Fund Openings, Closings, Manager Moves: Domini Launches Do-Gooder Bond Fund

The company that caters to shareholders who invest with a conscience is coming out with a squeaky clean fund applying socially responsible principles to bond offerings.

Domini, the leader in do-good investing, is in a subscription period with its latest offspring to add to its $1.7 billion (DSEFX Quote) Social Equity fund. It will use many of the same screens to find companies to invest in as those in its Domini 400 index. The offering statement says that Domini will buy debt mainly from corporations with the highest bond ratings from the rating agencies.

The fund is currently in the midst of a monthlong subscription period and is only available to current shareholders of the Equity Index. The fund -- to be comprised of bonds of socially conscious companies as well as governmental and municipal issues and community development projects -- will go live on June 1. ...