Item 1. Reports to Stockholders.
A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 follows.
|
|
|
|
|
SEMI-ANNUAL REPORT 2014
|
|
|
JANUARY 31, 2014
(UNAUDITED)
|
|
D
OMINI
S
OCIAL
E
QUITY
F
UND
®
I
NVESTOR
S
HARES
,
C
LASS
A S
HARES
, I
NSTITUTIONAL
S
HARES
& C
LASS
R S
HARES
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
SM
I
NVESTOR
S
HARES
, C
LASS
A S
HARES
& I
NSTITUTIONAL
S
HARES
D
OMINI
S
OCIAL
B
OND
F
UND
®
I
NVESTOR
S
HARES
&
I
NSTITUTIONAL
S
HARES
|
KEEP IN TOUCH WITH DOMINI
|
A
report like this comes twice a year, but your dollars work for change all year long. Stay connected with us on Facebook and Twitter:
facebook.com/dominifunds
twitter.com/dominifunds
|
|
SIGN UP FOR
E-DELIVERY
|
If you
invest directly with Domini, you can also
avoid an annual fee of $15
by signing up for
paperless E-Delivery
of your statements and reports just log into your account, go to Account Options, and select
E-Delivery Option.
If you invest through a financial advisor, brokerage
firm, or employer-sponsored retirement plan, why not ask your advisor or plan sponsor how to receive your documents electronically? It can reduce your carbon footprint, save trees, and unclutter your life, all with just a few strokes of your
keyboard!
|
TABLE OF CONTENTS
T
HE
W
AY
Y
OU
I
NVEST
M
ATTERS
®
LETTER FROM THE PRESIDENT
Dear Fellow Shareholders:
The six months ending January 31, 2014 witnessed strong stock returns in all
developed markets, reminding us that the stock market is not a reflection of what is happening in the world at large, but a reflection of what is expected to happen to corporate earnings. I say this because, despite a number of highly dangerous
events that marked the global stage during this period, Wall Street remained cheerful.
Here at home, the just say no constituency
in Congress forced a federal government shutdown, while the infamous computer glitches of the HealthCare.gov rollout sparked national discouragement.
Meanwhile, we witnessed more bloodshed in Egypt, a terrorist attack at a shopping mall in Kenya and a devastating typhoon in the Philippines. And in early September, we stood on the verge of military
action in Syria. The bright red line barring chemical weapons use had been crossed and more than 1,400 people, including many children, were killed. Weary as our citizenry is with war, many of us felt that there was no other option.
And yet, war was averted and an international effort to destroy the stockpile began.
With all this going on, the U.S. and six other
nations signed a preliminary deal with Iran to avert a nuclear weapons buildup. The events in Syria and Iran, along with Secretary of State Kerrys determination to defuse the Israeli/Palestinian disputes, mark a hopeful shift in Middle East
relations.
During this period of hope and fear, the looming threat of climate change was once again brought home. The Intergovernmental Panel
on Climate Change released its latest report, the most comprehensive and authoritative synthesis of scientific knowledge about global climate change ever generated, according to John Holdren, a senior advisor to President Obama.
Following the fourth warmest year on record, many of us suffered in the grip of the Polar Vortex, an ironic reminder that global warming will bring unexpected and unpredictable changes. Speaking in Indonesia, Secretary Kerry warned: It will
soon be too late for action to prevent the immense costs of doing nothing.
In the end, investors attempt to read the economic future of
the companies in which they invest, which can be influenced by disastrous war or weather. But at least for now, these trends are not dramatically curtailing growth, and a number of areas indicate pretty good news for the economy at large.
2
T
HE
W
AY
Y
OU
I
NVEST
M
ATTERS
®
In January, according to the Bureau of Labor Statistics, unemployment rates dropped to 6.6%, the lowest
level since October 2008. According to Calculated Risk, the Feds Household Debt Service Ratio, whether calculated with housing costs included or excluded, is at its lowest level in 30 years. We have also seen a continued gradual increase in
housing prices. Housing expansion is a very important driver of the economy because when people buy houses they also buy furniture and appliances. While the recovery is not complete, the trend is comforting and greater discretionary spending is good
for corporate growth. These are but a few of the reasons behind the stock markets strength of late.
The period also
included two opportunities to reflect on how far we have come and what we can achieve when we unite against suffering and injustice. On August 28, we commemorated the 50
th
anniversary of the Reverend Dr. Martin Luther King, Jr.s I Have a Dream speech. Though the
struggle continued, that speech marked a turning of the tide for many Americans.
Then in December, the world paused to
praise and to remember the great Nelson Mandela. In many ways, the passion I carry for the field of responsible investing was shaped by the period between 1971, when the board of General Motors was asked by the Episcopal Church to close its
factories in South Africa, to 1994 when Mandela was elected President. During those years investors in America put pressure on South Africas government through a combination of divestment and shareholder activism. These actions helped to
transform South Africa, and they also had a transformative effect here at home, galvanizing a new force for change socially responsible investing. In this report, we mark the 20
th
anniversary of the Domini Social Equity Funds first shareholder proposal.
In just six short months: The 50
th
anniversary of the I Have a Dream speech celebrated by a black American President; Our first female Fed
Chair; An intentional shutdown of the U.S. government; Dramatic reminders that the human race is altering our climate, placing all life at risk; and the passing of one of the twentieth centurys most inspirational leaders, whose life taught us
that the impossible is possible.
This was a poignant period for me, and a time for reflection on what can and must be done to secure our
childrens future. The civil rights era was a formative period, and the lessons learned in the struggle for freedom in South Africa and the remarkable gentle man who emerged from jail to lead that nation forward shaped my professional life.
As always, thank you for your commitment to responsible investing and for your investment with us.
Very truly yours,
Amy Domini
amy@domini.com
3
T
HE
W
AY
Y
OU
I
NVEST
M
ATTERS
®
DOMINI NEWS
Introducing the New Domini.com
This winter, Domini was proud to unveil our brand new website at
www.Domini.com
. With an improved layout and a new user-friendly interface, shareholders should find our new site simpler to use and full of helpful information.
The
Domini Insights
section of our new site features the new Domini Blog, a regular column written by CEO and Founder Amy Domini, and a multitude of articles and reports written and published by
Domini staff to help educate investors, policymakers and the general public about the benefits of responsible investing and greater corporate social responsibility.
Visit our
Responsible Investing
section to learn more about how we choose our investments and how the Domini Funds are advancing human rights and environmental sustainability.
We hope you will take the time to visit our new website and explore how your investment in the Domini Funds is making a difference. We look forward to
receiving your feedback.
De-militarizing Amazon.com
In November, we wrote a letter to Jeff Bezos, Founder and CEO of Amazon.com, raising concerns about the companys participation in the militarization of the civilian firearms market after we
discovered semi-automatic weapon accessories being sold on Amazon that could help gun owners increase the firepower of their weapons. Our letter was signed by 33 institutional investors managing $490 billion, and was covered by Reuters in December.
In a recent conversation with Amazon executives we learned that our letter was taken quite seriously. Most of the products we identified have
been removed from Amazon.com and added to the companys list of prohibited items. The third-party sellers have been notified that they may no longer offer these items for sale on Amazon. We will continue to engage Amazon to ensure that they are
doing everything they can to avoid becoming a marketplace for assault weapons.
4
T
HE
W
AY
Y
OU
I
NVEST
M
ATTERS
®
CELEBRATING TWENTY YEARS OF SHAREHOLDER ACTIVISM
At a
Goldman Sachs
* annual meeting, time was set aside for shareholders to ask questions. A man approached the microphone and announced that he was
a guest, not a shareholder, and wondered if he could ask a question. No, CEO Lloyd Blankfein quickly responded, only shareholders can ask questions. In the corporate world, generally only shareholders have a voice.
Shareholder activism provides us with the tools to open up this world to those that are affected by corporate activities.
For the past twenty
years, your investment in the Domini Funds has enabled conversations with executives at some of the largest corporations in the world on a wide range of social and environmental issues. As a Domini Funds investor, you can take credit for helping to
convince
JPMorgan Chase
* to hire its first Director of Environmental Affairs and to adopt comprehensive environmental policies. After a five year campaign, you helped convince
Emerson Electric
to ban discrimination against its gay and
lesbian employees. You have helped convince numerous companies to measure their environmental impacts and to adopt strong protections for vulnerable workers in factories around the world.
Since our first shareholder resolution was submitted in 1993, Domini has filed more than 240 proposals at 95 different corporations. The use of social, environmental and governance standards to select
investments, combined with a shareholder activism program to help move them further in the right direction, has proven to be a powerful vehicle for change.
Below we discuss some of the ways that the Domini Funds have helped change corporate practices over the past twenty years. Over the course of 2014 and beyond, we look forward to sharing more success
stories about how your investments have worked for positive change.
|
W
HAT
IS
A
SHAREHOLDER
RESOLUTION
?
|
Shareholder resolutions are proposals that are submitted and voted on by shareholders (i.e. the owners) of a corporation.
Corporations conduct annual meetings where shareholders elect the board of directors and vote
on various governance matters. Shareholders may also place their own proposals on the ballot. These proposals may request that a company adopt labor rights protections for factory workers in its global supply chain, for example, or take specific
steps to address climate change.
If a proposal is printed in the corporate proxy
statement and is put to a vote, the proponent is given an opportunity to make a brief speech at the annual meeting, and the company has an opportunity to respond.
|
5
T
HE
W
AY
Y
OU
I
NVEST
M
ATTERS
®
Getting on the Agenda
In 2009, we traveled to North Carolina to present our human rights proposal at the annual meeting for
Nucor
, the largest producer and recycler of steel in America. It was a small
meeting, where the CEO referred to shareholders by name and pointed out former board members in the audience. It was clear that it was his show, and he used the meeting, which was broadcast live online, to promote Nucor and his leadership. But for
the five minutes we had to present our proposal, attention turned from profit and loss to human rights. We spoke about Nucors purchases of Brazilian pig-iron, a product that has been linked to slavery and illegal deforestation, and questioned
whether Nucor was doing enough to ensure that they were not purchasing the product of slave labor. Within six months, we reached agreement with management on a strong set of new human rights policies.
From time to time, we have offered affected stakeholders the opportunity to attend meetings as our representatives and to speak for themselves. In 2005, a
resident of Canadas Boreal region spoke as our representative at the
L Brands
annual meeting, the parent company of Victorias Secret, about the dramatic environmental impact of the companys paper-purchasing policies.
Company executives told us that her moving speech was a factor in their decision to adopt more responsible environmental practices.
Usually
companies would prefer not to see these issues raised at their annual meetings, and they are often willing to negotiate to see if agreement can be reached to withdraw the proposal. In addition, shareholder support has risen substantially in recent
years. While we once celebrated a 10% vote, votes of 20-30% are now common as many large investors have come around to our way of thinking.
A
significant vote on a shareholder proposal can often be sufficient to move the needle. For example, when our proposal asking
Verizon Communications
to disclose its political contributions received a 33% vote, the company acceded to our
request. After several years,
AT&T
finally agreed to match Verizons commitment when our proposal received a 39% vote at its 2012 annual meeting. We continue to press them to expand these disclosures.
The Importance of Transparency
Over the past
twenty years, we have seen dramatic changes in how companies address working conditions in their global supply chains. In the late 1990s, it was still possible to hear company executives tell us that they had no responsibility for these factories,
because they did not own them. Today, corporate executives ask for advice on how to solve intractable issues like excessive working hours and recurring safety violations. The old denials have largely fallen by the wayside.
6
T
HE
W
AY
Y
OU
I
NVEST
M
ATTERS
®
How can we ensure that companies pay sufficient attention to working conditions in the factories and
farms that produce their products? Quality public reporting can help to ensure accountability, by allowing investors and others to monitor corporate progress over time.
In 2002, we had good information that
Gap
was a leader in protecting the rights of workers in its global supply chain, but there was no publicly available data to allow us to evaluate these
efforts. Our shareholder proposal changed all of that, resulting in an agreement by Gap to produce a transparent report discussing working conditions in its suppliers factories. That report was the first time an apparel company had publicly
reported on these issues, and it received worldwide media attention. Soon, other companies, including
Hewlett-Packard
and
Nike
, began to report this information, building on Gaps model.
Domini has been pleased to serve as a member of Gaps Public Reporting Working Group (PRWG), advising the company on each of its
subsequent reports, each of which includes a statement from the PRWG. The company has repeatedly told us that the process of preparing these reports has helped it to improve its performance and do a better job of protecting workers rights.
A Catalyst for Change
Just as our
actions can have ripple effects throughout an industry, we also look for opportunities to catalyze progress at key companies. Over the past few years,
Apple
has been making unwelcome headlines for labor conditions at Foxconn*, a key Chinese
supplier to the global electronics industry and the manufacturer of many Apple products.
But Apple was not in the headlines back in 2005 when
we first wrote to Steve Jobs, asking how the company ensures that its supply chain is free of child labor and other abusive working conditions. Our shareholder proposal kept the issue on the table through detailed negotiations with Apple executives.
We ultimately reached agreement when Apple adopted its first code of conduct applying labor and environmental standards to all factories manufacturing its products, including strong language we proposed on forced labor and union rights. This
engagement led to an ongoing dialogue with the company that continues to this day.
The Walt Disney Company
provides one case study of
how corporations have changed over the past twenty years to embrace sustainability goals. Our engagement with the company began in 1996, in partnership with other investors affiliated with the Interfaith Center on Corporate Responsibility (ICCR),
focusing on sweatshops. This dialogue led to the creation of the companys International Labor Standards program and significant enhancements to the companys factory monitoring. We even
7
T
HE
W
AY
Y
OU
I
NVEST
M
ATTERS
®
visited Disney supplier factories to provide our feedback, as trust between the company and the shareholder coalition solidified. We have raised numerous issues with the company over the years
and have witnessed dramatic changes. Disney now publishes a comprehensive sustainability report with clear social and environmental goals.
A Meeting
of the Minds
The shareholder proposal is not an end in itself. It is an effective tool to promote dialogue, and dialogue is where the work
really gets done. By 2003, overproduction and falling prices led to a crisis in the coffee market, leaving millions of farmers unable to feed, clothe and educate their families. Fair Trade certification guarantees farmers a minimum price for their
coffee, protecting farmers from fluctuating market prices and allowing them to plan for the future.
At that time,
Procter & Gamble
was one of the worlds largest coffee roasters, and the owner of the Folgers brand (it has since spun off its coffee business). The company was not opposed to lending assistance to farmers, but it also was not
convinced that Fair Trade was the right solution. It took a series of meetings to finally convince the company that Fair Trade made sense and was a necessary corrective to a clear market failure. After months of dialogue with an investor group
co-led by Domini, Procter & Gamble offered its first line of Fair Trade Certified
®
coffee.
Corporations may seem like large monolithic entities, but it often takes a human connection to make progress on these issues. Ultimately, we succeeded
with Procter & Gamble as we have with other companies because a key executive was willing to seriously listen to our concerns with an open mind.
A Global Reach
As the world has changed over the past twenty years, so has Domini. We offered our
first mutual fund investing in foreign companies in 2005. Today, the Domini International Social Equity Fund invests in companies based in Europe, the Pacific-Asia region and throughout the world, offering us new opportunities for engagement.
Although it is generally not possible to file shareholder proposals outside of the United States, we have exercised influence through letter-writing, direct dialogue and proxy voting.
In 2006, our research uncovered a link between
Toyota Motor
* and the Burmese military regime, through a Toyota affiliate. Although we have never invested in Toyota, we took action nonetheless. Our
three-year engagement, in partnership with Toyota shareholders, ultimately resulted in Toyotas partner ending its relationship with the military regime. We
8
T
HE
W
AY
Y
OU
I
NVEST
M
ATTERS
®
also regularly participate in investor dialogues with companies operating in conflict zones, including Syria and Sudan, although these companies are generally excluded from our Funds by our human
rights standards.
We have always taken a strong stand on board diversity, voting against all-white, male boards. Japan ranks lowest in the
world on board diversity, where only 1.1% of corporate directors are female. In response to this serious problem, each year for the past several years, the Domini International Social Equity Fund has voted against the board for virtually every
Japanese company in its portfolio, and we have written letters to these companies to explain the reason for our vote.
Our Current Priorities
Currently, we are working to encourage companies to adopt more stringent policies to protect forests around the world, to disclose their
political contributions, and to take greater responsibility for worker health and safety in Bangladesh. We are speaking with several energy companies about their efforts to reduce methane emissions in their operations, a potent greenhouse gas. We
also submitted a brand new proposal to
Google
, asking for a policy to ensure that the company carefully considers the impact of its tax practices around the world on employees and communities. The company has been at the center of a global
debate about corporate tax avoidance.
|
|
|
2014 SHAREHOLDER PROPOSALS
|
Shareholder proposals are generally submitted in the Fall, to be
voted at corporate annual meetings in the Spring. Here is a look at the proposals filed by Domini this year:
|
Companies
|
|
Issues
|
Kraft Foods Group, Mondelēz International, PepsiCo
|
|
Forestry practices
|
Google
|
|
Corporate tax avoidance
|
AT&T, JetBlue Airways
|
|
Political contributions disclosure
|
Verizon Communications, United Parcel Service
|
|
Political lobbying disclosure
|
Chipotle Mexican
Grill
|
|
Sustainability reporting
|
PNC Financial
Services
|
|
Coal financing
|
Energen
, Pioneer
Natural Resources
|
|
Methane emissions
|
|
|
|
Domini is playing a supporting role in these engagements
|
9
T
HE
W
AY
Y
OU
I
NVEST
M
ATTERS
®
It Takes a Village
We would be remiss if we failed to acknowledge that we frequently collaborate with other investors and NGOs in these efforts. Many of the achievements noted above were products of these important
partnerships.
* * *
Archimedes, the ancient Greek scientist, once remarked, Give me a lever and a place to stand and I will move the earth. For the past twenty years, we have provided a place to stand
for our mutual fund shareholders, finding as many ways as possible to amplify your voice on some of the most pressing challenges of our time. We thank you for your investment and look forward to another twenty years of transformative change.
*Companies marked with an asterisk are not currently eligible for investment by
the Domini Funds.
The holdings discussed above can be found in the portfolios of the Domini Funds, included herein. The composition of the Funds
portfolios is subject to change.
An investment in the Domini Social Equity Fund and the Domini International Social Equity Fund is subject to market
risks such as sector concentration and style risk. Investing internationally involves special risks, such as currency fluctuations, social and economic instability, differing securities regulations and accounting standards, limited public
information, possible changes in taxation, and periods of illiquidity. You may lose money.
The preceding should not be deemed an offer to sell or a
solicitation of an offer to buy the stocks or bonds of any of the companies noted, or a recommendation concerning the merits of any of these companies as an investment.
This material must be preceded or accompanied by a current prospectus. DSIL Investment Services LLC, Distributor. 03/14
10
THIS PAGE
INTENTIONALLY LEFT BLANK
D
OMINI
S
OCIAL
E
QUITY
F
UND
Fund Performance and Holdings
The table and bar charts below provide information as of January 31, 2014 about the ten largest holdings of the Domini Social Equity Fund and its portfolio holdings by industry sector:
TEN LARGEST HOLDINGS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITY DESCRIPTION
|
|
% NET
ASSETS
|
|
|
SECURITY DESCRIPTION
|
|
% NET
ASSETS
|
|
Microsoft Corp
|
|
|
4.2%
|
|
|
Fifth Third Bancorp
|
|
|
2.4%
|
|
Eli Lilly & Co
|
|
|
3.1%
|
|
|
DIRECTV
|
|
|
2.3%
|
|
Apache Corp
|
|
|
2.7%
|
|
|
Southwest Airlines Co
|
|
|
2.3%
|
|
Oracle Corp
|
|
|
2.7%
|
|
|
Kroger Co/The
|
|
|
2.3%
|
|
Celgene Corp
|
|
|
2.4%
|
|
|
Apple Inc
|
|
|
2.3%
|
|
PORTFOLIO HOLDINGS BY INDUSTRY SECTOR (% OF NET ASSETS) (Unaudited)
The holdings mentioned above are described in the Domini Social Equity Funds Portfolio of Investments (as of 1/31/14),
included herein. The composition of the Funds portfolio is subject to change.
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DOMINI SOCIAL EQUITY FUND
AVERAGE ANNUAL TOTAL RETURNS (Unaudited)
|
|
|
|
|
Investor
shares
|
|
Class A shares
(with 4.75%
maximum
Sales Charge)
1
|
|
Class A shares
(without
Sales
Charge)
1
|
|
Institutional
shares
2
|
|
Class R
shares
3
|
|
S&P 500
|
As of 1/31/14
|
|
1 Year
|
|
23.19%
|
|
17.45%
|
|
23.31%
|
|
23.73%
|
|
23.60%
|
|
21.52%
|
|
|
5 Year
|
|
19.51%
|
|
18.45%
|
|
19.60%
|
|
20.06%
|
|
19.96%
|
|
19.19%
|
|
|
10 Year
|
|
5.59%
|
|
5.08%
|
|
5.59%
|
|
5.59%
|
|
5.95%
|
|
6.83%
|
|
|
Since
Inception
(6/3/91)
|
|
8.37%
|
|
8.14%
|
|
8.37%
|
|
8.37%
|
|
8.53%
|
|
9.14%
|
Past performance is no guarantee of future results.
The Funds returns quoted above represent past performance
after all expenses. Investment return, principal value, and yield will fluctuate. Your shares, when redeemed, may be worth more or less than their original cost. Call 1-800-582-6757 or visit
www.domini.com
for performance information current
to the most recent month-end, which may be lower or higher. A 2.00% fee applies to sales/exchanges made less than 30 days after the settlement of purchase/exchange, with certain exceptions. Quoted performance data does not reflect the deduction of
this fee, which would reduce the performance quoted. See the Funds prospectus for further information.
For the period reported in its
current prospectus, during which net operating expenses were capped by the Funds Manager, the Funds gross annual operating expenses totaled 1.24% (Investor shares), 1.74% (Class A shares), 0.81% (Institutional shares), and
0.90% (Class R shares) of net assets representing each share class, respectively. Until 11/30/14, the Funds Manager has contractually agreed to limit certain ordinary expenses to 1.25% (Investor shares), 1.18%
(Class A shares), 0.80% (Institutional shares) and 0.90% (Class R shares) of its average daily net assets representing each share class, respectively, absent an earlier modification by the Funds Board. The Funds total
returns may have been lower without these limits.
The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions
or the redemption of Fund shares. Total return for the Domini Social Equity Fund is based on the Funds net asset values and assumes all dividend and capital gains were reinvested. An investment in the Fund is not a bank deposit and is not
insured. The Fund is subject to market risks such as sector concentration and style risk. You may lose money.
The Standard & Poors 500
(S&P 500) Index is an unmanaged index of common stocks. You cannot invest directly in an index.
1
Class A shares were not offered prior to November 28, 2008. All performance information for time periods beginning prior to November 28, 2008 is the performance of the
Investor shares. This performance has not been adjusted to reflect the lower expenses of the Class A shares, but does, where noted, reflect an adjustment for the maximum applicable sales charge of 4.75%.
2
Institutional shares were not offered prior to November 28,
2008. All performance information for time periods beginning prior to November 28, 2008 is the performance of the Investor shares. This performance has not been adjusted to reflect the lower expenses of the Institutional shares.
3
Reflects the performance of the Investor shares prior to
November 28, 2003, the date the Class R shares were first offered. This earlier performance has not been adjusted to take into account the lower expenses applicable to Class R shares.
13
D
OMINI
S
OCIAL
E
QUITY
F
UND
P
ORTFOLIO
OF
I
NVESTMENTS
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
SECURITY
|
|
SHARES
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
|
|
Common Stocks 99.3%
|
|
Consumer Discretionary 15.6%
|
|
Amazon.com Inc (a)
|
|
|
29
|
|
|
$
|
10,402
|
|
AutoZone Inc (a)
|
|
|
29,800
|
|
|
|
14,752,788
|
|
Best Buy Co Inc
|
|
|
866
|
|
|
|
20,386
|
|
Brinker International Inc
|
|
|
51,300
|
|
|
|
2,480,868
|
|
Buckle Inc/The
|
|
|
43,100
|
|
|
|
1,910,192
|
|
Chipotle Mexican Grill Inc (a)
|
|
|
5,835
|
|
|
|
3,220,687
|
|
Coach Inc
|
|
|
345,633
|
|
|
|
16,552,364
|
|
DIRECTV (a)
|
|
|
299,900
|
|
|
|
20,822,056
|
|
FUJIFILM Holdings Corp ADR
|
|
|
92,900
|
|
|
|
2,707,106
|
|
Fossil Group Inc (a)
|
|
|
53,900
|
|
|
|
6,027,637
|
|
Gap Inc/The
|
|
|
400,045
|
|
|
|
15,233,714
|
|
Home Depot Inc/The
|
|
|
218
|
|
|
|
16,753
|
|
JC Penney Co Inc (a)
|
|
|
1,546
|
|
|
|
9,152
|
|
Johnson Controls Inc
|
|
|
283
|
|
|
|
13,052
|
|
Kohls Corp
|
|
|
349,900
|
|
|
|
17,715,437
|
|
L Brands Inc
|
|
|
219
|
|
|
|
11,467
|
|
Lowes Cos Inc
|
|
|
364
|
|
|
|
16,850
|
|
Macys Inc
|
|
|
48,700
|
|
|
|
2,590,840
|
|
McDonalds Corp
|
|
|
101
|
|
|
|
9,511
|
|
NIKE Inc Cl B
|
|
|
188
|
|
|
|
13,696
|
|
Nordstrom Inc
|
|
|
51,400
|
|
|
|
2,952,930
|
|
PetSmart Inc
|
|
|
118,400
|
|
|
|
7,459,200
|
|
priceline.com Inc (a)
|
|
|
4,700
|
|
|
|
5,380,983
|
|
Scholastic Corp
|
|
|
316
|
|
|
|
10,425
|
|
Scripps Networks Interactive Inc Cl A
|
|
|
246,200
|
|
|
|
17,854,423
|
|
Staples Inc
|
|
|
666
|
|
|
|
8,765
|
|
Starbucks Corp
|
|
|
207
|
|
|
|
14,722
|
|
TJX Cos Inc/The
|
|
|
37,500
|
|
|
|
2,151,000
|
|
Target Corp
|
|
|
181
|
|
|
|
10,252
|
|
Tiffany & Co
|
|
|
152
|
|
|
|
12,645
|
|
TripAdvisor Inc (a)
|
|
|
28,200
|
|
|
|
2,176,758
|
|
Walt Disney Co/The
|
|
|
242
|
|
|
|
17,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
142,184,633
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples 8.2%
|
|
Avon Products Inc
|
|
|
374
|
|
|
|
5,569
|
|
Coca-Cola Co/The
|
|
|
292
|
|
|
|
11,043
|
|
Costco Wholesale Corp
|
|
|
120
|
|
|
|
13,483
|
|
Delhaize Group SA ADR
|
|
|
64,200
|
|
|
|
4,107,516
|
|
Green Mountain Coffee Roasters Inc
|
|
|
23,700
|
|
|
|
1,919,700
|
|
JM Smucker Co/The
|
|
|
179,200
|
|
|
|
17,273,088
|
|
|
|
|
|
|
|
|
|
|
SECURITY
|
|
SHARES
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples
(Continued)
|
|
Kellogg Co
|
|
|
224,200
|
|
|
$
|
12,999,116
|
|
Kimberly-Clark Corp
|
|
|
21,641
|
|
|
|
2,366,876
|
|
Koninklijke Ahold Sp Adr
|
|
|
635,700
|
|
|
|
10,603,476
|
|
Kraft Foods Group Inc
|
|
|
223
|
|
|
|
11,674
|
|
Kroger Co/The
|
|
|
573,130
|
|
|
|
20,689,993
|
|
Mondelez International Inc Cl A
|
|
|
265
|
|
|
|
8,679
|
|
PepsiCo Inc
|
|
|
161
|
|
|
|
12,938
|
|
Procter & Gamble Co / The
|
|
|
155
|
|
|
|
11,876
|
|
Safeway Inc
|
|
|
148,900
|
|
|
|
4,651,636
|
|
Whole Foods Market Inc
|
|
|
248
|
|
|
|
12,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
74,699,623
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy 6.1%
|
|
|
|
|
|
ARC Resources Ltd
|
|
|
380
|
|
|
|
9,901
|
|
Apache Corp
|
|
|
305,191
|
|
|
|
24,494,630
|
|
Concho Resources Inc (a)
|
|
|
100
|
|
|
|
9,779
|
|
EQT Corp
|
|
|
115,500
|
|
|
|
10,719,555
|
|
Ensco PLC Cl A
|
|
|
90,400
|
|
|
|
4,553,448
|
|
National Oilwell Varco Inc
|
|
|
120
|
|
|
|
9,001
|
|
Noble Energy Inc
|
|
|
170
|
|
|
|
10,596
|
|
Oil States International Inc (a)
|
|
|
171,000
|
|
|
|
16,065,450
|
|
Penn West Petroleum Ltd
|
|
|
915
|
|
|
|
6,835
|
|
Pioneer Natural Resources Co
|
|
|
88
|
|
|
|
14,900
|
|
Southwestern Energy Co (a)
|
|
|
287
|
|
|
|
11,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55,905,773
|
|
|
|
|
|
|
|
|
|
|
|
Financials 19.7%
|
|
American Express Co
|
|
|
191
|
|
|
|
16,239
|
|
Apollo Investment Corp
|
|
|
976,300
|
|
|
|
8,239,972
|
|
Brandywine Realty Trust
|
|
|
164,600
|
|
|
|
2,345,550
|
|
Discover Financial Services
|
|
|
97,200
|
|
|
|
5,214,780
|
|
Fifth Third Bancorp
|
|
|
1,030,400
|
|
|
|
21,659,008
|
|
14
D
OMINI
S
OCIAL
E
QUITY
F
UND
P
ORTFOLIO
OF
I
NVESTMENTS
(continued)
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
SECURITY
|
|
SHARES
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
|
|
Financials
(Continued)
|
|
Hartford Financial Services Group Inc/The
|
|
|
610,600
|
|
|
$
|
20,302,450
|
|
ING Groep NV ADR (a)
|
|
|
281,100
|
|
|
|
3,713,331
|
|
KeyCorp
|
|
|
333,200
|
|
|
|
4,251,632
|
|
Kimco Realty Corp
|
|
|
822,900
|
|
|
|
17,206,839
|
|
Lincoln National Corp
|
|
|
134,700
|
|
|
|
6,469,641
|
|
MFA Financial Inc
|
|
|
927,600
|
|
|
|
6,762,204
|
|
MetLife Inc
|
|
|
119,100
|
|
|
|
5,841,855
|
|
PNC Financial Services Group Inc/The
|
|
|
208,090
|
|
|
|
16,622,229
|
|
Piedmont Office Realty Trust Inc Cl A
|
|
|
792,200
|
|
|
|
13,205,974
|
|
Prudential Financial Inc
|
|
|
188,500
|
|
|
|
15,907,515
|
|
Retail Properties of America Inc Cl A
|
|
|
461,500
|
|
|
|
6,087,185
|
|
State Street Corp
|
|
|
70,700
|
|
|
|
4,733,365
|
|
Symetra Financial Corp
|
|
|
145,300
|
|
|
|
2,782,495
|
|
US Bancorp/MN
|
|
|
346
|
|
|
|
13,747
|
|
Unum Group
|
|
|
556,700
|
|
|
|
17,925,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
179,301,751
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 10.8%
|
|
Becton Dickinson and Co
|
|
|
128
|
|
|
|
13,839
|
|
Biogen Idec Inc (a)
|
|
|
12,300
|
|
|
|
3,845,472
|
|
CareFusion Corp (a)
|
|
|
428,700
|
|
|
|
17,478,099
|
|
Celgene Corp (a)
|
|
|
146,300
|
|
|
|
22,227,359
|
|
Eli Lilly & Co
|
|
|
521,300
|
|
|
|
28,155,413
|
|
Gilead Sciences Inc (a)
|
|
|
98,900
|
|
|
|
7,976,285
|
|
Hospira Inc (a)
|
|
|
56,100
|
|
|
|
2,468,961
|
|
Mylan Inc/PA (a)
|
|
|
146,800
|
|
|
|
6,666,188
|
|
Shire PLC ADR
|
|
|
62,500
|
|
|
|
9,351,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
98,182,866
|
|
|
|
|
|
|
|
|
|
|
|
Industrials 8.6%
|
|
3M Co
|
|
|
122,315
|
|
|
|
15,679,560
|
|
AGCO Corp
|
|
|
161,200
|
|
|
|
8,596,796
|
|
Brinks Co/The
|
|
|
98,900
|
|
|
|
3,129,196
|
|
Cummins Inc
|
|
|
83
|
|
|
|
10,539
|
|
Deere & Co
|
|
|
58,300
|
|
|
|
5,011,468
|
|
Dun & Bradstreet Corp / The
|
|
|
154,000
|
|
|
|
16,940,000
|
|
Energizer Holdings Inc
|
|
|
55,000
|
|
|
|
5,197,500
|
|
First Solar Inc (a)
|
|
|
358
|
|
|
|
18,108
|
|
Herman Miller Inc
|
|
|
422
|
|
|
|
11,829
|
|
|
|
|
|
|
|
|
|
|
SECURITY
|
|
SHARES
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
|
|
Industrials
(Continued)
|
|
Interface Inc
|
|
|
692
|
|
|
$
|
14,497
|
|
JetBlue Airways Corp (a)
|
|
|
1,688
|
|
|
|
14,787
|
|
RR Donnelley & Sons Co
|
|
|
629
|
|
|
|
11,618
|
|
Rockwell Automation Inc
|
|
|
25,100
|
|
|
|
2,882,484
|
|
Southwest Airlines Co
|
|
|
988,954
|
|
|
|
20,718,586
|
|
United Parcel Service Inc Cl B
|
|
|
131
|
|
|
|
12,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
78,249,443
|
|
|
|
|
|
|
|
|
|
|
|
Information Technology 19.1%
|
|
Advanced Micro Devices Inc (a)
|
|
|
3,150
|
|
|
|
10,805
|
|
Apple Inc
|
|
|
40,990
|
|
|
|
20,519,594
|
|
Applied Materials Inc
|
|
|
762
|
|
|
|
12,817
|
|
Cisco Systems Inc
|
|
|
504
|
|
|
|
11,043
|
|
EMC Corp/MA
|
|
|
373
|
|
|
|
9,042
|
|
F5 Networks Inc (a)
|
|
|
31,800
|
|
|
|
3,402,600
|
|
Google Inc Cl A (a)
|
|
|
3,216
|
|
|
|
3,798,000
|
|
Hewlett-Packard Co
|
|
|
840
|
|
|
|
24,360
|
|
Infosys Ltd ADR
|
|
|
38,600
|
|
|
|
2,261,188
|
|
Intel Corp
|
|
|
90,341
|
|
|
|
2,216,968
|
|
International Business Machines Corp
|
|
|
72,452
|
|
|
|
12,800,819
|
|
MasterCard Inc Cl A
|
|
|
224,700
|
|
|
|
17,005,296
|
|
Mentor Graphics Corp
|
|
|
96,200
|
|
|
|
2,000,960
|
|
Microsoft Corp
|
|
|
1,006,239
|
|
|
|
38,086,145
|
|
Motorola Solutions Inc
|
|
|
201
|
|
|
|
12,824
|
|
NVIDIA Corp
|
|
|
793,500
|
|
|
|
12,457,950
|
|
NetApp Inc
|
|
|
125,300
|
|
|
|
5,305,202
|
|
NeuStar Inc Cl A (a)
|
|
|
46,300
|
|
|
|
1,569,107
|
|
Oracle Corp
|
|
|
662,800
|
|
|
|
24,457,319
|
|
Power Integrations Inc
|
|
|
260
|
|
|
|
15,400
|
|
QUALCOMM Inc
|
|
|
61,300
|
|
|
|
4,549,686
|
|
SanDisk Corp
|
|
|
76,400
|
|
|
|
5,313,620
|
|
SunPower Corp (a)
|
|
|
1,124
|
|
|
|
36,373
|
|
Symantec Corp
|
|
|
141,700
|
|
|
|
3,033,797
|
|
Texas Instruments Inc
|
|
|
300
|
|
|
|
12,720
|
|
United Microelectronics Corp ADR
|
|
|
2,529,500
|
|
|
|
5,109,590
|
|
15
D
OMINI
S
OCIAL
E
QUITY
F
UND
P
ORTFOLIO
OF
I
NVESTMENTS
(continued)
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
SECURITY
|
|
SHARES
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
|
|
Information Technology
(Continued)
|
|
Western Digital Corp
|
|
|
112,400
|
|
|
$
|
9,685,508
|
|
Xerox Corp
|
|
|
1,209
|
|
|
|
13,118
|
|
Yahoo! Inc (a)
|
|
|
649
|
|
|
|
23,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
173,755,228
|
|
|
|
|
|
|
|
|
|
|
|
Materials 3.3%
|
|
Domtar Corp
|
|
|
101,900
|
|
|
|
10,945,079
|
|
International Paper Co
|
|
|
302
|
|
|
|
14,417
|
|
MeadWestvaco Corp
|
|
|
329
|
|
|
|
11,867
|
|
Nucor Corp
|
|
|
230
|
|
|
|
11,121
|
|
Packaging Corp of America
|
|
|
106,000
|
|
|
|
6,847,600
|
|
Sealed Air Corp
|
|
|
414,100
|
|
|
|
12,915,779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,745,863
|
|
|
|
|
|
|
|
|
|
|
|
Telecommunication Services 5.6%
|
|
AT&T Inc
|
|
|
63,535
|
|
|
|
2,116,986
|
|
CenturyLink Inc
|
|
|
213,400
|
|
|
|
6,158,724
|
|
Frontier Communications Corp
|
|
|
1,720,800
|
|
|
|
8,087,760
|
|
KT Corp ADR (a)
|
|
|
718,200
|
|
|
|
10,162,530
|
|
Rogers Communications Inc Cl B
|
|
|
75,200
|
|
|
|
3,161,408
|
|
TELUS Corp
|
|
|
63,700
|
|
|
|
2,222,493
|
|
Telecom Corp of New Zealand Ltd ADR
|
|
|
321,100
|
|
|
|
3,027,973
|
|
Verizon Communications Inc
|
|
|
343,163
|
|
|
|
16,478,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51,416,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITY
|
|
SHARES
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
|
|
Utilities 2.3%
|
|
Avista Corp
|
|
|
83,300
|
|
|
$
|
2,401,539
|
|
Energen Corp
|
|
|
262,087
|
|
|
|
18,534,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,936,332
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks 99.3%
(Cost $757,491,189) (b)
|
|
|
|
905,378,073
|
|
|
|
Other Assets, less liabilities 0.7%
|
|
|
|
5,995,248
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets 100.0%
|
|
|
$
|
911,373,321
|
|
|
|
|
|
|
|
|
|
|
(a) Non-income producing security.
(b) The aggregate cost for federal income tax purposes is $758,258,805. The aggregate gross unrealized appreciation is $161,222,240 and the aggregate gross unrealized depreciation is $14,102,972, resulting in net
unrealized appreciation of $147,119,268.
ADR American Depository Receipt
SEE NOTES TO FINANCIAL STATEMENTS
16
THIS PAGE
INTENTIONALLY LEFT BLANK
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
Fund Performance and Holdings
The table and bar charts below provide information as of January 31, 2014 about the ten largest holdings of the Domini International Social Equity Fund and its portfolio holdings by industry sector
and country:
TEN LARGEST HOLDINGS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITY DESCRIPTION
|
|
% NET
ASSETS
|
|
|
SECURITY DESCRIPTION
|
|
% NET
ASSETS
|
|
Shire PLC
|
|
|
2.2%
|
|
|
Merck KGaA
|
|
|
1.7%
|
|
BT Group PLC
|
|
|
2.1%
|
|
|
Persimmon PLC
|
|
|
1.6%
|
|
Next PLC
|
|
|
2.0%
|
|
|
J Sainsbury PLC
|
|
|
1.5%
|
|
Deutsche Post AG
|
|
|
1.9%
|
|
|
TeliaSonera AB
|
|
|
1.5%
|
|
FUJIFILM Holdings Corp
|
|
|
1.8%
|
|
|
AXA SA
|
|
|
1.5%
|
|
PORTFOLIO HOLDINGS BY INDUSTRY SECTOR (% OF NET ASSETS) (Unaudited)
18
PORTFOLIO HOLDINGS BY COUNTRY (% OF NET ASSETS) (Unaudited)
*Other countries include Denmark (0.9%), Russia (0.8%), South Korea (0.7%), Poland (0.6%), Ireland (0.6%), United States
(0.5%), New Zealand (0.5%), Indonesia (0.2%), and Taiwan (0.1%).
The holdings mentioned above are described in the Domini International Social Equity
Funds Portfolio of Investments (as of 1/31/14), included herein. The composition of the Funds portfolio is subject to change.
19
|
|
|
|
|
|
|
|
|
|
|
|
|
DOMINI INTERNATIONAL SOCIAL EQUITY FUND
AVERAGE ANNUAL TOTAL RETURNS (Unaudited)
|
|
|
Investor
shares
|
|
Class A shares
(with 4.75%
maximum
Sales Charge)
1
|
|
Class A shares
(without
Sales
Charge)
1
|
|
Institutional
shares
2
|
|
MSCI EAFE
|
As of 1/31/14
|
|
1 Year
|
|
15.30%
|
|
9.90%
|
|
15.38%
|
|
15.84%
|
|
12.39%
|
|
|
5 Year
|
|
15.90%
|
|
14.84%
|
|
15.96%
|
|
15.90%
|
|
14.37%
|
|
|
Since
Inception
(12/27/06)
|
|
-0.01%
|
|
-0.69%
|
|
-0.01%
|
|
-0.01%
|
|
1.78%
|
Past performance is no guarantee of future results.
The Funds returns quoted above represent past performance
after all expenses. Investment return, principal value, and yield will fluctuate. Your shares, when redeemed, may be worth more or less than their original cost. Call 1-800-582-6757 or visit
www.domini.com
for performance information current
to the most recent month-end, which may be lower or higher. A 2.00% fee applies to sales/exchanges made less than 30 days after the settlement of purchase/exchange, with certain exceptions. Quoted performance data does not reflect the deduction of
this fee, which would reduce the performance quoted. See the Funds prospectus for further information.
For the period reported in its
current prospectus, during which net operating expenses were capped by the Funds Manager, the Funds gross annual operating expenses totaled 1.68% (Investor shares), 2.13% (Class A shares), and 1.25% (Institutional shares) of net assets
representing each share class, respectively. Until 11/30/14, the Funds Manager has contractually agreed to limit certain ordinary expenses to 1.60% (Investor shares), 1.57% (Class A shares), and 1.27% (Institutional shares) of its average
daily net assets representing each share class, respectively, absent an earlier modification by the Funds Board. The Funds total return may have been lower without this limit.
The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return for the Domini International Social Equity Fund is based on the
Funds net asset values and assumes all dividend and capital gains were reinvested. An investment in the Fund is not a bank deposit and is not insured. The Fund is subject to market risks such as sector concentration and style risk. You may
lose money.
Investing internationally involves special risks, such as currency fluctuations, social and economic instability, differing securities
regulations and accounting standards, limited public information, possible changes in taxation and periods of illiquidity. These risks are magnified in emerging markets.
The MSCI EAFE Index is an unmanaged index of common stocks. You cannot invest directly in an index.
1
Class A shares were not offered prior to November 28, 2008. All performance information for time periods beginning prior to November 28, 2008 is the performance of the
Investor shares. This performance has not been adjusted to reflect the lower expenses of the Class A shares, but, where noted, does reflect an adjustment for the maximum applicable sales charges of 4.75%.
2
Institutional shares were not offered prior to November 30,
2012. All performance information for time periods beginning prior to November 30, 2012, is the performance of the Investor shares. This performance has not been adjusted to reflect the lower expenses of the Institutional shares.
20
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
P
ORTFOLIO
OF
I
NVESTMENTS
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
COUNTRY/SECURITY
|
|
INDUSTRY
|
|
SHARES
|
|
|
VALUE
|
|
Common Stock 96.0%
|
|
|
|
|
|
|
|
|
|
|
Australia 5.0%
|
|
|
|
|
|
|
|
|
|
|
Arrium Ltd
|
|
Materials
|
|
|
1,574,522
|
|
|
$
|
2,136,213
|
|
Flight Centre Travel Group Ltd
|
|
Consumer Services
|
|
|
62,882
|
|
|
|
2,604,420
|
|
GPT Group
|
|
Real Estate
|
|
|
164,311
|
|
|
|
517,534
|
|
National Australia Bank Ltd
|
|
Banks
|
|
|
47,289
|
|
|
|
1,371,883
|
|
REA Group Ltd
|
|
Media
|
|
|
84,482
|
|
|
|
2,996,333
|
|
Sonic Healthcare Ltd
|
|
Health Care Equipment & Services
|
|
|
23,508
|
|
|
|
338,632
|
|
Suncorp Group Ltd
|
|
Insurance
|
|
|
214,182
|
|
|
|
2,276,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,241,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Austria 1.8%
|
|
|
|
|
|
|
|
|
|
|
EVN AG
|
|
Utilities
|
|
|
73,053
|
|
|
|
1,137,856
|
|
Voestalpine AG
|
|
Materials
|
|
|
72,190
|
|
|
|
3,236,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,374,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Belgium 1.4%
|
|
|
|
|
|
|
|
|
|
|
Dieteren SA/NV
|
|
Retailing
|
|
|
21,575
|
|
|
|
1,034,326
|
|
Delhaize Group SA
|
|
Food & Staples Retailing
|
|
|
9,520
|
|
|
|
612,511
|
|
KBC Groep NV
|
|
Banks
|
|
|
30,705
|
|
|
|
1,815,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,462,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil 0.9%
|
|
|
|
|
|
|
|
|
|
|
Banco do Brasil SA
|
|
Banks
|
|
|
244,800
|
|
|
|
2,111,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,111,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China 1.1%
|
|
|
|
|
|
|
|
|
|
|
Agile Property Holdings Ltd
|
|
Real Estate
|
|
|
1,174,000
|
|
|
|
1,076,509
|
|
Beijing Capital International Airport Co Ltd Cl H
|
|
Transportation
|
|
|
492,000
|
|
|
|
374,475
|
|
Byd Co Ltd Cl H (a)
|
|
Automobiles & Components
|
|
|
3,000
|
|
|
|
14,295
|
|
Shimao Property Holdings Ltd
|
|
Real Estate
|
|
|
257,500
|
|
|
|
561,772
|
|
SOHO China Ltd
|
|
Real Estate
|
|
|
1,017,000
|
|
|
|
812,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,839,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denmark 0.9%
|
|
|
|
|
|
|
|
|
|
|
Pandora A/S
|
|
Consumer Durables & Apparel
|
|
|
7,470
|
|
|
|
427,559
|
|
Rockwool International A/S Cl B
|
|
Capital Goods
|
|
|
6,669
|
|
|
|
1,208,897
|
|
Vestas Wind Systems A/S (a)
|
|
Capital Goods
|
|
|
21,245
|
|
|
|
698,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,335,260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finland 1.4%
|
|
|
|
|
|
|
|
|
|
|
Neste Oil OYJ
|
|
Energy
|
|
|
171,045
|
|
|
|
3,056,282
|
|
Nokia OYJ (a)
|
|
Technology Hardware & Equipment
|
|
|
74,549
|
|
|
|
517,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,573,525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
France 9.5%
|
|
|
|
|
|
|
|
|
|
|
AXA SA
|
|
Insurance
|
|
|
140,793
|
|
|
|
3,702,396
|
|
BNP Paribas SA
|
|
Banks
|
|
|
31,892
|
|
|
|
2,470,808
|
|
21
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
P
ORTFOLIO
OF
I
NVESTMENTS
(continued)
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
COUNTRY/SECURITY
|
|
INDUSTRY
|
|
SHARES
|
|
|
VALUE
|
|
France
(Continued)
|
|
|
|
|
|
|
|
|
|
|
Cap Gemini SA
|
|
Software & Services
|
|
|
11,500
|
|
|
$
|
784,256
|
|
Carrefour SA
|
|
Food & Staples Retailing
|
|
|
11,010
|
|
|
|
379,429
|
|
Ciments Francais SA
|
|
Materials
|
|
|
10,703
|
|
|
|
846,382
|
|
CNP Assurances
|
|
Insurance
|
|
|
108,812
|
|
|
|
2,132,110
|
|
Credit Agricole SA (a)
|
|
Banks
|
|
|
196,212
|
|
|
|
2,642,578
|
|
Natixis
|
|
Banks
|
|
|
352,725
|
|
|
|
2,076,288
|
|
Orange SA
|
|
Telecommunication Services
|
|
|
255,262
|
|
|
|
3,158,688
|
|
Renault SA
|
|
Automobiles & Components
|
|
|
2,671
|
|
|
|
233,264
|
|
SCOR SE
|
|
Insurance
|
|
|
52,494
|
|
|
|
1,703,227
|
|
Societe Generale SA
|
|
Banks
|
|
|
57,581
|
|
|
|
3,267,549
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,396,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany 7.7%
|
|
|
|
|
|
|
|
|
|
|
Allianz SE
|
|
Insurance
|
|
|
20,371
|
|
|
|
3,400,949
|
|
Continental AG
|
|
Automobiles & Components
|
|
|
15,095
|
|
|
|
3,251,930
|
|
Deutsche Post AG
|
|
Transportation
|
|
|
131,940
|
|
|
|
4,567,405
|
|
HeidelbergCement AG
|
|
Materials
|
|
|
18,921
|
|
|
|
1,409,755
|
|
Merck KGaA
|
|
Pharma, Biotech & Life Sciences
|
|
|
26,675
|
|
|
|
4,142,243
|
|
Muenchener Rueckversicherungs AG
|
|
Insurance
|
|
|
6,942
|
|
|
|
1,433,735
|
|
United Internet AG
|
|
Software & Services
|
|
|
20,996
|
|
|
|
917,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,123,962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hong Kong 2.6%
|
|
|
|
|
|
|
|
|
|
|
Great Eagle Holdings Ltd
|
|
Real Estate
|
|
|
252,998
|
|
|
|
830,858
|
|
Hysan Development Co Ltd
|
|
Real Estate
|
|
|
301,000
|
|
|
|
1,190,076
|
|
Swire Pacific Ltd Cl A
|
|
Real Estate
|
|
|
82,000
|
|
|
|
886,024
|
|
Wharf Holdings Ltd
|
|
Real Estate
|
|
|
239,000
|
|
|
|
1,631,336
|
|
Wheelock & Co Ltd
|
|
Real Estate
|
|
|
470,471
|
|
|
|
1,908,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,446,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
India 1.7%
|
|
|
|
|
|
|
|
|
|
|
Dr Reddys Laboratories Ltd
|
|
Pharma, Biotech & Life Sciences
|
|
|
21,835
|
|
|
|
908,633
|
|
Hero MotoCorp Ltd
|
|
Automobiles & Components
|
|
|
17,744
|
|
|
|
560,640
|
|
Infosys Ltd ADR
|
|
Software & Services
|
|
|
38,100
|
|
|
|
2,231,898
|
|
Wipro Ltd ADR
|
|
Software & Services
|
|
|
32,600
|
|
|
|
421,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,123,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indonesia 0.2%
|
|
|
|
|
|
|
|
|
|
|
Telekomunikasi Indonesia Persero Tbk PT
|
|
Telecommunication Services
|
|
|
2,092,500
|
|
|
|
389,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
389,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ireland 0.6%
|
|
|
|
|
|
|
|
|
|
|
Irish Bank Resolution Corp Ltd/Old (a)(c)
|
|
Banks
|
|
|
138,674
|
|
|
|
0
|
|
Smurfit Kappa Group PLC
|
|
Materials
|
|
|
60,293
|
|
|
|
1,414,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,414,762
|
|
|
|
|
|
|
|
|
|
|
|
|
22
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
P
ORTFOLIO
OF
I
NVESTMENTS
(continued)
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
COUNTRY/SECURITY
|
|
INDUSTRY
|
|
SHARES
|
|
|
VALUE
|
|
Japan 19.5%
|
|
|
|
|
|
|
|
|
|
|
Asahi Glass Co Ltd
|
|
Capital Goods
|
|
|
65,000
|
|
|
$
|
372,849
|
|
Central Japan Railway Co
|
|
Transportation
|
|
|
17,600
|
|
|
|
1,953,542
|
|
Dai Nippon Printing Co Ltd
|
|
Commercial & Professional Services
|
|
|
351,000
|
|
|
|
3,527,724
|
|
Daiichi Sankyo Co Ltd
|
|
Pharma, Biotech & Life Sciences
|
|
|
145,900
|
|
|
|
2,464,928
|
|
Daiwa House Industry Co Ltd
|
|
Real Estate
|
|
|
128,000
|
|
|
|
2,464,990
|
|
Fast Retailing Co Ltd
|
|
Retailing
|
|
|
48
|
|
|
|
17,937
|
|
FUJIFILM Holdings Corp
|
|
Technology Hardware & Equipment
|
|
|
145,923
|
|
|
|
4,331,116
|
|
Honda Motor Co Ltd
|
|
Automobiles & Components
|
|
|
19,760
|
|
|
|
754,284
|
|
Ibiden Co Ltd
|
|
Technology Hardware & Equipment
|
|
|
92,100
|
|
|
|
1,717,647
|
|
Kawasaki Kisen Kaisha Ltd
|
|
Transportation
|
|
|
774,000
|
|
|
|
1,844,212
|
|
Konica Minolta Inc
|
|
Technology Hardware & Equipment
|
|
|
241,500
|
|
|
|
2,585,851
|
|
MS&AD Insurance Group Holdings
|
|
Insurance
|
|
|
87,400
|
|
|
|
2,067,057
|
|
Nippon Electric Glass Co Ltd
|
|
Technology Hardware & Equipment
|
|
|
379,000
|
|
|
|
1,731,764
|
|
Nissan Motor Co Ltd
|
|
Automobiles & Components
|
|
|
55,800
|
|
|
|
484,218
|
|
Nisshin Seifun Group Inc
|
|
Food & Beverage
|
|
|
204,150
|
|
|
|
2,053,811
|
|
Nisshin Steel Holdings Co Ltd
|
|
Materials
|
|
|
72,800
|
|
|
|
785,214
|
|
Nomura Holdings Inc
|
|
Diversified Financials
|
|
|
202,500
|
|
|
|
1,439,550
|
|
NTN Corp (a)
|
|
Capital Goods
|
|
|
5,300
|
|
|
|
23,334
|
|
ORIX Corp
|
|
Diversified Financials
|
|
|
87,000
|
|
|
|
1,356,376
|
|
Otsuka Holdings Co Ltd
|
|
Pharma, Biotech & Life Sciences
|
|
|
104,400
|
|
|
|
3,220,497
|
|
Ricoh Co Ltd
|
|
Technology Hardware & Equipment
|
|
|
61,000
|
|
|
|
652,557
|
|
Rohm Co Ltd
|
|
Semiconductors & Semiconductor Equipment
|
|
|
11,600
|
|
|
|
589,185
|
|
Seiko Epson Corp
|
|
Technology Hardware & Equipment
|
|
|
29,000
|
|
|
|
768,044
|
|
Seino Holdings Co Ltd
|
|
Transportation
|
|
|
226,693
|
|
|
|
2,173,906
|
|
Sony Corp
|
|
Consumer Durables & Apparel
|
|
|
90,100
|
|
|
|
1,436,511
|
|
T&D Holdings Inc
|
|
Insurance
|
|
|
61,200
|
|
|
|
759,112
|
|
Tokyo Gas Co Ltd
|
|
Utilities
|
|
|
79,000
|
|
|
|
396,607
|
|
Toppan Printing Co Ltd
|
|
Commercial & Professional Services
|
|
|
389,451
|
|
|
|
2,886,944
|
|
Toray Industries Inc
|
|
Materials
|
|
|
1,394
|
|
|
|
9,254
|
|
Toyo Seikan Group Holdings Ltd
|
|
Materials
|
|
|
120,300
|
|
|
|
2,179,874
|
|
Yamazaki Baking Co Ltd
|
|
Food & Beverage
|
|
|
89,000
|
|
|
|
967,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,016,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Netherlands 4.4%
|
|
|
|
|
|
|
|
|
|
|
Aegon NV
|
|
Insurance
|
|
|
168,472
|
|
|
|
1,473,801
|
|
ING Groep NV (a)
|
|
Diversified Financials
|
|
|
252,861
|
|
|
|
3,355,399
|
|
Koninklijke Philips NV
|
|
Capital Goods
|
|
|
65,203
|
|
|
|
2,272,099
|
|
Randstad Holding NV
|
|
Commercial & Professional Services
|
|
|
57,805
|
|
|
|
3,673,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,774,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Zealand 0.5%
|
|
|
|
|
|
|
|
|
|
|
Telecom Corp of New Zealand Ltd
|
|
Telecommunication Services
|
|
|
635,004
|
|
|
|
1,206,865
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,206,865
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Norway 3.0%
|
|
|
|
|
|
|
|
|
|
|
DNB ASA
|
|
Banks
|
|
|
125,145
|
|
|
|
2,111,035
|
|
Fred Olsen Energy ASA
|
|
Energy
|
|
|
60,254
|
|
|
|
2,171,721
|
|
23
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
P
ORTFOLIO
OF
I
NVESTMENTS
(continued)
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
COUNTRY/SECURITY
|
|
INDUSTRY
|
|
SHARES
|
|
|
VALUE
|
|
Norway
(Continued)
|
|
|
|
|
|
|
|
|
|
|
Orkla ASA
|
|
Food & Beverage
|
|
|
306,148
|
|
|
$
|
2,372,863
|
|
Seadrill Ltd
|
|
Energy
|
|
|
18,569
|
|
|
|
664,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,320,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Poland 0.6%
|
|
|
|
|
|
|
|
|
|
|
Polskie Gornictwo Naftowe i Gazownictwo SA
|
|
Energy
|
|
|
1,023,677
|
|
|
|
1,503,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,503,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Russia 0.8%
|
|
|
|
|
|
|
|
|
|
|
VimpelCom Ltd ADR
|
|
Telecommunication Services
|
|
|
205,500
|
|
|
|
1,991,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,991,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Africa 1.4%
|
|
|
|
|
|
|
|
|
|
|
MTN Group Ltd
|
|
Telecommunication Services
|
|
|
192,778
|
|
|
|
3,408,772
|
|
Sanlam Ltd
|
|
Insurance
|
|
|
2,531
|
|
|
|
10,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,419,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Korea 0.7%
|
|
|
|
|
|
|
|
|
|
|
KB Financial Group Inc
|
|
Banks
|
|
|
11,850
|
|
|
|
411,847
|
|
KT Corp
|
|
Telecommunication Services
|
|
|
45,350
|
|
|
|
1,304,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,716,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spain 2.1%
|
|
|
|
|
|
|
|
|
|
|
Amadeus IT Holding SA Cl A
|
|
Software & Services
|
|
|
9,970
|
|
|
|
394,679
|
|
Banco Santander SA
|
|
Banks
|
|
|
41,604
|
|
|
|
359,634
|
|
Banco Santander SA Rights (a)(c)
|
|
Banks
|
|
|
82,345
|
|
|
|
16,554
|
|
Bankinter SA
|
|
Banks
|
|
|
155,439
|
|
|
|
1,164,424
|
|
Gamesa Corp Tecnologica SA (a)
|
|
Capital Goods
|
|
|
130,462
|
|
|
|
1,433,867
|
|
Sacyr SA (a)
|
|
Capital Goods
|
|
|
365,027
|
|
|
|
1,864,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,233,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweden 5.9%
|
|
|
|
|
|
|
|
|
|
|
Atlas Copco AB Cl A
|
|
Capital Goods
|
|
|
440
|
|
|
|
11,964
|
|
Hennes & Mauritz AB Cl B
|
|
Retailing
|
|
|
277
|
|
|
|
11,950
|
|
Holmen AB Cl B
|
|
Materials
|
|
|
13,940
|
|
|
|
482,327
|
|
Investor AB Cl B
|
|
Diversified Financials
|
|
|
60,278
|
|
|
|
1,953,957
|
|
Skandinaviska Enskilda Banken AB Cl A
|
|
Banks
|
|
|
115,521
|
|
|
|
1,492,939
|
|
SKF AB Cl B
|
|
Capital Goods
|
|
|
385
|
|
|
|
10,216
|
|
Svenska Cellulosa AB SCA Cl B
|
|
Household & Personal Products
|
|
|
91,321
|
|
|
|
2,601,718
|
|
Telefonaktiebolaget LM Ericsson Cl B
|
|
Technology Hardware & Equipment
|
|
|
55,179
|
|
|
|
674,333
|
|
TeliaSonera AB
|
|
Telecommunication Services
|
|
|
500,933
|
|
|
|
3,719,769
|
|
Trelleborg AB Cl B
|
|
Capital Goods
|
|
|
181,457
|
|
|
|
3,625,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,584,876
|
|
|
|
|
|
|
|
|
|
|
|
|
24
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
P
ORTFOLIO
OF
I
NVESTMENTS
(continued)
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
COUNTRY/SECURITY
|
|
INDUSTRY
|
|
SHARES
|
|
|
VALUE
|
|
Switzerland 5.4%
|
|
|
|
|
|
|
|
|
|
|
Aryzta AG
|
|
Food & Beverage
|
|
|
25,919
|
|
|
$
|
2,041,982
|
|
Baloise Holding AG
|
|
Insurance
|
|
|
17,225
|
|
|
|
2,063,615
|
|
Lindt & Spruengli AG
|
|
Food & Beverage
|
|
|
161
|
|
|
|
723,536
|
|
Novartis AG
|
|
Pharma, Biotech & Life Sciences
|
|
|
34,772
|
|
|
|
2,756,727
|
|
OC Oerlikon Corp AG
|
|
Capital Goods
|
|
|
60,240
|
|
|
|
951,175
|
|
Swiss Life Holding AG
|
|
Insurance
|
|
|
10,021
|
|
|
|
2,164,310
|
|
Swiss Re AG
|
|
Insurance
|
|
|
32,279
|
|
|
|
2,794,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,495,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taiwan 0.1%
|
|
|
|
|
|
|
|
|
|
|
United Microelectronics Corp
|
|
Semiconductors & Semiconductor Equipment
|
|
|
804,000
|
|
|
|
327,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
327,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom 16.3%
|
|
|
|
|
|
|
|
|
|
|
3i Group PLC
|
|
Diversified Financials
|
|
|
405,603
|
|
|
|
2,489,041
|
|
Associated British Foods PLC
|
|
Food & Beverage
|
|
|
36,944
|
|
|
|
1,648,429
|
|
Barratt Developments PLC
|
|
Consumer Durables & Apparel
|
|
|
301,640
|
|
|
|
1,876,835
|
|
Berendsen PLC
|
|
Commercial & Professional Services
|
|
|
106,439
|
|
|
|
1,618,077
|
|
BG Group PLC
|
|
Energy
|
|
|
20,954
|
|
|
|
351,945
|
|
BT Group PLC
|
|
Telecommunication Services
|
|
|
830,409
|
|
|
|
5,231,032
|
|
Inchcape PLC
|
|
Retailing
|
|
|
82,192
|
|
|
|
790,209
|
|
J Sainsbury PLC
|
|
Food & Staples Retailing
|
|
|
660,589
|
|
|
|
3,744,390
|
|
Kingfisher PLC
|
|
Retailing
|
|
|
87,299
|
|
|
|
530,271
|
|
Marks & Spencer Group PLC
|
|
Retailing
|
|
|
1,781
|
|
|
|
13,783
|
|
Next PLC
|
|
Retailing
|
|
|
48,516
|
|
|
|
4,983,352
|
|
Persimmon PLC
|
|
Consumer Durables & Apparel
|
|
|
180,380
|
|
|
|
3,892,330
|
|
Shire PLC
|
|
Pharma, Biotech & Life Sciences
|
|
|
110,065
|
|
|
|
5,504,372
|
|
Taylor Wimpey PLC
|
|
Consumer Durables & Apparel
|
|
|
882,584
|
|
|
|
1,627,442
|
|
Travis Perkins PLC
|
|
Capital Goods
|
|
|
24,992
|
|
|
|
714,261
|
|
Unilever PLC
|
|
Food & Beverage
|
|
|
36,936
|
|
|
|
1,419,831
|
|
WM Morrison Supermarkets PLC
|
|
Food & Staples Retailing
|
|
|
934,905
|
|
|
|
3,685,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,121,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States 0.5%
|
|
|
|
|
|
|
|
|
|
|
Core Laboratories NV
|
|
Energy
|
|
|
7,200
|
|
|
|
1,288,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,288,224
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stock
(Cost $207,357,036)
|
|
|
|
|
|
|
|
|
236,834,420
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock 1.9%
|
|
|
|
|
|
|
|
|
|
|
Brazil 1.3%
|
|
|
|
|
|
|
|
|
|
|
AES Tiete SA
|
|
Utilities
|
|
|
32,800
|
|
|
|
255,704
|
|
Cia Brasileira de Distribuicao Grupo Pao de Acucar
|
|
Food & Staples Retailing
|
|
|
61,700
|
|
|
|
2,379,544
|
|
Cia Paranaense de Energia
|
|
Utilities
|
|
|
51,100
|
|
|
|
587,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,222,461
|
|
|
|
|
|
|
|
|
|
|
|
|
25
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
P
ORTFOLIO
OF
I
NVESTMENTS
(continued)
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
COUNTRY/SECURITY
|
|
INDUSTRY
|
|
SHARES
|
|
|
VALUE
|
|
Germany 0.6%
|
|
|
|
|
|
|
|
|
|
|
Henkel AG & Co KGaA
|
|
Household & Personal Products
|
|
|
14,202
|
|
|
$
|
1,539,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,539,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Preferred Stock
(Cost $4,460,505)
|
|
|
|
|
|
|
4,761,908
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 97.9%
(Cost $211,817,541) (b)
|
|
|
|
|
|
|
241,596,328
|
|
|
|
|
Other Assets, less liabilities 2.1%
|
|
|
|
|
|
|
5,172,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets 100.0%
|
|
|
|
|
|
|
|
$
|
246,769,144
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Non-income producing security.
(b) The aggregate cost for federal income tax purposes is $213,903,369. The
aggregate gross unrealized appreciation is $35,399,527 and the aggregate gross unrealized depreciation is $7,706,568, resulting in net unrealized appreciation of $27,692,959.
(c) Securities for which there are no such quotations or valuations are valued at fair value as determined in good faith by or at the direction of the Funds Board of Trustees.
ADR American Depository Receipt
SEE NOTES TO FINANCIAL STATEMENTS
26
THIS PAGE
INTENTIONALLY LEFT BLANK
D
OMINI
S
OCIAL
B
OND
F
UND
Fund Performance and Holdings
The bar chart
below provides information as of January 31, 2014 about the percentage of the Domini Social Bond Funds portfolio holdings invested in various types of debt obligations:
PORTFOLIO COMPOSITION (% OF NET ASSETS) (Unaudited)
28
|
|
|
|
|
|
|
|
|
DOMINI SOCIAL BOND FUND
AVERAGE ANNUAL TOTAL RETURNS (Unaudited)
|
|
|
Investor
shares
|
|
Institutional
shares
1
|
|
Barclays Capital
Intermediate
Aggregate
Index
|
As of 1/31/14
|
|
1 Year
|
|
-0.39%
|
|
-0.09%
|
|
0.50%
|
|
|
5 Year
|
|
3.48%
|
|
3.48%
|
|
4.46%
|
|
|
10 Year
|
|
3.66%
|
|
3.66%
|
|
4.35%
|
|
|
Since
Inception (6/1/00)
|
|
4.76%
|
|
4.76%
|
|
5.49%
|
Past performance is no guarantee of future results.
The Funds returns quoted above represent past performance
after all expenses. Investment return, principal value, and yield will fluctuate. Your shares, when redeemed, may be worth more or less than their original cost. Call 1-800-582-6757 or visit
www.domini.com
for performance information current
to the most recent month-end, which may be lower or higher. A 2.00% fee applies to sales/exchanges made less than 30 days after the settlement of purchase/exchange, with certain exceptions. Quoted performance data does not reflect the deduction of
this fee, which would reduce the performance quoted. See the Funds prospectus for further information.
For the period reported in its
current prospectus, during which net operating expenses were capped by the Funds Manager, the Funds gross annual operating expenses totaled 1.24% (Investor shares) and 0.97% (Institutional shares) of net assets representing each share
class, respectively. Until 11/30/14, the Funds Manager has contractually agreed to limit certain ordinary expenses to 0.95% (Investor shares) and 0.65% (Institutional shares) of its average daily net assets representing each share class,
respectively, absent an earlier modification by the Funds Board. The Funds total returns would have been lower without these limits.
The
table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return for the Domini Social Bond Fund is based on the Funds net asset values and assumes all dividend and
capital gains were reinvested. An investment in the Fund is not a bank deposit and is not insured. You may lose money.
The Domini Social Bond Fund is
not insured and is subject to market risks, interest rate risks and credit risks. During periods of rising interest rates, bond funds can lose value. The Funds community development investments may be unrated and may carry greater risk than
the Funds other holdings. The Fund currently holds a large percentage of its portfolio in mortgage-backed securities. During periods of falling interest rates these securities may prepay the principal due, which may lower the Funds
return by causing it to reinvest at lower interest rates.
The Barclays Capital Intermediate Aggregate (BCIA) Index is an unmanaged index of
intermediate-duration fixed-income securities. You cannot invest directly in an index.
1
Institutional shares were not offered prior to November 30, 2011. All performance information for time periods beginning prior to November 30, 2011, is the performance
of the Investor shares. This performance has not been adjusted to reflect the lower expenses of the Institutional shares.
29
D
OMINI
S
OCIAL
B
OND
F
UND
P
ORTFOLIO
OF
I
NVESTMENTS
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
(Note 1)
|
|
U.S. Government Agency Obligations 39.6%
|
|
|
|
|
|
|
|
|
Freddie Mac:
|
|
|
|
|
|
|
|
|
0.500%, 5/13/2016
|
|
$
|
3,475,000
|
|
|
$
|
3,480,876
|
|
0.875%, 3/7/2018
|
|
|
5,250,000
|
|
|
|
5,156,876
|
|
1.250%, 5/12/2017
|
|
|
2,775,000
|
|
|
|
2,807,642
|
|
1.750%, 9/10/2015
|
|
|
19,396,000
|
|
|
|
19,862,881
|
|
2.375%, 1/13/2022
|
|
|
17,625,000
|
|
|
|
17,243,331
|
|
U.S. Small Business Administration:
|
|
|
|
|
|
|
|
|
2013-10B1, 3.644%, 9/10/2023
|
|
|
1,500,000
|
|
|
|
1,556,793
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Government Agency Obligations
(Cost $49,708,664)
|
|
|
|
|
|
|
50,108,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Mortgage Securities 39.1%
|
|
|
|
|
|
|
|
|
Fannie Mae:
|
|
|
|
|
|
|
|
|
190370, 6.000%, 6/1/2036
|
|
|
329,688
|
|
|
|
366,996
|
|
471235, 3.120%, 5/1/2022
|
|
|
1,251,262
|
|
|
|
1,277,053
|
|
745044, 4.500%, 8/1/2035
|
|
|
125,524
|
|
|
|
135,129
|
|
745327, 6.000%, 3/1/2036
|
|
|
885,708
|
|
|
|
990,145
|
|
889529, 6.000%, 3/1/2038
|
|
|
176,394
|
|
|
|
196,079
|
|
890248, 6.000%, 8/1/2037
|
|
|
67,800
|
|
|
|
75,945
|
|
890547, 4.000%, 11/1/2036
|
|
|
404,257
|
|
|
|
424,369
|
|
932441, 4.000%, 1/1/2040
|
|
|
1,092,085
|
|
|
|
1,145,818
|
|
932871, 3.000%, 1/1/2026
|
|
|
1,684,519
|
|
|
|
1,741,720
|
|
995082, 5.500%, 8/1/2037
|
|
|
274,621
|
|
|
|
303,144
|
|
AB1343, 4.500%, 8/1/2040
|
|
|
329,399
|
|
|
|
355,650
|
|
AB1763, 4.000%, 11/1/2030
|
|
|
72,689
|
|
|
|
77,404
|
|
AB2694, 4.500%, 4/1/2041
|
|
|
170,416
|
|
|
|
184,987
|
|
AB3274, 4.500%, 7/1/2041
|
|
|
671,787
|
|
|
|
722,545
|
|
AB4168, 3.500%, 1/1/2032
|
|
|
669,134
|
|
|
|
695,723
|
|
AB6472, 2.000%, 10/1/2027
|
|
|
355,648
|
|
|
|
348,054
|
|
AB6480, 2.500%, 10/1/2027
|
|
|
307,937
|
|
|
|
310,076
|
|
AB6644, 2.500%, 10/1/2027
|
|
|
1,031,663
|
|
|
|
1,038,830
|
|
AB7142, 2.500%, 12/1/2027
|
|
|
137,634
|
|
|
|
138,590
|
|
AB7158, 2.500%, 12/1/2027
|
|
|
192,325
|
|
|
|
193,662
|
|
AB7691, 3.500%, 1/1/2033
|
|
|
234,730
|
|
|
|
244,126
|
|
AB7707, 2.000%, 1/1/2028
|
|
|
166,340
|
|
|
|
163,048
|
|
AB7795, 2.500%, 2/1/2028
|
|
|
1,913,960
|
|
|
|
1,922,510
|
|
AB8428, 3.500%, 2/1/2033
|
|
|
464,117
|
|
|
|
482,687
|
|
AC5445, 5.000%, 11/1/2039
|
|
|
204,743
|
|
|
|
225,102
|
|
AC9564, 4.500%, 2/1/2040
|
|
|
137,815
|
|
|
|
148,542
|
|
AI7951, 4.500%, 8/1/2036
|
|
|
150,091
|
|
|
|
161,387
|
|
AL0005, 4.500%, 1/1/2041
|
|
|
155,613
|
|
|
|
167,271
|
|
AL0049, 6.000%, 12/1/2035
|
|
|
200,096
|
|
|
|
224,316
|
|
AL1627, 4.500%, 9/1/2041
|
|
|
486,104
|
|
|
|
522,133
|
|
AL2716, 2.000%, 12/1/2027
|
|
|
167,407
|
|
|
|
164,094
|
|
AL3041, 2.000%, 2/1/2028
|
|
|
45,671
|
|
|
|
44,767
|
|
AL3274, 3.000%, 5/1/2027
|
|
|
309,413
|
|
|
|
320,308
|
|
AL4042, 2.000%, 8/1/2028
|
|
|
2,006,235
|
|
|
|
1,966,529
|
|
AM0463, 2.720%, 9/1/2022
|
|
|
489,526
|
|
|
|
483,529
|
|
AM3110, 2.470%, 10/1/2019
|
|
|
1,335,576
|
|
|
|
1,357,552
|
|
AM3278, 2.850%, 5/1/2023
|
|
|
749,011
|
|
|
|
730,060
|
|
30
D
OMINI
S
OCIAL
B
OND
F
UND
P
ORTFOLIO
OF
I
NVESTMENTS
(continued)
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
(Note 1)
|
|
U.S. Government Agency Mortgage Securities
(Continued)
|
|
|
|
|
|
|
|
|
AM3951, 3.220%, 7/1/2023
|
|
$
|
107,232
|
|
|
$
|
108,375
|
|
AM4253, 3.220%, 9/1/2020
|
|
|
1,856,188
|
|
|
|
1,930,616
|
|
AM4796, 3.300%, 12/1/2023
|
|
|
784,556
|
|
|
|
792,755
|
|
AM5146, 3.470%, 1/1/2024
|
|
|
504,000
|
|
|
|
514,334
|
|
AO3244, 3.500%, 8/1/2032
|
|
|
228,758
|
|
|
|
237,855
|
|
AP6368, 3.500%, 9/1/2032
|
|
|
222,280
|
|
|
|
231,117
|
|
AP9592, 3.500%, 10/1/2032
|
|
|
461,943
|
|
|
|
480,307
|
|
AP9623, 2.000%, 10/1/2027
|
|
|
174,995
|
|
|
|
171,531
|
|
AQ4497, 2.500%, 11/1/2027
|
|
|
107,601
|
|
|
|
108,349
|
|
AQ9956, 2.000%, 1/1/2028
|
|
|
77,726
|
|
|
|
76,188
|
|
AR1524, 2.000%, 1/1/2028
|
|
|
480,464
|
|
|
|
470,956
|
|
AR3040, 2.000%, 1/1/2028
|
|
|
324,889
|
|
|
|
318,459
|
|
AR6707, 2.000%, 2/1/2028
|
|
|
46,257
|
|
|
|
45,342
|
|
AR6867, 2.000%, 2/1/2028
|
|
|
998,365
|
|
|
|
978,607
|
|
AS0001, 2.000%, 7/1/2028
|
|
|
513,681
|
|
|
|
503,515
|
|
AS0338, 2.000%, 8/1/2028
|
|
|
340,760
|
|
|
|
334,016
|
|
FNR 2011-89 BT, 3.500%, 9/25/2026
|
|
|
500,000
|
|
|
|
501,453
|
|
FNR 2012-17 BC, 3.500%, 3/25/2027
|
|
|
368,000
|
|
|
|
371,369
|
|
MA0199, 4.000%, 10/1/2029
|
|
|
68,525
|
|
|
|
72,652
|
|
MA0481, 4.500%, 8/1/2030
|
|
|
672,523
|
|
|
|
725,978
|
|
MA0587, 4.000%, 12/1/2030
|
|
|
229,314
|
|
|
|
244,113
|
|
MA0804, 4.000%, 7/1/2031
|
|
|
186,588
|
|
|
|
198,521
|
|
MA0949, 3.500%, 1/1/2032
|
|
|
795,576
|
|
|
|
827,094
|
|
MA0976, 3.500%, 2/1/2032
|
|
|
238,512
|
|
|
|
247,961
|
|
MA1107, 3.500%, 7/1/2032
|
|
|
58,380
|
|
|
|
60,702
|
|
Freddie Mac:
|
|
|
|
|
|
|
|
|
A12413, 5.000%, 8/1/2033
|
|
|
74,853
|
|
|
|
81,839
|
|
A37619, 4.500%, 9/1/2035
|
|
|
519,169
|
|
|
|
557,166
|
|
A87874, 4.000%, 8/1/2039
|
|
|
141,609
|
|
|
|
148,222
|
|
A89148, 4.000%, 10/1/2039
|
|
|
225,537
|
|
|
|
236,220
|
|
A93996, 4.500%, 9/1/2040
|
|
|
142,560
|
|
|
|
152,949
|
|
A97047, 4.500%, 2/1/2041
|
|
|
159,052
|
|
|
|
170,667
|
|
D99439, 3.500%, 6/1/2032
|
|
|
168,408
|
|
|
|
174,674
|
|
E04075, 2.500%, 8/1/2027
|
|
|
590,368
|
|
|
|
593,518
|
|
FHR 3768 CB, 3.500%, 12/15/2025
|
|
|
343,000
|
|
|
|
352,329
|
|
FHR 3800 CB, 3.500%, 2/15/2026
|
|
|
383,000
|
|
|
|
393,330
|
|
FHR 3806 L, 3.500%, 2/15/2026
|
|
|
847,000
|
|
|
|
862,972
|
|
FHR 3877 LM, 3.500%, 6/15/2026
|
|
|
780,000
|
|
|
|
796,382
|
|
G01779, 5.000%, 4/1/2035
|
|
|
94,598
|
|
|
|
103,409
|
|
G01828, 4.500%, 4/1/2035
|
|
|
423,468
|
|
|
|
455,211
|
|
G01837, 5.000%, 7/1/2035
|
|
|
637,565
|
|
|
|
696,720
|
|
G01838, 5.000%, 7/1/2035
|
|
|
72,603
|
|
|
|
79,380
|
|
G02424, 5.500%, 12/1/2036
|
|
|
520,047
|
|
|
|
569,482
|
|
G04997, 5.000%, 1/1/2037
|
|
|
414,991
|
|
|
|
452,579
|
|
G05052, 5.000%, 10/1/2033
|
|
|
46,350
|
|
|
|
50,615
|
|
G06079, 6.000%, 7/1/2039
|
|
|
417,591
|
|
|
|
461,477
|
|
G06990, 5.500%, 8/1/2040
|
|
|
570,862
|
|
|
|
625,127
|
|
G08347, 4.500%, 6/1/2039
|
|
|
745,448
|
|
|
|
801,255
|
|
G08353, 4.500%, 7/1/2039
|
|
|
655,151
|
|
|
|
702,635
|
|
G08372, 4.500%, 11/1/2039
|
|
|
354,693
|
|
|
|
380,435
|
|
G14599, 2.500%, 11/1/2027
|
|
|
444,301
|
|
|
|
446,662
|
|
31
D
OMINI
S
OCIAL
B
OND
F
UND
P
ORTFOLIO
OF
I
NVESTMENTS
(continued)
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
(Note 1)
|
|
U.S. Government Agency Mortgage Securities
(Continued)
|
|
|
|
|
|
|
|
|
G18469, 2.000%, 6/1/2028
|
|
$
|
113,336
|
|
|
$
|
110,971
|
|
G30614, 3.500%, 12/1/2032
|
|
|
667,748
|
|
|
|
691,904
|
|
J14244, 3.000%, 1/1/2026
|
|
|
295,623
|
|
|
|
305,365
|
|
J14245, 3.000%, 1/1/2026
|
|
|
162,170
|
|
|
|
167,540
|
|
J17791, 3.000%, 1/1/2027
|
|
|
645,705
|
|
|
|
666,537
|
|
J19620, 2.500%, 7/1/2027
|
|
|
76,291
|
|
|
|
76,807
|
|
J19638, 2.500%, 7/1/2027
|
|
|
91,815
|
|
|
|
92,436
|
|
J20118, 2.500%, 8/1/2027
|
|
|
346,341
|
|
|
|
348,684
|
|
J20729, 2.500%, 10/1/2027
|
|
|
293,024
|
|
|
|
294,646
|
|
J21439, 2.500%, 12/1/2027
|
|
|
1,341,559
|
|
|
|
1,349,869
|
|
J22831, 2.500%, 3/1/2028
|
|
|
545,261
|
|
|
|
548,142
|
|
J22836, 2.500%, 3/1/2028
|
|
|
645,278
|
|
|
|
648,679
|
|
J22862, 2.000%, 3/1/2028
|
|
|
55,125
|
|
|
|
53,975
|
|
J22899, 2.000%, 3/1/2028
|
|
|
199,535
|
|
|
|
195,371
|
|
J23427, 2.500%, 4/1/2028
|
|
|
343,010
|
|
|
|
344,985
|
|
J23429, 2.500%, 4/1/2028
|
|
|
280,881
|
|
|
|
282,370
|
|
J23430, 2.500%, 4/1/2028
|
|
|
388,763
|
|
|
|
390,818
|
|
J24561, 2.500%, 6/1/2028
|
|
|
1,005,845
|
|
|
|
1,012,359
|
|
Q00291, 5.000%, 4/1/2041
|
|
|
273,547
|
|
|
|
298,893
|
|
Q01807, 4.500%, 7/1/2036
|
|
|
265,338
|
|
|
|
284,877
|
|
Z40004, 6.000%, 8/1/2036
|
|
|
83,488
|
|
|
|
91,980
|
|
Ginnie Mae CMO:
|
|
|
|
|
|
|
|
|
2006-9 B, 5.210%, VR, 3/16/2037
|
|
|
196,751
|
|
|
|
203,941
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Government Agency Mortgage Securities
(Cost $48,986,579)
|
|
|
|
|
|
|
49,408,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Obligations 15.5%
|
|
|
|
|
|
|
|
|
3M Company, 1.375%, 9/29/2016
|
|
|
1,171,000
|
|
|
|
1,190,950
|
|
Agilent Technologies, Inc., 3.875%, 7/15/2023
|
|
|
530,000
|
|
|
|
519,072
|
|
American Express Credit, 2.375%, 3/24/2017
|
|
|
1,171,000
|
|
|
|
1,210,457
|
|
American Tower Corp., 3.500%, 1/31/2023
|
|
|
281,000
|
|
|
|
266,588
|
|
American Tower Corp., 5.000%, 2/15/2024
|
|
|
437,000
|
|
|
|
460,944
|
|
Analog Devices, 3.000%, 4/15/2016
|
|
|
333,000
|
|
|
|
347,161
|
|
AT+T Inc, 2.375%, 11/27/2018
|
|
|
500,000
|
|
|
|
504,614
|
|
Best Buy Co. Inc., 5.000%, 8/1/2018
|
|
|
723,000
|
|
|
|
746,498
|
|
BNP Paribas, 2.400%, 12/12/2018
|
|
|
374,000
|
|
|
|
375,161
|
|
CC Holdings GS V LLC/CRO, 3.849%, 4/15/2023
|
|
|
568,000
|
|
|
|
547,817
|
|
Cisco Systems Inc., 5.500%, 2/22/2016
|
|
|
388,000
|
|
|
|
426,335
|
|
Digital Realty Trust LP, 5.875%, 2/1/2020
|
|
|
1,000,000
|
|
|
|
1,101,118
|
|
ENSCO Plc, 4.700%, 3/15/2021
|
|
|
1,597,000
|
|
|
|
1,721,800
|
|
Fifth Third Bank, 1.450%, 2/28/2018
|
|
|
374,000
|
|
|
|
369,156
|
|
Howard Hughes Medical Inc., 3.500%, 9/1/2023
|
|
|
252,000
|
|
|
|
255,464
|
|
Intel Corp, 1.950%, 10/1/2016
|
|
|
1,171,000
|
|
|
|
1,205,851
|
|
INTEL Corp, 2.700%, 12/15/2022
|
|
|
328,000
|
|
|
|
311,018
|
|
John Deere Capital Corporation, 1.250%, 12/2/2014
|
|
|
1,000,000
|
|
|
|
1,007,648
|
|
Key Bank NA, 1.650%, 2/1/2018
|
|
|
250,000
|
|
|
|
249,216
|
|
Morgan Stanley, 5.000%, 11/24/2025
|
|
|
528,000
|
|
|
|
536,879
|
|
Morgan Stanley, 2.500%, 1/24/2019
|
|
|
452,000
|
|
|
|
451,334
|
|
Mylan Inc. 144A, 1.800%, 6/24/2016 (c)
|
|
|
122,000
|
|
|
|
124,253
|
|
Oracle Corp, 1.200%, 10/15/2017
|
|
|
65,000
|
|
|
|
64,777
|
|
32
D
OMINI
S
OCIAL
B
OND
F
UND
P
ORTFOLIO
OF
I
NVESTMENTS
(continued)
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
(Note 1)
|
|
Corporate Obligations
(Continued)
|
|
|
|
|
|
|
|
|
Oracle Corp., 2.375%, 1/15/2019
|
|
$
|
105,000
|
|
|
$
|
107,085
|
|
PACCAR Financial Corp, 1.550%, 9/29/2014
|
|
|
1,000,000
|
|
|
|
1,008,598
|
|
Perrigo Co. Ltd. 144A, 4.000%, 11/15/2023 (c)
|
|
|
280,000
|
|
|
|
283,524
|
|
PNC Bank NA, 1.125%, 1/27/2017
|
|
|
411,000
|
|
|
|
411,694
|
|
Praxair Inc., 4.625%, 3/30/2015
|
|
|
647,000
|
|
|
|
678,138
|
|
Reinsurance Group of America, 4.700%, 9/15/2023
|
|
|
125,000
|
|
|
|
128,791
|
|
Softbank Corp 144A, 4.500%, 4/15/2020 (c)
|
|
|
286,000
|
|
|
|
282,783
|
|
Thermo Fisher Scientific, 4.150%, 2/1/2024
|
|
|
202,000
|
|
|
|
205,774
|
|
Time Warner Inc., 3.400%, 6/15/2022
|
|
|
600,000
|
|
|
|
596,493
|
|
TSMC Global Ltd 144A, 1.625%, 4/3/2018 (c)
|
|
|
266,000
|
|
|
|
257,143
|
|
US Bank NA Cincinnati, 1.100%, 1/30/2017
|
|
|
339,000
|
|
|
|
340,402
|
|
Verizon Communications, 5.150%, 9/15/2023
|
|
|
1,251,000
|
|
|
|
1,362,646
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Obligations
(Cost $19,142,810)
|
|
|
|
|
|
|
19,657,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Mortgage Securities 1.1%
|
|
|
|
|
|
|
|
|
CRFCM 2004-1A A 144A, 5.500%, VR, 4/25/2035 (d)
|
|
|
510,707
|
|
|
|
526,741
|
|
OBP Depositor LLC Trust 144A, 4.646%, 7/15/2045 (c)
|
|
|
806,000
|
|
|
|
887,464
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Mortgage Securities
(Cost $1,427,373)
|
|
|
|
|
|
|
1,414,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of Deposit 2.5%
|
|
|
|
|
|
|
|
|
BANK2, 0.850%, 11/4/2014 (a)
|
|
|
250,000
|
|
|
|
250,000
|
|
Central Bank of Kansas City, 0.300%, 5/30/2014 (a)
|
|
|
250,000
|
|
|
|
250,000
|
|
City First Bank of D.C., 0.600%, 2/5/2014 (a)
|
|
|
250,000
|
|
|
|
250,000
|
|
Community Capital Bank of Virginia, 0.400%, 2/4/2014 (a)
|
|
|
250,000
|
|
|
|
250,000
|
|
Eastern Bank, 0.100%, 12/20/2014 (a)
|
|
|
250,000
|
|
|
|
250,000
|
|
Hope Federal Credit Union, 0.850%, 2/4/2014 (a)
|
|
|
250,000
|
|
|
|
250,000
|
|
Latino Community Credit Union, 0.500%, 6/10/2014 (a)
|
|
|
250,000
|
|
|
|
250,000
|
|
Liberty Bank and Trust Company, 0.150%, 12/13/2014 (a)
|
|
|
200,000
|
|
|
|
200,000
|
|
New Resource Bank, 0.300%, 4/5/2014 (a)
|
|
|
250,000
|
|
|
|
250,000
|
|
Promerica Bank, 0.500%, 2/8/2014 (a)
|
|
|
200,000
|
|
|
|
200,000
|
|
Southern Bancorp, 0.350%, 6/20/2014 (a)
|
|
|
250,000
|
|
|
|
250,000
|
|
Self Help Credit Union, 0.550%, 12/12/2014 (a)
|
|
|
250,000
|
|
|
|
250,000
|
|
Self Help Federal Credit Union, 0.550%, 12/22/2014 (a)
|
|
|
250,000
|
|
|
|
250,000
|
|
|
|
|
|
|
|
|
|
|
Total Certificates of Deposit
(Cost $3,150,000)
|
|
|
|
|
|
|
3,150,000
|
|
|
|
|
|
|
|
|
|
|
33
D
OMINI
S
OCIAL
B
OND
F
UND
P
ORTFOLIO
OF
I
NVESTMENTS
(continued)
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
(Note 1)
|
|
Cash Equivalents 0.6%
|
|
|
|
|
|
|
|
|
Money Market Demand Accounts:
|
|
|
|
|
|
|
|
|
Bank2 Money Market Account, 0.550%, 2/15/2014 (a)
|
|
$
|
100,526
|
|
|
$
|
100,526
|
|
Latino Community Credit Union, 0.500%, 2/15/2014 (a)
|
|
|
102,383
|
|
|
|
102,383
|
|
Opportunities Credit Union, 0.300%, 2/15/2014 (a)
|
|
|
100,932
|
|
|
|
100,932
|
|
Self-Help Federal Credit Union, 0.420%, 2/15/2014 (a)
|
|
|
100,498
|
|
|
|
100,498
|
|
Self-Help Money Market Demand, 0.420%, 2/15/2014 (a)
|
|
|
102,422
|
|
|
|
102,422
|
|
Southern Bancorp Money Market, 0.180%, 2/15/2014 (a)
|
|
|
251,219
|
|
|
|
251,219
|
|
|
|
|
|
|
|
|
|
|
Total Cash Equivalents
(Cost $757,980)
|
|
|
|
|
|
|
757,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 98.4%
(Cost $123,173,406) (b)
|
|
|
|
|
|
|
124,496,215
|
|
|
|
|
Other Assets, less liabilities 1.6%
|
|
|
|
|
|
|
2,032,749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets 100.0%
|
|
|
|
|
|
$
|
126,528,964
|
|
|
|
|
|
|
|
|
|
|
(a) Securities (other than short-term obligations with remaining maturities of less than 60 days) for which there are no such
quotations or valuations are valued at fair value as determined in good faith by or at the direction of the Funds Board of Trustees.
(b) The
aggregate cost for book and federal income purposes is $123,663,285. The aggregate gross unrealized appreciation is $1,185,109, and the aggregate gross unrealized depreciation is $352,179, resulting in net unrealized appreciation of $832,930.
(c) This security has been determined to be liquid under guidelines established by the Funds Board of Trustees.
(d) This security has been determined to be illiquid under guidelines established by the Funds Board of Trustees.
VR Variable interest rate. Rate shown is that on January 31, 2014.
144A Security that may be sold to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the
Funds Board of Trustees.
SEE NOTES TO FINANCIAL
STATEMENTS
34
DOMINI FUNDS EXPENSE EXAMPLE (Unaudited)
As a shareholder of the Domini Funds, you incur two types of costs:
(1) Transaction costs such as redemption fees deducted from any redemption or exchange proceeds if you sell or exchange shares of the fund after holding them less than 30 days and sales charges (loads) on
Class A shares and
(2) Ongoing costs, including management fees, distribution (12b-1) fees, and other Fund expenses.
This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested on August 1, 2013, and held through January 31, 2014.
Certain Account Fees
Some accounts are subject to recurring annual service fees and maintenance fees that
are not included in the expenses shown in the table. If your account was subject to these fees, then the actual account values at the end of the period would be lower and the actual expense would be higher. You may avoid the annual service fee by
choosing paperless electronic delivery of statements, prospectuses, shareholder reports and other materials.
Actual Expenses
The line of the table captioned Actual Expenses below provides information about actual account value and actual expenses. You may
use the information in this line, together with the amount invested, to estimate the expenses that you paid over the period as follows:
(1) Divide your account value by $1,000.
(2) Multiply your result in step 1 by
the number in the first line under the heading Expenses Paid During Period in the table.
The result equals the
estimated expenses you paid on your account during the period.
Hypothetical Expenses
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds actual expense ratio and an assumed rate of return of
5% per year before expenses, which is not the Funds return. The hypothetical account values and expenses may not be used to estimate actual ending account balance or expenses you paid for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical example that appears in the shareholder reports of the other funds.
35
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not
reflect any transactional costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these
transactional costs were included, your costs would have been higher.
|
|
|
|
|
|
|
|
|
Fund Name
|
|
Expenses
|
|
Beginning
Account Value
as of 8/1/2013
|
|
Ending Account
Value as of
1/31/2014
|
|
Expenses Paid
During Period
8/1/2013
1/31/2014
|
Domini Social Equity Fund Investor Shares
|
|
Actual Expenses
|
|
$1,000.00
|
|
$1,073.40
|
|
$6.29
1
|
|
Hypothetical Expenses
(5% return before expenses)
|
|
$1,000.00
|
|
$1,019.14
|
|
$6.12
1
|
Domini Social Equity Fund Class A Shares
|
|
Actual Expenses
|
|
$1,000.00
|
|
$1,074.50
|
|
$6.17
1
|
|
Hypothetical Expenses
(5% return before expenses)
|
|
$1,000.00
|
|
$1,019.26
|
|
$6.00
1
|
Domini Social Equity Fund Institutional Shares
|
|
Actual Expenses
|
|
$1,000.00
|
|
$1,076.10
|
|
$4.19
1
|
|
Hypothetical Expenses
(5% return before expenses)
|
|
$1,000.00
|
|
$1,021.17
|
|
$4.07
1
|
Domini Social Equity Fund Class R Shares
|
|
Actual Expenses
|
|
$1,000.00
|
|
$1,075.80
|
|
$4.71
1
|
|
Hypothetical Expenses
(5% return before expenses)
|
|
$1,000.00
|
|
$1,020.67
|
|
$4.58
1
|
Domini International Social Equity
Fund
Investor Shares
|
|
Actual Expenses
|
|
$1,000.00
|
|
$1,073.90
|
|
$8.35
2
|
|
Hypothetical Expenses
(5% return before expenses)
|
|
$1,000.00
|
|
$1,017.15
|
|
$8.13
2
|
Domini International Social Equity
Fund
Class A Shares
|
|
Actual Expenses
|
|
$1,000.00
|
|
$1,073.90
|
|
$8.20
2
|
|
Hypothetical Expenses
(5% return before expenses)
|
|
$1,000.00
|
|
$1,017.30
|
|
$7.97
2
|
Domini International Social Equity
Fund
Institutional Shares
|
|
Actual Expenses
|
|
$1,000.00
|
|
$1,077.00
|
|
$6.18
2
|
|
Hypothetical Expenses
(5% return before expenses)
|
|
$1,000.00
|
|
$1,019.25
|
|
$6.01
2
|
Domini Social Bond Fund Investor Shares
|
|
Actual Expenses
|
|
$1,000.00
|
|
$1,014.00
|
|
$4.83
3
|
|
Hypothetical Expenses
(5% return before expenses)
|
|
$1,000.00
|
|
$1,020.41
|
|
$4.84
3
|
Domini Social Bond Fund Institutional Shares
|
|
Actual Expenses
|
|
$1,000.00
|
|
$1,015.50
|
|
$3.30
3
|
|
Hypothetical Expenses
(5% return before expenses)
|
|
$1,000.00
|
|
$1,021.93
|
|
$3.31
3
|
1
Expenses are equal to the
Funds annualized expense ratio of 1.20% for Investor shares, or 1.18% for Class A shares, or 0.80% for Institutional Class, or 0.90% for Class R shares, multiplied by average account value over the period, multiplied by 184, and divided
by 365.
2
Expenses are equal to the Funds
annualized expense ratio of 1.60% for Investor shares, or 1.57% for Class A shares, or 1.18% for Institutional shares, multiplied by average account value over the period, multiplied by 184, and divided by 365.
3
Expenses are equal to the Funds annualized expense ratio of
0.95% for Investor Shares, or 0.65% for Institutional Class, multiplied by average account value over the period, multiplied by 184, and divided by 365.
36
STATEMENTS OF ASSETS AND LIABILITIES
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Domini Social
Equity Fund
|
|
|
Domini
International
Social Equity
Fund
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Investments at value (cost $757,491,189, and $211,817,541, respectively)
|
|
$
|
905,378,073
|
|
|
$
|
241,596,328
|
|
Cash
|
|
|
6,974,978
|
|
|
|
5,243,939
|
|
Foreign currency, at value (cost $0, and $370, respectively)
|
|
|
-
|
|
|
|
370
|
|
Receivable for securities sold
|
|
|
-
|
|
|
|
778,394
|
|
Receivable for capital shares
|
|
|
289,641
|
|
|
|
879,997
|
|
Dividend receivable
|
|
|
572,904
|
|
|
|
196,724
|
|
Tax reclaim receivable
|
|
|
2,356
|
|
|
|
108,500
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
913,217,952
|
|
|
|
248,804,252
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Payable for securities purchased
|
|
|
-
|
|
|
|
1,557,717
|
|
Payable for capital shares
|
|
|
739,185
|
|
|
|
105,901
|
|
Management /Sponsorship fee payable
|
|
|
593,792
|
|
|
|
212,815
|
|
Distribution fee payable
|
|
|
142,188
|
|
|
|
44,713
|
|
Other accrued expenses
|
|
|
369,208
|
|
|
|
88,234
|
|
Foreign tax payable
|
|
|
258
|
|
|
|
25,728
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
1,844,631
|
|
|
|
2,035,108
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS
|
|
$
|
911,373,321
|
|
|
$
|
246,769,144
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS CONSIST OF
|
|
|
|
|
|
|
|
|
Paid-in capital
|
|
$
|
758,271,669
|
|
|
$
|
217,434,397
|
|
Undistributed net investment income (loss)
|
|
|
2,676,152
|
|
|
|
(6,078,128)
|
|
Accumulated net realized gain (loss)
|
|
|
2,538,689
|
|
|
|
5,636,393
|
|
Net unrealized appreciation (depreciation)
|
|
|
147,886,811
|
|
|
|
29,776,482
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS
|
|
$
|
911,373,321
|
|
|
$
|
246,769,144
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE PER SHARE
|
|
|
|
|
|
|
|
|
Investor Shares
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
654,586,519
|
|
|
$
|
187,155,022
|
|
|
|
|
|
|
|
|
|
|
Outstanding shares of beneficial interest
|
|
|
15,557,986
|
|
|
|
23,863,662
|
|
|
|
|
|
|
|
|
|
|
Net asset value and offering price per share*
|
|
$
|
42.07
|
|
|
$
|
7.84
|
|
|
|
|
|
|
|
|
|
|
Class A Shares
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
6,245,810
|
|
|
$
|
24,040,976
|
|
|
|
|
|
|
|
|
|
|
Outstanding shares of beneficial interest
|
|
|
493,127
|
|
|
|
2,930,388
|
|
|
|
|
|
|
|
|
|
|
Net asset value*
|
|
$
|
12.67
|
|
|
$
|
8.20
|
|
|
|
|
|
|
|
|
|
|
Maximum offering price per share (net asset value per share /
(1-4.75%))
|
|
$
|
13.30
|
|
|
$
|
8.61
|
|
|
|
|
|
|
|
|
|
|
Institutional shares
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
217,886,466
|
|
|
$
|
35,573,146
|
|
|
|
|
|
|
|
|
|
|
Outstanding shares of beneficial interest
|
|
|
8,475,813
|
|
|
|
4,532,107
|
|
|
|
|
|
|
|
|
|
|
Net asset value and offering price per share*
|
|
$
|
25.71
|
|
|
$
|
7.85
|
|
|
|
|
|
|
|
|
|
|
Class R shares
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
32,654,526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding shares of beneficial interest
|
|
|
2,786,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value and offering price per share*
|
|
$
|
11.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Redemption price is equal to net asset value less any applicable redemption fees retained by the Fund.
SEE NOTES TO FINANCIAL STATEMENTS
37
STATEMENTS OF OPERATIONS
For the Six Months Ended January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Domini Social
Equity Fund
|
|
|
Domini
International
Social Equity
Fund
|
|
INCOME
|
|
|
|
|
|
|
|
|
Dividends (net of foreign taxes $62,495, and $164,465, respectively)
|
|
$
|
7,652,777
|
|
|
$
|
2,117,784
|
|
|
|
|
|
|
|
|
|
|
Investment Income
|
|
|
7,652,777
|
|
|
|
2,117,784
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
Management /Sponsorship fees
|
|
|
3,398,789
|
|
|
|
1,162,451
|
|
Distribution fees Investor shares
|
|
|
815,078
|
|
|
|
224,492
|
|
Distribution fees Class A shares
|
|
|
7,259
|
|
|
|
23,564
|
|
Transfer agent fees Investor shares
|
|
|
420,417
|
|
|
|
172,882
|
|
Transfer agent fees Class A shares
|
|
|
4,975
|
|
|
|
29,201
|
|
Transfer agent fees Institutional shares
|
|
|
2,039
|
|
|
|
6,005
|
|
Transfer agent fees Class R shares
|
|
|
940
|
|
|
|
-
|
|
Registration fees Investor shares
|
|
|
58,103
|
|
|
|
21,708
|
|
Registration fees Class A shares
|
|
|
13,187
|
|
|
|
18,735
|
|
Registration fees Institutional shares
|
|
|
14,285
|
|
|
|
367
|
|
Registration fees Class R shares
|
|
|
15,936
|
|
|
|
-
|
|
Custody and Accounting fees
|
|
|
86,282
|
|
|
|
130,173
|
|
Miscellaneous
|
|
|
55,273
|
|
|
|
15,896
|
|
Shareholder Communication fees
|
|
|
37,309
|
|
|
|
14,304
|
|
Shareholder Service fees Investor shares
|
|
|
33,782
|
|
|
|
10,732
|
|
Shareholder Service fees Class A shares
|
|
|
480
|
|
|
|
3,354
|
|
Shareholder Service fees Institutional shares
|
|
|
77
|
|
|
|
10
|
|
Shareholder Service fees Class R shares
|
|
|
107
|
|
|
|
-
|
|
Trustees fees
|
|
|
22,902
|
|
|
|
7,239
|
|
Professional fees
|
|
|
9,413
|
|
|
|
8,932
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
4,996,633
|
|
|
|
1,850,045
|
|
Fees waived and expenses reimbursed
|
|
|
(31,953)
|
|
|
|
(66,112)
|
|
|
|
|
|
|
|
|
|
|
Net expenses
|
|
|
4,964,680
|
|
|
|
1,783,933
|
|
|
|
|
|
|
|
|
|
|
NET INVESTMENT INCOME (LOSS)
|
|
|
2,688,097
|
|
|
|
333,851
|
|
|
|
|
|
|
|
|
|
|
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND FOREIGN CURRENCY
|
|
|
|
|
|
|
|
|
NET REALIZED GAIN (LOSS) FROM:
|
|
|
|
|
|
|
|
|
Investments
|
|
|
70,333,403
|
|
|
|
12,300,726
|
|
Foreign Currency
|
|
|
8,706
|
|
|
|
33,796
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss)
|
|
|
70,342,109
|
|
|
|
12,334,522
|
|
NET CHANGES IN UNREALIZED APPRECIATION (DEPRECIATION) FROM:
|
|
|
|
|
|
|
|
|
Investments
|
|
|
(9,834,236)
|
|
|
|
2,568,625
|
|
Translation of assets and liabilities in foreign currencies
|
|
|
(73)
|
|
|
|
(2,871)
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
(9,834,309)
|
|
|
|
2,565,754
|
|
|
|
|
|
|
|
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
|
|
60,507,800
|
|
|
|
14,900,276
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
|
$
|
63,195,897
|
|
|
$
|
15,234,127
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS
38
D
OMINI
S
OCIAL
E
QUITY
F
UND
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
January 31, 2014
(Unaudited)
|
|
|
Year Ended
July 31, 2013
|
|
INCREASE IN NET ASSETS
|
|
|
|
|
|
|
|
|
FROM OPERATIONS
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
2,688,097
|
|
|
$
|
8,749,824
|
|
Net realized gain (loss)
|
|
|
70,342,109
|
|
|
|
113,438,543
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
(9,834,309
|
)
|
|
|
33,156,924
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations
|
|
|
63,195,897
|
|
|
|
155,345,291
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS AND/OR DIVIDENDS
|
|
|
|
|
|
|
|
|
Dividends to shareholders from net investment income:
|
|
|
|
|
|
|
|
|
Investor shares
|
|
|
(454,861
|
)
|
|
|
(3,810,358
|
)
|
Class A shares
|
|
|
(21,830
|
)
|
|
|
(160,635
|
)
|
Institutional shares
|
|
|
(430,261
|
)
|
|
|
(4,095,883
|
)
|
Class R shares
|
|
|
(120,865
|
)
|
|
|
(1,000,392
|
)
|
Distributions to shareholders from net realized gain:
|
|
|
|
|
|
|
|
|
Investor shares
|
|
|
-
|
|
|
|
-
|
|
Class A shares
|
|
|
-
|
|
|
|
-
|
|
Institutional shares
|
|
|
-
|
|
|
|
-
|
|
Class R shares
|
|
|
-
|
|
|
|
-
|
|
Tax return of capital distribution
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net Decrease in Net Assets from Distributions and/or Dividends
|
|
|
(1,027,817
|
)
|
|
|
(9,067,268
|
)
|
|
|
|
|
|
|
|
|
|
CAPITAL SHARE TRANSACTIONS
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
49,744,034
|
|
|
|
92,296,604
|
|
Net asset value of shares issued in reinvestment of distributions and dividends
|
|
|
982,216
|
|
|
|
8,790,242
|
|
Payments for shares redeemed
|
|
|
(75,217,885
|
)
|
|
|
(130,878,503
|
)
|
Redemption fees
|
|
|
10,864
|
|
|
|
6,203
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets from Capital Share Transactions
|
|
|
(24,480,771
|
)
|
|
|
(29,785,454
|
)
|
|
|
|
|
|
|
|
|
|
Total Increase (Decrease) in Net Assets
|
|
|
37,687,309
|
|
|
|
116,492,569
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
$
|
873,686,012
|
|
|
$
|
757,193,443
|
|
|
|
|
|
|
|
|
|
|
End of period
|
|
$
|
911,373,321
|
|
|
$
|
873,686,012
|
|
|
|
|
|
|
|
|
|
|
Undistributed net investment income (loss)
|
|
$
|
2,676,152
|
|
|
$
|
1,015,872
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS
39
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
Six
Months
Ended
January 31, 2014
(Unaudited)
|
|
|
Year Ended
July 31, 2013
|
|
INCREASE IN NET ASSETS
|
|
|
|
|
|
|
|
|
FROM OPERATIONS
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
333,851
|
|
|
$
|
2,931,468
|
|
Net realized gain (loss)
|
|
|
12,334,522
|
|
|
|
13,227,215
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
2,565,754
|
|
|
|
24,143,371
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations
|
|
|
15,234,127
|
|
|
|
40,302,054
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS AND/OR DIVIDENDS
|
|
|
|
|
|
|
|
|
Dividends to shareholders from net investment income:
|
|
|
|
|
|
|
|
|
Investor shares
|
|
|
(5,652,570
|
)
|
|
|
(1,211,612
|
)
|
Class A shares
|
|
|
(606,614
|
)
|
|
|
(108,546
|
)
|
Institutional shares
|
|
|
(1,135,764
|
)
|
|
|
(255,115
|
)
|
Class R shares
|
|
|
-
|
|
|
|
-
|
|
Distributions to shareholders from net realized gain:
|
|
|
|
|
|
|
|
|
Investor shares
|
|
|
(3,360,560
|
)
|
|
|
-
|
|
Class A shares
|
|
|
(368,244
|
)
|
|
|
-
|
|
Institutional shares
|
|
|
(668,266
|
)
|
|
|
-
|
|
Class R shares
|
|
|
-
|
|
|
|
-
|
|
Tax return of capital distribution
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net Decrease in Net Assets from Distributions and/or Dividends
|
|
|
(11,792,018
|
)
|
|
|
(1,575,273
|
)
|
|
|
|
|
|
|
|
|
|
CAPITAL SHARE TRANSACTIONS
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
58,113,207
|
|
|
|
75,530,023
|
|
Net asset value of shares issued in reinvestment of distributions and dividends
|
|
|
9,054,596
|
|
|
|
1,076,056
|
|
Payments for shares redeemed
|
|
|
(21,986,161
|
)
|
|
|
(49,777,366
|
)
|
Redemption fees
|
|
|
5,434
|
|
|
|
1,162
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets from Capital Share Transactions
|
|
|
45,187,076
|
|
|
|
26,829,875
|
|
|
|
|
|
|
|
|
|
|
Total Increase (Decrease) in Net Assets
|
|
|
48,629,185
|
|
|
|
65,556,656
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
$
|
198,139,959
|
|
|
$
|
132,583,303
|
|
|
|
|
|
|
|
|
|
|
End of period
|
|
$
|
246,769,144
|
|
|
$
|
198,139,959
|
|
|
|
|
|
|
|
|
|
|
Undistributed net investment income (loss)
|
|
$
|
(6,078,128
|
)
|
|
$
|
982,969
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS
40
D
OMINI
S
OCIAL
E
QUITY
F
UND
I
NVESTOR
S
HARES
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months
Ended
January 31, 2014
(Unaudited)
|
|
|
Year Ended July 31,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
For a share outstanding for the period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$39.22
|
|
|
|
$32.66
|
|
|
|
$31.56
|
|
|
|
$26.00
|
|
|
|
$22.83
|
|
|
|
$28.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
0.12
|
|
|
|
0.37
|
|
|
|
0.36
|
|
|
|
0.27
|
|
|
|
0.22
|
|
|
|
0.28
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
2.76
|
|
|
|
6.43
|
|
|
|
0.95
|
|
|
|
5.44
|
|
|
|
3.09
|
|
|
|
(5.32)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income from investment operations
|
|
|
2.88
|
|
|
|
6.80
|
|
|
|
1.31
|
|
|
|
5.71
|
|
|
|
3.31
|
|
|
|
(5.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less dividends and distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to shareholders from net investment income
|
|
|
(0.03)
|
|
|
|
(0.24)
|
|
|
|
(0.21)
|
|
|
|
(0.15)
|
|
|
|
(0.14)
|
|
|
|
(0.22)
|
|
Distributions to shareholders from net realized gain
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Tax return of capital
5
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions
|
|
|
(0.03)
|
|
|
|
(0.24)
|
|
|
|
(0.21)
|
|
|
|
(0.15)
|
|
|
|
(0.14)
|
|
|
|
(0.32)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption fee proceeds
5
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
|
$42.07
|
|
|
|
$39.22
|
|
|
|
$32.66
|
|
|
|
$31.56
|
|
|
|
$26.00
|
|
|
|
$22.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return
2
|
|
|
7.34%
|
|
|
|
20.87%
|
|
|
|
4.15%
|
|
|
|
22.01%
|
|
|
|
14.51%
|
|
|
|
-17.48%
|
|
Portfolio turnover
|
|
|
45%
|
|
|
|
97%
|
|
|
|
94%
|
|
|
|
87%
|
|
|
|
95%
|
|
|
|
82%
|
|
Ratios/supplemental data (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (in millions)
|
|
|
$655
|
|
|
|
$625
|
|
|
|
$546
|
|
|
|
$561
|
|
|
|
$562
|
|
|
|
$550
|
|
Ratio of expenses to average net assets
3
|
|
|
1.20%
|
|
|
|
1.24%
|
4
|
|
|
1.25%
|
4
|
|
|
1.23%
|
4
|
|
|
1.23%
|
4
|
|
|
1.18%
|
4
|
Ratio of net investment income (loss) to average net assets
|
|
|
0.49%
|
|
|
|
0.96%
|
|
|
|
1.06%
|
|
|
|
0.72%
|
|
|
|
0.77%
|
|
|
|
1.27%
|
|
1
Amount represents less than 0.005 per share.
2
Not annualized for periods less than one year.
3
Reflects a waiver of fees by the Manager, the Sponsor, and the
Distributor of the Fund. Had the Manager, the Sponsor, and the Distributor not waived their fees or reimbursed expenses, the ratio of expenses to average net assets would have been 1.20% for the six months ended January 31, 2014 and 1.24%,
1.26%, 1.23%, 1.29%, and 1.31%, for the years ended July 31, 2013, 2012, 2011, 2010, and 2009, respectively.
4
Ratio of expenses to average net assets includes indirectly paid expenses. Excluding indirectly paid expenses the ratio of expenses to average net assets would have been 1.24%,
1.25%, 1.23%, 1.23% and 1.18% for the years ended July 31, 2013, 2012, 2011, 2010 and 2009, respectively.
5
Based on average shares outstanding.
SEE NOTES TO FINANCIAL STATEMENTS
41
D
OMINI
S
OCIAL
E
QUITY
F
UND
C
LASS
A S
HARES
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months
Ended
January 31,
2014
(Unaudited)
|
|
|
Year Ended July 31,
|
|
|
For the Period
November 28, 2008
(commencement
of operations)
through
July 31,
2009
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
For a share outstanding for the period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$11.84
|
|
|
|
$10.16
|
|
|
|
$10.12
|
|
|
|
$8.51
|
|
|
|
$7.63
|
|
|
|
$6.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
0.10
|
|
|
|
0.22
|
|
|
|
0.37
|
|
|
|
0.07
|
|
|
|
0.10
|
|
|
|
0.06
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.78
|
|
|
|
1.86
|
|
|
|
0.05
|
|
|
|
1.80
|
|
|
|
1.01
|
|
|
|
1.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income from investment operations
|
|
|
0.88
|
|
|
|
2.08
|
|
|
|
0.42
|
|
|
|
1.87
|
|
|
|
1.11
|
|
|
|
1.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less dividends and/or distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to shareholders from net investment income
|
|
|
(0.05)
|
|
|
|
(0.40)
|
|
|
|
(0.38)
|
|
|
|
(0.26)
|
|
|
|
(0.23)
|
|
|
|
(0.15)
|
|
Distributions to shareholders from net realized gain
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Tax return of capital
5
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions
|
|
|
(0.05)
|
|
|
|
(0.40)
|
|
|
|
(0.38)
|
|
|
|
(0.26)
|
|
|
|
(0.23)
|
|
|
|
(0.21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption fee proceeds
5
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
|
$12.67
|
|
|
|
$11.84
|
|
|
|
$10.16
|
|
|
|
$10.12
|
|
|
|
$8.51
|
|
|
|
$7.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return
2
|
|
|
7.45%
|
|
|
|
20.88%
|
|
|
|
4.20%
|
|
|
|
22.16%
|
|
|
|
14.47%
|
|
|
|
20.66%
|
|
Portfolio turnover
|
|
|
45%
|
|
|
|
97%
|
|
|
|
94%
|
|
|
|
87%
|
|
|
|
95%
|
|
|
|
82%
|
|
Ratios/supplemental data (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (in millions)
|
|
|
$6
|
|
|
|
$5
|
|
|
|
$4
|
|
|
|
$2
|
|
|
|
$2
|
|
|
|
$1
|
|
Ratio of expenses to average net assets
3
|
|
|
1.18%
|
|
|
|
1.18%
|
4
|
|
|
1.18%
|
4
|
|
|
1.18%
|
4
|
|
|
1.18%
|
4
|
|
|
1.18%
|
4
|
Ratio of net investment income (loss) to average net assets
|
|
|
0.51%
|
|
|
|
1.02%
|
|
|
|
1.09%
|
|
|
|
0.76%
|
|
|
|
0.81%
|
|
|
|
1.13%
|
|
2
Total return does not reflect sales commissions and is not
annualized for periods less than one year.
3
Reflects a
waiver of fees by the Manager, the Sponsor, and the Distributor of the Fund. Had the Manager, the Sponsor, and the Distributor not waived their fees or reimbursed expenses, the ratio of expenses to average net assets would have been 1.71% for the
six months ended January 31, 2014 and 1.74%, 2.09%, 2.54%, 2.56%, and 3.31%, for the years ended July 31, 2013, 2012, 2011, 2010, and 2009, respectively.
4
Ratio of expenses to average net assets includes indirectly paid expenses. Excluding indirectly paid expenses the ratio of expenses to
average net assets would have been 1.18%, 1.18%, 1.18%, 1.18% and 1.18% for the years ended July 31, 2013, 2012, 2011, 2010 and 2009, respectively.
5
Based on average shares outstanding.
SEE NOTES TO FINANCIAL STATEMENTS
42
D
OMINI
S
OCIAL
E
QUITY
F
UND
I
NSTITUTIONAL
S
HARES
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months
Ended
January 31,
2014
(Unaudited)
|
|
|
Year Ended July 31,
|
|
|
For the Period
November 28, 2008
(commencement
of operations)
through
July 31,
2009
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
For a share outstanding for the period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$23.94
|
|
|
|
$20.12
|
|
|
|
$19.65
|
|
|
|
$16.26
|
|
|
|
$14.35
|
|
|
|
$12.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
0.09
|
|
|
|
0.29
|
|
|
|
0.33
|
|
|
|
0.23
|
|
|
|
0.21
|
|
|
|
0.13
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
1.73
|
|
|
|
3.96
|
|
|
|
0.57
|
|
|
|
3.42
|
|
|
|
1.96
|
|
|
|
2.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income from investment operations
|
|
|
1.82
|
|
|
|
4.25
|
|
|
|
0.90
|
|
|
|
3.65
|
|
|
|
2.17
|
|
|
|
2.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less dividends and/or distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to shareholders from net investment income
|
|
|
(0.05)
|
|
|
|
(0.43)
|
|
|
|
(0.43)
|
|
|
|
(0.26)
|
|
|
|
(0.26)
|
|
|
|
(0.15)
|
|
Distributions to shareholders from net realized gain
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Tax return of capital
5
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions
|
|
|
(0.05)
|
|
|
|
(0.43)
|
|
|
|
(0.43)
|
|
|
|
(0.26)
|
|
|
|
(0.26)
|
|
|
|
(0.22)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption fee proceeds
5
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
|
$25.71
|
|
|
|
$23.94
|
|
|
|
$20.12
|
|
|
|
$19.65
|
|
|
|
$16.26
|
|
|
|
$14.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return
2
|
|
|
7.61%
|
|
|
|
21.36%
|
|
|
|
4.62%
|
|
|
|
22.55%
|
|
|
|
15.08%
|
|
|
|
20.93%
|
|
Portfolio turnover
|
|
|
45%
|
|
|
|
97%
|
|
|
|
94%
|
|
|
|
87%
|
|
|
|
95%
|
|
|
|
82%
|
|
Ratios/supplemental data (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (in millions)
|
|
|
$218
|
|
|
|
$216
|
|
|
|
$182
|
|
|
|
$143
|
|
|
|
$103
|
|
|
|
$84
|
|
Ratio of expenses to average net assets
3
|
|
|
0.80%
|
|
|
|
0.80%
|
4
|
|
|
0.80%
|
4
|
|
|
0.80%
|
4
|
|
|
0.75%
|
4
|
|
|
0.65%
|
4
|
Ratio of net investment income (loss) to average net assets
|
|
|
0.89%
|
|
|
|
1.41%
|
|
|
|
1.49%
|
|
|
|
1.17%
|
|
|
|
1.24%
|
|
|
|
1.66%
|
|
1
Amount represents less than 0.005 per share.
2
Not annualized for periods less than one year.
3
Reflects a waiver of fees by the Manager, and the Sponsor. Had the
Manager and the Sponsor not waived their fees or reimbursed expenses, the ratio of expenses to average net assets would have been 0.81% for the six months ended January 31, 2014 and 0.81%, 0.83%, 0.82%, 0.83%, and 0.80%, for the years ended
July 31, 2013, 2012, 2011, 2010, and 2009, respectively.
4
Ratio of expenses to average net assets includes indirectly paid
expenses. Excluding indirectly paid expenses the ratio of expenses to average net assets would have been 0.80%, 0.80%, 0.80%, 0.75% and 0.65% for the years ended July 31, 2103, 2012, 2011, 2010 and 2009, respectively.
5
Based on average shares outstanding.
SEE NOTES TO FINANCIAL STATEMENTS
43
D
OMINI
S
OCIAL
E
QUITY
F
UND
C
LASS
R
S
HARES
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months
Ended
January 31,
2014
(Unaudited)
|
|
|
Year Ended July 31,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
For a share outstanding for the period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$10.94
|
|
|
|
$9.41
|
|
|
|
$9.40
|
|
|
|
$7.91
|
|
|
|
$7.09
|
|
|
|
$9.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
0.26
|
|
|
|
(0.03)
|
|
|
|
1.16
|
|
|
|
(1.15)
|
|
|
|
(0.11)
|
|
|
|
(0.05)
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.57
|
|
|
|
1.98
|
|
|
|
(0.74)
|
|
|
|
2.90
|
|
|
|
1.18
|
|
|
|
(1.74)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income from investment operations
|
|
|
0.83
|
|
|
|
1.95
|
|
|
|
0.42
|
|
|
|
1.75
|
|
|
|
1.07
|
|
|
|
(1.79)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less dividends and/or distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to shareholders from net investment income
|
|
|
(0.05)
|
|
|
|
(0.42)
|
|
|
|
(0.41)
|
|
|
|
(0.26)
|
|
|
|
(0.25)
|
|
|
|
(0.33)
|
|
Distributions to shareholders from net realized gain
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Tax return of capital
5
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions
|
|
|
(0.05)
|
|
|
|
(0.42)
|
|
|
|
(0.41)
|
|
|
|
(0.26)
|
|
|
|
(0.25)
|
|
|
|
(0.49)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption fee proceeds
5
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
|
$11.72
|
|
|
|
$10.94
|
|
|
|
$9.41
|
|
|
|
$9.40
|
|
|
|
$7.91
|
|
|
|
$7.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return
2
|
|
|
7.58%
|
|
|
|
21.21%
|
|
|
|
4.58%
|
|
|
|
22.29%
|
|
|
|
15.05%
|
|
|
|
-17.23%
|
|
Portfolio turnover
|
|
|
45%
|
|
|
|
97%
|
|
|
|
94%
|
|
|
|
87%
|
|
|
|
95%
|
|
|
|
82%
|
|
Ratios/supplemental data (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (in millions)
|
|
|
$33
|
|
|
|
$28
|
|
|
|
$26
|
|
|
|
$16
|
|
|
|
$28
|
|
|
|
$30
|
|
Ratio of expenses to average net assets
3
|
|
|
0.90%
|
|
|
|
0.90%
|
4
|
|
|
0.90%
|
4
|
|
|
0.85%
|
4
|
|
|
0.85%
|
4
|
|
|
0.85%
|
4
|
Ratio of net investment income (loss) to average net assets
|
|
|
0.78%
|
|
|
|
1.31%
|
|
|
|
1.38%
|
|
|
|
1.16%
|
|
|
|
1.16%
|
|
|
|
1.62%
|
|
1
Amount represents less than 0.005 per share.
2
Not annualized for periods less than one year.
3
Reflects a waiver of fees by the Manager, and the Sponsor, of the
Fund. Had the Manager, and the Sponsor, not waived their fees or reimbursed expenses, the ratio of expenses to average net assets would have been 0.90% for the six months ended January 31, 2014 and 0.90%, 0.91%, 0.85%, 0.92%, and 0.97%, for the
years ended July 31, 2013, 2012, 2011, 2010, and 2009, respectively.
4
Ratio of expenses to average net assets includes indirectly paid expenses. Excluding indirectly paid expenses the ratio of expenses to average net assets would have been 0.90%,
0.90%, 0.85%, 0.85% and 0.85% for the years ended July 31, 2013, 2012, 2011, 2010 and 2009, respectively.
5
Based on average shares outstanding.
SEE NOTES TO FINANCIAL STATEMENTS
44
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
I
NVESTOR
S
HARES
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months
Ended
January 31,
2014
(Unaudited)
|
|
|
Year Ended July 31,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
For a share outstanding for the period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$7.67
|
|
|
|
$5.98
|
|
|
|
$7.43
|
|
|
|
$6.24
|
|
|
|
$6.05
|
|
|
|
$8.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
0.02
|
|
|
|
0.11
|
|
|
|
0.09
|
|
|
|
0.13
|
|
|
|
0.12
|
|
|
|
0.11
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.55
|
|
|
|
1.64
|
|
|
|
(1.04)
|
|
|
|
1.18
|
|
|
|
0.20
|
|
|
|
(2.25)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income from investment operations
|
|
|
0.57
|
|
|
|
1.75
|
|
|
|
(0.95)
|
|
|
|
1.31
|
|
|
|
0.32
|
|
|
|
(2.14)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less dividends and/or distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to shareholders from net investment income
|
|
|
(0.25)
|
|
|
|
(0.06)
|
|
|
|
(0.28)
|
|
|
|
(0.12)
|
|
|
|
(0.13)
|
|
|
|
(0.10)
|
|
Distributions to shareholders from net realized gain
|
|
|
(0.15)
|
|
|
|
-
|
|
|
|
(0.20)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Tax return of capital
5
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.02)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions
|
|
|
(0.40)
|
|
|
|
(0.06)
|
|
|
|
(0.50)
|
|
|
|
(0.12)
|
|
|
|
(0.13)
|
|
|
|
(0.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption fee proceeds
5
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
|
$7.84
|
|
|
|
$7.67
|
|
|
|
$5.98
|
|
|
|
$7.43
|
|
|
|
$6.24
|
|
|
|
$6.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return
2
|
|
|
7.39%
|
|
|
|
29.26%
|
|
|
|
-12.38%
|
|
|
|
21.10%
|
|
|
|
5.34%
|
|
|
|
-25.72%
|
|
Portfolio turnover
|
|
|
40%
|
|
|
|
87%
|
|
|
|
110%
|
|
|
|
84%
|
|
|
|
85%
|
|
|
|
85%
|
|
Ratios/supplemental data (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (in millions)
|
|
|
$187
|
|
|
|
$160
|
|
|
|
$127
|
|
|
|
$137
|
|
|
|
$111
|
|
|
|
$27
|
|
Ratio of expenses to average
net assets
3
|
|
|
1.60%
|
|
|
|
1.60%
|
4
|
|
|
1.60%
|
4
|
|
|
1.60%
|
4
|
|
|
1.69%
|
4
|
|
|
1.60%
|
4
|
Ratio of net investment income (loss) to average net assets
|
|
|
0.25%
|
|
|
|
1.70%
|
|
|
|
1.64%
|
|
|
|
1.75%
|
|
|
|
1.73%
|
|
|
|
2.18%
|
|
1
Amount represents less than 0.005 per share.
2
Not annualized for periods less than one year.
3
Reflects a waiver of fees by the Manager, and the Distributor of
the Fund. Had the Manager, and the Distributor not waived their fees or reimbursed expenses, the ratio of expenses to average net assets would have been 1.63% for the six months ended January 31, 2014 and 1.68%, 1.74%, 1.70%, 2.03%, and 2.63%,
for the years ended July 31, 2013, 2012, 2011, 2010, and 2009, respectively.
4
Ratio of expenses to average net assets includes indirectly paid expenses. Excluding indirectly paid expenses the ratio of expenses to average net assets would have been 1.60%,
1.60%, 1.60%, 1.70% and 1.60% for the years ended July 31, 2013, 2012, 2011, 2010 and 2009, respectively.
5
Based on average shares outstanding.
SEE NOTES TO FINANCIAL STATEMENTS
45
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
C
LASS
A S
HARES
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months
Ended
January 31,
2014
(Unaudited)
|
|
|
|
|
|
Year Ended July 31,
|
|
|
|
|
|
For the Period
November 28, 2008
(commencement
of operations)
through
July 31,
2009
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
For a share outstanding for the period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$8.00
|
|
|
|
$6.24
|
|
|
|
$7.73
|
|
|
|
$6.50
|
|
|
|
$6.30
|
|
|
|
$5.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
0.02
|
|
|
|
0.12
|
|
|
|
0.14
|
|
|
|
0.14
|
|
|
|
0.14
|
|
|
|
0.08
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.58
|
|
|
|
1.71
|
|
|
|
(1.12)
|
|
|
|
1.22
|
|
|
|
0.20
|
|
|
|
1.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income from investment operations
|
|
|
0.60
|
|
|
|
1.83
|
|
|
|
(0.98)
|
|
|
|
1.36
|
|
|
|
0.34
|
|
|
|
1.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less dividends and/or distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to shareholders from net investment income
|
|
|
(0.25)
|
|
|
|
(0.07)
|
|
|
|
(0.29)
|
|
|
|
(0.13)
|
|
|
|
(0.14)
|
|
|
|
(0.08)
|
|
Distributions to shareholders from net realized gain
|
|
|
(0.15)
|
|
|
|
-
|
|
|
|
(0.20)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Tax return of capital
5
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.02)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions
|
|
|
(0.40)
|
|
|
|
(0.07)
|
|
|
|
(0.51)
|
|
|
|
(0.13)
|
|
|
|
(0.14)
|
|
|
|
(0.08)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption fee proceeds
5
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
|
$8.20
|
|
|
|
$8.00
|
|
|
|
$6.24
|
|
|
|
$7.73
|
|
|
|
$6.50
|
|
|
|
$6.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return
2
|
|
|
7.39%
|
|
|
|
29.30%
|
|
|
|
-12.26%
|
|
|
|
21.05%
|
|
|
|
5.35%
|
|
|
|
24.45%
|
|
Portfolio turnover
|
|
|
40%
|
|
|
|
87%
|
|
|
|
110%
|
|
|
|
84%
|
|
|
|
85%
|
|
|
|
85%
|
|
Ratios/supplemental data (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (in millions)
|
|
|
$24
|
|
|
|
$13
|
|
|
|
$6
|
|
|
|
$4
|
|
|
|
$3
|
|
|
|
$1
|
|
Ratio of expenses to average net assets
3
|
|
|
1.57%
|
|
|
|
1.57%
|
4
|
|
|
1.57%
|
4
|
|
|
1.57%
|
4
|
|
|
1.62%
|
4
|
|
|
1.57%
|
4
|
Ratio of net investment income (loss) to average net assets
|
|
|
0.12%
|
|
|
|
1.91%
|
|
|
|
1.85%
|
|
|
|
1.82%
|
|
|
|
2.03%
|
|
|
|
2.31%
|
|
2
Total return does not reflect sales commissions and is not
annualized for periods less than one year.
3
Reflects a
waiver of fees by the Manager, and the Distributor of the Fund. Had the Manager, and the Distributor not waived their fees or reimbursed expenses, the ratio of expenses to average net assets would have been 1.96% for the six months ended
January 31, 2014 and 2.13%, 2.33%, 2.42%, 3.58%, and 6.86%, for the years ended July 31, 2013, 2012, 2011, 2010, and 2009, respectively.
4
Ratio of expenses to average net assets includes indirectly paid expenses. Excluding indirectly paid expenses the ratio of expenses to
average net assets would have been 1.57%, 1.57%, 1.57%, 1.63% and 1.58% for the years ended July 31, 2013, 2012, 2011, 2010 and 2009, respectively.
5
Based on average shares outstanding.
SEE NOTES TO FINANCIAL STATEMENTS
46
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
I
NSTITUTIONAL
S
HARES
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
January 31, 2014
(Unaudited)
|
|
|
For the Period
November 30, 2012
(commencement of
operations) through
July 31,
2013
|
|
For a share outstanding for the period:
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$7.66
|
|
|
|
$6.59
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
0.01
|
|
|
|
0.11
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.59
|
|
|
|
1.04
|
|
|
|
|
|
|
|
|
|
|
Total income from investment operations
|
|
|
0.60
|
|
|
|
1.15
|
|
|
|
|
|
|
|
|
|
|
Less dividends and/or distributions:
|
|
|
|
|
|
|
|
|
Dividends to shareholders from net investment income
|
|
|
(0.26)
|
|
|
|
(0.08)
|
|
Distributions to shareholders from net realized gain
|
|
|
(0.15)
|
|
|
|
-
|
|
Tax return of capital
5
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total distributions
|
|
|
(0.41)
|
|
|
|
(0.08)
|
|
|
|
|
|
|
|
|
|
|
Redemption fee proceeds
5
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
|
$7.85
|
|
|
|
$7.66
|
|
|
|
|
|
|
|
|
|
|
Total return
2
|
|
|
7.70%
|
|
|
|
17.50%
|
|
Portfolio turnover
|
|
|
40%
|
|
|
|
87%
|
|
Ratios/supplemental data (annualized):
|
|
|
|
|
|
|
|
|
Net assets, end of period (in millions)
|
|
|
$36
|
|
|
|
$25
|
|
Ratio of expenses to average net assets
3
|
|
|
1.18%
|
|
|
|
1.25%
|
4
|
Ratio of net investment income (loss) to average net assets
|
|
|
0.60%
|
|
|
|
2.40%
|
|
2
Not annualized for periods less than one year.
3
Reflects a waiver of fees by the Manager of the Fund. Had the
Manager not waived their fees or reimbursed expenses, the ratio of expenses to average net assets would have been 1.18% for the six months ended January 31, 2014 and 1.25% for the period ended July 31, 2013.
4
Ratio of expenses to average net assets includes indirectly paid
expenses. Excluding indirectly paid expenses the ratio of expenses to average net assets would have been 1.25% for the period ended July 31, 2013.
5
Based on average shares outstanding.
SEE NOTES TO FINANCIAL STATEMENTS
47
D
OMINI
S
OCIAL
E
QUITY
F
UND
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
NOTES TO FINANCIAL STATEMENTS
January 31, 2014 (Unaudited)
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The
Domini Social Investment Trust is a Massachusetts business trust registered under the Investment Company Act of 1940 as an open-end management investment company. The Domini Social Investment Trust comprises three separate series: Domini Social
Equity Fund, Domini International Social Equity Fund (formerly, Domini European PacAsia Social Equity Fund), and Domini Social Bond Fund (each the Fund, collectively the Funds). The financial statements of the Domini Social
Bond Fund are included on page 60 of this report. The Domini Social Equity Fund offers Investor shares, Class A shares, Institutional shares and Class R shares. The Domini International Social Equity Fund offers Investor shares,
Class A shares and Institutional Shares. Institutional shares of the Domini International Social Equity Fund were not offered prior to November 30, 2012. The Investor shares, Institutional shares and Class R shares are sold at their
offering price, which is net asset value. The Class A shares are sold with a front-end sales charge (load) of up to 4.75%. Class R shares are generally available only to certain eligible retirement plans and endowments, foundations, religious
organizations, and other tax-exempt entities that are approved by the Funds Distributor. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect
that class alone. Earnings, net assets, and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and registration fees, directly attributable to that class. Class R
shares are not subject to distribution and service fees. Institutional shares are not subject to distribution fees.
The preparation of
financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The following is a summary of the Funds significant accounting policies.
(A) Valuation of Investments.
Securities listed or traded on national securities exchanges are valued at the last sale price reported
by the securitys primary exchange or, if there have been no sales that day, at the mean of the current bid and ask price that represents the current value of the security. Securities listed on the NASDAQ National Market System are valued using
the NASDAQ
48
D
OMINI
S
OCIAL
E
QUITY
F
UND
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
NOTES TO FINANCIAL STATEMENTS
(continued)
January 31, 2014 (Unaudited)
Official Closing Price (the NOCP). If an NOCP is not available for a security listed on the NASDAQ National Market System, the security will be valued at the last sale price or, if
there have been no sales that day, at the mean of the current bid and ask price. Securities for which market quotations are not readily available or as a result of an event occurring after the close of the foreign market but before pricing the Funds
are valued at fair value as determined in good faith under procedures established by and under the supervision of the Funds Board of Trustees. Securities that are primarily traded on foreign exchanges generally are valued at the closing price
of such securities on their respective exchanges, except that if the Trusts manager or submanager, as applicable, is of the opinion that such price would result in an inappropriate value for a security, including as a result of an occurrence
subsequent to the time a value was so established, then the fair value of those securities may be determined by consideration of other factors (including the use of an independent pricing service) by or under the direction of the Board of Trustees
or its delegates.
The Funds follow a fair value hierarchy that distinguishes between (a) market participant assumptions developed based
on market data obtained from sources independent of the reporting entity (observable inputs) and (b) the Funds own assumptions about market participant assumptions developed based on the best information available in the circumstances
(unobservable inputs). These inputs are used in determining the value of the Funds investments and are summarized in the following fair value hierarchy:
Level 1 quoted prices in active markets for identical securities
Level 2 other
significant observable inputs (including quoted prices for similar securities, interest rates, and evaluated quotation obtained from pricing services)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
49
D
OMINI
S
OCIAL
E
QUITY
F
UND
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
NOTES TO FINANCIAL STATEMENTS
(continued)
January 31, 2014 (Unaudited)
The following is a summary of the inputs used by the Domini Social Equity Fund, as of January 31, 2014, in valuing the Funds assets carried at
fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 -
Quoted Prices
|
|
|
Level 2 - Other
Significant
Observable
Inputs
|
|
|
Level 3
-
Significant
Unobservable
Inputs
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
$
|
142,184,633
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
142,184,633
|
|
Consumer Staples
|
|
|
74,699,623
|
|
|
|
-
|
|
|
|
-
|
|
|
|
74,699,623
|
|
Energy
|
|
|
55,905,773
|
|
|
|
-
|
|
|
|
-
|
|
|
|
55,905,773
|
|
Financials
|
|
|
179,301,751
|
|
|
|
-
|
|
|
|
-
|
|
|
|
179,301,751
|
|
Health Care
|
|
|
98,182,866
|
|
|
|
-
|
|
|
|
-
|
|
|
|
98,182,866
|
|
Industrials
|
|
|
78,249,443
|
|
|
|
-
|
|
|
|
-
|
|
|
|
78,249,443
|
|
Information Technology
|
|
|
173,755,228
|
|
|
|
-
|
|
|
|
-
|
|
|
|
173,755,228
|
|
Materials
|
|
|
30,745,863
|
|
|
|
-
|
|
|
|
-
|
|
|
|
30,745,863
|
|
Telecommunication Services
|
|
|
51,416,561
|
|
|
|
-
|
|
|
|
-
|
|
|
|
51,416,561
|
|
Utilities
|
|
|
20,936,332
|
|
|
|
-
|
|
|
|
-
|
|
|
|
20,936,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
905,378,073
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
905,378,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a summary of the inputs used by the Domini International Social Equity Fund, as of January 31, 2014,
in valuing the Funds assets carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 -
Quoted Prices
|
|
|
Level 2 - Other
Significant
Observable
Inputs
|
|
|
Level 3 -
Significant
Unobservable
Inputs
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
$
|
28,871,225
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
28,871,225
|
|
Consumer Staples
|
|
|
17,277,708
|
|
|
|
-
|
|
|
|
-
|
|
|
|
17,277,708
|
|
Energy
|
|
|
9,036,295
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9,036,295
|
|
Financials
|
|
|
67,234,760
|
|
|
|
-
|
|
|
|
16,554
|
|
|
|
67,251,314
|
|
Health Care
|
|
|
19,336,032
|
|
|
|
-
|
|
|
|
-
|
|
|
|
19,336,032
|
|
Industrials
|
|
|
36,371,720
|
|
|
|
-
|
|
|
|
-
|
|
|
|
36,371,720
|
|
Information Technology
|
|
|
21,642,426
|
|
|
|
-
|
|
|
|
-
|
|
|
|
21,642,426
|
|
Materials
|
|
|
15,101,961
|
|
|
|
-
|
|
|
|
-
|
|
|
|
15,101,961
|
|
Telecommunication Services
|
|
|
20,411,276
|
|
|
|
-
|
|
|
|
-
|
|
|
|
20,411,276
|
|
Utilities
|
|
|
1,534,463
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,534,463
|
|
Preferred Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples
|
|
|
3,918,991
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,918,991
|
|
Utilities
|
|
|
842,917
|
|
|
|
-
|
|
|
|
-
|
|
|
|
842,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
241,579,774
|
|
|
$
|
-
|
|
|
$
|
16,554
|
|
|
$
|
241,596,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50
D
OMINI
S
OCIAL
E
QUITY
F
UND
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
NOTES TO FINANCIAL STATEMENTS
(continued)
January 31, 2014 (Unaudited)
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
|
|
|
|
|
|
|
Domini
International
Social Equity
Fund
|
|
|
|
|
|
|
Investments in Securities
|
|
|
|
|
Balance as of July 31, 2013
|
|
$
|
9,315
|
|
Realized gain (loss)
|
|
|
-
|
|
Change in unrealized appreciation (depreciation)
|
|
|
(32)
|
|
Purchases
|
|
|
-
|
|
Sales
|
|
|
-
|
|
Transfers in and/or out of Level Three
|
|
|
7,271
|
|
|
|
|
|
|
Balance as of January 31, 2014
|
|
$
|
16,554
|
|
|
|
|
|
|
The change in unrealized appreciation (depreciation) included in earnings relating to securities still held at January 31,
2014:
|
|
$
|
(578
|
)
|
|
|
|
|
|
Transfers from Level 1 to Level 3 included securities valued at $239,880 that were transferred as a result of quoted
prices in active markets not being readily available. Transfers out of Level 3 into Level 1 included securities valued at $232,609 because market values were readily available from a pricing agent for which fair value factors were previously
applied.
(B) Repurchase Agreements.
The Funds may enter into repurchase agreements with selected banks or broker-dealers. Each
repurchase agreement is recorded at cost, which approximates fair value. The Funds require that collateral, represented by securities (primarily U.S. government agency securities), in a repurchase transaction be maintained in a segregated account
with a custodian bank in a manner sufficient to enable each Fund to obtain those securities in the event of a default of the counterparty. In the event of default or bankruptcy by another party to the repurchase agreement, retention of the
collateral may be subject to legal proceedings.
(C) Foreign Currency Translation.
Securities and other assets and liabilities
denominated in foreign currencies are translated into U.S. dollar amounts on the date of valuation. Purchases and sales of securities, and income and expense items denominated in foreign currencies, are translated into U.S. dollar amounts on the
respective dates of such transactions. Occasionally, events impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at
fair value using procedures established and approved by the Board of Trustees.
51
D
OMINI
S
OCIAL
E
QUITY
F
UND
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
NOTES TO FINANCIAL STATEMENTS
(continued)
January 31, 2014 (Unaudited)
The Funds do not separately report the effect of fluctuations in foreign exchange rates from changes in market prices on securities held. Such
fluctuations are included with the net realized and unrealized gain or loss from investments. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates
on securities transactions, and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and
losses arise from changes in fair value of assets and liabilities other than investments in securities held at the end of the reporting period, resulting from changes in exchange rates.
(D) Foreign Currency Contracts.
When the Funds purchase or sell foreign securities they enter into foreign exchange contracts to minimize foreign exchange risk from the trade date to the settlement
date of the transactions. A foreign exchange contract is an agreement between two parties to exchange different currencies at an agreed-upon exchange rate on a specified date. There were no open contracts at January 31, 2014.
(E) Investment Transactions, Investment Income and Dividends to Shareholders.
The Funds earn income daily, net of Fund expenses. Dividends to
shareholders of the Domini International Social Equity Fund are usually declared and paid semiannually from net investment income. Dividends to shareholders of the Domini Social Equity Fund are usually declared and paid quarterly from net investment
income. Distributions to shareholders of realized capital gains, if any, are made annually. Distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles. Reclassifications
have been made to the Funds components of net assets to reflect income and gains available for distribution (or available capital loss carryovers, as applicable) under income tax regulations.
Investment transactions are accounted for on trade date. Realized gains and losses from security transactions are determined on the basis of identified
cost. Interest income is recorded on an accrual basis. Dividend income, net of any applicable withholding tax, is recorded on the ex-dividend date or for certain foreign securities, when the information becomes available to the Funds.
(F) Federal Taxes.
Each Funds policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income, including net realized gains, if any, within the prescribed time periods. Accordingly, no provision for federal income or excise tax is deemed necessary.
52
D
OMINI
S
OCIAL
E
QUITY
F
UND
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
NOTES TO FINANCIAL STATEMENTS
(continued)
January 31, 2014 (Unaudited)
As of January 31, 2014, tax years 2010 through 2013 remain subject to examination by the Funds major tax jurisdictions, which include the
United States of America, the Commonwealth of Massachusetts, and New York State.
(G) Redemption Fees.
Redemptions and exchanges of
Fund shares held less than 30 days may be subject to the Funds redemption fee, which is 2% of the amount redeemed. Such fees are retained by the Funds and are recorded as an adjustment to paid-in capital.
(H) Other.
Income, expenses (other than those attributable to a specific class), gains, and losses are allocated on a daily basis to each class of
shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.
(I) Indemnification.
The Funds organizational documents provide current and former trustees and officers with a limited indemnification
against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds maximum exposure under
these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
2. TRANSACTIONS WITH AFFILIATES
(A) Manager/Sponsor.
The Funds have retained Domini Social
Investments LLC (Domini) to serve as investment manager and administrator. Domini is registered as an investment advisor under the Investment Advisers Act of 1940. The services provided by Domini consist of investment supervisory services, overall
operational support, and administrative services. The administrative services include the provision of general office facilities and supervising the overall administration of the Funds. For its services under the Management Agreements, Domini
receives from each Fund a fee accrued daily and paid
53
D
OMINI
S
OCIAL
E
QUITY
F
UND
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
NOTES TO FINANCIAL STATEMENTS
(continued)
January 31, 2014 (Unaudited)
monthly at the annual rate below of the respective Funds average daily net assets before any fee waivers:
|
|
|
Domini Social Equity Fund
|
|
0.30% of the first $2 billion of net assets managed,
|
|
|
0.29% of the next $1 billion of net assets managed, and
|
|
|
0.28% of net assets managed in excess of $3 billion
|
|
|
|
Domini International Social Equity Fund
|
|
1.00% of the first $250 million of net assets managed,
|
|
|
0.94% of the next $250 million of net assets managed, and
|
|
|
0.88% of net assets managed in excess of $500 million
|
Pursuant to a Sponsorship Agreement (with respect to the Domini Social Equity Fund) Domini provides the Funds with the
administrative personnel and services necessary to operate the Funds. In addition to general administrative services and facilities for the Funds similar to those provided by Domini under the Management Agreements, Domini answers questions from the
general public and the media regarding the securities holdings of the Funds. For these services and facilities, Domini receives fees accrued daily and paid monthly from the Funds at the annual rate below of the respective Funds average daily
net assets before any fee waivers:
|
|
|
Domini Social Equity Fund
|
|
0.45% of the first $2 billion of net assets managed,
|
|
|
0.44% of the next $1 billion of net assets managed, and
|
|
|
0.43% of net assets managed in excess of $3 billion
|
Effective November 30, 2013, Domini reduced its fees and reimbursed expenses, not including reorganization related
expenses, to the extent necessary to keep the aggregate annual operating expenses of the Domini Social Equity Fund at no greater than 1.25%, 1.18%, 0.80%, and 0.90% of the average daily net assets representing Investor shares, Class A shares,
Institutional shares and Class R shares, respectively. For the periods prior to November 30, 2013, similar arrangements were in effect. The waivers currently in effect are contractual and in effect until November 30, 2014, absent an
earlier modification by the Board of Trustees which oversees the Funds. Effective November 30, 2013, Domini reduced its fees and reimbursed expenses to the extent necessary to keep the aggregate annual operating expenses, not including
reorganization expenses, of the Domini International Social Equity Fund no greater than 1.60%, 1.57% and 1.27% of the average daily net assets representing Investor shares, Class A shares and Institutional Shares, respectively. For the period
prior to November 30, 2013, similar arrangements were in effect. The waivers currently in effect are contractual and in effect until November 30, 2014, absent an earlier modification by the Board of Trustees which oversees the Funds.
54
D
OMINI
S
OCIAL
E
QUITY
F
UND
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
NOTES TO FINANCIAL STATEMENTS
(continued)
January 31, 2014 (Unaudited)
For the six months ended January 31, 2014, Domini waived fees and reimbursed expenses as follows:
|
|
|
|
|
|
|
|
|
|
|
FEES WAIVED
|
|
|
EXPENSES REIMBURSED
|
|
|
|
|
|
|
|
|
|
|
Domini Social Equity Fund
|
|
$
|
-
|
|
|
$
|
24,137
|
|
Domini International Social Equity Fund
|
|
|
-
|
|
|
|
10,001
|
|
(B) Submanager.
Wellington Management Company, LLP (Wellington) provides investment submanagement services to the
Funds on a day-to-day basis pursuant to Submanagement Agreements with Domini.
(C) Distributor.
The Board of Trustees of the Funds has
adopted a Distribution Plan with respect to the Funds Investor shares and Class A shares in accordance with Rule 12b-1 under the Act. DSIL Investment Services LLC, a wholly owned subsidiary of Domini (DSILD), acts as agent of the Funds in
connection with the offering of Investor shares of the Funds pursuant to a Distribution Agreement. Under the Distribution Plan, the Funds pay expenses incurred in connection with the sale of Investor shares and Class A shares and pay DSILD a
distribution fee at an aggregate annual rate not to exceed 0.25% of the average daily net assets representing the Investor shares and Class A shares. For the six months ended January 31, 2014, fees waived were as follows:
|
|
|
|
|
|
|
FEES WAIVED
|
|
|
|
|
|
|
Domini Social Equity Fund Investor shares
|
|
$
|
-
|
|
Domini Social Equity Fund Class A shares
|
|
|
7,259
|
|
Domini International Social Equity Fund Investor shares
|
|
|
29,193
|
|
Domini International Social Equity Fund Class A shares
|
|
|
23,564
|
|
DSIL Investment Services, LLC, (DSIL) the Funds Distributor, has received commissions related to the sales of fund
shares. For the six months ended January 31, 2014, DSIL received $3,936, and $3,648 from the Domini Social Equity Fund Class A Shares, and the Domini International Social Equity Fund Class A shares, respectively.
(D) Shareholder Service Agent.
The Trust has retained Domini to provide certain shareholder services with respect to the Domini Social Equity Fund,
and Domini International Social Equity Fund and their shareholders, which services were previously provided by BNY Mellon Asset Servicing (BNY) or another fulfillment and mail service provider and are supplemental to services currently
provided by BNY, pursuant to a transfer agency agreement between each Fund and BNY. For these services, Domini receives fees from each Fund paid monthly
55
D
OMINI
S
OCIAL
E
QUITY
F
UND
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
NOTES TO FINANCIAL STATEMENTS
(continued)
January 31, 2014 (Unaudited)
at an annual rate of $4.00 per active account. For the six months ended January 31, 2014, Domini waived fees as follows:
|
|
|
|
|
|
|
FEES WAIVED
|
|
|
|
|
|
|
Domini Social Equity Fund Investor shares
|
|
$
|
-
|
|
Domini Social Equity Fund Class A shares
|
|
|
480
|
|
Domini Social Equity Fund Institutional shares
|
|
|
77
|
|
Domini Social Equity Fund Class R shares
|
|
|
-
|
|
Domini International Social Equity Fund Investor shares
|
|
|
-
|
|
Domini International Social Equity Fund Class A shares
|
|
|
3,354
|
|
Domini International Social Equity Fund Institutional shares
|
|
|
-
|
|
3. INVESTMENT TRANSACTIONS
For the six months ended January 31, 2014, cost of purchase and proceeds from sales of investments other than short-term obligations were as follows:
|
|
|
|
|
|
|
|
|
|
|
PURCHASE
|
|
|
SALES
|
|
Domini Social Equity Fund
|
|
$
|
401,849,010
|
|
|
$
|
424,608,360
|
|
Domini International Social Equity Fund
|
|
|
121,858,115
|
|
|
|
89,442,432
|
|
56
D
OMINI
S
OCIAL
E
QUITY
F
UND
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
NOTES TO FINANCIAL STATEMENTS
(continued)
January 31, 2014 (Unaudited)
4. SUMMARY OF SHARE TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
January 31, 2014
|
|
|
Year Ended
July 31, 2013
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
|
|
|
|
Domini Social Equity Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
561,592
|
|
|
$
|
23,288,978
|
|
|
|
1,326,785
|
|
|
$
|
46,366,600
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
10,728
|
|
|
|
434,585
|
|
|
|
101,248
|
|
|
|
3,640,475
|
|
Shares redeemed
|
|
|
(948,481)
|
|
|
|
(38,931,381)
|
|
|
|
(2,208,468)
|
|
|
|
(76,970,213)
|
|
Redemption fees
|
|
|
-
|
|
|
|
8,412
|
|
|
|
-
|
|
|
|
4,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
(376,161)
|
|
|
$
|
(15,199,406)
|
|
|
|
(780,435)
|
|
|
$
|
(26,958,981)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
92,801
|
|
|
$
|
1,158,413
|
|
|
|
145,158
|
|
|
$
|
1,563,507
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
1,596
|
|
|
|
19,453
|
|
|
|
13,183
|
|
|
|
142,636
|
|
Shares redeemed
|
|
|
(40,944)
|
|
|
|
(505,192)
|
|
|
|
(68,720)
|
|
|
|
(730,533)
|
|
Redemption fees
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
53,453
|
|
|
$
|
672,674
|
|
|
|
89,621
|
|
|
$
|
975,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
818,887
|
|
|
$
|
20,589,229
|
|
|
|
1,782,287
|
|
|
$
|
37,433,238
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
16,499
|
|
|
|
407,701
|
|
|
|
185,550
|
|
|
|
4,008,573
|
|
Shares redeemed
|
|
|
(1,375,565)
|
|
|
|
(33,969,012)
|
|
|
|
(1,980,983)
|
|
|
|
(43,254,480)
|
|
Redemption fees
|
|
|
-
|
|
|
|
2,323
|
|
|
|
-
|
|
|
|
1,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
(540,179)
|
|
|
$
|
(12,969,759)
|
|
|
|
(13,146)
|
|
|
$
|
(1,810,767)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
401,988
|
|
|
$
|
4,707,414
|
|
|
|
685,285
|
|
|
$
|
6,933,259
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
10,690
|
|
|
|
120,477
|
|
|
|
100,200
|
|
|
|
998,558
|
|
Shares redeemed
|
|
|
(157,370)
|
|
|
|
(1,812,300)
|
|
|
|
(1,028,170)
|
|
|
|
(9,923,277)
|
|
Redemption fees
|
|
|
-
|
|
|
|
129
|
|
|
|
-
|
|
|
|
144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
255,308
|
|
|
$
|
3,015,720
|
|
|
|
(242,685)
|
|
|
$
|
(1,991,316)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
1,875,268
|
|
|
$
|
49,744,034
|
|
|
|
3,939,515
|
|
|
$
|
92,296,604
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
39,513
|
|
|
|
982,216
|
|
|
|
400,181
|
|
|
|
8,790,242
|
|
Shares redeemed
|
|
|
(2,522,360)
|
|
|
|
(75,217,885)
|
|
|
|
(5,286,341)
|
|
|
|
(130,878,503)
|
|
Redemption fees
|
|
|
-
|
|
|
|
10,864
|
|
|
|
-
|
|
|
|
6,203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
(607,579)
|
|
|
$
|
(24,480,771)
|
|
|
|
(946,645)
|
|
|
$
|
(29,785,454)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57
D
OMINI
S
OCIAL
E
QUITY
F
UND
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
NOTES TO FINANCIAL STATEMENTS
(continued)
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
January 31, 2014
|
|
|
Year Ended
July 31, 2013
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
|
|
|
|
Domini International Social Equity Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
4,466,940
|
|
|
$
|
36,222,137
|
|
|
|
6,500,207
|
|
|
$
|
46,141,404
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
896,604
|
|
|
|
7,128,001
|
|
|
|
129,361
|
|
|
|
975,385
|
|
Shares redeemed
|
|
|
(2,352,709)
|
|
|
|
(19,045,064)
|
|
|
|
(6,993,286)
|
|
|
|
(47,524,063)
|
|
Redemption fees
|
|
|
-
|
|
|
|
4,119
|
|
|
|
-
|
|
|
|
1,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
3,010,835
|
|
|
$
|
24,309,193
|
|
|
|
(363,718)
|
|
|
$
|
(406,112)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
1,307,742
|
|
|
$
|
11,048,891
|
|
|
|
1,006,185
|
|
|
$
|
7,478,207
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
109,531
|
|
|
|
911,302
|
|
|
|
12,770
|
|
|
|
100,495
|
|
Shares redeemed
|
|
|
(157,956)
|
|
|
|
(1,328,591)
|
|
|
|
(270,928)
|
|
|
|
(2,036,729)
|
|
Redemption fees
|
|
|
-
|
|
|
|
1,094
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
1,259,317
|
|
|
$
|
10,632,696
|
|
|
|
748,027
|
|
|
$
|
5,541,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
1,352,695
|
|
|
$
|
10,842,179
|
|
|
|
3,280,861
|
|
|
$
|
21,910,412
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
127,710
|
|
|
|
1,015,293
|
|
|
|
23
|
|
|
|
176
|
|
Shares redeemed
|
|
|
(199,346)
|
|
|
|
(1,612,506)
|
|
|
|
(29,836)
|
|
|
|
(216,574)
|
|
Redemption fees
|
|
|
-
|
|
|
|
221
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
1,281,059
|
|
|
$
|
10,245,187
|
|
|
|
3,251,048
|
|
|
$
|
21,694,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
7,127,377
|
|
|
$
|
58,113,207
|
|
|
|
10,787,253
|
|
|
$
|
75,530,023
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
1,133,845
|
|
|
|
9,054,596
|
|
|
|
142,154
|
|
|
|
1,076,056
|
|
Shares redeemed
|
|
|
(2,710,011)
|
|
|
|
(21,986,161)
|
|
|
|
(7,294,050)
|
|
|
|
(49,777,366)
|
|
Redemption fees
|
|
|
-
|
|
|
|
5,434
|
|
|
|
-
|
|
|
|
1,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
5,551,211
|
|
|
$
|
45,187,076
|
|
|
|
3,635,357
|
|
|
$
|
26,829,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58
D
OMINI
S
OCIAL
E
QUITY
F
UND
D
OMINI
I
NTERNATIONAL
S
OCIAL
E
QUITY
F
UND
NOTES TO FINANCIAL STATEMENTS
(continued)
January 31, 2014 (Unaudited)
5. NEW ACCOUNTING PRONOUNCEMENTS
In December 2011, the
Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2011-11,
Disclosures about Offsetting Assets and Liabilities
. ASU 2011-11, which amends FASB ASC Topic 210,
Balance
Sheet
, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an
enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013.
As of January 31, 2014, management of the Funds has concluded, that no additional financial statement disclosure is necessary as a result of adopting this ASU.
59
D
OMINI
S
OCIAL
B
OND
F
UND
STATEMENT OF ASSETS AND LIABILITIES
January 31,
2014 (Unaudited)
|
|
|
|
|
ASSETS:
|
|
|
|
|
Investments at value (cost $123,173,406)
|
|
$
|
124,496,215
|
|
Cash
|
|
|
2,910,053
|
|
Interest receivable
|
|
|
551,574
|
|
Receivable for capital shares
|
|
|
374,920
|
|
|
|
|
|
|
Total assets
|
|
|
128,332,762
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
Payable for securities purchased
|
|
|
1,367,995
|
|
Payable for capital shares
|
|
|
314,899
|
|
Management fee payable
|
|
|
69,180
|
|
Distribution fee payable
|
|
|
15,499
|
|
Other accrued expenses
|
|
|
18,493
|
|
Dividend payable
|
|
|
17,732
|
|
|
|
|
|
|
Total liabilities
|
|
|
1,803,798
|
|
|
|
|
|
|
NET ASSETS
|
|
$
|
126,528,964
|
|
|
|
|
|
|
NET ASSETS CONSIST OF:
|
|
|
|
|
Paid-in capital
|
|
$
|
125,895,701
|
|
Undistributed net investment loss
|
|
|
(15,043
|
)
|
Accumulated net realized loss from investments
|
|
|
(674,503
|
)
|
Net unrealized appreciation from investments
|
|
|
1,322,809
|
|
|
|
|
|
|
|
|
$
|
126,528,964
|
|
|
|
|
|
|
NET ASSET VALUE PER SHARE
|
|
|
|
|
Investor Shares
|
|
|
|
|
Net assets
|
|
$
|
122,403,453
|
|
|
|
|
|
|
Outstanding shares of beneficial interest
|
|
|
10,935,083
|
|
|
|
|
|
|
Net asset value and offering price per share*
|
|
$
|
11.19
|
|
|
|
|
|
|
Institutional Shares
|
|
|
|
|
Net assets
|
|
$
|
4,125,511
|
|
|
|
|
|
|
Outstanding shares of beneficial interest
|
|
|
368,830
|
|
|
|
|
|
|
Net asset value and offering price per share*
|
|
$
|
11.19
|
|
|
|
|
|
|
* Redemption price is equal to net asset value less any applicable redemption fees retained by the Fund.
SEE NOTES TO FINANCIAL STATEMENTS
60
D
OMINI
S
OCIAL
B
OND
F
UND
STATEMENT OF OPERATIONS
For the Six Months Ended January 31,
2014 (Unaudited)
|
|
|
|
|
INCOME:
|
|
|
|
|
Interest income
|
|
$
|
1,468,901
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
Management fee
|
|
|
251,720
|
|
Administrative fee
|
|
|
157,325
|
|
Distribution fees Investor shares
|
|
|
153,056
|
|
Transfer agent fees Investor shares
|
|
|
102,910
|
|
Transfer agent fees Institutional shares
|
|
|
151
|
|
Accounting and custody fees
|
|
|
45,534
|
|
Professional fees
|
|
|
5,318
|
|
Registration Investor shares
|
|
|
10,002
|
|
Registration Institutional shares
|
|
|
3,402
|
|
Shareholding servicing fees Investor shares
|
|
|
7,644
|
|
Shareholding servicing fees Institutional shares
|
|
|
20
|
|
Shareholder communications
|
|
|
8,408
|
|
Trustees fees
|
|
|
11,730
|
|
Miscellaneous
|
|
|
3,475
|
|
|
|
|
|
|
Total expenses
|
|
|
760,695
|
|
Fees waived and expense reimbursed
|
|
|
(167,440
|
)
|
|
|
|
|
|
Net expenses
|
|
|
593,255
|
|
|
|
|
|
|
NET INVESTMENT INCOME
|
|
|
875,646
|
|
|
|
|
|
|
NET REALIZED AND UNREALIZED GAIN/(LOSS):
|
|
|
|
|
Net realized gain (loss) on investments
|
|
|
(417,533
|
)
|
Net change in unrealized appreciation (depreciation) on investments
|
|
|
1,245,658
|
|
|
|
|
|
|
Net realized and unrealized gain (loss) from investments
|
|
|
828,125
|
|
|
|
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
|
$
|
1,703,771
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS
61
D
OMINI
S
OCIAL
B
OND
F
UND
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
For the
Six Months Ended
January 31, 2014
(Unaudited)
|
|
|
Year Ended
July 31, 2013
|
|
INCREASE IN NET ASSETS:
|
|
|
|
|
|
|
|
|
FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
875,646
|
|
|
$
|
1,889,638
|
|
Net realized gain (loss) on investments
|
|
|
(417,533)
|
|
|
|
320,270
|
|
Net change in unrealized appreciation (depreciation) on investments
|
|
|
1,245,658
|
|
|
|
(4,984,143)
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations
|
|
|
1,703,771
|
|
|
|
(2,774,235)
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS AND DIVIDENDS:
|
|
|
|
|
|
|
|
|
Dividends to shareholders from net investment income:
|
|
|
|
|
|
|
|
|
Investor shares
|
|
|
(846,854)
|
|
|
|
(1,834,174)
|
|
Institutional shares
|
|
|
(28,792)
|
|
|
|
(55,464)
|
|
Distributions to shareholders from net realized gain:
|
|
|
|
|
|
|
|
|
Investor shares
|
|
|
(397,247)
|
|
|
|
(1,248,847)
|
|
Institutional shares
|
|
|
(11,082)
|
|
|
|
(15,147)
|
|
|
|
|
|
|
|
|
|
|
Net Decrease in Net Assets from Distributions and Dividends
|
|
|
(1,283,975)
|
|
|
|
(3,153,632)
|
|
|
|
|
|
|
|
|
|
|
CAPITAL SHARE TRANSACTIONS:
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
13,793,276
|
|
|
|
34,305,140
|
|
Net asset value of shares issued in reinvestment of distributions and dividends
|
|
|
1,161,659
|
|
|
|
2,913,277
|
|
Payment for shares redeemed
|
|
|
(22,523,637)
|
|
|
|
(36,442,282)
|
|
Redemption fee
|
|
|
5,976
|
|
|
|
1,764
|
|
|
|
|
|
|
|
|
|
|
Net Increase in Net Assets from Capital Share Transactions
|
|
|
(7,562,726)
|
|
|
|
777,899
|
|
|
|
|
|
|
|
|
|
|
Total Increase (Decrease) in Net Assets
|
|
|
(7,142,930)
|
|
|
|
(5,149,968)
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
$
|
133,671,894
|
|
|
$
|
138,821,862
|
|
|
|
|
|
|
|
|
|
|
End of period
|
|
$
|
126,528,964
|
|
|
$
|
133,671,894
|
|
|
|
|
|
|
|
|
|
|
Undistributed net investment income (loss)
|
|
$
|
(15,043)
|
|
|
$
|
(15,043)
|
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS
62
D
OMINI
S
OCIAL
B
OND
F
UND
I
NVESTOR
S
HARES
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Six Months
Ended
January 31, 2014
(unaudited)
|
|
|
Year Ended July 31,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
For a share outstanding for the period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$11.15
|
|
|
|
$11.64
|
|
|
|
$11.61
|
|
|
|
$11.76
|
|
|
|
$11.36
|
|
|
|
$10.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
0.08
|
|
|
|
0.16
|
|
|
|
0.21
|
|
|
|
0.28
|
|
|
|
0.33
|
|
|
|
0.40
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.08
|
|
|
|
(0.38)
|
|
|
|
0.34
|
|
|
|
0.06
|
|
|
|
0.40
|
|
|
|
0.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income from investment operations
|
|
|
0.16
|
|
|
|
(0.22)
|
|
|
|
0.55
|
|
|
|
0.34
|
|
|
|
0.73
|
|
|
|
0.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less dividends and distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to shareholders from net investment income
|
|
|
(0.08)
|
|
|
|
(0.16)
|
|
|
|
(0.21)
|
|
|
|
(0.28)
|
|
|
|
(0.33)
|
|
|
|
(0.40)
|
|
Distributions to shareholders from net realized gain
|
|
|
(0.04)
|
|
|
|
(0.11)
|
|
|
|
(0.31)
|
|
|
|
(0.21)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.12)
|
|
|
|
(0.27)
|
|
|
|
(0.52)
|
|
|
|
(0.49)
|
|
|
|
(0.33)
|
|
|
|
(0.40)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption fee proceeds
5
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
0.00
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
|
$11.19
|
|
|
|
$11.15
|
|
|
|
$11.64
|
|
|
|
$11.61
|
|
|
|
$11.76
|
|
|
|
$11.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return
2
|
|
|
1.39%
|
|
|
|
-2.01%
|
|
|
|
4.80%
|
|
|
|
2.94%
|
|
|
|
6.49%
|
|
|
|
9.15%
|
|
Portfolio turnover
|
|
|
59%
|
|
|
|
129%
|
|
|
|
126%
|
|
|
|
151%
|
|
|
|
66%
|
|
|
|
33%
|
|
Ratios/supplemental data (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (in millions)
|
|
|
$122
|
|
|
|
$130
|
|
|
|
$138
|
|
|
|
$121
|
|
|
|
$112
|
|
|
|
$90
|
|
Ratio of expenses to average net assets
3
|
|
|
0.95%
|
|
|
|
0.95%
|
4
|
|
|
0.95%
|
4
|
|
|
0.95%
|
4
|
|
|
0.95%
|
4
|
|
|
0.95%
|
4
|
Ratio of net investment income to average net assets
|
|
|
1.38%
|
|
|
|
1.35%
|
|
|
|
1.76%
|
|
|
|
2.39%
|
|
|
|
2.82%
|
|
|
|
3.60%
|
|
1
Amount represents less than $0.005 per share.
2
Not annualized for periods less than one year.
3
Reflects a waiver of fees by the Manager and the Distributor due
to a contractual fee waiver. Had the Manager and the Distributor not waived their fees and reimbursed expenses, the ratio of expenses to average net assets would have been 1.21% for the six months ended January 31, 2014 and 1.24%, 1.28%, 1.29%,
1.33%, and 1.37%, for the years ended July 31, 2013, 2012, 2011, 2010, and 2009, respectively.
4
Ratio of expenses to average net assets includes indirectly paid expenses. Excluding indirectly paid expenses the ratio of expenses to average net assets would have been 0.95%,
0.95%, 0.96%, 0.95% and 0.95%, for the years ended July 31, 2013, 2012, 2011, 2010 and 2009, respectively.
5
Based on average shares outstanding.
SEE NOTES TO FINANCIAL STATEMENTS
63
D
OMINI
S
OCIAL
B
OND
F
UND
I
NSTITUTIONAL
S
HARES
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Six Months
Ended
January 31, 2014
(Unaudited)
|
|
|
For the
Year Ended
July 31, 2013
|
|
|
For the period
November 30, 2011
(commencement of
operations) through
July 31,
2012
|
|
For a share outstanding for the period:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$11.15
|
|
|
|
$11.64
|
|
|
|
$11.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
0.09
|
|
|
|
0.19
|
|
|
|
0.15
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.08
|
|
|
|
(0.38)
|
|
|
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income from investment operations
|
|
|
0.17
|
|
|
|
(0.19)
|
|
|
|
0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less dividends and distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to shareholders from net investment income
|
|
|
(0.09)
|
|
|
|
(0.19)
|
|
|
|
(0.15)
|
|
Distributions to shareholders from net realized gain
|
|
|
(0.04)
|
|
|
|
(0.11)
|
|
|
|
(0.31)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.13)
|
|
|
|
(0.30)
|
|
|
|
(0.46)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption fee proceeds
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
|
$11.19
|
|
|
|
$11.15
|
|
|
|
$11.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return
2
|
|
|
1.55%
|
|
|
|
-1.72%
|
|
|
|
3.17%
|
|
Portfolio turnover
|
|
|
59%
|
|
|
|
129%
|
|
|
|
126%
|
|
Ratios/supplemental data (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (in millions)
|
|
|
$4
|
|
|
|
$3
|
|
|
|
$1
|
|
Ratio of expenses to average net assets
3
|
|
|
0.65%
|
|
|
|
0.65%
|
4
|
|
|
0.65%
|
4
|
Ratio of net investment income to average net assets
|
|
|
1.69%
|
|
|
|
1.54%
|
|
|
|
1.88%
|
|
2
Not annualized for periods less than one year.
3
Reflects a waiver of fees by the Manager due to a contractual fee
waiver. Had the Manager not waived its fee and reimbursed expenses, the ratio of expenses to average net assets would have been 1.00% for the six months ended January 31, 2014 and 0.97% and 3.99% for the years ended July 31, 2013 and 2012,
respectively.
4
Ratio of expenses to average net assets
includes indirectly paid expenses. Excluding indirectly paid expenses the ratio of expenses to average net assets would have been 0.65% and 0.65% for the years ended July 31, 2013 and 2012, respectively.
SEE NOTES TO FINANCIAL STATEMENTS
64
D
OMINI
S
OCIAL
B
OND
F
UND
NOTES TO FINANCIAL STATEMENTS
January 31, 2014 (Unaudited)
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Domini Social Bond Fund (the Fund) is a series of the Domini Social Investment Trust. The Trust is a Massachusetts business trust
registered under the Investment Company Act of 1940 as an open-end management investment company. The Fund offers Investor Shares and Institutional Shares. Institutional shares were not offered prior to November 30, 2011. Each class of shares
is sold at its offering price, which is net asset value. The Institutional shares may only be purchased by or for the benefit of investors that meet the minimum investment requirements, fall within the following categories: endowments, foundations,
religious organizations and other nonprofit entities, individuals, retirement plan sponsors, family office clients, certain corporate or similar institutions, or omnibus accounts maintained by financial intermediaries and that are approved by the
Funds Distributor. Both classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets, and net asset value per share
may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and registration fees, directly attributable to that class. Institutional shares are not subject to distribution fees. The Fund seeks to
provide its shareholders with a high level of current income and total return by investing in bonds and other debt instruments that are consistent with the Funds social and environmental standards and the submanagers security selection
approach.
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates. The following is a summary of the Funds significant accounting policies.
(A)
Valuation of Investments.
Bonds and other fixed-income securities (other than obligations with maturities of 60 days or less) are valued on the basis of valuations furnished by an independent pricing service, use of which has been approved by
the Board of Trustees of the Fund. In making such valuations, the pricing service utilizes both dealer-supplied valuations and electronic data processing techniques that take into account appropriate factors such as institutional-size trading in
similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data, without exclusive reliance upon quoted prices or exchange or over-the-counter
65
D
OMINI
S
OCIAL
B
OND
F
UND
NOTES TO FINANCIAL STATEMENTS
(continued)
January 31, 2014 (Unaudited)
prices, since such valuations are believed to reflect more accurately the fair value of such securities. Short-term obligations of sufficient credit quality (maturing in 60 days or less) are
valued at amortized cost, which constitutes fair value as determined by the Board of Trustees of the Fund.
Securities (other than short-term
obligations with remaining maturities of 60 days or less) for which there are no such quotations or valuations are valued at fair value as determined in good faith by or at the direction of the Funds Board of Trustees.
The Funds follow a fair value hierarchy that distinguishes between (a) market participant assumptions developed based on market data obtained from
sources independent of the reporting entity (observable inputs) and (b) the Funds own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). These
inputs are used in determining the value of the Funds investments and are summarized in the following fair value hierarchy:
Level 1
quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices
for similar securities, interest rates, and evaluated quotation obtained from pricing services)
Level 3 significant unobservable inputs
(including the Funds own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities
are not an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used, as of
January 31, 2014, in valuing the Funds assets carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 -
Quoted Prices
|
|
|
Level 2 - Other
Significant
Observable
Inputs
|
|
|
Level 3 -
Significant
Unobservable
Inputs
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Obligations
|
|
$
|
|
|
|
$
|
50,108,399
|
|
|
$
|
|
|
|
$
|
50,108,399
|
|
U.S. Government Agency Mortgage Securities.
|
|
|
|
|
|
|
49,408,449
|
|
|
|
|
|
|
|
49,408,449
|
|
Corporate Obligations.
|
|
|
|
|
|
|
19,657,182
|
|
|
|
|
|
|
|
19,657,182
|
|
Corporate Mortgage Securities
|
|
|
|
|
|
|
1,414,205
|
|
|
|
|
|
|
|
1,414,205
|
|
Certificates of Deposit.
|
|
|
|
|
|
|
3,150,000
|
|
|
|
|
|
|
|
3,150,000
|
|
Cash Equivalents
|
|
|
|
|
|
|
757,980
|
|
|
|
|
|
|
|
757,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
|
|
|
$
|
124,496,215
|
|
|
$
|
|
|
|
$
|
124,496,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66
D
OMINI
S
OCIAL
B
OND
F
UND
NOTES TO FINANCIAL STATEMENTS
(continued)
January 31, 2014 (Unaudited)
The investment types categorized above were valued using indicative broker quotes and are therefore considered Level 3 inputs. Quantitative unobservable
inputs used by the brokers are often proprietary and not provided to the Fund, and therefore the disclosure that would address these inputs is not included above.
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
|
|
|
|
|
Investments in Securities
|
|
|
|
|
Balance as of July 31, 2013
|
|
$
|
1,912,352
|
|
Realized Gain (loss)
|
|
|
-
|
|
Change in unrealized appreciation (depreciation)
|
|
|
36,328
|
|
Purchases
|
|
|
2,707,725
|
|
Sales
|
|
|
(963,679
|
)
|
Transfers in and/or out of Level Three
|
|
|
(3,692,726
|
)
|
|
|
|
|
|
Balance as of January 31, 2014
|
|
$
|
-
|
|
|
|
|
|
|
The change in unrealized appreciation (depreciation) included in earnings relating to securities still held at January 31,
2014
|
|
$
|
-
|
|
|
|
|
|
|
Transfers from Level 2 to Level 3 included securities valued at $963,679 that were transferred as a result of quoted
prices in active markets not being readily available. Transfers out of Level 3 into Level 2 included securities valued at $4,656,405 because market values were readily available from a pricing agent for which fair value factors were previously
applied.
(B) Repurchase Agreements.
The Fund may enter into repurchase agreements with selected banks or broker-dealers. Each
repurchase agreement is recorded at cost, which approximates fair value. The Fund requires that collateral, represented by securities (primarily U.S. government agency securities) in a repurchase transaction, be maintained in a segregated account
with a custodian bank in a manner sufficient to enable the Fund to obtain those securities in the event of a default of the counterparty. In the event of default or bankruptcy by another party to the repurchase agreement, retention of the collateral
may be subject to legal proceedings.
(C) Investment Transactions, Investment Income, and Dividends to Shareholders.
The Fund earns
income daily, net of Fund expenses. Dividends to shareholders are usually declared daily and paid monthly from net investment income. Distributions to shareholders of realized capital gains, if any, are made annually. Distributions are determined in
conformity with income tax regulations, which may differ from generally accepted accounting principles. Reclassifications have been made to the Funds components of net assets to reflect income and gains available for distribution (or available
capital loss carryovers, as applicable) under income tax regulations.
67
D
OMINI
S
OCIAL
B
OND
F
UND
NOTES TO FINANCIAL STATEMENTS
(continued)
January 31, 2014 (Unaudited)
Investment transactions are accounted for on trade date. Realized gains and losses from security transactions are determined on the basis of identified
cost. Interest income is recorded on an accrual basis.
(D) Federal Taxes.
The Funds policy is to comply with the provisions of
the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income, including net realized gains, if any, within the prescribed time periods. Accordingly, no provision for federal income
or excise tax is deemed necessary.
As of January 31, 2014, tax years 2010 through 2013 remain subject to examination by the Funds
major tax jurisdictions, which include the United States of America, the Commonwealth of Massachusetts, and New York State.
(E)
Redemption Fees.
Redemptions and exchanges of Fund shares held less than 30 days may be subject to the Funds redemption fee, which is 2% of the amount redeemed. Such fees are retained by the Fund and are recorded as an adjustment to
paid-in capital.
(F) Other.
Income, expenses (other than those attributable to a specific class), gains, and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.
(G) Indemnification.
The Funds organizational documents provide current and former trustees and officers with a limited indemnification
against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds maximum exposure under
these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
68
D
OMINI
S
OCIAL
B
OND
F
UND
NOTES TO FINANCIAL STATEMENTS
(continued)
January 31, 2014 (Unaudited)
2. TRANSACTIONS WITH AFFILIATES
(A)
Manager/Administrator.
The Fund has retained Domini Social Investments LLC (Domini) to serve as investment manager and administrator. The services provided by Domini consist of investment supervisory services, overall operational support, and
administrative services, including the provision of general office facilities and supervising the overall administration of the Fund. For its services under the Management Agreement, Domini receives from the Fund a fee accrued daily and paid monthly
at an annual rate equal to 0.40% of the first $500 million of the Funds net assets managed, 0.38% of the next $500 million of the Funds net assets managed, and 0.35% of net assets managed in excess of $1 billion. For its services
under the Administration Agreement, Domini receives from the Fund a fee accrued daily and paid monthly at an annual rate equal to 0.25% of the Funds average daily net assets. For the period from November 30, 2013, until November 30,
2014, Domini is waiving its fee and reimbursing expenses to the extent necessary to keep the aggregate annual operating expenses of the Fund (excluding brokerage fees and commissions, interest, taxes, and other extraordinary expenses), net of
waivers and reimbursements, at no greater than 0.95% and 0.65% of the average daily net assets representing Investor shares and Institutional shares, respectively. A similar fee waiver arrangement was in effect in prior periods. For the six months
ended January 31, 2014, Domini reimbursed expenses totaling $77,723.
(B) Submanager.
Seix Investment Advisors LLC
(Seix), a wholly owned subsidiary of RidgeWorth Capital Management, Inc. (RidgeWorth) (formerly known as Trusco Capital Management, Inc.) provides investment submanagement services to the Fund on a day-to-day basis pursuant
to a Submanagement Agreement with Domini. Prior to April 25, 2008, the submanagers predecessor, Seix Investment Advisors, Inc., the former fixed income division of RidgeWorth, provided investment submanagement services to the Fund.
RidgeWorth is a wholly owned subsidiary of Sun-Trust Banks, Inc. Seix Advisors was spun off into Seix inconnection with a corporate reorganization of RidgeWorth.
(C) Distributor.
The Board of Trustees of the Fund has adopted a Distribution Plan in accordance with Rule 12b-1 under the Act. DSIL Investment Services LLC, a wholly owned subsidiary of Domini
(DSILD), acts as agent of the Fund in connection with the offering of shares of the Fund pursuant to a Distribution Agreement. Under the Distribution Plan, the Fund pays expenses incurred in connection with the sale of Investor shares and pays DSILD
a distribution fee at an aggregate annual rate not to exceed 0.25% of the average daily net assets representing the Investor shares. For the six months ended January 31, 2014, fees waived by the Investor shares totaled $89,697.
69
D
OMINI
S
OCIAL
B
OND
F
UND
NOTES TO FINANCIAL STATEMENTS
(continued)
January 31, 2014 (Unaudited)
(
D) Shareholder Service Agent.
The Trust has retained Domini to provide certain shareholder services to the Fund and its shareholders, which
services were previously provided by BNY Mellon Asset Servicing (BNY) or another fulfillment and mail service provider and are supplemental to services currently provided by BNY, pursuant to a transfer agency agreement between each Fund
and BNY. For these services, Domini receives a fee from the Fund paid monthly at an annual rate of $4.00 per active account. For the six months ended January 31, 2014, Domini waived fees as follows:
|
|
|
|
|
|
|
FEES WAIVED
|
|
|
|
|
|
|
Domini Social Bond Fund Investor shares
|
|
$
|
-
|
|
Domini Social Bond Fund Institutional shares
|
|
|
20
|
|
3. INVESTMENT TRANSACTIONS
For the six months ended January 31, 2014, cost of purchase and proceeds from sales of investments other than short-term obligations were as follows:
|
|
|
|
|
|
|
|
|
|
|
PURCHASES
|
|
|
SALES
|
|
Government Securities
|
|
$
|
64,783,895
|
|
|
$
|
64,146,010
|
|
Corporate Obligations
|
|
|
8,759,507
|
|
|
|
13,212,155
|
|
Municipal Obligations
|
|
|
242,500
|
|
|
|
248,069
|
|
70
D
OMINI
S
OCIAL
B
OND
F
UND
NOTES TO FINANCIAL STATEMENTS
(continued)
January 31, 2014 (Unaudited)
4. SUMMARY OF SHARE TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended
January 31, 2014
|
|
|
Year Ended
July 31, 2013
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
|
|
|
|
Investor Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
1,116,905
|
|
|
$
|
12,444,444
|
|
|
|
2,156,020
|
|
|
$
|
24,671,279
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
104,232
|
|
|
|
1,161,647
|
|
|
|
252,364
|
|
|
|
2,893,839
|
|
Shares redeemed
|
|
|
(1,972,795)
|
|
|
|
(21,950,544)
|
|
|
|
(2,605,244)
|
|
|
|
(29,803,241)
|
|
Redemption fees
|
|
|
-
|
|
|
|
5,976
|
|
|
|
-
|
|
|
|
1,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
(751,658)
|
|
|
$
|
(8,338,477)
|
|
|
|
(196,860)
|
|
|
$
|
(2,236,359)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
121,690
|
|
|
$
|
1,348,832
|
|
|
|
841,872
|
|
|
$
|
9,633,861
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
1
|
|
|
|
12
|
|
|
|
1,702
|
|
|
|
19,438
|
|
Shares redeemed
|
|
|
(51,574)
|
|
|
|
(573,093)
|
|
|
|
(588,390)
|
|
|
|
(6,639,041)
|
|
Redemption fees
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
70,117
|
|
|
$
|
775,751
|
|
|
|
255,184
|
|
|
$
|
3,014,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
1,238,595
|
|
|
$
|
13,793,276
|
|
|
|
2,997,892
|
|
|
$
|
34,305,140
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
104,233
|
|
|
|
1,161,659
|
|
|
|
254,066
|
|
|
|
2,913,277
|
|
Shares redeemed
|
|
|
(2,024,369)
|
|
|
|
(22,523,637)
|
|
|
|
(3,193,634)
|
|
|
|
(36,442,282)
|
|
Redemption fees
|
|
|
-
|
|
|
|
5,976
|
|
|
|
-
|
|
|
|
1,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
(681,541)
|
|
|
$
|
(7,562,726)
|
|
|
|
58,324
|
|
|
$
|
777,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. NEW ACCOUNTING PRONOUNCEMENTS
In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2011-11,
Disclosures about Offsetting Assets and
Liabilities
. ASU 2011-11, which amends FASB ASC Topic 210,
Balance Sheet
, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are
either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after
January 1, 2013.
As of January 31, 2014, management of the Fund has concluded, that no additional financial statement disclosure is
necessary as a result of adopting this ASU.
71
PROXY VOTING INFORMATION
The Domini Funds have established Proxy Voting Policies and Procedures that the Funds use to determine how to vote proxies relating to portfolio securities. The Domini Funds Proxy Voting Policies
and Procedures are available, free of charge, by calling 1-800-762-6814, by visiting
www.domini.com/shareholder-advocacy/Proxy-Voting/index.htm
, or by visiting the EDGAR database on the Securities and Exchange Commissions (SEC) website
at
http://www.sec.gov
. All proxy votes cast for the Domini Funds are posted to Dominis website on an ongoing basis over the course of the year. An annual record of all proxy votes cast for the Funds during the most recent 12-month
period ended June 30 can be obtained, free of charge, at
www.domini.com
, and on the EDGAR database on the SECs website at
http://www.sec.gov
.
QUARTERLY PORTFOLIO SCHEDULE INFORMATION
The Domini Funds file their complete
schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Domini Funds Forms N-Q are available on the EDGAR database on the SECs website at
http://www.sec.gov
. These
Forms may also be reviewed and copied at the SECs Public Reference Room in Washington, D.C. Information about the operation of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
The
information on Form N-Q is also available to be viewed at
www.domini.com
.
72
DOMINI FUNDS
P.O. Box 9785
Providence, RI 02940-9785
1-800-582-6757
www.domini.com
Investment Manager,
Sponsor, and Distributor:
Domini Social Investments LLC (Investment Manager and Sponsor)
DSIL Investment Services LLC (Distributor)
532
Broadway, 9th Floor
New York, NY 10012
Investment Submanagers:
Domini Social Equity Fund
Domini International Social Equity Fund
Wellington Management Company, LLP
280 Congress
Street
Boston, MA 02210
Domini
Social Bond Fund
Seix Investment Advisors LLC
10 Mountain View Road, Suite C-200
Upper Saddle River, NJ 07458
Transfer Agent:
BNY Mellon Asset
Servicing
760 Moore Road
King of
Prussia, PA 19406
Custodian:
State Street Bank and Trust Company
200
Clarendon Street
Boston, MA 02116
Independent Registered Public Accounting Firm:
KPMG LLP
Two Financial Center
60 South Street
Boston, MA 02111
Legal Counsel:
Bingham McCutchen LLP
One Federal Street
Boston, MA 02110
facebook.com/dominifunds
twitter.com/dominifunds
|
|
|
Domini Social Equity Fund
Investor Shares: CUSIP
257132100 | DSEFX
Class A Shares: CUSIP 257132860 | DSEPX
Institutional Shares: CUSIP 257132852 | DIEQX
Class R Shares: CUSIP 257132308 | DSFRX
|
|
Domini International Social Equity Fund
Investor
Shares: CUSIP 257132704 | DOMIX
Class A Shares: CUSIP 257132886 | DOMAX
Institutional Shares: CUSIP 257132811 | DOMOX
Domini Social Bond Fund
Investor Shares: CUSIP 257132209 | DSBFX
Institutional Shares: CUSIP 257132829 | DSBIX
|
Printed on elemental chlorine free paper from well-managed forests, containing 10% post consumer waste.