Domini Impact Equity FundSM
Core U.S. equity strategy providing diversified exposure to the U.S. economy through the lens of an impact investor
For over 35 years, the Domini Impact Equity FundSM has offered investors a responsible way to invest in U.S. equities.
Through a diversified portfolio of companies that meet our environmental and social standards, the Fund seeks to provide long-term total return consistent with the promotion of universal human dignity and ecological sustainability. For investors who want their portfolio to reflect their values without missing out on the growth potential of the U.S. stock market, the Fund offers a straightforward, professionally managed way to invest for both long-term financial return and positive impact.
The Fund is managed by a women-led team that has helped to shape the field of impact investing and draws on decades of experience in understanding and evaluating corporate behavior and drivers of environmental and social performance. Through rigorous impact research and active engagement, the Fund works to be a driving force for change in capital markets.
Net Assets as of 6/30/2026
Fund: $1,183.4 million
Investor shares: $1,022.7 million
Daily Price (NAV)
Daily NAV Change
Adviser
Domini Impact Investments LLC
Subadviser
SSGA Funds Management, Inc.
Inception Date
6/3/1991
Symbol
DSEFX
Portfolio Managers
Annual Expense Ratio
Gross/Net: 1.04%/1.04%
Per current prospectus
Front-End Sales Charge (Load)
None
Minimum Initial Investment
$2,500 for standard accounts
$1,500 for retirement accounts, custodial and educational accounts, and standard accounts opened with an automatic investment plan
Investment Strategy
The Fund provides core U.S. equity exposure through a diversified portfolio of primarily mid- to large-capitalization companies.
Impact Investment Standards & Research
The investment strategy puts Domini’s Impact Investment Standards and proprietary impact research at the forefront of the process. We conduct in-depth, fundamental research on all companies in the Domini Funds’ investment universe and evaluate each company’s environmental and social impact to determine whether it is eligible for investment in accordance with our standards.
In accordance with our exclusionary standards, the Fund seeks to avoid investment in manufacturers and providers of weapons and firearms, nuclear power, fossil fuels, for-profit prisons and immigration detention centers, alcohol, tobacco, and gambling.
Portfolio Management
The Fund’s investment team seeks to construct and maintain a diversified portfolio of companies that is broadly reflective of the U.S. equity market within the boundaries of Domini’s standards and eligibility decisions. The team employs a disciplined portfolio optimization process to tightly manage benchmark-relative risks and select stocks based on fundamental financial and impact criteria.
The team is led by Domini’s Founder and Chair, Amy Domini, CFA; CEO, Carole Laible; and Director of Financial Research, Maria Llerena, CFA. It is backed by an in-house team of experienced impact research and financial analysts.*
Engagement
Domini seeks to amplify the Fund’s impact by engaging with companies—through direct dialogue, proxy voting, and shareholder proposals—to address environmental and social risks, promote best practices, and encourage the adoption of more responsible and sustainable business models. Learn more.
The Fund may change any of the policies described above at any time.
* SSGA Funds Management, Inc. serves as the Fund’s Subadviser, responsible for placing trades to implement Domini’s investment instructions and managing the Fund’s cash needs.
Investor Shares Performance
| Fund | YTD | 1 YR | 3 YR* | 5 YR* | 10 YR* |
|---|---|---|---|---|---|
| DSEFX | 12.63 | 18.13 | 17.86 | 8.58 | 12.90 |
| S&P 500 Index | 13.14 | 20.38 | 21.04 | 12.79 | 15.37 |
| Fund | YTD | 1 YR | 3 YR* | 5 YR* | 10 YR* |
|---|---|---|---|---|---|
| DSEFX | 9.33 | 18.62 | 17.06 | 9.16 | 13.26 |
| S&P 500 Index | 10.21 | 22.33 | 20.59 | 13.40 | 15.50 |
| DSEFX | S&P 500 | |
|---|---|---|
| 2025 | 11.63 | 17.88 |
| 2024 | 21.87 | 25.02 |
| 2023 | 28.42 | 26.29 |
| 2022 | -25.70 | -18.11 |
| 2021 | 21.30 | 28.71 |
| 2020 | 30.62 | 18.40 |
| DSEFX | S&P 500 | |
|---|---|---|
| Q2 2026 | 16.14 | 15.20 |
| Q1 2026 | -5.87 | -4.33 |
| Q4 2025 | 2.63 | 2.66 |
| Q3 2025 | 5.73 | 8.12 |
| Q2 2025 | 9.99 | 10.94 |
* Average annual total returns.
Returns for periods less than one year are not annualized.
NOTE: The Fund’s current investment strategy commenced on December 1, 2018 with SSGA Funds Management, Inc as its Subadviser. Performance information for periods prior to December 1, 2018 reflects the investment strategies employed during those periods.
Gross/Net Annual Expense Ratio: 1.04%/1.04% Per current prospectus.
Past performance is no guarantee of future results. The Fund’s returns quoted above represent past performance after all expenses. The returns reflect any applicable expense waivers in effect during the periods shown. Without such waivers, Fund performance would be lower. Investment return, principal value, and yield will fluctuate. Your shares, when redeemed, may be worth more or less than their original cost. See the Performance tables above for more performance information, including returns current to the most recent month-end, which may be lower or higher than the performance data quoted. See the prospectus for further information.
An investment in the Domini Impact Equity Fund is not a bank deposit and is not insured. The Fund is subject to certain risks, including loss of principal, impact investing, portfolio management, information, market, equity securities, mid- to large cap companies’, and small-cap companies’ risks. See the prospectus for more information on risk.
The Adviser’s evaluation of environmental and social factors in its investment selections, as well as its evaluation of a company’s commitment to sustainability solutions, and the timing and amount of the Subadviser’s implementation of the Adviser’s investment selections will affect the Funds’ exposure to certain issuers, industries, sectors, regions, and countries and may impact the relative financial performance of the Fund – positively or negatively – depending on whether such investments are in or out of favor. The Fund may forego some investment opportunities, including investments in certain market sectors that are available to funds that do not consider environmental and social factors and sustainability solutions in their investment selections.
The performance above does not reflect the deduction of fees and taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return is based on the Fund’s net asset values and assumes all dividends and capital gains were reinvested.
Although the Domini Impact Equity Fund Investor shares are no-load, certain fees and expenses apply to a continued investment and are described in the prospectus.
The Standard & Poor’s 500 Index (S&P 500) is a market-capitalization weighted index representing the performance of large-capitalization companies in the United States. Investors cannot invest directly in the S&P 500.
Holdings
| Security Name | Weight (%) |
|---|---|
| NVIDIA Corp | 7.8 |
| Apple Inc | 7.0 |
| Microsoft Corp | 5.7 |
| Alphabet Inc Class A | 5.2 |
| Broadcom Inc | 3.5 |
| Amazon.Com Inc | 3.5 |
| Micron Technology Inc | 2.7 |
| Eli Lilly + Co | 2.3 |
| Visa Inc Class A Shares | 2.0 |
| Mastercard Inc A | 1.8 |
| Total | 42 |
| Sector | Weight (%) |
|---|---|
| Information Technology | 40.9 |
| Financials | 14.6 |
| Health Care | 9.8 |
| Communication Services | 8.3 |
| Consumer Discretionary | 8.0 |
| Industrials | 5.8 |
| Real Estate | 4.8 |
| Materials | 3.4 |
| Consumer Staples | 2.9 |
| Utilities | 1.5 |
| Total | 100 |
Fund Portfolio weights exclude cash and cash equivalents. Numbers may not add up to totals due to rounding.
The composition of the Fund’s portfolio is subject to change. The Domini Funds maintain portfolio holdings disclosure policies that govern the timing and circumstances of disclosure to shareholders and third parties of information regarding the portfolio investments held by the Funds.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Domini Impact Investments. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification nor shall any such party have any liability therefrom.
Portfolio Characteristics
Portfolio Statistics*
| Performance | Fund | S&P 500 Index |
|---|---|---|
| Number of Holdings | 157 | 503 |
| Annual Turnover (as of July 31, 2025)** | 21% | — |
| Weighted-Average Market Cap ($M) | 1,386,335 | 1,428,033 |
| Median Market Cap ($M) | 75,229 | 44,531 |
| Price/Book Ratio | 5.9x | 5.7x |
| Price/Earnings Ratio (Trailing 12 Months) | 27.9x | 27.7x |
| Return on Equity (Trailing 12 Months) | 22.00% | 20.03% |
| Tracking Error (1-Year Projected) | 2.33% | — |
| Beta (1-Year Projected) | 1.03 | — |
* Source: Bloomberg Portfolio Risk & Analytics, except statistics noted by **.
All characteristics are as of September 31, 2025, unless otherwise noted.
Quick Links
Fund Distributions
Dividends
Distributed semi-annually
Capital Gains
Distributed annually
Investor Profile
Who should invest?
- Investors seeking long-term growth of capital
- Investors committed to the Fund’s impact investment standards
Who should not invest?
- Investors unwilling or unable to accept moderate to significant fluctuations in share price
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Definitions
Annual Turnover is the lesser of purchases or sales for the trailing 12 months divided by the portfolio’s average trailing 13-month net asset values.
Price/Book Ratio is the weighted harmonic average of the price/book ratios of the stocks in the portfolio, which are the stocks’ most recent closing prices divided by their book value per share.
Price/Earnings Ratio is the weighted harmonic average of the price/earnings ratios of the stocks in the portfolio, which are the stocks’ most recent closing prices divided by their earnings per share over the trailing 12 months.
Return on Equity is the portfolio’s total net income less cash preferred dividends divided by the portfolio’s total common equity.
Tracking Error is the standard deviation of residual returns, which are the differences between fund’s projected returns and the index’s projected returns. Tracking error measures the degree of dispersion of fund returns around the index. Generally, the higher the tracking risk, the greater the active bets the manager has taken.
Beta is a measure of the volatility of a fund relative to its benchmark index. A beta greater (less) than 1 is more (less) volatile than the index.