in Banco Santander Brasil, the Brazilian subsidiary of Banco Santander, S.A., a Spanish bank, was the largest detractor. The stock declined more than 37% as a result of Brazil’s 10-year bond yield sharply rising throughout June. The treasury gains raised the prospects of investment losses at Santander, whose lending strategy has been a key growth driver in the past, but could now be vulnerable from any further deterioration in the country’s economic growth outlook. Earnings risk for Brazilian banks remains high due to subdued credit growth and net interest margin pressure.

Insurance and investment management group Prudential Financial was also a significant detractor, declining almost 9%. U.S. life insurers have broadly underperformed due to concerns over capital, weakening earnings power, and slower organic growth.

Facebook and Amazon were also among the largest detractors from relative results for the quarter. Facebook was sold from the Fund’s portfolio early in the quarter after we downgraded the company to ineligible for investment, in the wake of revelations about the unauthorized disclosure of 80 million users’ data to Cambridge Analytica. During the period it was still held, the stock returned only 0.2% for the Fund, but over the full quarter it returned 21.6% for the S&P 500. Amazon, which was held for the full quarter, returned more than 17%, but our significant underweight relative to the Index resulted in a large negative relative contribution.

Despite the Fund’s overall underperformance, there were several strong performers that made large positive contributions to relative results thanks to our overweight positions. The largest was from Align Technology, a medical device company that returned more than 36% for the quarter. Align manufactures systems for clear aligner therapy, intra-oral scanners, and 3D digital services used in dentistry and orthodontics. The company delivered excellent results for the first quarter, characterized by better scanner revenue, higher case volumes, and lower expenses. For the second quarter, management maintained guidance ahead of consensus expectations, while also increasing long-term sales guidance, with expectations for demand beyond orthodontics.

NetApp, a leading provider of data storage and networking solutions, gained almost 28% after reporting results for its fiscal fourth quarter that exceeded expectations on both the top and bottom lines. Despite growing competition—as the industry moves toward cloud and chip-based flash storage solutions—NetApp has driven sustained growth through operational discipline and a successful product transition. 

Robert Half, which provides specialized staffing and risk consulting services, gained almost 13%. The company reported solid results for the first quarter, as annual growth accelerated in most temp and consultant staff segments, and gross margins expanded year-over-year. Guidance for the second quarter was also well above expectations.

Global payments and technology company Mastercard returned more than 12% after reporting better-than expected earnings for the first quarter and lifting its full-year revenue forecast. The firm benefitted from a weaker U.S. dollar during the first three months of the year, as tourists traveling in the U.S. spent more on credit-card purchases, and Americans traveling abroad also showed strong purchasing behavior. As a whole, cross-border spending rose 32% compared to the first quarter of 2017. This growth was expected to decline due to a drop-off in consumers using their credit-cards to fund cryptocurrency purchases. Mastercard’s cross-border growth also benefited from Chinese lenders issuing credit cards with foreign-payment networks. 

The fund also benefitted from not owning benchmark constituent Berkshire Hathaway, which declined more than 6%. The conglomerate holding company is not approved for investment by Domini due to significant investments in nuclear power.

*Represents return for period in the Fund’s Portfolio or return for the entire period if not held.

**Not held in the Portfolio.

*** The Fund sold its full position in Facebook partway through the quarter, after Domini determined the company no longer met our Impact Investment standards.

† Companies included in the Integrated Oil & Gas or Oil & Gas Exploration & Production Industries as defined by the Global Industry Classification System (GICS)

1. Institutional and Class A shares were not offered prior to 11/28/08. All performance information for time periods beginning prior to 11/28/08 is the performance of the Investor shares. This performance has not been adjusted to reflect the lower expenses of the Institutional and Class A shares, but in the case of the Class A shares, does where noted reflect an adjustment for the maximum applicable sales charge of 4.75%.

2. Performance “with load” for DSEPX reflects performance with application of highest maximum front-end sales charge (4.75%). Performance “without load” reflects performance without application of front-end sales charge.

3. The Standard & Poor’s 500 Index (S&P 500) is an unmanaged index of common stocks. You cannot invest directly in an index. The index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by Domini. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P® and S&P 500® are trademarks of S&P; and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Domini. Domini product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index.

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 market, market segment, style and foreign investing 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: 1.09% (Investor), Net 1.09%/Gross 1.41% (Class A), Net/Gross 0.74%/0.74% (Institutional), 0.80% (Class R). The Fund’s adviser has contractually agreed to waive certain fees and/or reimburse certain ordinary operating expenses in order to limit Institutional share expenses to 0.74%, until November 30, 2018, and Class A share expenses to 1.09% until November 30, 2019, each absent an earlier modification approved by the Funds' Board of Trustees.

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. Class A shares are generally subject to a front-end sales charge of 4.75%. Please consult the Fund’s prospectus or your Service Organization for more information.

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

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.

As of 6/30/18, the companies noted above represented the following percentages of the Fund’s portfolio: Align Technology, Inc. [0.57%]; Amazon.com, Inc. [0.90%]; Banco Santander (Brasil) S.A. [0.51%]; Cummins Inc. [2.27%]; Mastercard Inc. [2.50%]; NetApp, Inc. [1.21%]; Prudential Financial, Inc. [2.46%]; and Robert Half International Inc. [2.16%]. Berkshire Hathaway, Inc. and Facebook, Inc. were not approved for investment, and therefore not held by any of the Domini Funds.

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.

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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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