Domini Sustainable Solutions FundSM

The Domini Sustainable Solutions FundSM offers impact investors an opportunity to help make a difference. Shareholders have access to a global equity portfolio seeking companies providing solutions for a better future. The Domini Sustainable Solutions Fund is designed to help you meet your own personal financial goals and address many of the world’s greatest sustainability challenges.

By investing in companies that develop and provide access to solution-oriented products and services—from renewable energy systems and electric vehicles to breakthrough medical technologies, healthy and organic food, and lending for underserved communities—we believe we can help overcome these challenges. Furthermore, through the identification of well-managed companies supporting the transition to a more sustainable economy, we believe we can also identify investments with long-term growth potential.


Net Assets as of 09/30/22

Fund: $25.3 million
Investor shares:  $14.1 million

Daily Price (NAV)

$13.47

Daily NAV Change

$0.09
(0.67%)
NAV as of 11/25/2022

Adviser

Domini Impact Investments LLC

Subadviser

SSGA Funds Management, Inc.

Inception Date

4/1/20

Symbol

CAREX

Portfolio Managers

Photo of Amy Domini, Founder Domini Impact Investments
Carole Liable

Annual Expense Ratio2

Gross: 2.12%/Net: 1.40%
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 Domini Sustainable Solutions Fund invests globally in solution-oriented companies in which Domini has strong long-term investment conviction, as determined by our in-depth environmental, social, and financial research and analysis. We seek companies that support the following sustainability themes by developing or providing access to solution-oriented products and services, including, but not limited to:

  • Accelerate the transition to a low-carbon future
    Examples: Renewable energy, including wind and solar technologies; Distributed generation and off-grid energy solutions; Energy storage; Electric vehicles; High-efficiency semiconductors and other energy-efficient technologies
  • Contribute to the development of sustainable communities Examples: Safe and affordable housing, Low-carbon transportation systems, Climate-resilient infrastructure; Climate-adaptation services; Sustainable design and engineering services; Smart-city technologies
  • Ensure access to clean water for drinking and sanitation
    Examples: Affordable water services; Water and wastewater treatment facilities; Water quality and filtration solutions; Water harvesting and conservation; Flow-control and plumbing
  • Support sustainable food systems
    Examples: Healthy, natural, organic, and/or plant-based foods; Consumer nutrition education; Reduction of food waste; Resource-efficient agriculture; Support for local and small-scale farming
  • Promote societal health and well-being
    Examples: Preventative healthcare solutions, including vaccines and health education services; Innovative diagnostics and medicines for priority and neglected diseases; Mobile medical technologies
  • Broaden financial inclusion
    Examples: Affordable lending for underserved or disadvantaged communities; Financial literacy programs; Banking, insurance, and investment products/services; Access to capital for entrepreneurs and small businesses
  • Bridge the digital divide and expand economic opportunity
    Examples: Information and communication technologies; Quality education or training services; Software or services that support the development of small- and medium-enterprises

Domini’s Founder and Chair, Amy Domini, and CEO, Carole Laible, serve as the Fund’s co-portfolio managers. They are supported by a dedicated team of impact-investment research and financial analysts. SSGA Funds Management serves as the Fund’s Subadviser, responsible for implementing Domini’s investment instructions and managing the Fund’s cash needs.

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

CAREX

Investor Shares Performance

FundYTD1 YR3 YR*5 YR*Since Inception
CAREX-26.39-34.62N/AN/A13.34
MSCI World Investable Market Index (net)-20.15-18.89N/AN/A15.12
Month-End Returns (%) as of 10/31/2022
FundYTD1 YR3 YR*5 YR*Since Inception
CAREX-30.75-31.60N/AN/A11.08
MSCI World Investable Market Index (net)-25.57-20.31N/AN/A12.46
Quarter-End Returns (%) as of 09/30/2022

1. Inception date April 1, 2020

CAREXMSCI World IMI (net)
2021-6.5121.04
Calendar Year Returns (%)
CAREXMSCI World IMI (net)
Q3 2022-3.05-6.08
Q2 2022-21.00-16.31
Q1 2022-9.85-5.32
Q4 2021-1.227.06
Q3 2021-1.87-0.19
Quarterly Returns (%)

* Average annual total returns.
Returns for periods less than one year are not annualized.

2. The Fund’s Adviser has contractually agreed to waive certain fees and/or reimburse certain ordinary operating expenses in order to limit Investor share expenses to 1.40% through November 30, 2022. There can be no assurance the Adviser will extend the expense limitations beyond such time. While in effect, the arrangement may be terminated for a class only by agreement of the Adviser and the Fund’s Board of Trustees.

Gross/Net Annual Expense Ratio: 2.12%/1.40% 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 Investor Shares Performance 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 Sustainable Solutions Fund is not a bank deposit and is not insured. You may lose money. An investment in the Fund is subject to certain risks including the loss of principal, sustainable investing, portfolio management, information, market, recent events, mid- to large-cap companies and small-cap companies 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. See the prospectus for more information on risk.

The Adviser’s evaluation of environmental and social factors in its investment selections and the timing of the Subadviser’s implementation of the Adviser’s investment selections will affect the Fund’s exposure to certain issuers, industries, sectors, regions, and countries and may impact the relative financial performance of the Fund depending on whether such investments are in or out of favor. The value of your investment may decrease if the Adviser’s or Subadviser’s judgement about Fund investments does not produce the desired results. There is a risk that information used by the Adviser to evaluate environmental and social factors, may not be readily available or complete, which could negatively impact the Adviser’s ability to evaluate such factors and Fund performance.

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 Sustainable Solutions Fund Investor shares are no-load, certain fees and expenses apply to a continued investment and are described in the prospectus.

The MSCI World Investable Market Index (net) (MSCI World IMI) is a market-capitalization weighted index representing the performance of large-mid- and small-capitalization companies in developed markets. The MSCI IMI includes the reinvestment of dividends net of withholding tax, but does not reflect other fees, expenses or taxes. Investors cannot invest directly in the MSCI World IMI.

Holdings

Security NameWeight (%)
Enphase Energy Inc6.31
Palo Alto Networks Inc5.45
Muenchener Rueckver AG Reg4.98
Tesla Inc4.51
Autodesk Inc4.26
Federal Agric Mtg Corp Class C4.20
ASML Holding NV NY Reg Shs3.66
Dexcom Inc3.25
Sunopta Inc3.13
Kurita Water Industries Ltd3.08
Total43
Top Ten Portfolio Holdings as of 10/31/2022
SectorWeight (%)
Information Technology27.7
Financials19.2
Health Care16.4
Industrials12.7
Consumer Discretionary10.1
Real Estate6.2
Consumer Staples3.5
Communication Services2.9
Utilities1.3
Total100
GICS Sector Weightings as of 09/30/2022
PerformanceWeight (%)
United States61.4
Netherlands11.7
Germany6.2
Japan5.3
France2.9
Singapore2.8
Canada2.7
Australia2.6
Norway2.0
United Kingdom1.6
Other0.8
Total100
Country Weightings as of 09/30/2022

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*

CharacteristicFundMSCI World
Number of Holdings396,038
Annual Turnover (as of July 31, 2022)**51%
Weighted-Average Market Cap ($M)72,430294,550
Median Market Cap ($M)8,6411,833
Price/Book Ratio2.9x2.3x
Price/Earnings Ratio (Trailing 12 Months)21.6x15.6x
Return on Equity (Trailing 12 Months)12.5%14.5%
Tracking Error (1-Year Projected)8.9%
Beta (1-Year Projected)1.24
Fund as of 9/30/2022

* Source: Bloomberg Portfolio Risk & Analytics, except as noted by **.
All characteristics are as of September 30, 2022, unless otherwise noted.

Fund Distributions

Dividends
Distributed semi-annually

Capital Gains
Distributed annually

Investor Profile

Who should invest?

  • Investors seeking long-term growth of capital

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.