N-Q 1 file1.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number 811-5823

DOMINI SOCIAL INVESTMENT TRUST

(Exact Name of Registrant as Specified in Charter)

536 Broadway, 7th Floor, New York, New York 10012

(Address of Principal Executive Offices)

Amy Domini Thornton

Domini Social Investments LLC

536 Broadway, 7th Floor

New York, New York 10012

(Name and Address of Agent for Service)

Registrant’s Telephone Number, including Area Code: 212-217-1100

Date of Fiscal Year End: July 31

Date of Reporting Period: April 30, 2008

 
 

 

 



Item 1. Schedule of Investments.

Domini Social Equity Fund, a series of Domini Social Investment Trust, invests substantially all of its assets in Domini Social Equity Trust (Equity Trust) and owns a pro rata interest in the Equity Trust’s net assets. At April 30, 2008, the Domini Social Equity Fund owned approximately 85.2% of the Equity Trust’s outstanding interests. The Equity Trust’s Schedule of Investments is set forth below.

The Portfolio of Investments for the Domini Social Bond Fund, a series of Domini Social Investment Trust, is set forth below.

Domini European Social Equity Fund, a series of Domini Social Investment Trust, invests substantially all of its assets in Domini European Social Equity Trust (European Trust) and owns a pro rata interest in the European Trust’s net assets. At April 30, 2008, the Domini European Social Equity Fund owned approximately 95.7% of the European Trust’s outstanding interests. The European Trust’s Schedule of Investments is set forth below.

Domini PacAsia Social Equity Fund, a series of Domini Social Investment Trust, invests substantially all of its assets in Domini PacAsia Social Equity Trust (PacAsia Trust) and owns a pro rata interest in the PacAsia Trust’s net assets. At April 30, 2008, the Domini PacAsia Social Equity Fund owned approximately 96.6% of the PacAsia Trust’s outstanding interests. The PacAsia Trust’s Schedule of Investments is set forth below.

Domini European PacAsia Social Equity Fund, a series of Domini Social Investment Trust, invests substantially all of its assets in Domini European PacAsia Social Equity Trust (European PacAsia Trust) and owns a pro rata interest in the European PacAsia Trust’s net assets. At April 30, 2008, the Domini European PacAsia Social Equity Fund owned approximately 94.4% of the European PacAsia Trust’s outstanding interests. The European PacAsia Trust’s Schedule of Investments is set forth below.

Domini Social Equity Trust, Domini European Social Equity Trust, Domini PacAsia Social Equity Trust, and Domini European PacAsia Social Equity Trust are series of Domini Social Trust.

 

 



Domini Social Equity Fund®
Domini European Social Equity FundSM
Domini PacAsia Social Equity FundSM
Domini European PacAsia Social Equity FundSM
Domini Social Bond Fund® 

each a series of
Domini Social Investment Trust 

Quarterly Holdings Report
April 30, 2008 (Unaudited) 

Domini Social Equity Fund invests in an underlying portfolio, Domini Social Equity Trust. Domini European Social Equity Fund invests in an underlying portfolio, Domini European Social Equity Trust. Domini PacAsia Social Equity Fund invests in an underlying portfolio, Domini PacAsia Social Equity Trust. Domini European PacAsia Social Equity Fund invests in an underlying portfolio, Domini European PacAsia Social Equity Trust. Each Trust’s Portfolio of Investments is contained in this report. 

 



Domini Social Equity Trust 

Portfolio of Investments 

APRIL 30, 2008 (unaudited) 

  SECURITY
      SHARES         VALUE    
  Common Stocks – 99.3%
 
  Consumer Discretionary – 12.8%
             
  Amazon.com Inc (a)
        60,350           $ 4,745,321      
  American Eagle Outfitters
        700             12,859      
  Autoliv Inc
        133,700             8,187,788      
  Autozone Inc (a)
        54,047             6,526,175      
  Best Buy Co Inc
        143,558             6,175,865      
  Big Lots Inc (a)
        338,000             9,136,140      
  Black & Decker Corporation
        600             39,378      
  CBS Corp – Class B
        525,000             12,111,750      
  Comcast Corp – Class A
        5,550             114,053      
  DR Horton Inc
        1,975             30,593      
  Expedia Inc (a)
        183,100             4,625,106      
  Gap Inc/The
        272,587             5,075,570      
  Home Depot Inc
        3,244             93,427      
  J.C. Penney Co Inc (Hldg Co)
        758             32,215      
  Johnson Controls Inc
        1,954             68,898      
  Lear Corp
        171,100             4,888,327      
  Limited Brands
        1,668             30,891      
  Liz Claiborne Inc
        600             10,614      
  Lowe’s Cos Inc
        2,986             75,217      
  McDonald’s Corp
        412,574             24,581,159      
  McGraw-Hill Companies Inc
        1,212             49,680      
  Meredith Corp
        823             26,673      
  Nike Inc – Class B
        362,988             24,247,597      
  Nordstrom Inc
        895             31,558      
  Pulte Homes Inc
        2,094             27,306      
  Scholastic Corp (a)
        722             20,324      
  Staples Inc
        2,258             48,999      
  Starbucks Corporation (a)
        2,578             41,841      
  Target Corp
        1,636             86,921      
  The Walt Disney Co.
        285,137             9,246,993      
  Time Warner Inc
        7,876             116,959      
  TJX Companies Inc
        217,700             7,014,294      
  VF Corp
        800             59,504      
  Viacom Inc – Class B (a)
        2,100             80,724      
  Washington Post – Class B
        95             62,282      
  Whirlpool Corporation
        154,563             11,249,095      
 
 
              138,972,096      
  Consumer Staples – 10.8%
 
  Avon Products Inc
        2,406             93,883      
  Church & Dwight Co Inc
        124,180             7,055,908      
  Coca Cola Co/The
        299,384             17,624,736      
  Coca-Cola Enterprises Inc
        742,300             16,701,750      
  Colgate-Palmolive Co
        2,296             162,327      
  Costco Wholesale Corp
        1,600             114,000      
  Consumer Staples (Continued)
 
  Hershey Co/The
        1,936           $ 72,368      
  Kimberly-Clark Corp
        125,056             8,002,333      
  Kraft Foods Inc –
Class A
        5,000             158,150      
  Kroger Co
        697,377             19,003,523      
  Pepsi Bottling Group Inc
        235,200             7,928,592      
  PepsiAmericas Inc
        608,600             15,641,020      
  PepsiCo Inc
        3,653             250,340      
  Procter & Gamble Co
        168,761             11,315,425      
  SUPERVALU Inc
        404,600             13,392,260      
  Walgreen Co
        3,064             106,780      
 
 
              117,623,395      
  Energy – 9.9%
             
  Anadarko Petroleum Corporation
        5,418             360,622      
  Apache Corporation
        178,862             24,089,134      
  Chesapeake Energy Corporation
        109,500             5,661,150      
  Devon Energy Corporation
        80,770             9,159,318      
  ENSCO International, Inc
        131,300             8,367,749      
  EOG Resources Inc
        3,908             509,916      
  National Oilwell Varco Inc (a)
        67,600             4,627,220      
  Noble Corp
        94,200             5,301,576      
  Noble Energy Inc
        90,200             7,847,400      
  Technip SA ADR (a)
        104,590             9,773,936      
  Tidewater Inc
        87,600             5,713,272      
  Unit Corp (a)
        254,450             16,160,119      
  XTO Energy Inc
        167,770             10,378,252      
 
 
              107,949,664      
  Financials – 17.5%
             
  American Express Co
        3,576             171,720      
  Bank Of America Corporation
        558,300             20,958,581      
  Bank Of Ireland ADR
        185,590             10,289,110      
  Barclays PLC – Spons ADR
        274,200             9,980,880      
  Citigroup Inc
        10,300             260,281      
  Fannie Mae
        2,476             70,071      
  Freddie Mac
        2,322             57,841      
  Genworth Financial Inc – Class A
        316,300             7,293,878      
  Goldman Sachs Group Inc
        144,900             27,729,512      
  HDFC Bank Ltd – ADR
        41,240             4,651,872      
  Huntington Bancshares Inc
        759,100             7,127,949      
  IntercontinentalExchange Inc (a)
        40,300             6,252,545      

1



Domini Social Equity Trust / Portfolio of Investments (Continued) 

APRIL 30, 2008 (unaudited) 

  SECURITY
      SHARES         VALUE    
  Financials (Continued)
 
  Janus Capital Group Inc
        240,910           $ 6,759,935      
  JP Morgan Chase & Co.
        422,930             20,152,615      
  Lehman Brothers Holdings Inc
        1,400             61,936      
  Schwab (Charles) Corp
        515,500             11,134,800      
  State Street Corp
        94,100             6,788,374      
  TD Ameritrade Holding Corp (a)
        271,200             4,908,720      
  Travelers Cos Inc/The
        482,852             24,335,740      
  US Bancorp
        6,463             219,031      
  Wachovia Corp
        5,583             162,744      
  Washington Mutual Inc
        4,631             56,915      
  Wells Fargo & Co
        566,506             16,853,554      
  Westpac Banking Corp – Sp ADR
        42,160             4,888,874      
 
 
              191,167,478      
  Health Care – 9.8%
 
  Amgen Inc (a)
        150,466             6,300,011      
  Becton Dickinson & Company
        2,302             205,799      
  Express Scripts Inc.- Common (a)
        106,200             7,436,124      
  Forest Laboratories
Inc (a)
        199,700             6,931,587      
  Genentech Inc (a)
        1,600             109,120      
  Gilead Sciences Inc (a)
        155,210             8,033,670      
  Johnson & Johnson
        609,324             40,879,547      
  Kinetic Concepts Inc (a)
        144,500             5,730,870      
  Medtronic Inc
        3,655             177,925      
  Merck & Co. Inc.
        299,102             11,377,840      
  Thermo Fisher Scientific Inc (a)
        140,100             8,107,587      
  Watson Pharmaceuticals
Inc (a)
        384,300             11,928,672      
 
 
              107,218,752      
  Industrials – 7.5%
             
  3M Co.
        2,864             220,242      
  Air France-KLM-ADR
        285,400             8,790,320      
  AMR Corp (a)
        1,100             9,647      
  Cooper Industries Ltd – Class A
        2,286             96,904      
  CSX Corporation
        280,500             17,657,475      
  Cummins Inc
        286,464             17,946,969      
  Deere & Co
        140,200             11,786,614      
  Deluxe Corporation
        356,500             7,579,190      
  Emerson Electric Company
        3,308             172,876      
  Graco Inc
        173,100             7,168,071      
  Illinois Tool Works
        3,600             188,244      
  JetBlue Airways
Corp (a)
        5,793             29,197      
  Manpower Inc
        94,400             6,337,072      
  Industrials (Continued)
 
  RR Donnelley & Sons Co
        128,918           $ 3,950,048      
  Southwest Airlines
        6,578             87,093      
  United Parcel Service – Class B
        3,373             244,239      
 
 
              82,264,201      
  Information Technology – 20.7%
 
  Apple Inc (a)
        124,282             21,618,854      
  Arrow Electronics,
Inc (a)
        146,900             3,997,149      
  Cisco Systems Inc (a)
        515,136             13,208,087      
  Dell Inc (a)
        5,484             102,167      
  eBay Inc (a)
        218,876             6,848,630      
  EMC Corporation/
Mass (a)
        4,400             67,760      
  Google Inc – Class A (a)
        13,380             7,684,000      
  Hewlett-Packard Co
        679,247             31,483,098      
  Intel Corp
        869,909             19,364,174      
  Intl Business Machines Corp
        242,800             29,305,960      
  Jabil Circuit Inc
        3,100             33,729      
  Juniper Networks
Inc (a)
        1,500             41,431      
  Lam Research Corp (a)
        205,100             8,376,284      
  Lexmark International Inc (a)
        123,500             3,876,665      
  LSI Corp. (a)
        1,192,300             7,392,260      
  Microsoft Corp
        1,157,652             33,016,235      
  Motorola Inc
        7,500             74,700      
  Nvidia Corp (a)
        182,990             3,760,445      
  Oracle Corp (a)
        738,200             15,391,470      
  QUALCOMM Inc
        4,234             182,866      
  STMicroelectronics NV – NY Shs
        458,100             5,277,312      
  Symantec Corp (a)
        425,846             7,333,068      
  Texas Instruments Inc
        3,928             114,540      
  Western Digital
Corp (a)
        228,280             6,617,837      
  Xerox Corporation
        5,598             78,204      
 
 
              225,246,925      
  Materials – 1.1%
 
  International Paper Co
        4,600             120,382      
  Lubrizol Corp
        88,200             5,143,824      
  MeadWestvaco Corp
        3,466             91,156      
  Nucor Corp
        81,916             6,184,658      
  Rohm and Haas Co
        2,210             118,125      
 
 
              11,658,145      
  Telecommunication Services – 6.7%
 
  AT&T Inc
        748,604             28,978,461      
  France Telecom SA – Spons ADR (a)
        236,030             7,394,820      
  Sprint Nextel Corp
        7,259             57,999      

2



Domini Social Equity Trust / Portfolio of Investments (Continued) 

APRIL 30, 2008 (unaudited) 

  SECURITY
      SHARES         VALUE    
  Telecommunication Services (Continued)
 
  Verizon Communications Inc
        946,438           $ 36,418,943      
 
 
              72,850,223      
  Utilities – 2.5%
             
  Energen Corp
        339,577             23,172,734      
  Pepco Holdings Inc
        182,600             4,548,566      
 
 
              27,721,300      
  Total Common Stocks
 
  (Cost $987,582,545)
        1,082,672,179      
  Repurchase Agreements – 0.6%
 
  State Street Bank & Trust, dated 4/30/2008, 1.05%, due 5/1/2008, maturity amount $6,410,047 (collateralized by U.S. Government Agency Obligations, FHLB, 2.73%, 1/23/2009, market value $6,540,000)
        6,409,860             6,409,860      
  SECURITY
                               VALUE    
  Repurchase Agreements (Continued)
 
  Total Repurchase Agreements
 
  (Cost $6,409,860)
      $ 6,409,860      
  Total Investments – 99.9%
 
  (Cost$993,992,405)(b)
        1,089,082,039      
  Other Assets, less
liabilities – 0.1%
        1,224,949      
  Net Assets-100.0%
      $ 1,090,306,988      
                                          
                                         

     

 

(a) 

Non-income producing security. 

(b) 

The aggregate cost for federal income tax purposes is $1,033,576,238. The aggregate gross unrealized appreciation is $119,786,288 and the aggregate gross unrealized depreciation is $64,280,487, resulting in net unrealized appreciation of $55,505,801. 

ADR — American Depository Receipt 

SEE NOTES TO PORTFOLIO OF INVESTMENTS

3



Domini European Social Equity Trust 

Portfolio of Investments 

April 30, 2008 (unaudited) 

  COUNTRY/SECURITY
    INDUSTRY       SHARES         VALUE    
  Common Stocks – 99.1%
                   
  Austria – 2.8%
                   
  Immoeast AG (a)
    Real Estate         33,562           $ 341,210      
  IMMOFINANZ AG
    Real Estate         107,410             1,185,637      
  OMV AG
    Energy         2,399             180,961      
  Voestalpine AG
    Materials         19,568             1,500,422      
 
 
                    3,208,230      
  Belgium – 1.4%
                   
  Bekaert NV
    Capital Goods         1,692             255,630      
  Delhaize Group
    Food & Staples Retailing         9,050             786,782      
  KBC Groupe SA
    Banks         3,926             532,634      
 
 
                    1,575,046      
  Denmark – 1.7%
                   
  H. Lundbeck A/S
    Pharma, Biotech & Life Sciences         5,300             131,025      
  Novo Nordisk A/S-B
    Pharma, Biotech & Life Sciences         16,450             1,129,075      
  Vestas Wind Systems A/S (a)
    Capital Goods         6,050             661,375      
 
 
                    1,921,475      
  Finland – 3.3%
                   
  Nokia OYJ
    Technology Hardware & Equipment         96,971             2,977,210      
  Nokian Renkaat OYJ
    Automobiles & Components         5,412             230,281      
  Outokumpu OYJ
    Materials         12,288             586,371      
 
 
                    3,793,862      
  France – 16.1%
                   
  Air France-KLM
    Transportation         33,873             1,053,155      
  ArcelorMittal
    Materials         11,268             996,451      
  BNP Paribas
    Banks         23,573             2,541,531      
  Credit Agricole SA
    Banks         18,360             618,858      
  France Telecom SA
    Telecommunication Services         96,897             3,041,316      
  Lafarge SA
    Materials         1,395             251,700      
  Peugeot SA
    Automobiles & Components         8,960             627,463      
  Sanofi-Aventis
    Pharma, Biotech & Life Sciences         43,477             3,394,620      
  Schneider Electric SA
    Capital Goods         4,100             501,790      
  Ste Des Ciments Francais-A
    Materials         3,576             692,315      
  Valeo
    Automobiles & Components         8,245             334,139      
  Vallourec
    Capital Goods         1,525             416,091      
  Vivendi SA
    Media         94,767             3,846,439      
 
 
                    18,315,868      
  Germany – 8.7%
                   
  Allianz SE-Reg
    Insurance         9,876             2,013,172      
  Altana AG
    Materials         12,363             257,153      
  Deutsche Boerse AG
    Diversified Financials         1,774             260,230      
  Deutsche Lufthansa – Reg
    Transportation         63,951             1,679,667      
  Deutsche Post AG – Reg
    Transportation         11,734             365,921      
  Deutsche Telekom AG – Reg
    Telecommunication Services         34,069             612,105      
  Epcos AG
    Technology Hardware & Equipment         55,076             843,759      
  Fresenius SE
    Health Care Equipment & Services         11,120             940,774      
  Muenchener Rueckver AG – Reg
    Insurance         11,527             2,230,017      
  Salzgitter AG
    Materials         3,768             775,069      
 
 
                    9,977,867      

4



Domini European Social Equity Trust / Portfolio of Investments (Continued) 

April 30, 2008 (unaudited) 

  COUNTRY/SECURITY
    INDUSTRY       SHARES         VALUE    
  Greece – 1.6%
                   
  National Bank Of Greece
    Banks         19,047           $ 1,054,506      
  Public Power Corp
    Utilities         18,837             794,184      
 
 
                    1,848,690      
  Ireland – 3.1%
                   
  Anglo Irish Bank Corp PLC
    Banks         80,825             1,132,528      
  CRH PLC
    Materials         17,284             660,896      
  Elan Corporation PLC (a)
    Pharma, Biotech & Life Sciences         15,167             412,056      
  Irish Life & Permanent PLC
    Insurance         23,550             377,099      
  Kerry Group PLC-A
    Food & Beverage         32,336             1,001,844      
 
 
                    3,584,423      
  Italy – 3.3%
                   
  A2A SpA
    Utilities         138,494             509,944      
  Banca Popolare Emilia Romagna
    Banks         20,412             452,857      
  Fiat SpA
    Automobiles & Components         85,898             1,924,441      
  Pirelli & Co. SpA
    Capital Goods         918,663             750,890      
  Terna Rete Elettrica Nazionale SpA
    Utilities         32,627             144,264      
 
 
                    3,782,396      
  Netherlands – 8.7%
                   
  Fugro NV-CVA
    Energy         17,702             1,579,753      
  ING Groep NV-CVA
    Diversified Financials         50,956             1,944,462      
  Koninklijke Ahold NV
    Food & Staples Retailing         72,012             1,067,339      
  Koninklijke DSM NV
    Materials         45,131             2,433,258      
  OCE NV
    Technology Hardware & Equipment         21,953             330,507      
  Koninklijke Philips Electronics NV
    Capital Goods         13,283             499,429      
  SNS Reaal
    Diversified Financials         49,704             1,048,555      
  TNT NV
    Transportation         2,272             88,256      
  Unilever NV-CVA
    Food & Beverage         25,987             873,918      
 
 
                    9,865,477      
  Norway – 6.2%
                   
  Norsk Hydro ASA
    Materials         70,578             1,046,930      
  StatoilHydro ASA
    Energy         166,024             5,994,409      
 
 
                    7,041,339      
  Poland – 0.3%
                   
  Polish Oil & Gas
    Energy         166,817             314,323      
 
 
                    314,323      
  Russia – 0.2%
                   
  Vimpel-Communications-SP ADR
    Telecommunication Services         8,500             256,360      
 
 
                    256,360      
  Spain – 5.5%
                   
  Banco Santander SA
    Banks         139,141             3,000,306      
  Corporacion Financiera Alba
    Diversified Financials         2,343             163,787      
  Gas Natural SDG SA
    Utilities         3,880             226,529      
  Telefonica SA
    Telecommunication Services         100,573             2,907,730      
 
 
                    6,298,352      

5



Domini European Social Equity Trust / Portfolio of Investments (Continued) 

April 30, 2008 (unaudited) 

  COUNTRY/SECURITY
    INDUSTRY       SHARES         VALUE    
  Sweden – 2.0%
                   
  Industrivarden AB-C Shs
    Diversified Financials         17,300           $ 274,198      
  Investor AB-B Shs
    Diversified Financials         12,200             290,047      
  Nordea Bank AB
    Banks         25,223             417,448      
  Scania AB-B Shs
    Capital Goods         51,800             1,065,150      
  Svenska Cellulosa AB-B Shs
    Materials         14,400             242,649      
 
 
                    2,289,492      
  Switzerland – 8.0%
                   
  Holcim Ltd – Reg
    Materials         11,206             1,096,339      
  Kuoni Reisen Hldg – Reg
    Consumer Services         789             456,030      
  Lonza AG – Reg
    Pharma, Biotech & Life Sciences         6,595             896,598      
  Novartis AG – Reg Shs
    Pharma, Biotech & Life Sciences         44,205             2,236,669      
  Rieter Holding AG
    Automobiles & Components         993             368,961      
  Roche Holding AG
    Pharma, Biotech & Life Sciences         9,101             1,509,916      
  Sonova Holding AG
    Health Care Equipment & Services         1,073             90,348      
  Swiss Life Holding (a)
    Insurance         373             111,196      
  Swiss Re-Reg
    Insurance         22,078             1,831,443      
  The Swatch Group AG-Reg
    Consumer Durables & Apparel         9,901             507,622      
 
 
                    9,105,122      
  United Kingdom – 26.2%
                   
  3i Group PLC
    Diversified Financials         51,536             877,288      
  Aviva PLC
    Insurance         63,993             797,837      
  Barclays PLC
    Banks         177,780             1,607,346      
  Bellway PLC
    Consumer Durables & Apparel         4,687             65,213      
  BG Group PLC
    Energy         186,869             4,555,973      
  Carphone Warehouse Group PLC
    Retailing         55,724             299,915      
  Cookson Group PLC
    Capital Goods         51,090             718,423      
  CSR PLC (a)
    Semiconductors & Semiconductor Equipment         20,624             161,345      
  Drax Group PLC
    Utilities         85,164             1,015,403      
  GlaxoSmithKline PLC
    Pharma, Biotech & Life Sciences         68,834             1,528,250      
  HBOS PLC
    Banks         47,054             438,472      
  Home Retail Group PLC
    Retailing         198,701             1,038,938      
  HSBC Holdings PLC
    Banks         70,443             1,227,042      
  ICAP PLC
    Diversified Financials         25,516             296,139      
  Man Group PLC
    Diversified Financials         14,754             169,920      
  WM Morrison Supermarkets PLC
    Food & Staples Retailing         345,419             1,960,003      
  Old Mutual PLC
    Insurance         467,749             1,187,645      
  Royal Bank Of Scotland Group PLC
    Banks         217,541             1,486,435      
  Segro PLC
    Real Estate         85,221             778,518      
  Stagecoach Group PLC
    Transportation         470,752             2,393,803      
  Standard Chartered PLC
    Banks         41,983             1,491,701      
  Trinity Mirror PLC
    Media         76,872             414,497      
  Unilever PLC
    Food & Beverage         31,210             1,052,057      
  Vodafone Group PLC
    Telecommunication Services         1,244,540             3,951,193      
  Yell Group PLC
    Media         128,790             423,425      
 
 
                    29,936,781      
  Total Common Stocks
(Cost $113,945,541)
        113,115,103      

6



Domini European Social Equity Trust / Portfolio of Investments (Continued) 

April 30, 2008 (unaudited) 

  COUNTRY/SECURITY
    INDUSTRY       SHARES         VALUE    
  Repurchase Agreements — 0.3%
             
  State Street Bank & Trust, dated 4/30/2008, 1.05%, due 5/1/2008, maturity amount $344,660 (collateralized by U.S. Government Agency Obligations, FHLB, 2.73%, 1/23/2009, market value $355,000)
    Repurchase Agreement         344,650           $ 344,650      
  Total Repurchase Agreements
(Cost $344,650)
        344,650      
  Total Investments — 99.4% (Cost $114,290,191) (b)
        113,459,753      
  Other Assets, less liabilities — 0.6%
        697,560      
  Net Assets — 100.0%
      $ 114,157,313      
 

(a) 

Non-income producing security 

(b) 

The aggregate cost for federal income tax purposes is $114,872,106. The aggregate gross unrealized appreciation is $7,836,137 and the aggregate gross unrealized depreciation is $9,248,490, resulting in net unrealized depreciation of $1,412,353. 

ADR — American Depository Receipt 

SEE NOTES TO PORTFOLIO OF INVESTMENTS

7



Domini PacAsia Social Equity Trust 

Portfolio of Investments 

April 30, 2008 (unaudited) 

  Country/Security
    Industry     Shares       Value    
  Common Stocks – 98.7%
                   
  Australia – 10.4%
 
  AGL Energy Ltd
    Utilities     20,100       $ 236,765      
  Amcor Ltd
    Materials     14,909         94,834      
  Babcock & Brown Ltd
    Diversified Financials     10,899         150,979      
  BlueScope Steel Ltd
    Materials     56,873         592,217      
  Commonwealth Property Office
    Real Estate     93,843         124,690      
  Computershare Limited
    Software & Services     12,768         107,686      
  CSL Limited
    Pharma, Biotech & Life Sciences     5,860         219,727      
  Fairfax Media Ltd
    Media     13,160         43,405      
  Macquarie Office Trust
    Real Estate     276,695         268,566      
  National Australia Bank Ltd
    Banks     23,562         670,772      
  Origin Energy Limited
    Energy     5,885         77,363      
  Sonic Healthcare Ltd
    Health Care Equipment & Services     4,054         58,259      
  Suncorp-Metway Limited
    Insurance     21,963         282,512      
  Telstra Corp Ltd
    Telecommunication Services     42,621         183,147      
  Westpac Banking Corporation
    Banks     13,097         302,255      
 
 
                    3,413,177      
  Austria – 0.3%
 
  OMV AG
    Energy     1,385         104,473      
 
 
                    104,473      
  China – 2.1%
 
  Agile Property Holdings Ltd
    Real Estate     92,000         127,945      
  Guangzhou R&F Properties Co Ltd
    Real Estate     40,000         114,438      
  Hopson Development Holdings Ltd
    Real Estate     92,000         196,167      
  Shimao Property Holdings Ltd
    Real Estate     21,000         41,760      
  TPV Technology Ltd
    Technology Hardware & Equipment     308,223         214,324      
 
 
                    694,634      
  Hong Kong – 8.5%
 
  Cathay Pacific Airways Ltd
    Transportation     24,000         50,065      
  Chinese Estates Holdings Ltd
    Real Estate     117,239         184,704      
  Esprit Holdings Ltd
    Retailing     11,500         141,489      
  First Pacific Co
    Diversified Financials     102,389         75,137      
  Great Eagle Holdings Ltd
    Real Estate     25,000         72,005      
  Hang Lung Group Ltd
    Real Estate     29,665         159,655      
  Hang Lung Properties Ltd
    Real Estate     30,000         122,008      
  Hang Seng Bank Ltd
    Banks     2,500         50,067      
  Henderson Land Development Co Ltd
    Real Estate     13,142         100,319      
  Hongkong Land Holdings Ltd
    Real Estate     34,000         154,360      
  Hysan Development Company Ltd
    Real Estate     46,191         133,928      
  Jardine Matheson Hldgs Ltd
    Capital Goods     3,993         122,745      
  Jardine Strategic Holdings Ltd
    Capital Goods     4,859         84,255      
  MTR Corporation
    Transportation     59,500         212,974      
  New World Development Ltd
    Real Estate     26,000         67,046      
  Sun Hung Kai Properties Ltd
    Real Estate     13,000         227,658      
  Swire Pacific Ltd ‘A’
    Real Estate     39,664         463,831      
  Wharf Holdings Ltd
    Real Estate     24,675         125,202      
  Wheelock & Co Ltd
    Real Estate     75,418         236,086      
 
 
                    2,783,534      

8



Domini PacAsia Social Equity Trust / Portfolio of Investments (Continued) 

April 30, 2008 (unaudited) 

  Country/Security
    Industry     Shares       Value    
  India – 3.1%
 
  Bajaj Holdings and Investment Ltd
    Diversified Financials     9,896       $ 173,971      
  Hero Honda Motors Limited
    Automobiles & Components     4,079         85,738      
  Punjab National Bank Ltd
    Banks     22,117         300,461      
  Satyam Computer Services Ltd
    Software & Services     9,004         107,264      
  State Bank of India Ltd
    Banks     4,071         178,319      
  Sun Pharmaceutical Industries Ltd
    Pharma, Biotech & Life Sciences     5,083         181,641      
 
 
                    1,027,394      
  Indonesia – 0.9%
 
  Bank Rakyat Indonesia
    Banks     157,500         101,618      
  Perusahaan Gas Negara PT
    Utilities     51,000         66,917      
  Telekomunikasi Indonesia Tbk PT
    Telecommunication Services     129,000         123,796      
 
 
                    292,331      
  Japan – 43.9%
 
  Amada Co Ltd
    Capital Goods     20,220         167,162      
  Aoyama Trading Co Ltd
    Retailing     9,900         223,084      
  Asahi Kasei Corporation
    Materials     54,640         307,941      
  Astellas Pharma Inc
    Pharma, Biotech & Life Sciences     6,984         284,011      
  Chuo Mitsui Trust Holdings Inc
    Banks     97,533         689,665      
  COMSYS Holdings Corp
    Capital Goods     29,000         260,281      
  Dai Nippon Printing Co Ltd
    Commercial Services & Supplies     28,399         435,047      
  FUJIFILM Holdings Corp
    Technology Hardware & Equipment     14,357         548,124      
  Fujikura Ltd
    Capital Goods     39,000         170,539      
  Honda Motor Co Ltd
    Automobiles & Components     29,903         944,215      
  Kawasaki Kisen Kaisha Ltd
    Transportation     40,206         406,253      
  Kyocera Corporation
    Technology Hardware & Equipment     5,027         459,842      
  Makita Corporation
    Consumer Durables & Apparel     1,900         65,085      
  Mazda Motor Corp
    Automobiles & Components     67,000         288,489      
  Mitsui Chemicals Inc
    Materials     49,880         302,592      
  Nikon Corp
    Consumer Durables & Apparel     2,000         57,411      
  Nintendo Company Ltd
    Software & Services     1,448         791,128      
  Nippon Express Co Ltd
    Transportation     59,000         324,046      
  Nippon Meat Packers Inc
    Food & Beverage     8,000         101,962      
  Nippon Sheet Glass Co Ltd
    Capital Goods     100,000         455,459      
  Nippon Telegraph & Telephone Corp
    Telecommunication Services     167         715,874      
  Nissan Motor Company Ltd
    Automobiles & Components     19,700         173,796      
  Nisshin Steel Co Ltd
    Materials     105,000         386,805      
  Nisshinbo Industries Inc
    Consumer Durables & Apparel     5,000         54,540      
  Nomura Holdings Inc
    Diversified Financials     11,600         200,677      
  NTT Data Corporation
    Software & Services     9         36,773      
  ORIX Corporation
    Diversified Financials     3,293         591,108      
  Ricoh Company Limited
    Technology Hardware & Equipment     16,503         283,130      
  Rohm Company Limited
    Semiconductors & Semiconductor Equipment     1,700         117,931      
  Sapporo Hokuyo Holdings Inc
    Banks     37         297,034      
  SBI Holdings Inc
    Diversified Financials     992         260,078      
  Seiko Epson Corp
    Technology Hardware & Equipment     10,510         282,586      
  Seino Holdings Corp
    Transportation     34,800         231,756      
  Seven & I Holdings Co Ltd
    Food & Staples Retailing     7,800         230,619      

9



Domini PacAsia Social Equity Trust / Portfolio of Investments (Continued) 

April 30, 2008 (unaudited) 

  Country/Security
    Industry     Shares       Value    
  Japan (continued)
 
  Shinko Securities Co Ltd
    Diversified Financials     47,000       $ 159,650      
  Sony Corporation
    Consumer Durables & Apparel     10,478         479,235      
  Sumitomo Bakelite Company Ltd
    Materials     37,600         208,309      
  Sumitomo Trust & Banking Co Ltd
    Banks     43,874         392,519      
  Suzuken Company Limited
    Health Care Equipment & Services     6,900         259,468      
  Taiyo Yuden Company Limited
    Technology Hardware & Equipment     11,000         126,409      
  TDK Corp
    Technology Hardware & Equipment     6,600         449,641      
  Tokyo Steel Mfg Co Ltd
    Materials     21,300         305,712      
  Toppan Printing Company Ltd
    Commercial Services & Supplies     53,606         592,944      
  Toyo Seikan Kaisha Limited
    Materials     16,087         314,013      
 
 
                    14,432,943      
  Malaysia – 2.4%
 
  RHB Capital Bhd
    Banks     72,700         115,068      
  Telekom Malaysia Bhd
    Telecommunication Services     104,000         119,177      
  Tenaga Nasional Bhd
    Utilities     31,756         65,844      
  TM International SDN Bhd (a)
    Technology Hardware & Equipment     104,000         235,391      
  YTL Corporation Bhd
    Utilities     71,840         170,560      
  YTL Power International Bhd
    Utilities     80,200         65,755      
 
 
                    771,795      
  New Zealand – 2.8%
 
  Fisher & Paykel Appliances Holdings Ltd
    Consumer Durables & Apparel     23,684         44,798      
  Kiwi Income Property Trust
    Real Estate     171,013         164,406      
  Telecom Corp Of New Zealand Ltd
    Telecommunication Services     152,359         450,137      
  Tower Limited
    Insurance     68,468         111,310      
  Vector Ltd
    Utilities     100,805         162,306      
 
 
                    932,957      
  Norway – 1.4%
 
  Fred Olsen Energy ASA
    Energy     1,300         82,299      
  Petroleum Geo-Services
    Energy     4,300         116,967      
  StatoilHydro ASA
    Energy     7,250         261,766      
 
 
                    461,032      
  Philippines – 0.3%
 
  Globe Telecom Inc
    Telecommunication Services     2,897         93,208      
 
 
                    93,208      
  Singapore – 2.5%
 
  CapitaCommercial Trust
    Real Estate     97,000         160,035      
  DBS Group Holdings Ltd.
    Banks     20,606         301,418      
  Jardine Cycle & Carriage Ltd
    Retailing     22,662         277,412      
  Suntec Real Estate Investment Trust
    Real Estate     72,000         80,077      
 
 
                    818,942      
  South Korea – 9.7%
 
  Daegu Bank
    Banks     6,560         104,028      
  GS Engineering & Construction Corp
    Capital Goods     332         48,842      
  GS Holdings Corp
    Energy     5,069         202,982      

10



Domini PacAsia Social Equity Trust / Portfolio of Investments (Continued) 

April 30, 2008 (unaudited) 

  Country/Security
    Industry     Shares       Value    
  South Korea (continued)
 
  Hana Financial Group Inc
    Banks     2,560       $ 115,789      
  Industrial Bank Of Korea
    Banks     8,995         171,350      
  Kookmin Bank
    Banks     2,004         139,709      
  Korea Zinc Co Ltd
    Materials     1,319         159,177      
  KT Corp
    Telecommunication Services     6,803         314,146      
  LG Corp
    Capital Goods     6,206         516,831      
  LG Electronics Inc
    Consumer Durables & Apparel     3,926         612,795      
  LG Display Co Ltd
    Technology Hardware & Equipment     5,110         224,755      
  NHN Corp (a)
    Software & Services     187         43,457      
  Pacific Corp
    Household & Personal Products     699         91,676      
  Pusan Bank
    Banks     7,710         124,187      
  Shinhan Financial Group Ltd
    Banks     3,183         183,809      
  Woori Finance Holdings Co Ltd
    Banks     3,810         74,859      
  Woori Investment & Securities Co Ltd
    Diversified Financials     3,320         71,522      
 
 
                    3,199,914      
  Taiwan – 8.5%
 
  Acer Inc
    Technology Hardware & Equipment     29,000         62,862      
  Asustek Computer Inc
    Technology Hardware & Equipment     67,492         219,007      
  AU Optronics Corp
    Technology Hardware & Equipment     301,528         589,241      
  Chi Mei Optoelectronics Corp
    Technology Hardware & Equipment     245,560         344,780      
  China Steel Corp
    Materials     238,214         391,188      
  Chunghwa Picture Tubes Ltd (a)
    Technology Hardware & Equipment     787,000         248,139      
  Chunghwa Telecom Co Ltd
    Telecommunication Services     39,475         101,775      
  Far EasTone Telecommunications Co Ltd
    Telecommunication Services     88,066         150,404      
  High Tech Computer Corp
    Technology Hardware & Equipment     10,500         270,712      
  Qisda Corp (a)
    Technology Hardware & Equipment     74,000         66,836      
  Quanta Computer Inc
    Technology Hardware & Equipment     71,000         118,226      
  Siliconware Precision Industries Co
    Semiconductors & Semiconductor Equipment     368         637      
  Taiwan Cooperative Bank
    Banks     222,143         233,470      
 
 
                    2,797,277      
  Thailand – 1.0%
 
  Bangkok Bank Pub Co – For Reg
    Banks     52,318         230,985      
  Siam Cement Pub Co-For Reg
    Materials     11,800         80,378      
 
 
                    311,363      
  United States – 0.9%
 
  Apache Corporation
    Energy     1,000         134,680      
  National Oilwell Varco Inc (a)
    Energy     2,300         157,435      
 
 
                    292,115      
  Total Common Stocks
 
  (Cost $31,953,208)
                    32,427,089      

11



Domini PacAsia Social Equity Trust / Portfolio of Investments (Continued) 

April 30, 2008 (unaudited) 

  Country/Security
    Industry     Shares       Value    
  Repurchase Agreements – 0.4%
 
  State Street Bank & Trust, dated 4/30/2008, 1.05%, due 5/1/2008, maturity amount $136,278 (collateralized by U.S. Government Agency Obligations, FHLB, 2.73%, 1/23/2009, market value $140,000)
    Repurchase Agreement     136,274       $ 136,274      
  Total Repurchase Agreements
 
  (Cost $136,274)
        136,274      
  Total Investments-99.1%
 
  (Cost$32,089,482)(b)
        32,563,363      
  Other Assets, less liabilities – 0.9%
        283,711      
  Net Assets – 100.0%
      $ 32,847,074      
 

(a) 

Non-income producing security. 

(b) 

The aggregate cost for federal income tax purposes is $32,451,703. The aggregate gross unrealized appreciation is $2,284,375 and the aggregate gross unrealized depreciation is $2,172,715, resulting in net unrealized appreciation of $111,660. 

ADR – American Depository Receipt 

SEE NOTES TO PORTFOLIO OF INVESTMENTS

12



Domini European Pacasia Social Equity Trust 

Portfolio of Investments 

APRIL 30, 2008 (unaudited) 

  COUNTRY/SECURITY
    INDUSTRY     SHARES           VALUE    
  Common Stocks – 97.9%
                   
  Australia – 3.8%
                   
  AGL Energy Ltd
    Utilities     14,959       $ 176,208      
  Babcock & Brown Ltd
    Diversified Financials     3,159         43,760      
  BlueScope Steel Ltd
    Materials     9,003         93,748      
  Macquarie Office Trust
    Real Estate     123,976         120,334      
  National Australia Bank Ltd
    Banks     7,526         214,252      
  Sonic Healthcare Ltd
    Health Care Equipment & Services     2,806         40,325      
  Suncorp-Metway Limited
    Insurance     2,073         26,665      
  Telstra Corp Ltd
    Telecommunication Services     9,246         39,731      
 
 
                    755,023      
  Austria – 1.6%
                   
  Immoeast AG (a)
    Real Estate     4,000         40,666      
  IMMOFINANZ AG
    Real Estate     9,364         103,364      
  OMV AG
    Energy     2,301         173,569      
 
 
                    317,599      
  Belgium – 1.7%
                   
  Delhaize Group
    Food & Staples Retailing     1,039         90,328      
  Dexia
    Banks     1,455         40,503      
  Groupe Bruxelles Lambert SA
    Diversified Financials     202         25,669      
  KBC Groupe SA
    Banks     1,372         186,137      
 
 
                    342,637      
  China – 0.4%
                   
  Hopson Development Holdings Ltd
    Real Estate     24,000         51,173      
  TPV Technology Ltd
    Technology Hardware & Equipment     47,775         33,221      
 
 
                    84,394      
  Denmark – 2.0%
                   
  H. Lundbeck A/S
    Pharma, Biotech & Life Sciences     2,545         62,917      
  Novo Nordisk A/S-B
    Pharma, Biotech & Life Sciences     2,925         200,762      
  Vestas Wind Systems A/S (a)
    Capital Goods     1,100         120,250      
 
 
                    383,929      
  Finland – 2.7%
                   
  Konecranes Oyj
    Capital Goods     1,465         63,955      
  Nokia OYJ
    Technology Hardware & Equipment     11,824         363,021      
  Outokumpu OYJ
    Materials     2,386         113,858      
 
 
                    540,834      
  France – 9.9%
                   
  Air France-KLM
    Transportation     3,701         115,069      
  ArcelorMittal
    Materials     550         48,638      
  BNP Paribas
    Banks     1,936         208,730      
  France Telecom SA
    Telecommunication Services     11,415         358,283      
  Lafarge SA
    Materials     211         38,071      
  Peugeot SA
    Automobiles & Components     2,467         172,762      
  Sanofi-Aventis
    Pharma, Biotech & Life Sciences     5,749         448,873      
  Ste Des Ciments Francais-A
    Materials     616         119,258      
  STMicroelectronics NV
    Semiconductor &
Semiconductor Equipment
    2,633         30,868      
  Vallourec
    Capital Goods     362         98,771      
  Vivendi SA
    Media     7,398         300,273      
 
 
                    1,939,596      

13



Domini European Pacasia Social Equity Trust / Portfolio of Investments (Continued) 

APRIL 30, 2008 (unaudited) 

  COUNTRY/SECURITY
    INDUSTRY     SHARES           VALUE    
  Germany – 6.5%
             
  Adidas AG
    Consumer Durables & Apparel     566       $ 36,122      
  Allianz SE-Reg
    Insurance     972         198,137      
  Commerzbank AG
    Banks     1,675         60,762      
  Deutsche Boerse AG
    Diversified Financials     563         82,587      
  Deutsche Lufthansa – Reg
    Transportation     4,252         111,678      
  Deutsche Telekom AG – Reg
    Telecommunication Services     2,281         40,982      
  Epcos AG
    Technology Hardware & Equipment     5,096         78,070      
  Fresenius SE
    Health Care Equipment & Services     1,589         134,432      
  Hannover Rueckversicherungs AG
    Insurance     1,449         78,868      
  Henkel KGAA – Vorzug
    Household & Personal Products     3,085         131,363      
  Muenchener Rueckver AG – Reg
    Insurance     1,329         257,109      
  Salzgitter AG (a)
    Materials     366         75,285      
 
 
                    1,285,395      
  Greece – 1.2%
             
  National Bank Of Greece
    Banks     1,569         86,865      
  Public Power Corp
    Utilities     3,400         143,347      
 
 
                    230,212      
  Hong Kong – 2.6%
             
  Chinese Estates Holdings Ltd
    Real Estate     33,269         52,414      
  Great Eagle Holdings Ltd
    Real Estate     10,000         28,802      
  Hang Lung Group Ltd
    Real Estate     4,627         24,902      
  Hysan Development Company Ltd
    Real Estate     9,000         26,095      
  Jardine Matheson Hldgs Ltd
    Capital Goods     1,514         46,540      
  Jardine Strategic Holdings Ltd
    Capital Goods     2,500         43,350      
  MTR Corporation
    Transportation     10,500         37,584      
  Swire Pacific Ltd ’A’
    Real Estate     11,334         132,539      
  Wharf Holdings Ltd
    Real Estate     4,970         25,218      
  Wheelock & Co Ltd
    Real Estate     30,250         94,694      
 
 
                    512,138      
  India – 0.1%
             
  Bajaj Holdings and Investment Ltd
    Diversified Financials     1,648         28,972      
 
 
                    28,972      
  Ireland – 1.8%
             
  Anglo Irish Bank Corp PLC
    Banks     3,987         55,866      
  Bank of Ireland
    Banks     8,138         113,397      
  Fyffes PLC
    Food & Staples Retailing     19,720         27,325      
  Irish Life & Permanent PLC
    Insurance     3,677         58,879      
  Kerry Group PLC-A
    Food & Beverage     3,351         103,822      
 
 
                    359,289      
  Italy – 2.4%
             
  Fiat SpA
    Automobiles & Components     9,923         222,312      
  Pirelli & Co. SpA
    Capital Goods     107,357         87,751      
  Terna Rete Elettrica Nazionale SpA
    Utilities     36,425         161,057      
 
 
                    471,120      

14



Domini European Pacasia Social Equity Trust / Portfolio of Investments (Continued) 

APRIL 30, 2008 (unaudited) 

  COUNTRY/SECURITY
    INDUSTRY     SHARES           VALUE    
  Japan – 18.6%
             
  Amada Co Ltd
    Capital Goods     7,000       $ 57,870      
  Aoyama Trading Co Ltd
    Retailing     5,996         135,112      
  Asahi Kasei Corporation
    Materials     9,000         50,722      
  Astellas Pharma Inc
    Pharma, Biotech & Life Sciences     2,900         117,931      
  Chuo Mitsui Trust Holdings Inc
    Banks     28,194         199,362      
  COMSYS Holdings Corp
    Capital Goods     6,000         53,851      
  Dai Nippon Printing Co Ltd
    Commercial Services & Supplies     10,828         165,875      
  FUJIFILM Holdings Corp
    Technology Hardware & Equipment     7,205         275,074      
  Honda Motor Co Ltd
    Automobiles & Components     9,428         297,698      
  Kawasaki Kisen Kaisha Ltd
    Transportation     2,000         20,209      
  Kyocera Corporation
    Technology Hardware & Equipment     1,179         107,848      
  Mazda Motor Corp
    Automobiles & Components     7,000         30,141      
  Mitsui Chemicals Inc
    Materials     7,546         45,777      
  Nintendo Company Ltd
    Software & Services     357         195,050      
  Nippon Express Co Ltd
    Transportation     5,000         27,461      
  Nippon Sheet Glass Co Ltd
    Capital Goods     23,000         104,756      
  Nippon Telegraph & Telephone Corp
    Telecommunication Services     48         205,760      
  Nisshin Steel Co Ltd
    Materials     27,000         99,464      
  ORIX Corporation
    Diversified Financials     300         53,851      
  Ricoh Company Limited
    Technology Hardware & Equipment     4,484         76,929      
  Sapporo Hokuyo Holdings Inc
    Banks     21         168,587      
  SBI Holdings Inc
    Diversified Financials     287         75,244      
  Seiko Epson Corp
    Technology Hardware & Equipment     3,601         96,821      
  Seino Holdings Corp
    Transportation     10,801         71,931      
  Seven & I Holdings Co Ltd
    Food & Staples Retailing     3,200         94,613      
  Sony Corporation
    Consumer Durables & Apparel     779         35,629      
  Sumitomo Bakelite Company Ltd
    Materials     6,000         33,241      
  Suzuken Company Limited
    Health Care Equipment & Services     5,100         191,781      
  Taisho Pharmaceutical Co Ltd
    Pharma, Biotech & Life Sciences     1,000         18,985      
  TDK Corp
    Technology Hardware & Equipment     2,000         136,255      
  Tokyo Steel Mfg Co Ltd
    Materials     9,483         136,107      
  Toppan Printing Company Ltd
    Commercial Services & Supplies     16,154         178,682      
  Toyo Seikan Kaisha Limited
    Materials     4,861         94,885      
 
 
                    3,653,502      
  Netherlands – 5.6%
                   
  Fugro NV-CVA
    Energy     963         85,940      
  ING Groep NV-CVA
    Diversified Financials     6,406         244,451      
  Koninklijke Ahold NV
    Food & Staples Retailing     9,812         145,430      
  Koninklijke DSM NV
    Materials     1,785         96,239      
  OCE NV
    Technology Hardware & Equipment     1,815         27,325      
  Koninklijke Philips Electronics NV
    Capital Goods     2,285         85,914      
  SNS Reaal
    Diversified Financials     10,990         231,845      
  TNT NV
    Transportation     2,562         99,520      
  Unilever NV-CVA
    Food & Beverage     2,658         89,386      
 
 
                    1,106,050      
  New Zealand – 0.8%
             
  Kiwi Income Property Trust
    Real Estate     57,736         55,506      
  Telecom Corp Of New Zealand Ltd
    Telecommunication Services     31,775         93,877      
 
 
                    149,383      

15



Domini European Pacasia Social Equity Trust / Portfolio of Investments (Continued) 

APRIL 30, 2008 (unaudited) 

  COUNTRY/SECURITY
    INDUSTRY     SHARES           VALUE    
  Norway – 3.7%
             
  Norsk Hydro ASA
    Materials     23,350       $ 346,366      
  StatoilHydro ASA
    Energy     10,758         388,425      
 
 
                    734,791      
  Poland – 0.2%
             
  Telekomunikacja Polska
    Telecommunication Services     3,070         30,861      
 
 
                    30,861      
  Russia – 0.2%
             
  Vimpel-Communications-SP ADR
    Telecommunication Services     1,300         39,208      
 
 
                    39,208      
  Singapore – 0.7%
             
  CapitaCommercial Trust
    Real Estate     21,000         34,647      
  DBS Group Holdings Ltd.
    Banks     2,000         29,255      
  Jardine Cycle & Carriage Ltd
    Retailing     6,817         83,449      
 
 
                    147,351      
  South Korea – 1.3%
             
  GS Holdings Corp
    Energy     1,046         41,885      
  Hana Financial Group Inc
    Banks     568         25,691      
  Industrial Bank Of Korea
    Banks     1,377         26,231      
  Korea Zinc Co Ltd
    Materials     198         23,895      
  KT Corp
    Telecommunication Services     555         25,629      
  LG Corp
    Capital Goods     494         41,140      
  LG Electronics Inc
    Consumer Durables & Apparel     243         37,929      
  Woori Finance Holdings Co Ltd
    Banks     1,219         23,951      
 
 
                    246,351      
  Spain – 4.4%
             
  Banco Santander SA
    Banks     19,907         429,256      
  Corporacion Financiera Alba
    Diversified Financials     765         53,477      
  Telefonica SA
    Telecommunication Services     13,010         376,140      
 
 
                    858,873      
  Sweden – 1.4%
             
  Billerud Aktiebolag
    Materials     2,500         27,215      
  Industrivarden AB-C Shs
    Diversified Financials     2,700         42,794      
  Investor AB-B Shs
    Diversified Financials     2,000         47,549      
  Scania AB-B Shs
    Capital Goods     4,500         92,532      
  TeliaSonera AB
    Telecommunication Services     7,000         62,481      
 
 
                    272,571      
  Switzerland – 5.5%
             
  Clariant AG Regular (a)
    Materials     6,663         73,056      
  Lonza AG – Reg
    Pharma, Biotech & Life Sciences     2,291         311,464      
  Novartis AG – Reg Shs
    Pharma, Biotech & Life Sciences     4,330         219,088      
  Roche Holding AG
    Pharma, Biotech & Life Sciences     469         77,810      
  Swiss Life Holding (a)
    Insurance     127         37,860      
  Swiss Re-Reg
    Insurance     3,296         273,414      
  The Swatch Group AG-B
    Consumer Durables & Apparel     218         58,605      
  The Swatch Group AG-Reg
    Consumer Durables & Apparel     516         26,456      
 
 
                    1,077,753      
  Taiwan – 0.2%
             
  Chi Mei Optoelectronics Corp
    Technology Hardware & Equipment     24,000         33,697      
 
 
                    33,697      

16



Domini European Pacasia Social Equity Trust / Portfolio of Investments (Continued) 

APRIL 30, 2008 (unaudited) 

  COUNTRY/SECURITY
    INDUSTRY     SHARES           VALUE    
  Turkey – 0.7%
             
  Eregli Demir Ve Celik Babrik
    Materials     8,522       $ 75,398      
  Trakya Cam Sanayii AS
    Capital Goods     20,190         30,194      
  Turkiye Vakiflar Bankasi Tao
    Banks     14,324         29,160      
 
 
                    134,752      
  United Kingdom – 17.9%
             
  3i Group PLC
    Diversified Financials     8,016         136,455      
  Associated British Foods PLC
    Food & Beverage     3,300         57,613      
  Aviva PLC
    Insurance     6,361         79,306      
  Barclays PLC
    Banks     12,063         109,064      
  BG Group PLC
    Energy     15,150         369,365      
  Carphone Warehouse Group PLC
    Retailing     27,698         149,075      
  Centrica Ord Gbp
    Utilities     9,830         57,238      
  Cookson Group New PLC
    Capital Goods     3,082         43,339      
  CSR PLC (a)
    Semiconductors & Semiconductor Equipment     5,808         45,437      
  Drax Group PLC
    Utilities     8,473         101,023      
  GlaxoSmithKline PLC
    Pharma, Biotech & Life Sciences     8,351         185,409      
  HBOS PLC
    Banks     6,053         56,405      
  Home Retail Group PLC
    Retailing     29,093         152,117      
  HSBC Holdings PLC
    Banks     1,616         28,149      
  ICAP PLC
    Diversified Financials     4,170         48,397      
  Johnston Press PLC
    Media     10,246         25,214      
  London Stock Exchange Group PLC
    Diversified Financials     2,085         44,474      
  Man Group PLC
    Diversified Financials     4,931         56,790      
  Morrison (Wm.) Supermarkets
    Food & Staples Retailing     18,725         106,251      
  Old Mutual PLC
    Insurance     94,600         240,196      
  Resolution PLC (c)
    Insurance     9,587         136,710      
  Royal Bank Of Scotland Group
    Banks     16,696         114,082      
  Segro PLC
    Real Estate     7,398         67,583      
  Stagecoach Group PLC
    Transportation     37,103         188,671      
  Standard Chartered PLC
    Banks     5,489         195,030      
  Trinity Mirror PLC
    Media     6,345         34,213      
  Unilever PLC
    Food & Beverage     5,538         186,680      
  Vodafone Group PLC
    Telecommunication Services     148,260         470,699      
  Yell Group PLC
    Media     14,240         46,817      
 
 
                    3,531,802      
  Total Common Stocks
             
      (Cost $19,726,594)
                    19,268,083      

17



Domini European Pacasia Social Equity Trust / Portfolio of Investments (Continued) 

APRIL 30, 2008 (unaudited) 

  COUNTRY/SECURITY
    INDUSTRY     SHARES           VALUE    
  Repurchase Agreements – 1.5%
       
  State Street Bank & Trust, dated 4/30/2008, 1.05%, due 5/1/2008, maturity amount $300,440 (collateralized by U.S. Government Agency Obligations, FHLB, 2.73%, 1/23/2009, market value $310,000)
    Repurchase Agreement     300,431       $ 300,431      
  Total Repurchase Agreements
             
  (Cost $300,431)
        300,431      
  Total Investments — 99.4%
       
  (Cost$20,027,025)(b)
        19,568,514      
  Other Assets, less liabilities — 0.6%
        111,815      
  Net Assets — 100.0%
      $ 19,680,329      
 

(a) 

Non-income producing security. 

(b) 

The aggregate cost for federal income tax purposes is $20,158,848. The aggregate gross unrealized appreciation is $812,266 and the aggregate gross unrealized depreciation is $1,402,600, resulting in net unrealized depreciation of $590,334. 

(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 Trust’s Board of Trustees. 

ADR — American Depository Receipt 

SEE NOTES TO PORTFOLIO OF INVESTMENTS

18



Domini SOCIAL EQUITY TRUST
DOMINI EUROPEAN SOCIAL EQUITY TRUST
DOMINI PACASIA SOCIAL EQUITY TRUST
DOMINI EUROPEAN PACASIA SOCIAL EQUITY TRUST 

NOTES TO PORTFOLIO OF INVESTMENTS 

APRIL 30, 2008 (UNAUDITED) 

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES 

The Domini Social Trust was organized as a trust under the laws of the State of New York on June 7, 1989, and is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Domini Social Trust consists of four separate series: Domini Social Equity Trust, Domini European Social Equity Trust, Domini PacAsia Social Equity Trust, and Domini European PacAsia Social Equity Trust (formerly Domini EuroPacific Social Equity Trust) (each a ‘‘Trust’’ and collectively the ‘‘Trusts’’). The Declaration of Trust permits the Trustees to issue an unlimited number of beneficial interests in the Trusts. Each Trust seeks to provide its shareholders with long-term total return. 

The Domini Social Equity Trust was designated as a series of the Domini Social Trust on June 7, 1989, and began investment operations on June 3, 1991. The Trust invests primarily in stocks of U.S. companies that meet Domini’s social and environmental standards. 

The Domini European Social Equity Trust was designated as a series of the Domini Social Trust on August 1, 2005, and commenced investment operations on October 3, 2005. The Trust invests primarily in stocks of European companies that meet Domini’s social and environmental standards. 

The Domini PacAsia Social Equity Trust was designated as a series of the Domini Social Trust on August 1, 2006, and commenced investment operations on December 27, 2006. The Trust invests primarily in stocks of Asia-Pacific companies that meet Domini’s social and environmental standards. 

The Domini European PacAsia Social Equity Trust (formerly Domini EuroPacific Social Equity Trust) was designated as a series of the Domini Social Trust on August 1, 2006, and commenced investment operations on December 27, 2006. The Trust invests primarily in stocks of European and Asia-Pacific companies that meet Domini’s social and environmental standards. 

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates  

19



and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and 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 Trusts’ 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 security’s 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 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 are valued at fair value as determined in good faith under procedures established by and under the supervision of the Trusts’ 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. 

On September 15, 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (‘‘SFAS No. 157’’), ‘‘Fair Value Measurements.’’ The new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (‘‘GAAP’’), and expands disclosures about fair value measurements. SFAS No. 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). SFAS No. 157 also stipulates that, as a market-based measurement, fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability, and establishes 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 reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). These inputs are summarized into three broad levels: 

20  Notes to Portfolio of Investments



Level 1 — quoted prices in active markets for identical securities 

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) 

Level 3 — significant unobservable inputs (including the Trusts’ own assumptions in determining the fair value of investments) 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. 

The following is a summary of the inputs used, as of April 30, 2008, in valuing the Trusts’ assets carried at fair value: 

 
 
      Level 1         Level 2         Level 3    
  Investments in Securities:
                   
  Domini Social Equity Trust
      $ 1,082,672,179           $ 6,409,860           $      
  Domini European Social Equity Trust
        113,115,103             344,650                  
  Domini PacAsia Social Equity Trust
        32,427,089             136,274                  
  Domini European PacAsia Social Equity Trust
        19,131,373             300,431             136,710      

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: 

 
 
    Domini European
PacAsia
Social Equity
Trust
 
  Investments in Securities
          
  Balance as of January 31, 2008
      $      
  Realized gain (loss)
             
  Change in unrealized appreciation (depreciation)
        2,921      
  Net purchases (sales)
        133,789      
  Transfers in and/or out of Level 3
             
  Balance as of April 30, 2008
      $ 136,710      

(B) Repurchase Agreements. The Trusts may enter into repurchase agreements with selected banks or broker-dealers. Each repurchase agreement is recorded at cost, which approximates fair value. The Trusts 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 Trust 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. 

Notes to Portfolio of Investments  21



(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 may 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. 

The Trusts 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 Trusts purchase or sell foreign securities they may 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. 

(E) Investment Transactions and Investment Income. 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 Trusts. 

(F) Federal Taxes. The Trusts will be treated as partnerships for U.S. federal income tax purposes and are therefore not subject to U.S. federal income tax. As such, investors in the Trusts will be taxed on their share of the applicable Trust’s ordinary income and capital gains. It is intended that the Trusts will be managed in such a way that an investor will be able to satisfy the requirements of the Internal Revenue Code applicable to regulated investment companies. 

22  Notes to Portfolio of Investments



2. OTHER ACCOUNTING PRONOUNCEMENTS 

On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 Accounting for Uncertainty in Income Taxes’’ (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Trusts’ tax returns to determine whether the tax positions are ‘‘more-likely-than-not’’ of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the effective date. FIN 48 is not expected to have a material effect on the Trusts’ financial statements. However, as analysis is on-going, the conclusions regarding FIN 48 may be subject to review and adjustment. 

Notes to Portfolio of Investments  23



Domini Social Bond Fund 

Portfolio of Investments 

APRIL 30, 2008 (unaudited) 

 
 
      PRINCIPAL
AMOUNT
        VALUE
(NOTE 1)
   
  U.S. Government Agency Obligations – 22.4%
       
  Fannie Mae:
             
  5.000%, 10/15/2011
      $ 2,031,000           $ 2,151,085      
  5.000%, 5/11/2017
        755,000             795,445      
  Federal Agriculture Mortgage Corporation:
             
  6.680%, 6/10/2014
        1,000,000             1,154,031      
  Federal Farm Credit Bank:
             
  6.300%, 6/6/2011
        250,000             273,095      
  Freddie Mac:
             
  5.250%, 7/18/2011
        5,915,000             6,283,444      
  5.500%, 9/15/2011
        3,717,000             3,989,627      
  U.S. Small Business Administration:
             
  2003-10C 1, 3.530%, 5/1/2013
        268,665             264,541      
  2003-20D 1, 4.760%, 4/1/2023
        385,631             384,359      
  2003-20E 1, 4.640%, 5/1/2023
        415,913             412,413      
  2003-20F 1, 4.070%, 6/1/2023
        346,202             328,321      
  2003-20G 1, 4.350%, 7/1/2023
        196,465             191,605      
  Total U.S. Government Agency Obligations
(Cost $15,771,053)
              16,227,966      
  U.S. Government Agency Mortgage Securities – 39.2%
       
  Fannie Mae:
             
  13743, 6.990%, VR, 11/1/2019
        8,075             8,560      
  250168, 8.000%, 12/1/2009
        11,008             11,350      
  252120, 7.500%, 8/1/2025
        34,286             37,017      
  387231, 5.010%, 1/1/2015
        1,039,762             1,044,902      
  402999, 7.000%, VR, 10/1/2027
        4,557             4,638      
  526882, 7.353%, VR, 2/1/2029
        8,748             8,894      
  696355, 5.500%, 3/1/2033
        1,037,338             1,046,767      
  789089, 5.500%, 8/1/2019
        433,141             442,895      
  892917, 6.500%, 8/1/2036
        1,674,327             1,734,832      
  895098, 7.000%, 8/1/2036
        1,454,297             1,530,836      
  937881, 5.500%, 6/1/2022
        1,347,064             1,373,324      
  Fannie Mae CMO:
             
  1990-99 K, 6.500%, 8/25/2020
        13,864             14,713      
  1993-106 Z, 7.000%, 6/25/2013
        6,300             6,589      
  2003-66 MB, 3.500%, 5/25/2023
        492,908             474,559      
  2003-73 GA, 3.500%, 5/25/2031
        574,699             557,654      
  2005-M1 A, 4.479%, 10/26/2031
        228,262             228,409      
  Freddie Mac:
             
  845025, 6.169%, VR, 12/1/2018
        17,241             17,631      
  A18404, 5.500%, 2/1/2034
        487,636             492,221      
  A30028, 6.000%, 11/1/2034
        235,373             241,632      
  A51729, 6.500%, 8/1/2036
        1,409,663             1,462,106      
  A62612, 5.500%, 6/1/2037
        1,165,151             1,173,921      
  A69304, 5.500%, 11/1/2037
        617,265             621,911      
  B11108, 5.500%, 11/1/2018
        813,757             832,694      
  B11109, 4.500%, 11/1/2018
        999,995             993,735      
  C77635, 5.500%, 2/1/2033
        1,058,325             1,068,936      
  Freddie Mac CMO:
             
  1208 D, 3.100%, VR, 2/15/2022
        18,627             18,472      
  2302 J, 6.500%, 4/15/2031
        80,834             83,595      
  2628 LE, 3.250%, 6/15/2033
        405,788             395,178      

24



Domini Social Bond Fund / Portfolio of Investments (Continued) 

APRIL 30, 2008 (unaudited) 

 
 
      PRINCIPAL
AMOUNT
        VALUE
(NOTE 1)
   
  U.S. Government Agency Mortgage Securities (Continued)
             
  Ginnie Mae CMO:
             
  2002-26 C, 6.007%, VR, 2/16/2024
      $ 403,712           $ 411,657      
  2002-37 C, 5.878%, 6/16/2024
        607,982             622,814      
  2002-9, 5.881%, 3/16/2024
        80,486             80,682      
  2002-9 C, 6.269%, 10/16/2027
        1,000,000             1,040,728      
  2003-78 C, 5.375%, VR, 2/16/2031
        1,000,000             1,005,568      
  2004-6 C, 4.660%, 7/16/2033
        1,000,000             990,115      
  2004-77 AB, 4.368%, 11/16/2030
        750,075             742,152      
  2005-42 B, 4.571%, 9/15/2027
        1,000,000             994,412      
  2005-67 B, 4.751%, 10/16/2026
        1,000,000             1,004,197      
  2005-79 A, 3.998%, 10/16/2033
        843,945             839,707      
  2005-87, 4.449%, 3/16/2025
        884,632             885,338      
  2005-89, 4.811%, 5/16/2027
        938,085             944,318      
  2006-05 A, 4.241%, 7/16/2029
        904,199             901,549      
  2006-9 B, 5.269%, 3/16/2037
        1,000,000             996,134      
  Government National Mortgage Association:
             
  2038, 8.500%, 7/20/2025
        8,190             9,024      
  2380, 8.500%, 2/20/2027
        12,302             13,501      
  3233, 5.500%, 5/20/2017
        465,831             475,689      
  615760, 5.500%, 8/15/2028
        395,179             401,935      
  Total U.S. Government Agency Mortgage Securities (Cost $28,035,846)
              28,287,491      
  Corporate Obligations – 23.8%
             
  Air Products & Chemicals, 4.150%, 2/1/2013
        700,000             689,172      
  American Express, 6.150%, 8/28/2017
        700,000             708,597      
  Bank of America Corporation, 7.400%, 1/15/2011
        700,000             744,447      
  Bank of New York Mellon-Mtn, 4.950%, 11/1/2012
        700,000             711,236      
  CenterPoint Energy, Inc., 7.875%, 4/1/2013
        700,000             765,398      
  Cisco Systems Inc., 5.500%, 2/22/2016
        600,000             622,462      
  Citigroup Inc., 5.300%, 1/7/2016
        350,000             341,736      
  Clorox, 5.450%, 10/15/2012
        700,000             707,809      
  Coca-Cola Co, 5.350%, 11/15/2017
        700,000             727,251      
  Comcast Corporation, 4.950%, 6/15/2016
        600,000             573,462      
  Hewlett-Packard Co., 4.500%, 3/1/2013
        700,000             706,458      
  IBM Corp, 5.700%, 9/14/2017
        700,000             730,633      
  Johnson & Johnson, 5.550%, 8/15/2017
        700,000             747,800      
  Kellogg Co., 4.250%, 3/6/2013
        700,000             689,001      
  Kimberly-Clark, 6.125%, 8/1/2017
        700,000             750,408      
  Northern Trust Company, 5.200%, 11/9/2012
        700,000             718,020      
  Oracle Corp., 5.750%, 4/15/2018
        700,000             714,032      
  Praxair Inc., 4.625%, 3/30/2015
        700,000             695,407      
  SBC Communications, 5.100%, 9/15/2014
        600,000             602,678      
  Time Warner Companies Inc., 5.500%, 11/15/2011
        700,000             694,140      
  Travelers Cos Inc., 5.375%, 6/15/2012
        700,000             713,509      
  United Parcel Service, 4.500%, 1/15/2013
        700,000             713,457      
  Verizon Communications, 5.550%, 2/15/2016
        700,000             707,153      
  Wells Fargo Company, 4.375%, 1/31/2013
        700,000             693,200      
  Xerox Corporation, 6.350%, 5/15/2018
        700,000             704,829      
  Total Corporate Obligations
(Cost $16,888,886)
              17,172,295      

25



Domini Social Bond Fund / Portfolio of Investments (Continued) 

APRIL 30, 2008 (unaudited) 

 
 
      PRINCIPAL
AMOUNT
        VALUE
(NOTE 1)
   
  Corporate Mortgage Securities – 4.4%
             
  BOAMS 2003-8 2A4, 4.750%, 11/25/2018
      $ 1,406,739           $ 1,369,056      
  CRFCM 2004-1A A 144A, 5.500%, 4/25/2035
        1,533,812             1,527,530      
  WFMBS 2003-8 A7, 4.500%, 8/25/2018
        389,487             303,136      
  Total Corporate Mortgage Securities
(Cost $3,282,541)
              3,199,722      
  State & Municipal Obligations – 4.5%
             
  City of Cleveland, OH, 4.350%, 12/1/2011 (Insurer: AMBAC)
        500,000             496,885      
  Hudson County, NJ, Improvement Authority, 7.240%, 9/1/2008 (Insurer: AMBAC)
        195,000             197,092      
  Hudson County, NJ, Improvement Authority, 7.290%, 9/1/2009 (Insurer: AMBAC)
        175,000             182,399      
  Kentucky State Property and Buildings Commission, 3.960%, 10/1/2009 (Insurer: MBIA)
        300,000             299,949      
  Los Angeles, CA, Community Redevelopment Agency, 6.600%, 9/1/2020 (Insurer: FSA)
        515,000             548,722      
  North Carolina State University at Raleigh, 6.160%, 10/1/2009
        400,000             408,776      
  Pennsylvania Economic Development Financing Authority, 5.650%, 6/1/2015 (Insurer: FGIC)
        380,000             385,632      
  State of Mississippi, 3.510%, 11/1/2009
        500,000             498,490      
  Yazoo County, MS, 4.200%, 9/1/2008 (Insurer: AMBAC)
        225,000             225,324      
  Total State & Municipal Obligations
(Cost $3,256,397)
              3,243,269      
  Certificates of Deposit – 3.9%
             
  Albina Community Bank, 4.410%, 7/29/2008 (a)
        100,000             100,000      
  Appalachian Federal Credit Union, 2.000%, 4/17/2009 (a)
        100,000             100,000      
  Central Bank of Kansas City, 4.680%, 5/30/2008 (a)
        100,000             100,000      
  City First Bank of D.C., 4.150%, 2/5/2009 (a)
        100,000             100,000      
  City National Bank of Newark, NJ, 4.400%, 11/14/2008 (a)
        100,000             100,000      
  Community Commerce Bank, 5.000%, 6/1/2008 (a)
        100,000             100,000      
  Communitywide Federal Credit Union, 4.700%, 1/15/2009 (a)
        100,000             100,000      
  Dakotaland Federal Credit Union, 2.720%, 4/22/2009 (a)
        100,000             100,000      
  Delta Southern Bank, 4.500%, 6/21/2008 (a)
        100,000             100,000      
  Elk Horn Bank & Trust, 3.750%, 6/20/2008 (a)
        100,000             100,000      
  First Delta Federal Credit Union, 3.750%, 7/29/2008 (a)
        100,000             100,000      
  First Bank of the Delta, N.A., 4.500%, 6/24/2008 (a)
        100,000             100,000      
  Harbor Bank of Maryland, 4.250%, 7/25/2008 (a)
        100,000             100,000      
  Latino Community Credit Union, 5.150%, 5/30/2008 (a)
        100,000             100,000      
  Legacy Bank, 4.750%, 7/26/2008 (a)
        100,000             100,000      
  Liberty Bank and Trust Co., 4.800%, 12/5/2008 (a)
        100,000             100,000      
  Louisville Community Development Bank, 3.750%, 6/25/2008 (a)
        100,000             100,000      
  Mission Community Bank, 3.900%, 12/3/2008 (a)
        100,000             100,000      
  Neighborhood National Bank, 4.500%, 6/1/2008 (a)
        100,000             100,000      
  New Resource Bank, 4.000%, 6/25/2008 (a)
        100,000             100,000      
  Northside Community Federal Credit Union, 4.500%, 6/27/2008 (a)
        100,000             100,000      
  One United Bank, 3.500%, 11/11/2008 (a)
        100,000             100,000      
  Opportunities Credit Union, 3.000%, 7/21/2008 (a)
        100,000             100,000      
  Santa Cruz Community Credit Union, 2.960%, 3/1/2009 (a)
        100,000             100,000      
  Self-Help Credit Union, 4.300%, 12/12/2008 (a)
        100,000             100,000      
  Shore Bank Pacific, 4.200%, 11/6/2008 (a)
        100,000             100,000      
  University National Bank, 4.570%, 7/26/2008 (a)
        100,000             100,000      
  Wainwright Bank and Trust Co., 2.960%, 2/28/2009 (a)
        100,000             100,000      
  Total Certificates of Deposit
(Cost $2,800,000)
              2,800,000      

26



Domini Social Bond Fund / Portfolio of Investments (Continued) 

APRIL 30, 2008 (unaudited) 

 
 
      PRINCIPAL
AMOUNT
        VALUE
(NOTE 1)
   
  Cash Equivalents — 2.2%
             
  Investment in Repurchase Agreements:
             
  State Street Bank & Trust, dated 4/30/2008, 1.05%, due 5/1/2008, maturity amount $1,269,091 (collateralized by U.S. Government Agency Obligations, FHLB, 2.73%, 1/23/2009, market value $1,295,000)
      $ 1,269,054           $ 1,269,054      
  Money Market Demand Accounts:
             
  Self-Help Credit Union, 2.110%, 5/1/2008 (a)
        235,397             235,397      
  University National Bank, 0.990%, 5/1/2008 (a)
        110,490             110,490      
  Total Cash Equivalents
             
      (Cost $1,614,941)
              1,614,941      
  Total Investments — 100.4%
             
      (Cost $71,649,664) (b)
              72,545,684      
  Other liabilities, less assets — (0.4)%
              (324,984 )    
  Net Assets — 100.0%
            $ 72,220,700      
 

(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 Fund’s Board of Trustees. 

(b) 

The aggregate cost for book and federal income purposes is $71,649,664. The aggregate gross unrealized appreciation is $1,154,414, and the aggregate gross unrealized depreciation is $258,394, resulting in net unrealized appreciation of $896,020. 

AMBAC — American Municipal Bond Assurance Corporation 

CMO — Collateralized Mortgage Obligation 

FGIC — Financial Guarantee Insurance Company 

FSA — Financial Security Assurance Company 

MBIA — Municipal Bond Investors Assurance 

VR — Variable interest rate. Rate shown is that on April 30, 2008. 

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 Fund’s Board of Trustees. 

SEE NOTES TO PORTFOLIO OF INVESTMENTS

27



DOMINI SOCIAL BOND FUND 

NOTES TO PORTFOLIO OF INVESTMENTS
APRIL 30, 2008 (UNAUDITED) 

1.   ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES 

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 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 Fund’s social and environmental standards and the submanager’s 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 Fund’s 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 prices, since such valuations are believed to reflect more accurately the fair value of such securities. Short-term obligations (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 Fund’s Board of Trustees. 

On September 15, 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (‘‘SFAS No. 157’’), ‘‘Fair Value Measurements.’’ The new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (‘‘GAAP’’), and expands disclosures about fair value  

28



measurements. SFAS No. 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). SFAS No. 157 also stipulates that, as a market-based measurement, fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability, and establishes 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 reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). These inputs are summarized into three broad levels: 

Level 1 — quoted prices in active markets for identical securities 

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) 

Level 3 — significant unobservable inputs (including the Fund’s 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 April 30, 2008, in valuing the Fund’s assets carried at fair value: 

 
 
    Level 1       Level 2       Level 3  
  Investments in Securities:
                   
  Domini Social Bond Fund
    $—       $ 72,545,684         $—  

(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. Investment transactions are recorded on trade date. 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  

Domini Social Bond Fund — Notes to Portfolio of Investments  29



Fund’s components of net assets to reflect income and gains available for distribution (or available capital loss carryovers, as applicable) under income tax regulations. 

(D) Federal Taxes. The Fund’s 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. 

2.   OTHER ACCOUNTING PRONOUNCEMENTS 

On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 Accounting for Uncertainty in Income Taxes’’ (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are ‘‘more-likely-than-not’’ of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the effective date. FIN 48 is not expected to have a material effect on the Fund’s financial statements. However, as analysis is on-going, the conclusions regarding FIN 48 may be subject to review and adjustment. 

30  Domini Social Bond Fund — Notes to Portfolio of Investments



Each Fund’s Portfolio of Investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the Funds’ shareholders. For more information regarding the Funds and their holdings, please see the Funds’ most recent Prospectus and Annual Report. 

31



Item 2. Controls and Procedures.

(a) Within 90 days prior to the filing of this report on Form N-Q, Amy L. Thornton, the registrant’s President and Principal Executive Officer, and Carole M. Laible, the registrant’s Treasurer and Principal Financial Officer, reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) of the Investment Company Act of 1940) and evaluated their effectiveness. Based on their evaluation, Ms. Thornton and Ms. Laible determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in this report on Form N-Q is recorded, processed, summarized, and reported within the time periods required by the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 for each principal executive officer and principal financial officer of the registrant are filed herewith.

 

 



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  

DOMINI SOCIAL INVESTMENT TRUST

 

 

 

 

 

By: 

/s/ Amy L. Thornton

 

 

 

 

Amy L. Thornton
President

 

 

 

Date: June 30, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By: 

/s/ Amy L. Thornton

 

 

 

 

Amy L. Thornton
President (Principal Executive Officer)

 

 

 

Date: June 30, 2008

 

By: 

/s/ Carole M. Laible

 

 

 

 

Carole M. Laible
Treasurer (Principal Financial Officer)

 

 

 

Date: June 30, 2008