Domini Institutional Trust N-CSR Certified annual shareholder report (management investment company)

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 811-07599

DOMINI INSTITUTIONAL TRUST
(Exact Name of Registrant as Specified in Charter)

536 Broadway, 7^th Floor, New York, New York 10012
(Address of Principal Executive Offices)

Amy L. Domini
Domini Social Investments LLC
536 Broadway, 7^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: July 31, 2003

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.

Domini Institutional Social Equity Fund^SM

Annual Report
July 31, 2003

The Way You Invest Matters^®

Table of Contents

Letter from the President				1
Domini News				4
Performance Commentary				6
Social Profiles				9
Domini Social Index Portfolio
Portfolio of Investments				17
Statement of Assets and Liabilities				23
Statement of Operations				24
Statements of Changes in Net Assets				25
Financial Highlights				26
Notes to Financial Statements				27
Independent Auditors' Report				29
Domini Institutional Social Equity Fund
Statement of Assets and Liabilities				30
Statement of Operations				31
Statements of Changes in Net Assets				32
Financial Highlights				33
Notes to Financial Statements				34
Independent Auditors' Report				37
Trustees and Officers				38
For More Information				Back cover

Letter from the President

Dear Shareholders:

The writing of this letter affords me the opportunity to review with you the many challenges we investors have struggled with these past few years and to make the case that the future is likely to bring a more favorable environment.

The twelve months ending July 31, 2003, started with an awful slide in equity markets and ended with a very nice spring upward. After the worst bear market in almost seventy years, broad market averages rose enough to provide equity shareholders with a robust gain for the year. Bond investors did not do as well, but still finished in positive territory.

The recovery's start coincided with the end of active combat in Iraq. This is no coincidence. The fall of Baghdad brought the removal of one of several terrible uncertainties that investors had grappled with for almost three years. The single largest problem for investors is uncertainty, and throughout the market slide there has been plenty of that.

When you think of all that overwhelmed us, it is easy to see why the nation's population stood frozen, like deer in the headlights, unable to move.

We were, for several long weeks, uncertain who won our presidential election. The world watched and waited. Finally a decision was made, though many had trouble accepting it. However, with the terrorist attacks of September 11, 2001, those thoughts were set aside. We were shocked to find that terrorists could wreak devastation on our shores, and uncertain whether more attacks might soon follow. But as the months passed, it began to appear that the terrorists might lack either the will or the means for frequent and sustained attacks on our soil.

Then there were the corporate scandals. We felt concern that no one in Washington cared that the ordinary working people were losing their life savings while company CEOs lied and pocketed millions, even billions. In the face of this crisis of confidence, Congress passed the Sarbanes-Oxley Act, launching a new set of regulations designed to protect workers, creditors, investors, and taxpayers from misconduct on the part of corporate leaders. This action reassured working men and women that our legislators were not going to idly stand by as company management after company management admitted to lying to the public.

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Letter from the President

We were uncertain whether we would go to war with Afghanistan, and whether war was the right course of action. The war was fought. That nation fell. We don't know if what we did in any way deterred future terrorism, but the uncertainty was removed. Immediately we plunged into uncertainty over possible war with Iraq. Of all the uncertainties, this was the gravest. If there were weapons of mass destruction, might not the Iraqis use them against us or our allies? What sort of holocaust might we be launching? And was international support there at all? Pundits warned that the war was intended only to get oil or to firm the sagging dollar. Again, the war was fought. That nation fell. A global holocaust did not ensue. Uncertainty was removed.

Finally, we were fearful that the economy of the United States was slumping beyond any slump we'd seen in this generation. But recent statistics affirm that we are not in a recession, that we are firmly set on a slow recovery path. Our economic health is not robust, but it is far more hopeful than it was a few short months ago.

After this litany of reasons to feel cautious and the removal of each, it is easy to see that the mood of the nation would brighten. When investors began to turn their attention to investment basics, they found that the basics were pretty good. Interest rates are still relatively low, inflation is moderate, and company earnings are better than expected. When we had a chance to lift our heads out of the sand and look around, we found a renewed interest in investments.

Early settlers complained that every healing ointment attracted a fly. We have ours. Despite positive developments, the economic recovery has not brought more jobs. I expect that each person reading this knows someone who has suffered through a prolonged and involuntary period of unemployment. Unfortunately the economy can do just fine while leaving very significant portions of the population behind. There is a need for political will to provide each citizen with the opportunity to lead a dignified and fulfilling life.

The root of social investing lies in the recognition that the purpose of civilization is to bring universal human dignity to reality. What nobler destiny might we strive towards than a clean and healthy planet on which each of us thrives? This is why we research each company's policies before we invest. We want CEOs to know

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Letter from the President

that the company owners care. It is why we at Domini created the community development money market and bond products we offer; we want to invent new ways investors can help those who need an assist.

Thank you for your ongoing commitment to socially responsible investing and for the good work each of you is doing in your own life to build a better tomorrow.

Very truly yours,

Amy Domini
amy@domini.com

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Domini News

Breakthrough on Fair Trade Coffee

According to Oxfam International, an organization whose mission is to find lasting solutions to poverty, suffering, and injustice, nearly 25 million coffee farmers in Latin America, Asia, and Africa have seen prices for their crop fall by 70% over the last five years. The economic impact of these catastrophically low prices has been wide-ranging, with thousands of coffee-growing families living in poverty, and many facing starvation.

We are pleased to report that Procter & Gamble (P&G) recently announced that it would launch a line of Fair Trade Certified coffee under its Millstone label. P&G is responsible for 4% to 5% of global coffee purchasing. The company's action is a dramatic and gratifying example of what can be accomplished by investors like you.

Beginning in December 2002, Domini and the Center for Reflection, Education and Action (CREA), a faith-based research and action center, led a coalition of investors in a dialogue with P&G about the company's response to the coffee crisis, and the feasibility of purchasing Fair Trade coffee. The Fair Trade certification system guarantees coffee farmers a minimum price of $1.26 per pound, which is currently higher than they would otherwise receive on the open market.

In April 2003 the shareholder coalition, which holds more than 500,000 shares of P&G, filed a shareholder resolution requesting a report from P&G on the issue. This was the first resolution ever filed to address the coffee crisis. After several months of meetings and negotiations, P&G presented its plan to launch and market a line of Fair Trade Certified coffee.

We commend P&G for the important leadership example they are setting, and hope that this small but important commitment to Fair Trade will grow into an important new line of products for the company. We also congratulate the nongovernmental organizations that have worked so diligently to raise public awareness of the coffee crisis, and to help convince P&G of the need for decisive action: Co-op America, Global Exchange, the Interfaith Fair Trade Initiative, and Oxfam International. Visit www.domini.com to read our press release, and learn more about Fair Trade Certified coffee.

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Domini News

Ensuring Access to Accurate Reporting:
The Nike v. Kasky Case

Socially responsible investors depend upon an accurate flow of data on corporate social and environmental performance. All investors depend on government regulators to ensure that information from corporations is provided on a timely and accurate basis. We believe that if any of this information is deemed to be "political speech," it will severely undercut these regulatory efforts.

For this reason, Domini Social Investments filed an amicus brief with the U.S. Supreme Court, supporting San Francisco activist Marc Kasky in his effort to hold Nike accountable for its statements concerning labor conditions in the overseas factories that manufacture its products.

Kasky argued that Nike's statements should be considered "commercial speech" akin to advertising, and therefore subject to California's consumer protection statutes, while Nike maintained that it was "noncommercial" or "political speech" because they touch on matters of public concern, and therefore benefit from stricter protection under the First Amendment. The California Supreme Court ruled in Kasky's favor. On June 26, 2003, the U.S. Supreme Court decided, on technical grounds, not to decide the case, allowing the California decision to stand. Visit www.domini.com to learn more about this important case.

Proxy Voting Information

Please visit www.domini.com/shareholder-advocacy/Proxy-Voting/index.htm to obtain, free of charge:

• Domini's Proxy Voting Guidelines and Procedures

• All proxy votes cast for the Domini Funds this year, in an easily sortable database (we attempt to post our votes two weeks prior to each annual meeting, although this is not always possible).

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Domini Institutional Social Equity Fund

Performance Commentary

For the year ended July 31, 2003, the Domini Institutional Social Equity Fund returned 12.05%, while the Standard & Poor's 500 Index (S&P 500) returned 10.64%.

The first half of the year ending July 31, 2003, was characterized by conflicting economic signals, geopolitical uncertainty, and several short-lived market upswings. While equities staged an impressive rally in October and November of 2002, disappointing U.S. holiday sales and the threat of military action against Iraq and North Korea proved too much for the markets to bear, sending the S&P 500 down almost 6% in December.

Investors' hopes were dashed a second time after a strong January rally petered out by month-end, resulting in a disappointing loss of 2.6% for the month in the S&P 500. The pain continued through March, and equities ended the first quarter of 2003 in solidly negative territory, down 3.2%. Fortunately, the most recent surge in equities, which began in April and continued through July, appears to have some staying power, reflecting the view that the economy is finally on the path to recovery.

During the year ended July 31, the Fund outperformed the S&P 500. The relative performance of the Fund was helped in part by its overweight to the S&P 500 in the information technology and telecommunications services sectors, and its underweight to the industrials and energy sectors relative to the S&P 500. The exclusion of General Electric, Exxon Mobil, Altria Group, and Tenet Healthcare from the Fund contributed positively to performance. The Fund's overweight to Cisco Systems, Intel, and Amgen relative to the S&P 500 also helped the portfolio.

The relative performance of the Fund to the S&P 500 was hurt in part by its underweight to the S&P 500 in the healthcare sector and its overweight to the S&P 500 in the consumer staples sector. The Fund's relative performance to the S&P 500 was also hurt by its exclusion of Citigroup and Wal-Mart and its overweight to Coca-Cola and SBC Communications.

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Domini Institutional Social Equity Fund - Performance Commentary

The Domini Institutional Social Equity Fund invests in the Domini Social Index Portfolio. The following is a list of the ten largest holdings of the Domini Social Index Portfolio as of July 31, 2003:

		Company				% of Portfolio				Company				% of Portfolio
		Microsoft Corporation				5.65%				Merck & Co., Inc.				2.48%
		American International Group, Inc.				3.35%				Bank of America Corporation				2.47%
		Intel Corporation				3.26%				Procter & Gamble Company				2.27%
		Johnson & Johnson				3.08%				Coca-Cola Company				2.22%
		Cisco Systems, Inc.				2.74%				Verizon Communications				1.90%

Past performance is no guarantee of future results. Total return for the Domini Institutional Social Equity Fund is based on the Fund's net asset values and assumes all dividends and capital gains were reinvested. Economic and market conditions change, and both will cause investment return, principal value, and yield to fluctuate. You may lose money. The Standard & Poor's 500 Index (S&P 500) is an unmanaged index of common stocks. Investors cannot invest directly in the S&P 500. Certain fees payable by the Fund were waived during the period, and the Fund's total return would have been lower had these not been waived. This material must be preceded or accompanied by the Fund's current prospectus. DSIL Investment Services LLC, Distributor. 09/03

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Domini Institutional Social Equity Fund - Performance Commentary

Average Annual Total Return¹

						As of 6-30-03																As of 7-31-03
						1 Year				5 Year				10 Year				Since Inception2				1 Year				5 Year				10 Year				Since Inception2
		Domini Institutional Social Equity Fund (DISEF)				0.83%				–1.56%				10.12%				10.22%				12.05%				–0.92%				10.43%				10.39%
		S&P 500				0.25%				–1.61%				10.04%				10.11%				10.64%				–1.06%				10.28%				10.19%

Comparison of $10,000 Investment in the
Domini Institutional Social Equity Fund and S&P 500¹

¹ Past performance is no guarantee of future results. The table and the graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return for the Domini Institutional Social Equity Fund is based on the Fund's net asset values and assumes all dividends and capital gains were reinvested. Economic and market conditions change, and both will cause investment return, principal value, and yield to fluctuate. You may lose money. The Standard & Poor's 500 Index (S&P 500) is an unmanaged index of common stocks. Investors cannot invest directly in the S&P 500. The table and the graph comprise actual mutual fund performance after all expenses. Certain fees payable by the Fund were waived during the period, and the Fund's average annual total returns would have been lower had these not been waived.

² The Domini Institutional Social Equity Fund, which commenced operations on May 30, 1996, invests all of its assets in the Domini Social Index Portfolio (DSIP), which has the same investment objectives as the Fund. Performance prior to the Fund's commencement of operations is the performance of the DSIP adjusted for expenses of the Fund.

This material must be preceded or accompanied by the Fund's current prospectus. DSIL Investment Services LLC, Distributor. 09/03

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Domini Institutional Social Equity Fund

Social Profiles

There were 19 additions and deletions to the Domini 400 Social Index^SM over the past 12 months. The Domini Institutional Social Equity Fund seeks to replicate the Index. Companies are generally removed from the Index due to mergers and acquisitions, and occasionally for social or environmental reasons. New companies are selected based on a broad range of social and environmental criteria, as well as a number of other factors such as market capitalization and industry representation, in order to maintain an index and a portfolio that are representative of the domestic market available to the average socially responsible investor.

Below we present short profiles of some of the companies in a variety of industries that have been added to our portfolio in the past year. We hope that these short profiles give you a better idea of the types of companies the Fund is investing in and the types of qualities that our social and environmental screens help to identify.

Special thanks to our social research providers at KLD Research & Analytics, Inc. (KLD), the firm that created and maintains the Index, for allowing us to reproduce portions of their research. Visit our website at www.domini.com to learn more about how the Index was created and is maintained.

CDW

CDW is a direct marketer of computer products.

		Ticker: CDWC				Website: www.cdw.com
		Market Capitalization: $4.0 Billion				Percentage of DSIP*: 0.08%
		*Domini Social Index Portfolio

CDW is notable for its generous employee benefits. In February 2003, CDW was included on Fortune magazine's list "The 100 Best Companies to Work for in America." Work/life programs offered by CDW include a subsidized on-site cafeteria, free meals for second shift employees, free breakfasts on certain days of the week, a complimentary all-day beverage service, on-site dry cleaning, free turkeys or pies for Thanksgiving and Christmas, and a paid day off for community service. Employees who have worked at CDW at least three years are awarded all-expense paid vacations anywhere in the U.S. if company sales goals are met.

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Domini Institutional Social Equity Fund - Social Profiles

CDW also offers a wide range of family benefits. These include paid maternity leave based on the number of years at the company (ranging from one week after one year to 13 weeks after ten years), an employee assistance program, adoption assistance, pretax set-asides for dependent care, and private rooms for nursing mothers. In October 1999, the company opened its first on-site childcare and employee fitness center, named CDW@Play, at its headquarters in Vernon Hills, Illinois.

In September 2000, CDW was awarded the 2000 Better Business Bureau National Torch Award for Marketplace Ethics in the large company category. The award, which is judged by an independent panel of business and ethics experts, recognizes companies for adhering to honest sales and business practices, upholding fair competition in the marketplace, pursuing customer satisfaction, and achieving top quality in product or service.

D.R. Horton

D.R. Horton builds and markets single-family homes for first-time and move-up buyers in metropolitan markets and offers financial services.

		Ticker: DHI				Website:www.drhorton.com
		Market Capitalization: $4.1 Billion				Percentage of DSIP: 0.08%

In April 2002, Pesticide & Toxic Chemical News reported that D. R. Horton was one of six of the ten largest homebuilders in America to use Bora-Care, a borate-based wood treatment used for termite control, as a substitute for Dursban. Dursban is considered to be highly toxic and is believed to damage the nervous systems of children. The Environmental Protection Agency (EPA) had planned to phase out its use to kill termites by 2004.

Some divisions of D.R. Horton are members of the EarthCraft House program, which recognizes houses that incorporate energy and resource efficiency both during and after construction. To become a member, a company must be a member of the Home Builders Association and receive EarthCraft House training.

D.R. Horton's Houston, Texas–based Emerald Homes subsidiary was honored at the 2002 National Green Building Conference for its "production of affordable homes that apply the principles of resource-efficient design, construction, and home operation." Environmentally friendly and cost-saving features included low-flow plumbing fixtures and xeriscaping to reduce water use; composite,

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Domini Institutional Social Equity Fund - Social Profiles

recycled, and/or low-maintenance building materials; and energy-efficient designs. Emerald Homes also received the Green Marketing award for its efforts to communicate green building techniques and "ability to influence the market."

eBay

eBay markets and operates Internet-based auction services. The company also offers offline auction services.

		Ticker: EBAY				Website: www.ebay.com
		Market Capitalization: $34.0 Billion				Percentage of DSIP: 0.68%

eBay has been recognized as a leader in creating online, person-to-person auctions. In August 2000, the New York Times recognized the company as the "first efficient global marketplace."  The same year, the company was awarded a Computerworld Smithsonian Award for "creating a new global marketplace and trading community." As part of the award, the Smithsonian National Museum of American History added a case study on eBay's innovations to its permanent research collection.

Although eBay subcontracts for its janitorial services, in May 2003 the company offered to pay 95% of its janitors' out-of-pocket healthcare insurance costs. Janitors in Silicon Valley, whose union said they earned an average of $20,800 a year, were planning to strike to protest a proposed increase in these expenses that would require contributing 10% of their pay. eBay's offer would cost the company approximately $30,000 a year.

Estée Lauder Companies

Estée Lauder manufactures and markets skin care, makeup, fragrance, and hair care products under the Estée Lauder, Clinique, Aramis, Prescriptives, Origins, M.A.C., and Aveda brand names.

		Ticker: EL				Website: www.elcompanies.com
		Market Capitalization: $4.6 Billion				Percentage of DSIP: 0.09%

Estée Lauder is notable for its efforts in the fight against breast cancer and its support for gay and lesbian employees. Its Aveda subsidiary is notable for its strong environmental performance.

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Domini Institutional Social Equity Fund - Social Profiles

Pink ribbons are distributed at Estée Lauder counters worldwide during October, which is National Breast Cancer Awareness Month. Proceeds raised during the campaign benefit The Breast Cancer Research Foundation in the U.S. and other local charities located in the 40 countries that participate in the International Breast Cancer Awareness initiative. In 2001 the company's Breast Cancer Research Foundation awarded $8.5 million to 50 researchers nationwide. Since its inception, the foundation has raised $31 million, with more than $4.4 million contributed by the Estée Lauder Companies alone.

Estée Lauder has a written policy prohibiting discrimination on the basis of sexual orientation and offers healthcare benefits to domestic partners of its gay and lesbian employees. The company also offers company-supported affinity groups and diversity training that includes communication about sexual orientation.

Estée Lauder reports that it encourages pollution prevention, resource conservation, waste minimization, reuse, and recycling practices. The company's Aveda subsidiary, which it acquired in 1997, has endorsed the CERES Principles, and is remarkable for its environmental performance. Endorsers of the Coalition for Environmentally Responsible Economies (CERES) commit to a ten-point code of environmental conduct and to producing an annual public environmental report according to a format that is considered the high-water mark for such reports. The founder of Aveda, Horst Rechelbacher, is one of the three founders of Business for Social Responsibility.

Since 1997 Aveda, in partnership with the nonprofit Conservation International (CI), has worked with local communities in the Madre de Dios region of Peru to develop sustainable businesses that encourage the conservation of their natural resources. Aveda sources morikue, a protein derived from Brazil nuts, from local workers who gather the nuts. The protein is used in hair care products, and is considered to nourish dry, damaged, and chemically treated hair. The stands of Brazil nut trees, up to 150 feet high, serve as a buffer zone between conservation areas to the south and logging areas to the north. Without income from nut gathering, local people would be under pressure to take logging jobs that result in deforestation.

Aveda also partners with women's collectives in the Amazon rainforest of Brazil to purchase oil from the nut of the babassu palm, which is used as a cleansing ingredient in shampoos. Members of the collectives, who call themselves "nut breakers," depend on income from selling the nuts after years of resisting cattle

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Domini Institutional Social Equity Fund - Social Profiles

ranchers and logging interests who tried to force them off the land. Aveda has financed the construction of a babassu processing facility, a soap-making facility, a paper press for processing babassu fibers, and training in processing and management.

Gaiam

Gaiam markets and distributes environmentally friendly products including organic clothing, energy-conserving home products, and healthy lifestyle materials for personal development and holistic living.

		Ticker: GAIA				Website: www.gaiam.com
		Market Capitalization: $46 Million				Percentage of DSIP: 0.01%

Gaiam's name combines the word Gaia, used to describe the earth as a living entity, with "I am."  The company promotes sustainable living by selling energy-efficient lighting and home appliances, solar power accessories, nontoxic household cleaners, rechargeable batteries, water savers and composters, as well as products made from recycled materials. Its apparel, bath, and bedding products are made from organic cotton.

Gaiam's Real Goods division works with commercial and ecotourism resorts, architects, builders, and green businesses to design, install, and maintain renewable energy systems. Real Goods' renewable energy division has converted over 50,000 homes to solar and wind power since 1978.

Gaiam supports the Yoga For Life program, which develops curriculum guidelines to train physical education teachers to teach yoga in public schools, and the Solar Living Institute, which promotes renewable energy and sustainable technologies.

JetBlue Airways

JetBlue Airways markets reduced-fare passenger airline services to typically underserved areas in New York State and the western United States.

		Ticker: JBLU				Website: www.jetblue.com
		Market Capitalization: $2.9 Billion				Percentage of DSIP: 0.06%

"Imagine how you would create an airline if you were building it from scratch," says JetBlue. "No ridiculous promises of 'self-actualization' onboard, no exorbitant airfares, no cattle-train mentality, no hassles. In their place, add simplicity, friendly people, technology, design, and entertainment."

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Domini Institutional Social Equity Fund - Social Profiles

JetBlue ranks second only to Southwest in having the least number of complaints to the Department of Transportation (0.43 per 100,000 passengers). JetBlue's strategy is to offer services usually associated with higher-priced travel — such as leather seats, individual satellite TV, and seat assignments — while keeping its prices low. It is company policy not to overbook seats. JetBlue's customer satisfaction surveys have shown that 98% of its passengers would recommend the company to other travelers.

CEO David Neeleman has frequently expressed his commitment to the well-being of his employees. He has personally performed every job in JetBlue's business, including baggage handling, in order to understand the demands made on the employees. Although JetBlue has no employees represented by labor unions, the contracts it negotiates with its FAA licensed employees (pilots, dispatchers, and technicians) provide substantial security. For example, in a downturn of the aviation economy, the company is committed to paying a minimum level of salary and benefits if an employee cannot find other aviation employment. Notably, the company did not lay off any employees following the substantial decrease in air travel after the September 2001 terrorist attacks. As of April 2003, three members of JetBlue Airways' 11-member board of directors were current or former employees of the company.

In October 2002, JetBlue was the first airline to contract with a manufacturer of an environmentally friendly disinfecting product to clean its planes. The product does not pose the health risks that standard disinfectants pose to passengers and crew but is effective in killing tuberculosis and influenza germs.

Thermo Electron

Thermo Electron develops and manufactures measurement and detection instruments for use in a variety of industries.

		Ticker: TMO				Website:www.thermoelectron.com
		Market Capitalization: $3.6 Billion				Percentage of DSIP: 0.07%

Thermo Electron is notable for its encouragement of innovation, and for the positive environmental impact of products and services offered by several of its divisions. Researchers may receive cash bonuses and percentage of the revenue from the marketing of new products that they develop.

Thermo Power Corporation (formerly Tecogen) offers a family of low-emission engines powered by natural gas for buses and delivery trucks. In 1996 the

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Domini Institutional Social Equity Fund - Social Profiles

company received a $3.3 million order to supply UPS with 276 of these engines for its urban delivery vehicles. Thermo Power also manufactures CFC-free refrigeration systems and irrigation pumps and innovative propane-fueled lighting products.

The company's Thermo Remediation subsidiary specializes in recycling oil and industrial wastewater and cleaning up oil-contaminated soil through a technology that heats the soil to high temperatures. The company is also involved in the restoration of Department of Energy sites that were contaminated over 50 years of nuclear weapons development. In February 1998, Thermo Remediation was awarded a two-year contract to support the radiological cleanup of Johnston atoll in the North Pacific Ocean, the site of atomic testing during and after World War II.

Thermo Instrument Systems manufactures many analytical instruments that are used in air-pollution monitoring and environmental remediation, and Thermo Fibergen converts sludge from the paper-making process into dust-free organic kitty litter that — unlike traditional clay litter — can be flushed down the toilet.

Unlike other mutual funds, the Domini Institutional Social Equity Fund seeks to achieve its investment objective by investing all of its investable assets in a separate portfolio with an identical investment objective called the Domini Social Index Portfolio (DSIP). The companies discussed above can be found in the DSIP's Portfolio of Investments at July 31, 2003, included herein. The composition of the DSIP is subject to change.

The preceding profiles should not be deemed an offer to sell or a solicitation of an offer to buy the stock 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 the Fund's current prospectus. DSIL Investment Services LLC, Distributor.

Domini 400 Social Index^SM is a service mark of KLD Research & Analytics, Inc. (KLD), which is used under license. KLD is the owner of the Domini 400 Social Index. KLD determines the composition of the Index but is not the manager of the Domini Social Index Portfolio, the Domini Social Equity Fund, or the Domini Institutional Social Equity Fund. Certain portions of these social profiles are copyright © 2003 by KLD and are reprinted here by permission. 09/03

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Domini Social Index Portfolio
Portfolio of Investments

July 31, 2003

Issuer				Shares				Value
Consumer Discretionary — 13.6%
American Greetings Corporation (a)					15,700			$	279,617
AOL Time Warner, Inc. (a)					1,124,900				17,357,207
AutoZone, Inc. (a)					23,531				1,959,191
Bandag, Inc.					2,400				84,504
Bassett Furniture Industries					3,000				41,220
Black & Decker Corp.					20,700				845,802
Bob Evans Farms, Inc.					9,300				262,260
CDW Corporation					21,700				1,038,996
Centex Corporation					16,200				1,175,634
Champion Enterprises, Inc. (a)					12,800				83,072
Charming Shoppes, Inc. (a)					29,400				154,350
Circuit City Stores, Inc.					54,100				496,638
Claire's Stores, Inc.					11,900				324,870
Comcast Corporation (a)					356,658				10,813,871
Cooper Tire and Rubber Company					18,800				319,600
Costco Wholesale Corporation (a)					120,130				4,450,817
Cross (A.T.) Company (a)					3,800				19,874
Dana Corporation					38,400				591,360
Darden Restaurants, Inc.					44,200				826,982
Delphi Automotive Systems Corporation					146,800				1,233,120
Dillard's, Inc.					20,700				311,949
Disney (Walt) Company					537,300				11,777,616
Dollar General Corporation					87,651				1,612,778
Dow Jones & Company					16,000				677,280
eBay Inc. (a)					83,493				8,950,450
Emmis Communications Corporation (a)					12,200				244,122
Family Dollar Stores Inc.					45,000				1,687,950
Fleetwood Enterprises, Inc. (a)					9,300				83,514
Foot Locker, Inc.					36,300				543,048
Gaiam, Inc. (a)					2,200				11,044
Gap, Inc. (The)					232,287				4,178,843
Harley-Davidson, Inc.					79,400				3,722,272
Harman International Industries, Inc.					8,360				698,896
Hartmarx Corporation (a)					8,500				27,030
Home Depot, Inc. (The)					604,206				18,851,227
Horton (D.R.), Inc.					38,200				1,075,330
Ikon Office Solutions					38,800				278,584
Johnson Controls, Inc.					23,400				2,260,674
KB Home					12,400				701,964
Lee Enterprises, Inc.					8,800				326,744
Leggett & Platt, Incorporated					51,200				1,133,568
Limited Brands					137,000				2,289,270
Liz Claiborne, Inc.					28,100				967,483
Lowe's Companies, Inc.					204,900				9,745,044
Luby's, Inc. (a)					5,800				15,022
Mattel, Inc.					114,385				2,222,501
May Department Stores Company					75,800				1,873,018
Maytag Corporation					20,100				511,545
McDonald's Corporation					331,600				7,630,116
McGraw-Hill Companies					49,600				3,014,688
Media General, Inc.					5,800				334,544
Men's Wearhouse, Inc. (a)					10,600				268,286
Meredith Corporation					10,200				463,896
Modine Manufacturing Company					8,700				184,788
New York Times Company					39,600				1,766,160
Newell Rubbermaid, Inc.					71,478				1,689,025
Nordstrom, Inc.					34,800				734,628
Omnicom Group, Inc.					49,400				3,649,672
Oneida Ltd.					4,300				26,273
Oshkosh B'Gosh, Inc.					2,700				69,120
Penney (J.C.) Company, Inc.					70,400				1,308,032
Pep Boys — Manny, Moe & Jack					14,000				217,140
Phillips-Van Heusen Corporation					7,200				103,536
Pixar (a)					13,500				915,300
Pulte Homes, Inc.					15,800				965,696
Radio One, Inc. (a)					5,800				97,562
RadioShack Corporation					44,300				1,177,051
Reebok International Ltd.					15,800				519,820
Ruby  Tuesday, Inc.					16,700				380,092
Russell Corporation					8,300				165,253

-17-

Domini Social Index Portfolio / Portfolio of Investments (Continued)
July 31, 2003

Issuer				Shares				Value
Consumer Discretionary (Continued)
Scholastic Corporation (a)					9,700			$	282,949
Sears, Roebuck and Co.					79,800				3,247,860
Snap-On Incorporated					15,050				426,216
SPX Corporation (a)					20,830				980,885
Stanley Works					23,200				657,256
Staples, Inc. (a)					128,023				2,578,383
Starbucks Corporation (a)					101,900				2,784,927
Stride Rite Corporation					10,800				108,216
Target Corporation					239,000				9,158,480
Timberland Company (The) (a)					7,500				336,150
TJX Companies, Inc.					133,600				2,598,520
Toys 'R' Us, Inc. (a)					55,820				622,393
Tribune Company					81,256				3,836,908
Tupperware Corporation					15,000				232,650
Univision Communications, Inc. (a)					42,000				1,310,400
Valassis Communications Inc. (a)					13,600				385,016
VF Corporation					28,600				1,090,518
Visteon Corporation					34,000				215,220
Washington Post Company					2,000				1,352,000
Wendy's International, Inc.					29,800				875,822
Whirlpool Corporation					17,600				1,140,127
									179,039,325
Consumer Staples — 11.9%
Alberto-Culver Company					8,400				467,292
Albertson's, Inc.					95,200				1,795,472
Avon Products, Inc.					61,800				3,855,702
Campbell Soup Company					107,700				2,600,955
Church & Dwight Co., Inc.					10,300				333,720
Clorox Company					57,500				2,494,925
Coca-Cola Company					645,900				29,046,123
Colgate-Palmolive Company					141,800				7,742,280
CVS Corporation					103,200				3,094,968
Estée Lauder Companies, Inc. (The)					32,300				1,205,759
General Mills Incorporated					96,600				4,431,042
Gillette Company					268,538				8,260,229
Green Mountain Coffee, Inc. (a)					1,800				35,388
Hain Celestial Group, Inc. (The) (a)					8,700				142,680
Heinz (H.J.) Company					92,900				3,164,174
Hershey Foods Corporation					26,600				1,936,746
Horizon Organic Holding Corporation (a)					2,600				61,776
Kellogg Company					107,300				3,683,609
Kimberly-Clark Corporation					133,064				6,440,298
Kroger Company (a)					199,900				3,388,305
Longs Drug Stores Corporation					9,900				193,347
Nature's Sunshine Products, Inc.					4,200				33,600
PepsiAmericas, Inc.					39,000				523,380
PepsiCo, Inc.					450,370				20,748,546
Procter & Gamble Company					339,000				29,787,930
Safeway Inc. (a)					115,900				2,474,465
Smucker (J.M.) Company					12,905				516,716
SUPERVALU, Inc.					34,400				810,120
Sysco Corporation					170,300				5,131,139
Tootsie Roll Industries, Inc.					9,368				284,881
United Natural Foods, Inc. (a)					5,000				152,850
Walgreen Company					269,800				8,072,416
Whole Foods Market, Inc. (a)					15,400				785,030
Wild Oats Markets, Inc. (a)					6,550				69,234
Wrigley (Wm.) Jr. Company					48,100				2,611,348
									156,376,445
Energy — 1.0%
Anadarko Petroleum Corporation					65,285				2,859,483
Apache Corporation					42,012				2,603,064
Cooper Cameron Corp. (a)					14,100				674,121
Devon Energy Corporation					60,172				2,850,348
EOG Resources, Inc.					29,800				1,155,644
Equitable Resources, Inc.					16,100				621,943
Helmerich & Payne, Inc.					13,000				347,750
Noble Energy, Inc.					14,700				536,550
Rowan Companies, Inc. (a)					24,200				531,190
Sunoco, Inc.					19,800				732,599
									12,912,692
Financials — 25.4%
AFLAC, Inc.					135,600				4,350,048
Allied Capital Corporation					28,700				675,885

-18-

Domini Social Index Portfolio / Portfolio of Investments (Continued)
July 31, 2003

Issuer				Shares				Value
Financials (Continued)
American Express Company					343,400			$	15,167,978
American International Group, Inc.					684,176				43,924,099
AmSouth Bancorporation					93,400				2,023,978
Aon Corporation					81,500				1,960,075
Bank of America Corporation					392,500				32,408,725
Bank One Corporation					305,285				12,077,075
Capital One Financial Corporation					60,100				2,879,391
Cathay Bancorp, Inc.					4,700				228,185
Charter One Financial, Inc.					59,410				1,932,013
Chittenden Corporation					8,376				244,579
Chubb Corporation					45,400				2,941,920
Cincinnati Financial Corporation					42,285				1,661,801
Comerica Incorporated					45,900				2,225,232
Edwards (A.G.), Inc.					20,987				776,309
Fannie Mae					257,665				16,500,867
Fifth Third Bancorp					151,011				8,307,115
First  Tennessee National Corporation					33,000				1,415,700
FirstFed Financial Corp. (a)					4,500				170,550
Franklin Resources, Inc.					65,900				2,863,355
Freddie Mac					182,700				8,924,895
Golden West Financial					39,700				3,279,220
GreenPoint Financial Corporation					24,000				1,206,240
Hartford Financial Services Group (The)					66,600				3,475,854
Janus Capital Group Inc.					62,926				1,101,205
Jefferson-Pilot Corporation					37,725				1,659,900
KeyCorp					112,300				3,021,993
Lincoln National Corporation					46,500				1,736,310
Marsh & McLennan Companies, Inc.					141,200				7,006,344
MBIA, Inc.					38,100				1,928,622
MBNA Corporation					336,975				7,511,173
Mellon Financial Corporation					113,200				3,424,300
Merrill Lynch & Co., Inc.					243,760				13,253,231
MGIC Investment Corporation					26,400				1,465,200
Moody's Corporation					38,500				1,991,220
Morgan (J.P.) Chase & Co.					533,792				18,709,410
National City Corporation					161,300				5,314,835
Northern Trust Corporation					58,100				2,536,646
PNC Financial Services Group					74,700				3,656,565
Progressive Corporation (The)					57,200				3,771,768
Providian Financial Corporation (a)					76,000				733,400
Rouse Company					22,500				899,775
SAFECO Corporation					36,000				1,340,280
Schwab (Charles) Corporation					353,100				3,675,771
SLM Corporation					121,500				5,037,390
St. Paul Companies, Inc.					59,464				2,091,349
State Street Corporation					87,300				4,007,070
SunTrust Banks, Inc.					73,100				4,451,790
Synovus Financial Corporation					80,050				1,883,577
U.S. Bancorp					503,821				12,353,691
UnumProvident Corporation					75,300				1,022,574
Value Line, Inc.					2,600				133,770
Wachovia Corporation					353,743				15,455,032
Washington Mutual, Inc.					243,804				9,625,382
Wells Fargo & Company					439,106				22,188,026
Wesco Financial Corporation					1,900				604,199
									335,212,887
Health Care — 12.6%
Allergan, Inc.					35,305				2,841,346
Amgen, Inc. (a)					335,100				23,316,258
Bard (C.R.), Inc.					13,400				918,704
Bausch & Lomb Incorporated					14,000				591,780
Baxter International, Inc.					157,000				4,334,770
Becton Dickinson and Company					67,500				2,472,525
Biogen, Inc. (a)					39,000				1,498,380
Biomet, Inc.					68,100				2,016,441
Boston Scientific Corporation (a)					107,300				6,784,579
CIGNA Corporation					36,600				1,712,148
Forest Laboratories, Inc. (a)					94,800				4,539,024
Guidant Corporation					81,338				3,840,780
Hillenbrand Industries, Inc.					15,900				866,391
Humana, Inc. (a)					42,900				751,608
Invacare Corporation					7,700				270,270
Invitrogen Corporation (a)					13,400				694,120
Johnson & Johnson					778,670				40,327,319
King Pharmaceuticals Inc. (a)					62,500				941,250
Manor Care, Inc.					25,000				712,500

-19-

Domini Social Index Portfolio / Portfolio of Investments (Continued)
July 31, 2003

Issuer				Shares				Value
Health Care (Continued)
McKesson HBOC, Inc.					77,020			$	2,484,665
MedImmune, Inc. (a)					66,500				2,606,135
Medtronic, Inc.					319,500				16,454,250
Merck & Co., Inc.					588,100				32,510,168
Mylan Laboratories, Inc.					48,250				1,629,403
Oxford Health Plans, Inc. (a)					22,700				969,290
Quintiles Transnational Corp. (a)					30,400				418,000
St. Jude Medical, Inc. (a)					46,700				2,505,455
Stryker Corporation					52,200				3,994,344
Watson Pharmaceuticals (a)					27,700				1,106,338
Zimmer Holdings, Inc. (a)					51,300				2,452,654
									166,560,895
Industrials — 6.8%
3M Company					102,600				14,384,520
Airborne, Inc.					12,500				281,750
Alaska Air Group, Inc. (a)					6,900				168,774
American Power Conversion					50,600				881,958
AMR Corporation (a)					39,900				373,065
Angelica Corporation					2,200				41,910
Apogee Enterprises, Inc.					7,400				75,702
Ault, Inc. (a)					1,200				2,748
Automatic Data Processing, Inc.					157,974				5,857,676
Avery Dennison Corporation					28,900				1,559,444
Baldor Electric Company					8,800				182,600
Banta Corporation					6,550				221,652
Brady Corporation					5,500				189,255
Bright Horizons Family Solutions, Inc. (a)					3,200				116,800
Ceridian Corporation (a)					39,000				727,350
Cintas Corporation					44,300				1,832,248
CLARCOR, Inc.					6,450				259,484
Cooper Industries, Inc.					23,900				1,059,487
CPI Corporation					2,100				35,868
Cross Country Healthcare, Inc. (a)					8,600				128,914
Cummins, Inc.					10,700				495,731
Deere & Company					62,600				3,178,828
Delta Air Lines, Inc.					32,000				380,800
Deluxe Corporation					13,900				617,160
DeVry, Inc. (a)					18,100				462,274
Dionex Corporation (a)					5,600				228,256
Donaldson Company, Inc.					11,300				550,875
Donnelley (R.R.) & Sons Company					29,300				775,278
Ecolab, Inc.					68,200				1,685,222
Emerson Electric Company					111,000				5,960,700
Fastenal Company					19,700				748,600
FedEx Corporation					78,200				5,035,298
GATX Corporation					12,600				276,192
Genuine Parts Company					45,700				1,413,958
Graco, Inc.					12,368				450,814
Grainger (W.W.), Inc.					24,000				1,180,800
Granite Construction Incorporated					10,625				190,931
Harland (John H.) Company					7,600				200,640
Herman Miller, Inc.					19,300				426,723
HON Industries Inc.					15,200				505,552
Hubbell Incorporated					12,660				434,238
Illinois Tool Works, Inc.					80,800				5,627,720
IMCO Recycling, Inc. (a)					3,800				27,436
IMS Health, Inc.					63,313				1,224,473
Interface, Inc. (a)					11,400				60,192
Ionics, Inc. (a)					4,500				103,095
Isco, Inc.					1,500				12,300
JetBlue Airways Corporation (a)					16,800				765,408
Kansas City Southern Industries, Inc. (a)					15,700				190,755
Kelly Services, Inc.					8,475				217,469
Lawson Products, Inc.					2,500				68,900
Lincoln Electric Holdings, Inc.					11,000				249,480
Masco Corporation					124,000				3,021,880
Merix Corporation (a)					3,750				39,938
Milacron, Inc.					8,700				34,800
Molex Incorporated					25,646				716,036
New England Business Service, Inc.					3,400				99,790
Nordson Corporation					8,600				207,776
Norfolk Southern Corporation					103,200				1,984,536
Paychex, Inc.					98,800				3,213,964
Pitney Bowes, Inc.					60,800				2,316,480
Roadway Express, Inc.					5,000				238,400
Robert Half International, Inc. (a)					44,800				972,608
Ryder System, Inc.					16,100				467,866

-20-

Domini Social Index Portfolio / Portfolio of Investments (Continued)
July 31, 2003

Issuer				Shares				Value
Industrials (Continued)
Smith (A.O.) Corporation					5,200			$	173,732
Southwest Airlines Co.					203,162				3,333,888
Spartan Motors, Inc.					3,100				26,412
Standard Register Company					6,000				107,700
Steelcase, Inc.					9,900				117,315
Tennant Company					2,300				86,250
Thermo Electron Corporation (a)					41,200				916,700
Thomas & Betts Corporation (a)					15,100				230,426
Thomas Industries, Inc.					4,000				106,400
Toro Company					6,400				255,872
United Parcel Service, Inc.					135,033				8,517,882
Yellow Corporation (a)					7,500				204,449
									89,518,403
Information Technology — 20.5%
3Com Corporation (a)					95,000				463,600
Adaptec, Inc. (a)					27,400				185,498
ADC Telecommunications, Inc. (a)					206,300				449,734
Advanced Micro Devices, Inc. (a)					88,300				644,590
Advent Software, Inc. (a)					8,500				137,700
Analog Devices, Inc. (a)					96,400				3,658,380
Andrew Corporation (a)					39,800				433,422
Apple Computer, Inc. (a)					94,300				1,985,015
Applied Materials, Inc. (a)					433,700				8,457,150
Arrow Electronics, Inc. (a)					25,900				441,595
Autodesk, Inc.					29,200				436,832
BMC Software, Inc. (a)					60,800				857,280
Borland Software Corporation (a)					21,100				196,230
Cisco Systems, Inc. (a)					1,840,730				35,931,050
Compuware Corporation (a)					99,400				511,910
Dell Inc. (a)					673,300				22,676,744
Electronic Arts Inc. (a)					37,600				3,158,400
Electronic Data Systems Corporation					125,200				2,788,204
EMC Corporation (a)					571,600				6,081,824
Gerber Scientific, Inc. (a)					5,700				48,279
Hewlett-Packard Company					799,710				16,929,861
Hutchinson Technology Incorporated (a)					6,500				186,680
Imation Corporation					9,100				324,779
Intel Corporation					1,713,800				42,759,310
Lexmark International Group, Inc. (a)					33,100				2,124,027
LSI Logic Corporation (a)					97,800				910,518
Lucent  Technologies, Inc. (a)					1,065,692				1,875,618
Micron Technology, Inc. (a)					158,700				2,323,368
Microsoft Corporation (a)					2,805,500				74,065,200
Millipore Corporation (a)					12,400				551,676
National Semiconductor Corporation (a)					47,600				1,063,860
Novell, Inc. (a)					93,600				332,280
Palm, Inc. (a)					7,504				120,439
PeopleSoft, Inc. (a)					96,800				1,613,656
Plantronics Inc (a)					11,600				281,184
QRS Corporation (a)					4,100				30,545
Qualcomm, Inc.					206,800				7,746,728
Sapient Corporation (a)					32,800				117,424
Scientific-Atlanta, Inc.					39,900				1,208,571
Solectron Corporation (a)					213,800				1,092,518
Sun Microsystems, Inc. (a)					839,800				3,140,852
Symantec Corporation (a)					37,400				1,749,198
Tektronix, Inc. (a)					22,600				477,538
Tellabs, Inc. (a)					106,000				713,380
Texas Instruments, Inc.					455,700				8,599,059
Waters Corporation (a)					33,400				1,059,114
Xerox Corporation (a)					193,200				2,086,560
Xilinx, Inc. (a)					88,600				2,328,408
Yahoo! Inc. (a)					158,630				4,938,151
									270,293,939
Materials — 1.3%
Air Products & Chemicals, Inc.					60,200				2,798,096
Airgas, Inc.					18,500				359,640
Bemis Company, Inc.					13,700				612,253
Cabot Corporation					16,000				436,480
Calgon Carbon Corporation					10,100				65,145
Caraustar Industries, Inc. (a)					7,200				64,512
Crown Holdings, Inc. (a)					41,600				310,752
Engelhard Corporation					33,200				872,496
Fuller (H.B.) Company					7,300				177,098
Lubrizol Corporation					13,300				444,087
MeadWestvaco Corp.					52,612				1,273,737

-21-

Domini Social Index Portfolio / Portfolio of Investments (Continued)
July 31, 2003

Issuer				Shares				Value
Materials (Continued)
Minerals Technologies, Inc.					5,300			$	264,735
Nucor Corporation					20,150				993,798
Praxair, Inc.					42,200				2,728,652
Rock-Tenn Company					9,000				141,300
Rohm & Haas Company					58,387				2,065,148
Sealed Air Corporation (a)					21,700				1,035,741
Sigma-Aldrich Corporation					18,600				1,059,642
Sonoco Products Company					24,745				564,186
Stillwater Mining Company (a)					11,200				61,040
Trex Company, Inc. (a)					3,700				135,050
Valspar Corporation					13,100				572,732
Wellman, Inc.					8,200				79,868
Worthington Industries, Inc.					22,200				326,340
									17,442,528
Telecommunication Services — 5.5%
AT&T Corp.					207,016				4,401,160
AT&T Wireless Services, Inc. (a)					711,487				6,068,984
BellSouth Corporation					483,700				12,319,839
Citizens Communications Company (a)					72,767				862,289
SBC Communications, Inc.					870,428				20,333,198
Sprint Corp – FON Group					234,700				3,313,964
Telephone and Data Systems, Inc.					13,500				720,495
Verizon Communications					715,422				24,939,611
									72,959,540
Utilities — 0.8%
AGL Resources, Inc.					16,600				455,172
Cascade Natural Gas Corporation					2,900				56,115
Cleco Corporation					12,200				195,200
Energen Corporation					8,900				308,830
IDACORP, Inc.					9,700				263,355
KeySpan Corporation					41,000				1,383,750
Kinder Morgan, Inc.					32,000				1,712,000
MGE Energy, Inc.					4,400				137,852
National Fuel Gas Company					20,500				495,895
NICOR, Inc.					11,400				413,592
NiSource, Inc.					69,047				1,332,607
Northwest Natural Gas Company					6,500				185,055
Northwestern Corporation (a)					7,100				7,668
OGE Energy Corporation					20,200				402,384
Peoples Energy Corporation					9,200				377,108
Pepco Holdings, Inc.					44,400				769,008
Questar Corporation					21,200				677,340
Southern Union Company (a)					14,944				230,297
WGL Holdings					12,600				321,426
Williams Companies, Inc.					134,200				852,170
									10,576,824
Total Investments — 99.4%
(cost $1,415,797,322) (b)								$	1,310,893,478
Other Assets, less liabilities — 0.6%									7,449,179
Net Assets — 100.0%								$	1,318,342,657

(a) Non–income producing security.

(b) The aggregate cost for federal income tax purposes is $1,486,890,320, the aggregate gross unrealized appreciation is $165,555,807, and the aggregate gross unrealized depreciation is $341,552,649, resulting in net unrealized depreciation of $175,996,842.

Copyright in the Domini 400 Social Index^SM is owned by KLD Research & Analytics, Inc., and the Index is reproduced here by permission. No portion of the Index may be reproduced or distributed by any means or in any medium without the express written consent of the copyright owner.

See Notes to Financial Statements

-22-

Domini Social Index Portfolio

Statement of Assets and Liabilities

July 31, 2003

ASSETS:
Investments at value (Cost $1,415,797,322)				$	1,310,893,478
Cash					5,873,590
Dividends receivable					1,853,243
Total assets					1,318,620,311
LIABILITIES:
Accrued expenses (Note 2)					277,654
Total liabilities					277,654
NET ASSETS APPLICABLE TO INVESTORS' BENEFICIAL INTERESTS				$	1,318,342,657

See Notes to Financial Statements

-23-

Domini Social Index Portfolio

Statement of Operations

Year Ended July 31, 2003

INVESTMENT INCOME
Dividends								$	18,491,907
EXPENSES
Management fee (Note 2)				$	2,383,240
Custody fees (Note 3)					238,909
Professional fees					211,750
Trustees fees					44,791
Miscellaneous					12,400
Total expenses					2,891,090
Fees paid indirectly (Note 3)					(47,001	)
Expenses paid and fee waived by manager (Note 2)					(120,067	)
Net expenses									2,724,022
NET INVESTMENT INCOME									15,767,885
Net realized loss on investments
Proceeds from sales				$	142,322,292
Cost of securities sold					(261,023,402	)
Net realized loss on investments									(118,701,110	)
Net changes in unrealized depreciation of investments
Beginning of period				$	(347,525,759	)
End of period					(104,903,844	)
Net change in unrealized depreciation									242,621,915
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS								$	139,688,690

See Notes to Financial Statements

-24-

Domini Social Index Portfolio

Statements of Changes in Net Assets

				Year Ended July 31, 2003				Year Ended July 31, 2002
INCREASE/(DECREASE) IN NET ASSETS
From Operations:
Net investment income				$	15,767,885			$	15,910,596
Net realized loss on investments					(118,701,110	)			(142,946,751	)
Net change in unrealized depreciation of investments					242,621,915				(261,123,037	)
Net Increase/(Decrease) in Net Assets Resulting from Operations					139,688,690				(388,159,192	)
Transactions in Investors' Beneficial Interest:
Additions					249,027,799				309,789,675
Reductions					(309,700,811	)			(411,308,581	)
Net Decrease in Net Assets from Transactions in Investors' Beneficial Interests					(60,673,012	)			(101,518,906	)
Total Increase/(Decrease) in Net Assets					79,015,678				(489,678,098	)
NET ASSETS:
Beginning of period					1,239,326,979				1,729,005,077
End of period				$	1,318,342,657			$	1,239,326,979

See Notes to Financial Statements

-25-

Domini Social Index Portfolio

Financial Highlights

				Year Ended July 31,
				2003				2002				2001				2000				1999
Net assets (in millions)				$	1,318			$	1,239			$	1,729			$	1,974			$	1,347
Total return					11.72	%			–24.79	%			–18.98	%			7.15	%			24.04	%
Ratio of net investment income to average net assets					1.32	%(1)			1.02	%			0.78	%			0.70	%(1)			0.84	%(1)
Ratio of expenses to average net assets					0.23	%(1)(2)			0.22	%(2)			0.22	%(2)			0.24	%(1)(2)			0.24	%(1)(2)
Portfolio turnover rate					8	%			13	%			19	%			9	%			8	%

⁽¹⁾ Reflects an expense reimbursement and fee waiver by the Manager of 0.01%, 0.002%, and 0.01% for the years ended July 31, 2003, 2000, and 1999, respectively. Had the Manager not waived its fee and reimbursed expenses, the ratio of expenses to average net assets would have been 0.24%, 0.24%, and 0.25%, for the years ended July 31, 2003, 2000, and 1999, respectively.

⁽²⁾ Ratio of expenses to average net assets for the years ended July 31, 2003, 2002, 2001, 2000, and 1999, include indirectly paid expenses. Excluding indirectly paid expenses, the expense ratios would have been 0.23%, 0.22%, 0.21%, 0.21%, and 0.20%, for the years ended July 31, 2003, 2002, 2001, 2000, and 1999, respectively.

See Notes to Financial Statements

-26-

Domini Social Index Portfolio
Notes to Financial Statements

July 31, 2003

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Domini Social Index Portfolio is registered under the Investment Company Act of 1940 as a no-load, diversified, open-end management investment company that was organized as a trust under the laws of the State of New York on June 7, 1989. The Portfolio intends to correlate its investment portfolio as closely as is practicable with the Domini 400 Social Index,^SM which is a common stock index developed and maintained by KLD Research & Analytics, Inc. The Declaration of Trust permits the Trustees to issue an unlimited number of beneficial interests in the Portfolio. The Portfolio commenced operations effective on August 10, 1990, and began investment operations on June 3, 1991.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The following is a summary of the Portfolio's significant accounting policies.

(A) Valuation of Investments. The Portfolio values securities listed or traded on national securities exchanges at the last sale price or, if there have been no sales that day, at the mean of the current bid and ask price which 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. Portfolio 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 Portfolio's Board of Trustees.

(B) Dividend Income. Dividend income is recorded on the ex-dividend date.

-27-

Domini Social Index Portfolio / Notes to Financial Statements (Continued)
July 31, 2003

(C) Federal Taxes. The Portfolio will be treated as a partnership for U.S. federal income tax purposes and is therefore not subject to U.S. federal income tax. As such, each investor in the Portfolio will be taxed on its share of the Portfolio's ordinary income and capital gains. It is intended that the Portfolio will be managed in such a way that an investor will be able to satisfy the requirements of the Internal Revenue Code applicable to regulated investment companies.

(D) Other. Investment transactions are accounted for on the trade date. Gains and losses are determined on the basis of identified cost.

2. TRANSACTIONS WITH AFFILIATES

(A) Manager. Domini Social Investments LLC (Domini) is registered as an investment adviser 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 Portfolio. For its services under the Management Agreement, Domini receives from the Portfolio a fee accrued daily and paid monthly at an annual rate equal to 0.20%. For the year ended July 31, 2003, Domini waived fees totalling $120,067.

(B) Submanager. SSgA Funds Management, Inc. (SSgA) provides investment submanagement services to the Portfolio on a day-to-day basis pursuant to a Submanagement Agreement with Domini. SSgA does not determine the composition of the Domini 400 Social Index.^SM  The Index's composition is determined by KLD Research & Analytics, Inc.

3. INVESTMENT TRANSACTIONS

Cost of purchases and proceeds from sales of investments, other than U.S. government securities and short-term obligations, for the year ended July 31, 2003, aggregated $97,512,592 and $142,322,292, respectively. For the year ended July 31, 2003, custody fees of the Portfolio were reduced by $47,001, which was compensation for uninvested cash left on deposit with the custodian.

-28-

Independent Auditors' Report

The Board of Trustees and Investors
Domini Social Index Portfolio:

We have audited the accompanying statement of assets and liabilities of Domini Social Index Portfolio (the "Portfolio"), including the portfolio of investments, as of July 31, 2003, and the related statement of operations for the year then ended, statements of changes in net assets for each of the years in the two-year period then ended, and financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2003 by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Domini Social Index Portfolio as of July 31, 2003, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Boston, Massachusetts
September 5, 2003

-29-

Domini Institutional Social Equity Fund

Statement of Assets and Liabilities

July 31, 2003

ASSETS:
Investments in Domini Social Index Portfolio, at value (Note 1)				$	189,843,980
Total assets					189,843,980
LIABILITIES:
Accrued expenses					17,107
Payable for capital shares					50,000
Total liabilities					67,107
NET ASSETS				$	189,776,873
NET ASSETS CONSIST OF:
Paid-in capital				$	313,106,152
Undistributed net investment income					280,147
Accumulated net realized loss from Portfolio					(41,937,447	)
Net unrealized depreciation from Portfolio					(81,671,979	)
				$	189,776,873
Shares outstanding					12,733,269
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE ($189,776,873 ÷ 12,733,269)				$	14.90

See Notes to Financial Statements

-30-

Domini Institutional Social Equity Fund

Statement of Operations

Year Ended July 31, 2003

INCOME:
Investment income from Portfolio				$	2,876,233
Expenses from Portfolio					(424,282	)
Net investment income from Portfolio					2,451,951
EXPENSES:
Sponsor fee (Note 2)					465,251
Professional fees					46,582
Printing					14,894
Accounting fees					14,092
Miscellaneous					10,232
Trustees fees					10,154
Transfer Agent fees					3,068
Total Expenses					564,273
Fees Waived (Note 2)					(428,483	)
Expenses, Net of Fees Waived					135,790
NET INVESTMENT INCOME					2,316,161
NET REALIZED AND UNREALIZED GAIN FROM PORTFOLIO:
Net realized loss from Portfolio					(18,311,903	)
Net change in unrealized appreciation from Portfolio					33,382,163
Net realized and unrealized gain from Portfolio					15,070,260
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS				$	17,386,421

See Notes to Financial Statements

-31-

Domini Institutional Social Equity Fund

Statements of Changes in Net Assets

				Year Ended July 31, 2003				Year Ended July 31, 2002
INCREASE/(DECREASE) IN NET ASSETS:
From Operations:
Net investment income				$	2,316,161			$	3,466,374
Net realized loss from Portfolio					(18,311,903	)			(32,653,609	)
Net change in unrealized depreciation from Portfolio					33,382,163				(59,818,063	)
Net Increase/(Decrease) in Net Assets Resulting from Operations					17,386,421				(89,005,298	)
Distributions and Dividends:
Dividends to shareholders from net investment income					(2,846,370	)			(3,447,125	)
Distributions to shareholders from net realized gain					—				(17,159,534	)
Net Decrease in Net Assets from Dividends and Distributions					(2,846,370	)			(20,606,659	)
Capital Share Transactions:
Proceeds from sale of shares					39,217,357				88,755,613
Net asset value of shares issued in reinvestment of dividends and distributions					2,190,828				19,164,145
Payments for shares redeemed					(109,166,276	)			(171,324,687	)
Net Decrease in Net Assets from Capital Share Transactions					(67,758,091	)			(63,404,929	)
Total Decrease in Net Assets					(53,218,040	)			(173,016,886	)
NET ASSETS:
Beginning of period					242,994,913				416,011,799
End of period (including undistributed net investment income of $280,147 and $810,356, respectively)				$	189,776,873			$	242,994,913
OTHER INFORMATION
Share Transactions:
Sold					2,973,589				5,460,033
Issued in reinvestment of dividends and distributions					163,060				1,154,768
Redeemed					(8,395,491	)			(11,068,820	)
Net Decrease					(5,258,842	)			(4,454,019	)

See Notes to Financial Statements

-32-

Domini Institutional Social Equity Fund

Financial Highlights

				Year Ended July 31,
				2003				2002				2001				2000				1999
For a share outstanding for the period:
Net asset value, beginning of period				$	13.51			$	18.53			$	23.15			$	21.50			$	17.87
Income/(loss) from investment operations:
Net investment income					0.19				0.17				0.14				0.12				0.14
Net realized and unrealized gain/(loss) on investments					1.41				(4.28	)			(4.14	)			1.79				3.95
Total income/(loss) from investment operations					1.60				(4.11	)			(4.00	)			1.91				4.09
Less dividends and distributions:
Dividends to shareholders from net investment income					(0.21	)			(0.16	)			(0.12	)			(0.12	)			(0.14	)
Distributions to shareholders from net realized gain					—				(0.75	)			(0.50	)			(0.14	)			(0.32	)
Total dividends and distributions					(0.21	)			(0.91	)			(0.62	)			(0.26	)			(0.46	)
Net asset value, end of period				$	14.90			$	13.51			$	18.53			$	23.15			$	21.50
Total return					12.05	%			(23.05	)%			(17.37	)%			8.85	%			23.12	%
Portfolio turnover*					8	%			13	%			19	%			9	%			8	%
Ratio/supplemental data (annualized):
Net assets, end of year (in millions)				$	190			$	243			$	416			$	463			$	219
Ratio of expenses to average net assets					0.30	%(1)			0.30	%(1)			0.30	%(1)			0.30	%(1)			0.30	%(1)
Ratio of net investment income to average net assets					1.24	%			0.93	%			0.69	%			0.60	%			0.75	%

* For the Portfolio in which the Fund invests.

⁽¹⁾ Reflects a waiver of fees and expenses paid by the Manager of the Portfolio and the Sponsor of the Fund. Had the Manager and the Sponsor not waived their fees and reimbursed expenses, the ratio of expenses to average net assets would have been 0.53%, 0.50%, 0.50%, 0.51%, and 0.56%, respectively, for the years ended July 31, 2003, 2002, 2001, 2000, and 1999, respectively.

See Notes to Financial Statements

-33-

Domini Institutional Social Equity Fund
Notes to Financial Statements

July 31, 2003

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Domini Institutional Social Equity Fund is a series of the Domini Institutional 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 invests substantially all of its assets in the Domini Social Index Portfolio, a diversified, open-end management investment company having the same investment objectives as the Fund. The value of such investment reflects the Fund's proportionate interest in the net assets of the Portfolio (approximately 14.4% at July 31, 2003). The financial statements of the Portfolio are included elsewhere in this report and should be read in conjunction with the Fund's financial statements. The Fund commenced operations on May 30, 1996.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The following is a summary of the Fund's significant accounting policies.

(A) Valuation of Investments: Valuation of securities by the Portfolio is discussed in Note 1 of the Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

(B) Investment Income and Dividends to Shareholders: The Fund earns income daily, net of Portfolio expenses, on its investments in the Portfolio. Dividends to shareholders are usually declared and paid quarterly from net investment income. Distributions to shareholders of realized capital gains, if any, are made annually.

-34-

Domini Institutional Social Equity Fund / Notes to Financial Statements (Continued)
July 31, 2003

(C) 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.

(D) Other: All net investment income and realized and unrealized gains and losses of the Portfolio are allocated daily pro rata among the Fund and the other investors in the Portfolio.

2. TRANSACTIONS WITH AFFILIATES

(A) Manager. The Portfolio has retained Domini Social Investments LLC (Domini) to serve as investment manager and administrator. The services provided by Domini consist of investment supervisory services, overall operational support, and administrative services, including the provision of general office facilities and supervising the overall administration of the Portfolio. For its services under the Management Agreement, Domini receives from the Portfolio a fee accrued daily and paid monthly at an annual rate equal to 0.20% of the Portfolio's average daily net assets.

(B) Submanager. SSgA Funds Management, Inc. (SSgA) provides investment submanagement services to the Portfolio on a day-to-day basis pursuant to a Submanagement Agreement with Domini. SSgA does not determine the composition of the Domini 400 Social Index.^SM The Index's composition is determined by KLD Research & Analytics, Inc.

(C) Sponsor. Pursuant to a Sponsorship Agreement, Domini provides the Fund with the administrative personnel and services necessary to operate the Fund. In addition to general administrative services and facilities for the Fund similar to those provided by Domini to the Portfolio under the Management Agreement, Domini answers questions from the general public and the media regarding the composition of the Index and the securities holdings of the Portfolio. For these services and facilities, Domini receives fees computed and paid monthly from the Fund at an annual rate equal to 0.25% of the average daily net assets of the Fund. Domini is contractually waiving its fee to the extent necessary to keep the aggregate annual operating expenses of the Fund (including the Fund's share of the Portfolio's expenses but excluding brokerage

-35-

Domini Institutional Social Equity Fund / Notes to Financial Statements (Continued)
July 31, 2003

fees and commissions, interest, taxes, and other extraordinary expenses) at no greater than 0.30% of the average daily net assets of the Fund until November 30, 2003, absent an earlier modification by the Board of Trustees, which oversees the Fund. A similar fee waiver arrangement was in effect in prior periods. For the year ended July 31, 2003, Domini waived fees in the amount of $428,483.

3. INVESTMENT TRANSACTIONS

For the year ended July 31, 2003, additions and reductions in the Fund's investment in the Portfolio aggregated $39,217,356 and $109,914,856, respectively.

4. FEDERAL TAX STATUS

The tax basis of the components of net assets at July 31, 2003 is as follows:

Undistributed ordinary income				$	280,147
Accumulated loss carryforwards (ALC)					(51,366,247	)
Unrealized appreciation/(depreciation)					(72,243,179	)
Distributable net earnings/(deficit)				$	(123,329,279	)

The Fund has accumulated capital loss carryforwards of $43,706,987 of which $43,706,987 will expire in the year 2011. To the extent the Fund realizes future net capital gains, those gains will be offset by any unused capital loss carryforwards.

The Fund's ALC reflects net realized capital losses of $7,659,260 incurred during the period from November 1, 2002 through July 31, 2003. These losses are deferred and will be recognized on August 1, 2003 for tax purposes.

For federal income tax purposes, dividends paid during the year ended July 31, 2003 were characterized as follows:

Ordinary income				$	2,846,370
Long-term capital gain					N/A
Total				$	2,846,370

For corporate shareholders, 100% of dividends paid from net investment income were eligible for the corporate dividends received deduction. The Fund intends to designate the maximum amount allowable as qualified dividend income.

-36-

Independent Auditors' Report

The Board of Trustees and Shareholders
Domini Institutional Social Equity Fund:

We have audited the accompanying statement of assets and liabilities of Domini Institutional Social Equity Fund (the "Fund") as of July 31, 2003, and the related statement of operations for the year then ended, statements of changes in net assets for each of the years in the two-year period then ended, and financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2003 by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Domini Institutional Social Equity Fund as of July 31, 2003, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Boston, Massachusetts
September 5, 2003

-37-

Trustees and Officers

The following table presents information about each Trustee and each Officer of the Trust and the Portfolio as of July 31, 2003. Asterisks indicate that those Trustees and Officers are "interested persons" (as defined in the 1940 Act) of the Fund. Each Trustee and each Officer of the Trust and the Portfolio noted as an interested person is interested by virtue of his or her position with Domini as described below. Unless otherwise indicated below, the address of each Trustee and each Officer is 536 Broadway, 7^th Floor, New York, NY 10012. Neither the Fund nor the Portfolio holds annual shareholder meetings for the purpose of electing Trustees, and Trustees are not elected for fixed terms. This means that each Trustee will be elected to hold office until his or her successor is elected or until he or she retires, resigns, dies, or is removed from office. No Trustee or Officer is a director of a public company or a registered investment company other than, with respect to the Trustees, the Domini Funds.

Name and Age

Position(s) Held with the Portfolio and Length of Time Served

Principal Occupation(s) During Past 5 Years and Other Directorships Held

Number of Portfolios in the Domini Family of Funds Overseen by Trustee

Interested Trustee:

Amy L. Domini* Age: 53

Chair, President, and Trustee of the Trust and the Portfolio since 1990

President and CEO, Domini (since 2002); Manager, Domini (since 1997); Manager, DSIL Investment Services LLC (since 1998); Private Trustee, Loring, Wolcott & Coolidge (fiduciary) (since 1987); CEO, Secretary, and Treasurer, KLD Research & Analytics, Inc. (social research provider) (1990-2000); Trustee, New England Quarterly (periodical) (since 1998); Board Member, Social Investment Forum (trade organization) (1995-1999); Trustee, Episcopal Church Pension Fund (since 1994); Board Member, Financial Markets Center (nonprofit financial markets research and education resources provider) (since 2002).

4

-38-

Trustees and Officers

Name and Age

Position(s) Held with the Portfolio and Length of Time Served

Principal Occupation(s) During Past 5 Years and Other Directorships Held

Number of Portfolios in the Domini Family of Funds Overseen by Trustee

Disinterested Trustees:

Julia Elizabeth Harris Age: 55

Trustee of the Trust and the Portfolio since 1999

Trustee, Fiduciary Trust Company (since 2001); Vice President, UNC Partners, Inc. (financial management) (since 1990); Director and Treasurer, Boom Times, Inc. (service organization) (1997-1999).

4

Kirsten S. Moy Age: 56

Trustee of the Trust and the Portfolio since 1999

Director, Economic Opportunities Program, The Aspen Institute (research and education) (since 2001); Board Member, Community Reinvestment Fund (since 2003); Consultant, Equitable Life/AXA (1998-2001); Project Director, Community Development Innovation and Infrastructure Initiative (research) (1998-2001); Group Leader, Financial Innovations Roundtable (research) (2000-2001); Consultant, Social Investment Forum (trade association) (1998); Distinguished Visitor, John D. and Catherine T. MacArthur Foundation (1998).

4

William C. Osborn Age: 59

Trustee of the Trust since 1990      Trustee of the Portfolio since 1997

Manager, Commons Capital Management LLC (venture capital) (since 2000); Special Partner/Consultant, Arete Corporation (venture capital) (since 1999); Principal/Manager, Venture Investment Management Company LLC (venture capital) (1996-1999); Director, World Power Technologies, Inc. (power equipment production) (since 1999); Director, Investors' Circle (socially responsible investor network) (since 1999).

4

-39-

Trustees and Officers

Name and Age

Position(s) Held with the Portfolio and Length of Time Served

Principal Occupation(s) During Past 5 Years and Other Directorships Held

Number of Portfolios in the Domini Family of Funds Overseen by Trustee

Karen Paul Age: 58

Trustee of the Trust since 1990      Trustee of the Portfolio since 1997

Professor of Management and International Business, Florida International University (since 1990); Partner, Trinity Industrial Technology (1997-2002); Executive Director, Center for Management in the Americas (1997-2002).

4

Gregory A. Ratliff Age: 43

Trustee of the Trust and the Portfolio since 1999

Senior Fellow, The Aspen Institute (research and education) (since 2002); Director, Economic Opportunity, John D. and Catherine T. MacArthur Foundation (1997-2001).

4

Frederick C. Williamson, Sr. Age: 87

Trustee of the Trust since 1997      Trustee of the Portfolio since 1990

State Historic Preservation Officer (state government) (since 1969); Trustee, RIGHA Foundation (charitable foundation supporting healthcare needs) (since 1994); Chairman, Rhode Island Historical Preservation and Heritage Commission (state government) (since 1995); Board Member, Rhode Island Black Heritage Society (nonprofit education) (since 1984); Trustee, National Park Trust (nonprofit land acquisition) (since 1983); Board of Directors, Grow Smart Rhode Island (nonprofit state planning) (since 1998); President's Advisory Board — Salve Regina University, Newport, RI (since 1999); Board Member, Preserve Rhode Island (nonprofit preservation) (since 1999).

4

-40-

Trustees and Officers

Name and Age

Position(s) Held with the Portfolio and Length of Time Served

Principal Occupation(s) During Past 5 Years and Other Directorships Held

Number of Portfolios in the Domini Family of Funds Overseen by Trustee

Officers:

Carole M. Laible* Age: 39

Secretary and Treasurer of the Trust and the Portfolio since 1997

Chief Operating Officer, Domini (since 2002); Financial/Compliance Officer, Domini (1997-2003); President and CEO, DSIL Investment Services LLC (since 2002); Chief Compliance Officer, DSIL Investment Services LLC (since 2001); Chief Financial Officer, Secretary, and Treasurer, DSIL Investment Services LLC (since 1998).

N/A

Steven D. Lydenberg* Age: 57

Vice President of the Trust and the Portfolio since 1990

Chief Investment Officer, Domini (since 2003); Principal, Domini (1997-2003); Member, Domini (since 1997); Director, KLD Research & Analytics, Inc. (social research provider) (1990-2003); Director of Research, KLD Research & Analytics, Inc. (1990-2001).

N/A

The Fund's Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling the following toll-free number: 1-800-582-6757.

-41-

Domini Funds

P.O. Box 9785
Providence, RI 02940
1-800-582-6757
www.domini.com

Investment Manager and Sponsor: Domini Social Investments LLC 536 Broadway, 7th Floor New York, NY 10012				Investment Submanager: SSgA Funds Management, Inc. Boston, MA
Custodian: Investors Bank & Trust Company Boston, MA				Legal Counsel: Bingham McCutchen LLP Boston, MA
Distributor: DSIL Investment Services LLC 536 Broadway, 7th Floor New York, NY 10012 800-582-6757				Transfer Agent: PFPC Inc. King of Prussia, PA
Independent Auditors: KPMG LLP Boston, MA

CUSIP# 257131102

Printed on recycled paper

Item 2. Code of Ethics.

As of the end of the period covered by this report on Form N-CSR, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, and principal accounting officer.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that the registrant does not currently have a member serving on its audit committee that meets the definition of an "audit committee financial expert" as defined in the instructions to this Form N-CSR.

Although each member of the registrant's audit committee has one or more of the attributes required in order for such person to be determined to be an audit committee financial expert, no member has all of such required attributes. The Trustees reviewed the attributes, education, and experience of each member of the registrant's audit committee, the nature of the accounting principles applicable to the registrant, and the registrant's underlying internal controls and reporting mechanisms and determined that the members of the registrant's audit committee, as a group, have the experience and education necessary to perform the audit committee's responsibilities, including with respect to the evaluation of the financial statements of the registrant. In addition, the Trustees determined that the audit committee has the resources and authority necessary to discharge its responsibilities, including the authority to retain at any time independent counsel and other advisers and experts. The Trustees also determined that each member of the registrant's audit committee is "independent" as defined in the instructions to this Form N-CSR.

The Trustees also determined, however, that the audit committee of the registrant would benefit from having one or more members that meet the definition of an audit committee financial expert. They have asked the nominating committee of the registrant to recruit such a candidate and to present such person to the Trustees for their consideration.

Item 4. Principal Accountant Fees and Services.

Not applicable at this time.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the registrant.

Item 6. [Reserved]

Item 7.	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. [Reserved]

Item 9. Controls and Procedures.

(a) Within 90 days prior to the filing of this report on Form N-CSR, Amy L. Domini, 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. Domini 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 registrant's second fiscal half-year that have materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 10. Exhibits.

(a)(1) The Code of Ethics referred to in Item 2 is filed herewith.

(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.

(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 INSTITUTIONAL TRUST

By: /s/ Amy L. Domini

Amy L. Domini
President

Date: October 7, 2003

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. Domini

Amy L. Domini
President (Principal Executive Officer)

Date: October 7, 2003

By: /s/ Carole M. Laible

Carole M. Laible
Treasurer (Principal Financial Officer)

Date: October 7, 2003