# EDGAR Filing Document

**Accession Number:** 0000882748
**File Stem:** 0001398344-25-023139
**Filing Date:** 2025-12
**Character Count:** 17162
**Document Hash:** b2afa9d3b3b288f501dc5cb43a7d68eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-023139.hdr.sgml**: 20251231

**ACCESSION NUMBER**: 0001398344-25-023139

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251231

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BOSTON TRUST WALDEN FUNDS
- **CENTRAL INDEX KEY:** 0000882748

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-44964
- **FILM NUMBER:** 251615262

**BUSINESS ADDRESS:**
- **STREET 1:** ONE BEACON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02108
- **BUSINESS PHONE:** 617-859-3437

**MAIL ADDRESS:**
- **STREET 1:** ONE BEACON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02108

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BOSTON TRUST & WALDEN FUNDS
- **DATE OF NAME CHANGE:** 20110801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COVENTRY GROUP
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### Boston Trust Walden International Equity Fund (Series ID: S000041728)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000129551 | Boston Trust Walden International Equity Fund | WIEFX           |

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| | |
|:---|:---|
| ![](fp0092772-14_wiefx1.jpg) | May 1, 2025 (Amended December 31, 2025) |
| Boston Trust Walden International Equity Fund (WIEFX) | Fund Summary |

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Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can obtain the Fund's prospectus, reports to shareholders, and other information about the Fund online at https://www.bostontrustwalden.com/investment-services/mutual-funds/. You also can obtain this information at no cost by calling 1-800-282-8782 x7050, sending an email request to mutualfunds@bostontrustwalden.com, or asking any financial advisor, bank or broker-dealer that offers shares of the Fund.

***Investment Goals***

The Boston Trust Walden International Equity Fund seeks long-term capital growth through an actively managed portfolio of equities of international companies.

***Fees and Expenses of the Fund***

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Boston Trust Walden International Equity Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.

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| | |
|:---|:---|
| &nbsp;&nbsp;***Shareholder Fees*** (fees paid directly from your investment) | &nbsp;&nbsp;***Shareholder Fees*** (fees paid directly from your investment) |
| &nbsp;&nbsp;Maximum Sales Charge (load) Imposed on Purchases | None |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (load) | None |
| &nbsp;&nbsp;Redemption Fee (as a percentage of amount redeemed, if applicable) | None |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Annual Fund Operating Expenses*** (expenses that you pay each year as a percentage of the value of your investment) | &nbsp;&nbsp;***Annual Fund Operating Expenses*** (expenses that you pay each year as a percentage of the value of your investment) |
| &nbsp;&nbsp;Management Fee | 0.75% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;Other Expenses | 0.18% |
| &nbsp;&nbsp;Total annual Fund operating expenses | 0.93% |

---

***Example:*** The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes a $10,000 investment, a 5% annual return, redemption at the end of each period, and that the Fund's operating expenses remain the same. The Example reflects the fee waiver and expense reimbursement for the duration of the waiver/ reimbursement period only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| 1 Year | 3 Years | 5 Years | 10 Years |
| $95 | $296 | $515 | $1143 |

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***Portfolio Turnover:*** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. For the fiscal year ended December 31, 2024 the Fund's portfolio turnover rate was 12.30% of the average value of its portfolio.

***Principal Investment Strategies*** 

The Fund invests, under normal circumstances, at least 80% of its assets in a diversified portfolio of equity securities of large and middle capitalization companies located in developed countries. Equity securities, including ordinary shares, are also known as common stock. The Fund expects to purchase securities of companies whose market capitalization at the time of purchase are encompassed by the range of an index which is a proxy for the international developed markets. Market capitalization ranges may vary from country to country. As of December 31, 2024, the range of the MSCI World ex-USA Index (net) would encompass firms with market capitalizations from $3.2 billion to $382 billion. "Assets" means net assets, plus the amount of borrowing or investment purposes. Shareholders will be given 60 days advance notice of any change to this policy.

***ESG Integration:*** As part of the investment decision-making process for the Fund, Boston Trust Walden Inc. (the "Adviser") evaluates how financially material environmental, social, and governance (ESG) risks and opportunities may affect a company's revenues, expenses, assets, liabilities, and overall risk. The consideration of ESG risks and opportunities in investment decision-making is referred to as "ESG integration". The Adviser considers "financial materiality" as it is understood in Generally Accepted Accounting Principles — information that would influence the judgment of an informed investor. The integration of ESG risks and opportunities is often a subjective exercise and may differ depending upon the characteristics of the asset class. The Adviser focuses active ownership efforts in three areas: climate risk, equality, and governance, seeking to ensure companies held across investment strategies are appropriately managing material and significant risks and opportunities. Active ownership activities include proxy voting, company engagement, shareholder resolutions, and public policy advocacy.

***ESG Screening:*** While the Adviser integrates ESG risks and opportunities into its investment decision-making, the Fund is also subject to ESG screening criteria. ESG screening criteria requires the Adviser to exclude companies with significant exposure to specific products or services: alcohol production; coal mining; factory farming operations; gambling; handguns;

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May 1, 2025 (Amended December 31, 2025) <br> Boston Trust Walden International Equity Fund (WIEFX) Fund Summary

nuclear power fuel cycle; prison operations; tobacco manufacturing; and weapons systems. The Adviser assesses the company's revenue dependence on these specific products/services, market share (e.g., if a company is a market leader in the product despite it representing a relatively small share of the company's total revenue), and magnitude of involvement (e.g., the company produces a minor electronic component for a weapons system). The Adviser also exercises its full discretion in evaluating the overall performance of each company. The Adviser considers: performance over time (relative to peers and established goals); accountability and disclosure; and responsiveness to stakeholders, among other factors. The Fund's screening criteria is measured at one or more points in time and is dependent upon information that may be incomplete, inaccurate, unavailable, or estimated. The information is sourced from a variety of public and private resources believed to be accurate, but the Adviser may not independently verify such data. This screening criteria is subject to change over time at the Adviser's discretion. For each potential investment, the Adviser seeks to understand the company's business model and evaluates overall performance in four broad categories: corporate governance, human capital management, environmental impacts, and community impacts. The Fund may avoid companies it judges to have substandard performance in one or more of these areas.

***Principal Investment Risks***

All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions and interest rates and the value of your investment in the Fund will also vary. You could lose money on your investment in the Fund, or the Fund could underperform other investments. Investments in the Fund are not deposits of the Adviser or Boston Trust Walden Company and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are the main risks of investing in the Fund.

***Market Risk:*** Market risk refers to the risk related to investments in securities in general and the daily fluctuations in the securities markets.

***Equity Risk:*** The value of the equity securities held by the Fund, and thus the value of the Fund's shares, can fluctuate — at times dramatically.

***Mid Cap Company Risk:*** These companies may be subject to greater market risks and fluctuations in value than large capitalization companies and may not correspond to changes in the stock market in general.

***Foreign Investment Risk:*** Foreign investing involves risks not typically associated with U.S. investments, including adverse political, regulatory, social and economic developments, the imposition of economic sanctions, and differing auditing and legal standards. The departure of a country from the European Union or another economic or trading bloc could have significant political and financial consequences for global markets.

***Currency Risk:*** A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency and can result in a loss to the Fund.

***Management Risk:*** The ability of the Fund to meet its investment objective is directly related to the allocation of the Fund's assets. The Adviser may allocate the Fund's investments so as to under-emphasize or over-emphasize investments under the wrong market conditions, in which case the Fund's value may be adversely affected.

***ESG Integration:*** The Adviser's integration of ESG risks and opportunities may cause the Fund to perform differently from a fund that uses a different methodology. ESG integration may cause the Fund to forego or differently evaluate investment opportunities than a fund that uses a different investment research methodology.

***Active Ownership Risk:*** The Adviser votes proxies in a manner it believes is consistent with the Fund's long-term investment focus. Such votes may not always be consistent with maximizing short-term performance of the issuer.

***ESG Screening Criteria Risk:*** The Fund's ESG screening criteria may influence the Fund's exposure to certain companies, sectors, and/or industries, which may adversely affect the Fund's performance depending on how such companies, sectors, and/or industries are performing relative to the market. In addition, the Fund may gain indirect exposure to businesses or activities inconsistent with the Fund's ESG-related criteria in a variety of ways, including one company's investments, joint ventures, etc. The Fund's ESG screening criteria may result in the Fund forgoing opportunities to buy certain companies when it might otherwise be advantageous to do so, or selling companies for ESG reasons when it might be otherwise disadvantageous to do so. The appropriateness of the investments is solely the judgement of the Adviser, and may change over time, and may differ from publicly available views of rating agencies, other investment advisers, and may also differ from privately held views including those of shareholders. Such judgments may be based on information that could be incomplete, inaccurate, or unavailable, which may adversely affect the ESG analysis. There may be differences in interpretation regarding application of the Adviser's ESG screens.

***Issuer Cybersecurity Risk:*** Issuers of securities in which the Fund invests, counterparties with which the Fund engages in transactions, exchange and other financial market operators, banks, brokers, dealers, and other financial institutions may experience cybersecurity breaches. These breaches may result

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May 1, 2025 (Amended December 31, 2025) <br> Boston Trust Walden International Equity Fund (WIEFX) Fund Summary

in harmful disruptions to their operations and may negatively impact the financial condition for the municipal issuer, counterparty, or other market participant.

***Performance***

The bar chart and performance table below illustrate the variability of the returns of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns over time compare with those of a broad measure of market performance. The Fund's past performance is not an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.bostontrustwalden.com or by calling 1-800-282-8782, extension 7050.

***Average Total Returns*** (Years ended December 31)

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| | |
|:---|:---|
| Best quarter: | Worst quarter: |
| 4Q2022  | 1Q2020  |
| 14.97%  | (18.45)%  |

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For the period January 1, 2025 through March 31, 2025, the aggregate (non-annualized) total return for the Fund was 6.03%.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;***Average Annual <br> Total Returns*** (as of <br> December 31, 2024) | 1 <br> Year | 5 <br> Years | Since <br> Inception <br> (6/9/15) |
| &nbsp;&nbsp;**Boston Trust Walden International Equity Fund** | &nbsp;&nbsp;**Boston Trust Walden International Equity Fund** | &nbsp;&nbsp;**Boston Trust Walden International Equity Fund** | &nbsp;&nbsp;**Boston Trust Walden International Equity Fund** |
| &nbsp;&nbsp;Before Taxes | 5.33% | 5.27% | 5.07% |
| &nbsp;&nbsp;After Taxes on Distributions | 5.15% | 5.09% | 4.85% |
| &nbsp;&nbsp;After Taxes on Distributions and Sale of Fund Shares | 3.64% | 4.27% | 4.13% |
| &nbsp;&nbsp;**MSCI World ex-USA Index** (net) (reflects deduction for withholding taxes) | 4.70% | 5.10% | 4.94% |

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After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

***Portfolio Management***

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| | |
|:---|:---|
| **Investment Adviser:** | Boston Trust Walden Inc. |
| **Lead Portfolio Manager:** | Kabir Goyal, CFA, Since 2024 |
| **Co-Portfolio Managers:** | David A. Sandell, CFA, Since 2017 |
|  | Aaron J. Ziulkowski, CFA, Since 2024 |

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***Buying and Selling Fund Shares***

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| | |
|:---|:---|
| **Minimum Initial Investment:** | $100000 |
| **Minimum Additional Investment:** | $1000 |

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**To Place Orders:**<br> Boston Trust Walden Funds<br> P.O. Box 182198<br> Columbus, OH 43218-2198

**Transaction Policies** 

You can buy or sell shares of the Fund on any business day by mail (Boston Trust Walden Funds, P.O. Box 182198, Columbus, OH 43218-2198), or by telephone (1-888-248-1954). You can pay for shares by check or wire transfer.

***Dividends, Capital Gains and Taxes***

The Fund's distributions are taxable as ordinary income and/or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from these arrangements.

***Potential Conflicts of Interest – Payments to Broker-Dealers and Other Financial Intermediaries***

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary an ongoing fee for providing administrative and related shareholder services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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