Domini Investment Trust

N-CSRS 1 d282103dncsrs.htm DOMINI INVESTMENT TRUST Domini Investment Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-5823

DOMINI INVESTMENT TRUST

(Exact Name of Registrant as Specified in Charter)

532 Broadway, 9^th Floor, New York, New York 10012

(Address of Principal Executive Offices)

Amy Domini Thornton

Domini Impact Investments LLC

532 Broadway, 9^th 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: January 31, 2017

Item 1. Reports to Stockholders.

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 follows.

LOGO

Domini. SEMI ANNUAL REPORT 2017 (UNAUDITED) DOMINI IMPACT EQUITY FUND SMDOMINI IMPACT INTERNATIONAL EQUITY FUND SM DOMINI IMPACT BOND FUND SM

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TABLE OF CONTENTS



2		Letter from the President

		The Way You Invest Matters
4		Domini News
6		Advocacy Update
7		Protecting Migrant Workers

		Fund Performance and Holdings
14		Domini Impact Equity Fund
19		Domini Impact International Equity Fund
28		Domini Impact Bond Fund

44		Expense Example

		Financial Statements
46		Domini Impact Equity Fund
		Investor, Class A, Institutional and Class R Shares
46		Domini Impact International Equity Fund
		Investor, Class A, and Institutional Shares
70		Domini Impact Bond Fund
		Investor and Institutional Shares

90		Proxy Voting Information

90		Quarterly Portfolio Schedule Information

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LETTER FROM THE PRESIDENT

Dear Fellow Shareholders:

The six months ending January 31, 2017 saw the election of President Donald Trump and with him, a shift in national priorities. As a general statement, the stock market does not like uncertainty. It would have been understandable, therefore, if the markets had fallen off with this election. But they did not. Most likely, investors were attracted by the tremendous stimulative effect that a trillion dollars spent on infrastructure could have. Secondarily, a lower tax rate would put more money in corporate pockets, making companies worth more, at least in the short term. Setting aside what one thinks about these ideas from a policy perspective, the market reaction to them is somewhat predictable.

Small investors often do best when they do little. Setting an allocation and sticking with it, adding when possible, spending when necessary, but generally setting a direction and staying the course, is a tried and true means to save. But there are very large investors, primarily in the form of hedge funds, that follow a different philosophy. These investment pools frequently move in and out of market sectors based on a bet. The big money today seems firmly set on a bet that the infrastructure plan will become reality and that American companies will continue to grow.

Impact investors seek to make a difference, in any stock market environment. We at Domini Impact Investments feel strongly that our work to seek better outcomes for people and the planet cannot be relegated to the back seat while we attempt to analyze Washington’s next move. We have a job to do and it continues.

Migrant and temporary workers are a particularly vulnerable segment of the global economy. Although in many industries the use of temporary workers is extremely entrenched — think of the need for extra hands during the Christmas holidays — a national dialogue over what it means to be a temporary worker and what corporations who depend upon them ought to consider, is overdue. Whether the issue is access to company sponsored health care or longer hours than longer-term workers, the areas for discussion are ripe. A discussion is needed, because when the temporary worker is from another country, either as a documented worker or not, the worker may be unable to express his or her own needs.

The Pew Charitable Trusts have published a state-by-state, industry-by-industry analysis on immigrant employment. In it, we learn that there are some sectors of our economy where an immigrant is more likely to hold a position than a citizen by birth.

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For instance, the economic sector called administrative services, which includes cleaning services, is a field in which an immigrant is 1.7 times more likely to hold a job than a U.S.-born worker. In agriculture and construction the figure is 1.5 times. In leisure, that figure drops to 1.4 times. Does it matter? The same report tells us that these industries generate 13 percent of America’s GDP.

When 13 percent of a nation’s economic well-being is heavily dependent on immigrants, a broad and constructive dialogue over immigration policy becomes an economic one. And economic policy is core to the health of investment returns. Once again, as socially responsible investors, we find ourselves at the pivot point where what is best for ordinary people and what is best for investors comes together.

We have, for nearly two decades, addressed a variety of worker concerns with the companies we invest in. We have had highly successful results in many cases. We hope that our successes will lead corporations to encourage their peers to take a greater interest in what their purchasing of supplies or services means to each individual in its supply chain.

This report takes a look at some of the most severe risks workers face when they leave their home country for work elsewhere, and our responses to these concerns. As your representatives, we have continued to do what we can to be a useful link between the corporate world and Main Street, and to focus our attention on the most vulnerable among us.

Thank you for your investment, and for your decision to be a more responsible investor. The way we invest matters.

Very truly yours,

LOGO

Amy Domini

amy@domini.com

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DOMINI NEWS

New Name, Same Domini

Beginning with the inception of our first mutual fund in 1991, Domini has made it a priority to focus on incorporating social and environmental standards into our investment process seeking triple bottom-line results: positive for people, planet, and profits. Over the years, what began as a small movement blossomed into an entire and thriving industry. However, the vocabulary has varied — ethical investing, socially responsible investing, values investing, ESG investing, sustainable investing, and more recently, impact investing.

We believe “impact investing” most clearly and effectively communicates the intentionality of our work. Therefore, on November 30, 2016, we changed our name. Domini Social Investments LLC became Domini Impact Investments LLC. We renamed our mutual funds as well. All else — our investment standards as well as our investment process — remains unchanged.

As one of the pioneers in the industry, we are pleased to be part of an expanding group of investors that put their investment choices to work for positive impact.

Domini Joins Factory Farming and Safer Chemicals Initiatives

Over the years, we have found that we can be most effective when we collaborate with others. We are pleased to announce the following new and enhanced commitments to these partnerships:

Domini has joined FAIRR (Farm Animal Investment Risk and Return), a collaborative investor initiative based in London focused on raising awareness — and engaging with companies — about the social, environmental and financial risks of industrial farming. The coalition currently represents more than $1 trillion in assets. Learn more at www.fairr.org.

We also joined the Chemical Footprint Project, an effort backed by $2.3 trillion to encourage companies to select safer chemicals and reduce the use of chemicals of high concern. Visit www.chemicalfootprint.org.

We were also honored to join a new Human Rights Advisory Committee formed by the Interfaith Center on Corporate Responsibility (ICCR) to provide input on ICCR’s shareholder strategies related to corporate human rights impacts.

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Domini Impact International Equity Fund Investor (DOMIX) and Institutional (DOMOX) Share Classes Maintain Four and Five Star Overall Morningstar Ratings, Respectively, For the Year


We apply social, environmental and governance standards to all of our investments, believing they help identify opportunities to provide competitive returns to our fund shareholders while also helping to create a more just and sustainable global economic system.
We are pleased to announce that the Domini Impact International Equity Fund Investor share class (DOMIX) received an Overall Morningstar rating of four-stars as of February 28, 2017, based on risk-adjusted return. The Fund’s Class A (DOMAX) (load waived)* and Institutional (DOMOX) share classes each received an Overall Morningstar rating of five-stars as of February 28, 2017, based on risk-adjusted return.

The Fund’s Investor, Class A (load waived) and Institutional Shares received five stars for the last 3 and 5 years rated against 275 and 223 U.S. domiciled Foreign Large Value funds, respectively, and three stars for the past 10 years, rated against 139 U.S. domiciled Foreign Large Value funds.

*The Fund’s Class A shares are intended for investors who invest through a financial advisor. They carry a front-end sales charge (load) of up to 4.75% that is paid to the advisor buying the Fund on behalf of the investor. If you do not invest through a financial advisor, please refer to the Investor shares.

Past performance is no guarantee of future results. Investment return, principal value, and yield will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. An investment in the Fund is subject to market, sector concentration and style risks. Investing internationally involves special risks, including currency fluctuations, political and economic instability, increased volatility and differing securities regulations and accounting standards. The fund may focus its investments in certain regions or industries, thereby increasing its potential vulnerability to market volatility. You may lose money.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds’ monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics.

Fees have been waived or expenses advanced during the period on which the Fund’s ranking is based, which may have had a material effect on the total return or yield for that period, and therefore the rating for the period.

^© 2017 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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ADVOCACY UPDATE

Preserving Biodiversity

The earth is losing species at an alarming rate, driven by a range of factors, from climate change to land use changes. Deforestation in Indonesia, for example, driven in part by global demand for palm oil, threatens the orangutan, as well as many other unique organisms. Commercial demand for paper and timber, beef and soy are also driving global deforestation. Pollinators, including honeybees, provide irreplaceable services to humanity worth billions of dollars a year. These pollinators, however, are also under threat by widespread use of systemic pesticides.

We believe that investors can, and must, do something about this. In 2014, we helped convince Pepsi to adopt a set of forestry commitments. In the Fall, we joined other investors in submitting a shareholder proposal to Pepsi on pesticide pollution. We’d like to see the company apply responsible pesticide management practices across its global agricultural supply chain. We are also asking Kraft Heinz to report on its efforts to address deforestation and human rights abuses connected to the sourcing of palm oil, paper, beef, soy and sugar.

Chipotle Commits to Sustainability Reporting

After more than three years of encouragement by Domini, Chipotle has agreed to publish a report discussing its approach to the key sustainability challenges it faces. We look forward to working with their team over the course of the year on their first sustainability report.

Addressing Climate Change

In January, Domini joined more than 630 corporations and investors in a public statement to the incoming administration expressing strong support for the Paris Agreement on climate change. The statement was released in November and again in January, and received global press coverage. The statement is available at www.lowcarbonusa.org.

Opposing Discrimination

We were pleased to sign investor letters backed by trillions in assets, opposing bills in North Carolina and Texas that would prohibit transgender people from using restrooms consistent with their gender identity. The investor statement helped to draw renewed attention to these discriminatory bills. We also signed letters to twelve companies that participate in the Pink Dot gathering in Singapore, a celebration of the LGBT community. The government of Singapore criminalizes homosexual conduct and issued a warning regarding the event. The letter encouraged these companies to stay the course.

Visit www.domini.com to learn more about our work on your behalf to engage corporations on social and environmental issues.

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PROTECTING MIGRANT WORKERS

What distinguishes Domini from your typical mutual fund manager? We believe it is our recognition that what we do together as investors has an impact on the world around us.

Impact is a word that gets used quite a lot these days. It can mean different things to different people. We don’t see impact as a special bonus provided to those investors that ask for it. We see impact as an implicit component of every investment decision we make. All investors have impacts — both positive and negative. It is our job as investment managers to strive to have a positive impact.

Guided by our Impact Investment Standards, focused on universal human dignity and environmental sustainability, we have identified a few key areas where we believe we can make a positive contribution. This essay focuses on one such area — the treatment of some of the most vulnerable workers in global supply chains.

* * *

In a tightly interconnected world, investors can no longer afford to ignore the social and environmental costs of business as usual. For decades, responsible investors have joined with civil society organizations, corporations and public institutions to address working conditions in global supply chains and, although problems persist, we’ve made significant headway.

Twenty years ago, companies argued that they carried no responsibility for working conditions in factories they did not own. We no longer hear that argument. While it is true that these human rights abuses occur at factories and fields owned by third-parties, global companies can exercise significant influence. According to the United Nations Guiding Principles on Business and Human Rights, adopted in 2011, global businesses are obligated to identify these problems and do what they can to address them.

Around the world, approximately 150 million people leave their countries each year in search of economic opportunities elsewhere, often passing through the hands of unscrupulous recruiters with every incentive to take advantage of their vulnerable situation. Many workers find themselves working months on the job simply to pay off exorbitant recruitment fees. In other words, they are working for no pay at all. This is known as ‘bonded labor’ — a form of forced labor where a person is working to pay off a debt. It is considered the most common, and least known, form of modern slavery.

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The International Labor Organization estimates that almost 21 million people are trapped in conditions of forced labor, generating over $150 billion for other parties. More than 75% of these workers work within the private sector, particularly in industries such as agriculture, construction and manufacturing.

Migrant workers are among the most vulnerable members of the global workforce and are subject to multiple forms of abuse across industries.

While attention has been paid to conditions in the factory or on the farm, less attention has been paid to the path migrant workers take to get to the workplace, and the unique risks they face. Today, that is changing.

What Can Investors Do?

Our experience teaches us that investors can have significant influence over corporate practices.

Domini has worked closely with the Interfaith Center on Corporate Responsibility (ICCR), a coalition of faith-based and socially responsible investors, since our inception. ICCR has launched a “No Fees Initiative” to address unethical recruitment practices, based on three pillars:

1. No Fees: Workers should not be obligated to pay for their job and should be immediately reimbursed for any fees charged. If a worker is indebted to her recruiter, she can effectively work months without pay. She may even feel honor-bound to repay these unjust debts. According to a 2014 US Department of Labor-funded study, “92 percent of the migrant workers in Malaysia’s electronics industry had paid recruitment fees and…92% of that group had paid fees that exceeded legal or industry standards.”

2. Workers should be provided with contracts in their own language: If a worker’s contract is written in another language, he can’t agree to the terms of his employment, and he can’t understand his legal rights.

3. No passport retention: If a worker cannot retain her passport or other identify documents, then she is unable to go home.

These are the most common factors that hold these workers in debt bondage, often without their awareness.

According to Know the Chain, a project led by Humanity United that ranks companies in the apparel, tech and food and beverage sectors on their responses to forced labor issues, corporate awareness of unethical recruitment practices is very low. For example, in the tech sector, out of twenty companies reviewed, “only four of the companies demonstrate awareness of the risks of forced labor that can arise from the use of recruitment agencies.” Know the Chain awarded the industry an average of 20 points out of 100 on recruitment issues.

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Investors have important opportunities to raise awareness of the problem, set expectations and engage with companies to eradicate these practices.

The Corporate Response

Many of us first learned about the extreme conditions migrant workers can face after a series of articles broke in the Guardian and the Associated Press in 2014 and 2015, uncovering slavery in the Thai shrimp supply chain. Our research department spotted the issue early, leading to decisions to continue excluding Thai Union Manufacturing (TUM) and Charoen Pokphand (CP) Foods, two Thai companies at the heart of the controversy, from the Domini Funds. We made those decisions before these stories broke.

Often, we are unable to obtain reliable information about labor issues from the companies themselves. In the absence of corporate reporting, we must rely on what we know about these industries and the regions where they operate. Reliable NGOs can be an invaluable source of information. In this case, a report published by Finnwatch in 2013 highlighted problems identified by interviewed workers including accusations of low wages, child labor, a large migrant workforce, and unpaid compensation and leave. The report stated that about half of TUM’s employees were Thai citizens and the rest were migrant workers from Myanmar and Cambodia. Finnwatch reported that violations of migrants’ rights are common in Thailand. The NGO also reported the company’s denial of these allegations.

Under the spotlight of public attention, conditions are changing. Large consumer-facing brands like Costco and (William) Morrisons (United Kingdom) are taking action as part of the Seafood Task Force (www.seafoodtaskforce.global), a multi-stakeholder alliance which aims to tackle forced labor and human trafficking in Thailand’s seafood supply chain. The ability to track workers far out at sea is one critical piece of the problem they are trying to solve. CP Foods and Thai Union are also engaged, and working to improve their practices.

Unfortunately, the flawed recruitment system that produced those horrifying conditions also serves a wide range of industries. And in those industries as well, several long-term Domini Funds holdings have taken leadership.

HP Inc. reports that it was the first IT company to develop its own foreign migrant worker standard, a standard that addresses each of the three pillars of ICCR’s initiative. But the company took a step further that gets much closer to the root of the problem: HP is the first company in its industry to require direct employment of foreign migrant workers in its supply chain. Its policy, and the audit tools it has developed to enforce it,

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were developed in collaboration with Verité, a well-respected international nonprofit that promotes safe, fair, and legal working conditions, with particular expertise in combatting forced labor in supply chains.

When a person works in a factory, but is employed by the labor agency that recruited them, they are at far greater risk of exploitation. According to Verité, “HP’s standard requiring direct hiring will remove a key obstacle to ethical treatment of migrant workers. The standard sets a new bar and will likely result in substantial financial benefit to foreign migrant workers in HP’s supply chain, and we hope other companies will adopt similar policies.” We agree, and are raising this issue with other companies. Direct employment may be the solution to this problem, but we will need to overcome objections from factory owners and others that argue that it is too expensive or burdensome for small suppliers to adopt.

Companies realize that they need to work collaboratively to find solutions to these endemic problems. Leading companies in the electronics industry have turned to the Electronics Industry Citizenship Coalition (EICC). EICC members share a common code of conduct for their supply chains and a common factory audit process. Thanks to the leadership of companies like HP, the EICC code of conduct now addresses unethical recruitment practices.

Another important collaborative effort cuts across industries. The Coca-Cola Company, HP Inc., Hewlett Packard Enterprise, IKEA and Unilever launched the Leadership Group for Responsible Recruitment, focused on promoting ethical recruitment and combating the exploitation of migrant workers in global supply chains across industries. Walmart and Marks & Spencer (M&S) have joined the initiative, which is supported by the Institute for Human Rights and Business, ICCR, the International Organization for Migration and Verité. The Leadership Group is working to champion the “Employer Pays Principle”, which states that no worker should pay for a job — those costs should be borne by the employer.

* * *

Case Study: Turning Words into Deeds

In many instances, Domini has acted as a catalyst for change, helping to set a company on a new course that may produce substantial benefits in the future. Apple is a case in point.

In 2004, when we first reached out to Apple, the company was silent about working conditions in its supply chain, and did not have a policy to protect the rights of these workers. We changed that. After months of dialogue with Domini, Apple adopted a strong code of conduct, committing it to uphold core labor rights in its global supply chain.

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Only words on paper. But when a corporation adopts a policy, it works to implement it. That code provided the foundation upon which to build a labor standards program. The company soon began public reporting, to ensure a degree of public accountability. Public reporting is needed to ensure effective implementation of these kinds of policies, and to educate others about the kinds of problems that are found, the tactics that work and those that don’t. It is also a necessary mechanism for building trust with investors, consumers and other stakeholders, a valuable asset for any global brand. Our engagement also provided the foundation for a dialogue we have maintained with the company ever since.

Today, Apple is far more transparent about problems in its supply chain, and actively works to address them. Visit www.apple.com and click on “Supplier Responsibility” to read the story of Rechel Ragas, a factory worker recruited from the Philippines to Taiwan in search of higher wages. Apple reports that “to secure a factory position there, Rechel had to use a job broker agency that charged her more money than she made in an entire year working in her home country.” When Apple uncovered these fees — fees that were legal, but violated Apple’s policies — it ensured that she received full reimbursement. As a result, she was able to return home six months earlier than she had planned. Apple is the only company we are aware of that discloses the amount of recruitment fees it has reimbursed to workers: $25.6 million since 2008, including $4.7 million in 2015.

The company has not solved all of the problems it has found in its supply chain. We don’t demand perfection — not because we don’t want to see it, but because we don’t expect to find it. We do expect companies to acknowledge these challenges and demonstrate how they are meeting them.

Apple has come a long way since 2004 and, although we would never claim that our efforts were responsible for all of this hard work, we believe we have had an impact.

* * *

We applaud the EICC’s efforts to address unethical recruitment issues, but still believe the industry should be doing more. On behalf of a group of institutional investors affiliated with ICCR, we wrote to IBM and Motorola Solutions with a series of questions about how they ensure that workers in their supply chains are free of these abuses. We also signed letters to Broadcom, Canon, Cisco, EMC, Hitachi, Johnson Controls, Medtronic, Microsoft, Qualcomm, Texas Instruments and Xerox.

We followed our letter to Motorola with a shareholder proposal on the topic, which prompted a constructive conversation with the company.

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Motorola Solutions has policies in place to address these issues, and as an EICC member, has adopted a “no fees” commitment. The company tells us that it is actively working through the EICC to develop more effective responses to these unethical recruitment practices. We recognize these efforts, but believe that investors have insufficient information to gauge how well the company is addressing these serious risks to workers. Our proposal seeks to rectify that by requesting an annual report disclosing the company’s efforts to ensure that its global supply chain is free of forced or bonded labor, including any efforts to reimburse workers for recruitment fees that were paid in violation of company policies. We look forward to continuing our dialogue with the company.

Out of twenty apparel companies, Know the Chain found only seven that were aware of the risks of exploitation to migrant workers. They found only two companies that encouraged the direct hiring of workers in their supply chain.

Adidas (Germany) received the top ranking in Know the Chain’s 2016 survey, and the top score for worker recruitment practices. Know the Chain praised Adidas’ “strong awareness” of the risks facing migrant workers and listed a number of leading practices. Of particular importance, if an agency is involved in the recruitment process, Adidas requires that workers sign contracts directly with the factory, not with the recruitment firm. The company requires suppliers to disclose the recruitment firms it uses, and to monitor all recruiters. The Adidas Group publishes a list of names and addresses for its primary factories, subcontractors and licensees, a practice adopted by leading companies in the apparel and electronics sectors.

We recently met with Gap to discuss its approach to these issues, including the possibility of adopting a direct employment policy, and wrote to Ralph Lauren, Michael Kors (where we ultimately submitted a shareholder proposal), Nike, L Brands (Victoria’s Secret, Bath & Body Works) and Coach.

Ralph Lauren reports that it is working towards a “recruitment fee–free” environment for all workers. The company reported to Know the Chain that an audit had uncovered that a group of new Bangladeshi workers had recently started work in one of its supplier facilities in Jordan, and had paid recruitment fees. The factory is now fully reimbursing the 33 workers affected over a period of 3 months.

These kinds of reports should help to illustrate a basic point — these problems are out there to be found and addressed. No company’s supply chain is immune. Our letter prompted a constructive conversation with the company, which we look forward to continuing. We appreciate the

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company’s recognition of the plight of migrant workers and are encouraging clearer commitments and more transparent reporting.

Another long-term Domini holding that has taken leadership on these issues is Unilever (Netherlands, United Kingdom). The company ranks first on Know the Chain’s benchmark for the food and beverage sector, because of its commitment to traceability. The company’s commitment to eradicating modern slavery and human trafficking is impressive given that it reportedly has 76,000 suppliers. Unilever is working to reduce the number of recruiters used by factories. It reports that it uses very limited numbers of recruiters in North America, Europe and South America, but larger numbers in Asia and Africa.

* * *

Consider how you might handle the daily struggles these migrant workers take on, day after day. They are working far from home for people that speak another language. They may not be in the job they thought they bargained for. Those in the fishing industry may never have seen the sea before. Many find that their paycheck is considerably less than expected, but they have no option but to keep working — they have family back home depending on them.

We invest in companies that can make a significant difference in the lives of migrant workers. That means that we can make a significant difference, as long as we refuse to turn a blind eye, and we persist in raising these concerns and pressing each company that recognizes the issue to do more.

The holdings discussed above can be found in the portfolios of the Domini Funds, included herein. The following companies discussed above are not currently eligible for investment by the Domini Funds: Canon, Charoen Pokphand (CP) Foods, Hitachi, Medtronic, Thai Union, and Walmart. Broadcom, Dell EMC, Johnson Controls, Marks & Spencer, Qualcomm, Texas Instruments and Xerox are eligible for investment, but not currently held by the Domini Funds. IKEA is not publicly traded. The composition of the Funds’ portfolios is subject to change.

An investment in the Domini Funds is not insured and is subject to market, sector concentration and style risks. You may lose money. Investing internationally involves special risks, such as currency fluctuations, social and economic instability, differing securities regulations and accounting standards, limited public information, possible changes in taxation, and periods of illiquidity.

The preceding profiles should not be deemed an offer to sell or a solicitation of an offer to buy the stock or bonds of any of the companies noted, or a recommendation concerning the merits of any of these companies as an investment. This material must be preceded or accompanied by a current prospectus. DSIL Investment Services LLC, Distributor. 04/17

DOMINI IMPACT EQUITY FUND

Fund Performance and Holdings

The table and bar charts below provide information as of January 31, 2017, about the ten largest holdings of the Domini Impact Equity Fund and its portfolio holdings by industry sector:

TEN LARGEST HOLDINGS (Unaudited)



SECURITY DESCRIPTION	% NET ASSETS		SECURITY DESCRIPTION	% NET ASSETS
Verizon Communications Inc		3.4%	Intel Corporation		2.7%
Amazon.com Inc		3.1%	Consolidated Edison Inc		2.7%
Prudential Financial Inc		3.0%	Gilead Sciences Inc		2.5%
Cummins Inc		2.8%	Sysco Corporation		2.5%
Alphabet Inc Cl A		2.7%	Applied Materials Inc		2.3%

PORTFOLIO HOLDINGS BY INDUSTRY SECTOR (% OF NET ASSETS) (Unaudited)

LOGO

The holdings mentioned above are described in the Domini Impact Equity Fund’s Portfolio of Investments (as of 1/31/17), included herein. The composition of the Fund’s portfolio is subject to change.


DOMINI IMPACT EQUITY FUND AVERAGE ANNUAL TOTAL RETURNS (Unaudited)
		Investor shares	Class A shares (with 4.75% maximum Sales Charge)¹	Class A shares (without Sales Charge)¹	Institutional shares²	Class R shares³	S&P 500
As of 1/31/17	1 Year	21.43%	15.54%	21.30%	21.91%	21.99%	20.04%
	5 Year	10.78%	9.71%	10.79%	11.22%	11.16%	14.09%
	10 Year	5.44%	4.93%	5.44%	5.44%	5.80%	6.99%
	Since Inception (6/3/91)	8.26%	8.05%	8.26%	8.26%	8.44%	9.34%

Past performance is no guarantee of future results. The Fund’s returns quoted above represent past performance after all expenses and waivers in effect during the periods shown. Investment return, principal value, and yield will fluctuate. Your shares, when redeemed, may be worth more or less than their original cost. Call 1-800-582-6757 or visit www.domini.com for performance information current to the most recent month-end, which may be lower or higher. A 2.00% fee applies to sales/exchanges made less than 30 days after the settlement of purchase/exchange, with certain exceptions. Quoted performance data does not reflect the deduction of this fee, which would reduce the performance quoted. See the Fund’s prospectus for further information.

On November 30, 2006, the Fund changed from a passive to active management strategy. Performance from Fund inception through November 29, 2006 reflects the former passive investment strategy.

Per the prospectus dated November 30, 2016, the Fund’s annual operating expenses totaled 1.14% (gross/net) (Investor shares), 1.41% (gross)/1.18% (net) (Class A shares), 0.81% (gross)/0.80% (net) (Institutional shares), and 0.82% (gross/net) (Class R shares) of net assets representing each share class, respectively. Until 11/30/17, the Fund’s Manager has contractually agreed to limit certain ordinary expenses to 1.25% (Investor), 1.18% (Class A), 0.80% (Institutional) and 0.90% (Class R) of the Fund’s average daily net assets representing each share class, absent an earlier modification by the Fund’s Board. The Fund’s total returns may have been lower without these limits.

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

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

The Standard & Poor’s 500 (S&P 500) Index is an unmanaged index of common stocks. You cannot invest directly in an index.

¹Class A shares were not offered prior to November 28, 2008. All performance information for time periods beginning prior to November 28, 2008 is the performance of the Investor shares. This performance has not been adjusted to reflect the lower expenses of the Class A shares, but does, where noted, reflect an adjustment for the maximum applicable sales charge of 4.75%.

²Institutional shares were not offered prior to November 28, 2008. All performance information for time periods beginning prior to November 28, 2008 is the performance of the Investor shares. This performance has not been adjusted to reflect the lower expenses of the Institutional shares.

³Class R shares were not offered prior to November 28, 2003. All performance information for the portion of the period prior to November 28, 2003 is the performance of the Investor shares and has not been adjusted to reflect the lower expenses of the Class R shares.

DOMINI IMPACT EQUITY FUND

PORTFOLIO OF INVESTMENTS

January 31, 2017 (Unaudited)


SECURITY	SHARES		VALUE

*Common Stocks – 98.9%*
*Consumer Discretionary – 14.1%*
Amazon.com Inc (a)		33,734	$	27,779,274
Best Buy Co Inc		866		38,554
CBS Corp Cl B		37,300		2,405,477
Chipotle Mexican Grill Inc (a)		35		14,750
Coach Inc		348		12,998
Comcast Corp Cl A		81,300		6,131,646
Foot Locker Inc		143,736		9,851,665
Gap Inc/The		445		10,248
Home Depot Inc/The		218		29,992
JC Penney Co Inc (a)		1,546		10,281
Kohl’s Corp		239,572		9,542,153
L Brands Inc		219		13,186
Lear Corp		42,000		5,967,780
Lowe’s Cos Inc		364		26,601
Marriott International Inc/MD Cl A		146		12,352
Michael Kors Holdings Ltd (a)		229,309		9,816,718
NIKE Inc Cl B		376		19,890
Nissan Motor Co Ltd ADR		119,100		2,361,753
Nordstrom Inc		353,434		15,628,851
Ralph Lauren Corp		26,282		2,324,117
Ross Stores Inc		242,200		16,011,842
Scripps Networks Interactive Inc Cl A		52,429		3,992,993
Staples Inc		666		6,127
Starbucks Corp		414		22,861
Target Corp		181		11,671
Visteon Corp (a)		165,641		14,836,464
Walt Disney Co/The		242		26,777

				126,907,021


*Consumer Staples – 8.6%*
Avon Products Inc (a)		2,873		16,865
Campbell Soup Co		191		11,886


SECURITY	SHARES		VALUE

*Consumer Staples* (Continued)
Coca-Cola Co/The		292	$	12,138
Colgate-Palmolive Co		134,774		8,703,705
Costco Wholesale Corp		120		19,674
Estee Lauder Cos Inc/The Cl A		29,137		2,366,216
General Mills Inc		175		10,934
Kimberly-Clark Corp		141		17,079
Kraft Heinz Co/The		223		19,912
Kroger Co/The		860		29,206
Loblaw Companies Ltd		175,282		9,194,658
Mondelez International Inc Cl A		265		11,734
PepsiCo Inc		199,317		20,685,118
Procter & Gamble Co/The		155		13,578
Spectrum Brands Holdings Inc		18,000		2,401,020
Sysco Corp		420,895		22,080,152
Walgreens Boots Alliance Inc		150,283		12,314,189
Whole Foods Market Inc		248		7,495

				77,915,559


*Energy – 0.3%*
Dril-Quip Inc (a)		37,674		2,343,323

				2,343,323


*Financials – 16.8%*
AGNC Investment Corp		109,628		2,046,755
Aflac Inc		110,300		7,719,897
American Express Co		191		14,589
American International Group Inc		71,984		4,625,692
Annaly Capital Management Inc		266,418		2,722,792
Bank of Montreal		34,100		2,578,983
Bank of Nova Scotia/The		46,382		2,772,716

DOMINI IMPACT EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)


SECURITY	SHARES		VALUE

*Financials* (Continued)
Canadian Imperial Bank of Commerce		38,800	$	3,305,760
Fifth Third Bancorp		637,526		16,639,429
Hartford Financial Services Group Inc/The		147,598		7,189,499
Intercontinental Exchange Inc		195		11,380
Invesco Mortgage Capital Inc		150,735		2,196,209
Lincoln National Corp		53,106		3,585,186
MFA Financial Inc		1,061,084		8,371,953
MetLife Inc		272,319		14,816,877
Morgan Stanley		65,492		2,782,755
National Bank of Canage		147,043		6,335,114
PNC Financial Services Group Inc/The		190		22,887
Popular Inc		242,800		10,787,604
Prudential Financial Inc		253,472		26,642,442
Regions Financial Corp		273,143		3,935,991
Two Harbors Investment Corp		268,300		2,352,991
US Bancorp		346		18,217
Unum Group		437,681		19,883,848

				151,359,566


*Health Care – 11.4%*
Allergan PLC (a)		21,145		4,628,429
Becton Dickinson and Co		72,328		12,823,031
Biogen Inc (a)		42,139		11,682,616
Bruker Corp		278,895		6,618,178
Edwards Lifesciences Corp (a)		105,351		10,138,980
Gilead Sciences Inc		305,710		22,148,690
Hill-Rom Holdings Inc		40,225		2,368,046


SECURITY	SHARES		VALUE

*Health Care* (Continued)
Merck & Co Inc		307,178	$	19,041,964
Quest Diagnostics Inc		21,939		2,016,633
Taro Pharmaceutical Industries Ltd (a)		63,503		6,635,428
Thermo Fisher Scientific Inc		33,217		5,061,939

				103,163,934


*Industrials – 9.9%*
3M Co		115		20,104
Alaska Air Group Inc		198,899		18,660,704
Carlisle Cos Inc		21,000		2,291,310
Cummins Inc		173,086		25,445,373
Herman Miller Inc		64,000		1,996,800
JetBlue Airways Corp (a)		1,688		33,102
LSC Communications Inc		409		10,724
Masco Corp		467,242		15,395,624
PACCAR Inc		228,194		15,359,738
Quanta Services Inc (a)		66,401		2,383,132
RR Donnelley & Sons Co		569		9,758
Robert Half International Inc		23,290		1,096,027
United Parcel Service Inc Cl B		131		14,296
United Rentals Inc (a)		52,783		6,677,577

				89,394,269


*Information Technology – 23.2%*
Advanced Micro Devices Inc (a)		3,150		32,666
Alphabet Inc Cl A (a)		29,894		24,518,760
Apple Inc		152,800		18,542,280
Applied Materials Inc		616,403		21,111,803
Cisco Systems Inc		504		15,483
Citrix Systems Inc (a)		203,529		18,559,810
Conduent Inc (a)		126,295		1,889,373

DOMINI IMPACT EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)


SECURITY	SHARES		VALUE

*Information Technology* (Continued)
eBay Inc (a)		649,300	$	20,667,219
F5 Networks Inc (a)		134,863		18,075,688
First Solar Inc (a)		358		11,166
HP Inc		373,400		5,619,670
Hewlett Packard Enterprise Co		497,214		11,276,814
Intel Corp		655,644		24,140,812
International Business Machines Corp		52		9,075
Lam Research Corp		127,945		14,695,763
Microsoft Corp		134,227		8,677,776
Motorola Solutions Inc		201		16,223
NetApp Inc		89,350		3,423,892
Synopsys Inc (a)		123,235		7,750,249
Teradata Corp (a)		259,033		7,605,209
VMware Inc Cl A (a)		28,200		2,468,628
Yahoo! Inc (a)		649		28,601

				209,136,960


*Materials – 3.7%*
Domtar Corp		227,700		9,948,213
Nucor Corp		230		13,361
Sherwin-Williams Co/The		31,425		9,547,229
Steel Dynamics Inc		398,113		13,460,201
WestRock Co		256		13,660

				32,982,664


*Real Estate – 3.4%*
American Homes 4 Rent Cl A		392,170		8,737,548


SECURITY	SHARES		VALUE

*Real Estate* (Continued)
Mack-Cali Realty Corp		238,623	$	6,686,216
Omega Healthcare Investors Inc		135,542		4,346,832
Physicians Realty Trust		122,800		2,277,940
Retail Properties of America Inc Cl A		408,026		6,108,149
STORE Capital Corp		104,000		2,460,640

				30,617,325


*Telecommunication Services – 4.2%*
AT&T Inc		60,138		2,535,418
Telephone & Data Systems Inc		146,076		4,477,229
Verizon Communications Inc		625,573		30,659,333

				37,671,980


*Utilities – 3.3%*
Consolidated Edison Inc		323,681		24,065,682
Southwest Gas Holdings Inc		70,277		5,662,218

				29,727,900


*Total Investments – 98.9%* (Cost $775,658,677) (b)				891,220,501

*Other Assets, less liabilities – 1.1%*				9,511,063


*Net Assets – 100.0%*			$	900,731,564

(a) Non-income producing security.

(b) The aggregate cost for federal income tax purposes is $776,083,870. The aggregate gross unrealized appreciation is $133,073,020 and the aggregate gross unrealized depreciation is $17,936,389, resulting in net unrealized appreciation of $115,136,631.

ADR — American Depository Receipt

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI IMPACT INTERNATIONAL EQUITY FUND

Fund Performance and Holdings

The table and bar charts below provide information as of January 31, 2017, about the ten largest holdings of the Domini Impact International Equity Fund and its portfolio holdings by industry sector and country:

TEN LARGEST HOLDINGS (Unaudited)



SECURITY DESCRIPTION	% NET ASSETS		SECURITY DESCRIPTION	% NET ASSETS
Sanofi		2.7%	Central Japan Railway Co		1.8%
Nissan Motor Co Ltd		2.3%	ING Groep NV		1.7%
Norsk Hydro ASA		2.1%	Kingfisher PLC		1.7%
Cie de Saint-Gobain		2.0%	Vivendi SA		1.7%
Swiss Re AG		1.8%	Peugeot SA		1.6%

PORTFOLIO HOLDINGS BY INDUSTRY SECTOR (% OF NET ASSETS) (Unaudited)

LOGO

PORTFOLIO HOLDINGS BY COUNTRY (% OF NET ASSETS) (Unaudited)

LOGO

*Other countries include Singapore (0.9%), Turkey (0.8%), Finland (0.6%), Hungary (0.6%), Italy (0.6%), South Africa (0.6%), China (0.5%), Panama (0.5%), United States (0.5%), New Zealand (0.4%), Belgium (0.2%), Indonesia (0.1%), and Ireland (0.0%).

The holdings mentioned above are described in the Domini Impact International Equity Fund’s Portfolio of Investments (as of 1/31/17), included herein. The composition of the Fund’s portfolio is subject to change.


DOMINI IMPACT INTERNATIONAL EQUITY FUND AVERAGE ANNUAL TOTAL RETURNS (Unaudited)
		Investor shares	Class A shares (with 4.75% maximum Sales Charge)¹	Class A shares (without Sales Charge)¹	Institutional shares²	MSCI EAFE
As of 1/31/17	1 Year	12.66%	7.21%	12.55%	13.13%	12.59%
	5 Year	9.04%	8.01%	9.07%	9.04%	6.52%
	10 Year	0.90%	0.42%	0.90%	0.90%	1.44%
	Since Inception (12/27/06)	0.94%	0.44%	0.94%	0.94%	1.60%

Per the prospectus dated November 30, 2016, the Fund’s annual operating expenses totaled 1.52% (gross/net) (Investor shares), 1.59% (gross)/1.53% (net) (Class A shares), and 1.10% (gross/net) (Institutional shares) of net assets representing each share class, respectively. Until 11/30/17, the Fund’s Manager has contractually agreed to limit certain ordinary expenses to 1.60% (Investor), 1.57 (Class A) and 1.27% (Institutional) of the Fund’s average daily net assets representing each share class, respectively, absent an earlier modification by the Fund’s Board. The Fund’s total return may have been lower without this limit.

An investment in the Fund is not a bank deposit and is not insured. You may lose money. The Fund is subject to market, sector concentration and style risks. Investing internationally involves special risks, such as currency fluctuations, social and economic instability, differing securities regulations and accounting standards, limited public information, possible changes in taxation and periods of illiquidity. These risks are magnified in emerging markets.

The MSCI EAFE Index is an unmanaged index of common stocks. You cannot invest directly in an index.

¹Class A shares were not offered prior to November 28, 2008. All performance information for time periods beginning prior to November 28, 2008 is the performance of the Investor shares. This performance has not been adjusted to reflect the lower expenses of the Class A shares, but, where noted, does reflect an adjustment for the maximum applicable sales charges of 4.75%.

²Institutional shares were not offered prior to November 30, 2012. All performance information for time periods beginning prior to November 30, 2012, is the performance of the Investor shares. This performance has not been adjusted to reflect the lower expenses of the Institutional shares.

DOMINI IMPACT INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS

January 31, 2017 (Unaudited)


COUNTRY/SECURITY	INDUSTRY	SHARES		VALUE
*Common Stock – 97.2%*
*Australia – 5.9%*
Alumina Ltd	Materials		1,265,549	$	1,863,838
Bendigo & Adelaide Bank Ltd	Banks		535,800		5,104,744
BlueScope Steel Ltd	Materials		460,803		3,921,466
Challenger Ltd/Australia	Diversified Financials		393,576		3,292,590
Dexus Property Group	Real Estate		1,555,007		10,600,740
Fortescue Metals Group Ltd	Materials		1,404,272		7,099,912
Harvey Norman Holdings Ltd	Retailing		789,972		2,998,536
Mirvac Group	Real Estate		1,535,141		2,365,766
Sims Metal Management Ltd	Materials		389,690		3,310,372

					40,557,964


*Belgium – 0.2%*
Ageas	Insurance		34,099		1,458,555

					1,458,555


*Brazil – 2.7%*
Banco Bradesco SA Pfd Shs	Banks		285,120		2,964,099
Banco do Brasil SA	Banks		366,996		3,629,765
Cia de Transmissao de Energia Eletrica Paulista Pfd Shs	Utilities		46,596		973,265
Itau Unibanco Holding SA Pfd Shs	Banks		199,100		2,357,209
Itausa – Investimentos Itau SA Pfd Shs	Banks		1,221,600		3,604,078
Localiza Rent a Car SA	Transportation		139,361		1,632,661
M Dias Branco SA	Food & Beverage		84,705		3,337,088

					18,498,165


*China – 0.5%*
Belle International Holdings Ltd	Consumer Durables & Apparel		2,091,142		1,282,818
Nine Dragons Paper Holdings Ltd	Materials		1,343,073		1,554,356
Ping An Insurance Group Co of China Ltd Cl H	Insurance		174,088		899,680

					3,736,854


*Denmark – 1.5%*
TDC A/S (a)	Telecommunication Services		188,621		993,564
Vestas Wind Systems A/S	Capital Goods		137,092		9,593,930

					10,587,494

DOMINI IMPACT INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)


COUNTRY/SECURITY	INDUSTRY	SHARES		VALUE
*Finland – 0.6%*
Kesko OYJ Cl B	Food & Staples Retailing		79,158	$	4,007,833

					4,007,833


*France – 14.3%*
Carrefour SA	Food & Staples Retailing		345		8,447
Casino Guichard Perrachon SA	Food & Staples Retailing		49,369		2,662,319
Cie de Saint-Gobain	Capital Goods		279,340		13,735,667
Cie Generale des Etablissements Michelin	Automobiles & Components		52,292		5,616,160
CNP Assurances	Insurance		139,941		2,629,208
Credit Agricole SA	Banks		711,736		9,433,910
Faurecia	Automobiles & Components		23,241		1,009,058
Orange SA	Telecommunication Services		681,477		10,549,966
Peugeot SA (a)	Automobiles & Components		599,321		11,140,205
Renault SA	Automobiles & Components		57,291		5,162,422
Sanofi	Pharma, Biotech & Life Sciences		229,528		18,477,316
STMicroelectronics NV	Semiconductors & Semiconductor Equipment		477,178		6,288,795
Vivendi SA	Media		621,909		11,385,326

					98,098,799


*Germany – 5.0%*
adidas AG	Consumer Durables & Apparel		27,901		4,391,729
Allianz SE	Insurance		58,991		9,996,248
Henkel AG & Co KGaA Pfd Shs	Household & Personal Products		63,882		7,780,503
Innogy SE (a)	Utilities		32,002		1,095,812
METRO AG	Food & Staples Retailing		189,513		6,473,941
Suedzucker AG	Food & Beverage		166,254		4,389,356

					34,127,589


*Hong Kong – 3.0%*
Cheung Kong Property Holdings Ltd	Real Estate		185,665		1,229,894
Great Eagle Holdings Ltd	Real Estate		187,289		853,250
Hongkong Land Holdings Ltd	Real Estate		193,945		1,309,129
Hysan Development Co Ltd	Real Estate		291,833		1,335,173
Wharf Holdings Ltd/The	Real Estate		1,037,387		7,827,848
Wheelock & Co Ltd	Real Estate		1,009,838		6,162,350
Xinyi Glass Holdings Ltd	Automobiles & Components		1,843,104		1,665,108

					20,382,752


*Hungary – 0.6%*
OTP Bank PLC	Banks		36,529		1,122,876
Richter Gedeon Nyrt	Pharma, Biotech & Life Sciences		150,532		3,241,958

					4,364,834

DOMINI IMPACT INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)


COUNTRY/SECURITY	INDUSTRY	SHARES		VALUE
*Indonesia – 0.1%*
Telekomunikasi Indonesia Persero Tbk PT	Telecommunication Services		3,315,495	$	960,941

					960,941


*Israel – 1.1%*
Mobileye NV (a)	Software & Services		47,972		2,060,877
Taro Pharmaceutical Industries Ltd (a)	Pharma, Biotech & Life Sciences		49,308		5,152,193

					7,213,070


*Ireland – 0%*
Irish Bank Resolution Corp Ltd/Old (a) (c)	Banks		138,674		0

					0


*Italy – 0.6%*
A2A SpA	Utilities		1,977,348		2,636,960
Recordati SpA	Pharma, Biotech & Life Sciences		60,966		1,733,460

					4,370,420


*Japan – 21.6%*
Aeon Mall Co Ltd	Real Estate		40,942		596,082
Asahi Glass Co Ltd	Capital Goods		1,409,866		10,519,986
Astellas Pharma Inc	Pharma, Biotech & Life Sciences		240,266		3,230,225
Central Japan Railway Co	Transportation		74,123		12,029,556
Dai Nippon Printing Co Ltd	Commercial & Professional Services		845,134		8,625,885
Daiichi Sankyo Co Ltd	Pharma, Biotech & Life Sciences		149,961		3,362,883
FUJIFILM Holdings Corp	Technology Hardware & Equipment		20,044		778,970
Ibiden Co Ltd	Technology Hardware & Equipment		454,759		6,503,771
K’s Holdings Corp	Retailing		172,942		3,129,317
Medipal Holdings Corp	Health Care Equipment & Services		227,876		3,702,289
Mitsubishi Gas Chemical Co Inc	Materials		247,706		4,772,590
Mitsui Fudosan Co Ltd	Real Estate		445,191		10,347,255
Mixi Inc	Software & Services		108,442		4,715,288
MS&AD Insurance Group Holdings Inc	Insurance		321,023		10,821,961
Nintendo Co Ltd	Software & Services		13,694		2,812,394
Nippon Electric Glass Co Ltd	Technology Hardware & Equipment		716,261		4,142,002
Nissan Motor Co Ltd	Automobiles & Components		1,590,580		15,810,428
Nomura Holdings Inc	Diversified Financials		1,161,043		7,255,552
Nomura Real Estate Holdings Inc	Real Estate		104,485		1,805,226
NTN Corp	Capital Goods		5,300		22,551
ORIX Corp	Diversified Financials		385,541		5,846,045

DOMINI IMPACT INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)


COUNTRY/SECURITY	INDUSTRY	SHARES		VALUE
*Japan* (Continued)
Rohm Co Ltd	Semiconductors & Semiconductor Equipment		83,568	$	5,374,482
Seiko Epson Corp	Technology Hardware & Equipment		217,373		4,500,968
Seino Holdings Co Ltd	Transportation		208,293		2,414,589
Sumitomo Dainippon Pharma Co Ltd	Pharma, Biotech & Life Sciences		89,177		1,508,266
T&D Holdings Inc	Insurance		180,694		2,702,184
Toppan Printing Co Ltd	Commercial & Professional Services		891,626		8,783,595
Yamada Denki Co Ltd	Retailing		288,500		1,594,022

					147,708,362


*Netherlands – 4.5%*
ABN AMRO Group NV	Banks		256,645		6,032,500
ING Groep NV	Banks		834,956		11,955,967
Koninklijke Vopak NV	Energy		96,420		4,138,347
NN Group NV	Insurance		238,849		8,448,404

					30,575,218


*New Zealand – 0.4%*
Fletcher Building Ltd	Materials		155,275		1,195,400
Spark New Zealand Ltd	Telecommunication Services		559,214		1,439,155

					2,634,555


*Norway – 3.0%*
Norsk Hydro ASA	Materials		2,566,189		14,655,917
Subsea 7 SA (a)	Energy		441,851		6,020,054

					20,675,971


*Panama – 0.5%*
Copa Holdings SA Cl A	Transportation		34,297		3,343,615

					3,343,615


*Singapore – 0.9%*
DBS Group Holdings Ltd	Banks		479,141		6,451,806

					6,451,806


*South Africa – 0.6%*
MTN Group Ltd	Telecommunication Services		1,029		9,578
Nedbank Group Ltd	Banks		154,938		2,669,002
Tiger Brands Ltd	Food & Beverage		43,280		1,302,285

					3,980,865


*South Korea – 1.6%*
Industrial Bank of Korea (a)	Banks		301,943		3,299,782
LG Corp (a)	Capital Goods		30,088		1,532,751

DOMINI IMPACT INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)


COUNTRY/SECURITY	INDUSTRY	SHARES		VALUE
*South Korea* (Continued)
LG Display Co Ltd	Technology Hardware & Equipment		130,224	$	3,434,615
LG Electronics Inc	Consumer Durables & Apparel		23,510		1,120,776
LG Uplus Corp	Telecommunication Services		124,478		1,221,108

					10,609,032


*Spain – 2.3%*
Aena SA	Transportation		50,443		7,323,923
Banco Santander SA	Banks		240,544		1,338,513
Mapfre SA	Insurance		2,333,019		7,059,624

					15,722,060

*Sweden – 4.7%*
Atlas Copco AB Cl A	Capital Goods		89,990		2,885,535
Electrolux AB Ser B	Consumer Durables & Apparel		277,499		7,380,630
Holmen AB Cl B	Materials		30,067		1,099,618
Investor AB Cl B	Diversified Financials		104,039		4,152,467
Millicom International Cellular SA	Telecommunication Services		32,206		1,593,795
Oriflame Holding AG	Household & Personal Products		67,672		2,053,013
Sandvik AB	Capital Goods		754,013		10,178,175
SSAB AB Cl B (a)	Materials		942,199		3,172,064

					32,515,297


*Switzerland – 5.3%*
Logitech International SA	Technology Hardware & Equipment		171,780		4,918,696
Lonza Group AG	Pharma, Biotech & Life Sciences		59,168		10,848,866
Swiss Life Holding AG	Insurance		27,274		8,268,451
Swiss Re AG	Insurance		129,802		12,117,133

					36,153,146


*Taiwan – 1.5%*
Inventec Corp	Technology Hardware & Equipment		1,279,780		959,447
Lite-On Technology Corp	Technology Hardware & Equipment		2,019,731		3,041,259
Taiwan Semiconductor Manufacturing Co Ltd	Semiconductors & Semiconductor Equipment		325,373		1,925,499
United Microelectronics Corp	Semiconductors & Semiconductor Equipment		6,109,928		2,212,330
Wistron Corp	Technology Hardware & Equipment		2,451,811		2,084,501

					10,223,036


*Turkey – 0.8%*
Turkiye Is Bankasi	Banks		2,256,683		3,562,539

DOMINI IMPACT INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)


COUNTRY/SECURITY	INDUSTRY	SHARES		VALUE
*Turkey* (Continued)
Turkiye Vakiflar Bankasi TAO	Banks		1,677,175	$	2,181,236

					5,743,775


*United Kingdom – 12.9%*
3i Group PLC	Diversified Financials		957,818		8,435,220
Auto Trader Group PLC	Software & Services		685,812		3,451,282
Barratt Developments PLC	Consumer Durables & Apparel		1,008,636		6,061,848
Coca-Cola HBC AG	Food & Beverage		331,990		7,568,304
Inchcape PLC	Retailing		423,702		3,824,704
J Sainsbury PLC	Food & Staples Retailing		1,762,564		5,718,888
Johnson Matthey PLC	Materials		217,541		8,897,612
Kingfisher PLC	Retailing		2,699,557		11,418,409
Melrose Industries PLC	Capital Goods		1,495,919		3,674,637
Persimmon PLC	Consumer Durables & Apparel		45,993		1,116,193
Petrofac Ltd	Energy		180,363		2,080,809
Royal Mail PLC	Transportation		1,618,418		8,380,722
Schroders PLC	Diversified Financials		26,279		970,028
Segro PLC	Real Estate		196,635		1,141,689
Unilever PLC	Household & Personal Products		237		9,623
Vodafone Group PLC	Telecommunication Services		2,605,036		6,369,622
Wm Morrison Supermarkets PLC	Food & Staples Retailing		3,074,950		9,133,756

					88,253,346


*United States – 0.5%*
Core Laboratories NV	Energy		29,028		3,391,341

					3,391,341


*Total Investments – 97.2%* (Cost $603,603,439) (b)					666,346,695

*Other Assets, less liabilities – 2.8%*					19,220,166


*Net Assets – 100.0%*				$	685,566,861

(a) Non-income producing security.

(b) The aggregate cost for federal income tax purposes is $609,153,580. The aggregate gross unrealized appreciation is $76,747,080 and the aggregate gross unrealized depreciation is $19,553,965, resulting in net unrealized appreciation of $57,193,115.

(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 Fund’s Board of Trustees.

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI IMPACT BOND FUND

Fund Performance and Holdings

The bar chart below provides information as of January 31, 2017, about the percentage of the Domini Impact Bond Fund’s portfolio holdings invested in various types of debt obligations:

PORTFOLIO COMPOSITION (% OF NET ASSETS) (Unaudited)

LOGO


DOMINI IMPACT BOND FUND AVERAGE ANNUAL TOTAL RETURNS (Unaudited)
		Investor shares	Institutional shares¹	Bloomberg Barclays U.S. Aggregate Index
As of 1/31/17	1 Year	2.22%	2.44%	1.45%
	5 Year	1.32%	1.57%	2.10%
	10 Year	3.53%	3.53%	4.38%
	Since Inception (6/1/00)	4.24%	4.24%	5.21%

Per the prospectus dated November 30, 2016, the Fund’s annual operating expenses totaled 1.19% (gross)/0.93% (net) (Investor shares) and 1.22% (gross)/0.63% (net) (Institutional shares) of net assets representing each share class, respectively. Until 11/30/17, the Fund’s Manager has contractually agreed to limit certain ordinary expenses to 0.95% (Investor) and 0.65% (Institutional) of the Fund’s average daily net assets representing each share class, respectively, absent an earlier modification by the Fund’s Board. The Fund’s total returns would have been lower without these limits.

An investment in the Fund is not a bank deposit and is not insured. You may lose money. The Fund is subject to credit, interest rate, liquidity and market risks. During periods of rising interest rates, the Fund can lose value. The Fund’s community development investments may be unrated and may carry greater risk than the Fund’s other holdings. The Fund currently holds a large percentage of its portfolio in mortgage-backed securities. During periods of falling interest rates these securities may prepay the principal due, which may lower the Fund’s return by causing it to reinvest at lower interest rates.

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

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

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

¹Institutional shares were not offered prior to November 30, 2011. All performance information for time periods beginning prior to November 30, 2011, is the performance of the Investor shares. This performance has not been adjusted to reflect the lower expenses of the Institutional shares.

DOMINI IMPACT BOND FUND

PORTFOLIO OF INVESTMENTS

January 31, 2017 (Unaudited)


	Principal Amount		Value
*Mortgage Backed Securities – 54.4%*
*Agency Collateralized Mortgage Obligations – 1.1%*
Fannie Mae Connecticut Avenue Securities
5.121%, VR, 4/25/2029	$	235,000	$	248,428
4.323%, VR, 7/25/2029 (b)		120,000		122,053
FNR 2017 17 BC, 3.500%, 3/25/2027 (f)		368,000		383,396
FHR 3877 LM, 3.500%, 6/15/2026		780,000		817,105

				1,570,982


*Commercial Mortgage Backed Securities – 5.7%*
Banc of America Commercial Mortgage Trust 2015-UBS7, 3.705%, 9/15/2048		150,000		157,383
BWAY 2013-1515 Mortgage Trust 144A, 2.809%, 3/10/2033 (e)		182,552		183,980
Citigroup Commercial Mortgage Trust 2015-P1, 3.717%, 9/15/2048		384,000		400,892
Commercial Mortgage Trust
3.350%, 2/10/2048		326,000		330,265
3.612%, 10/10/2048		115,000		118,951
3.630%, 10/10/2048		260,000		268,326
3.644%, 12/10/2047		325,000		335,508
144A, 3.424%, 3/10/2031 (e)		640,000		664,372
144A, 3.726%, 3/10/2031 (e)		644,000		665,582
CSAIL Commercial Mortgage Trust
3.505%, 4/15/2050		394,000		407,433
3.808%, 11/15/2048		388,000		404,757
Hudson Yards 144A, 2.835%, 8/10/2038 (e)		1,000,000		965,296
Morgan Stanley Baml Trust
2.918%, 2/15/2046		360,000		364,835
3.102%, 5/15/2046		300,000		306,012
3.526%, 12/15/2047		180,167		186,197
3.741%, 8/15/2047		300,000		314,531
3.892%, 6/15/2047		300,000		317,364
4.051%, 4/15/2047		300,000		320,600
4.084%, VR, 7/15/2046		150,000		161,847
4.259%, VR, 10/15/2046		300,000		325,882
OBP Depositor LLC Trust 2010-OBP 144A, 4.646%, 7/15/2045 (e)		806,000		857,329
Wells Fargo Commercial Mortgage Trust, 3.718%, 12/15/2048		318,000		330,061

				8,387,403


*Federal Home Loan Mortgage Corporation – 15.2%*
849167, 2.905%, VR, 10/1/2043 (d)		488,032		499,705
A12413, 5.000%, 8/1/2033 (d)		32,755		35,968
A37619, 4.500%, 9/1/2035 (d)		235,042		253,666
A87874, 4.000%, 8/1/2039 (d)		84,383		89,214
A89148, 4.000%, 10/1/2039 (d)		132,218		139,432
A89384, 4.000%, 10/1/2039 (d)		169,089		178,347

DOMINI IMPACT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)


	Principal Amount		Value
*Federal Home Loan Mortgage Corporation* (Continued)
A89729, 4.000%, 11/1/2039 (d)	$	82,635	$	87,153
A93101, 5.000%, 7/1/2040 (d)		144,805		157,744
A93996, 4.500%, 9/1/2040 (d)		68,706		74,011
A94362, 4.000%, 10/1/2040 (d)		210,044		222,497
A94742, 4.000%, 11/1/2040 (d)		34,260		36,239
A95084, 4.000%, 11/1/2040 (d)		30,545		32,100
A95085, 4.000%, 11/1/2040 (d)		266,261		280,142
A95796, 4.000%, 12/1/2040 (d)		125,516		132,055
A97047, 4.500%, 2/1/2041 (d)		139,412		150,464
FHR 3806 L, 3.500%, 2/15/2026 (f)		847,000		890,130
FHR 3800 CB, 3.500%, 2/15/2026		383,000		404,723
FHR 3768 CB, 3.500%, 12/15/2025		343,000		360,073
G01779, 5.000%, 4/1/2035 (d)		42,572		46,662
G01828, 4.500%, 4/1/2035 (d)		201,789		217,774
G01837, 5.000%, 7/1/2035 (d)		284,808		311,819
G01838, 5.000%, 7/1/2035 (d)		50,159		55,028
G02424, 5.500%, 12/1/2036 (d)		198,455		220,224
G04997, 5.000%, 1/1/2037 (d)		176,140		191,693
G05052, 5.000%, 10/1/2033 (d)		18,978		20,880
G06079, 6.000%, 7/1/2039 (d)		173,014		195,803
G06990, 5.500%, 8/1/2040 (d)		269,640		298,976
G08347, 4.500%, 6/1/2039 (d)		427,496		460,249
G08499, 3.000%, 7/1/2042 (d)		92,688		92,285
G08741, 3.000%, 1/1/2047 (d)		4,189,900		4,148,274
G14599, 2.500%, 11/1/2027 (d)		273,266		276,523
G30614, 3.500%, 12/1/2032 (d)		412,142		427,887
J17791, 3.000%, 1/1/2027 (d)		366,410		376,398
J20118, 2.500%, 8/1/2027 (d)		96,109		97,227
Q00291, 5.000%, 4/1/2041 (d)		121,997		132,856
Q01807, 4.500%, 7/1/2036 (d)		189,629		204,682
Q06160, 4.000%, 2/1/2037 (d)		71,479		75,110
Q17103, 4.000%, 6/1/2041 (d)		18,005		18,932
Q33602, 3.000%, 5/1/2045 (d)		735,292		728,334
Z40004, 6.000%, 8/1/2036 (d)		29,620		33,626
FHLMC TBA 30 YR, 3.500%, 2/13/2047 (c)		7,500,000		7,660,699
FHLMC TBA 30 Yr, 4.000%, 2/13/2047 (c)		900,000		944,191
FHLMC TBA 30 Yr, 4.000%, 3/13/2047 (c)		900,000		942,223

				22,202,018


*Federal National Mortgage Association – 30.9%*
190370, 6.000%, 6/1/2036 (d)		140,129		158,669
469829, 2.720%, 12/1/2018 (d)		1,642,741		1,670,875
469879, 3.220%, 12/1/2021 (d)		1,005,714		1,047,099
471333, 3.120%, 8/1/2022 (d)		1,850,414		1,905,250
471478, 2.610%, 8/1/2022 (d)		1,379,531		1,396,937
745044, 4.500%, 8/1/2035 (d)		58,726		63,440
745327, 6.000%, 3/1/2036 (d)		389,047		441,547
889529, 6.000%, 3/1/2038 (d)		66,700		76,641

DOMINI IMPACT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)


	Principal Amount		Value
*Federal National Mortgage Association* (Continued)
890248, 6.000%, 8/1/2037 (d)	$	33,733	$	38,739
930672, 4.500%, 3/1/2039 (d)		211,477		229,373
932441, 4.000%, 1/1/2040 (d)		627,540		659,185
995082, 5.500%, 8/1/2037 (d)		121,629		136,293
995243, 4.500%, 8/1/2038 (d)		162,235		174,818
AA9846, 4.000%, 8/1/2039 (d)		99,331		104,483
AB1343, 4.500%, 8/1/2040 (d)		193,224		209,292
AB1763, 4.000%, 11/1/2030 (d)		39,231		41,548
AB4168, 3.500%, 1/1/2032 (d)		347,574		360,983
AB6472, 2.000%, 10/1/2027 (d)		345,317		342,915
AC1877, 4.500%, 9/1/2039 (d)		90,497		97,458
AC2817, 4.000%, 10/1/2039 (d)		51,421		54,015
AC5401, 5.000%, 10/1/2039 (d)		10,311		11,253
AC9564, 4.500%, 2/1/2040 (d)		79,310		85,883
AD1649, 4.000%, 3/1/2040 (d)		90,223		94,837
AD8033, 4.000%, 8/1/2040 (d)		33,475		35,246
AE0215, 4.000%, 12/1/2039 (d)		81,590		85,642
AE0216, 4.000%, 8/1/2040 (d)		182,908		192,348
AE0624, 4.000%, 11/1/2040 (d)		80,358		84,498
AE0625, 4.000%, 12/1/2040 (d)		106,491		113,039
AE4113, 4.000%, 10/1/2040 (d)		59,604		62,942
AE4192, 4.000%, 10/1/2040 (d)		283,654		300,164
AE5143, 4.000%, 11/1/2040 (d)		46,136		48,613
AI7951, 4.500%, 8/1/2036 (d)		81,854		88,499
AJ5974, 4.000%, 12/1/2036 (d)		61,170		64,752
AL0005, 4.500%, 1/1/2041 (d)		75,737		81,591
AL0049, 6.000%, 12/1/2035 (d)		65,361		73,838
AL1627, 4.500%, 9/1/2041 (d)		140,165		151,361
AM3278, 2.850%, 5/1/2023 (d)		713,796		724,727
AM4796, 3.300%, 12/1/2023 (d)		749,333		775,786
AM5146, 3.470%, 1/1/2024 (d)		563,834		589,150
AM5197, 4.200%, 1/1/2030 (d)		1,177,286		1,270,574
AM6266, 3.580%, 7/1/2030 (d)		974,246		991,576
AM7507, 3.080%, 12/1/2024 (d)		1,061,906		1,083,363
AM7598, 3.070%, 12/1/2024 (d)		1,410,063		1,437,517
AM8148, 2.680%, 3/1/2027 (d)		1,000,000		978,029
AM8659, 2.880%, 4/1/2031 (d)		1,271,532		1,212,212
AM9154, 3.180%, 6/1/2030 (d)		1,071,701		1,071,727
AM9239, 3.030%, 6/1/2025 (d)		980,524		990,831
AN1767, 2.980%, 6/1/2031 (d)		990,392		970,084
AN1840, 2.450%, 6/1/2026 (d)		1,500,000		1,452,342
AN2787, 2.600%, 9/1/2028 (d)		1,150,000		1,103,884
AN2791, 2.440%, 9/1/2026 (d)		1,143,045		1,105,337
AP9592, 3.500%, 10/1/2032 (d)		286,507		297,725
AR1524, 2.000%, 1/1/2028 (d)		283,165		276,653
AR9198, 3.000%, 3/1/2043 (d)		847,132		843,122
AS3608, 2.500%, 12/1/2043 (d)		388,284		369,544
AS8449, 2.500%, 12/1/2031		45,973		46,021

DOMINI IMPACT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)


	Principal Amount		Value
*Federal National Mortgage Association* (Continued)
AW4685, 2.655%, VR, 5/1/2044 (d)	$	148,130	$	151,814
AY3370, 2.500%, 4/1/2045		285,070		270,637
AY5876, 2.500%, 6/1/2030		472,459		472,950
BC1171, 3.500%, 6/1/2046		2,458,030		2,514,387
BE1416, 2.500%, 11/1/2031		223,873		224,106
BE2456, 2.500%, 12/1/2031		497,411		497,928
MA0639, 4.000%, 2/1/2041 (d)		146,650		154,551
MA0919, 3.500%, 12/1/2031 (d)		20,287		21,078
MA0949, 3.500%, 1/1/2032 (d)		198,929		206,685
MA1630, 4.000%, 10/1/2033 (d)		213,054		225,768
MA1931, 2.500%, 6/1/2024		735,762		748,201
FNMA TBA 15 Yr , 2.500%, 3/16/2032 (c)		1,000,000		998,555
FNMA TBA 15 Yr, 2.500%, 2/16/2032 (c)		1,000,000		1,000,078
FNMA TBA 15 Yr, 3.000%, 2/16/2032 (c)		2,600,000		2,667,640
FNMA TBA 30 Yr, 3.500%, 2/13/2047 (c)		2,521,000		2,576,343
FNMA TBA 30 Yr, 3.500%, 3/13/2047 (c)		2,500,000		2,549,706
FNMA TBA 30 Yr, 4.000%, 2/13/2047 (c)		700,000		734,398
FNMA TBA 30 Yr, 4.000%, 3/13/2047 (c)		600,000		628,289

				45,017,384


*Government National Mortgage Association – 1.5%*
GNMA II TBA 30 Yr, 3.500%, 2/21/2047 (c)		1,200,000		1,243,594
GNMA II TBA 30 Yr, 4.500%, 2/21/2047 (c)		900,000		965,215

				2,208,809

Total Mortgage Backed Securities (Cost $79,829,298)				79,386,596


*Corporate Bonds and Notes – 26.2%*
*Communications – 2.9%*
AT&T Inc
1.623%, VR, 3/11/2019		525,000		523,855
3.950%, 1/15/2025		445,000		440,763
4.750%, 5/15/2046		65,000		59,597
CBS Corp, 2.900%, 1/15/2027		400,000		367,870
Charter Communications Operating LLC senior secured note, 6.484%, 10/23/2045		300,000		342,203
Cox Communications Inc 144A, 4.800%, 2/1/2035 (e)		200,000		184,923
Gray Television Inc 144A, 5.875%, 7/15/2026 (e)		200,000		199,250
Interpublic Group of Cos Inc/The, 4.200%, 4/15/2024		250,000		257,223
SFR Group SA senior secured note 144A, 7.375%, 5/1/2026 (e)		200,000		206,000
Sprint Communications Inc 144A, 7.000%, 3/1/2020 (e)		375,000		408,281
Time Warner Cable LLC senior secured note
6.750%, 7/1/2018		275,000		292,843
7.300%, 7/1/2038		175,000		214,871
Time Warner Inc, 3.600%, 7/15/2025		325,000		319,166
Verizon Communications Inc, 5.150%, 9/15/2023		426,000		471,098

				4,287,943

DOMINI IMPACT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)


	Principal Amount		Value
*Consumer Discretionary – 2.7%*
ACCO Brands Corp 144A, 5.250%, 12/15/2024 (e)	$	130,000	$	131,151
Avis Budget Car Rental LLC / Avis Budget Finance Inc 144A, 6.375%, 4/1/2024 (e)		295,000		291,313
Delphi Automotive PLC
3.150%, 11/19/2020		240,000		244,367
4.150%, 3/15/2024		401,000		413,917
ERAC USA Finance LLC 144A, 3.850%, 11/15/2024 (e)		500,000		508,714
Hertz Corp/The 144A, 5.500%, 10/15/2024 (e)		125,000		105,625
Home Depot Inc/The, 5.950%, 4/1/2041		420,000		533,133
Lear Corp, 4.750%, 1/15/2023		173,000		180,773
Lennar Corp, 4.125%, 1/15/2022		245,000		247,989
Marriott International Inc/MD, 2.875%, 3/1/2021		500,000		504,689
Northeastern University, 5.285%, 3/1/2032		100,000		107,564
O’Reilly Automotive Inc
3.800%, 9/1/2022		155,000		160,488
3.850%, 6/15/2023		550,000		567,104

				3,996,827


*Consumer Staples – 0.6%*
JM Smucker Co/The, 4.250%, 3/15/2035		380,000		385,359
TreeHouse Foods Inc 144A, 6.000%, 2/15/2024 (e)		530,000		558,488

				943,847


*Energy – 0.6%*
Spectra Energy Capital LLC, 8.000%, 10/1/2019		750,000		849,846

				849,846


*Financials – 12.0%*
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.500%, 5/26/2022		750,000		749,482
AIA Group Ltd 144A, 4.500%, 3/16/2046 (e)		325,000		329,163
Air Lease Corp, 3.875%, 4/1/2021		225,000		234,000
Aircastle Ltd, 5.000%, 4/1/2023		140,000		142,461
American Express Credit Corp, 1.296%, VR, 9/22/2017		500,000		500,441
American Tower Corp, 5.000%, 2/15/2024		362,000		388,722
Aon PLC, 4.750%, 5/15/2045		225,000		228,576
AXA SA subordinated note, 8.600%, 12/15/2030		400,000		555,000
Boston Properties LP, 3.650%, 2/1/2026		430,000		426,804
BPCE SA
2.250%, 1/27/2020		500,000		497,863
144A, 4.875%, 4/1/2026 (e)		500,000		502,703
Brandywine Operating Partnership LP, 4.550%, 10/1/2029		725,000		706,176
Capital One Financial Corp subordinated note
3.750%, 7/28/2026		80,000		77,463
4.200%, 10/29/2025		155,000		155,643
Cooperatieve Rabobank UA, 3.950%, 11/9/2022		375,000		384,195
Credit Agricole SA/London 144A, 4.125%, 1/10/2027 (e)		510,000		508,719

DOMINI IMPACT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)


	Principal Amount		Value
*Financials* (Continued)
Crown Castle International Corp, 3.700%, 6/15/2026	$	300,000	$	292,888
Discover Financial Services, 3.750%, 3/4/2025		325,000		317,958
Duke Realty LP
3.625%, 4/15/2023		200,000		202,795
4.375%, 6/15/2022		250,000		267,258
Fifth Third Bancorp subordinated note, 8.250%, 3/1/2038		425,000		594,277
Hartford Financial Services Group Inc/The junior secured note, 8.125%, VR, 6/15/2068		275,000		294,938
Huntington Bancshares Inc/OH
3.150%, 3/14/2021		425,000		431,027
1.700%, 2/26/2018		380,000		380,445
ING Bank NV 144A, 2.000%, 11/26/2018 (e)		500,000		499,450
Kimco Realty Corp, 3.400%, 11/1/2022		160,000		162,690
Liberty Property LP, 3.250%, 10/1/2026		165,000		158,288
Marsh & McLennan Cos Inc, 3.300%, 3/14/2023		100,000		101,771
Metropolitan Life Global Funding I 144A, 2.300%, 4/10/2019 (e)		500,000		503,758
Morgan Stanley subordinated note
3.950%, 4/23/2027		210,000		205,758
5.000%, 11/24/2025		700,000		744,768
National City Corp subordinated note, 6.875%, 5/15/2019		275,000		303,931
Regency Centers LP, 3.750%, 6/15/2024		300,000		303,446
Regions Financial Corp, 3.200%, 2/8/2021		500,000		509,205
Reinsurance Group of America Inc
3.950%, 9/15/2026		250,000		250,493
4.700%, 9/15/2023		164,000		175,391
Santander UK PLC subordinated note 144A, 5.000%, 11/7/2023 (e)		650,000		674,268
Standard Chartered PLC subordinated note 144A, 5.700%, 3/26/2044 (e)		250,000		250,760
Swedbank AB 144A, 2.200%, 3/4/2020 (e)		650,000		645,663
TIAA Asset Management Finance Co LLC 144A, 4.125%, 11/1/2024 (e)		160,000		162,960
Total System Services Inc, 3.800%, 4/1/2021		600,000		619,571
Unum Group, 3.000%, 5/15/2021		180,000		179,797
US Bancorp subordinated note, 3.600%, 9/11/2024		493,000		503,866
Ventas Realty LP, 3.500%, 2/1/2025		500,000		491,906
Vornado Realty LP, 2.500%, 6/30/2019		325,000		326,588
Voya Financial Inc, 5.650%, VR, 5/15/2053		130,000		130,975
Welltower Inc, 5.250%, 1/15/2022		400,000		440,902

				17,515,202


*Health Care – 3.8%*
Actavis Funding SCS
3.000%, 3/12/2020		420,000		426,860
3.800%, 3/15/2025		280,000		279,978
Allina Health System, 4.805%, 11/15/2045		660,000		701,519
Boston Medical Center Corp, 4.519%, 7/1/2026		455,000		473,849

DOMINI IMPACT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)


	Principal Amount		Value
*Health Care* (Continued)
Celgene Corp, 3.875%, 8/15/2025	$	325,000	$	329,385
Children’s Hospital Corp/The, 4.115%, 1/1/2047		230,000		232,781
City of Hope senior secured note, 5.623%, 11/15/2043		250,000		293,945
Kaiser Foundation Hospitals, 3.500%, 4/1/2022		110,000		113,813
Mayo Clinic, 4.128%, 11/15/2052		165,000		162,671
Memorial Sloan-Kettering Cancer Center, 4.200%, 7/1/2055		60,000		59,391
Mylan Inc, 2.600%, 6/24/2018		400,000		401,972
New York and Presbyterian Hospital/The
4.024%, 8/1/2045		365,000		357,025
4.063%, 8/1/2056		250,000		235,992
Ochsner Clinic Foundation, 5.897%, 5/15/2045		650,000		760,886
Orlando Health Obligated Group, 4.416%, 10/1/2044		395,000		382,776
Thermo Fisher Scientific Inc, 4.150%, 2/1/2024		265,000		278,283

				5,491,126


*Industrials – 1.8%*
Canadian Pacific Railway Co, 4.500%, 1/15/2022		400,000		430,709
CNH Industrial Capital LLC, 4.875%, 4/1/2021		750,000		782,812
Illinois Tool Works Inc, 4.875%, 9/15/2041		175,000		197,746
Ryder System Inc
2.350%, 2/26/2019		500,000		503,256
2.500%, 5/11/2020		145,000		145,329
United Rentals North America Inc, 4.625%, 7/15/2023		500,000		512,500

				2,572,352


*Materials – 0.5%*
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc senior secured note 144A, 4.156%, VR, 5/15/2021 (e)		470,000		483,513
Standard Industries Inc/NJ 144A, 5.125%, 2/15/2021 (e)		180,000		189,000

				672,513


*Technology – 1.0%*
Broadcom Corp / Broadcom Cayman Finance Ltd 144A, 3.625%, 1/15/2024 (e)		355,000		355,992
CDW LLC / CDW Finance Corp, 5.000%, 9/1/2023		145,000		148,263
Microsoft Corp, 3.700%, 8/8/2046		395,000		362,302
SS&C Technologies Holdings Inc, 5.875%, 7/15/2023		65,000		67,925
TSMC Global Ltd 144A, 1.625%, 4/3/2018 (e)		523,000		521,603

				1,456,085


*Utilities – 0.3%*
Consolidated Edison Co of New York Inc, 3.300%, 12/1/2024		500,000		505,497

				505,497

Total Corporate Bonds and Notes (Cost $38,047,928)				38,291,238

DOMINI IMPACT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)


	Principal Amount		Value
*Municipal Bonds – 8.1%*
American Municipal Power Inc, 6.270%, 2/15/2050	$	300,000	$	360,318
Bay Area Toll Authority
6.918%, 4/1/2040		125,000		169,941
7.043%, 4/1/2050		325,000		460,775
City of Chicago IL
6.207%, 1/1/2032		250,000		225,168
7.045%, 1/1/2029		295,000		300,581
City of Los Angeles Department of Airports, 3.887%, 5/15/2038		140,000		139,685
Commonwealth of Massachusetts, 3.277%, 6/1/2046		130,000		119,275
Cook County Community High School District No 228 Bremen, 5.019%, 12/1/2041		435,000		442,539
Hillsborough County Aviation Authority, 3.549%, 10/1/2022		190,000		195,200
Indiana Finance Authority, 3.624%, 7/1/2036		235,000		223,988
Los Angeles County Public Works Financing Authority, 7.488%, 8/1/2033		290,000		388,684
Maryland Health & Higher Educational Facilities Authority
3.968%, 7/1/2027		205,000		205,312
4.068%, 7/1/2028		240,000		240,307
4.168%, 7/1/2029		40,000		40,048
Massachusetts Health & Educational Facilities Authority, 6.432%, 10/1/2035		420,000		482,912
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, 4.053%, 7/1/2026		270,000		279,172
Michigan Finance Authority
2.057%, 4/1/2018		250,000		249,418
2.267%, 4/1/2019		260,000		257,309
2.491%, 4/1/2020		250,000		245,470
2.741%, 4/1/2021		320,000		311,517
New Jersey Economic Development Authority, 3.882%, 6/15/2019		270,000		269,978
New Jersey Turnpike Authority
7.102%, 1/1/2041		225,000		315,230
7.414%, 1/1/2040		200,000		290,526
New York Transportation Development Corp, 3.473%, 7/1/2028		500,000		480,005
Oregon Health & Science University, 5.000%, 7/1/2045		350,000		377,920
Pennsylvania Industrial Development Authority 144A, 3.556%, 7/1/2024 (e)		505,000		500,001
Puerto Rico Commonwealth Government Employees Retirement System
6.150%, 7/1/2038 (f)		825,000		367,125
6.200%, 7/1/2039 (f)		125,000		55,625
Shelby County Health Educational & Housing Facilities Board
4.000%, 9/1/2021		250,000		255,028
4.000%, 9/1/2022		250,000		253,995
State of California, 7.625%, 3/1/2040		525,000		768,653

DOMINI IMPACT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)


	Principal Amount		Value
*Municipal Bonds* (Continued)
State of Illinois
3.860%, 4/1/2021	$	215,000	$	211,186
5.100%, 6/1/2033		335,000		307,004
5.547%, 4/1/2019		325,000		338,832
5.877%, 3/1/2019		410,000		434,899
Washington State Housing Finance Commission
4.000%, 1/1/2024		800,000		784,551
144A, 4.375%, 1/1/2021 (f)		400,000		400,744

Total Municipal Bonds (Cost $11,923,158)				11,748,921


*Senior Floating Rate Interests – 7.5%*
*Communications – 1.8%*
Charter Communications Operating LLC term loan, 3.026%, 1/15/2024		297,750		299,185
Mission Broadcasting Inc term loan B, 0.000%, 1/17/2024 (g)		25,558		25,846
Nexstar Broadcasting Inc term loan B, 0.000%, 1/17/2024 (g)		277,395		280,516
SFR Group SA, 4.289%, 1/14/2025		744,384		751,097
Sprint Communications Inc. term loan B, 0.000%, 2/2/2024 (g)		410,000		410,000
Univision Communications Inc term loan, 4.000%, 3/1/2020		489,520		491,186
Ziggo BV
Term Loan B1, 3.517%, 1/15/2022		184,894		185,703
Term Loan B2A, 3.517%, 1/15/2022		109,574		110,054
Term Loan B3, 4.074%, 1/15/2022		34,048		34,197

				2,587,784


*Consumer Discretionary – 1.3%*
AMC Entertainment Holdings Inc term loan, 3.526%, 12/15/2023		100,000		101,042
American Builders & Contractors Supply Co Inc term loan B, 3.526%, 10/31/2023		900,000		908,015
Camelot Finance LP term loan, 4.750%, 10/3/2023		139,650		141,029
Harbor Freight Tools USA Inc term loan, 3.778%, 8/19/2023		243,775		246,416
KAR Auction Services Inc term loan B, 4.500%, 3/9/2023		148,875		150,921
On Assignment Inc term loan B, 3.528%, 6/3/2022		365,770		369,885

				1,917,308


*Consumer Staples – 1.2%*
BJ’s Wholesale Club Inc first lien, 4.500%, 9/26/2019		479,351		482,346
Coty Inc term loan B, 3.271%, 10/27/2022		203,465		206,517
Energizer Holdings Inc term loan B, 3.313%, 6/30/2022		615,625		619,216
Galleria Co term loan B, 3.813%, 9/29/2023		410,000		413,200

				1,721,279


*Financials – 0.6%*
DTZ US Borrower LLC term loan, 4.250%, 11/4/2021		492,500		495,681
Frank Russell Co term loan, 6.750%, 6/1/2023		447,750		455,865

				951,546

DOMINI IMPACT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)


	Principal Amount		Value
*Health Care – 0.2%*
Alere Inc term loan B, 4.250%, 6/18/2022	$	249,367	$	249,835

				249,835


*Industrials – 0.2%*
Avolon Holdings Ltd. term loan B, 0.000%, 1/13/2022 (g)		240,000		243,350

				243,350


*Materials – 0.5%*
Ardagh Holdings USA Inc term loan, 4.009%, 12/17/2021		466,069		472,113
Nexeo Solutions LLC term loan B, 5.250%, 6/9/2023		283,575		286,942

				759,055


*Technology – 1.4%*
CDW LLC term loan, 3.250%, 8/17/2023		489,907		493,615
Dell International LLC term loan B, 4.030%, 9/7/2023		279,300		282,020
Equinix Inc. term loan B, 3.278%, 1/8/2023		153,838		155,568
NXP BV term loan, 3.240%, 12/7/2020		287,209		288,944
ON Semiconductor Corp term loan B, 4.028%, 3/31/2023		349,125		353,174
SS&C European Holdings SARL term loan B2, 4.028%, 7/8/2022		27,717		28,055
SS&C Technologies Inc term loan B1, 4.028%, 7/8/2022		284,654		288,123
Zayo Group LLC
Term loan B, 0.000%, 1/19/2024 (g)		94,500		95,504
Term loan B, 0.000%, 1/12/2024 (g)		45,500		45,983

				2,030,986


*Utilities – 0.3%*
Calpine Corp term loan B, 3.750%, 1/15/2023		415,800		418,529

				418,529

Total Senior Floating Rate Interests (Cost $10,730,831)				10,879,672


*U.S. Government Agencies – 7.4%*
FNMA, 1.500%, 6/22/2020		5,328,000		5,310,918
FNMA, 5.625%, 7/15/2037 (d)		4,054,000		5,418,025

Total U.S. Government Agencies (Cost $11,162,380)				10,728,943


*Asset Backed Securities – 1.3%*
Carmax Auto Owner Trust
1.900%, 4/15/2022		95,000		93,479
2.150%, 5/15/2019		750,000		753,604
2.160%, 12/15/2021		135,000		134,383
2.200%, 6/15/2022		75,000		73,859
2.560%, 2/15/2022		260,000		259,938
2.580%, 11/16/2020		130,000		130,417

DOMINI IMPACT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)


	Principal Amount			Value
*Asset Backed Securities* (Continued)
CNH Equipment Trust, 1.930%, 3/15/2024	$	20,000		$	19,611
SBA Tower Trust 144A, 3.869%, VR, 10/15/2049 (e)		500,000			504,055

Total Asset Backed Securities (Cost $1,968,684)					1,969,346


*Foreign Government & Agency Securities – 0.7%*
Province of Ontario, 1.950%, 1/27/2023		1,000,000	CAD		765,231
Romania Government Bond, 1.350%, 2/25/2019		1,160,000	RON		277,755

Total Foreign Government & Agency Securities (Cost $1,028,492)					1,042,986

Total Long Term Investments – 105.6% (Cost $154,690,771)					154,047,702


*Short Term Investments – 0.4%*
Romania T-Bill, 0.010%, 6/26/2017		2,385,000	RON		571,541

Total Short Term Investments (Cost $592,268)					571,541


*Total Investments – 106.0%* (Cost $155,283,039) (a)					154,619,243

*Other Liabilities, less assets – (6.0)%*					(8,761,913)


*Net Assets – 100.0%*				$	145,857,330

(a) The aggregate cost for book and federal income purposes is $155,374,295. The aggregate gross unrealized appreciation is $1,515,723, and the aggregate gross unrealized depreciation is $2,270,775, resulting in net unrealized depreciation of $755,052.

(b) 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 Fund’s Board of Trustees.

(d) A portion or all of the security was segregated for collateral for when issued or delayed delivery securities.

(e) This security has been determined to be liquid under guidelines established by the Fund’s Board of Trustees.

(f) This security has been determined to be illiquid under guidelines established by the Fund’s Board of Trustees.

(g) Represents an unsettled loan contract. The coupon rate will be determined at time of settlement.

The principal amount is stated in U.S. dollars unless otherwise indicated.

TBA — To Be Announced

VR — Variable interest rate. Rate shown is that on January 31, 2017.

144A — Security that may be sold to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended. At January 31, 2017, the aggregate value of these securities was $12,962,656, representing 8.9% of net assets.

CAD — Canadian Dollar

RON — Romanian Leu

DOMINI IMPACT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)

At January 31, 2017, the Fund had the following forward currency contracts outstanding:


Counterparty	Currency	Contract Type		Settlement Date		Value		Unrealized Appreciation (Depreciation)
UBS AG	CAD		Sell		3/15/2017	$	762,738	$	(3,556	)
Citibank N.A.	RON		Sell		6/26/2017		574,264		21,175
JP Morgan Chase Bank	RON		Sell		8/28/2017		175,959		10,360
BNP Parabas SA	RON		Sell		8/28/2017		107,263		6,185

						$	1,620,224	$	34,164

At January 31, 2017, the Fund had the following centrally cleared interest rate swap contracts outstanding:


Description	Counterparty/ Exchange	Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Receive Floating rate 3 month USD BBA LIBOR Pay Fixed rate 1.473%	Morgan Stanley/ LCH		1/25/2019	$	7,130,000	$	7,127,767	$	2,233
Receive Floating rate 3 month USD BBA LIBOR Pay Fixed rate 1.524%	Morgan Stanley/ LCH		1/28/2019		7,130,000		7,134,531		(4,531	)
Receive Floating rate 3 month USD BBA LIBOR Pay Fixed rate 2.750%	Morgan Stanley/ LCH		9/21/2046		4,119,000		4,226,384		(382,323	)
Receive Floating rate 3 month USD BBA LIBOR Pay Fixed rate 2.250%	Morgan Stanley/ LCH		9/21/2046		9,302,000		9,231,704		588,676
Receive Floating rate 12 month USD Fed Fund Pay Fixed rate 1.000%	Morgan Stanley/ LCH		9/29/2026		1,001,000		1,084,183		53,866

				$	28,682,000	$	28,804,569	$	257,921

At January 31, 2017, the Fund had the following OTC interest rate swap contracts outstanding:


	Rate Type
Counterparty	Payments made by the Fund	Payments received by the Fund		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Deutsche Bank AG	1.898%		USA-CPI-U		7/15/2024	$	4,928,000	$	5,109,947	$	181,947

						$	4,928,000	$	5,109,947	$	181,947

DOMINI IMPACT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2017 (Unaudited)

At January 31, 2017, the Fund had the following centrally cleared credit default swap contracts outstanding:


Description	Counterparty/ Exchange	Buy/Sell Protection(g)	Rating of Reference Entity (Moody’s/S&P)
CDX-NAIG Series 27, Version 1, 5 Year Index	Morgan Stanley/ICE	Sell	Baa1/BBB+
CDX-NAHY Series 27, Version 1, 5 Year Index	Morgan Stanley/ICE	Sell	B2/B+
iTraxx Europe Series 26, Version 1, 5 Year Index (EUR)	Morgan Stanley/ICE	Sell	Baa1/BBB+
iTraxx Europe Crossover Series 26, Version 1, 5 Year Index (EUR)	Morgan Stanley/ICE	Sell	B1/B+

At January 31, 2017, the Fund had the following OTC credit default swap contracts outstanding:


Description	Counterparty	Buy/Sell Protection(g)	Rating of Reference Entity (Moody’s/S&P)
CMBX NA AAA.6	Credit Suisse International	Sell	Aaa/AAA
CMBX NA AAA.6	Morgan Stanley & Co. International PLC	Sell	Aaa/AAA
CMBX NA AAA.6	Morgan Stanley & Co. International PLC	Sell	Aaa/AAA
CMBX NA AAA.6	Morgan Stanley & Co. International PLC	Sell	Aaa/AAA
CMBX.NA.AAA.6	Deutsche Bank London	Sell	Aaa/AAA

LCH — London Clearing House

ICE — Intercontinental Exchange

(g) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation of underlying securities comprising the referenced index.

(h) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(i) The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.


Fixed Rate	Expiration Date		Notional Amount(h)		Value(i)		Unrealized Appreciation (Depreciation)

1.00%		12/20/2021	$	2,816,000	$	2,859,320	$	5,813

5.00%		12/20/2021		166,000		176,257		(359	)

1.00%		12/20/2021		682,000		746,428		2,230

5.00%		12/20/2021		580,000		681,575		12,165

			$	4,244,000	$	4,463,580	$	19,849


Upfront Premium (Received) Paid		Fixed Rate		Expiration Date		Notional Amount(h)		Value(i)		Unrealized Appreciation (Depreciation)
$	5,720		0.50%		5/11/2063	$	154,889	$	154,800	$	5,566
	64,963		0.50%		5/11/2063		1,981,575		1,980,442		62,541
	5,243		0.50%		5/11/2063		154,889		154,800		5,048
	4,065		0.50%		5/11/2063		119,914		119,845		3,960
	4,912		0.50%		5/11/2063		144,896		144,813		4,785

						$	2,556,163	$	2,554,700	$	81,900

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI FUNDS EXPENSE EXAMPLE (Unaudited)

As a shareholder of the Domini Funds, you incur two types of costs:

(1) Transaction costs such as redemption fees deducted from any redemption or exchange proceeds if you sell or exchange shares of the fund after holding them less than 30 days and sales charges (loads) on Class A shares and

(2) Ongoing costs, including management fees, distribution (12b-1) fees, and other Fund expenses.

This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested on August 1, 2016, and held through January 31, 2017.

Certain Account Fees

Some accounts are subject to recurring annual service fees and maintenance fees that are not included in the expenses shown in the table. If your account was subject to these fees, then the actual account values at the end of the period would be lower and the actual expense would be higher. You may avoid the annual service fee by choosing paperless electronic delivery of statements, prospectuses, shareholder reports and other materials.

Actual Expenses

The line of the table captioned ‘‘Actual Expenses’’ below provides information about actual account value and actual expenses. You may use the information in this line, together with the amount invested, to estimate the expenses that you paid over the period as follows:

(1) Divide your account value by $1,000.

(2) Multiply your result in step 1 by the number in the first line under the heading ‘‘Expenses Paid During Period’’ in the table.

The result equals the estimated expenses you paid on your account during the period.

Hypothetical Expenses

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s return. The hypothetical account values and expenses may not be used to estimate actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical example that appears in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


Fund Name	Expenses	Beginning Account Value as of 8/1/2016	Ending Account Value as of 1/31/2017	Expenses Paid During Period 8/1/2016 – 1/31/2017
Domini Impact Equity Fund Investor Shares	Actual Expenses	$1,000.00	$1,080.10	$6.06¹
Domini Impact Equity Fund Investor Shares	Hypothetical Expenses (5% return before expenses)	$1,000.00	$1,019.38	$5.88¹
Domini Impact Equity Fund Class A Shares	Actual Expenses	$1,000.00	$1,079.50	$6.16¹
Domini Impact Equity Fund Class A Shares	Hypothetical Expenses (5% return before expenses)	$1,000.00	$1,019.28	$5.98¹
Domini Impact Equity Fund Institutional Shares	Actual Expenses	$1,000.00	$1,082.40	$4.20¹
Domini Impact Equity Fund Institutional Shares	Hypothetical Expenses (5% return before expenses)	$1,000.00	$1,021.18	$4.07¹
Domini Impact Equity Fund Class R Shares	Actual Expenses	$1,000.00	$1,081.90	$4.41¹
Domini Impact Equity Fund Class R Shares	Hypothetical Expenses (5% return before expenses)	$1,000.00	$1,020.97	$4.28¹
Domini Impact International Equity Fund Investor Shares	Actual Expenses	$1,000.00	$1,051.80	$7.63²
Domini Impact International Equity Fund Investor Shares	Hypothetical Expenses (5% return before expenses)	$1,000.00	$1,017.77	$7.50²
Domini Impact International Equity Fund Class A Shares	Actual Expenses	$1,000.00	$1,050.20	$7.98²
Domini Impact International Equity Fund Class A Shares	Hypothetical Expenses (5% return before expenses)	$1,000.00	$1,017.42	$7.85²
Domini Impact International Equity Fund Institutional Shares	Actual Expenses	$1,000.00	$1,052.90	$5.64²
	Hypothetical Expenses (5% return before expenses)	$1,000.00	$1,019.72	$5.54²
Domini Impact Bond Fund Investor Shares	Actual Expenses	$1,000.00	$970.40	$4.72³
Domini Impact Bond Fund Investor Shares	Hypothetical Expenses (5% return before expenses)	$1,000.00	$1,020.42	$4.84³
Domini Impact Bond Fund Institutional Shares	Actual Expenses	$1,000.00	$971.80	$3.23³
Domini Impact Bond Fund Institutional Shares	Hypothetical Expenses (5% return before expenses)	$1,000.00	$1,021.93	$3.31³

¹Expenses are equal to the Fund’s annualized expense ratio of 1.16% for Investor shares, or 1.18% for Class A shares, or 0.80% for Institutional Class, or 0.84% for Class R shares, multiplied by average account value over the period, multiplied by 184, and divided by 365.

²Expenses are equal to the Fund’s annualized expense ratio of 1.47% for Investor shares, or 1.54% for Class A shares, or 1.09% for Institutional shares, multiplied by average account value over the period, multiplied by 184, and divided by 365.

³Expenses are equal to the Fund’s annualized expense ratio of 0.95% for Investor Shares, or 0.65% for Institutional Class, multiplied by average account value over the period, multiplied by 184, and divided by 365.

STATEMENTS OF ASSETS AND LIABILITIES

January 31, 2017 (Unaudited)


	Domini Impact Equity Fund		Domini Impact International Equity Fund
ASSETS
Investments at value (cost $775,658,677, and $603,603,439, respectively)	$	891,220,501	$	666,346,695
Cash		10,064,917		16,461,358
Foreign currency, at value (cost $0, and $333, respectively)		-		337
Receivable for capital shares		238,441		3,757,043
Dividend receivable		803,357		1,097,466
Tax reclaim receivable		492		456,841

Total assets		902,327,708		688,119,740

LIABILITIES
Payable for securities purchased		-		438,332
Payable for capital shares		640,937		943,509
Management /Sponsorship fee payable		576,563		535,435
Distribution fee payable		143,824		106,011
Other accrued expenses		220,876		325,597
Foreign tax payable		13,944		203,995

Total liabilities		1,596,144		2,552,879

NET ASSETS	$	900,731,564	$	685,566,861

NET ASSETS CONSIST OF
Paid-in capital	$	784,044,981	$	658,567,405
Undistributed net investment income (loss)		(4,874,313)		(5,933,257)
Accumulated net realized gain (loss)		5,997,051		(29,819,018)
Net unrealized appreciation (depreciation)		115,563,845		62,751,731

NET ASSETS	$	900,731,564	$	685,566,861

NET ASSET VALUE PER SHARE
Investor Shares
Net assets	$	663,893,858	$	431,870,846

Outstanding shares of beneficial interest		15,131,990		56,392,323

Net asset value and offering price per share*	$	43.87	$	7.66

Class A Shares
Net assets	$	8,655,501	$	65,620,952

Outstanding shares of beneficial interest		1,268,641		8,148,885

Net asset value*	$	6.82	$	8.05

Maximum offering price per share (net asset value per share / (1-4.75%))	$	7.16	$	8.45

Institutional shares
Net assets	$	184,912,453	$	188,075,063

Outstanding shares of beneficial interest		7,998,846		24,575,901

Net asset value and offering price per share*	$	23.12	$	7.65

Class R shares
Net assets	$	43,269,752

Outstanding shares of beneficial interest		7,760,094

Net asset value and offering price per share*	$	5.58

* Redemption price is equal to net asset value less any applicable redemption fees retained by the Fund.

SEE NOTES TO FINANCIAL STATEMENTS

STATEMENTS OF OPERATIONS

For the Six Months Ended January 31, 2017 (Unaudited)


	Domini Impact Equity Fund		Domini Impact International Equity Fund
INCOME
Dividends (net of foreign taxes $61,146, and $445,630, respectively)	$	9,778,105	$	4,556,191

Investment Income		9,778,105		4,556,191

EXPENSES
Management /Sponsorship fees		3,395,784		3,023,102
Distribution fees – Investor shares		827,343		500,877
Distribution fees – Class A shares		10,682		72,938
Transfer agent fees – Investor shares		308,397		316,441
Transfer agent fees – Class A shares		5,335		56,997
Transfer agent fees – Institutional shares		2,935		3,131
Transfer agent fees – Class R shares		909		-
Custody and Accounting fees		89,993		267,480
Miscellaneous		53,507		2,007
Registration fees – Investor shares		15,761		30,251
Registration fees – Class A shares		14,470		19,030
Registration fees – Institutional shares		14,955		25,001
Registration fees – Class R shares		14,567		-
Shareholder Service fees – Investor shares		30,165		19,448
Shareholder Service fees – Class A shares		533		5,782
Shareholder Service fees – Institutional shares		85		289
Shareholder Service fees – Class R shares		105		-
Shareholder Communication fees		25,741		16,032
Trustees fees		18,666		12,847
Professional fees		11,832		13,914

Total expenses		4,841,765		4,385,567
Fees waived and expenses reimbursed		(18,730)		(19,785)

Net expenses		4,823,035		4,365,782

NET INVESTMENT INCOME (LOSS)		4,955,070		190,409

REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND FOREIGN CURRENCY
NET REALIZED GAIN (LOSS) FROM:
Investments		30,996,586		(4,868,758)
Foreign Currency		2,748		(311,384)

Net realized gain (loss)		30,999,334		(5,180,142)
NET CHANGES IN UNREALIZED APPRECIATION (DEPRECIATION) FROM:
Investments		33,802,760		37,749,297
Translation of assets and liabilities in foreign currencies		2,039		44,316

Net change in unrealized appreciation (depreciation)		33,804,799		37,793,613

NET REALIZED AND UNREALIZED GAIN (LOSS)		64,804,133		32,613,471

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	69,759,203	$	32,803,880

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI IMPACT EQUITY FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended January 31, 2017 (unaudited)		Year Ended July 31, 2016
INCREASE IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	4,955,070	$	20,065,234
Net realized gain (loss)		30,999,334		8,238,864
Net change in unrealized appreciation (depreciation)		33,804,799		(57,998,308)

Net Increase (Decrease) in Net Assets Resulting from Operations		69,759,203		(29,694,210)

DISTRIBUTIONS AND/OR DIVIDENDS
Dividends to shareholders from net investment income:
Investor shares		(3,565,551)		(7,760,110)
Class A shares		(414,948)		(644,111)
Institutional shares		(3,170,592)		(6,399,233)
Class R shares		(2,673,873)		(4,453,212)
Distributions to shareholders from net realized gain:
Investor shares		(10,974,157)		(34,944,459)
Class A shares		(810,823)		(2,048,824)
Institutional shares		(5,617,485)		(19,710,187)
Class R shares		(4,749,954)		(12,600,332)
Tax return of capital distribution
Investor shares		-		(142,401)
Class A shares		-		(1,843)
Institutional shares		-		(44,435)
Class R shares		-		(9,599)

Net Decrease in Net Assets from Distributions and/or Dividends		(31,977,383)		(88,758,746)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares		23,594,331		65,303,360
Net asset value of shares issued in reinvestment of distributions and dividends		30,817,443		86,546,917
Payments for shares redeemed		(104,825,952)		(174,857,028)
Redemption fees		2,291		11,090

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(50,411,887)		(22,995,661)

Total Increase (Decrease) in Net Assets		(12,630,067)		(141,448,617)

NET ASSETS
Beginning of period	$	913,361,631	$	1,054,810,248

End of period	$	900,731,564	$	913,361,631

Undistributed net investment income (loss)	$	(4,874,313)	$	(4,419)

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI IMPACT INTERNATIONAL EQUITY FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended January 31, 2017 (unaudited)		Year Ended July 31, 2016
INCREASE IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	190,409	$	8,857,333
Net realized gain (loss)		(5,180,142)		(22,594,223)
Net change in unrealized appreciation (depreciation)		37,793,613		(3,357,498)

Net Increase (Decrease) in Net Assets Resulting from Operations		32,803,880		(17,094,388)

DISTRIBUTIONS AND/OR DIVIDENDS
Dividends to shareholders from net investment income:
Investor shares		(5,223,449)		(3,272,324)
Class A shares		(760,184)		(494,389)
Institutional shares		(3,008,134)		(1,952,818)
Class R shares		-		-
Distributions to shareholders from net realized gain:
Investor shares		-		(8,095,893)
Class A shares		-		(1,288,949)
Institutional shares		-		(2,922,571)
Class R shares		-		-
Tax return of capital distribution
Investor shares		-		-
Class A shares		-		-
Institutional shares		-		-
Class R shares		-		-

Net Decrease in Net Assets from Distributions and/or Dividends		(8,991,767)		(18,026,944)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares		136,211,731		373,227,416
Net asset value of shares issued in reinvestment of distributions and dividends		6,707,653		14,258,096
Payments for shares redeemed		(88,076,281)		(177,027,885)
Redemption fees		10,106		23,851

Net Increase (Decrease) in Net Assets from Capital Share Transactions		54,853,209		210,481,478

Total Increase (Decrease) in Net Assets		78,665,322		175,360,146

NET ASSETS
Beginning of period	$	606,901,539	$	431,541,393

End of period	$	685,566,861	$	606,901,539

Undistributed net investment income (loss)	$	(5,933,257)	$	2,868,101

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI IMPACT EQUITY FUND — INVESTOR SHARES

FINANCIAL HIGHLIGHTS


	Six Months Ended January 31, 2017 (unaudited)			Year Ended July 31,
	Six Months Ended January 31, 2017 (unaudited)			2016			2015			2014			2013			2012
For a share outstanding for the period:
Net asset value, beginning of period		$41.49			$45.38			$46.82			$39.22			$32.66			$31.56

Income from investment operations:
Net investment income (loss)		0.27			0.90			0.52	⁵		0.39			0.37			0.36
Net realized and unrealized gain (loss) on investments		3.06			(2.10)			1.86			7.47			6.43			0.95

Total income from investment operations		3.33			(1.20)			2.38			7.86			6.80			1.31

Less dividends and distributions:
Dividends to shareholders from net investment income		(0.23)			(0.48)			(0.36)			(0.26)			(0.24)			(0.21)
Distributions to shareholders from net realized gain		(0.72)			(2.20)			(3.46)			-			-			-
Tax return of capital⁵		-			(0.01)			-			-			-			-

Total distributions		(0.95)			(2.69)			(3.82)			(0.26)			(0.24)			(0.21)

Redemption fee proceeds⁵		0.00	¹		0.00	¹		0.00	¹		0.00	¹		0.00	¹		0.00	¹

Net asset value, end of period		$43.87			$41.49			$45.38			$46.82			$39.22			$32.66

Total return²		8.01%			-2.47%			5.21%			20.07%			20.87%			4.15%
Portfolio turnover		41%			91%			103%			86%			97%			94%
Ratios/supplemental data (annualized):
Net assets, end of period (in millions)		$664			$656			$752			$699			$625			$546
Ratio of expenses to average net assets		1.16%			1.14%			1.16%			1.20%			1.24%	⁴		1.25%	^3,4
Ratio of gross expenses to average net assets		1.16%			1.14%			1.16%			1.20%			1.24%			1.26%
Ratio of net investment income (loss) to average net assets		1.00%			2.06%			1.10%			0.80%			0.96%			1.06%

¹Amount represents less than 0.005 per share.

²Not annualized for periods less than one year.

³Reflects a waiver of fees by the Manager, the Sponsor, and the Distributor of the Fund.

⁴Ratio of expenses to average net assets includes indirectly paid expenses. Excluding indirectly paid expenses the ratio of expenses to average net assets would have been 1.24%, and 1.25%, for the years ended July 31, 2013, and 2012, respectively.

⁵Based on average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI IMPACT EQUITY FUND — CLASS A SHARES

FINANCIAL HIGHLIGHTS


	Six Months Ended January 31, 2017 (unaudited)			Year Ended July 31,
	Six Months Ended January 31, 2017 (unaudited)			2016			2015			2014			2013			2012
For a share outstanding for the period:
Net asset value, beginning of period		$7.33			$10.54			$13.87			$11.84			$10.16			$10.12

Income from investment operations:
Net investment income (loss)		0.16			0.33			0.12	⁵		0.25			0.22			0.37
Net realized and unrealized gain (loss) on investments		0.42			(0.69)			0.53			2.12			1.86			0.05

Total income from investment operations		0.58			(0.36)			0.65			2.37			2.08			0.42

Less dividends and/or distributions:
Dividends to shareholders from net investment income		(0.37)			(0.65)			(0.52)			(0.34)			(0.40)			(0.38)
Distributions to shareholders from net realized gain		(0.72)			(2.20)			(3.46)			-			-			-
Tax return of capital ⁵		-			(0.00)	¹		-			-			-			-

Total distributions		(1.09)			(2.85)			(3.98)			(0.34)			(0.40)			(0.38)

Redemption fee proceeds		-			-			-			-			-			-

Net asset value, end of period		$6.82			$7.33			$10.54			$13.87			$11.84			$10.16

Total return ²		7.95%			-2.61%			5.19%			20.17%			20.88%			4.20%
Portfolio turnover		41%			91%			103%			86%			97%			94%
Ratios/supplemental data (annualized):
Net assets, end of period (in millions)		$9			$8			$11			$8			$5			$4
Ratio of expenses to average net assets		1.18%	³		1.18%	³		1.18%	³		1.18%	³		1.18%	^3,4		1.18%	^3,4
Ratio of gross expenses to average net assets		1.54%			1.41%			1.39%			1.54%			1.74%			2.09%
Ratio of net investment income (loss) to average net assets		0.98%			2.00%			1.06%			0.83%			1.02%			1.09%

²Total return does not reflect sales commissions and is not annualized for periods less than one year.

³Reflects a waiver of fees by the Manager, the Sponsor, and the Distributor of the Fund.

⁴Ratio of expenses to average net assets includes indirectly paid expenses. Excluding indirectly paid expenses the ratio of expenses to average net assets would have been 1.18%, and 1.18% for the years ended July 31, 2013, and 2012, respectively.

⁵Based on average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI IMPACT EQUITY FUND — INSTITUTIONAL SHARES

FINANCIAL HIGHLIGHTS


	Six Months Ended January 31, 2017 (unaudited)			Year Ended July 31,
	Six Months Ended January 31, 2017 (unaudited)			2016			2015			2014			2013			2012
For a share outstanding for the period:
Net asset value, beginning of period		$22.40			$25.95			$28.49			$23.94			$20.12			$19.65

Income from investment operations:
Net investment income (loss)		0.06			0.55			0.40	⁵		0.32			0.29			0.33
Net realized and unrealized gain (loss) on investments		1.78			(1.20)			1.11			4.60			3.96			0.57

Total income from investment operations		1.84			(0.65)			1.51			4.92			4.25			0.90

Less dividends and/or distributions:
Dividends to shareholders from net investment income		(0.40)			(0.70)			(0.59)			(0.37)			(0.43)			(0.43)
Distributions to shareholders from net realized gain		(0.72)			(2.20)			(3.46)			-			-			-
Tax return of capital⁵		-			(0.00)	¹		-			-			-			-

Total distributions		(1.12)			(2.90)			(4.05)			(0.37)			(0.43)			(0.43)

Redemption fee proceeds⁵		0.00	¹		0.00	¹		0.00	¹		0.00	¹		0.00	¹		-

Net asset value, end of period		$23.12			$22.40			$25.95			$28.49			$23.94			$20.12

Total return²		8.24%			-2.14%			5.56%			20.59%			21.36%			4.62%
Portfolio turnover		41%			91%			103%			86%			97%			94%
Ratios/supplemental data (annualized):
Net assets, end of period (in millions)		$185			$205			$237			$260			$216			$182
Ratio of expenses to average net assets		0.80%			0.80%	³		0.80%	³		0.80%	³		0.80%	^3,4		0.80%	^3,4
Ratio of gross expenses to average net assets		0.80%			0.81%			0.80%			0.81%			0.81%			0.83%
Ratio of net investment income (loss) to average net assets		1.37%			2.40%			1.47%			1.19%			1.41%			1.49%

¹Amount represents less than 0.005 per share.

²Not annualized for periods less than one year.

³Reflects a waiver of fees by the Manager, and the Sponsor of the Fund.

⁴Ratio of expenses to average net assets includes indirectly paid expenses. Excluding indirectly paid expenses the ratio of expenses to average net assets would have been 0.80%, 0.80%, for the years ended July 31, 2013, and 2012, respectively.

⁵Based on average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI IMPACT EQUITY FUND — CLASS R SHARES

FINANCIAL HIGHLIGHTS


	Six Months Ended January 31, 2017 (unaudited)			Year Ended July 31,
	Six Months Ended January 31, 2017 (unaudited)			2016			2015			2014			2013			2012
For a share outstanding for the period:
Net asset value, beginning of period		$6.20			$9.40			$12.81			$10.94			$9.41			$9.40

Income from investment operations:
Net investment income (loss)		0.23			0.49			0.15	⁵		1.00			(0.03)			1.16
Net realized and unrealized gain (loss) on investments		0.27			(0.79)			0.49			1.23			1.98			(0.74)

Total income from investment operations		0.50			(0.30)			0.64			2.23			1.95			0.42

Less dividends and/or distributions:
Dividends to shareholders from net investment income		(0.40)			(0.70)			(0.59)			(0.36)			(0.42)			(0.41)
Distributions to shareholders from net realized gain		(0.72)			(2.20)			(3.46)			-			-			-
Tax return of capital⁵		-			(0.00)	¹		-			-			-			-

Total distributions		(1.12)			(2.90)			(4.05)			(0.36)			(0.42)			(0.41)

Redemption fee proceeds⁵		0.00	¹		0.00	¹		0.00	¹		0.00	¹		0.00	¹		0.00	¹

Net asset value, end of period		$5.58			$6.20			$9.40			$12.81			$10.94			$9.41

Total return²		8.19%			-2.22%			5.55%			20.52%			21.21%			4.58%
Portfolio turnover		41%			91%			103%			86%			97%			94%
Ratios/supplemental data (annualized):
Net assets, end of period (in millions)		$43			$44			$55			$49			$28			$26
Ratio of expenses to average net assets		0.84%			0.82%			0.85%			0.90%			0.90%	⁴		0.90%	^3,4
Ratio of gross expenses to average net assets		0.84%			0.82%			0.85%			0.90%			0.90%			0.91%
Ratio of net investment income (loss) to average net assets		1.32%			2.39%			1.41%			1.07%			1.31%			1.38%

¹Amount represents less than 0.005 per share.

²Not annualized for periods less than one year.

³Reflects a waiver of fees by the Manager, and the Sponsor, of the Fund.

⁴Ratio of expenses to average net assets includes indirectly paid expenses. Excluding indirectly paid expenses the ratio of expenses to average net assets would have been 0.90%, and 0.90% for the years ended July 31, 2013, and 2012, respectively.

⁵Based on average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI IMPACT INTERNATIONAL EQUITY FUND — INVESTOR SHARES

FINANCIAL HIGHLIGHTS


	Six Months Ended January 31, 2017 (unaudited)			Year Ended July 31,
	Six Months Ended January 31, 2017 (unaudited)			2016			2015			2014			2013			2012
For a share outstanding for the period:
Net asset value, beginning of period		$7.38			$8.05			$8.26			$7.67			$5.98			$7.43

Income from investment operations:
Net investment income (loss)		-			0.12			0.13			0.14			0.11			0.09
Net realized and unrealized gain (loss) on investments		0.38			(0.53)			0.20			0.85			1.64			(1.04)

Total income from investment operations		0.38			(0.41)			0.33			0.99			1.75			(0.95)

Less dividends and/or distributions:
Dividends to shareholders from net investment income		(0.10)			(0.07)			(0.11)			(0.25)			(0.06)			(0.28)
Distributions to shareholders from net realized gain		-			(0.19)			(0.43)			(0.15)			-			(0.20)
Tax return of capital⁵		-			-			-			-			-			(0.02)

Total distributions		(0.10)			(0.26)			(0.54)			(0.40)			(0.06)			(0.50)

Redemption fee proceeds⁵		0.00	¹		0.00	¹		0.00	¹		0.00	¹		0.00	¹		0.00	¹

Net asset value, end of period		$7.66			$7.38			$8.05			$8.26			$7.67			$5.98

Total return²		5.18%			-5.12%			4.65%			13.15%			29.26%			-12.38%
Portfolio turnover		42%			89%			88%			86%			87%			110%
Ratios/supplemental data (annualized):
Net assets, end of period (in millions)		$432			$385			$320			$232			$160			$127
Ratio of expenses to average net assets		1.47%			1.52%			1.59%			1.60%	³		1.60%	^3,4		1.60%	^3,4
Ratio of gross expenses to average net assets		1.47%			1.52%			1.59%			1.62%			1.68%			1.74%
Ratio of net investment income (loss) to average net assets		-0.04%			1.59%			1.32%			1.43%			1.70%			1.64%

¹Amount represents less than 0.005 per share.

²Not annualized for periods less than one year.

³Reflects a waiver of fees by the Manager, and the Distributor of the Fund.

⁴Ratio of expenses to average net assets includes indirectly paid expenses. Excluding indirectly paid expenses the ratio of expenses to average net assets would have been 1.60%, and 1.60% for the years ended July 31, 2013, and 2012, respectively.

⁵Based on average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI IMPACT INTERNATIONAL EQUITY FUND — CLASS A SHARES

FINANCIAL HIGHLIGHTS


	Six Months Ended January 31, 2017 (unaudited)			Year Ended July 31,
	Six Months Ended January 31, 2017 (unaudited)			2016			2015			2014			2013			2012
For a share outstanding for the period:
Net asset value, beginning of period		$7.76			$8.45			$8.64			$8.00			$6.24			$7.73

Income from investment operations:
Net investment income (loss)		(0.01)			0.11			0.14			0.14			0.12			0.14
Net realized and unrealized gain (loss) on investments		0.40			(0.54)			0.21			0.90			1.71			(1.12)

Total income from investment operations		0.39			(0.43)			0.35			1.04			1.83			(0.98)

Less dividends and/or distributions:
Dividends to shareholders from net investment income		(0.10)			(0.07)			(0.11)			(0.25)			(0.07)			(0.29)
Distributions to shareholders from net realized gain		-			(0.19)			(0.43)			(0.15)			-			(0.20)
Tax return of capital⁵		-			-			-			-			-			(0.02)

Total distributions		(0.10)			(0.26)			(0.54)			(0.40)			(0.07)			(0.51)
Redemption fee proceeds⁵		0.00	¹		0.00	¹		0.00	¹		0.00	¹		-			-

Net asset value, end of period		$8.05			$7.76			$8.45			$8.64			$8.00			$6.24

Total return²		5.02%			-5.07%			4.71%			13.16%			29.30%			-12.26%
Portfolio turnover		42%			89%			88%			86%			87%			110%
Ratios/supplemental data (annualized):
Net assets, end of period (in millions)		$66			$55			$51			$29			$13			$6
Ratio of expenses to average net assets		1.54%	³		1.53%	³		1.57%	³		1.57%	³		1.57%	^3,4		1.57%	^3,4
Ratio of gross expenses to average net assets		1.61%			1.59%			1.68%			1.82%			2.13%			2.33%
Ratio of net investment income (loss) to average net assets		-0.12%			1.47%			1.46%			1.51%			1.91%			1.85%

¹Amount represents less than 0.005 per share.

²Total return does not reflect sales commissions and is not annualized for periods less than one year.

³Reflects a waiver of fees by the Manager, and the Distributor of the Fund.

⁴Ratio of expenses to average net assets includes indirectly paid expenses. Excluding indirectly paid expenses the ratio of expenses to average net assets would have been 1.57%, and 1.57% for the years ended July 31, 2013, and 2012, respectively.

⁵Based on average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI IMPACT INTERNATIONAL EQUITY FUND — INSTITUTIONAL SHARES

FINANCIAL HIGHLIGHTS


	Six Months Ended January 31, 2017 (unaudited)			Year Ended July 31									For the Period November 30, 2012 (commencement of operations) through July 31, 2013
	Six Months Ended January 31, 2017 (unaudited)			2016			2015			2014
For a share outstanding for the period:
Net asset value, beginning of period		$7.39			$8.07			$8.28			$7.66			$6.59

Income from investment operations:
Net investment income (loss)		0.01			0.15			0.16			0.13			0.11
Net realized and unrealized gain (loss) on investments		0.37			(0.54)			0.21			0.89			1.04

Total income from investment operations		0.38			(0.39)			0.37			1.02			1.15

Less dividends and/or distributions:
Dividends to shareholders from net investment income		(0.12)			(0.10)			(0.15)			(0.25)			(0.08)
Distributions to shareholders from net realized gain		-			(0.19)			(0.43)			(0.15)			-

Total distributions		(0.12)			(0.29)			(0.58)			(0.40)			(0.08)

Redemption fee proceeds ⁵		0.00	¹		0.00	¹		0.00	¹		0.00	¹		-

Net asset value, end of period		$7.65			$7.39			$8.07			$8.28			$7.66

Total return ²		5.29%			-4.74%			5.24%			13.60%			17.50%
Portfolio turnover		42%			89%			88%			86%			87%
Ratios/supplemental data (annualized):
Net assets, end of period (in millions)		$188			$167			$61			$39			$25
Ratio of expenses to average net assets		1.09%			1.10%			1.15%	³		1.16%			1.25%	^3,4
Ratio of gross expenses to average net assets		1.09%			1.10%			1.15%			1.16%			1.25%
Ratio of net investment income (loss) to average net assets		0.35%			2.22%			1.78%			1.82%			2.40%

¹Amount represents less than 0.005 per share.

²Not annualized for periods less than one year.

³Reflects a waiver of fees by the Manager of the Fund.

⁴Ratio of expenses to average net assets includes indirectly paid expenses. Excluding indirectly paid expenses the ratio of expenses to average net assets would have been 1.25% for the period ended July 31, 2013.

⁵Based on average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI IMPACT EQUITY FUND

DOMINI IMPACT INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

January 31, 2017 (Unaudited)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The Domini Investment Trust (formerly Domini Social Investment Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940 as an open-end management investment company. The Domini Investment Trust comprises three separate series: Domini Impact Equity Fund (formerly, Domini Social Equity Fund), Domini Impact International Equity Fund (formerly, Domini International Social Equity Fund), and Domini Impact Bond Fund (formerly Domini Social Bond Fund) (each the “Fund,” collectively the “Funds”). The financial statements of the Domini Impact Bond Fund are included on page 70 of this report. The Domini Impact Equity Fund offers Investor shares, Class A shares, Institutional shares and Class R shares. Class R shares of the Domini Impact Equity Fund commenced on November 28, 2003. Class A and Institutional shares of the Domini Impact Equity Fund commenced on November 28, 2008. The Domini Impact International Equity Fund offers Investor shares, Class A shares and Institutional Shares. Class A and Institutional shares of the Domini Impact International Equity Fund were not offered prior to November 28, 2008 and November 30, 2012, respectively. The Investor shares, Institutional shares and Class R shares are sold at their offering price, which is net asset value. The Class A shares are sold with a front-end sales charge (load) of up to 4.75%. The Institutional shares may only be purchased by or for the benefit of investors that meet the minimum investment requirements, fall within the following categories: endowments, foundations, religious organizations and other nonprofit entities, individuals, retirement plan sponsors, family office clients, certain corporate or similar institutions, or omnibus accounts maintained by financial intermediaries and that are approved by the Fund’s Distributor. Class R shares are generally available only to certain eligible retirement plans and endowments, foundations, religious organizations, and other tax-exempt entities that are approved by the Fund’s Distributor. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets, and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and registration fees, directly attributable to that class. Class R and Institutional shares are not subject to distribution and service fees.

DOMINI IMPACT EQUITY FUND

DOMINI IMPACT INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The following is a summary of the Funds’ significant accounting policies.

(A) Valuation of Investments. Securities listed or traded on national securities exchanges are valued at the last sale price reported by the 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 or as a result of an event occurring after the close of the foreign market but before pricing the Funds are valued at fair value as determined in good faith under procedures established by and under the supervision of the Funds’ Board of Trustees. Securities that are primarily traded on foreign exchanges generally are valued at the closing price of such securities on their respective exchanges, except that if the Trusts’ manager or submanager, as applicable, is of the opinion that such price would result in an inappropriate value for a security, including as a result of an occurrence subsequent to the time a value was so established, then the fair value of those securities may be determined by consideration of other factors (including the use of an independent pricing service) by or under the direction of the Board of Trustees or its delegates.

The Funds follow a fair value hierarchy that distinguishes between (a) market participant assumptions developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (b) the Fund’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). These inputs are used in determining the value of the Funds’ investments and are summarized in the following fair value hierarchy:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, and evaluated quotation obtained from pricing services)

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

DOMINI IMPACT EQUITY FUND

DOMINI IMPACT INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

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 by the Domini Impact Equity Fund, as of January 31, 2017, in valuing the Fund’s assets carried at fair value:


	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total

Common Stocks
Consumer Discretionary	$	126,907,021	$	-	$	-	$	126,907,021
Consumer Staples		77,915,559		-		-		77,915,559
Energy		2,343,323		-		-		2,343,323
Financials		151,359,566		-		-		151,359,566
Health Care		103,163,934		-		-		103,163,934
Industrials		89,394,269		-		-		89,394,269
Information Technology		209,136,960		-		-		209,136,960
Materials		32,982,664		-		-		32,982,664
Real Estate		30,617,325		-		-		30,617,325
Telecommunication Services		37,671,980		-		-		37,671,980
Utilities		29,727,900		-		-		29,727,900

Total	$	891,220,501	$	-	$	-	$	891,220,501

The following is a summary of the inputs used by the Domini Impact International Equity Fund, as of January 31, 2017, in valuing the Fund’s assets carried at fair value:


	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total

Common Stocks
Consumer Discretionary	$	96,107,690	$	-	$	-	$	96,107,690
Consumer Staples		54,445,356		-		-		54,445,356
Energy		15,630,551		-		-		15,630,551
Financials		160,061,375		-		-		160,061,375
Health Care		51,257,455		-		-		51,257,455
Industrials		104,677,779		-		-		104,677,779
Information Technology		59,205,175		-		-		59,205,175
Materials		51,543,146		-		-		51,543,146
Real Estate		45,574,402		-		-		45,574,402
Telecommunication Services		23,137,729		-		-		23,137,729
Utilities		4,706,037		-		-		4,706,037

Total	$	666,346,695	$	-	$	-	$	666,346,695

DOMINI IMPACT EQUITY FUND

DOMINI IMPACT INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

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


	Domini International Social Equity Fund
Investments in Securities
Balance as of July 31, 2016	$	-
Realized Gain (loss)		-
Change in unrealized appreciation (depreciation)		1,904,212
Purchases		-
Sales		-
Transfers in and/or out of Level Three		(1,904,212)

Balance as of January 31, 2017	$	-

The change in unrealized appreciation (depreciation) included in earnings relating to securities still held at January 31, 2017:	$	-

For the Domini Impact International Equity Fund transfers from Level 1 to Level 3 included securities valued at $37,957,668 that were transferred as a result of quoted prices in active markets not being readily available. Transfers out of Level 3 into Level 1 included securities valued at $39,861,880 because market values were readily available from a pricing agent for which fair value factors were previously applied.

(B) Foreign Currency Translation. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts on the date of valuation. Purchases and sales of securities, and income and expense items denominated in foreign currencies, are translated into U.S. dollar amounts on the respective dates of such transactions. Occasionally, events impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at fair value using procedures established and approved by the Board of Trustees. The Funds do not separately report the effect of fluctuations in foreign exchange rates from changes in market prices on securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in fair value of assets and

DOMINI IMPACT EQUITY FUND

DOMINI IMPACT INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

liabilities other than investments in securities held at the end of the reporting period, resulting from changes in exchange rates.

(C) Foreign Currency Contracts. When the Funds purchase or sell foreign securities they enter into foreign exchange contracts to minimize foreign exchange risk from the trade date to the settlement date of the transactions. A foreign exchange contract is an agreement between two parties to exchange different currencies at an agreed-upon exchange rate on a specified date. The Domini Impact Equity Fund and the Domini Impact International had no open foreign currency spot contracts as of January 31, 2017.

(D) Investment Transactions, Investment Income and Dividends to Shareholders. The Funds earn income daily, net of Fund expenses. Dividends to shareholders of the Domini Impact International Equity Fund are usually declared and paid semiannually from net investment income. Dividends to shareholders of the Domini Impact Equity Fund are usually declared and paid quarterly from net investment income. Distributions to shareholders of realized capital gains, if any, are made annually. Distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles. Reclassifications have been made to the Funds’ components of net assets to reflect income and gains available for distribution (or available capital loss carryovers, as applicable) under income tax regulations.

Investment transactions are accounted for on trade date. Realized gains and losses from security transactions are determined on the basis of identified cost. Interest income is recorded on an accrual basis. Dividend income, net of any applicable withholding tax, is recorded on the ex-dividend date or for certain foreign securities, when the information becomes available to the Funds.

(E) Federal Taxes. Each 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. As of January 31, 2017, tax years 2013 through 2016 remain subject to examination by the Funds’ major tax jurisdictions, which include the United States of America, the Commonwealth of Massachusetts, and New York State.

(F) Redemption Fees. Redemptions and exchanges of Fund shares held less than 30 days may be subject to the Funds’ redemption fee, which is 2% of the amount redeemed. The fee is imposed to offset transaction costs and other expenses associated with short-term investing. The fee may be waived in certain

DOMINI IMPACT EQUITY FUND

DOMINI IMPACT INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

circumstances at the discretion of the Funds. Such fees are retained by the Funds and are recorded as an adjustment to paid-in capital.

(G) Other. Income, expenses (other than those attributable to a specific class), gains, and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

(H) Indemnification. The Funds’ organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

2. TRANSACTIONS WITH AFFILIATES

(A) Manager/Sponsor. The Funds have retained Domini Impact Investments LLC (Domini) to serve as investment manager and administrator. Domini is registered as an investment advisor under the Investment Advisers Act of 1940. The services provided by Domini consist of investment supervisory services, overall operational support, and administrative services. The administrative services include the provision of general office facilities and supervising the overall administration of the Funds. For its services under the Management Agreements, Domini receives from each Fund a fee accrued daily and paid monthly at the annual rate below of the respective Funds’ average daily net assets before any fee waivers:


Domini Impact Equity Fund		0.30% of the first $2 billion of net assets managed,
		0.29% of the next $1 billion of net assets managed, and
		0.28% of net assets managed in excess of $3 billion

Domini Impact International Equity Fund		1.00% of the first $250 million of net assets managed,
		0.94% of the next $250 million of net assets managed, and
		0.88% of net assets managed in excess of $500 million

Pursuant to a Sponsorship Agreement (with respect to the Domini Impact Equity Fund) Domini provides the Funds with the administrative personnel and services necessary to operate the Funds. In addition to general administrative services and facilities for the Funds similar to those provided by Domini under the Management Agreements, Domini answers questions from the general

DOMINI IMPACT EQUITY FUND

DOMINI IMPACT INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

public and the media regarding the securities holdings of the Funds. For these services and facilities, Domini receives fees accrued daily and paid monthly from the Funds at the annual rate below of the respective Funds’ average daily net assets before any fee waivers:


Domini Impact Equity Fund		0.45% of the first $2 billion of net assets managed,
		0.44% of the next $1 billion of net assets managed, and
		0.43% of net assets managed in excess of $3 billion

Effective November 30, 2016, Domini reduced its fees and reimbursed expenses, not including reorganization related expenses, to the extent necessary to keep the aggregate annual operating expenses of the Domini Impact Equity Fund at no greater than 1.25%, 1.18%, 0.80%, and 0.90% of the average daily net assets representing Investor shares, Class A shares, Institutional shares and Class R shares, respectively. For the periods prior to November 30, 2016, similar arrangements were in effect. The waivers currently in effect are contractual and in effect until November 30, 2017, absent an earlier modification by the Board of Trustees which oversees the Funds. Effective November 30, 2016, Domini reduced its fees and reimbursed expenses to the extent necessary to keep the aggregate annual operating expenses, not including reorganization expenses, of the Domini Impact International Equity Fund no greater than 1.60%, 1.57% and 1.27% of the average daily net assets representing Investor shares, Class A shares and Institutional Shares, respectively. For the periods prior to November 30, 2016, similar arrangements were in effect. The waivers currently in effect are contractual and in effect until November 30, 2017, absent an earlier modification by the Board of Trustees which oversees the Funds. For the six months ended January 31, 2017, Domini waived fees and reimbursed expenses as follows:


	FEES WAIVED		EXPENSES REIMBURSED

Domini Impact Equity Fund	$	-	$	9,880
Domini Impact International Equity Fund		-		-

Fees waived and/or expenses reimbursed under the Expense Limitation Agreement are only recoverable by Domini and/or its affiliates in the current fiscal year to the extent actual Fund expenses are less than the contractual expense cap during such year.

As of January 31, 2017, Domini owned less than 1% of any class of the outstanding shares of each Fund.

(B) Submanager. Wellington Management Company LLP (Wellington), a Delaware limited liability partnership, provides investment submanagement services to the Funds on a day-to-day basis pursuant to Submanagement

Agreements with Domini.

DOMINI IMPACT EQUITY FUND

DOMINI IMPACT INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

(C) Distributor. The Board of Trustees of the Funds has adopted a Distribution Plan with respect to the Funds’ Investor shares and Class A shares in accordance with Rule 12b-1 under the Act. DSIL Investment Services LLC, a wholly owned subsidiary of Domini (DSILD), acts as agent of the Funds in connection with the offering of Investor shares of the Funds pursuant to a Distribution Agreement. Under the Distribution Plan, the Funds pay expenses incurred in connection with the sale of Investor shares and Class A shares and pay DSILD a distribution fee at an aggregate annual rate not to exceed 0.25% of the average daily net assets representing the Investor shares and Class A shares. For the six months ended January 31, 2017, fees waived were as follows:


	FEES WAIVED
Domini Impact Equity Fund Investor shares	$	-
Domini Impact Equity Fund Class A shares		8,850
Domini Impact International Equity Fund Investor shares		-
Domini Impact International Equity Fund Class A shares		19,785

DSIL Investment Services, LLC, (DSIL) the Funds’ Distributor, has received commissions related to the sales of fund shares. For the six months ended January 31, 2017, DSIL received $1,893, and $4,386 from the Domini Impact Equity Fund Class A Shares, and the Domini Impact International Equity Fund Class A shares, respectively.

(D) Shareholder Service Agent. The Trust has retained Domini to provide certain shareholder services with respect to the Domini Impact Equity Fund, and Domini Impact International Equity Fund and their shareholders, which services were previously provided by BNY Asset Servicing (“BNY”) or another fulfillment and mail service provider and are supplemental to services currently provided by BNY, pursuant to a transfer agency agreement between each Fund and BNY. For these services, Domini receives fees from each Fund paid monthly at an annual rate of $4.00 per active account. For the six months ended January 31, 2017, there were no fees waived.

(E) Trustees and Officers. Each of the Independent Trustees receives an annual retainer for serving as a Trustee of the Trust of $14,000. The Lead Independent Trustee and Chair of the Audit Committee receive an additional chairperson fee of $5,000. Each Independent Trustee also receives $1,500 for attendance at each meeting of the Board of the Trust (reduced to $625 in the event that a Trustee participates at an in-person meeting by telephone). In addition, each Trustee receives reimbursement for reasonable expenses incurred in attending meetings. These expenses are allocated on a pro-rata basis to each shares class of a Fund according to their respective net assets.

DOMINI IMPACT EQUITY FUND

DOMINI IMPACT INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

As of January 31, 2017, all Trustees and officers of the Trust as a group owned less than 1% of each Fund’s outstanding shares.

3. INVESTMENT TRANSACTIONS

For the six months ended January 31, 2017, cost of purchase and proceeds from sales of investments other than short-term obligations were as follows:


	PURCHASE		SALES
Domini Impact Equity Fund	$	364,824,186	$	448,376,542
Domini Impact International Equity Fund		298,427,040		263,944,961

DOMINI IMPACT EQUITY FUND

DOMINI IMPACT INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

4. SUMMARY OF SHARE TRANSACTIONS


	Six Months Ended January 31, 2017				Year Ended July 31, 2016
	Shares		Amount		Shares		Amount

Domini Impact Equity Fund

Investor Shares
Shares sold		333,546	$	14,202,135		946,947	$	38,245,827
Shares issued in reinvestment of dividends and distributions		321,526		14,002,465		1,022,290		41,403,426
Shares redeemed		(1,334,696)		(56,880,966)		(2,736,834)		(111,244,077)
Redemption fees		-		566		-		8,929

Net increase (decrease)		(679,624)	$	(28,675,800)		(767,597)	$	(31,585,895)


Class A Shares
Shares sold		62,897	$	456,763		206,193	$	1,609,232
Shares issued in reinvestment of dividends and distributions		172,689		1,175,431		348,082		2,564,298
Shares redeemed		(124,584)		(904,874)		(396,575)		(3,154,114)
Redemption fees		-		-		-		-

Net increase (decrease)		111,002	$	727,320		157,700	$	1,019,416


Institutional Shares
Shares sold		331,120	$	7,570,693		911,656	$	20,564,743
Shares issued in reinvestment of dividends and distributions		359,815		8,260,329		1,170,773		25,713,177
Shares redeemed		(1,830,033)		(41,381,465)		(2,081,982)		(46,764,660)
Redemption fees		-		1,193		-		2,125

Net increase (decrease)		(1,139,098)	$	(25,549,250)		447	$	(484,615)


Class R Shares
Shares sold		222,679	$	1,364,740		700,694	$	4,883,558
Shares issued in reinvestment of dividends and distributions		1,324,218		7,379,218		2,696,629		16,866,016
Shares redeemed		(916,710)		(5,658,647)		(2,095,090)		(13,694,177)
Redemption fees		-		532		-		36

Net increase (decrease)		630,187	$	3,085,843		1,302,233	$	8,055,433


Total
Shares sold		950,242	$	23,594,331		2,765,490	$	65,303,360
Shares issued in reinvestment of dividends and distributions		2,178,248		30,817,443		5,237,774		86,546,917
Shares redeemed		(4,206,023)		(104,825,952)		(7,310,481)		(174,857,028)
Redemption fees		-		2,291		-		11,090

Net increase (decrease)		(1,077,533)	$	(50,411,887)		692,783	$	(22,995,661)

DOMINI IMPACT EQUITY FUND

DOMINI IMPACT INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)


	Six Months Ended January 31, 2017				Year Ended July 31, 2016
	Shares		Amount		Shares		Amount

Domini Impact International Equity Fund

Investor Shares
Shares sold		11,188,431	$	83,255,368		30,048,006	$	219,906,322
Shares issued in reinvestment of dividends and distributions		601,781		4,386,983		1,379,616		10,002,392
Shares redeemed		(7,511,161)		(55,539,342)		(19,052,183)		(137,921,955)
Redemption fees		-		9,410		-		19,441

Net increase (decrease)		4,279,051	$	32,112,419		12,375,439	$	92,006,200


Class A Shares
Shares sold		1,927,373	$	14,921,956		3,345,919	$	25,706,276
Shares issued in reinvestment of dividends and distributions		94,699		725,394		224,297		1,709,871
Shares redeemed		(979,833)		(7,643,959)		(2,487,440)		(18,672,019)
Redemption fees		-		410		-		381

Net increase (decrease)		1,042,239	$	8,003,801		1,082,776	$	8,744,509


Institutional Shares
Shares sold		5,125,914	$	38,034,407		17,538,735	$	127,614,818
Shares issued in reinvestment of dividends and distributions		219,131		1,595,276		351,789		2,545,833
Shares redeemed		(3,360,607)		(24,892,980)		(2,805,570)		(20,433,911)
Redemption fees		-		286		-		4,029

Net increase (decrease)		1,984,438	$	14,736,989		15,084,954	$	109,730,769


Total
Shares sold		18,241,718	$	136,211,731		50,932,660	$	373,227,416
Shares issued in reinvestment of dividends and distributions		915,611		6,707,653		1,955,702		14,258,096
Shares redeemed		(11,851,601)		(88,076,281)		(24,345,193)		(177,027,885)
Redemption fees		-		10,106		-		23,851

Net increase (decrease)		7,305,728	$	54,853,209		28,543,169	$	210,481,478

DOMINI IMPACT EQUITY FUND

DOMINI IMPACT INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

5. FEDERAL TAX STATUS

The tax basis of the components of net assets for the Funds at July 31, 2016, is as follows:


	Domini Impact Equity Fund		Domini Impact International Equity Fund
Undistributed ordinary income	$	-	$	7,891,648
Capital losses, other losses and other temporary differences		(2,261,005)		(23,462,301)
Unrealized appreciation/(depreciation)		81,165,768		18,757,996

Distributable net earnings/(deficit)	$	78,904,763	$	3,187,343

The difference between components of Distributable Earnings on a tax basis and the amounts reflected in the statement of assets and liabilities is primarily due to differences in book and tax policies. For the year ended July 31, 2016, the Funds made the following reclassifications to the components of net assets to align financial reporting with tax reporting:


	Domini Impact Equity Fund		Domini Impact International Equity Fund
Paid-in capital	$	(198,278)	$	-
Undistributed net investment income (loss)		(614,709)		1,260,701
Accumulated net realized gain (loss)		812,987		(1,260,701)

During the period November 1, 2015 through July 31, 2016, the Domini Impact Equity Fund and the Domini Impact International Equity Fund had net realized capital losses of $2,256,586 and $19,593,199, respectively. The Domini Impact Equity Fund also had ordinary losses of $4,419. These losses are deferred and will be recognized on August 1, 2016, for tax purposes.

The Funds have accumulated capital loss carryforwards that will expire as follows:


Year Ending	Domini Impact Equity Fund		Domini Impact International Equity Fund
Unlimited		-	$	3,528,939
2017		-		170,081

		-	$	170,081

To the extent that the Funds realize future net capital gains, those gains will be offset by any unused capital loss carryforwards. Under recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be

DOMINI IMPACT EQUITY FUND

DOMINI IMPACT INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited time period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this

ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For federal income tax purposes, dividends paid were characterized as follows:


	Domini Impact Equity Fund				Domini Impact International Equity Fund
	Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2016		Year Ended July 31, 2015
Ordinary income	$	24,441,067	$	14,291,218	$	7,042,460	$	4,781,207
Long-term capital gain		64,119,401		103,057,752		10,984,484		16,856,941
Return of Capital		198,278		-		-		-

Total	$	88,758,746	$	117,348,970	$	18,026,944	$	21,638,148

The Funds are subject to the provisions of Accounting Standards Codification ASC 740 Income Taxes (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Funds did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for taxes on income, capital gains or unrealized appreciation on securities held or for excise tax on income and capital gains.

DOMINI IMPACT BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2017 (Unaudited)


ASSETS:
Investments at value (cost $155,283,039)	$	154,619,243
Cash		15,134,672
Foreign currency (cost $13,633)		14,061
Cash held at other banks (cost $2,010)		2,075
Colleratal on certain derivative contracts		453,652
Receivable for securities sold		16,696,792
Interest receivable		835,832
Receivable for capital shares		276,494
Unrealized appreciation on OTC swap contracts		263,847
Receivable for variation margin swaps		664,983
Premium received swap contracts		98,532
Unrealized appreciation on forward currency contracts		37,720
Interest reclaim receivable		828

Total assets		189,098,731

LIABILITIES:
Payable for securities purchased		41,954,008
Payable for capital shares		173,774
Payable for variation margin swaps		387,213
Cash due to broker (cost $375,998)		382,305
Premium paid on OTC swap contracts		83,361
Management fee payable		80,793
Distribution fee payable		37,387
Other accrued expenses		35,548
Dividend payable		20,296
Unrealized depreciation on forward currency contracts		3,556
Interest payable		83,160

Total liabilities		43,241,401

NET ASSETS	$	145,857,330

NET ASSETS CONSIST OF:
Paid-in capital	$	146,746,109
Undistributed net investment loss		(91,810)
Accumulated net realized loss		(703,012)
Net unrealized depreciation		(93,957)

	$	145,857,330

NET ASSET VALUE PER SHARE
Investor Shares
Net assets	$	141,648,909

Outstanding shares of beneficial interest		12,774,442

Net asset value and offering price per share*	$	11.09

Institutional Shares
Net assets	$	4,208,421

Outstanding shares of beneficial interest		380,455

Net asset value and offering price per share*	$	11.06

* Redemption price is equal to net asset value less any applicable redemption fees retained by the Fund.

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI IMPACT BOND FUND

STATEMENT OF OPERATIONS

For the Six Months Ended January 31, 2017 (Unaudited)


INCOME:
Interest income	$	2,156,839

EXPENSES:
Management fee		295,535
Administrative fee		184,709
Distribution fees – Investor shares		180,146
Transfer agent fees – Investor shares		86,024
Transfer agent fees – Institutional shares		70
Accounting and custody fees		59,709
Professional fees		8,081
Registration – Investor shares		10,912
Registration – Institutional shares		6,200
Shareholding servicing fees – Investor shares		7,025
Shareholding servicing fees – Institutional shares		6
Shareholder communications		7,992
Miscellaneous		10,613
Trustees fees		2,563

Total expenses		859,585
Fees waived and expense reimbursed		(163,128)

Net expenses		696,457

NET INVESTMENT INCOME		1,460,382

REALIZED AND UNREALIZED GAINS (LOSSES)
NET REALIZED GAIN/(LOSS) FROM:
Investments		(485,424)
Swap contracts		245,411
Futures contracts		(35,408)
Foreign currency		34,540
Options		(627)

Net realized gain (loss)		(241,508)

NET CHANGES IN UNREALIZED APPRECIATION (DEPRECIATION) FROM:
Investments		(6,064,534)
Swap contracts		444,866
Futures		9,531
Translation of assets and liabilities in foreign currencies		24,577

Net change in unrealized appreciation (depreciation)		(5,585,560)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(5,827,068)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,366,686)

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI IMPACT BOND FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended January 31, 2017 (unaudited)		Year Ended July 31, 2016
INCREASE IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)	$	1,460,382	$	2,876,709
Net realized gain (loss) on investments		(241,508)		657,181
Net change in unrealized appreciation (depreciation) on investments		(5,585,560)		5,499,895

Net Increase (Decrease) in Net Assets Resulting from Operations		(4,366,686)		9,033,785

DISTRIBUTIONS AND DIVIDENDS:
Dividends to shareholders from net investment income:
Investor shares		(1,444,706)		(2,794,993)
Institutional shares		(42,032)		(55,786)
Distributions to shareholders from net realized gain:
Investor shares		(667,809)		(699,959)
Institutional shares		(20,201)		(9,583)

Net Decrease in Net Assets from Distributions and Dividends		(2,174,748)		(3,560,321)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		18,456,057		28,148,855
Net asset value of shares issued in reinvestment of distributions and dividends		2,047,129		3,337,264
Payment for shares redeemed		(15,550,890)		(21,135,652)
Redemption fee		3,894		2,901

Net Increase in Net Assets from Capital Share Transactions		4,956,190		10,353,368

Total Increase (Decrease) in Net Assets		(1,585,244)		15,826,832

NET ASSETS:
Beginning of period	$	147,442,574	$	131,615,742

End of period	$	145,857,330	$	147,442,574

Undistributed net investment income (loss)	$	(91,810)	$	(65,454)

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI IMPACT BOND FUND — INVESTOR SHARES

FINANCIAL HIGHLIGHTS


	Six Months Ended January 31, 2017 (unaudited)			Year Ended July 31,
	Six Months Ended January 31, 2017 (unaudited)			2016			2015			2014			2013			2012
For a share outstanding for the period:
Net asset value, beginning of period		$11.60			$11.16			$11.24			$11.15			$11.64			$11.61

Income from investment operations:
Net investment income (loss)		0.11			0.24			0.17			0.16			0.16			0.21
Net realized and unrealized gain (loss) on investments		(0.46)			0.50			(0.07)			0.13			(0.38)			0.34

Total income from investment operations		(0.35)			0.74			0.10			0.29			(0.22)			0.55

Less dividends and distributions:
Dividends to shareholders from net investment income		(0.11)			(0.24)			(0.17)			(0.16)			(0.16)			(0.21)
Distributions to shareholders from net realized gain		(0.05)			(0.06)			(0.01)			(0.04)			(0.11)			(0.31)

Total dividends and distributions		(0.16)			(0.30)			(0.18)			(0.20)			(0.27)			(0.52)

Redemption fee proceeds⁵		0.00	¹		0.00	¹		0.00	¹		0.00	¹		0.00	¹		0.00	¹

Net asset value, end of period		$11.09			$11.60			$11.16			$11.24			$11.15			$11.64

Total return²		-2.96%			6.73%			0.89%			2.59%			-2.01%			4.80%
Portfolio turnover		168%			297%			348%			120%			129%			126%
Ratios/supplemental data (annualized):
Net assets, end of period (in millions)		$142			$144			$129			$126			$130			$138
Ratio of expenses to average net assets		0.95%	³		0.93%	³		0.95%	³		0.95%	³		0.95%	^3,4		0.95%	^3,4
Ratio of gross expenses to average net assets		1.16%			1.19%			1.24%			1.24%			1.24%			1.28%
Ratio of net investment income to average net assets		1.97%			2.13%			1.52%			1.42%			1.35%			1.76%

¹ Amount represents less than $0.005 per share.

² Not annualized for periods less than one year.

³ Reflects a waiver of fees by the Manager and the Distributor of the Fund.

⁴ Ratio of expenses to average net assets includes indirectly paid expenses. Excluding indirectly paid expenses the ratio of expenses to average net assets would have been 0.95% and 0.95% for the years ended July 31, 2013, and 2012, respectively.

⁵ Based on average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI IMPACT BOND FUND — INSTITUTIONAL SHARES

FINANCIAL HIGHLIGHTS


	Six Months Ended January 31, 2017 (unaudited)			For the year ended July 31,												For the period November 30, 2011 (commencement of operations) through July 31, 2012
	Six Months Ended January 31, 2017 (unaudited)			2016			2015			2014			2013
For a share outstanding for the period:
Net asset value, beginning of period		$11.57			$11.14			$11.23			$11.15			$11.64			$11.74

Income from investment operations:
Net investment income (loss)		0.13			0.27			0.20			0.19			0.19			0.15
Net realized and unrealized gain (loss) on investments		(0.46)			0.49			(0.09)			0.12			(0.38)			0.21

Total income from investment operations		(0.33)			0.76			0.11			0.31			(0.19)			0.36

Less dividends and distributions:
Dividends to shareholders from net investment income		(0.13)			(0.27)			(0.20)			(0.19)			(0.19)			(0.15)
Distributions to shareholders from net realized gain		(0.05)			(0.06)			(0.01)			(0.04)			(0.11)			(0.31)

Total dividends and distributions		(0.18)			(0.33)			(0.21)			(0.23)			(0.30)			(0.46)

Redemption fee proceeds ⁵		0.00	¹		0.00	¹		0.01			-			-			-

Net asset value, end of period		$11.06			$11.57			$11.14			$11.23			$11.15			$11.64

Total return ²		-2.82%			6.96%			1.10%			2.80%			-1.72%			3.17%
Portfolio turnover		168%			297%			348%			120%			129%			126%
Ratios/supplemental data (annualized):
Net assets, end of period (in millions)		$4			$3			$2			$4			$3			$1
Ratio of expenses to average net assets		0.65%	³		0.63%	³		0.65%	³		0.65%	³		0.65%	^3,4		0.65%	^3,4
Ratio of gross expenses to average net assets		1.14%			1.22%			1.07%			1.02%			0.97			3.99
Ratio of net investment income to average net assets		2.27%			2.46%			1.79%			1.73%			1.54%			1.88%

¹ Amount represents less than $0.005 per share.

² Not annualized for periods less than one year.

³ Reflects a waiver of fees by the Manager of the Fund.

⁴ Ratio of expenses to average net assets includes indirectly paid expenses. Excluding indirectly paid expenses the ratio of expenses to average net assets would have been 0.65% and 0.65% for the years ended July 31, 2013 and 2012, respectively.

⁵ Based on average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS

DOMINI IMPACT BOND FUND

NOTES TO FINANCIAL STATEMENTS

January 31, 2017 (Unaudited)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The Domini Impact Bond Fund (formerly Domini Social Bond Fund) (the “Fund”) is a series of the Domini Investment Trust (formerly Domini Social Investment Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940 as an open-end management investment company. The Fund offers Investor Shares and Institutional Shares. Institutional shares were not offered prior to November 30, 2011. Each class of shares is sold at its offering price, which is net asset value. The Institutional shares may only be purchased by or for the benefit of investors that meet the minimum investment requirements, fall within the following categories: endowments, foundations, religious organizations and other nonprofit entities, individuals, retirement plan sponsors, family office clients, certain corporate or similar institutions, or omnibus accounts maintained by financial intermediaries and that are approved by the Fund’s Distributor. Both classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets, and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and registration fees, directly attributable to that class. Institutional shares are not subject to distribution fees. The Fund seeks to provide its shareholders with a high level of current income and total return by investing in bonds and other debt instruments that are consistent with the 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

DOMINI IMPACT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

prices, since such valuations are believed to reflect more accurately the fairvalue of such securities. Short-term obligations of sufficient credit quality (maturing in 60 days or less) are valued at amortized cost, which constitutes fair value as determined by the Board of Trustees of the Fund. Securities (other than short-term obligations with remaining maturities of 60 days or less) for which there are no such quotations or valuations are valued at fair value as determined in good faith by or at the direction of the Fund’s Board of Trustees. The Funds follow a fair value hierarchy that distinguishes between (a) market participant assumptions developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (b) the Fund’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). These inputs are used in determining the value of the Funds’ investments and are summarized in the following fair value hierarchy:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, and evaluated quotation obtained from pricing services)

Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of January 31, 2017, in valuing the Fund’s assets carried at fair value:


	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total


Assets:
Investments in Securities:
Mortgage Backed Securities	$	-	$	79,264,543	$	122,053	$	79,386,596
Corporate Bonds and Notes		-		38,291,238		-		38,291,238
Municipal Bonds		-		11,748,921		-		11,748,921
Senior Floating Rate Interests		-		10,879,672				10,879,672
U.S. Government Agencies		-		10,728,943		-		10,728,943
Asset Backed Securities		-		1,969,346		-		1,969,346
Foreign Government & Agency Securities		-		1,614,527		-		1,614,527

Total Investment in Securities	$	-	$	154,497,190	$	122,053	$	154,619,243

DOMINI IMPACT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)


	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total

Other Financial Instruments:
Foreign Exchange Contracts	$	-	$	37,720	$	-	$	37,720
SWAP Contracts		-		263,847		-		263,847

Total Other Financial Instruments	$	-	$	301,567	$	-	$	301,567

Liabilities:
Other Financial Instruments:
Foreign Exchange Contracts	$	-	$	3,556	$	-	$	3,556

Total Other Financial Instruments	$	-	$	3,556	$	-	$	3,556

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



Investments in Securities
Balance as of July 31, 2016	$	260,722
Realized gain (loss)		-
Change in unrealized appreciation (depreciation)		20,013
Purchases		-
Sales		-
Transfers in and/or out of level three		(158,682)

Balance as of January 31, 2017	$	122,053

The change in unrealized appreciation (depreciation) included in earnings relating to securities still held at January 31, 2017	$	25

Transfers from Level 2 to Level 3 included securities valued at $3,666,884 that were transferred as a result of quoted prices in active markets not being readily available. Transfers out of Level 3 into Level 2 included securities valued at $3,825,566 because market values were readily available from a pricing agent for which fair value factors were previously applied. The Level 3 security was valued using a pricing vendor other than the Fund’s primary pricing vendor.

DOMINI IMPACT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

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.

(C) Foreign Currency Contracts. When the Funds purchase or sell foreign securities they enter into foreign exchange contracts to minimize foreign exchange risk from the trade date to the settlement date of the transactions. A foreign exchange contract is an agreement between two parties to exchange different currencies at an agreed-upon exchange rate on a specified date. The Fund had $759,214 outstanding in open foreign currency spot contracts as of January 31, 2017.

(D) Securities Purchased on a When-Issued or Delayed Delivery Basis. The Fund may invest in when-issued or delayed delivery securities where the price of the security is fixed at the time of the commitment but delivery and payment take place beyond customary settlement time. These securities are subject to market fluctuation, and no interest accrues on the security to the purchaser during this period. The payment obligation and the interest rate that will be received on the securities are each fixed at the time the purchaser enters into the commitment. Purchasing obligations on a when-issued or delayed delivery basis is a form of leveraging and can involve a risk that the yields available in the market when the delivery takes place may actually be higher than those obtained in the transaction, which could result in an unrealized loss at the time of delivery. The Fund establishes a segregated account consisting of liquid securities equal to the amount of the commitments to purchase securities on such basis.

(E) Derivative Financial Instruments. The Fund may invest in derivatives in order to hedge market risks, or to seek to increase the Fund’s income or gain. Derivatives in certain circumstances may require that the Fund segregate cash or other liquid assets to the extent the Fund’s obligations are not otherwise covered through ownership of the underlying security, financial instrument, or currency. Derivatives involve special risks, including possible default by the other party to the transaction, illiquidity, and the risk that the use of derivatives could result in greater losses than if it had not been used. Some derivative transactions, including options, swaps, forward contracts, and options on foreign currencies, are entered into directly by the counterparties or through

DOMINI IMPACT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

financial institutions acting as market makers (OTC derivatives), rather than being traded on exchanges or in markets registered with the Commodity Futures Trading Commission or the SEC.

(F) Option Contracts. The Fund may purchase or write option contracts primarily to manage and/or gain exposure to interest rate, foreign exchange rate and credit risk. An option is a contract entitling the holder to purchase or sell a specific amount of shares or units of an asset or notional amount of a swap (swaption), at a specified price. Options purchased are recorded as an asset while options written are recorded as a liability. Upon exercise of an option, the acquisition cost or sales proceeds of the underlying investment is adjusted by any premium received or paid. Upon expiration of an option, any premium received or paid is recorded as a realized gain or loss. Upon closing an option other than through expiration or exercise, the difference between the premium and the cost to close the position is recorded as a realized gain or loss. There are no purchased option contracts outstanding at January 31, 2017.

(G) Futures Contracts. The Fund may purchase and sell futures contracts based on various securities, securities indexes, and other financial instruments and indexes. The Fund intends to use futures contracts for hedging purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specified security or financial instrument at a specified future time and at a specified price. When the Fund purchases or sells a futures contract, the Fund must allocate certain of its assets as an initial deposit on the contract. The futures contract is marked to market daily thereafter, and the Fund may be required to pay or entitled to receive additional “variation margin,” based on decrease or increase in the value of the futures contract. There were no futures contracts outstanding at January 31, 2017.

(H) Forward Currency Contracts. The Fund may enter into forward currency contracts with counterparties to hedge the value of portfolio securities denominated in particular currencies against fluctuations in relative value or to generate income or gain. These contracts are used to hedge foreign exchange risk and to gain exposure on currency. The U.S. dollar value of forward currency contracts is determined using current forward exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The Fund record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The Fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts

DOMINI IMPACT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

are unable to meet the terms of their contracts or if the Fund is unable to enter into a closing position. Risk may exceed amounts recognized on the Statement of Assets and Liabilities. Forward currency contracts outstanding at January 31, 2017 are listed in the Fund’s Portfolio of Investments.

(I) Interest Rate Swap Contracts. The Fund may enter into interest rate swap contracts to hedge interest rate risk. An interest rate swap is an agreement between the Fund and a counterparty to exchange cash flows based on the difference between two interest rates, applied to a notional amount. Interest rate swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change on an OTC interest rate swap is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Daily fluctuations in the value of centrally cleared interest rate swaps are settled though a central clearing agent and are recorded in variation margin on the Statement of Assets and Liabilities and recorded as unrealized gain or loss. OTC and centrally cleared interest rate swap contracts outstanding at January 31, 2017, are listed in the Fund’s Portfolio of Investments.

(J) Credit Default Swap Contracts. The Fund may enter into credit default swap contracts primarily to manage and/or gain exposure to credit risk. A credit default swap is an agreement between the fund and a counterparty whereby the buyer of the contract receives credit protection and the seller of the contract guarantees the credit worthiness of a referenced debt obligation. These agreements may be privately negotiated in the over-the-counter market (“OTC credit default swaps”) or may be executed in a multilateral trade facility platform, such as a registered exchange (“centrally cleared credit default swaps”). The underlying referenced debt obligation may be a single issuer of corporate or sovereign debt, a credit index, or a tranche of a credit index. In the event of a default of the underlying referenced debt obligation, the buyer is entitled to receive the notional amount of the credit default swap contract from the seller in exchange for the referenced debt obligation, a net settlement amount equal to the notional amount of the credit default swap less the recovery value of the referenced debt obligation, or other agreed upon amount. For centrally cleared credit default swaps, required initial margins are pledged by the fund, and the daily change in fair value is accounted for as a variation margin payable or receivable on the Statements of Assets and Liabilities. Over the term of the contract, the buyer pays the seller a periodic stream of payments, provided that no event of default has occurred. Such periodic payments are accrued daily as an unrealized appreciation or depreciation until the payments are made, at which time they are realized. Payments received or paid to initiate a credit default swap contract are reflected on the Statements of Assets and Liabilities and represent compensating factors between stated terms

DOMINI IMPACT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

of the credit default swap agreement and prevailing market conditions (credit spreads and other relevant factors). These upfront payments are amortized over the term of the contract as a realized gain or loss on the Statements of Operations. OTC and centrally cleared credit default swap contracts outstanding at January 31, 2017 are listed in the Fund’s Portfolio of Investments.

(K) Master Agreements. The Fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC derivative and foreign exchange contracts (Master Agreements) with certain counterparties entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or repledged, are presented in the Fund’s portfolio. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Fund’s portfolio. Collateral can be in the form of cash or other marketable securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund’s net position with each counterparty.

With respect to ISDA Master Agreements, termination events applicable to the counterparty include certain deteriorations in the credit quality of the counterparty. Termination events applicable to the Fund include failure of the Fund to maintain certain net asset levels and/or limit the decline in net assets over various periods of time. In the event of default or early termination, the ISDA Master Agreement gives the non-defaulting party the right to net and close-out all transactions traded, whether or not arising under the ISDA agreement, to one net amount payable by one counterparty to the other. However, absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statements of Assets and Liabilities. Early termination by the counterparty may result in an immediate payment by the Fund of any net liability owed to that counterparty under the ISDA agreement.

In a centrally cleared swap, while the Fund enters into an agreement with a clearing broker to execute contracts with a counterparty, the performance of the swap is guaranteed by the central clearinghouse, which reduces the Fund’s exposure to counterparty risk. The Fund is still exposed to the counterparty risk through the clearing broker and clearinghouse. The clearinghouse attempts to

DOMINI IMPACT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

minimize this risk to its participants through the use of mandatory margin requirements, daily cash settlements and other procedures. Likewise, the clearing broker reduces its risk through margin requirements and required segregation of customer balances.

(L) Investment Transactions, Investment Income, and Dividends to Shareholders. The Fund earns income daily, net of Fund expenses. Dividends to shareholders are usually declared daily and paid monthly from net investment income. Distributions to shareholders of realized capital gains, if any, are made annually. Distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles. Reclassifications have been made to the 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. 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.

(M) 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. As of January 31, 2017, tax years 2013 through 2016 remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America, the Commonwealth of Massachusetts, and New York State.

(N) Redemption Fees. Redemptions and exchanges of Fund shares held less than 30 days may be subject to the Fund’s redemption fee, which is 2% of the amount redeemed. The fee is imposed to offset transaction costs and other expenses associated with short-term investing. The fee may be waived in certain circumstances at the discretion of the Fund. Such fees are retained by the Fund and are recorded as an adjustment to paid-in capital.

(O) Other. Income, expenses (other than those attributable to a specific class), gains, and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

(P) Indemnification. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the

DOMINI IMPACT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

2. TRANSACTIONS WITH AFFILIATES

(A) Manager/Administrator. The Fund has retained Domini Impact Investments LLC (Domini) to serve as investment manager and administrator. The services provided by Domini consist of investment supervisory services, overall operational support, and administrative services, including the provision of general office facilities and supervising the overall administration of the Fund. For its services under the Management Agreement, Domini receives from the Fund a fee accrued daily and paid monthly at an annual rate equal to 0.40% of the first $500 million of the Fund’s net assets managed, 0.38% of the next $500 million of the Fund’s net assets managed, and 0.35% of net assets managed in excess of $1 billion. For its services under the Administration Agreement, Domini receives from the Fund a fee accrued daily and paid monthly at an annual rate equal to 0.25% of the Fund’s average daily net assets. For the period from November 30, 2016, until November 30, 2017, Domini is waiving its fee and reimbursing expenses to the extent necessary to keep the aggregate annual operating expenses of the Fund (excluding brokerage fees and commissions, interest, taxes, and other extraordinary expenses), net of waivers and reimbursements, at no greater than 0.95% and 0.65% of the average daily net assets representing Investor shares and Institutional shares, respectively. A similar fee waiver arrangement was in effect in prior periods. For the six months ended January 31, 2017, Domini reimbursed expenses totaling $95,206.

As of January 31, 2017, Domini owned less than 1% of any class of the outstanding Shares of the Fund.

(B) Submanager. Wellington Management Company LLP (Wellington), a Delaware limited liability partnership, provides investment management services to the Fund on a day-to-day basis pursuant to a submanagement agreement with Domini. Prior to January 7, 2015, Seix Investment Advisors LLC (“Seix”), a wholly owned subsidiary of RidgeWorth LLC (formerly known as RidgeWorth Capital Management, Inc.), and its predecessors, provided investment submanagement services to the Fund.

DOMINI IMPACT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

(C) Distributor. The Board of Trustees of the Fund has adopted a Distribution Plan in accordance with Rule 12b-1 under the Act. DSIL Investment Services LLC, a wholly owned subsidiary of Domini (DSILD), acts as agent of the Fund in connection with the offering of shares of the Fund pursuant to a Distribution Agreement. Under the Distribution Plan, the Fund pays expenses incurred in connection with the sale of Investor shares and pays DSILD a distribution fee at an aggregate annual rate not to exceed 0.25% of the average daily net assets representing the Investor shares. For the six months ended January 31, 2017, fees waived by the Investor shares totaled $67,916.

(D) Shareholder Service Agent. The Trust has retained Domini to provide certain shareholder services to the Fund and its shareholders, which services were previously provided by BNY Asset Servicing (“BNY”) or another fulfillment and mail service provider and are supplemental to services currently provided by BNY, pursuant to a transfer agency agreement between each Fund and BNY. For these services, Domini receives a fee from the Fund paid monthly at an annual rate of $4.00 per active account. For the six months ended January 31, 2017, Domini waived fees as follows:


	FEES WAIVED
Domini Impact Bond Fund Investor shares	$	-
Domini Impact Bond Fund Institutional shares		6

As of January 31, 2017, all Trustees and officers of the Trust as a group owned less than 1% of the Fund’s outstanding shares.

3. INVESTMENT TRANSACTIONS

For the six months ended January 31, 2017, cost of purchase and proceeds from sales of investments other than short-term obligations were as follows:


	PURCHASES		SALES
U.S. Government Securities	$	263,871,319	$	277,805,795
Investments in Securities		17,155,383		14,178,784

DOMINI IMPACT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

4. SUMMARY OF SHARE TRANSACTIONS


	Six Months Ended January 31, 2017				Year Ended July 31, 2016
	Shares		Amount		Shares		Amount

Investor Shares
Shares sold		1,473,956	$	16,648,050		2,293,262	$	25,800,027
Shares issued in reinvestment of dividends and distributions		178,235		1,999,882		292,524		3,279,951
Shares redeemed		(1,313,567)		(14,851,730)		(1,732,531)		(19,432,723)
Redemption fees		-		3,740		-		2,900

Net increase (decrease)		338,624	$	3,799,942		853,255	$	9,650,155


Institutional Shares
Shares sold		159,534	$	1,808,007		210,616	$	2,348,828
Shares issued in reinvestment of dividends and distributions		4,214		47,247		5,092		57,313
Shares redeemed		(61,779)		(699,160)		(152,917)		(1,702,929)
Redemption fees		-		154		-		1

Net increase (decrease)		101,969	$	1,156,248		62,791	$	703,213


Total
Shares sold		1,633,490	$	18,456,057		2,503,878	$	28,148,855
Shares issued in reinvestment of dividends and distributions		182,449		2,047,129		297,616		3,337,264
Shares redeemed		(1,375,346)		(15,550,890)		(1,885,448)		(21,135,652)
Redemption fees		-		3,894		-		2,901

Net increase (decrease)		440,593	$	4,956,190		916,046	$	10,353,368

DOMINI IMPACT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

5. SUMMARY OF DERIVATIVE ACTIVITY

At January 31, 2017, the Fund’s investments in derivative contracts are reflected on the Statement of Assets and Liabilities as follows:


	Asset Derivatives			Liability Derivatives
Derivative Contracts Not Accounted for as Hedging Instruments	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Variation Margin / Unrealized appreciation on OTC swap contracts / Net assets consist of - net unrealized appreciation	$	826,722	Variation Margin / Unrealized depreciation on OTC swap contracts / Net assets consist of - net unrealized depreciation	$	386,854

Credit contracts	Variation Margin / Unrealized appreciation on OTC swap contracts / Net assets consist of - net unrealized appreciation (depreciation)		102,108	Variation Margin / Unrealized depreciation on OTC swap contracts / Net assets consist of - net unrealized appreciation (depreciation)		359

Foreign exchange contracts	Unrealized appreciation on forward currency contracts		37,720	Unrealized depreciation on forward currency contracts		3,556

Total		$	966,550		$	390,769

DOMINI IMPACT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

For the six months ended January 31, 2017, the effect of derivative contracts on the Fund’s Statement of Operations was as follows:


Derivative Contracts Not Accounted for as Hedging Instruments	Statement of Operations Location	Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Interest rate contracts	Net realized gain (loss) from swap contracts/ Net change in unrealized appreciation (depreciation) from investments, futures and swap contracts	$	367,430		$	367,877

Credit contracts	Net realized gain (loss) from swap contracts/ Net change in unrealized appreciation (depreciation) from investments, futures and swap contracts		(122,019	)		76,989

Foreign exchange contracts	Net realized gain (loss) from foreign currency/ Net change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies		34,540			33,655

Futures contracts	Net realized gain (loss) from futures contracts/ Net change in unrealized appreciation (depreciation) from investments, futures and swap contracts		(35,408	)		9,531

Options purchases	Net realized gain (loss) from options contracts/ Net change in unrealized appreciation (depreciation) from investments, futures and swap contracts		(627	)		-

Total		$	243,916		$	488,052

DOMINI IMPACT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

6. OFFSETTING OF FINANCIAL AND DERIVATIVE ASSETS AND LIABILITIES

The following table summarizes any derivatives, at the end of the reporting period, that are subject to a master netting agreement or similar agreement. For financial reporting purposes, the Fund does not offset assets and liabilities that are subject to the master netting agreements in the Statement of Assets and Liabilities.


	Credit Suisse International		Deutsche Bank AG		Morgan Stanley		Total

Assets:
Cash held at other banks	$	2,075	$	-	$	-	$	2,075
Unrealized appreciation on OTC swaps contracts*		5,566		186,732		71,549		263,847
Receivable for variation margin swaps		-		-		664,983		664,983


Total Assets		7,641		186,732		736,532		930,905

Liabilities:
Cash due to brokers		1,226		-		381,079		382,305
Payable for variation margin swaps		-		-		387,213		387,213


Total Liabilities		1,226		-		768,292		769,518


Total Derivative Net Assets		6,415		186,732		(31,760)		161,387

Total collateral received (pledged)		-		-		453,652		453,652


Net Amount	$	6,415	$	186,732	$	421,892	$	615,039

* Excludes premiums if any. Included in unrealized appreciation/depreciation on OTC swap contracts on the Statement of Assets and Liabilities.

7. SUMMARY OF DERIVATIVE ACTIVITY

The volume of activity for the reporting period for any derivative type that was held during the period is listed below and was as follows based on an average of the holdings at the end of each fiscal quarter:


Futures contracts (number of contracts)		4
Forward currency contracts (contract amount)	$	1,461,991
OTC interest rate swap contracts (notional)	$	4,928,000
Centrally cleared interest rate swap contracts (notional)	$	28,537,500
OTC credit default contracts (notional)	$	2,556,709
Centrally cleared credit default contracts (notional)	$	3,986,500

DOMINI IMPACT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2017 (Unaudited)

8. FEDERAL TAX STATUS

The tax basis of the components of net assets at July 31, 2016 is as follows:


Undistributed ordinary income	$	351,508
Capital losses, other losses and other temporary differences		(27,942)
Unrealized appreciation/(depreciation)		5,329,089

Distributable net earnings/(deficit) . . .	$	5,652,655

The difference between components of Distributable Earnings on a tax basis and the amounts reflected in the statement of assets and liabilities are primarily due to wash sales.

For the year ended July 31, 2016, the Fund reclassified $74,403 from undistributed net investment income to accumulated net realized gains to align financial reporting and tax reporting.

Under recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited time period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For federal income tax purposes, dividends paid were characterized as follows:


	Year Ended
	2016		2015

Ordinary income	$	3,172,492	$	2,032,471
Long-term capital gain		387,829		121,129

Total	$	3,560,321	$	2,153,600

The Fund is subject to the provisions of Accounting Standards Codification ASC 740 Income Taxes (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for taxes on income, capital gains or unrealized appreciation on securities held or for excise tax on income and capital gains.

PROXY VOTING INFORMATION

The Domini Funds have established Proxy Voting Policies and Procedures that the Funds use to determine how to vote proxies relating to portfolio securities. The Domini Funds’ Proxy Voting Policies and Procedures are available, free of charge, by calling 1-800-762-6814, by visiting www.domini.com/domini-funds/proxy-voting, or by visiting the EDGAR database on the Securities and Exchange Commission’s (SEC) website at http://www.sec.gov. All proxy votes cast for the Domini Funds are posted to Domini’s website on an ongoing basis over the course of the year. An annual record of all proxy votes cast for the Funds during the most recent 12-month period ended June 30 can be obtained, free of charge, at www.domini.com, and on the EDGAR database on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE INFORMATION

The Domini Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Domini Funds’ Forms N-Q are available on the EDGAR database on the SEC’s website at http://www.sec.gov. These Forms may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information about the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The information on Form N-Q is also available to be viewed at www.domini.com.

DOMINI FUNDS

P.O. Box 9785

Providence, RI 02940-9785

1-800-582-6757

www.domini.com

Investment Manager, Sponsor, and Distributor:

Domini Impact Investments LLC (Investment Manager and Sponsor)

DSIL Investment Services LLC (Distributor)

532 Broadway, 9th Floor

New York, NY 10012

Investment Submanager:

Domini Impact Equity Fund

Domini Impact International Equity Fund

Domini Impact Bond Fund

Wellington Management Company LLP

280 Congress Street

Boston, MA 02210

Transfer Agent:

BNY Mellon Asset Servicing

760 Moore Road

King of Prussia, PA 19406

Custodian:

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm:

KPMG LLP

Two Financial Center

60 South Street

Boston, MA 02111

Legal Counsel:

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110

LOGO

Domini Funds Investing for GoodSM P.O. Box9785 | Providence, RI 02940 1282103 -800-582-6757 | www.domini.com -facebook.com/dominifunds 03Apr17 twitter.com/dominifunds Domini Impact Equity Fund SM Investor Shares: CUSIP 257132100 | DSEFX Class 20:28 AShares: CUSIP 257132860 | DSEPX Institutional Shares: CUSIP 257132852 | DIEQX Class RShares: CUSIP 257132308 | DSFRX Domini Impact International Equity FundSM Investor Shares: CUSIP 257132704| DOMIX Class A Shares: CUSIP 257132886 | DOMAX Institutional Shares: CUSIP 257132811 | DOMOX Domini Impact Bond FundSM Investor Shares: CUSIP 257132209 | DSBFX Institutional Shares: CUSIP 257132829 | DSBIX Printed on elemental chlorine free paper from well-managed forests, containing 10% post-consumer waste. Presorted Standard U.S.Postage PAID Lancaster,PA Permit No.1793

Item 2. Code of Ethics.

(a) Not applicable to a semi-annual report.

(d) Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable to a semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to a semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the registrant.

Item 6. Schedule of Investments.

(a) The Schedule of Investments is included as part of the report to stockholders filed under Item 1.

(b) Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may submit recommendations for nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) Within 90 days prior to the filing of this report on Form N-CSR, 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-CSR 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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable to a semi-annual report.

(a)(2) 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.

(a)(3) Not applicable to the registrant.

(b) A single certification required by Rule 30a-2(b) under the Investment Company Act of 1940, Rule 13a-14b or Rule 15d-14(b) under the Securities Exchange Act of 1934, and Section 1350 of Chapter 63 of Title 18 of the United States Code for the chief executive officer and the chief financial officer of the registrant is 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 INVESTMENT TRUST
By:		/s/ Amy L. Thornton
		Amy L. Thornton
		President

Date: April 6, 2017

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: April 6, 2017
By:		/s/ Carole M. Laible
		Carole M. Laible
		Treasurer (Principal Financial Officer)

Date: April 6, 2017