# EDGAR Filing Document

**Accession Number:** 0000882748
**File Stem:** 0001104659-23-030641
**Filing Date:** 2023-3
**Character Count:** 302340
**Document Hash:** 3371c6681c5b99f46f4683d781d3716e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-030641.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001104659-23-030641

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BOSTON TRUST WALDEN FUNDS
- **CENTRAL INDEX KEY:** 0000882748
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06526
- **FILM NUMBER:** 23720446

**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 Asset Management Fund (Series ID: S000009921)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000027439 | Boston Trust Asset Management Fund | BTBFX           |

### Boston Trust Equity Fund (Series ID: S000009922)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000027440 | Boston Trust Equity Fund | BTEFX           |

### Boston Trust Walden Balanced Fund (Series ID: S000009923)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000027441 | Boston Trust Walden Balanced Fund | WSBFX           |

### Boston Trust Walden Equity Fund (Series ID: S000009926)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000027444 | Boston Trust Walden Equity Fund | WSEFX           |

### Boston Trust Walden Small Cap Fund (Series ID: S000009927)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000027445 | Boston Trust Walden Small Cap Fund | BOSOX           |

### Boston Trust Midcap Fund (Series ID: S000019041)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000052650 | Boston Trust Midcap Fund | BTMFX           |

### Boston Trust Walden Midcap Fund (Series ID: S000033434)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000102803 | Boston Trust Walden Midcap Fund | WAMFX           |

### Boston Trust SMID Cap Fund (Series ID: S000034664)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000106778 | Boston Trust SMID Cap Fund | BTSMX           |

### Boston Trust Walden SMID Cap Fund (Series ID: S000034665)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000106779 | Boston Trust Walden SMID Cap Fund | WASMX           |

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

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

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 <u>811-06526</u>

Boston Trust Walden Funds

(Exact name of registrant as specified in charter)

---

| | |
|:---|:---|
| One Beacon Street, Boston MA | 02108 |
| (Address of principal executive offices) | (Zip code) |
| 4400 Easton Commons, Suite 200, Columbus, OH 43219 |  |
| (Name and address of agent for service) |  |

---

Registrant's telephone number, including area code: <u>1-800-282-8782</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2022</u>

**Item 1. Reports to Stockholders.**

**Annual Report**

December 31, 2022

![](tm232965d1_ncsrimg001.jpg)

![](tm232965d1_ncsrimg002.jpg)

---

| | |
|:---|:---|
| Boston Trust Asset Management Fund<br> Boston Trust Equity Fund<br> Boston Trust Midcap Fund<br> Boston Trust SMID Cap Fund<br>| Boston Trust Walden Balanced Fund<br> Boston Trust Walden Equity Fund<br> Boston Trust Walden Midcap Fund<br> Boston Trust Walden SMID Cap Fund<br> Boston Trust Walden Small Cap Fund<br> Boston Trust Walden International Equity Fund |

---

---

| | |
|:---|:---|
| **Table of Contents** | **Annual Report** |
|  | **December 31, 2022** |

---

---

| | |
|:---|:---|
| **Boston Trust Asset Management Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manager Commentary | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Performance | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 12 |
| **Boston Trust Equity Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manager Commentary | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Performance | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 16 |
| **Boston Trust Midcap Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manager Commentary | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Performance | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 20 |
| **Boston Trust SMID Cap Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manager Commentary | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Performance | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 24 |
| **Annual ESG Report** | 25 |
| **Boston Trust Walden Balanced Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manager Commentary | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Performance | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 41 |
| **Boston Trust Walden Equity Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manager Commentary | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Performance | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 45 |
| **Boston Trust Walden Midcap Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manager Commentary | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Performance | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 49 |
| **Boston Trust Walden SMID Cap Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manager Commentary | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Performance | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 53 |
| **Boston Trust Walden Small Cap Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manager Commentary | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Performance | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 57 |
| **Boston Trust Walden International Equity Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manager Commentary | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Performance | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 62 |
| Notes to the Financial Statements | 63 |
| Report of Independent Registered Public Accounting Firm | 71 |
| Supplementary Information | 72 |
| Investment Adviser Contract Approval | 78 |
| Information about Trustees and Officers | 80 |

---

Boston Trust Walden Inc., a subsidiary of Boston Trust Walden Company, serves as investment adviser (the "Adviser") to the Boston Trust Walden Funds and receives a fee for its services. Boston Trust Walden Company provides certain administrative, operational, and investment support functions for the Adviser and is paid a fee for these services by the Adviser.

Shares of the Funds are not deposits of, obligations of, or guaranteed by Boston Trust Walden Company or its affiliates, nor are they federally insured by the FDIC. Investments in the Funds involve investment risks, including the possible loss of principal. Funds are distributed by Foreside Financial Services, LLC.

The foregoing information and opinions are for general information only. The Boston Trust Walden Funds and Boston Trust Walden Company do not assume liability for any loss, which may result from the reliance by any person upon any such information or opinions. Such information and opinions are subject to change without notice, are for general information only, and are not intended as an offer or solicitation with respect to the purchase or sale of any security or offering individual or personalized investment advice. Portfolio composition is as of December 31, 2022 and is subject to change without notice.

The Boston Trust Walden Funds may invest in foreign securities, which may involve risk not typically associated with U.S. investments.

The Funds' ESG integration and, as applicable, values based screening could cause the Funds to avoid investments that may result in the Funds underperforming similar funds without comparable ESG Policies.

**Boston Trust Asset Management Fund**

**Boston Trust Equity Fund**

December 31, 2022

**Amy Crandall Kaser, CFP<sup>®</sup>**

Co-Portfolio Manager

**Jason T. O'Connell, CFA, CAIA, CFP<sup>®</sup>**

Co-Portfolio Manager

Boston Trust Walden Inc.

**Asset Management Fund Objective**

The Fund seeks long-term capital growth and income through an actively managed portfolio of stocks, bonds and money market instruments.

**Equity Fund Objective**

The Fund seeks long-term growth of capital through an actively managed portfolio of stocks.

**Investment Concerns**

Equity securities (stocks) are more volatile and carry more risk and return potential than other forms of investments, including investments in high-grade fixed income securities.

Foreign investing involves risks not typically associated with U.S. investments, including adverse political, social and economic developments and differing auditing and legal standards. These risks are magnified in emerging markets.

Small- to mid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.

Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Intermediate-term, higher quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

Cash equivalents offer low risk and low return potential.

**Manager Commentary (Unaudited)**

**Management Discussion of Fund Performance**

The financial markets fluctuated with remarkable velocity in 2022. Charting a path that can be characterized as anything but smooth, the primary stock and bond indices ultimately registered double-digit losses on the year. After swinging to a loss of as much as 25% in early October, the S&P 500 Total Return Index posted a total return of -18.1% at year end. Other segments of the equity market, including stocks of smaller companies and real estate investment trusts, fared even worse. Perhaps most striking, however, was the historically weak performance by bonds. Not only did bonds not play their typical role of offering a port in the storm, as measured by the Bloomberg Government/Credit Index, they actually declined by nearly 14% for the full year. Asset prices did broadly recover some lost ground during the fourth quarter, through that resurgence was decidedly uneven.

Though myriad factors prompted the ebb and flow of asset values in 2022, the dominant influence was the path of interest rates vis-à-vis inflation. The domestic economy began the year with a continuation of 2021's spirited rebound, fueled in part by remaining fiscal and monetary policy support. However, consumers and central bankers alike soon increased their focus on the risks from inflation that proved to be far more enduring than was originally thought. Stubbornly high inflation eventually spurred the Federal Reserve and other central banks to act decisively in response, increasing interest rates at a historically aggressive pace. Those actions had the desired effect on some pockets of the economy, for instance a marked cooling of the real estate market, but their intention of slowing broad-based inflation is taking longer to develop. The corresponding fear on the part of investors is that the continued response to overheated inflation will ultimately be to the detriment of economic growth.

Boston Trust Asset Management Fund experienced a substantial but comparatively muted decline. For the full year, the Fund had a return of -14.65%. It is disappointing to report a drop in value and indeed it has been rare over the course of the Fund's 27-year history, having occurred in just five previous calendar years. Amid the challenging market environment, however we are pleased that our higher quality, lower risk investment style provided a measure of protection in both the equity and fixed income segments of the Fund. The Boston Trust Equity Fund similarly posted better-than-average returns, with a return of -14.16% for the full year.

On average, the stocks held in both funds dropped less than the broader market, owing to those companies' generally stronger balance sheets, more stable business models, and an above average ability to manage higher costs. The Boston Trust Asset Management Fund's fixed income segment also performed comparatively well. The segment benefitted from limited exposure to both credit and interest rate risk given decisions to hold relatively fewer longer-dated bonds and lower quality corporate issues, both of which faced headwinds from rising interest rates and investor concerns about a potential economic slowdown.

We face plenty of uncertainty as we head into 2023. The exceedingly dynamic environment, both economically as well as in terms of broader geopolitical issues, sets the stage for investors to react sharply to any new information. As a result, one market attribute we expect to carry over into 2023 is heightened volatility. From our view though, whether the economy officially enters a recession misses the point. Rather, we subscribe to the concepts that the market is forward-looking, current valuations largely reflect a forthcoming slowdown, and that investors in the Fund will be better served by our taking a longer-term view regarding opportunities and risks presented by the markets. Therefore, we are far more focused on the likely depth and duration of a potential recession and perhaps more importantly on the intact prospects for continued expansion of corporate profits in the future. To wit, given the resiliency of the labor market, still-elevated consumer savings balances, and ongoing consumer spending, we don't expect a deep recession should one occur. We also believe that the type of securities we invest in has never been more important. As was on full display in 2022, not all stocks are created equal. Our approach remains firmly rooted in an equity investment discipline that emphasizes reasonably valued, financially stable, and sustainable businesses. The same can be said regarding the Boston Trust Asset Management Fund's bond holdings, which are evaluated and chosen for their own high quality merits as well as their interplay with the Fund's asset allocation strategy.\*

*\** *Portfolio composition is subject to change.*

---

| | |
|:---|:---|
| **Investment Performance** **(Unaudited)** | **Boston Trust Asset Management Fund**<br> **Boston Trust Equity Fund**<br> December 31, 2022 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** |
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **15 Years** | **20 Years** | **Since <br> Inception <br> (12/1/95)** | **Since <br> Inception <br> (10/1/03)** |
| **Boston Trust Asset Management Fund** | **-14.65%** | **3.84%** | **6.75%** | **8.79%** | **7.04%** | **7.66%** | **7.89%** | **–** |
| **Boston Trust Equity Fund** | **-14.16%** | **8.46%** | **10.37%** | **11.84%** | **8.61%** | **–** | **–** | **9.09%** |
| S&P 500 Total Return Index | -18.11% | 7.65% | 9.42% | 12.56% | 8.80% | 9.79% | 9.06% | 9.28% |
| Bloomberg U.S. Government/Credit Bond Index | -13.58% | -2.57% | 0.21% | 1.16% | 2.77% | 3.18% | 4.25% | 3.06% |
| FTSE 3-Month U.S. Treasury Bill Index | 1.50% | 0.71% | 1.24% | 0.74% | 0.64% | 1.21% | 2.08% | 1.22% |

---

**Hypothetical Growth of a $100,000 Investment**

![](tm232965d1_ncsrimg003.jpg)

![](tm232965d1_ncsrimg004.jpg)

The above charts represent a 10-year hypothetical $100,000 investment in the Boston Trust Asset Management Fund and the Boston Trust Equity Fund, and includes the reinvestment of dividends and capital gains in the Funds. The returns shown on the table and the graphs do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

*The Boston Trust Asset Management Fund is measured against a combination of equity and fixed income indices. The Boston Trust Equity Fund is measured against the Standard & Poor's 500 Total Return Index ("S&P 500"), which is widely regarded as a gauge of the U.S. equities market, includes 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also widely viewed as a proxy for the total market. The Bloomberg U.S. Government/Credit Index includes Treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year), government-related issues (e.g., agency, sovereign, supranational, and local authority debt), and USD Corporates. The Bloomberg U.S. Government/Credit Bond Index is a component of the Bloomberg U.S. Aggregate Bond Index. The FTSE 3- Month U.S. T-Bill Index reflects monthly return equivalents of yield averages that are not marked to the market. The index is an average of the last three-month treasury bill issues. The three-month treasury bills are the short-term debt obligations of the U.S. Government. The indexes are unmanaged and their performance does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Funds' performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.*

**Boston Trust Asset Management Fund**

---

| | |
|:---|:---|
| Fund Net Asset Value: | $55.13 |
| Gross Expense Ratio<sup>1</sup>: | 0.81% |

---

**Boston Trust Equity Fund**

---

| | |
|:---|:---|
| Fund Net Asset Value: | $34.61 |
| Gross Expense Ratio<sup>1</sup>: | 0.85% |

---

**Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-800-282-8782 ext. 7050.**

*<sup>1</sup>* *The Gross Expense Ratio is from each Fund's prospectus dated May 1, 2022. Please see the Fund's most recent prospectus for details. Additional information pertaining to each Fund's expense ratio as of December 31, 2022 can be found in the financial highlights included in this report.*

**Boston Trust Midcap Fund**

December 31, 2022

**Stephen J. Amyouny, CFA** 

Lead Portfolio Manager

**Richard Q. Williams, CFA**

Co-Portfolio Manager

**Mark Zagata, CFA**

Co-Portfolio Manager

Boston Trust Walden Inc.

**Fund Objective**

The Fund seeks long-term capital growth through an actively managed portfolio of stocks of middle capitalization ("mid cap") companies.

**Investment Concerns**

Equity securities (stocks) are more volatile and carry more risk and return potential than other forms of investments, including investments in high-grade fixed income securities.

Mid cap funds typically carry additional risks since smaller companies generally have a higher risk of failure.

**Manager Commentary (Unaudited)**

**Management Discussion of Fund Performance**

The Boston Trust Midcap Fund returned -10.94% in calendar year 2022, outperforming the Russell Midcap® Index by more than 6%.

Our analysis of the year suggests the Fund's strong relative performance for the year was due to favorable impacts of style, as more reasonably valued stocks of higher quality companies outperformed the broader mid cap market. The Fund also experienced an incremental benefit from favorable security selections within the opportunity set of the Fund's investment style.

**Outlook**

We expect flat to modestly positive year-over-year real US Gross Domestic Product growth in 2023, following growth of near 2% in 2022 and 5.7% in 2021. Moreover, the probability of a recession within the next year has risen in response to the US Federal Reserve's commitment to getting inflation under control. Indeed, the equity market decline in 2022 reflects this heightened probability of recession as well as the potential for decelerating corporate earnings growth in 2023. While we expect economic and corporate profit growth to moderate, we believe that present equity valuations largely reflect these expectations. We acknowledge, however, that the prospect of hawkish monetary policy remains a powerful force with the US Federal Reserve's balance sheet now having contracted from its **$9** trillion peak and declining at an annualized rate of about $1 trillion per year.

Despite the modestly constructive outlook, we remain vigilant for risks. Among the most pressing are segments of the market that continue to exhibit elevated valuations, geopolitical and military risks that threaten global trade and stability, and the potential for inflation to remain elevated longer term, thereby hampering discretionary consumer spending as well as corporate profits for companies unable to pass along higher input prices. We remain focused on identifying and investing in a diversified portfolio of high quality securities at reasonable valuations. We believe that this long-held discipline will allow the strategy to capitalize on our outlook for economic strength yet effectively navigate risks along the way, thereby achieving an attractive risk-adjusted return performance pattern over full market cycles.\*

*\** *Portfolio composition is subject to change.*

---

| | |
|:---|:---|
| **Investment Performance (Unaudited)** | **Boston Trust Midcap Fund**<br> December 31, 2022 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** |
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  |<br>**1 Year** |<br>**3 Years** |<br>**5 Years** |<br>**10 Years** |<br>**15 Years** | **Since**<br>**Inception**<br>**(9/24/07)** |
| **Boston Trust Midcap Fund** **<sup>1</sup>** | **-10.94%** | **6.55%** | **8.49%** | **11.24%** | **9.14%** | **9.17%** |
| Russell MidCap<sup>®</sup> Index | -17.32% | 5.87% | 7.10% | 10.95% | 8.43% | 8.09% |

---

**Hypothetical Growth of a $100,000 Investment**

![](tm232965d1_ncsrimg005.jpg)

The above chart represents a 10-year hypothetical $100,000 investment in the Boston Trust Midcap Fund, and includes the reinvestment of dividends and capital gains in the Fund. The returns shown on the table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

*The Boston Trust Midcap Fund is measured against the Russell Midcap® Index, which is an unmanaged index that tracks the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market capitalization and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000 companies. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. The performance of an index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.*

---

| | |
|:---|:---|
| Fund Net Asset Value: | $21.26 |
| Gross Expense Ratio<sup>1</sup>: | 1.0% |

---

**Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. Returns less than one year are not annualized. To obtain performance information current to the most recent month-end, please call 1-800-282-8782 ext. 7050.**

*<sup>1</sup>* *The Gross Expense Ratio is from the Fund's prospectus dated May 1, 2022. The contractual fee limit under the Fund's expense limitation agreement is 1.00% of the Fund's average annual net assets, subject to certain limitations as described in the Fund's prospectus. Please see the Fund's most recent prospectus for details. The investment performance may reflect fee reductions. If such fee reductions had not occurred, the quoted performance would have been lower. The contractual fee waiver continues through May 1, 2023 and may be renewed thereafter. Additional information pertaining to the Fund's expense ratio as of December 31, 2022 can be found in the financial highlights included in this report.*

**Boston Trust SMID Cap Fund**

December 31, 2022

**Kenneth P. Scott, CFA** 

Lead Portfolio Manager

**Richard Q. Williams, CFA** 

Co-Portfolio Manager

**Leanne Moore** 

Co-Portfolio Manager

Boston Trust Walden Inc.

**Fund Objective**

The Fund seeks long-term capital growth through an actively managed portfolio of stocks of small to middle capitalization ("smid cap") companies.

**Investment Concerns**

Equity securities (stocks) are more volatile and carry more risk and return potential than other forms of investments, including investments in high-grade fixed income securities.

Smid cap companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.

**Manager Commentary (Unaudited)**

**Management Discussion of Fund Performance**

The Boston Trust SMID Cap Fund returned -12.04% in calendar year 2022, outperforming the Russell 2500™ Index by more than 6%.

Our analysis of the year suggests the Fund's strong relative performance was due to favorable impacts of style, as more reasonably valued stocks of higher quality companies outperformed the broader smaller cap market. The Fund also experienced an incremental benefit from favorable security selection within the opportunity set of the Fund's investment style.

**Outlook**

We expect flat to modestly positive year-over-year real US Gross Domestic Product growth in 2023, following growth of near 2% in 2022 and 5.7% in 2021. Moreover, the probability of a recession within the next year has risen in response to the US Federal Reserve's commitment to getting inflation under control. Indeed, the equity market decline in 2022 reflects this heightened probability of recession as well as the potential of decelerating corporate earnings growth in 2023. While we expect economic and corporate profit growth to moderate, we believe that present equity valuations largely reflect these expectations. We acknowledge, however, that the prospect of hawkish monetary policy remains a powerful force with the US Federal Reserve's balance sheet now having contracted from its $9 trillion peak and declining at an annualized rate of about $1 trillion per year.

Despite the modestly constructive outlook, we remain vigilant for risks. Among the most pressing are segments of the market that continue to exhibit elevated valuations, geopolitical and military risks that threaten global trade and stability, and the potential for inflation to remain elevated longer term, thereby hampering discretionary consumer spending as well as corporate profits for companies unable to pass along higher input prices. We remain focused on identifying and investing in a diversified portfolio of high quality securities at reasonable valuations. We believe that this long-held discipline will allow the strategy to capitalize on our outlook for economic strength yet effectively navigate risks along the way, thereby achieving an attractive risk-adjusted return performance pattern over full market cycles.\*

*\** *Portfolio composition is subject to change.*

---

| | |
|:---|:---|
| **Investment Performance** **(Unaudited)** | **Boston Trust SMID Cap Fund**<br> December 31, 2022 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** |
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  |<br>**1 Year** |<br>**3 Years** |<br>**5 Years** |<br>**10 Years** | **Since**<br>**Inception**<br>**(11/30/11)** |
| **Boston Trust SMID Cap Fund<sup>1</sup>** | **-12.04%** | **7.50%** | **8.24%** | **10.87%** | **10.77%** |
| Russell 2500<sup>™</sup> Index | -18.37% | 4.99% | 5.88% | 10.02% | 10.65% |

---

**Hypothetical Growth of a $1,000,000 Investment**

![](tm232965d1_ncsrimg006.jpg)

The above chart represents a 10-year hypothetical $1,000,000 investment in the Boston Trust SMID Cap Fund, and includes the reinvestment of dividends and capital gains in the Fund. The returns shown on the table and the graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

*The Boston Trust SMID Cap Fund is measured against the Russell 2500™ Index, which is an unmanaged index that tracks the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. The Russell 2500™ Index is a subset of the Russell 3000® Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. The performance of an index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.*

---

| | |
|:---|:---|
| Fund Net Asset Value: | $20.56 |
| Gross Expense Ratio<sup>1</sup>: | 0.85% |

---

**Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. Returns less than one year are not annualized. To obtain performance information current to the most recent month-end, please call 1-800-282-8782 ext. 7050.**

*<sup>1</sup>* *The Gross Expense Ratio is from the Fund's prospectus dated May 1, 2022. The contractual fee limit under the Fund's expense limitation agreement is 0.75% of the Fund's average annual net assets, subject to certain limitations as described in the Fund's prospectus. Please see the Fund's most recent prospectus for details. The investment performance may reflect fee reductions. If such fee reductions had not occurred, the quoted performance would have been lower. The contractual fee waiver continues through May 1, 2023 and may be renewed thereafter. Additional information pertaining to the Fund's expense ratio as of December 31, 2022 can be found in the financial highlights included in this report.*

---

| | |
|:---|:---|
| **Schedule of Portfolio Investments** | **Boston Trust Asset Management Fund**<br> December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Fair Value ($)** |
| **Common Stocks (77.7)%** |  |  |
| **Communication Services (5.4%)** |  |  |
| Alphabet, Inc., Class A (a) | 40000 | 3529200 |
| Alphabet, Inc., Class C (a) | 220000 | 19520600 |
| Comcast Corp., Class A | 200000 | 6994000 |
|  |  | 30043800 |
| **Consumer Discretionary (7.1%)** |  |  |
| Dollar General Corp. | 17500 | 4309375 |
| Lowe's Cos., Inc. | 25000 | 4981000 |
| NIKE, Inc., Class B | 102500 | 11993525 |
| O'Reilly Automotive, Inc. (a) | 4500 | 3798135 |
| Ross Stores, Inc. | 38000 | 4410660 |
| Starbucks Corp. | 100000 | 9920000 |
|  |  | 39412695 |
| **Consumer Staples (7.2%)** |  |  |
| Church & Dwight Co., Inc. | 50000 | 4030500 |
| Costco Wholesale Corp. | 35000 | 15977500 |
| Diageo PLC, Sponsored ADR | 25000 | 4454750 |
| McCormick & Co., Inc. | 40000 | 3315600 |
| PepsiCo, Inc. | 30000 | 5419800 |
| Sysco Corp. | 35000 | 2675750 |
| The Procter & Gamble Co. | 25000 | 3789000 |
|  |  | 39662900 |
| **Energy (5.4%)** |  |  |
| Chevron Corp. | 38000 | 6820620 |
| ConocoPhillips | 45000 | 5310000 |
| Exxon Mobil Corp. | 110000 | 12133000 |
| Schlumberger Ltd. | 100000 | 5346000 |
|  |  | 29609620 |
| **Financials (11.1%)** |  |  |
| American Express Co. | 30000 | 4432500 |
| Berkshire Hathaway, Inc., Class B (a) | 22500 | 6950250 |
| Chubb Ltd. | 20000 | 4412000 |
| Cincinnati Financial Corp. | 60000 | 6143400 |
| Comerica, Inc. | 20000 | 1337000 |
| FactSet Research Systems, Inc. | 13720 | 5504601 |
| JPMorgan Chase & Co. | 85000 | 11398500 |
| Northern Trust Corp. | 50000 | 4424500 |
| T. Rowe Price Group, Inc. | 55000 | 5998300 |
| The PNC Financial Services Group, Inc. | 30000 | 4738200 |
| U.S. Bancorp | 130000 | 5669300 |
|  |  | 61008551 |
| **Health Care (10.6%)** |  |  |
| Agilent Technologies, Inc. | 20000 | 2993000 |
| Becton, Dickinson & Co. | 35000 | 8900500 |
| Edwards Lifesciences Corp. (a) | 95000 | 7087950 |
| Johnson & Johnson | 50000 | 8832500 |
| Merck & Co., Inc. | 50000 | 5547500 |
| Mettler-Toledo International, Inc. (a) | 5000 | 7227250 |
| Stryker Corp. | 25000 | 6112250 |
| UnitedHealth Group, Inc. | 17500 | 9278150 |
| Waters Corp. (a) | 7500 | 2569350 |
|  |  | 58548450 |
| **Industrials (7.7%)** |  |  |
| Donaldson Co., Inc. | 50000 | 2943500 |
| Hubbell, Inc. | 36000 | 8448480 |
| Illinois Tool Works, Inc. | 25400 | 5595620 |
| Union Pacific Corp. | 45000 | 9318150 |
| United Parcel Service, Inc., Class B | 54000 | 9387360 |
| W.W. Grainger, Inc. | 12000 | 6675000 |
|  |  | 42368110 |
| **Information Technology (21.1%)** |  |  |
| Accenture PLC, Class A | 62000 | 16544080 |
| Apple, Inc. | 220000 | 28584600 |
| Automatic Data Processing, Inc. | 71000 | 16959061 |
| Cisco Systems, Inc. | 65000 | 3096600 |
| Microsoft Corp. | 130000 | 31176600 |
| Oracle Corp. | 65000 | 5313100 |
| Visa, Inc., Class A | 70000 | 14543200 |
|  |  | 116217241 |
| **Materials (2.1%)** |  |  |
| Air Products and Chemicals, Inc. | 25500 | 7860630 |
| AptarGroup, Inc. | 32500 | 3574350 |
|  |  | 11434980 |
| **TOTAL COMMON STOCKS (Cost $128,746,515)** |  | 428306347 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount ($)** | |
| **Corporate Bonds (3.0%)** |  |  |
| **Communication Services (0.2%)** |  |  |
| Comcast Corp., 4.25%, 10/15/30, Callable 7/15/30 @ 100 | 900000 | 865663 |
| Verizon Communications, Inc., 4.02%, 12/3/29, Callable 9/3/29 @ 100 | 250000 | 235304 |
|  |  | 1100967 |
| **Consumer Discretionary (0.1%)** |  |  |
| Toyota Motor Credit Corp., 3.65%, 1/8/29 | 350000 | 329632 |
| **Consumer Staples (0.1%)** |  |  |
| McCormick & Co., Inc., 3.50%, 9/1/23, Callable 6/1/23 @ 100 | 500000 | 494831 |
| **Financials (1.1%)** |  |  |
| Bank of America Corp., 4.18%, 11/25/27, MTN, Callable 11/25/26 @ 100 | 500000 | 475824 |
| Berkshire Hathaway, Inc., 3.13%, 3/15/26, Callable 12/15/25 @ 100 | 2000000 | 1921078 |
| Cincinnati Financial Corp., 6.92%, 5/15/28 | 500000 | 535497 |
| JPMorgan Chase & Co., 3.90%, 7/15/25, Callable 4/15/25 @ 100 | 1000000 | 978308 |
| JPMorgan Chase & Co., 4.01%, 4/23/29, Callable 4/23/28 @ 100 | 500000 | 462699 |
| Wells Fargo & Co., 3.55%, 9/29/25, MTN | 2000000 | 1927118 |
|  |  | 6300524 |
| **Health Care (0.2%)** |  |  |
| Merck & Co., Inc., 1.70%, 6/10/27, Callable 5/10/27 @ 100 | 350000 | 311296 |
| Pfizer, Inc., 3.60%, 9/15/28, Callable 6/15/28 @ 100 | 500000 | 480058 |
| UnitedHealth Group, Inc., 3.38%, 4/15/27 | 500000 | 474999 |
|  |  | 1266353 |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Schedule of Portfolio Investments** | **Boston Trust Asset Management Fund**<br> December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br> Amount ($)** | **Fair Value ($)** |
| **Corporate Bonds (continued)** |  |  |
| **Industrials (0.4%)** |  |  |
| Emerson Electric Co., 2.00%, 12/21/28, Callable 10/21/28 @ 100 | 400000 | 341402 |
| Hubbell, Inc., 3.50%, 2/15/28, Callable 11/15/27 @ 100 | 1000000 | 923794 |
| John Deere Capital Corp., 3.45%, 3/7/29, MTN | 500000 | 466008 |
| Union Pacific Corp., 3.95%, 9/10/28, Callable 6/10/28 @ 100 | 400000 | 384874 |
|  |  | 2116078 |
| **Information Technology (0.8%)** |  |  |
| Apple, Inc., 3.25%, 2/23/26, Callable 11/23/25 @ 100 | 2500000 | 2406418 |
| Visa, Inc., 3.15%, 12/14/25, Callable 9/14/25 @ 100 | 2000000 | 1930611 |
|  |  | 4337029 |
| **Materials (0.1%)** |  |  |
| Air Products and Chemicals, Inc., 1.85%, 5/15/27, Callable 3/15/27 @ 100 | 400000 | 356605 |
| **TOTAL CORPORATE BONDS (Cost $17,489,803)** |  | 16302019 |
| **U.S. Government & U.S. Government Agency Obligations (18.8%)** |  |  |
| **Federal Farm Credit Bank (2.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 3/2/28 | 2400000 | 2267148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 1/27/25 | 2000000 | 1941730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14%, 12/5/29 | 2500000 | 2350974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39%, 2/1/28 | 2000000 | 1939343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 12/26/25 | 2770000 | 2744163 |
|  |  | 11243358 |
| **Federal Home Loan Bank (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/10/27 | 1500000 | 1393741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 6/11/27 | 1500000 | 1405715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 9/13/24 | 2500000 | 2428428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/24/29 | 2000000 | 1948034 |
|  |  | 7175918 |
| **U.S. Treasury Bill (2.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32%, 4/20/23 | 450000 | 444140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 9/7/23 | 2000000 | 1940000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51%, 7/13/23 | 12500000 | 12203253 |
|  |  | 14587393 |
| **U.S. Treasury Inflation Index Note (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 10/15/26 | 5452250 | 5118030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 4/15/27 | 4221400 | 3940175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 7/15/32 | 3589425 | 3294716 |
|  |  | 12352921 |
| **U.S. Treasury Note (10.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 11/15/30 | 11000000 | 8822344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 8/15/29 | 6000000 | 5220469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 5/15/31 | 10000000 | 8438672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 4/30/24 | 6500000 | 6275547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 11/15/27 | 6500000 | 6001582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 5/15/25 | 5000000 | 4825781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 8/15/32 | 7500000 | 6855469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 8/31/29 | 12500000 | 11896728 |
|  |  | 58336592 |
| **TOTAL U.S. GOVERNMENT & U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $105,143,824)** |  | 103696182 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Investment Companies (0.4%)** |  |  |
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 4.19% (b) | 2340758 | 2340758 |
| **TOTAL INVESTMENT COMPANIES (Cost $2,340,758)** |  | 2340758 |
| **Total Investments (Cost $253,720,900) — 99.9% (c)** |  | 550645306 |
| Other assets in excess of liabilities — 0.1% |  | 692626 |
| **NET ASSETS — 100.0%** |  | $551337932 |

---

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day yield as of December 31, 2022. |
| (c) | See Federal Tax Information listed in the Notes to the Financial Statements. |
| ADR | American Depositary Receipt |
| MTN | Medium Term Note |
| PLC | Public Limited Company |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Asset Management Fund** |

---

**Statement of Assets and Liabilities**

December 31, 2022

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $253,720,900) | $550645306 |
| Interest and dividends receivable | 1154638 |
| Receivable for capital shares issued | 27438 |
| Prepaid expenses | 17066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 551844448 |
| **Liabilities:** |  |
| Payable for capital shares redeemed | 41332 |
| Payable to Custodian | 37801 |
| Accrued expenses and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 346263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 16088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 5040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 7138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | 11047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent | 5229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 36427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 506516 |
| **Net Assets** | $551337932 |
| **Composition of Net Assets:** |  |
| Paid in capital | $252537612 |
| Total distributable earnings (loss) | 298800320 |
| **Net Assets** | $551337932 |
| Shares outstanding (par value $0.01, unlimited number of shares authorized) | 10001154 |
| Net Asset Value, Offering Price and Redemption price per share | $55.13 |

---

**Statement of Operations**

For the year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | $3888095 |
| Dividends | 7448829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 11336924 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 4262627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 228466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 30381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 87856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing | 145916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agency | 33466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee | 75251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 146222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 5010185 |
| **Net Expenses** | 5010185 |
| **Net Investment Income** | 6326739 |
| **Net Realized/Unrealized Gains (Losses) from Investments:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 6394661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (114355885) |
| Net realized/unrealized gains (losses) on investments | (107961224) |
| **Change in Net Assets Resulting from Operations** | $(101634485) |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Asset Management Fund** |

---

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br> December 31, 2022** | **For the year ended<br> December 31, 2021** |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $6326739 | $5001916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 6394661 | 20040051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (114355885) | 102212180 |
| **Change in Net Assets Resulting from Operations** | (101634485) | 127254147 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (24865921) | (10333974) |
| **Change in Net Assets Resulting from distributions to shareholders** | (24865921) | (10333974) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 13998321 | 22290048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 12757441 | 5357589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (51657993) | (34108356) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of in-kind shares redeemed (a) |  | (4731689) |
| **Change in Net Assets Resulting from Capital Share Transactions** | (24902231) | (11192408) |
| **Change in Net Assets** | (151402637) | 105727765 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 702740569 | 597012804 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $551337932 | $702740569 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 232525 | 365368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested | 223345 | 81163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (872055) | (552917) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed in-kind (a) |  | (82477) |
| **Change in shares** | (416185) | (188863) |

---

(a) See Note 3 in Notes to Financial Statements.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Asset Management Fund** |

---

**Financial Highlights**

Selected data for a share outstanding throughout the years indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year <br> ended <br> December <br> 31, 2022** | **For the year <br> ended <br> December <br> 31, 2021** | **For the year <br> ended <br> December <br> 31, 2020** | **For the year <br> ended <br> December <br> 31, 2019** | **For the year <br> ended <br> December <br> 31, 2018** |
| **Net Asset Value, Beginning of Period** | $67.46 | $56.29 | $55.17 | $44.27 | $46.88 |
| **Investment Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.63 | 0.48 | 0.53 | 0.48 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized/unrealized gains (losses) from investments | (10.42) | 11.69 | 3.74 | 10.93 | (1.20) |
| Total from investment activities | (9.79) | 12.17 | 4.27 | 11.41 | (0.68) |
| **Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.65) | (0.49) | (0.53) | (0.48) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | (1.89) | (0.51) | (2.62) | (0.03) | (1.41) |
| Total distributions | (2.54) | (1.00) | (3.15) | (0.51) | (1.93) |
| **Net Asset Value, End of Period** | $55.13 | $67.46 | $56.29 | $55.17 | $44.27 |
| Total Return | (14.65)% | 21.65% | 7.83% | 25.81% | (1.61)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's) | $551338 | $702741 | $597013 | $623151 | $461126 |
| Ratio of net expenses to average net assets | 0.83% | 0.81% | 0.88% | 0.90% | 0.93% |
| Ratio of net investment income to average net assets | 1.05% | 0.77% | 0.96% | 1.02% | 1.05% |
| Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets | 0.83% | 0.81% | 0.88% | 0.90% | 0.93% |
| Portfolio turnover rate | 35.52% | 6.51 %(a) | 12.18% | 5.76 %(a) | 2.53% |

---

(a) Excludes impact of in-kind transactions.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Schedule of Portfolio Investments** | **Boston Trust Equity Fund** <br> December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Fair Value ($)** |
| **Common Stocks (97.8%)** |  |  |
| **Communication Services (7.5%)** |  |  |
| Alphabet, Inc., Class A (a) | 15000 | 1323450 |
| Alphabet, Inc., Class C (a) | 100000 | 8873000 |
| Comcast Corp., Class A | 82000 | 2867540 |
| Electronic Arts, Inc. | 11000 | 1343980 |
|  |  | 14407970 |
| **Consumer Discretionary (9.1%)** |  |  |
| Dollar General Corp. | 8500 | 2093125 |
| Lowe's Cos., Inc. | 10000 | 1992400 |
| NIKE, Inc., Class B | 30000 | 3510300 |
| O'Reilly Automotive, Inc. (a) | 3300 | 2785299 |
| Ross Stores, Inc. | 12500 | 1450875 |
| Starbucks Corp. | 40000 | 3968000 |
| The TJX Cos., Inc. | 21500 | 1711400 |
|  |  | 17511399 |
| **Consumer Staples (8.1%)** |  |  |
| Church & Dwight Co., Inc. | 15000 | 1209150 |
| Costco Wholesale Corp. | 13750 | 6276875 |
| Diageo PLC, Sponsored ADR | 7500 | 1336425 |
| McCormick & Co., Inc. | 14000 | 1160460 |
| PepsiCo, Inc. | 10000 | 1806600 |
| Sysco Corp. | 20000 | 1529000 |
| The Estee Lauder Cos., Inc. | 3500 | 868385 |
| The Procter & Gamble Co. | 9000 | 1364040 |
|  |  | 15550935 |
| **Energy (6.8%)** |  |  |
| Chevron Corp. | 19000 | 3410310 |
| Exxon Mobil Corp. | 50000 | 5515000 |
| Schlumberger Ltd. | 75000 | 4009500 |
|  |  | 12934810 |
| **Financials (13.6%)** |  |  |
| American Express Co. | 12000 | 1773000 |
| Berkshire Hathaway, Inc., Class B (a) | 10000 | 3089000 |
| Chubb Ltd. | 10000 | 2206000 |
| Cincinnati Financial Corp. | 20000 | 2047800 |
| FactSet Research Systems, Inc. | 5500 | 2206655 |
| JPMorgan Chase & Co. | 39000 | 5229900 |
| Northern Trust Corp. | 22500 | 1991025 |
| T. Rowe Price Group, Inc. | 20000 | 2181200 |
| The PNC Financial Services Group, Inc. | 17500 | 2763950 |
| U.S. Bancorp | 59000 | 2572990 |
|  |  | 26061520 |
| **Health Care (14.7%)** |  |  |
| Agilent Technologies, Inc. | 13600 | 2035240 |
| Becton, Dickinson & Co. | 15000 | 3814500 |
| Edwards Lifesciences Corp. (a) | 22500 | 1678725 |
| Johnson & Johnson | 22500 | 3974625 |
| Merck & Co., Inc. | 22500 | 2496375 |
| Mettler-Toledo International, Inc. (a) | 1500 | 2168175 |
| Stryker Corp. | 12000 | 2933880 |
| The Cooper Cos., Inc. | 5000 | 1653350 |
| UnitedHealth Group, Inc. | 12000 | 6362160 |
| Waters Corp. (a) | 3200 | 1096256 |
|  |  | 28213286 |
| **Industrials (10.9%)** |  |  |
| Deere & Co. | 4750 | 2036610 |
| Donaldson Co., Inc. | 15000 | 883050 |
| Hubbell, Inc. | 15000 | 3520200 |
| Illinois Tool Works, Inc. | 15000 | 3304500 |
| Union Pacific Corp. | 22500 | 4659075 |
| United Parcel Service, Inc., Class B | 15000 | 2607600 |
| W.W. Grainger, Inc. | 7000 | 3893750 |
|  |  | 20904785 |
| **Information Technology (23.9%)** |  |  |
| Accenture PLC, Class A | 25000 | 6671000 |
| Analog Devices, Inc. | 9000 | 1476270 |
| Apple, Inc. | 87000 | 11303910 |
| Automatic Data Processing, Inc. | 20000 | 4777200 |
| Microsoft Corp. | 51000 | 12230820 |
| Oracle Corp. | 40000 | 3269600 |
| Visa, Inc., Class A | 28000 | 5817280 |
|  |  | 45546080 |
| **Materials (3.2%)** |  |  |
| Air Products and Chemicals, Inc. | 14800 | 4562248 |
| AptarGroup, Inc. | 14250 | 1567215 |
|  |  | 6129463 |
| **TOTAL COMMON STOCKS (Cost $66,363,897)** |  | 187260248 |
| **Investment Companies (2.1%)** |  |  |
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 4.19% (b) | 4032353 | 4032353 |
| **TOTAL INVESTMENT COMPANIES (Cost $4,032,353)** |  | 4032353 |
| **Total Investments (Cost $70,396,250) — 99.9% (c)** |  | 191292601 |
| Other assets in excess of liabilities — 0.1% |  | 137316 |
| **NET ASSETS — 100.0%** |  | $**191429917** |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day yield as of December 31, 2022.

(c) See Federal Tax Information listed in the Notes to the Financial Statements.

<br> ADR American Depositary Receipt

PLC Public Limited Company

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Equity Fund** |

---

**Statement of Assets and Liabilities**

December 31, 2022

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $70,396,250) | $191292601 |
| Dividends receivable | 223435 |
| Receivable for capital shares issued | 46243 |
| Receivable from Custodian | 15892 |
| Prepaid expenses | 4956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 191583127 |
| **Liabilities:** |  |
| Payable for capital shares redeemed | 2978 |
| Accrued expenses and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 124860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 14433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent | 2396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 5739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 153210 |
| **Net Assets** | $191429917 |
| **Composition of Net Assets:** |  |
| Paid in capital | $69355535 |
| Total distributable earnings (loss) | 122074382 |
| **Net Assets** | $191429917 |
| Shares outstanding (par value $0.01, unlimited number of shares authorized) | 5531004 |
| Net Asset Value, Offering Price and Redemption price per share | $34.61 |

---

**Statement of Operations**

For the year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends | $3016677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 3016677 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser | 1483602 |
| &nbsp;&nbsp;&nbsp;Administration and accounting | 79918 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer | 9288 |
| &nbsp;&nbsp;&nbsp;Custodian | 27264 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing | 11641 |
| &nbsp;&nbsp;&nbsp;Transfer agency | 28301 |
| &nbsp;&nbsp;&nbsp;Trustee | 23061 |
| &nbsp;&nbsp;&nbsp;Other | 44728 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1707803 |
| **Net Expenses** | 1707803 |
| **Net Investment Income** | 1308874 |
| **Net Realized/Unrealized Gains (Losses) from Investments:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 2008906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (34852417) |
| Net realized/unrealized gains (losses) on investments | (32843511) |
| **Change in Net Assets Resulting from Operations** | $(31534637) |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Equity Fund** |

---

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br> December 31, 2022** | **For the year ended<br> December 31, 2021** |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1308874 | $1037638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 2008906 | 6948769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (34852417) | 43065031 |
| **Change in Net Assets Resulting from Operations** | (31534637) | 51051438 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (6000589) | (5800917) |
| **Change in Net Assets Resulting from distributions to shareholders** | (6000589) | (5800917) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 12205790 | 12632859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 2789935 | 2677723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (8896664) | (6182310) |
| **Change in Net Assets Resulting from Capital Share Transactions** | 6099061 | 9128272 |
| **Change in Net Assets** | (31436165) | 54378793 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 222866082 | 168487289 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $191429917 | $222866082 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 337500 | 340673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested | 77628 | 66133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (247975) | (166404) |
| **Change in shares** | 167153 | 240402 |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Equity Fund** |

---

**Financial Highlights**

Selected data for a share outstanding throughout the years indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year <br> ended <br> December <br> 31, 2022** | **For the year <br> ended <br> December <br> 31, 2021** | **For the year <br> ended <br> December <br> 31, 2020** | **For the year <br> ended <br> December <br> 31, 2019** | **For the year <br> ended <br> December <br> 31, 2018** |
| **Net Asset Value, Beginning of Period** | $41.55 | $32.89 | $29.55 | $22.64 | $23.63 |
| **Investment** **Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.24 | 0.20 | 0.27 | 0.24 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized/unrealized gains (losses) from investments | (6.08) | 9.56 | 4.00 | 6.94 | (0.80) |
| Total from investment activities | (5.84) | 9.76 | 4.27 | 7.18 | (0.58) |
| **Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.20) | (0.27) | (0.24) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | (0.86) | (0.90) | (0.66) | (0.03) | (0.18) |
| Total distributions | (1.10) | (1.10) | (0.93) | (0.27) | (0.41) |
| **Net Asset Value, End of Period** | $34.61 | $41.55 | $32.89 | $29.55 | $22.64 |
| Total Return | (14.16)% | 29.77% | 14.53% | 31.74% | (2.55)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's) | $191430 | $222866 | $168487 | $159651 | $125844 |
| Ratio of net expenses to average net assets | 0.86% | 0.85% | 0.90% | 0.91% | 0.92% |
| Ratio of net investment income to average net assets | 0.66% | 0.53% | 0.93% | 0.88% | 0.91% |
| Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets | 0.86% | 0.85% | 0.90% | 0.91% | 0.92% |
| Portfolio turnover rate | 10.30% | 7.33% | 9.30% | 2.61% | 1.67% |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Schedule of Portfolio Investments** | **Boston Trust Midcap Fund** <br>December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Fair Value ($)** |
| **Common Stocks (98.8%)** |  |  |
| **Communication Services (3.6%)** |  |  |
| Cable One, Inc. | 2180 | 1551855 |
| Electronic Arts, Inc. | 21785 | 2661691 |
| Omnicom Group, Inc. | 20190 | 1646898 |
|  |  | 5860444 |
| **Consumer Discretionary (10.0%)** |  |  |
| AutoZone, Inc. (a) | 1060 | 2614151 |
| Carter's, Inc. | 24830 | 1852566 |
| Columbia Sportswear Co. | 23135 | 2026164 |
| eBay, Inc. | 30620 | 1269811 |
| O'Reilly Automotive, Inc. (a) | 2720 | 2295762 |
| Ross Stores, Inc. | 31325 | 3635892 |
| Ulta Beauty, Inc. (a) | 5290 | 2481380 |
|  |  | 16175726 |
| **Consumer Staples (5.5%)** |  |  |
| BJ's Wholesale Club Holdings, Inc. (a) | 30100 | 1991416 |
| Church & Dwight Co., Inc. | 28160 | 2269978 |
| The Hershey Co. | 11900 | 2755682 |
| The JM Smucker Co. | 11625 | 1842098 |
|  |  | 8859174 |
| **Energy (4.4%)** |  |  |
| Baker Hughes Co. | 146875 | 4337218 |
| Marathon Oil Corp. | 104150 | 2819341 |
|  |  | 7156559 |
| **Financials (14.9%)** |  |  |
| Brown & Brown, Inc. | 28055 | 1598293 |
| CBOE Global Markets, Inc. | 17070 | 2141773 |
| East West Bancorp, Inc. | 36660 | 2415894 |
| Everest Re Group Ltd. | 7635 | 2529247 |
| FactSet Research Systems, Inc. | 7385 | 2962936 |
| M&T Bank Corp. | 12845 | 1863296 |
| Northern Trust Corp. | 35675 | 3156881 |
| SEI Investments Co. | 65385 | 3811945 |
| Signature Bank | 8665 | 998381 |
| T. Rowe Price Group, Inc. | 24680 | 2691601 |
|  |  | 24170247 |
| **Health Care (14.9%)** |  |  |
| Agilent Technologies, Inc. | 16195 | 2423582 |
| Chemed Corp. | 3090 | 1577229 |
| Henry Schein, Inc. (a) | 19865 | 1586617 |
| Laboratory Corp. of America Holdings | 6540 | 1540039 |
| Medpace Holdings, Inc. (a) | 11330 | 2406605 |
| Mettler-Toledo International, Inc. (a) | 1310 | 1893540 |
| STERIS PLC | 11155 | 2060217 |
| Teleflex, Inc. | 8365 | 2088155 |
| The Cooper Cos., Inc. | 9980 | 3300087 |
| Waters Corp. (a) | 9635 | 3300758 |
| West Pharmaceutical Services, Inc. | 8500 | 2000475 |
|  |  | 24177304 |
| **Industrials (16.8%)** |  |  |
| AMETEK, Inc. | 20615 | 2880328 |
| AO Smith Corp. | 29980 | 1716055 |
| Cummins, Inc. | 7260 | 1759025 |
| Donaldson Co., Inc. | 45420 | 2673875 |
| Expeditors International of Washington, Inc. | 22130 | 2299750 |
| Graco, Inc. | 22575 | 1518395 |
| Hubbell, Inc. | 6375 | 1496085 |
| Lincoln Electric Holdings, Inc. | 16595 | 2397812 |
| Masco Corp. | 50010 | 2333967 |
| Nordson Corp. | 8535 | 2028940 |
| Rockwell Automation, Inc. | 7935 | 2043818 |
| Verisk Analytics, Inc. | 9060 | 1598365 |
| W.W. Grainger, Inc. | 4725 | 2628281 |
|  |  | 27374696 |
| **Information Technology (13.3%)** |  |  |
| Amdocs Ltd. | 20110 | 1827999 |
| Amphenol Corp., Class A | 24595 | 1872663 |
| ANSYS, Inc. (a) | 8740 | 2111497 |
| Arista Networks, Inc. (a) | 17245 | 2092681 |
| Aspen Technology, Inc. (a) | 5800 | 1191320 |
| Broadridge Financial Solutions, Inc. | 13830 | 1855018 |
| Check Point Software Technologies Ltd. (a) | 13200 | 1665312 |
| F5, Inc. (a) | 12155 | 1744364 |
| Paychex, Inc. | 30095 | 3477778 |
| TE Connectivity Ltd. | 19790 | 2271892 |
| Trimble, Inc. (a) | 30830 | 1558765 |
|  |  | 21669289 |
| **Materials (6.2%)** |  |  |
| AptarGroup, Inc. | 22660 | 2492147 |
| Avery Dennison Corp. | 12230 | 2213630 |
| Ball Corp. | 36350 | 1858939 |
| Packaging Corp. of America | 11805 | 1509978 |
| RPM International, Inc. | 20685 | 2015753 |
|  |  | 10090447 |
| **Real Estate (3.9%)** |  |  |
| Alexandria Real Estate Equities, Inc. | 10675 | 1555028 |
| AvalonBay Communities, Inc. | 7485 | 1208977 |
| Jones Lang LaSalle, Inc. (a) | 12935 | 2061451 |
| Realty Income Corp. | 23880 | 1514708 |
|  |  | 6340164 |
| **Utilities (5.3%)** |  |  |
| Atmos Energy Corp. | 25200 | 2824164 |
| Eversource Energy | 35035 | 2937334 |
| ONE Gas, Inc. | 38600 | 2922792 |
|  |  | 8684290 |
| **TOTAL COMMON STOCKS (Cost $117,580,468)** |  | 160558340 |
| **Investment Companies (1.2%)** |  |  |
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 4.19% (b) | 2012131 | 2012131 |
| **TOTAL INVESTMENT COMPANIES (Cost $2,012,131)** |  | 2012131 |
| **Total Investments (Cost $119,592,599) — 100.0% (c)** |  | 162570471 |
| Liabilities in excess of other assets — 0.0% |  | (56959) |
| **NET ASSETS — 100.0%** |  | $162513512 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day yield as of December 31, 2022.

(c) See Federal Tax Information listed in the Notes to the Financial Statements.

<br> PLC Public Limited Company

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Midcap Fund** |

---

**Statement of Assets and Liabilities**

December 31, 2022

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $119,592,599) | $162570471 |
| Dividends receivable | 164371 |
| Receivable for capital shares issued | 271163 |
| Receivable from Custodian | 20712 |
| Prepaid expenses | 13767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 163040484 |
| **Liabilities:** |  |
| Payable for capital shares redeemed | 71592 |
| Payable to Custodian | 306601 |
| Accrued expenses and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 110432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 15067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | 14811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 4959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 526972 |
| **Net Assets** | $162513512 |
| **Composition of Net Assets:** |  |
| Paid in capital | $119318008 |
| Total distributable earnings (loss) | 43195504 |
| **Net Assets** | $162513512 |
| Shares outstanding (par value $0.01, unlimited number of shares authorized) | 7645260 |
| Net Asset Value, Offering Price and Redemption price per share | $21.26 |

---

**Statement of Operations**

For the year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends | $2300274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 2300274 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 1192787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 65965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 7324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 21629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing | 190792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agency | 30918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee | 18017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 65358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee reductions | 1592790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees contractually reduced by the investment adviser | (3138) |
| **Net Expenses** | 1589652 |
| **Net Investment Income** | 710622 |
| **Net Realized/Unrealized Gains (Losses) from Investments:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 7210769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (27325299) |
| Net realized/unrealized gains (losses) on investments | (20114530) |
| **Change in Net Assets Resulting from Operations** | $(19403908) |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Midcap Fund** |

---

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br> December 31, 2022** | **For the year ended<br> December 31, 2021** |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $710622 | $552071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 7210769 | 7173019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (27325299) | 26695687 |
| **Change in Net Assets Resulting from Operations** | (19403908) | 34420777 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (7363133) | (8079854) |
| **Change in Net Assets Resulting from distributions to shareholders** | (7363133) | (8079854) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 37031229 | 29538536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 5968235 | 6597814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (26483479) | (29435595) |
| **Change in Net Assets Resulting from Capital Share Transactions** | 16515985 | 6700755 |
| **Change in Net Assets** | (10251056) | 33041678 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 172764568 | 139722890 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $162513512 | $172764568 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 1654281 | 1258742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested | 271407 | 275024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1203248) | (1258873) |
| **Change in shares** | 722440 | 274893 |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Midcap Fund** |

---

**Financial Highlights**

Selected data for a share outstanding throughout the years indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year <br> ended <br> December <br> 31, 2022** | **For the year <br> ended <br> December <br> 31, 2021** | **For the year <br> ended <br> December <br> 31, 2020** | **For the year <br> ended <br> December <br> 31, 2019** | **For the year <br> ended <br> December <br> 31, 2018** |
| **Net Asset Value, Beginning of Period** | $24.96 | $21.02 | $19.55 | $15.78 | $17.26 |
| **Investment Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.10 | 0.08 | 0.12 | 0.10 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized/unrealized gains (losses) from investments | (2.80) | 5.09 | 1.60 | 4.39 | (0.62) |
| Total from investment activities | (2.70) | 5.17 | 1.72 | 4.49 | (0.54) |
| **Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.10) | (0.12) | (0.09) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | (0.91) | (1.13) | (0.13) | (0.63) | (0.86) |
| Total distributions | (1.00) | (1.23) | (0.25) | (0.72) | (0.94) |
| **Net Asset Value, End of Period** | $21.26 | $24.96 | $21.02 | $19.55 | $15.78 |
| Total Return | (10.94)% | 24.81% | 8.81% | 28.59% | (3.36)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's) | $162514 | $172765 | $139723 | $145305 | $74863 |
| Ratio of net expenses to average net assets | 1.00% | 1.00% | 1.00% | 1.00% | 0.98% |
| Ratio of net investment income to average net assets | 0.45% | 0.36% | 0.59% | 0.67% | 0.54% |
| Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (a) | 1.00% | 1.00% | 1.05% | 1.04% | 0.98% |
| Portfolio turnover rate | 27.89% | 19.72% | 38.33% | 18.46% | 19.34% |

---

(a) During the periods, certain fees may have been reduced or recouped by the investment adviser. If
 such fee reductions/recoupments had not occurred, the ratio would have been as indicated.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Schedule of Portfolio Investments** | **Boston Trust SMID Cap Fund**<br> December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Fair Value ($)** |
| **Common Stocks (98.3%)** |  |  |
| **Communication Services (4.0%)** |  |  |
| Cable One, Inc. | 7100 | 5054206 |
| Interpublic Group of Cos., Inc. | 238100 | 7931111 |
| Omnicom Group, Inc. | 103600 | 8450652 |
|  |  | 21435969 |
| **Consumer Discretionary (9.9%)** |  |  |
| Carter's, Inc. | 81300 | 6065793 |
| Cavco Industries, Inc. (a) | 24100 | 5452625 |
| Choice Hotels International, Inc. | 66100 | 7445504 |
| Columbia Sportswear Co. | 66400 | 5815312 |
| Service Corporation International | 169500 | 11719230 |
| Texas Roadhouse, Inc. | 53600 | 4874920 |
| TopBuild Corp. (a) | 32000 | 5007680 |
| Williams Sonoma, Inc. | 54800 | 6297616 |
|  |  | 52678680 |
| **Consumer Staples (5.4%)** |  |  |
| BJ's Wholesale Club Holdings, Inc. (a) | 119300 | 7892888 |
| Flowers Foods, Inc. | 224500 | 6452130 |
| Lamb Weston Holdings, Inc. | 48900 | 4369704 |
| The JM Smucker Co. | 62700 | 9935442 |
|  |  | 28650164 |
| **Energy (4.5%)** |  |  |
| Cactus, Inc., Class A | 175700 | 8830682 |
| Core Laboratories NV | 245300 | 4972231 |
| Helmerich & Payne, Inc. | 203600 | 10092452 |
|  |  | 23895365 |
| **Financials (13.3%)** |  |  |
| American Financial Group, Inc. | 55900 | 7673952 |
| Bank of Hawaii Corp. | 67300 | 5219788 |
| CBOE Global Markets, Inc. | 61700 | 7741499 |
| Cohen & Steers, Inc. | 65300 | 4215768 |
| Commerce Bancshares, Inc. | 79208 | 5391689 |
| East West Bancorp, Inc. | 161500 | 10642850 |
| FactSet Research Systems, Inc. | 16500 | 6619965 |
| SEI Investments Co. | 182400 | 10633920 |
| Signature Bank | 32000 | 3687040 |
| UMB Financial Corp. | 111300 | 9295776 |
|  |  | 71122247 |
| **Health Care (15.9%)** |  |  |
| Charles River Laboratories |  |  |
| International, Inc. (a) | 42600 | 9282540 |
| Chemed Corp. | 18300 | 9340869 |
| Henry Schein, Inc. (a) | 110000 | 8785700 |
| Medpace Holdings, Inc. (a) | 51900 | 11024079 |
| PerkinElmer, Inc. | 60900 | 8539398 |
| STERIS PLC | 46300 | 8551147 |
| Teleflex, Inc. | 28300 | 7064529 |
| The Cooper Cos., Inc. | 37400 | 12367058 |
| Waters Corp. (a) | 29200 | 10003336 |
|  |  | 84958656 |
| **Industrials (18.0%)** |  |  |
| AO Smith Corp. | 104400 | 5975856 |
| Applied Industrial Technologies, Inc. | 71000 | 8948130 |
| C.H. Robinson Worldwide, Inc. | 57300 | 5246388 |
| Donaldson Co., Inc. | 158800 | 9348555 |
| Expeditors International of Washington, Inc. | 74200 | 7710864 |
| Hubbell, Inc. | 34600 | 8119928 |
| IDEX Corp. | 20300 | 4635099 |
| Lincoln Electric Holdings, Inc. | 59300 | 8568257 |
| Masco Corp. | 113700 | 5306379 |
| Nordson Corp. | 37400 | 8890728 |
| Robert Half International, Inc. | 71800 | 5300994 |
| Snap-on, Inc. | 29000 | 6626210 |
| The Middleby Corp. (a) | 28700 | 3842930 |
| The Toro Co. | 66500 | 7527800 |
|  |  | 96048118 |
| **Information Technology (12.6%)** |  |  |
| Akamai Technologies, Inc. (a) | 66800 | 5631240 |
| Amdocs Ltd. | 91100 | 8280990 |
| Aspen Technology, Inc. (a) | 17400 | 3573960 |
| Broadridge Financial Solutions, Inc. | 49500 | 6639435 |
| Dolby Laboratories, Inc., Class A | 72500 | 5114150 |
| F5, Inc. (a) | 45700 | 6558407 |
| Jack Henry *&* Associates, Inc. | 41800 | 7338408 |
| Manhattan Associates, Inc. (a) | 48100 | 5839340 |
| NetApp, Inc. | 86800 | 5213208 |
| Progress Software Corp. | 144200 | 7274890 |
| Trimble, Inc. (a) | 118000 | 5966080 |
|  |  | 67430108 |
| **Materials (5.7%)** |  |  |
| AptarGroup, Inc. | 74000 | 8138520 |
| Avery Dennison Corp. | 37300 | 6751300 |
| Packaging Corp. of America | 40700 | 5205937 |
| RPM International, Inc. | 103300 | 10066585 |
|  |  | 30162342 |
| **Real Estate (6.3%)** |  |  |
| CubeSmart | 97500 | 3924375 |
| Jones Lang LaSalle, Inc. (a) | 56400 | 8988468 |
| Lamar Advertising Co., Class A | 70800 | 6683520 |
| Physicians Realty Trust | 405600 | 5869032 |
| STAG Industrial, Inc. | 252200 | 8148582 |
|  |  | 33613977 |
| **Utilities (2.7%)** |  |  |
| Atmos Energy Corp. | 33500 | 3754345 |
| IDACORP, Inc. | 41800 | 4508130 |
| ONE Gas, Inc. | 82000 | 6209040 |
|  |  | 14471515 |
| **TOTAL COMMON STOCKS (Cost $502,607,767)** |  | 524467141 |
| **Investment Companies (1.1%)** |  |  |
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 4.19% (b) | 5695123 | 5695123 |
| **TOTAL INVESTMENT COMPANIES (Cost $5,695,123)** |  | 5695123 |
| **Total Investments (Cost $508,302,890) — 99.4% (c)** |  | 530162264 |
| Other assets in excess of liabilities — 0.6% |  | 3292325 |
| **NET ASSETS — 100.0%** |  | $533454589 |

---

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day yield as of December 31, 2022. |
| (c) | See Federal Tax Information listed in the Notes to the Financial Statements. |
| PLC | Public Limited Company |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust SMID Cap Fund** |

---

**Statement of Assets and Liabilities**

December 31, 2022

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $508,302,890) | $530162264 |
| Cash | 6649154 |
| Dividends receivable | 543557 |
| Receivable for capital shares issued | 1954665 |
| Prepaid expenses | 15619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 539325259 |
| **Liabilities:** |  |
| Payable for investments purchased | 5481955 |
| Payable for capital shares redeemed | 31909 |
| Payable to Custodian | 25763 |
| Accrued expenses and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 270647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 14775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 3879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 5581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent | 4608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 31432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 5870670 |
| **Net Assets** | $533454589 |
| **Composition of Net Assets:** |  |
| Paid in capital | $516115110 |
| Total distributable earnings (loss) | 17339479 |
| **Net Assets** | $533454589 |
| Shares outstanding (par value $0.01, unlimited number of shares authorized) | 25951663 |
| Net Asset Value, Offering Price and Redemption price per share | $20.56 |

---

**Statement of Operations**

For the year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends | $8660819 |
| Less: Foreign tax withholding | (909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 8659910 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 3963767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 197817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 26182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 76819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agency | 32461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee | 65894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 161859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee reductions | 4524799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees contractually reduced by the investment adviser | (562932) |
| **Net Expenses** | 3961867 |
| **Net Investment Income** | 4698043 |
| **Net Realized/Unrealized Gains (Losses) from Investments:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 9353164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from redemptions in-kind (a) | 34777232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (121384207) |
| Net realized/unrealized gains (losses) on investments | (77253811) |
| **Change in Net Assets Resulting from Operations** | $(72555768) |

---

(a) See Note 3 in Notes to Financial Statements.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust SMID Cap Fund** |

---

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br> December 31, 2022** | **For the year ended<br> December 31, 2021** |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $4698043 | $4078818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 44130396 | 33055337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (121384207) | 94523901 |
| **Change in Net Assets Resulting from Operations** | (72555768) | 131658056 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (20356159) | (18086887) |
| **Change in Net Assets Resulting from distributions to shareholders** | (20356159) | (18086887) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 156173450 | 381010825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 13637139 | 12029358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (53318588) | (83358340) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of in-kind shares redeemed (a) | (105672275) | (33781359) |
| **Change in Net Assets Resulting from Capital Share Transactions** | 10819726 | 275900484 |
| **Change in Net Assets** | (82092201) | 389471653 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 615546790 | 226075137 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $533454589 | $615546790 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 7188415 | 18280304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested | 646004 | 513856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2478045) | (3804896) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed in-kind (a) | (4710076) | (1437505) |
| **Change in shares** | 646298 | 13551759 |

---

(a) See Note 3 in Notes to Financial Statements.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust SMID Cap Fund** |

---

**Financial Highlights**

Selected data for a share outstanding throughout the years indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year <br> ended <br> December <br> 31, 2022** | **For the year <br> ended <br> December <br> 31, 2021** | **For the year <br> ended <br> December <br> 31, 2020** | **For the year <br> ended <br> December <br> 31, 2019** | **For the year <br> ended <br> December <br> 31, 2018** |
| **Net Asset Value, Beginning of Period** | $24.32 | $19.23 | $17.90 | $14.63 | $15.79 |
| **Investment Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.19 | 0.17 | 0.12 | 0.14 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized/unrealized gains (losses) from investments | (3.10) | 5.66 | 1.36 | 3.76 | (0.98) |
| Total from investment activities | (2.91) | 5.83 | 1.48 | 3.90 | (0.87) |
| **Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.19) | (0.13) | (0.12) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | (0.64) | (0.55) | (0.02) | (0.51) | (0.17) |
| Total distributions | (0.85) | (0.74) | (0.15) | (0.63) | (0.29) |
| **Net Asset Value, End of Period** | $20.56 | $24.32 | $19.23 | $17.90 | $14.63 |
| Total Return | (12.04)% | 30.46% | 8.26% | 26.74% | (5.62)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's) | $533455 | $615547 | $226075 | $126376 | $74299 |
| Ratio of net expenses to average net assets | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of net investment income to average net assets | 0.89% | 0.80% | 0.89% | 0.85% | 0.77% |
| Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (a) | 0.86% | 0.85% | 0.91% | 0.95% | 0.98% |
| Portfolio turnover rate | 27.54 %(b) | 35.83 %(b) | 51.26 %(b) | 24.08% | 14.98% |

---

(a) During the periods, certain fees may have been reduced or recouped by the investment adviser. If
 such fee reductions/recoupments had not occurred, the ratio would have been as indicated.

(b) Excludes impact of in-kind transactions.

**See Notes to Financial Statements**

![](tm232965d1_ncsrimg007.jpg)

Read Boston Trust Walden's Annual ESG Impact Report online when it becomes available in March 2023. The report can be found at: <u>www.bostontrustwalden.com/insight-cat/impact-investing/</u>

In this report, we share examples of actions taken to accelerate progress in the areas of climate risk, equality, and governance, and offer industry-leading measurements and disclosure on the impact of our initiatives.

**Boston Trust Walden Balanced Fund**

**Boston Trust Walden Equity Fund**

December 31, 2022

**Balanced Fund Portfolio Management**

**Stephen J. Amyouny, CFA**

Lead Portfolio Manager

**Tchintcia S. Barros, CFA** 

Co-Portfolio Manager

**Sean A. Cameron, CFA** 

Co-Portfolio Manager

**Equity Fund Portfolio Management**

**Tchintcia S. Barros, CFA**

Lead Portfolio Manager

**Stephen J. Amyouny, CFA**

Co-Portfolio Manager

**Mark B. Zagata, CFA** <br> Co-Portfolio Manager

Boston Trust Walden Inc.

**Balanced Fund Objective**

The Fund seeks long-term capital growth and income through an actively managed portfolio of stocks, bonds and money market instruments.

**Equity Fund Objective**

The Fund seeks long-term growth of capital through an actively managed portfolio of stocks.

**Investment Concerns**

Equity securities (stocks) are more volatile and carry more risk and return potential than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of these Funds will fluctuate as the value of the securities in the portfolio changes.

Foreign investing involves risks not typically associated with U.S. investments, including adverse political, social and economic developments and differing auditing and legal standards. These risks are magnified in emerging markets.

Small-to mid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.

Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Intermediate term, higher quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

Cash equivalents offer low risk and low return potential.

**Manager Commentary (Unaudited)**

**Management Discussion of Fund Performance**

The Boston Trust Walden Balanced Fund and the Boston Trust Walden Equity Fund returned -13.67% and -13.55%, respectively for the 12-month period ended December 31, 2022. The relevant market indices, the S&P 500 Index and the Bloomberg Government/Credit Bond Index, returned -18.11% and -13.58%, respectively, for the year. Both Funds' equity segments outperformed the S&P 500 Index benchmark, and the Balanced Fund's fixed income segment outperformed its bond benchmark.

The S&P 500 Index returned -18.11% in 2022, weakening after double digit positive returns in the prior two years. Amidst last year's equity market weakness, the Fund's relative equity performance provided downside protection, outperforming the index. Our valuation discipline, which is predicated on the idea that the avoidance of overpaying for securities is an important risk management tool, acted as a tailwind in 2022.

At the equity sector level, consumer discretionary contributed positively to the Funds' relative performance as did the Funds' overweight to the energy sector in a year of commodity price strength. Consumer discretionary strength in relative terms was driven by security selection and an avoidance of some of the more speculatively priced segments of this sector. Moreover, the energy sector benefitted from the inflationary environment characterizing 2022.

The Balanced Fund's high-quality focus within investment grade fixed income served as a positive relative contributor to overall performance in 2022. As spreads on corporate bonds widened, the Fund benefitted in relative terms, Moreover, a primary determinant of fixed income returns was the interest rate sensitivity, or duration, of portfolio holding. The Balanced Fund maintained a below-average duration relative to the Bloomberg US Government/Credit Bond Index throughout the year. As a result of duration positioning, interest rate movements, and fixed income spread exposure, the Balanced Fund return from fixed income was ahead of the Bloomberg Government/Credit Bond Index benchmark return of -13.58%.

**Outlook**

We expect flat to modestly positive year-over-year real US Gross Domestic Product growth in 2023, following growth of near 2% in 2022 and 5.7% in 2021. Moreover, the probability of a recession within the next year has risen in response to the Fed's commitment to getting inflation under control. Indeed, the equity market decline in 2022 reflects this heightened probability of recession as well as the potential for decelerating corporate earnings growth in 2023. While we expect economic and corporate profit growth to moderate, we believe that present equity valuations largely reflect these expectations. We acknowledge, however, that the prospect of hawkish monetary policy remains a powerful force with the US Federal Reserve's balance sheet now having contracted from its $9 trillion peak and declining at an annualized rate of about $1 trillion per year.

Despite the modestly constructive outlook, we remain vigilant for risks. Among the most pressing are segments of the market that continue to exhibit elevated valuations, geopolitical and military risks that threaten global trade and stability, and the potential for inflation to remain elevated longer term, thereby hampering discretionary consumer spending as well as corporate profits for companies unable to pass along higher input prices. We remain focused on identifying and investing in a diversified portfolio of high quality securities at reasonable valuations. We believe that this long-held discipline will allow the strategy to capitalize on our outlook for economic strength yet effectively navigate risks along the way, thereby achieving an attractive risk-adjusted return performance pattern over full market cycles.\*

*\** *Portfolio composition is subject* to *change.*

---

| | |
|:---|:---|
| **Investment Performance** **(Unaudited)** | **Boston Trust Walden Balanced Fund** |

---

**Boston Trust Walden Equity Fund**

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** |
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **15 Years** | **20 Years** | **Since <br> Inception<br> (6/20/99)** |
| **Boston Trust Walden Balanced Fund**<sup>1</sup>** | **-13.67%** | **3.72%** | **6.25%** | **8.27%** | **6.18%** | **6.70%** | **5.62%** |
| **Boston Trust Walden Equity Fund<sup>1</sup>** | **-13.55%** | **7.82%** | **10.08%** | **12.01%** | **8.70%** | **9.27%** | **7.22%** |
| S&P 500 Total Return Index | -18.11% | 7.65% | 9.42% | 12.56% | 8.80% | 9.79% | 6.55% |
| Bloomberg U.S. Government/Credit Bond Index | -13.58% | -2.57% | 0.21% | 1.16% | 2.77% | 3.18% | 4.03% |
| FTSE 3-Month U.S. Treasury Bill Index | 1.50% | 0.71% | 1.24% | 0.74% | 0.64% | 1.21% | 1.65% |

---

**Hypothetical Growth of a $100,000 Investment**

![](tm232965d1_ncsrimg008.jpg)

![](tm232965d1_ncsrimg009.jpg)

The above charts represent a 10-year hypothetical $100,000 investment in the Boston Trust Walden Balanced Fund and Boston Trust Walden Equity Fund, and includes the reinvestment of dividends and capital gains in the Funds. The returns shown on the table and the graphs do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

*The Boston Trust Walden Balanced Fund is measured against a combination of equity and fixed income indices. The Boston Trust Walden Equity Fund is measured against the Standard & Poor's 500 Total Return Index ("S&P 500"), which is widely regarded as a gauge of the U.S. equities market. This index includes 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also widely viewed as a proxy for the total market. The Bloomberg U.S. Government/Credit Bond Index includes Treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year), government-related issues (i.e., agency, sovereign, supranational, and local authority debt), and USD Corporates. The Bloomberg U.S. Government/Credit Bond Index is a component of the Bloomberg U.S. Aggregate Bond Index. The FTSE 3- Month U.S. T-Bill Index reflects monthly return equivalents of yield averages that are not marked to the market. The index is an average of the last three-month treasury bill issues. The three-month treasury bills are the short-term debt obligations of the U.S. Government. The indexes are unmanaged and their performance does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Funds' performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.*

**Boston Trust Walden Balanced Fund**

---

| | |
|:---|:---|
| Fund Net Asset Value: | $20.97 |
| Gross Expense Ratio<sup>1</sup>: | 1.0% |

---

**Boston Trust Walden Equity Fund**

---

| | |
|:---|:---|
| Fund Net Asset Value: | $30.21 |
| Gross Expense Ratio<sup>1</sup>: | 1.02% |

---

**Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-800-282-8782 ext. 7050.**

*<sup>1</sup>* *The Gross Expense Ratio is from each Fund's prospectus dated May 1, 2022. The contractual fee limit under each Fund's expense limitation agreement is 1.00% of each Fund's average annual net assets, subject to certain limitations as described in each Fund's prospectus. Please see each Fund's most recent prospectus for details. The investment performance may reflect fee reductions. If such fee reductions had not occurred, the quoted performance would have been lower. The contractual fee waivers continue through May 1, 2023 and may be renewed thereafter. Additional information pertaining to each Fund's expense ratio as of December 31, 2022 can be found in the financial highlights included in this report.*

**Boston Trust Walden Midcap Fund**

December 31, 2022

**Stephen J. Amyouny, CFA** 

Lead Portfolio Manager

**Richard Q. Williams, CFA** 

Co-Portfolio Manager

**Mark Zagata, CFA**

Co-Portfolio Manager

Boston Trust Walden Inc.

**Fund Objective**

The Fund seeks long-term capital growth through an actively managed portfolio of stocks of middle capitalization ("mid cap") companies.

**Investment Concerns**

Equity securities (stocks) are more volatile and carry more risk and return potential than other forms of investments, including investments in high-grade fixed income securities.

Mid cap funds typically carry additional risks since smaller companies generally have a higher risk of failure.

**Manager Commentary (Unaudited)**

**Management Discussion of Fund Performance**

The Boston Trust Walden Midcap Fund returned -10.90% in calendar year 2022, outperforming the Russell Midcap® Index by more than 6%.

Our analysis of the year suggests the Fund's strong relative performance for the year was due to favorable impacts of style, as more reasonably valued stocks of higher quality companies outperformed the broader mid cap market. The Fund also experienced an incremental benefit from favorable security selections within the opportunity set of the Fund's investment style.

**Outlook**

We expected flat to modestly positive year-over-year real US Gross Domestic Product growth in 2023, following growth of near 2% in 2022 and 5.7% in 2021. Moreover, the probability of a recession within the next year has risen in response to the US Federal Reserve's commitment to getting inflation under control. Indeed, the equity market decline in 2022 reflects this heightened probability of recession as well as the potential for decelerating corporate earnings growth in 2023. While we expect economic and corporate profit growth to moderate, we believe that present equity valuations largely reflect these expectations. We acknowledge, however that the prospect of hawkish monetary policy remains a powerful force with the US Federal Reserve's balance sheet not having contracted from its $9 trillion peak and declining at an annualized rate of about $1 trillion per year.

Despite the modestly constructive outlook, we remain vigilant for risks. Among the most pressing are segments of the market that continue to exhibit elevated valuations, geopolitical and military risks that threaten global trade and stability, and the potential for inflation to remain elevated longer term, thereby hampering discretionary consumer spending as well as corporate profits for companies unable to pass along higher input prices. We remain focused on identifying and investigating in a diversified portfolio of high quality securities at reasonable valuations. We believe that this long-held discipline will allow the strategy to capitalize on our outlook for economic strength yet effectively navigate risks along the way, thereby achieving an attractive risk-adjusted return performance pattern over full market cycles.\*

*\** *Portfolio composition is subject* to *change.*

---

| | |
|:---|:---|
| **Investment Performance** **(Unaudited)** | **Boston Trust Walden Midcap Fund**<br> December 31, 2022 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** |
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **Since<br> Inception<br> (8/1/11)** |
| **Boston Trust Walden Midcap Fund<sup>1</sup>** | **-10.90%** | **6.57%** | **8.42%** | **11.15%** | **10.50%** |
| Russell MidCap<sup>®</sup> Index | -17.32% | 5.87% | 7.10% | 10.95% | 10.60% |

---

**Hypothetical Growth of a $100,000 Investment**

![](tm232965d1_ncsrimg010.jpg)

The above chart represents a 10-year hypothetical $100,000 investment in the Boston Trust Walden Midcap Fund, and includes the reinvestment of dividends and capital gains in the Fund. The returns shown on the table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

*The Boston Trust Walden Midcap Fund is measured against the Russell Midcap® Index, which is an unmanaged index that tracks the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market capitalization and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000 companies. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. The performance of an index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.*

---

| | |
|:---|:---|
| Fund Net Asset Value: | $19.82 |
| Gross Expense Ratio<sup>1</sup>: | 1.0% |

---

**Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. Returns less than one year are not annualized. To obtain performance information current to the most recent month-end, please call 1-800-282-8782 ext. 7050.**

*<sup>1</sup>* *The Gross Expense Ratio is from the Fund's prospectus dated May 1, 2022. The contractual fee limit under the Fund's expense limitation agreement is 1.00% of the Fund's average annual net assets, subject to certain limitations as described in the Fund's prospectus. Please see the Fund's most recent prospectus for details. The investment performance may reflect fee reductions. If such fee reductions had not occurred, the quoted performance would have been lower. The contractual fee waiver continues through May 1, 2023 and may be renewed thereafter. Additional information pertaining to the Fund's expense ratio as of December 31, 2022 can be found in the financial highlights included in this report.*

**Boston Trust Walden SMID Cap Fund**

December 31, 2022

**Kenneth P. Scott, CFA** 

Lead Portfolio Manager

**Richard Q. Williams, CFA** 

Co-Portfolio Manager

**Leanne Moore** 

Co-Portfolio Manager

Boston Trust Walden Inc.

**Fund Objective**

The Fund seeks long-term capital growth through an actively managed portfolio of stocks of small and middle capitalization ("smid cap") companies.

**Investment Concerns**

Equity securities (stocks) are more volatile and carry more risk and return potential than other forms of investments, including investments in high-grade fixed income securities.

Smid cap companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.

**Manager Commentary (Unaudited)**

**Management Discussion of Fund Performance**

The Boston Trust Walden SMID Cap Fund returned -14.59% in calendar year 2022, outperforming the Russell 2500™ Index by more than 3%.

Our analysis of the year suggests the Fund's strong relative performance was due to favorable impacts of style, as more reasonably valued stocks of higher quality companies outperformed the broader smaller cap market. The Fund also experienced an incremental benefit from favorable security selection within the opportunity set of the Fund's investment style.

**Outlook**

We expect flat to modestly positive year-over-year real US Gross Domestic Product growth in 2023, following growth of near 2% in 2022 and 5.7% in 2021. Moreover, the probability of a recession within the next year has risen in response to the US Federal Reserve's commitment to getting inflation under control. Indeed, the equity market decline in 2022 reflects this heightened probability of recession as well as the potential of decelerating corporate earnings growth in 2023. While we expect economic and corporate profit growth to moderate, we believe that present equity valuations largely reflect these expectations. We acknowledge, however, that the prospects of hawkish monetary policy remains a powerful force with the US Federal Reserve's balance sheet now having contracted from its **$9** trillion peak and declining at an annualized rate of about $1 trillion per year.

Despite the modestly constructive outlook, we remain vigilant for risks. Among the most pressing are segments of the market that continue to exhibit elevated valuations, geopolitical and military risks that threaten global trade and stability, and the potential for inflation to remain elevated longer term, thereby hampering discretionary consumer spending as well as corporate profits for companies unable to pass along higher input prices. We remain focused on identifying and investing in a diversified portfolio of high quality securities at reasonable valuations. We believe that this long-held discipline will allow the strategy to capitalize on our outlook for economic strength yet effectively navigate risks along the way, thereby achieving an attractive risk-adjusted return performance pattern over full market cycles.\*

*\** *Portfolio composition is subject* to *change.*

---

| | |
|:---|:---|
| **Investment Performance** **(Unaudited)** | **Boston Trust Walden SMID Cap Fund**<br> December 31, 2022 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** |
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **Since<br> Inception<br> (6/28/12)** |
| **Boston Trust Walden SMID Cap Fund<sup>1</sup>** | **-14.59%** | **6.63%** | **7.62%** | **10.31%** | **10.84%** |
| Russell 2500<sup>™</sup> Index | -18.37% | 4.99% | 5.88% | 10.02% | 10.69% |

---

**Hypothetical Growth of a $100,000 Investment**

![](tm232965d1_ncsrimg011.jpg)

The above chart represents a hypothetical $100,000 investment in the Boston Trust Walden SMID Cap Fund from June 28, 2012 to December 31, 2022, and includes the reinvestment of dividends and capital gains in the Fund. The returns shown on the table and the graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

*The Boston Trust Walden SMID Cap Fund is measured against the Russell 2500™ Index, which is an unmanaged index that tracks the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. The Russell 2500™ is a subset of the Russell 3000® Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. The performance of an index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.*

---

| | |
|:---|:---|
| Fund Net Asset Value: | $19.61 |
| Gross Expense Ratio<sup>1</sup>: | 1.0% |

---

**Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-800-282-8782 ext. 7050.**

*<sup>1</sup>* *The Gross Expense Ratio is from the Fund's prospectus dated May 1, 2022. The contractual fee limit under the Fund's expense limitation agreement is 1.00% of the Fund's average annual net assets, subject to certain limitations as described in the Fund's prospectus. Please see the Fund's most recent prospectus for details. The investment performance may reflect fee reductions. If such fee reductions had not occurred, the quoted performance would have been lower. The contractual fee waiver continues through May 1, 2023 and may be renewed thereafter. Additional information pertaining to the Fund's expense ratio as of December 31, 2022 can be found in the financial highlights included in this report.*

**Boston Trust Walden Small Cap Fund**

December 31, 2022

**Kenneth P. Scott, CFA** 

Lead Portfolio Manager

**Richard Q. Williams, CFA** 

Co-Portfolio Manager

**Leanne Moore** 

Co-Portfolio Manager

Boston Trust Walden Inc.

**Fund Objective**

The Fund seeks long-term capital growth through an actively managed portfolio of stocks of small capitalization ("small cap") companies.

**Investment Concerns**

Equity securities (stocks) are more volatile and carry more risk and return potential than other forms of investments, including investments in high-grade fixed income securities.

Small cap funds typically carry additional risks since smaller companies generally have a higher risk of failure, and historically, their stocks have experienced a greater degree of market volatility than stocks on average.

**Manager Commentary (Unaudited)**

**Management Discussion of Fund Performance**

The Boston Trust Walden Small Cap Fund returned -9.06% in calendar year 2022, outperforming the Russell 2000® Index by more than 11%.

Our analysis of the year suggests the Fund's strong relative performance was due to favorable impacts of style, as more reasonably valued stocks of higher quality companies outperformed the broader small cap market. The Fund also experienced an incremental benefit from favorable security selection within the opportunity set of the Fund's investment style.

**Outlook**

We expect flat to modestly positive year-over-year real US Gross Domestic Product growth in 2023, following growth of near 2% in 2022 and 5.7% in 2021. Moreover, the probability of a recession within the next year has risen in response to the US Federal Reserve's commitment to getting inflation under control. Indeed, the equity market decline in 2022 reflects this heightened probability of recession as well as the potential for decelerating corporate earnings growth in 2023. While we expect economic and corporate profit growth to moderate, we believe that present equity valuations largely reflect these expectations. We acknowledge, however, that the prospect of hawkish monetary policy remains a powerful force with the US Federal Reserve's balance sheet now having contracted from its **$9** trillion peak and declining at an annualized rate of about $1 trillion per year.

Despite the modestly constructive outlook, we remain vigilant for risks. Among the most pressing are segments of the market that continue to exhibit elevated valuations, geopolitical and military risks that threaten global trade and stability, and the potential for inflation to remain elevated longer term, thereby hampering discretionary consumer spending as well as corporate profits for companies unable to pass along higher input prices. We remained focused on identifying and investing in a diversified portfolio of high quality securities at reasonable valuations. We believe that this long-held discipline will allow the strategy to capitalize on our outlook for economic strength yet effectively navigate risks along the way, thereby achieving an attractive risk-adjusted return performance pattern over full market cycles.\*

*\** *Portfolio composition is subject* to *change.*

---

| | |
|:---|:---|
| **Investment Performance** **(Unaudited)** | **Boston Trust Walden Small Cap Fund**<br> December 31, 2022 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** | **For the periods ended 12/31/22** |
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  |<br>**1 Year** |<br>**3 Years** |<br>**5 Years** |<br>**10 Years** |<br>**15 Years** |<br>**20 Years** | **Since**<br>**Inception**<br>**(12/31/94)** |
| **Boston Trust Walden Small Cap Fund<sup>1</sup>** | **-9.06%** | **8.03%** | **9.01%** | **10.38%** | **8.77%** | **10.81%** | **10.69%** |
| Russell 2000® Index | -20.44% | 3.10% | 4.12% | 9.01% | 7.16% | 9.36% | 8.66% |

---

**Hypothetical Growth of a $100,000 Investment**

![](tm232965d1_ncsrimg012.jpg)

The above chart represents a 10-year hypothetical $100,000 investment in the Boston Trust Walden Small Cap Fund and includes the reinvestment of dividends and capital gains in the Fund. The returns shown on the table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

*The Boston Trust Walden Small Cap Fund is measured against the Russell 2000® Index, which is an unmanaged index that tracks the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. The performance of an index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.*

---

| | |
|:---|:---|
| Fund Net Asset Value: | $15.56 |
| Gross Expense Ratio<sup>1</sup>: | 1.01% |

---

**Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-800-282-8782 ext. 7050.**

*<sup>1</sup>* *The Gross Expense Ratio is from the Fund's prospectus dated May 1, 2022. The contractual fee limit under the Fund's expense limitation agreement is 1.00% of the Fund's average annual net assets, subject to certain limitations as described in the Fund's prospectus. Please see the Fund's most recent prospectus for details. The investment performance may reflect fee reductions. If such fee reductions had not occurred, the quoted performance would have been lower. The contractual fee waiver continues through May 1, 2023 and may be renewed thereafter. Additional information pertaining to the Fund's expense ratio as of December 31, 2022 can be found in the financial highlights included in this report.*

**Boston Trust Walden International Equity Fund**

December 31, 2022

**Nathaniel J. Riley, CFA** 

Co-Portfolio Manager

**David A. Sandell, CFA** 

Co-Portfolio Manager

Boston Trust Walden Inc.

**Fund Objective**

The Fund seeks long-term capital growth through an actively managed portfolio of equities of international companies.

**Investment Concerns**

Foreign investing involves risks not typically associated with U.S. investments, including adverse political, regulatory, social and economic developments and differing auditing and legal standards. These risks are magnified in emerging markets.

Equity securities (stocks) are more volatile and carry more risk and return potential than other forms of investments, including investments in high-grade fixed income securities.

Mid-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure.

**Manager Commentary (Unaudited)**

**Management Discussion of Fund Performance**

For the 12-month period ended December 31, 2022, the Boston Trust Walden International Equity Fund posted a total return of -13.10%. The Fund's return was ahead of its primary benchmark, the MSCI World ex-USA Index (net), which posted a return of -14.29% for the year. The returns of the Fund and the benchmark suffered due to poor equity returns around the globe, and due to a strengthening US dollar relative to international currencies.

The international equity markets fell for most of 2022, driven by geopolitical events, inflationary pressures, and tightening financial conditions. Russia's invasion of Ukraine in February led to commodity price increases globally, and particularly sharp increases of the price of natural gas in Europe, hurting consumers and industrial users. This exacerbated inflationary pressures already present due to economic effects of the COVID pandemic on supply chains and consumption. The sharp increase in commodity prices further fueled concerns that inflation would become entrenched. Central banks, which were already beginning to tighten monetary policy at the end of 2021 and beginning of 2022, accelerated their efforts to fight inflation by raising rates and removing other stimulus measures. The combination of slower economic growth and central bank tightening led to worries of a prospective recessionary environment and weighed on equities.

The decline in international markets was widespread. Of the 22 countries represented in the MSCI World ex-USA Index (net), all but one had a negative return during 2022. That single country in positive territory was Portugal, which is represented by only 4 stocks and comprises well under 1% of the Index. Among sectors, only energy posted a positive return in the Fund and the Index. The Fund's holdings within the sector rose by over 40% during the year. While rising commodity prices hurt the economy overall, most energy companies held by the Fund benefitted from higher realized prices for their production.

Turning to other market dynamics, fundamental business quality, as measured by the Adviser's proprietary metric, was not a significant contributor to performance. The quality factor is typically a driver of relative returns for the Fund since the Fund generally maintains a positive exposure on this factor relative to the benchmark. While the Fund did maintain its high quality investing style throughout 2022, this had relatively little effect on returns for the year.

Because the Fund is priced in US dollars, but its holdings are predominantly denominated in other currencies, the strengthening US dollars over 2022 had a large effect on reported, USD-denominated, returns. While the MSCI World ex-USA Index (net) return in US dollars was -14.29% for the year, the same index's return measured in local currency was -0.7%. The difference of 7.3% is due to the appreciation of the US dollar relative to the basket of currencies represented by the Index constituent. Because the Fund holdings represent roughly the same basket of currencies as the Index, we estimate that the Fund's returns were affected by the dollar's rise by a similar magnitude.\*

*\** *Portfolio composition is subject* to *change.*

---

| | |
|:---|:---|
| **Investment Performance** **(Unaudited)** | **Boston Trust Walden International Equity Fund**<br> December 31, 2022 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the periods ended 12/31/21** | **For the periods ended 12/31/21** | **For the periods ended 12/31/21** | **For the periods ended 12/31/21** |
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | **1 Year** | **3 Years** | **5 Years** | **Since <br> Inception<br> (6/9/15)** |
| **Boston Trust Walden International Equity Fund** | **-13.10%** | **1.84%** | **2.74%** | **3.64%** |
| MSCI World ex-USA Index (Net) | -14.29% | 1.27% | 1.79% | 3.36% |
| FTSE Developed Ex-US | -14.59% | 1.72% | 2.09% | 3.96% |

---

**Hypothetical Growth of a $1,000,000 Investment**

![](tm232965d1_ncsrimg013.jpg)

The above chart represents a hypothetical $1,000,000 investment in the Boston Trust Walden International Equity Fund from June 9, 2015 to December 31, 2022, and includes the reinvestment of dividends and capital gains in the Fund. The returns shown on the table and the graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

*The Boston Trust Walden International Equity Fund is measured against the MSCI World ex-USA Index. The MSCI World ex-USA Index captures large- and mid-cap representation of developed markets countries (excluding the United States) and the FTSE Developed ex-US Index, which represents the largest securities in developed countries equity markets (excluding the United States) based on all investable equity securities. Index returns reflect neither the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.*

---

| | |
|:---|:---|
| Fund Net Asset Value: | $11.74 |
| Gross Expense Ratio<sup>1</sup>: | 0.94% |

---

**Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-800-282-8782 ext. 7050.**

*<sup>1</sup>* *The Gross Expense Ratio is from the Fund's prospectus dated May 1, 2022. Please see the Fund's most recent prospectus for details. Additional information pertaining to the Fund's expense ratio as of December 31, 2022 can be found in the financial highlights included in this report.*

---

| | |
|:---|:---|
| **Schedule of Portfolio Investments** | **Boston Trust Walden Balanced Fund**<br> December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Fair Value ($)** |
| **Common Stocks (68.0%)** |  |  |
| **Communication Services (4.8%)** |  |  |
| Alphabet, Inc., Class A (a) | 20000 | 1764600 |
| Alphabet, Inc., Class C (a) | 42300 | 3753279 |
| Charter Communications, Inc., Class A (a) | 2445 | 829100 |
| Comcast Corp., Class A | 30475 | 1065710 |
| Electronic Arts, Inc. | 10310 | 1259676 |
|  |  | 8672365 |
| **Consumer Discretionary (6.5%)** |  |  |
| AutoZone, Inc. (a) | 890 | 2194900 |
| Dollar General Corp. | 7200 | 1773000 |
| Lowe's Cos., Inc. | 5800 | 1155592 |
| McDonald's Corp. | 2700 | 711531 |
| NIKE, Inc., Class B | 17000 | 1989170 |
| Ross Stores, Inc. | 13000 | 1508910 |
| Starbucks Corp. | 16510 | 1637792 |
| The Home Depot, Inc. | 2000 | 631720 |
|  |  | 11602615 |
| **Consumer Staples (4.0%)** |  |  |
| Costco Wholesale Corp. | 5500 | 2510750 |
| PepsiCo, Inc. | 17240 | 3114578 |
| The Estee Lauder Cos., Inc. | 6000 | 1488660 |
|  |  | 7113988 |
| **Energy (4.7%)** |  |  |
| ConocoPhillips | 50100 | 5911800 |
| Schlumberger Ltd. | 47250 | 2525985 |
|  |  | 8437785 |
| **Financials (8.3%)** |  |  |
| Chubb Ltd. | 9500 | 2095700 |
| East West Bancorp, Inc. | 15000 | 988500 |
| FactSet Research Systems, Inc. | 3000 | 1203630 |
| JPMorgan Chase & Co. | 29160 | 3910356 |
| Marsh & McLennan Cos., Inc. | 8000 | 1323840 |
| Northern Trust Corp. | 18220 | 1612288 |
| T. Rowe Price Group, Inc. | 10000 | 1090600 |
| The PNC Financial Services Group, Inc. | 4600 | 726524 |
| U.S. Bancorp | 43480 | 1896163 |
|  |  | 14847601 |
| **Health Care (12.0%)** |  |  |
| Agilent Technologies, Inc. | 8000 | 1197200 |
| Becton, Dickinson & Co. | 7250 | 1843675 |
| Danaher Corp. | 4300 | 1141306 |
| Johnson & Johnson | 22045 | 3894249 |
| Merck & Co., Inc. | 23185 | 2572376 |
| Mettler-Toledo International, Inc. (a) | 1400 | 2023630 |
| Stryker Corp. | 9250 | 2261533 |
| The Cooper Cos., Inc. | 3000 | 992010 |
| UnitedHealth Group, Inc. | 6750 | 3578715 |
| Waters Corp. (a) | 5500 | 1884190 |
|  |  | 21388884 |
| **Industrials (7.8%)** |  |  |
| Cummins, Inc. | 5365 | 1299886 |
| Deere & Co. | 5500 | 2358180 |
| Donaldson Co., Inc. | 18000 | 1059660 |
| Hubbell, Inc. | 7000 | 1642760 |
| Illinois Tool Works, Inc. | 5000 | 1101500 |
| Masco Corp. | 21945 | 1024173 |
| Union Pacific Corp. | 9755 | 2019968 |
| United Parcel Service, Inc., Class B | 10000 | 1738400 |
| W.W. Grainger, Inc. | 3000 | 1668750 |
|  |  | 13913277 |
| **Information Technology (17.7%)** |  |  |
| Accenture PLC, Class A | 12000 | 3202080 |
| Adobe, Inc. (a) | 4680 | 1574960 |
| Analog Devices, Inc. | 8995 | 1475450 |
| Apple, Inc. | 66000 | 8575380 |
| Automatic Data Processing, Inc. | 13000 | 3105180 |
| Cisco Systems, Inc. | 36515 | 1739575 |
| Microsoft Corp. | 31275 | 7500371 |
| PayPal Holdings, Inc. (a) | 8500 | 605370 |
| TE Connectivity Ltd. | 6500 | 746200 |
| Visa, Inc., Class A | 16000 | 3324160 |
|  |  | 31848726 |
| **Materials (2.2%)** |  |  |
| Air Products and Chemicals, Inc. | 9015 | 2778964 |
| AptarGroup, Inc. | 10500 | 1154790 |
|  |  | 3933754 |
| **TOTAL COMMON STOCKS (Cost $53,877,332)** |  | 121758995 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount ($)** | |
| **Corporate Bonds (9.1%)** |  |  |
| **Communication Services (0.7%)** |  |  |
| Comcast Corp., 3.30%, 4/1/27, Callable 2/1/27 @ 100 | 250000 | 236320 |
| Comcast Corp., 3.95%, 10/15/25, Callable 8/15/25 @ 100 | 250000 | 245312 |
| Verizon Communications, Inc., 1.50%, 9/18/30, Callable 6/18/30 @ 100 | 1000000 | 782405 |
|  |  | 1264037 |
| **Consumer Discretionary (1.6%)** |  |  |
| Home Depot, Inc., 1.38%, 3/15/31, Callable 12/15/30 @ 100 | 1500000 | 1169584 |
| NIKE, Inc., 2.75%, 3/27/27, Callable 1/27/27 @ 100 | 500000 | 468442 |
| Starbucks Corp., 2.45%, 6/15/26, Callable 3/15/26 @ 100 | 350000 | 325138 |
| Toyota Motor Credit Corp., 1.45%, 1/13/25, MTN | 1000000 | 937693 |
|  |  | 2900857 |
| **Consumer Staples (0.8%)** |  |  |
| The Estee Lauder Cos., Inc., 1.95%, 3/15/31, Callable 12/15/30 @ 100 | 1675000 | 1363379 |
| **Financials (0.4%)** |  |  |
| John Deere Capital Corp., 2.80%, 7/18/29 | 350000 | 313524 |
| JPMorgan Chase & Co., 2.95%, 10/1/26, Callable 7/1/26 @ 100 | 500000 | 467680 |
|  |  | 781204 |
| **Health Care (1.7%)** |  |  |
| Abbott Laboratories, 2.95%, 3/15/25, Callable 12/15/24 @ 100 | 100000 | 96719 |
| Healthcare Corp., 1.15%, 6/15/25, Callable 5/15/25 @ 100 | 100000 | 91606 |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Schedule of Portfolio Investments** | **Boston Trust Walden Balanced Fund**<br> December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount ($)** | **Fair Value ($)** |
| **Corporate Bonds (continued)** |  |  |
| **Health Care, (continued)** |  |  |
| Kaiser Foundation Hospitals, 3.15%, 5/1/27, Callable 2/1/27 @ 100 | 250000 | 234698 |
| Pfizer, Inc., 1.70%, 5/28/30, Callable 2/28/30 @ 100 | 1300000 | 1074618 |
| Pfizer, Inc., 3.40%, 5/15/24 | 100000 | 98123 |
| Stryker Corp., 3.50%, 3/15/26, Callable 12/15/25 @ 100 | 300000 | 288619 |
| UnitedHealth Group, Inc., 2.88%, 8/15/29 | 1200000 | 1074755 |
|  |  | 2959138 |
| **Industrials (0.7%)** |  |  |
| 3M Co., 3.00%, 8/7/25 | 250000 | 240042 |
| Emerson Electric Co., 2.63%, 2/15/23, Callable 2/6/23 @ 100 | 200000 | 199779 |
| Hubbell, Inc., 2.30%, 3/15/31, Callable 12/15/30 @ 100 | 500000 | 399894 |
| Hubbell, Inc., 3.35%, 3/1/26, Callable 12/1/25 @ 100 | 145000 | 138039 |
| Hubbell, Inc., 3.50%, 2/15/28, Callable 11/15/27 @ 100 | 150000 | 138569 |
| United Parcel Service, Inc., 2.40%, 11/15/26, Callable 8/15/26 @ 100 | 200000 | 186090 |
|  |  | 1302413 |
| **Information Technology (2.0%)** |  |  |
| Apple, Inc., 2.20%, 9/11/29, Callable 6/11/29 @ 100 | 350000 | 304281 |
| Apple, Inc., 2.85%, 2/23/23, Callable 12/23/22 @ 100 | 150000 | 149596 |
| Apple, Inc., 3.00%, 6/20/27, Callable 3/20/27 @ 100 | 200000 | 188972 |
| Intel Corp., 3.90%, 3/25/30, Callable 12/25/29 @ 100 | 1000000 | 939852 |
| Intuit, Inc., 0.65%, 7/15/23 | 1000000 | 978124 |
| Mastercard, Inc., 2.95%, 11/21/26, Callable 8/21/26 @ 100 | 100000 | 94531 |
| Mastercard, Inc., 3.30%, 3/26/27, Callable 1/26/27 @ 100 | 150000 | 143333 |
| Oracle Corp., 2.50%, 4/1/25, Callable 3/1/25 @ 100 | 200000 | 188655 |
| Oracle Corp., 3.40%, 7/8/24, Callable 4/8/24 @ 100 | 300000 | 292700 |
| Visa, Inc., 3.15%, 12/14/25, Callable 9/14/25 @ 100 | 275000 | 265459 |
|  |  | 3545503 |
| **Materials (0.7%)** |  |  |
| Air Products And Chemicals, Inc., 2.05%, 5/15/30, Callable 2/15/30 @ 100 | 1425000 | 1199952 |
| **Utilities (0.5%)** |  |  |
| Consolidated Edison Co. of New York, Inc., 3.35%, 4/1/30, Callable 1/1/30 @ 100 | 1000000 | 904264 |
| **TOTAL CORPORATE BONDS (Cost $18,047,132)** |  | 16220747 |
| **Municipal Bonds (0.4%)** |  |  |
| **Georgia (0.1%)** |  |  |
| State of Georgia, GO, Series B, 1.40%, 8/1/33, Callable 8/1/30 @ 100 | 350000 | 252018 |
| **Hawaii (0.3%)** |  |  |
| State of Hawaii, GO, Series FZ, 1.87%, 8/1/33, Callable 8/1/30 @ 100 | 500000 | 374595 |
| **TOTAL MUNICIPAL BONDS (Cost $857,723)** |  | 626613 |
| **U.S. Government & U.S. Government Agency Obligations (21.1%)** |  |  |
| **Federal Farm Credit Bank (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 7/16/27 | 250000 | 235052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 3/2/28 | 750000 | 708484 |
|  |  | 943536 |
| **Federal Home Loan Bank (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 9/13/24 | 1000000 | 971371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/15/36 | 700000 | 772525 |
|  |  | 1743896 |
| **Federal National Mortgage Association (3.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 9/24/26 | 1000000 | 924292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 4/24/26 | 1250000 | 1173232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 9/6/24 | 3250000 | 3154976 |
|  |  | 5252500 |
| **Government National Mortgage Association (0.0%) (b)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/15/40 | 9913 | 9521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/15/41 | 33953 | 32847 |
|  |  | 42368 |
| **U.S. Treasury Inflation Index Note (3.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 1/15/32 | 4649072 | 4080822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 7/15/29 | 1164900 | 1068483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 7/15/28 | 593535 | 566379 |
|  |  | 5715684 |
| **U.S. Treasury Note (13.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 2/28/25 | 2175000 | 2103378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 8/15/32 | 6075000 | 5552930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 5/15/32 | 17700000 | 16372499 |
|  |  | 24028807 |
| **TOTAL U.S. GOVERNMENT & U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $39,854,184)** |  | 37726791 |
| **Yankee Dollar (0.2%)** |  |  |
| **Financials (0.2%)** |  |  |
| The Toronto-Dominion Bank, 3.50%, 7/19/23, MTN | 350000 | 347550 |
| **TOTAL YANKEE DOLLAR (Cost $350,934)** |  | 347550 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Investment Companies (1.1%)** |  |  |
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 4.19% (c) | 2003663 | 2003663 |
| **TOTAL INVESTMENT COMPANIES (Cost $2,003,663)** |  | 2003663 |
| **Total Investments (Cost $114,990,968) — 99.9% (d)** |  | 178684359 |
| Other assets in excess of liabilities — 0.1% |  | 177255 |
| **NET ASSETS — 100.0%** |  | $178861614 |

---

(a) Non-income producing
 security.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Schedule of Portfolio Investments** | **Boston Trust Walden Balanced Fund**<br> December 31, 2022 |

---

(b) Represents less than 0.05%.

(c) Rate disclosed is the seven day yield as of December
 31, 2022.

(d) See Federal Tax Information listed in the Notes to the
 Financial Statements.

GO General Obligation

MTN Medium Term Note

PLC Public Limited Company

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden Balanced Fund** |

---

**Statement of Assets and Liabilities**

December 31, 2022

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $114,990,968) | $178684359 |
| Interest and dividends receivable | 538022 |
| Receivable for capital shares issued | 37015 |
| Receivable from Custodian | 17690 |
| Prepaid expenses | 13623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 179290709 |
| **Liabilities:** |  |
| Payable for capital shares redeemed | 262891 |
| Accrued expenses and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 124856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 15203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | 16611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent | 2363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 5433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 429095 |
| **Net Assets** | $178861614 |
| **Composition of Net Assets:** |  |
| Paid in capital | $115100773 |
| Total distributable earnings (loss) | 63760841 |
| **Net Assets** | $178861614 |
| Shares outstanding (par value $0.01, unlimited number of shares authorized) | 8529890 |
| Net Asset Value, Offering Price and Redemption price per share | $20.97 |

---

**Statement of Operations**

For the year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | $1605439 |
| Dividends | 2042854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 3648293 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 1381249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 80965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 8715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 25423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing | 215005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agency | 26781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee | 21565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 60163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross expense before recoupment | 1819866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoupment of prior expenses reimbursed by the investment adviser | 20819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1840685 |
| **Net Expenses** | 1840685 |
| **Net Investment Income** | 1807608 |
| **Net Realized/Unrealized Gains (Losses) from Investments:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions (a) | 3132343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (33303817) |
| Net realized/unrealized gains (losses) on investments | (30171474) |
| **Change in Net Assets Resulting from Operations** | $(28363866) |

---

(a) Includes
 Class Action related litigation gains of $21,034.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden Balanced Fund** |

---

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br> December 31, 2022** | **For the year ended<br> December 31, 2021** |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1807608 | $1169958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 3132343 | 6570897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (33303817) | 26468249 |
| **Change in Net Assets Resulting from Operations** | (28363866) | 34209104 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (6389731) | (7128948) |
| **Change in Net Assets Resulting from distributions to shareholders** | (6389731) | (7128948) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 16120035 | 16487009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 5165518 | 5833464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (17206499) | (17247482) |
| **Change in Net Assets Resulting from Capital Share Transactions** | 4079054 | 5072991 |
| **Change in Net Assets** | (30674543) | 32153147 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 209536157 | 177383010 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $178861614 | $209536157 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 738110 | 695971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested | 238703 | 236269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (778128) | (729204) |
| **Change in shares** | 198685 | 203036 |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden Balanced Fund** |

---

**Financial Highlights**

Selected data for a share outstanding throughout the years indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year <br> ended <br> December <br> 31, 2022** | **For the year <br> ended <br> December <br> 31, 2021** | **For the year <br> ended <br> December <br> 31, 2020** | **For the year <br> ended <br> December <br> 31, 2019** | **For the year <br> ended <br> December <br> 31, 2018** |
| **Net Asset Value, Beginning of Period** | $25.15 | $21.82 | $20.76 | $17.06 | $17.76 |
| **Investment** **Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.22 | 0.14 | 0.17 | 0.19 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized/unrealized gains (losses) from investments | (3.63) | 4.07 | 1.54 | 3.85 | (0.52) |
| Total from investment activities | (3.41) | 4.21 | 1.71 | 4.04 | (0.33) |
| **Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.14) | (0.17) | (0.20) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | (0.55) | (0.74) | (0.48) | (0.14) | (0.19) |
| Total distributions | (0.77) | (0.88) | (0.65) | (0.34) | (0.37) |
| **Net Asset Value, End of Period** | $20.97 | $25.15 | $21.82 | $20.76 | $17.06 |
| Total Return | (13.67)% | 19.38% | 8.26% | 23.70% | (1.90)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's) | $178862 | $209536 | $177383 | $157892 | $124495 |
| Ratio of net expenses to average net assets | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets | 0.98% | 0.60% | 0.84% | 1.01% | 1.02% |
| Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (a) | 0.99% | 1.00% | 1.02% | 1.02% | 1.04% |
| Portfolio turnover rate | 28.62% | 20.88% | 18.73% | 12.99% | 8.47% |

---

(a) During the periods, certain fees may have been reduced or recouped by the investment adviser. If
 such fee reductions/recoupments had not occurred, the ratio would have been as indicated.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Schedule of Portfolio Investments** | **Boston Trust Walden Equity Fund**<br> December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Fair Value ($)** |
| **Common Stocks (98.3%)** |  |  |
| **Communication Services (7.5%)** |  |  |
| Alphabet, Inc., Class A (a) | 50515 | 4456938 |
| Alphabet, Inc., Class C (a) | 83540 | 7412505 |
| Comcast Corp., Class A | 123055 | 4303233 |
| Electronic Arts, Inc. | 20255 | 2474756 |
|  |  | 18647432 |
| **Consumer Discretionary (10.3%)** |  |  |
| AutoZone, Inc. (a) | 1890 | 4661080 |
| Dollar General Corp. | 14860 | 3659275 |
| Lowe's Cos., Inc. | 11275 | 2246431 |
| McDonald's Corp. | 9955 | 2623441 |
| NIKE, Inc., Class B | 34610 | 4049716 |
| Ross Stores, Inc. | 18945 | 2198946 |
| Starbucks Corp. | 33375 | 3310800 |
| The Home Depot, Inc. | 9380 | 2962767 |
|  |  | 25712456 |
| **Consumer Staples (5.1%)** |  |  |
| Costco Wholesale Corp. | 8925 | 4074263 |
| PepsiCo, Inc. | 27980 | 5054866 |
| The Estee Lauder Cos., Inc. | 8880 | 2203217 |
| The Hershey Co. | 6495 | 1504047 |
|  |  | 12836393 |
| **Energy (6.3%)** |  |  |
| ConocoPhillips | 114865 | 13554070 |
| Schlumberger Ltd. | 39310 | 2101513 |
|  |  | 15655583 |
| **Financials (13.1%)** |  |  |
| American Express Co. | 12445 | 1838749 |
| Chubb Ltd. | 24925 | 5498455 |
| East West Bancorp, Inc. | 34825 | 2294968 |
| FactSet Research Systems, Inc. | 6795 | 2726222 |
| JPMorgan Chase & Co. | 55885 | 7494178 |
| Marsh & McLennan Cos., Inc. | 17050 | 2821434 |
| Northern Trust Corp. | 45310 | 4009482 |
| T. Rowe Price Group, Inc. | 20105 | 2192651 |
| U.S. Bancorp | 87705 | 3824815 |
|  |  | 32700954 |
| **Health Care (16.1%)** |  |  |
| Agilent Technologies, Inc. | 23790 | 3560173 |
| Becton, Dickinson & Co. | 16960 | 4312928 |
| Danaher Corp. | 4815 | 1277997 |
| Johnson & Johnson | 47535 | 8397057 |
| Merck & Co., Inc. | 36090 | 4004186 |
| Stryker Corp. | 22070 | 5395894 |
| The Cooper Cos., Inc. | 8050 | 2661894 |
| UnitedHealth Group, Inc. | 14150 | 7502047 |
| Waters Corp. (a) | 9075 | 3108914 |
|  |  | 40221090 |
| **Industrials (10.1%)** |  |  |
| Cummins, Inc. | 9305 | 2254508 |
| Deere & Co. | 13045 | 5593174 |
| Donaldson Co., Inc. | 36265 | 2134921 |
| Hubbell, Inc. | 13055 | 3063747 |
| Masco Corp. | 41200 | 1922804 |
| Union Pacific Corp. | 23750 | 4917913 |
| United Parcel Service, Inc., Class B | 21255 | 3694969 |
| W.W. Grainger, Inc. | 2780 | 1546375 |
|  |  | 25128411 |
| **Information Technology (25.5%)** |  |  |
| Accenture PLC, Class A | 29885 | 7974514 |
| Adobe, Inc. (a) | 8130 | 2735989 |
| Analog Devices, Inc. | 20570 | 3374097 |
| Apple, Inc. | 120850 | 15702041 |
| Applied Materials, Inc. | 15895 | 1547855 |
| Automatic Data Processing, Inc. | 16920 | 4041511 |
| Cisco Systems, Inc. | 82905 | 3949594 |
| Microsoft Corp. | 62440 | 14974361 |
| TE Connectivity Ltd. | 21555 | 2474514 |
| Visa, Inc., Class A | 34065 | 7077345 |
|  |  | 63851821 |
| **Materials (3.0%)** |  |  |
| Air Products and Chemicals, Inc. | 16840 | 5191098 |
| AptarGroup, Inc. | 22005 | 2420110 |
|  |  | 7611208 |
| **Utilities (1.3%)** |  |  |
| Eversource Energy | 39730 | 3330963 |
|  |  | 3330963 |
| **TOTAL COMMON STOCKS (Cost $116,304,016)** |  | 245696311 |
| **Investment Companies (1.3%)** |  |  |
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 4.19% (b) | 3289079 | 3289079 |
| **TOTAL INVESTMENT COMPANIES (Cost $3,289,079)** |  | 3289079 |
| **Total Investments (Cost $119,593,095) — 99.6% (c)** |  | 248985390 |
| Other assets in excess of liabilities — 0.4% |  | 1001432 |
| **NET ASSETS — 100.0%** |  | $249986822 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day yield as of December 31, 2022.

(c) See Federal Tax Information listed in the Notes to the Financial Statements.

<br> PLC Public Limited Company

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden Equity Fund** |

---

**Statement of Assets and Liabilities**

December 31, 2022

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $119,593,095) | $248985390 |
| Cash | 3940975 |
| Dividends receivable | 332412 |
| Receivable for capital shares issued | 69107 |
| Receivable from Custodian | 9235 |
| Prepaid expenses | 10328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 253347447 |
| **Liabilities:** |  |
| Payable for investments purchased | 2974291 |
| Payable for capital shares redeemed | 155610 |
| Accrued expenses and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 169455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 14737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 1968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | 27934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent | 3289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 11928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 3360625 |
| **Net Assets** | $249986822 |
| **Composition of Net Assets:** |  |
| Paid in capital | $121027708 |
| Total distributable earnings (loss) | 128959114 |
| **Net Assets** | $249986822 |
| Shares outstanding (par value $0.01, unlimited number of shares authorized) | 8275477 |
| Net Asset Value, Offering Price and Redemption price per share | $30.21 |

---

**Statement of Operations**

For the year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends | $4224606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 4224606 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 1926956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 103265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 12660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 35720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing | 380592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agency | 30820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee | 31502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 94048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee reductions | 2615563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees contractually reduced by the investment adviser | (47676) |
| **Net Expenses** | 2567887 |
| **Net Investment Income** | 1656719 |
| **Net Realized/Unrealized Gains (Losses) from Investments:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions (a) | 11947053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from redemptions in-kind (b) | 40556290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (97105448) |
| Net realized/unrealized gains (losses) on investments | (44602105) |
| **Change in Net Assets Resulting from Operations** | $(42945386) |

---

(a) Includes Class Action related litigation gains of $48,829.

(b) See Note 3 in Notes to Financial Statements.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden Equity Fund** |

---

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the year ended <br> December 31, 2022** | **For the year ended<br> December 31, 2021** |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1656719 | $1197048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 52503343 | 5392806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (97105448) | 70094050 |
| **Change in Net Assets Resulting from Operations** | (42945386) | 76683904 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (7929551) | (7901370) |
| **Change in Net Assets Resulting from distributions to shareholders** | (7929551) | (7901370) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 41364923 | 49689006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 5790292 | 6356747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (53647017) | (30243830) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of in-kind shares redeemed (a) | (51649023) |  |
| **Change in Net Assets Resulting from Capital Share Transactions** | (58140825) | 25801923 |
| **Change in Net Assets** | (109015762) | 94584457 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 359002584 | 264418127 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $249986822 | $359002584 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 1308674 | 1519483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested | 184580 | 180641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1643226) | (918088) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed in-kind (a) | (1529888) |  |
| **Change in shares** | (1679860) | 782036 |

---

(a) See Note 3 in Notes to Financial Statements.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden Equity Fund** |

---

**Financial Highlights**

Selected data for a share outstanding throughout the years indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year <br> ended <br> December <br> 31, 2022** | **For the year <br> ended <br> December <br> 31, 2021** | **For the year <br> ended <br> December <br> 31, 2020** | **For the year <br> ended <br> December <br> 31, 2019** | **For the year <br> ended <br> December <br> 31, 2018** |
| **Net Asset Value, Beginning of Period** | $36.06 | $28.82 | $26.47 | $20.63 | $21.61 |
| **Investment** **Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.21 | 0.12 | 0.21 | 0.20 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized/unrealized gains (losses) from investments | (5.06) | 7.93 | 3.28 | 6.44 | (0.72) |
| Total from investment activities | (4.85) | 8.05 | 3.49 | 6.64 | (0.53) |
| **Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.12) | (0.21) | (0.20) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | (0.79) | (0.69) | (0.93) | (0.60) | (0.27) |
| Total distributions | (1.00) | (0.81) | (1.14) | (0.80) | (0.45) |
| **Net Asset Value, End of Period** | $30.21 | $36.06 | $28.82 | $26.47 | $20.63 |
| Total Return | (13.55)% | 28.00% | 13.28% | 32.30% | (2.54)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's) | $249987 | $359003 | $264418 | $248529 | $192598 |
| Ratio of net expenses to average net assets | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets | 0.65% | 0.38% | 0.82% | 0.83% | 0.82% |
| Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (a) | 1.02% | 1.02% | 1.06% | 1.07% | 1.08% |
| Portfolio turnover rate | 19.32 %(b) | 8.00% | 14.96% | 10.57% | 6.51% |

---

(a) During the periods, certain fees may have been reduced or recouped by the investment adviser. If
 such fee reductions/recoupments had not occurred, the ratio would have been as indicated.

(b) Excludes impact of in-kind transactions.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Schedule of Portfolio Investments** | **Boston Trust Walden Midcap Fund**<br> December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Fair Value ($)** |
| **Common Stocks (98.5%)** |  |  |
| **Communication Services (3.7%)** |  |  |
| Cable One, Inc. | 1350 | 961011 |
| Electronic Arts, Inc. | 12650 | 1545577 |
| Omnicom Group, Inc. | 13225 | 1078763 |
|  |  | 3585351 |
| **Consumer Discretionary (10.1%)** |  |  |
| AutoZone, Inc. (a) | 625 | 1541362 |
| Carter's, Inc. | 15100 | 1126611 |
| Columbia Sportswear Co. | 13675 | 1197657 |
| eBay, Inc. | 18300 | 758901 |
| O'Reilly Automotive, Inc. (a) | 1550 | 1308247 |
| Ross Stores, Inc. | 21225 | 2463585 |
| Ulta Beauty, Inc. (a) | 3125 | 1465844 |
|  |  | 9862207 |
| **Consumer Staples (5.4%)** |  |  |
| BJ's Wholesale Club Holdings, Inc. (a) | 17950 | 1187572 |
| Church & Dwight Co., Inc. | 16925 | 1364324 |
| The Hershey Co. | 6850 | 1586254 |
| The JM Smucker Co. | 6925 | 1097336 |
|  |  | 5235486 |
| **Energy (3.6%)** |  |  |
| Baker Hughes Co. | 120325 | 3553197 |
|  |  | 3553197 |
| **Financials (14.9%)** |  |  |
| Brown & Brown, Inc. | 17175 | 978460 |
| CBOE Global Markets, Inc. | 10500 | 1317435 |
| East West Bancorp, Inc. | 21725 | 1431677 |
| Everest Re Group Ltd. | 4550 | 1507278 |
| FactSet Research Systems, Inc. | 4425 | 1775354 |
| M&T Bank Corp. | 7625 | 1106083 |
| Northern Trust Corp. | 21725 | 1922445 |
| SEI Investments Co. | 38675 | 2254753 |
| Signature Bank | 5125 | 590503 |
| T. Rowe Price Group, Inc. | 14600 | 1592276 |
|  |  | 14476264 |
| **Health Care (14.6%)** |  |  |
| Agilent Technologies, Inc. | 9675 | 1447864 |
| Chemed Corp. | 1875 | 957056 |
| Henry Schein, Inc. (a) | 12400 | 990388 |
| Laboratory Corp. of America Holdings | 3600 | 847728 |
| Medpace Holdings, Inc. (a) | 6625 | 1407216 |
| Mettler-Toledo International, Inc. (a) | 740 | 1069633 |
| STERIS PLC | 6875 | 1269744 |
| Teleflex, Inc. | 4825 | 1204465 |
| The Cooper Cos., Inc. | 5850 | 1934419 |
| Waters Corp. (a) | 5600 | 1918448 |
| West Pharmaceutical Services, Inc. | 5050 | 1188518 |
|  |  | 14235479 |
| **Industrials (17.4%)** |  |  |
| AMETEK, Inc. | 12200 | 1704584 |
| AO Smith Corp. | 17825 | 1020303 |
| Cummins, Inc. | 4600 | 1114534 |
| Donaldson Co., Inc. | 26975 | 1588018 |
| Expeditors International of Washington, Inc. | 13175 | 1369146 |
| Graco, Inc. | 14825 | 997130 |
| Hubbell, Inc. | 4700 | 1102996 |
| Lincoln Electric Holdings, Inc. | 9825 | 1419614 |
| Masco Corp. | 29700 | 1386099 |
| Nordson Corp. | 5150 | 1224258 |
| Rockwell Automation, Inc. | 4675 | 1204140 |
| Verisk Analytics, Inc. | 5575 | 983542 |
| W.W. Grainger, Inc. | 3325 | 1849531 |
|  |  | 16963895 |
| **Information Technology (13.3%)** |  |  |
| Amdocs Ltd. | 12125 | 1102163 |
| Amphenol Corp., Class A | 14600 | 1111644 |
| ANSYS, Inc. (a) | 5325 | 1286467 |
| Arista Networks, Inc. (a) | 10425 | 1265073 |
| Aspen Technology, Inc. (a) | 3475 | 713765 |
| Broadridge Financial Solutions, Inc. | 8125 | 1089806 |
| Check Point Software Technologies Ltd. (a) | 7675 | 968278 |
| F5, Inc. (a) | 7350 | 1054799 |
| Paychex, Inc. | 17900 | 2068524 |
| TE Connectivity Ltd. | 12100 | 1389080 |
| Trimble, Inc. (a) | 18350 | 927776 |
|  |  | 12977375 |
| **Materials (6.3%)** |  |  |
| AptarGroup, Inc. | 13750 | 1512224 |
| Avery Dennison Corp. | 7125 | 1289625 |
| Ball Corp. | 22200 | 1135308 |
| Packaging Corp. of America | 7650 | 978512 |
| RPM International, Inc. | 12250 | 1193763 |
|  |  | 6109432 |
| **Real Estate (3.9%)** |  |  |
| Alexandria Real Estate Equities, Inc. | 6475 | 943213 |
| AvalonBay Communities, Inc. | 4700 | 759144 |
| Jones Lang LaSalle, Inc. (a) | 7575 | 1207228 |
| Realty Income Corp. | 13775 | 873748 |
|  |  | 3783333 |
| **Utilities (5.3%)** |  |  |
| Atmos Energy Corp. | 15025 | 1683852 |
| Eversource Energy | 20555 | 1723331 |
| ONE Gas, Inc. | 23375 | 1769955 |
|  |  | 5177138 |
| **TOTAL COMMON STOCKS (Cost $69,112,419)** |  | 95959157 |
| **Investment Companies (1.1%)** |  |  |
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 4.19% (b) | 1117076 | 1117076 |
| **TOTAL INVESTMENT COMPANIES (Cost $1,117,076)** |  | 1117076 |
| **Total Investments (Cost $70,229,495) — 99.6% (c)** |  | 97076233 |
| Other assets in excess of liabilities — 0.4% |  | 388896 |
| **NET ASSETS — 100.0%** |  | $97465129 |

---

 

(a) Non-income producing security.

(b) Rate disclosed is the seven day yield as of December
 31, 2022.

(c) See Federal Tax Information listed in the Notes to the
 Financial Statements.

<br> PLC Public Limited Company

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden Midcap Fund** |

---

**Statement of Assets and Liabilities**

December 31, 2022

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $70,229,495) | $97076233 |
| Cash | 114775 |
| Dividends receivable | 100157 |
| Receivable for capital shares issued | 269818 |
| Receivable from Custodian | 29024 |
| Prepaid expenses | 7846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 97597853 |
| **Liabilities:** |  |
| Payable for capital shares redeemed | 45536 |
| Accrued expenses and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 64291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 11902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | 8375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 132724 |
| **Net Assets** | $97465129 |
| **Composition of Net Assets:** |  |
| Paid in capital | $70908709 |
| Total distributable earnings (loss) | 26556420 |
| **Net Assets** | $97465129 |
| Shares outstanding (par value $0.01, unlimited number of shares authorized) | 4917528 |
| Net Asset Value, Offering Price and Redemption price per share | $19.82 |

---

**Statement of Operations**

For the year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends | $1406395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 1406395 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 728297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 40777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 4455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 13139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing | 102856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agency | 27762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee | 10977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 37616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 965879 |
| **Net Expenses** | 965879 |
| **Net Investment Income** | 440516 |
| **Net Realized/Unrealized Gains (Losses) from Investments:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 4220688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (15946322) |
| Net realized/unrealized gains (losses) on investments | (11725634) |
| **Change in Net Assets Resulting from Operations** | $(11285118) |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden Midcap Fund** |

---

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the year ended <br> December 31, 2022** | **For the year ended <br> December 31, 2021** |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $440516 | $354203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 4220688 | 4284387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (15946322) | 16485953 |
| **Change in Net Assets Resulting from Operations** | (11285118) | 21124543 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (5156604) | (4885835) |
| **Change in Net Assets Resulting from distributions to shareholders** | (5156604) | (4885835) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 24619006 | 16440801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 4407625 | 4329316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (21071150) | (14005463) |
| **Change in Net Assets Resulting from Capital Share Transactions** | 7955481 | 6764654 |
| **Change in Net Assets** | (8486241) | 23003362 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 105951370 | 82948008 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $97465129 | $105951370 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 1195637 | 752740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested | 215006 | 192328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1013858) | (632919) |
| **Change in shares** | 396785 | 312149 |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden Midcap Fund** |

---

**Financial Highlights**

Selected data for a share outstanding throughout the years indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year<br> ended<br> December<br> 31, 2022** | **For the year<br> ended<br> December<br> 31, 2021** | **For the year<br> ended<br> December<br> 31, 2020** | **For the year<br> ended<br> December<br> 31, 2019** | **For the year<br> ended<br> December<br> 31, 2018** |
| **Net Asset Value, Beginning of Period** | $**23.44** | $19.71 | $18.71 | $15.57 | $17.24 |
| **Investment Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.09 | 0.08 | 0.10 | 0.12 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized/unrealized gains (losses) from investments | (2.61) | 4.78 | 1.53 | 4.27 | (0.66) |
| Total from investment activities | (2.52) | 4.86 | 1.63 | 4.39 | (0.57) |
| **Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.09) | (0.09) | (0.10) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | (1.01) | (1.04) | (0.54) | (1.15) | (1.01) |
| Total distributions | (1.10) | (1.13) | (0.63) | (1.25) | (1.10) |
| **Net Asset Value, End of Period** | $19.82 | $23.44 | $19.71 | $18.71 | $15.57 |
| Total Return | (10.90)% | 24.89% | 8.76% | 28.38% | (3.58)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's) | $97465 | $105951 | $82948 | $62538 | $45819 |
| Ratio of net expenses to average net assets | 1.00% | 0.99% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets | 0.45% | 0.37% | 0.61% | 0.68% | 0.54% |
| Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (a) | 1.00% | 0.99% | 1.02% | 1.00% | 1.00% |
| Portfolio turnover rate | 29.80% | 21.82% | 38.28% | 23.17% | 18.66% |

---

(a) During the periods, certain fees may have been reduced or recouped by the investment adviser. If
 such fee reductions/recoupments had not occurred, the ratio would have been as indicated.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Schedule of Portfolio Investments** | **Boston Trust Walden SMID Cap Fund**<br> December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Fair Value ($)** |
| **Common Stocks (97.0%)** |  |  |
| **Communication Services (4.9%)** |  |  |
| Cable One, Inc. | 2279 | 1622329 |
| Interpublic Group of Cos., Inc. | 58375 | 1944471 |
| Omnicom Group, Inc. | 32475 | 2648986 |
|  |  | 6215786 |
| **Consumer Discretionary (8.1%)** |  |  |
| Carter's, Inc. | 18189 | 1357081 |
| Cavco Industries, Inc. (a) | 5277 | 1193921 |
| Choice Hotels International, Inc. | 16273 | 1832990 |
| Columbia Sportswear Co. | 14825 | 1298374 |
| Texas Roadhouse, Inc. | 11967 | 1088399 |
| TopBuild Corp. (a) | 13166 | 2060347 |
| Williams Sonoma, Inc. | 13381 | 1537745 |
|  |  | 10368857 |
| **Consumer Staples (5.6%)** |  |  |
| BJ's Wholesale Club Holdings, Inc. (a) | 28000 | 1852480 |
| Flowers Foods, Inc. | 55005 | 1580844 |
| Lamb Weston Holdings, Inc. | 11642 | 1040329 |
| The JM Smucker Co. | 16742 | 2652937 |
|  |  | 7126590 |
| **Financials (13.8%)** |  |  |
| American Financial Group, Inc. | 13819 | 1897072 |
| Bank of Hawaii Corp. | 15909 | 1233902 |
| CBOE Global Markets, Inc. | 15183 | 1905011 |
| Cohen & Steers, Inc. | 14690 | 948386 |
| Commerce Bancshares, Inc. | 18041 | 1228051 |
| East West Bancorp, Inc. | 43157 | 2844047 |
| FactSet Research Systems, Inc. | 3924 | 1574348 |
| SEI Investments Co. | 44780 | 2610674 |
| Signature Bank | 9119 | 1050691 |
| UMB Financial Corp. | 27402 | 2288615 |
|  |  | 17580797 |
| **Health Care (15.4%)** |  |  |
| Chemed Corp. | 4386 | 2238746 |
| Henry Schein, Inc. (a) | 27134 | 2167193 |
| Medpace Holdings, Inc. (a) | 15471 | 3286194 |
| PerkinElmer, Inc. | 14824 | 2078621 |
| STERIS PLC | 10926 | 2017923 |
| Teleflex, Inc. | 6372 | 1590642 |
| The Cooper Cos., Inc. | 9378 | 3101024 |
| Waters Corp. (a) | 8970 | 3072943 |
|  |  | 19553286 |
| **Industrials (21.5%)** |  |  |
| Acuity Brands, Inc. | 7084 | 1173181 |
| AO Smith Corp. | 23495 | 1344854 |
| Applied Industrial Technologies, Inc. | 21400 | 2697042 |
| C.H. Robinson Worldwide, Inc. | 12758 | 1168122 |
| Donaldson Co., Inc. | 39001 | 2295990 |
| Expeditors International of Washington, Inc. | 17662 | 1835436 |
| Franklin Electric Co., Inc. | 14013 | 1117537 |
| Hubbell, Inc. | 10479 | 2459212 |
| IDEX Corp. | 4510 | 1029768 |
| Lincoln Electric Holdings, Inc. | 14640 | 2115334 |
| Masco Corp. | 30444 | 1420821 |
| Nordson Corp. | 9159 | 2177277 |
| Robert Half International, Inc. | 23978 | 1770296 |
| Snap-on, Inc. | 6800 | 1553732 |
| The Middleby Corp. (a) | 9836 | 1317040 |
| The Toro Co. | 16571 | 1875837 |
|  |  | 27351479 |
| **Information Technology (14.6%)** |  |  |
| Akamai Technologies, Inc. (a) | 15382 | 1296703 |
| Amdocs Ltd. | 22385 | 2034796 |
| Aspen Technology, Inc. (a) | 11293 | 2319582 |
| Broadridge Financial Solutions, Inc. | 11987 | 1607816 |
| Dolby Laboratories, Inc., Class A | 23713 | 1672715 |
| F5, Inc. (a) | 10808 | 1551056 |
| Jack Henry & Associates, Inc. | 9966 | 1749631 |
| Manhattan Associates, Inc. (a) | 15277 | 1854628 |
| NetApp, Inc. | 21997 | 1321140 |
| Progress Software Corp. | 35083 | 1769937 |
| Trimble, Inc. (a) | 28244 | 1428017 |
|  |  | 18606021 |
| **Materials (5.9%)** |  |  |
| AptarGroup, Inc. | 21200 | 2331575 |
| Avery Dennison Corp. | 9105 | 1648005 |
| Packaging Corp. of America | 8970 | 1147353 |
| RPM International, Inc. | 24417 | 2379437 |
|  |  | 7506370 |
| **Real Estate (7.2%)** |  |  |
| CubeSmart | 27676 | 1113959 |
| Jones Lang LaSalle, Inc. (a) | 13610 | 2169026 |
| Lamar Advertising Co., Class A | 17632 | 1664461 |
| Physicians Realty Trust | 123464 | 1786524 |
| STAG Industrial, Inc. | 77081 | 2490487 |
|  |  | 9224457 |
| **TOTAL COMMON STOCKS (Cost $106,831,007)** |  | 123533643 |
| **Investment Companies (1.0%)** |  |  |
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 4.19% (b) | 1282061 | 1282061 |
| **TOTAL INVESTMENT COMPANIES (Cost $1,282,061)** |  | 1282061 |
| **Total Investments (Cost $108,113,068) — 98.0% (c)** |  | 124815704 |
| Other assets in excess of liabilities — 2.0% |  | 2517850 |
| **NET ASSETS — 100.0%** |  | $127333554 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day yield as of December 31, 2022.

(c) See
 Federal Tax Information listed in the Notes to the Financial Statements.

PLC Public Limited Company

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden SMID Cap Fund** |

---

**Statement of Assets and Liabilities**

December 31, 2022

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $108,113,068) | $124815704 |
| Cash | 649401 |
| Dividends receivable | 141664 |
| Receivable for capital shares issued | 1880729 |
| Receivable from Custodian | 27389 |
| Prepaid expenses | 9459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 127524346 |
| **Liabilities:** |  |
| Payable for capital shares redeemed | 80344 |
| Accrued expenses and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 83204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 10799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | 11559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent | 1619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 190792 |
| **Net Assets** | $127333554 |
| **Composition of Net Assets:** |  |
| Paid in capital | $112289901 |
| Total distributable earnings (loss) | 15043653 |
| **Net Assets** | $127333554 |
| Shares outstanding (par value $0.01, unlimited number of shares authorized) | 6493215 |
| Net Asset Value, Offering Price and Redemption price per share | $19.61 |

---

**Statement of Operations**

For the year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends | $1739102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 1739102 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 808832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 43151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 4896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 14799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing | 134324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agency | 27123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee | 11883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 47380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee reductions | 1092388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees contractually reduced by the investment adviser | (14534) |
| **Net Expenses** | 1077854 |
| **Net Investment Income** | 661248 |
| **Net Realized/Unrealized Gains (Losses) from Investments:** |  |
| &nbsp;&nbsp;Net realized gains from investment transactions | 2707664 |
| &nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (18968465) |
| Net realized/unrealized gains (losses) on investments | (16260801) |
| **Change in Net Assets Resulting from Operations** | $(15599553) |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden SMID Cap Fund** |

---

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the year ended <br> December 31, 2022** | **For the year ended <br> December 31, 2021** |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $661248 | $402604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 2707664 | 5422149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (18968465) | 15891532 |
| **Change in Net Assets Resulting from Operations** | (15599553) | 21716285 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (5944462) | (4846330) |
| **Change in Net Assets Resulting from distributions to shareholders** | (5944462) | (4846330) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 55481230 | 34990434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 5073140 | 3638658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (19229798) | (8681645) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of in-kind shares redeemed (a) |  | (3998808) |
| **Change in Net Assets Resulting from Capital Share Transactions** | 41324572 | 25948639 |
| **Change in Net Assets** | 19780557 | 42818594 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 107552997 | 64734403 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $127333554 | $107552997 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 2701092 | 1539615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested | 250649 | 157042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (930701) | (386392) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed in-kind (a) |  | (175772) |
| **Change in shares** | 2021040 | 1134493 |

---

(a) See Note 3 in Notes
 to Financial Statements.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden SMID Cap Fund** |

---

**Financial Highlights**

Selected data for a share outstanding throughout the years indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year<br> ended<br> December<br> 31, 2022** | **For the year<br> ended<br> December<br> 31, 2021** | **For the year<br> ended<br> December<br> 31, 2020** | **For the year<br> ended<br> December<br> 31, 2019** | **For the year<br> ended<br> December<br> 31, 2018** |
| **Net Asset Value, Beginning of Period** | $24.05 | $19.40 | $18.10 | $15.12 | $16.69 |
| **Investment Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.13 | 0.10 | 0.09 | 0.10 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized/unrealized gains (losses) from investments | (3.61) | 5.69 | 1.55 | 3.83 | (0.99) |
| Total from investment activities | (3.48) | 5.79 | 1.64 | 3.93 | (0.90) |
| **Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.12) | (0.10) | (0.10) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | (0.87) | (1.02) | (0.25) | (0.85) | (0.58) |
| Total distributions | (0.96) | (1.14) | (0.35) | (0.95) | (0.67) |
| **Net Asset Value, End of Period** | $19.61 | $24.05 | $19.40 | $18.10 | $15.12 |
| Total Return | (14.59)% | 30.08% | 9.13% | 26.12% | (5.59)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's) | $127334 | $107553 | $64734 | $61582 | $47621 |
| Ratio of net expenses to average net assets | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets | 0.61% | 0.48% | 0.61% | 0.61% | 0.52% |
| Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (a) | 1.01% | 1.00% | 1.05% | 1.07% | 1.08% |
| Portfolio turnover rate | 28.66% | 30.00 %(b) | 38.70% | 29.75% | 18.61% |

---

(a) During the periods, certain fees may have been reduced or recouped by the investment adviser. If
 such fee reductions/recoupments had not occurred, the ratio would have been as indicated.

(b) Excludes impact of in-kind transactions.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Schedule of Portfolio Investments** | **Boston Trust Walden Small Cap Fund**<br> December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Fair Value ($)** |
| **Common Stocks (99.3%)** |  |  |
| **Communication Services (1.0%)** |  |  |
| Cable One, Inc. | 13694 | 9748211 |
|  |  | 9748211 |
| **Consumer Discretionary (10.0%)** |  |  |
| Carter's, Inc. | 178802 | 13340417 |
| Cavco Industries, Inc. (a) | 58358 | 13203498 |
| Choice Hotels International, Inc. | 151045 | 17013708 |
| Columbia Sportswear Co. | 210429 | 18429372 |
| Helen of Troy Ltd. (a) | 57263 | 6351039 |
| Shutterstock, Inc. | 212731 | 11215178 |
| Texas Roadhouse, Inc. | 129209 | 11751559 |
| TopBuild Corp. (a) | 55081 | 8619626 |
|  |  | 99924397 |
| **Consumer Staples (4.8%)** |  |  |
| Central Garden & Pet Co. (a) | 264419 | 9466200 |
| Flowers Foods, Inc. | 780008 | 22417430 |
| Lancaster Colony Corp. | 82454 | 16268174 |
|  |  | 48151804 |
| **Energy (5.1%)** |  |  |
| Cactus, Inc., Class A | 421280 | 21173533 |
| Core Laboratories NV | 441317 | 8945496 |
| Helmerich & Payne, Inc. | 428888 | 21259978 |
|  |  | 51379007 |
| **Financials (15.5%)** |  |  |
| 1st Source Corp. | 150322 | 7980595 |
| Bank of Hawaii Corp. | 154663 | 11995662 |
| Camden National Corp. | 84828 | 3536479 |
| Cathay General Bancorp | 471696 | 19240481 |
| Cohen & Steers, Inc. | 215806 | 13932435 |
| Evercore, Inc. | 105614 | 11520375 |
| First Hawaiian, Inc. | 254458 | 6626086 |
| German American Bancorp, Inc. | 86738 | 3235327 |
| Independent Bank Corp. | 148035 | 12498595 |
| International Bancshares Corp. | 201423 | 9217116 |
| Lakeland Financial Corp. | 117821 | 8597398 |
| Selective Insurance Group, Inc. | 188747 | 16724872 |
| Tompkins Financial Corp. | 77877 | 6041698 |
| UMB Financial Corp. | 219462 | 18329467 |
| Washington Trust Bancorp, Inc. | 132326 | 6243141 |
|  |  | 155719727 |
| **Health Care (17.4%)** |  |  |
| Atrion Corp. | 11915 | 6665847 |
| Chemed Corp. | 40899 | 20876077 |
| Corcept Therapeutics, Inc. (a) | 758332 | 15401723 |
| CorVel Corp. (a) | 96643 | 14045127 |
| Globus Medical, Inc., Class A (a) | 263897 | 19599630 |
| Haemonetics Corp. (a) | 251051 | 19745161 |
| ICU Medical, Inc. (a) | 93799 | 14771467 |
| Medpace Holdings, Inc. (a) | 112434 | 23882106 |
| Premier, Inc. | 641523 | 22440474 |
| U.S. Physical Therapy, Inc. | 210816 | 17082420 |
|  |  | 174510032 |
| **Industrials (17.6%)** |  |  |
| Acuity Brands, Inc. | 70272 | 11637746 |
| Applied Industrial Technologies, Inc. | 138422 | 17445324 |
| Comfort Systems USA, Inc. | 89743 | 10327624 |
| Donaldson Co., Inc. | 337688 | 19879692 |
| Forward Air Corp. | 103015 | 10805243 |
| Franklin Electric Co., Inc. | 166020 | 13240095 |
| Insperity, Inc. | 81059 | 9208302 |
| Landstar System, Inc. | 98754 | 16087027 |
| Lincoln Electric Holdings, Inc. | 95889 | 13855002 |
| MSC Industrial Direct Co., Inc. | 157631 | 12878453 |
| UniFirst Corp. | 72445 | 13981161 |
| Valmont Industries, Inc. | 44006 | 14551464 |
| Watts Water Technologies, Inc., Class A | 89019 | 13017248 |
|  |  | 176914381 |
| **Information Technology (14.2%)** |  |  |
| Badger Meter, Inc. | 128566 | 14017551 |
| CSG Systems International, Inc. | 287752 | 16459414 |
| ExlService Holdings, Inc. (a) | 100800 | 17078544 |
| InterDigital, Inc. | 215303 | 10653192 |
| Littelfuse, Inc. | 45451 | 10008310 |
| Power Integrations, Inc. | 284069 | 20373429 |
| Progress Software Corp. | 395266 | 19941170 |
| Qualys, Inc. (a) | 140054 | 15718260 |
| Teradata Corp. (a) | 527783 | 17765177 |
|  |  | 142015047 |
| **Materials (5.7%)** |  |  |
| AptarGroup, Inc. | 115559 | 12709179 |
| Minerals Technologies, Inc. | 224933 | 13657932 |
| Sensient Technologies Corp. | 160203 | 11682003 |
| Silgan Holdings, Inc. | 376385 | 19511798 |
|  |  | 57560912 |
| **Real Estate (4.5%)** |  |  |
| Americold Realty Trust, Inc. | 480952 | 13615751 |
| Physicians Realty Trust | 1144484 | 16560684 |
| STAG Industrial, Inc. | 477114 | 15415553 |
|  |  | 45591988 |
| **Utilities (3.5%)** |  |  |
| IDACORP, Inc. | 138764 | 14965697 |
| ONE Gas, Inc. | 167350 | 12671742 |
| Unitil Corp. | 140774 | 7230153 |
|  |  | 34867592 |
| **TOTAL COMMON STOCKS (Cost $861,866,417)** |  | 996383098 |
| **Investment Companies (0.6%)** |  |  |
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 4.19% (b) | 6196985 | 6196985 |
| **TOTAL INVESTMENT COMPANIES (Cost $6,196,985)** |  | 6196985 |
| **Total Investments (Cost $868,063,402) — 99.9% (c)** |  | 1002580083 |
| Other assets in excess of liabilities — 0.1% |  | 829456 |
| **NET ASSETS — 100.0%** |  | $1003409539 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day yield as of December 31, 2022.

(c) See Federal Tax Information listed in the Notes to the Financial Statements.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden Small Cap Fund** |

---

**Statement of Assets and Liabilities**

December 31, 2022

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $868,063,402) | $1002580083 |
| Cash | 1166760 |
| Dividends receivable | 576252 |
| Receivable for capital shares issued | 2170129 |
| Prepaid expenses | 30516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 1006523740 |
| **Liabilities:** |  |
| Payable for capital shares redeemed | 2229364 |
| Payable to Custodian | 86700 |
| Accrued expenses and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 559709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 10550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 8096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian | 11788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | 126947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent | 8459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 72333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 3114201 |
| **Net Assets** | $1003409539 |
| **Composition of Net Assets:** |  |
| Paid in capital | $871944122 |
| Total distributable earnings (loss) | 131465417 |
| **Net Assets** | $1003409539 |
| Shares outstanding (par value $0.01, unlimited number of shares authorized) | 64486696 |
| Net Asset Value, Offering Price and Redemption price per share | $15.56 |

---

**Statement of Operations**

For the year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends | $13643271 |
| Less: Foreign tax withholding | (1735) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 13641536 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser | 7034081 |
| &nbsp;&nbsp;&nbsp;Administration and accounting | 332134 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer | 46563 |
| &nbsp;&nbsp;&nbsp;Custodian | 139629 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing | 1662922 |
| &nbsp;&nbsp;&nbsp;Transfer agency | 52265 |
| &nbsp;&nbsp;&nbsp;Trustee | 113784 |
| &nbsp;&nbsp;&nbsp;Other | 328895 |
| &nbsp;&nbsp;&nbsp;Total expenses before fee reductions | 9710273 |
| &nbsp;&nbsp;&nbsp;Fees contractually reduced by the investment adviser | (335112) |
| **Net Expenses** | 9375161 |
| **Net Investment Income** | 4266375 |
| **Net Realized/Unrealized Gains (Losses) from Investments:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains from investment transactions (a) | 29989592 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (118650708) |
| Net realized/unrealized gains (losses) on investments | (88661116) |
| **Change in Net Assets Resulting from Operations** | $(84394741) |

---

(a) Includes Class
 Action related litigation gains of $42,732.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden Small Cap Fund** |

---

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br> December 31, 2022** | **For the year ended <br> December 31, 2021** |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;Net investment income | $4266375 | $1392879 |
| &nbsp;&nbsp;Net realized gains from investment transactions | 29989592 | 83342623 |
| &nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | (118650708) | 101626054 |
| **Change in Net Assets Resulting from Operations** | (84394741) | 186361556 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;Total Distributions | (48310887) | (76732138) |
| **Change in Net Assets Resulting from distributions to shareholders** | (48310887) | (76732138) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | 340566372 | 304438235 |
| &nbsp;&nbsp;Dividends reinvested | 39678678 | 64754275 |
| &nbsp;&nbsp;Cost of shares redeemed | (183661499) | (142268015) |
| **Change in Net Assets Resulting from Capital Share Transactions** | 196583551 | 226924495 |
| **Change in Net Assets** | 63877923 | 336553913 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;Beginning of period | 939531616 | 602977703 |
| &nbsp;&nbsp;End of period | $1003409539 | $939531616 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;Issued | 21034513 | 17303716 |
| &nbsp;&nbsp;Reinvested | 2487691 | 3736542 |
| &nbsp;&nbsp;Redeemed | (11358002) | (8096235) |
| **Change in shares** | 12164202 | 12944023 |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden Small Cap Fund** |

---

**Financial Highlights**

Selected data for a share outstanding throughout the years indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year <br> ended <br> December <br> 31, 2022** | **For the year <br> ended <br> December <br> 31, 2021** | **For the year <br> ended <br> December <br> 31, 2020** | **For the year <br> ended <br> December <br> 31, 2019** | **For the year <br> ended <br> December <br> 31, 2018** |
| **Net Asset Value, Beginning of Period** | $**17.96** | $15.31 | $14.62 | $12.00 | $14.73 |
| **Investment Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.07 | 0.03 | 0.08 | 0.09 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized/unrealized gains (losses) from investments | (1.68) | 4.22 | 1.00 | 3.47 | (0.86) |
| Total from investment activities | (1.61) | 4.25 | 1.08 | 3.56 | (0.79) |
| **Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.05) | (0.08) | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | (0.74) | (1.55) | (0.31) | (0.88) | (1.87) |
| Total distributions | (0.79) | (1.60) | (0.39) | (0.94) | (1.94) |
| **Net Asset Value, End of Period** | $15.56 | $17.96 | $15.31 | $14.62 | $12.00 |
| Total Return | (9.06)% | 28.17% | 8.17% | 29.88% | (6.00)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's) | $1003410 | $939532 | $602978 | $235469 | $242176 |
| Ratio of net expenses to average net assets | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets | 0.46% | 0.18% | 0.64% | 0.58% | 0.39% |
| Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (a) | 1.04% | 1.01% | 1.06% | 1.07% | 1.09% |
| Portfolio turnover rate | 20.87% | 31.72% | 39.89 %(b) | 23.23 %(c) | 24.60% |

---

(a) During the periods, certain fees may have been reduced or recouped by the investment adviser. If
 such fee reductions/recoupments had not occurred, the ratio would have been as indicated.

(b) Excludes impact of merger transaction.

(c) Excludes impact of in-kind transactions.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Schedule of Portfolio Investments** | **Boston Trust Walden International Equity Fund**<br> December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Fair Value ($)** |
| **Common Stocks (97.9%)** |  |  |
| **Australia (5.9%)** |  |  |
| Brambles Ltd. | 133800 | 1098643 |
| CSL Ltd. | 6700 | 1306147 |
| Insurance Australia Group Ltd. | 280000 | 904745 |
| Telstra Corp. Ltd. | 290800 | 789502 |
| Woodside Energy Group Ltd. | 56000 | 1354623 |
|  |  | 5453660 |
| **Canada (11.1%)** |  |  |
| Bank of Montreal | 11200 | 1014767 |
| BCE, Inc. | 25900 | 1138123 |
| Canadian National Railway Co. | 11800 | 1401915 |
| Great-West Lifeco, Inc. | 22900 | 529450 |
| Intact Financial Corp. | 4300 | 619082 |
| Magna International, Inc. | 20000 | 1123652 |
| Metro, Inc. | 22300 | 1234917 |
| Royal Bank of Canada | 13000 | 1222411 |
| The Toronto-Dominion Bank | 20700 | 1340501 |
| Tourmaline Oil Corp. | 12700 | 640910 |
|  |  | 10265728 |
| **Denmark (2.8%)** |  |  |
| Novo Nordisk A/S | 15000 | 2031351 |
| Novozymes A/S | 11200 | 568863 |
|  |  | 2600214 |
| **Finland (0.7%)** |  |  |
| Kone Oyj | 13200 | 683615 |
|  |  | 683615 |
| **France (9.7%)** |  |  |
| Air Liquide SA | 11400 | 1621297 |
| Danone SA | 13700 | 721667 |
| Dassault Systemes SE | 19300 | 695995 |
| EssilorLuxottica SA | 4700 | 855730 |
| Legrand SA | 13700 | 1102932 |
| L'Oreal SA | 2700 | 968468 |
| Publicis Groupe SA | 11100 | 704759 |
| Schneider Electric SE | 9400 | 1321823 |
| Societe BIC SA | 14300 | 977951 |
|  |  | 8970622 |
| **Germany (7.0%)** |  |  |
| Allianz SE | 2900 | 623488 |
| Deutsche Boerse AG | 7700 | 1328375 |
| Fresenius SE & Co. KGaA | 26700 | 751094 |
| Hannover Rueck SE | 2800 | 556530 |
| Henkel AG & Co. KGaA | 9700 | 625509 |
| Merck KGaA | 5000 | 968163 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1800 | 585212 |
| SAP AG | 10700 | 1104076 |
|  |  | 6542447 |
| **Hong Kong (2.3%)** |  |  |
| Hang Lung Properties Ltd. | 354000 | 687357 |
| Hang Seng Bank Ltd. | 48200 | 798126 |
| Sino Land Co. Ltd. | 548000 | 682570 |
|  |  | 2168053 |
| **Ireland (1.7%)** |  |  |
| Experian PLC | 34100 | 1160639 |
| Smurfit Kappa Group PLC | 12000 | 444541 |
|  |  | 1605180 |
| **Israel (1.2%)** |  |  |
| Check Point Software Technologies Ltd. (a) | 4600 | 580336 |
| Nice Ltd. (a) | 2574 | 499688 |
|  |  | 1080024 |
| **Italy (1.8%)** |  |  |
| FinecoBank Banca Fineco SpA | 42700 | 711517 |
| Snam SpA | 90171 | 437736 |
| Terna Rete Elettrica Nazionale SpA | 66000 | 488447 |
|  |  | 1637700 |
| **Japan (19.4%)** |  |  |
| Astellas Pharma, Inc. | 37300 | 565968 |
| Benesse Holdings, Inc. | 75500 | 1153867 |
| Chugai Pharmaceutical Co. Ltd. | 25000 | 635350 |
| Daiwa House Industry Co. Ltd. | 18590 | 426629 |
| INPEX Corp. | 84600 | 902869 |
| JSR Corp. | 24500 | 482927 |
| Kao Corp. | 12600 | 504462 |
| Kurita Water Industries Ltd. | 13000 | 539743 |
| Mitsubishi Estate Co. Ltd. | 35300 | 456876 |
| Nippon Telegraph & Telephone Corp. | 52500 | 1498792 |
| Nitto Denko Corp. | 16400 | 943546 |
| Nomura Research Institute Ltd. | 24200 | 575382 |
| Oracle Corp. | 9100 | 592173 |
| Sumitomo Mitsui Financial Group, Inc. | 44400 | 1789339 |
| Sysmex Corp. | 7300 | 444713 |
| Terumo Corp. | 15200 | 429904 |
| The Chiba Bank Ltd. | 177900 | 1304001 |
| The Hachijuni Bank Ltd. | 171000 | 713597 |
| Tokio Marine Holdings, Inc. | 32700 | 700102 |
| Toyota Motor Corp. | 141100 | 1928727 |
| Trend Micro, Inc. | 21100 | 986835 |
| Yamato Holdings Co. Ltd. | 25700 | 408622 |
|  |  | 17984424 |
| **Luxembourg (1.3%)** |  |  |
| Tenaris SA | 69200 | 1214254 |
|  |  | 1214254 |
| **Netherlands (4.8%)** |  |  |
| ASML Holding NV | 1900 | 1028329 |
| ING Groep NV | 46100 | 562359 |
| Koninklijke Ahold Delhaize NV | 32200 | 925099 |
| Koninklijke Vopak NV | 34700 | 1032286 |
| Wolters Kluwer NV | 8800 | 919109 |
|  |  | 4467182 |
| **Norway (1.2%)** |  |  |
| Equinor ASA | 32025 | 1150117 |
|  |  | 1150117 |
| **Singapore (1.1%)** |  |  |
| ComfortDelGro Corp. Ltd. | 539400 | 494500 |
| Singapore Exchange Ltd. | 77200 | 516378 |
|  |  | 1010878 |
| **Spain (1.4%)** |  |  |
| Industria de Diseno Textil SA | 47900 | 1275307 |
|  |  | 1275307 |
| **Sweden (2.5%)** |  |  |
| Assa Abloy AB, Class B | 28100 | 604931 |
| Atlas Copco AB | 44000 | 521219 |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Schedule of Portfolio Investments** | **Boston Trust Walden International Equity Fund**<br> December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Fair Value ($)** |
| **Common Stocks (continued)** |  |  |
| **Sweden (continued)** |  |  |
| Svenska Handelsbanken AB | 119300 | 1201093 |
|  |  | 2327243 |
| **Switzerland (8.8%)** |  |  |
| Cie Financiere Richemont SA | 11800 | 1527400 |
| Givaudan SA | 380 | 1158832 |
| Nestle SA | 14900 | 1721198 |
| Roche Holding AG | 4800 | 1508865 |
| SGS SA | 390 | 903219 |
| Sonova Holding AG | 2600 | 618804 |
| Zurich Insurance Group AG | 1600 | 764807 |
|  |  | 8203125 |
| **United Kingdom (13.2%)** |  |  |
| Compass Group PLC | 59700 | 1379191 |
| Croda International PLC | 12800 | 1022738 |
| Johnson Matthey PLC | 43900 | 1129890 |
| National Grid PLC | 120000 | 1441059 |
| Next PLC | 16600 | 1168568 |
| Reckitt Benckiser Group PLC | 6800 | 472969 |
| RELX PLC | 45200 | 1252035 |
| Schroders PLC | 159999 | 840884 |
| Severn Trent PLC | 15000 | 480942 |
| Smith & Nephew PLC | 61900 | 826794 |
| The Sage Group PLC | 101800 | 914058 |
| Unilever PLC | 26200 | 1321482 |
|  |  | 12250610 |
| **TOTAL COMMON STOCKS (Cost $83,770,262)** |  | 90890383 |
| **Investment Companies (1.4%)** |  |  |
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 4.19% (b) | 1285882 | 1285882 |
| **TOTAL INVESTMENT COMPANIES (Cost $1,285,882)** |  | 1285882 |
| **Total Investments (Cost $85,056,144) — 99.3% (c)** |  | 92176265 |
| Other assets in excess of liabilities — 0.7% |  | 630829 |
| **NET ASSETS — 100.0%** |  | $92807094 |

---

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day yield as of December 31, 2022. |
| (c) | See Federal Tax Information listed in the Notes to the Financial Statements. |
| PLC | Public Limited Company |

---

The Fund invested, as a percentage of net assets at value, in the following industries as of December 31, 2022:

---

| | |
|:---|:---|
| **Industry** | **Percentage of<br> Total Net Assets** |
| Financials | 20.3% |
| Industrials | 14.5 |
| Health Care | 11.7 |
| Consumer Discretionary | 10.3 |
| Consumer Staples | 9.1 |
| Materials | 7.8 |
| Information Technology | 7.5 |
| Energy | 6.7 |
| Communication Services | 4.5 |
| Utilities | 3.1 |
| Real Estate | 2.4 |
| Investment Companies | 1.4 |
| Other net assets | 0.7 |
| Total | 100.0% |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden International Equity Fund** |

---

**Statement of Assets and Liabilities**

December 31, 2022

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $85,056,144) | $92176265 |
| Cash | 287890 |
| Foreign currency, at fair value (cost $9,752) | 9753 |
| Dividends receivable | 114659 |
| Receivable for tax reclaims | 265713 |
| Receivable from Custodian | 30332 |
| Prepaid expenses | 3450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 92888062 |
| **Liabilities:** |  |
| Accrued expenses and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 59111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 17661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 80968 |
| **Net Assets** | $92807094 |
| **Composition of Net Assets:** |  |
| Paid in capital | $86787978 |
| Total distributable earnings (loss) | 6019116 |
| **Net Assets** | $92807094 |
| Shares outstanding (par value $0.01, unlimited number of shares authorized) | 7906190 |
| Net Asset Value, Offering Price and Redemption price per share | $11.74 |

---

**Statement of Operations**

For the year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends | $2634919 |
| Less: Foreign tax withholding | (262109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 2372810 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 658836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting | 58513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer | 3834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian | 22560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing | 23289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agency | 23255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee | 9464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 20696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 820447 |
| **Net Expenses** | 820447 |
| **Net Investment Income** | 1552363 |
| **Net Realized/Unrealized Gains (Losses) from Investments:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (losses) from investment securities and foreign currency transactions | (1292374) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investment securities and foreign currency translations | (12646457) |
| Net realized/unrealized gains (losses) on investments | (13938831) |
| **Change in Net Assets Resulting from Operations** | $(12386468) |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden International Equity Fund** |

---

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br> December 31, 2022** | **For the year ended<br> December 31, 2021** |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1552363 | $1166304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investment securities and foreign currency transactions | (1292374) | 1183270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investment securities and foreign currency translations | (12646457) | 8184606 |
| **Change in Net Assets Resulting from Operations** | (12386468) | 10534180 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1445386) | (1434664) |
| **Change in Net Assets Resulting from distributions to shareholders** | (1445386) | (1434664) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 14678062 | 20568949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 964387 | 1026029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (4508109) | (8909703) |
| **Change in Net Assets Resulting from Capital Share Transactions** | 11134340 | 12685275 |
| **Change in Net Assets** | (2697514) | 21784791 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 95504608 | 73719817 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $92807094 | $95504608 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 1244686 | 1551775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested | 80232 | 76914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (381872) | (665517) |
| **Change in shares** | 943046 | 963172 |

---

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Financial Statements** | **Boston Trust Walden International Equity Fund** |

---

**Financial Highlights**

Selected data for a share outstanding throughout the years indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year <br> ended <br> December <br> 31, 2022** | **For the year <br> ended <br> December <br> 31, 2021** | **For the year <br> ended <br> December <br> 31, 2020** | **For the year <br> ended <br> December <br> 31, 2019** | **For the year <br> ended <br> December <br> 31, 2018** |
| **Net Asset Value, Beginning of Period** | $13.72 | $12.29 | $11.60 | $9.78 | $11.07 |
| **Investment Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.21 | 0.17 | 0.15 | 0.20 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized/unrealized gains (losses) from investments | (2.00) | 1.47 | 0.69 | 1.81 | (1.29) |
| Total from investment activities | (1.79) | 1.64 | 0.84 | 2.01 | (1.12) |
| **Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.17) | (0.14) | (0.19) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | (0.01) | (0.04) |  |  |  |
| Total distributions | (0.19) | (0.21) | (0.14) | (0.19) | (0.17) |
| **Net Asset Value, End of Period** | $11.74 | $13.72 | $12.29 | $11.60 | $9.78 |
| Total Return | (13.10)% | 13.43% | 7.16% | 20.62% | (10.18)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's) | $92807 | $95505 | $73720 | $56960 | $39056 |
| Ratio of net expenses to average net assets | 0.93% | 0.94% | 1.00% | 1.04% | 1.15% |
| Ratio of net investment income to average net assets | 1.77% | 1.36% | 1.41% | 1.93% | 1.57% |
| Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (a) | 0.93% | 0.94% | 1.00% | 1.02% | 1.17% |
| Portfolio turnover rate | 10.47% | 13.09% | 8.38% | 10.70% | 3.44% |

---

(a) During the periods, certain fees may have been reduced or recouped by the investment adviser. If
 such fee reductions/recoupments had not occurred, the ratio would have been as indicated.

**See Notes to Financial Statements**

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **December 31, 2022** |

---

**1.** **Organization:** 

The Boston Trust Walden Funds (the "Trust") was organized on January 8, 1992 as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust contains the following funds (individually a "Fund", collectively the "Funds"), each of which are registered as a diversified fund under the 1940 Act:

---

| | |
|:---|:---|
| **Fund** | **Short Name** |
| Boston Trust Asset Management Fund | Asset Management Fund |
| Boston Trust Equity Fund | Equity Fund |
| Boston Trust Midcap Fund | Midcap Fund |
| Boston Trust SMID Cap Fund | SMID Cap Fund |
| Boston Trust Walden Balanced Fund | BTW Balanced Fund |
| Boston Trust Walden Equity Fund | BTW Equity Fund |
| Boston Trust Walden Midcap Fund | BTW Midcap Fund |
| Boston Trust Walden SMID Cap Fund | BTW SMID Cap Fund |
| Boston Trust Walden Small Cap Fund | BTW Small Cap Fund |
| Boston Trust Walden International Equity Fund | BTW International Equity Fund |

---

The investment objective of the Asset Management Fund and BTW Balanced Fund is to seek long-term capital growth and income through an actively managed portfolio of stocks, bonds and money market instruments. The investment objective of the Equity Fund and BTW Equity Fund is to seek long-term capital growth through an actively managed portfolio of stocks. The investment objective of the Midcap Fund and BTW Midcap Fund is to seek long-term capital growth through an actively managed portfolio of stocks of middle capitalization companies. The investment objective of the SMID Cap Fund and BTW SMID Cap Fund is to seek long-term capital growth through an actively managed portfolio of stocks of small to middle capitalization companies. The investment objective of the BTW Small Cap Fund is to seek long-term capital growth through an actively managed portfolio of stocks of small capitalization companies. The investment objective of the BTW International Equity Fund is to seek long-term capital growth through an actively managed portfolio of equities of international companies.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust may enter into contracts with its vendors and others that provide for general indemnifications. Each Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect risk of loss to be remote.

**2.** **Significant Accounting Policies:** 

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *"Financial* Services - Investment *Companies".*

**Security Valuation:**

The Funds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.

The value of each equity security, including common stocks, is based either on the last sale price on a national securities exchange, or in the absence of recorded sales, at the closing bid price on such exchanges, or at the quoted bid price in the over-the-counter market. Equity securities traded on the NASDAQ stock market are valued at the NASDAQ official closing price. The prices for foreign securities are reported in local currency and converted to U.S dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by a recognized independent pricing service.

Bonds and other fixed income securities (other than short-term obligations but including listed issues) are provided by an independent pricing service, the use of which has been approved by the Board of Trustees ("Board"). In making such valuations, the pricing service utilizes both dealer-supplied valuations and electronic data processing techniques that take into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, and trading characteristics other than market data and without exclusive reliance upon quoted prices or exchanges or over-the-counter prices, since such valuations are believed to reflect more accurately the fair value of such securities. All debt portfolio securities with a remaining maturity of 60 days or less may be valued at amortized cost, which approximates fair value.

The Board has designated the Adviser as its fair valuation designee to perform fair value determinations for the Trust. The Trust may use a pricing service to value certain portfolio securities where the prices provided are believed to reflect the fair value of such securities. If market prices are not readily available or, in the opinion of the Adviser, market prices do not reflect fair value, or if an event occurs after the close of trading on the exchange or market on which the security is principally traded (but prior to the time the net asset value ("NAV") is calculated) that materially affects fair value, the Adviser will value the Funds' assets at their fair value according to policies approved by the Board. The Adviser believes that foreign security values may be affected by volatility that occurs in global markets on a trading day after the close of any given foreign securities markets. The fair valuation procedures, therefore, include a procedure whereby foreign security prices may be "fair valued" by an independent pricing service through the use of factors which take such volatility into account.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **December 31, 2022** |

---

Investments in investment companies and money market funds are valued at NAV per share.

**Fair Value Measurements:**

The valuation techniques employed by the Funds, as described above in Security Valuation, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds' investments are summarized in the three broad levels listed below:

Level 1 — Quoted prices in active markets for identical assets

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — Significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

The inputs or methodology used to value investments are not necessarily an indication of the risk associated with investing in those investments.

Pursuant to the valuation techniques described above in Security Valuation, equity securities are generally categorized as Level 1 securities in the fair value hierarchy (unless there is a fair valuation event, in which case affected securities are generally categorized as Level 2 securities). Fixed income securities, including those with a remaining maturity of 60 days or less, are generally categorized as Level 2 securities in the fair value hierarchy. Open-ended investment companies and money market funds are generally categorized as Level 1 securities in the fair value hierarchy.

Investments for which there are no quotations available, or for which quotations do not appear reliable, are valued at fair value as determined in good faith by the Adviser under the direction of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy.

The Funds did not hold any Level 3 investments during the year ended December 31, 2022.

The following is a summary of the investments by valuation inputs used as of December 31, 2022 in valuing the Funds' investments based on the three levels defined above:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund Name** | **Level 1**<br>**Quoted Prices ($)** | **Level 2 <br> Other Significant**<br>**Observable Inputs ($)** | **Total Investments**<br>**in Securities ($)** |
| **Asset Management Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks <sup>1</sup> | 428306347 |  | 428306347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds <sup>1</sup> |  | 16302019 | 16302019 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government & U.S. Government Agency Obligations |  | 103696182 | 103696182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 2340758 |  | 2340758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 430647105 | 119998201 | 550645306 |
| **Equity Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks <sup>1</sup> | 187260248 |  | 187260248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 4032353 |  | 4032353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 191292601 |  | 191292601 |
| **Midcap Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks <sup>1</sup> | 160558340 |  | 160558340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 2012131 |  | 2012131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 162570471 |  | 162570471 |
| **SMID Cap Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks <sup>1</sup> | 524467141 |  | 524467141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 5695123 |  | 5695123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 530162264 |  | 530162264 |
| **BTW Balanced Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks <sup>1</sup> | 121758995 |  | 121758995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds <sup>1</sup> |  | 16220747 | 16220747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds <sup>2</sup> |  | 626613 | 626613 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government & U.S. Government Agency Obligations |  | 37726791 | 37726791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yankee Dollar |  | 347550 | 347550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 2003663 |  | 2003663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 123762658 | 54921701 | 178684359 |
| **BTW Equity Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks <sup>1</sup> | 245696311 |  | 245696311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 3289079 |  | 3289079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 248985390 |  | 248985390 |
| **BTW Midcap Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks <sup>1</sup> | 95959157 |  | 95959157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 1117076 |  | 1117076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 97076233 |  | 97076233 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund Name** | **Level 1**<br>**Quoted Prices ($)** | **Level 2** <br> **Other Significant**<br>**Observable Inputs ($)** | **Total Investments**<br>**in Securities ($)** |
| **BTW SMID Cap Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks <sup>1</sup> | 123533643 |  | 123533643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 1282061 |  | 1282061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 124815704 |  | 124815704 |
| **BTW Small Cap Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks <sup>1</sup> | 996383098 |  | 996383098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 6196985 |  | 6196985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 1002580083 |  | 1002580083 |
| **BTW International Equity Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks <sup>3</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 1138123 | 2993053 | 4131176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 1123652 | 8433060 | 9556712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 1234917 | 7260854 | 8495771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 640910 | 5654149 | 6295059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 4726211 | 13900553 | 18626764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 1401915 | 11988981 | 13390896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 580336 | 6396536 | 6976872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Common Stocks |  | 23417133 | 23417133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 1285882 |  | 1285882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 12131946 | 80044319 | 92176265 |

---

<sup>1</sup> For detailed industry descriptions, see the accompanying Schedules of Portfolio Investments.

<sup>2</sup> For detailed state classifications, see the accompanying Schedules of Portfolio Investments.

<sup>3</sup> For detailed country classifications, see the accompanying Schedules of Portfolio Investments.

**Investment Transactions and Related Income:**

Investment transactions are accounted for no later than one business day after the trade date. However, for financial reporting purposes, investment transactions are accounted for on the trade date. Investment gains and losses are calculated on an identified cost basis. Interest income is recognized on an accrual basis and includes, where applicable, the amortization or accretion of premium or discount based on effective yield. Dividend income is recorded on the ex-dividend date except in the case of certain foreign securities, in which case dividends are recorded as soon as such information becomes available.

**Real Estate Investment Trusts:**

The Funds may own shares of real estate investment trusts ("REITs"), which report information on the source of their distribution annually. Certain distributions received from **REITs during** the year, which are known to be return of capital, are recorded as a reduction to the cost of the individual REIT. These cost adjustments are typically based on estimates since actual return of capital amounts are not known at the time the annual report is prepared.

**Expenses:**

Expenses directly attributable to a Fund are charged directly to that Fund. Expenses relating to the Trust are allocated proportionately to each Fund within the Trust according to the relative net assets of each Fund or on another reasonable basis.

**Distributions to Shareholders:**

Distributions to shareholders are recorded on the ex-dividend date. Dividends to shareholders from net investment income, if any, are declared and paid annually by the relevant Fund. Dividends to shareholders from net realized gains, if any, are declared and distributed at least annually by the relevant Fund. The amounts of distributions to shareholders from net investment income and of distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Federal Income Taxes:**

Each Fund qualifies and intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code, and to make distributions from net investment income and from net realized capital gains sufficient to relieve it from all, or substantially all, federal income and excise taxes. Therefore, no federal income tax provision is required.

Management has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including U.S. federal (i.e., the last four tax year ends and the interim tax period since then, as applicable), and believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken as of and during the year ended December 31, 2022. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits, as income tax expense in the Statements of Operations as incurred. There is no income tax noted as due for the year ended December 31, 2022.

**Foreign Currency Transactions:**

The accounting records of the Funds are maintained in U.S. dollars. Non-U.S. dollar denominated amounts are translated into U.S. dollars as follows, with the resultant exchange gains and losses recorded in the Statements of Operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Value of investment securities and other assets and liabilities at the exchange rate on the valuation date; and

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **December 31, 2022** |

---

ii) Purchases and sales of Investment securities and income and expenses at the exchange rate prevailing on the respective date of such transactions.

The Funds do not isolate realized and unrealized gains and losses attributable to changes in the exchange rates from gains and losses that arise from changes in the value of investments. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Investment income from non-U.S. sources received by a Fund is generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties. The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on gains in investments or currency repatriation. The Funds accrue such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest. Withholding taxes and reclaims on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

**3.** **Related Party Transactions and Other Service Arrangements:** 

**Investment Adviser:**

The Trust, with respect to the Funds, and the Adviser are parties to an Investment Advisory Agreement under which the Adviser is entitled to receive an annual fee, computed daily and paid monthly, equal to the average daily net assets of each Fund, at the following annual percentage rates before contractual waivers:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fee Rate** |  |
| Asset Management Fund | 0.71 | %\* |
| Equity Fund | 0.75 | % |
| Midcap Fund | 0.75 | % |
| SMID Cap Fund | 0.75 | % |
| **Fund** | **Fee Rate** |  |
| BTW Balanced Fund | 0.75 | % |
| BTW Equity Fund | 0.75 | % |
| BTW Midcap Fund | 0.75 | % |
| BTW SMID Cap Fund | 0.75 | % |
| BTW Small Cap Fund | 0.75 | % |
| BTW International Equity Fund | 0.75 | % |

---

\* Effective rate for the year ended December 31, 2022. The Asset Management Fund has an Investment Management Agreement with the Adviser under which the Fund pays: (a) 0.75% of the first $500 million of average daily net assets; (b) 0.50% of average daily net assets in excess of $500 million.

Additionally, one trustee of the Trust is an officer of the Trust and an officer of the Adviser. This person is not paid directly by the Funds.

**Administration and Fund Accounting:**

Citi Fund Services Ohio, Inc. ("Citi") serves the Funds as administrator. Citi provides administrative and fund accounting services for a fee that is computed daily and paid monthly, based on the aggregate daily net assets of the Trust plus certain base fees.

Certain officers of the Trust are affiliated with Citi. Such persons were paid no fees directly by the Funds for serving as Officers of the Trust. Citi makes an employee available to serve as the Trust's Chief Compliance Officer ("CCO") under a Compliance Service Agreement between the Funds and Citi (the "CCO Agreement"). Under the CCO Agreement, Citi also provides infrastructure and support in implementing the written policies and procedures comprising the Trust's compliance program, including support services to the CCO. For the services provided under the CCO Agreement, the Funds paid Citi $150,000 for the year ended December 31, 2022, plus certain out of pocket expenses. Citi pays the salary and other compensation earned by the CCO as an employee of Citi.

**Distribution:**

Foreside Financial Services, LLC ("Foreside"), which is not affiliated with Citi or the Adviser, serves as the Funds' distribution agent. Fees for these services are paid monthly by the Adviser and not by the Funds.

**Shareholder Services:**

Each Fund, other than the Boston Trust SMID Cap Fund, may enter into shareholder services agreements with investment advisers, banks, trust companies and other types of organizations ("Authorized Service Providers"), which may include affiliates of the Funds, for providing administrative services with respect to shares of the Funds attributable to or held in the name of the Authorized Service Provider for its clients or other parties with whom they have a servicing relationship. Fees paid by the Funds under shareholder services agreements may not exceed 0.25% of the average daily net assets of each Fund and are presented separately on the Statements of Operations. Affiliates of the Funds did not receive any fees during the year ended December 31, 2022.

**Custodian and Transfer Agency:**

FIS Investor Services, LLC ("FIS") acts as the Funds' transfer agent. Under the transfer agency agreement, FIS receives $18,400 annually per fund, accrued daily and paid monthly, plus annual per account fees and certain out of pocket expenses for its services to the Trust. Prior to July 11, 2022, Boston Trust Walden Company ("Boston Trust Walden"), the parent company of the Adviser, acted as the Funds' transfer agent. Under the transfer agency agreement, Boston Trust Walden received a fixed fee of $18,000 annually per fund, accrued daily and paid monthly for its services. Under a sub-transfer agency agreement, FIS received a fixed annual fee accrued daily and paid monthly, plus annual per account fees and certain out of pocket expenses for its services to the Trust. Expenses incurred under the transfer agency agreement and sub-transfer agency agreement are presented collectively as "Transfer Agency" expenses on the Statements of Operations.

Boston Trust Walden acts as the custodian for all Funds except the BTW International Equity Fund. Under the custody agreement, Boston Trust Walden receives an annual asset based fee of 0.014% of the value of securities held. Citibank, N.A. receives sub-custodian fees from Boston Trust for each Fund except the BTW International Equity Fund. Under a separate custody agreement, Citibank, N.A., an affiliate of Citi, serves as custodian for the BTW International Equity Fund and receives a fee based on a percentage of assets held on behalf of the BTW International Equity Fund, transaction fees and certain out of pocket expenses for its services. Such percentages vary by the jurisdiction in which the assets are held.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **December 31, 2022** |

---

**Fee Reductions:**

The Adviser has agreed to reduce its fees payable by the Funds to the extent necessary, exclusive of brokerage costs, interest, taxes, dividends, litigation, indemnification, expenses associated with the investments in underlying investment companies and extraordinary expenses (as determined under GAAP) of each Fund, except the SMID Cap Fund, to 1.00% of the average daily net assets. The Adviser has agreed to reduce its fees payable by the SMID Cap Fund to the extent necessary, subject to certain exclusions, to limit the aggregate annual operating expenses to 0.75% of its average daily net assets. Any such reductions made by the Adviser in its fees or in the payment or reimbursement of expenses that are a Fund's obligation may be subject to repayment by the Fund within three years provided the Fund receiving the reduction, payment or reimbursement is able to effect such repayment and remain in compliance with applicable expense limitations. The expense limitation agreement shall automatically renew effective May 1 of every year until the Adviser provides written notice of non-renewal to the Trust.

Pursuant to its agreement, the Adviser reimbursed, and has yet to recoup, fees in the following amounts for the years ended December 31, 2020 (expiring 12/31/2023), December 31, 2021 (expiring 12/31/2024) and December 31, 2022 (expiring 12/31/2025):

---

| | | |
|:---|:---|:---|
| **Fund** | **Amount** | **Expires** |
| Midcap Fund | $68764 | 12/31/2023 |
|  | 3138 | 12/31/2025 |
| SMID Cap Fund | 251750 | 12/31/2023 |
|  | 488764 | 12/31/2024 |
|  | 562932 | 12/31/2025 |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Amount** | **Expires** |
| BTW Balanced Fund | $33272 | 12/31/2023 |
| BTW Equity Fund | 143297 | 12/31/2023 |
|  | 53589 | 12/31/2024 |
|  | 47676 | 12/31/2025 |
| BTW SMID Cap Fund | 30485 | 12/31/2023 |
|  | 14534 | 12/31/2025 |
| BTW Small Cap Fund | 247032 | 12/31/2023 |
|  | 96885 | 12/31/2024 |
|  | 335112 | 12/31/2025 |

---

During the year ended December 31, 2022, the Adviser recouped $20,819 of previous fiscal year waivers from BTW Balanced Fund.

As of December 31, 2022, the Adviser may recoup amounts from the Funds as follows:

---

| | |
|:---|:---|
| **Total Potential Recoupment** | |
| Asset Management Fund | $— |
| Equity Fund |  |
| Midcap Fund | 71902 |
| SMID Cap Fund | 1303445 |

---

---

| | |
|:---|:---|
| **Total Potential Recoupment** | |
| BTW Balanced Fund | $33272 |
| BTW Equity Fund | 244562 |
| BTW Midcap Fund |  |
| BTW SMID Cap Fund | 45019 |
| BTW Small Cap Fund | 679029 |
| BTW International Equity Fund |  |

---

**In-Kind Subscriptions and Redemptions:**

During the year ended December 31, 2022, the Funds delivered securities in exchange for the redemption of shares (redemptions in-kind) as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** |<br>**Fair Value** | **Fund Shares**<br>**Redeemed** |<br>**Realized Gain/(Loss)** |
| SMID Cap Fund | $105672275 | 4710076 | $34777232 |
| BTW Equity Fund | 51649023 | 1529888 | 40556290 |

---

During the year ended December 31, 2021, the Funds delivered securities in exchange for the redemption of shares (redemptions in-kind) as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** |<br>**Fair Value** | **Fund Shares**<br>**Redeemed** |<br>**Realized Gain/(Loss)** |
| Asset Management Fund | $4731689 | 82477 | $4281523 |
| SMID Cap Fund | 33781359 | 1437505 | 15558515 |
| BTW SMID Cap Fund | 3998808 | 175772 | 439995 |

---

**Interfund Lending:**

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission ("SEC"), the Funds may participate in an interfund lending program (the "Program"). The Program provides an alternative credit facility under which the Funds may lend to, or borrow from, one another, consistent with each Fund's investment objectives, limitations and organization documents. The Program provides a borrowing Fund with a source of liquidity at a rate lower than the bank borrowing rate at times when the cash position of the Fund is insufficient to meet temporary cash requirements. In addition, Funds making short-term cash loans directly to other Funds would earn interest at a rate higher than they otherwise could obtain from investing their cash in repurchase agreements or certain other short-term money market instruments. Interfund loans have a maximum duration of seven days and may be called on one business day's notice. Any open loans at period end are presented under the caption "Payable" for interfund lending in the Statements of Assets and Liabilities. As of December 31, 2022, the Funds had no outstanding loans to or from another fund under the Program. The Funds did not engage in any activity in the Program during the year ended December 31, 2022.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **December 31, 2022** |

---

**4.** **Purchases and Sales of Securities:** 

Cost of purchases and proceeds from sales and maturities of securities, excluding in-kinds, short-term securities and U.S. government securities, for the Funds for the year ended December 31, 2022, totaled:

---

| | | |
|:---|:---|:---|
| <br>**Fund** |<br>**Purchases** | **Sales and**<br>**Maturities** |
| Asset Management Fund | $25488681 | $77299903 |
| Equity Fund | 21079947 | 20196454 |
| Midcap Fund | 54293382 | 44120159 |
| SMID Cap Fund | 250297481 | 145235154 |
| BTW Balanced Fund | 17625124 | 21528275 |
| BTW Equity Fund | 49941954 | 66714079 |
| BTW Midcap Fund | 31877570 | 28807347 |
| BTW SMID Cap Fund | 66996071 | 30623781 |
| BTW Small Cap Fund | 366356292 | 194670380 |
| BTW International Equity Fund | 19494775 | 9111594 |

---

Cost of purchases and proceeds from sales and maturities of U.S. government securities, excluding short-term securities, for the Funds for the year ended December 31, 2022, totaled:

---

| | | |
|:---|:---|:---|
| <br>**Fund** |<br>**Purchases** | **Sales and**<br>**Maturities** |
| Asset Management Fund | $184406358 | $182616366 |
| BTW Balanced Fund | 34721743 | 30978362 |

---

**5.** **Federal Income Tax Information:** 

As of the tax year ended December 31, 2022, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Tax Cost** |<br>**Gross Tax Unrealized**<br>**Appreciation** |<br>**Gross Tax Unrealized**<br>**(Depreciation)** | **Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| Asset Management Fund | $253741892 | $300382680 | $(3479266) | $296903414 |
| Equity Fund | 70536034 | 121547902 | (791335) | 120756567 |
| Midcap Fund | 120372709 | 45821849 | (3624087) | 42197762 |
| SMID Cap Fund | 513482297 | 48056340 | (31376373) | 16679967 |
| BTW Balanced Fund | 115133636 | 69909350 | (6358627) | 63550723 |
| BTW Equity Fund | 120407356 | 130966571 | (2388537) | 128578034 |
| BTW Midcap Fund | 70655877 | 28158492 | (1738136) | 26420356 |
| BTW SMID Cap Fund | 109912985 | 20668824 | (5766105) | 14902719 |
| BTW Small Cap Fund | 875210370 | 177418731 | (50049018) | 127369713 |
| BTW International Equity Fund | 85065235 | 12760823 | (5649793) | 7111030 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2022 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Distributions paid from | Distributions paid from | | | |
| <br>**Fund** | **Ordinary**<br>**Income** | **Net Long Term**<br>**Gains** |<br>**Total Taxable**<br>**Distributions** |<br>**Return of**<br>**Capital** |<br>**Total Distributions**<br>**Paid** |
| Asset Management Fund | $6330380 | $18535541 | $24865921 | $– | $24865921 |
| Equity Fund | 1308874 | 4691715 | 6000589 | **–** | 6000589 |
| Midcap Fund | 701711 | 6661422 | 7363133 | **–** | 7363133 |
| SMID Cap Fund | 11477233 | 8878926 | 20356159 | **–** | 20356159 |
| BTW Balanced Fund | 2073418 | 4316313 | 6389731 | **–** | 6389731 |
| BTW Equity Fund | 1656719 | 6272832 | 7929551 | **–** | 7929551 |
| BTW Midcap Fund | 584615 | 4571989 | 5156604 | **–** | 5156604 |
| BTW SMID Cap Fund | 1016875 | 4927587 | 5944462 | **–** | 5944462 |
| BTW Small Cap Fund | 6237418 | 42073469 | 48310887 | **–** | 48310887 |
| BTW International Equity Fund | 1445386 | **—** | 1445386 | **–** | 1445386 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **December 31, 2022** |

---

The tax character of distributions paid during the fiscal year ended December 31, 2021 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Distributions paid from | Distributions paid from | | | |
| <br>**Fund** | **Ordinary**<br>**Income** | **Net Long Term**<br>**Gains** |<br>**Total Taxable**<br>**Distributions** |<br>**Return of**<br>**Capital** |<br>**Total Distributions**<br>**Paid** |
| Asset Management Fund | $5018743 | $5315231 | $10333974 | $— | $10333974 |
| Equity Fund | 1401907 | 4399010 | 5800917 |  | 5800917 |
| Midcap Fund | 3016872 | 5062982 | 8079854 |  | 8079854 |
| SMID Cap Fund | 14033957 | 4052930 | 18086887 |  | 18086887 |
| BTW Balanced Fund | 1334064 | 5794884 | 7128948 |  | 7128948 |
| BTW Equity Fund | 1564746 | 6336624 | 7901370 |  | 7901370 |
| BTW Midcap Fund | 1985980 | 2899856 | 4885836 |  | 4885836 |
| BTW SMID Cap Fund | 1191718 | 3654612 | 4846330 |  | 4846330 |
| BTW Small Cap Fund | 28464258 | 48267881 | 76732139 |  | 76732139 |
| BTW International Equity Fund | 1434664 |  | 1434664 |  | 1434664 |

---

As of December 31, 2022, the components of distributable earnings (deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Undistributed**<br>**Ordinary Income** |<br>**Undistributed**<br>**Long-Term**<br>**Capital Gains** |<br>**Accumulated**<br>**Earnings** |<br>**Accumulated**<br>**Capital and**<br>**Other Losses** **<sup>1</sup>** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** **<sup>1</sup>** | **Total**<br>**Distributable**<br>**Earnings**<br>**(Deficit)** |
| Asset Management Fund | $— | $1896906 | $1896906 | $— | $296903414 | $298800320 |
| Equity Fund | **—** | 1317815 | 1317815 | **—** | 120756567 | 122074382 |
| Midcap Fund | **—** | 997742 | 997742 | **—** | 42197762 | 43195504 |
| SMID Cap Fund | 209153 | 450359 | 659512 | **—** | 16679967 | 17339479 |
| BTW Balanced Fund | **—** | 210118 | 210118 | **—** | 63550723 | 63760841 |
| BTW Equity Fund | **—** | 381080 | 381080 | **—** | 128578034 | 128959114 |
| BTW Midcap Fund | **—** | 136063 | 136063 | **—** | 26420356 | 26556419 |
| BTW SMID Cap Fund | 96044 | 44888 | 140932 | **—** | 14902719 | 15043651 |
| BTW Small Cap Fund | 1573127 | 2522576 | 4095703 | **—** | 127369713 | 131465416 |
| BTW International Equity Fund | 157640 | **—** | 157640 | (1247860) | 7109336 | 6019116 |

---

<sup>1</sup> The differences between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral of losses on wash sales and return of capital distributions from REIT securities and other investments.

As of the end of its tax year ended December 31, 2022, the following Funds have a net capital loss carry forwards ("CLCFs") not subject to expiration as summarized in the tables below. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** | **Short-Term**<br>**Amount** | **Long-Term**<br>**Amount** |<br>**Total** |
| BTW International Equity Fund | $426668 | $821192 | $1247860 |

---

As of December 31, 2022, the following reclassifications have been made on the Statements of Assets and Liabilities to increase (decrease) such accounts with offsetting adjustments as indicated:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Total Distributable**<br>**Earnings** |<br>**Paid in Capital** |
| Midcap Fund | $(88226) | $88226 |
| SMID Cap Fund | (33751007) | 33751007 |
| BTW Equity Fund | (46642283) | 46642283 |
| BTW Midcap Fund | (58376) | 58376 |
| BTW SMID Cap Fund | (119519) | 119519 |
| BTW Small Cap Fund | (908259) | 908259 |

---

These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. return of capital, distribution reclass, foreign currency reclass, and equalization), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g. wash sales and post October losses) do not require reclassification. To the extent dividends to shareholders exceed net investment income and net realized gains for tax purposes, they are reported as return of capital.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **December 31, 2022** |

---

**6.** **Control Ownership and Principal Holders:** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumptions of control of the Fund under section 2 (a)(9) of the 1940 Act. As of December 31, 2022, the Funds had individual shareholder accounts and/or omnibus shareholder accounts (comprised of a group of individual shareholders), owning more than 25% of the total shares outstanding of the Fund as detailed below.

---

| | | |
|:---|:---|:---|
| **Fund** | **Control Ownership** | **Percentage of<br> Ownership** |
| Asset Management Fund | US Bank N.A. | 89.30% |
| Equity Fund | US Bank N.A. | 94.55 |
| Midcap Fund | US Bank N.A. | 41.17 |
| SMID Cap Fund | National Financial Services | 36.29 |
|  | Merrill Lynch Pierce Fenner & Smith | 29.67 |
| BTW Balanced Fund | US Bank N.A. | 50.41 |
| BTW Equity Fund | US Bank N.A. | 37.26 |
| BTW Midcap Fund | US Bank N.A. | 42.67 |
| BTW SMID Cap Fund | Charles Schwab & Co.,Inc. | 28.48 |
|  | US Bank N.A. | 31.49 |
| BTW International Equity Fund | US Bank N.A. | 77.80 |

---

**7.** **Subsequent Events**:

Management has evaluated events and transactions through the date these financial statements were issued and concluded no additional subsequent events required recognition or disclosure in these financial statements.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of<br> Boston Trust Walden Funds

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Boston Trust Walden Funds comprising Boston Trust Asset Management Fund, Boston Trust Equity Fund, Boston Trust Midcap Fund, Boston Trust SMID Cap Fund, Boston Trust Walden Balanced Fund, Boston Trust Walden Equity Fund, Boston Trust Walden Midcap Fund, Boston Trust Walden SMID Cap Fund, Boston Trust Walden Small Cap Fund and Boston Trust Walden International Equity Fund (the "Funds") as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2008.

![](tm232965d1_ncsrimg014.jpg)

COHEN & COMPANY, LTD.<br> Milwaukee, Wisconsin<br> March 1, 2023

---

| | |
|:---|:---|
| **Supplementary Information (Unaudited)** | **December 31, 2022** |

---

**Federal Income Tax Information:**

During the fiscal year ended December 31, 2022, the Funds declared long-term realized gain distributions in the following amounts:

---

| | |
|:---|:---|
| **Fund** | **Long-Term Capital Gain Distributions** |
| Asset Management Fund | $18535541 |
| Equity Fund | 4691715 |
| Midcap Fund | 6661422 |
| SMID Cap Fund | 8878926 |
| BTW Balanced Fund | 4316313 |
| BTW Equity Fund | 12358825 |
| BTW Midcap Fund | 4571989 |
| BTW SMID Cap Fund | 4927587 |
| BTW Small Cap Fund | 42073469 |

---

During the fiscal year ended December 31, 2022, the Funds declared short-term realized gain distributions in the following amounts:

---

| | |
|:---|:---|
| **Fund** | **Short-Term Capital Gains Distributions** |
| SMID Cap Fund | $6779190 |
| BTW Balanced Fund | 265810 |
| BTW Midcap Fund | 153995 |
| BTW SMID Cap Fund | 475149 |
| BTW Small Cap Fund | 2879302 |
| BTW International Equity Fund | 95177 |

---

For the fiscal year ended December 31, 2022, the following percentage of the total ordinary income distributions paid by the Funds qualify for the distributions received deduction available to corporate shareholders.

---

| | |
|:---|:---|
| **Fund** | **Distribution Received Deduction** |
| Asset Management Fund | 100.00% |
| Equity Fund | 100.00 |
| Midcap Fund | 100.00 |
| SMID Cap Fund | 72.86 |
| BTW Balanced Fund | 100.00 |
| BTW Equity Fund | 100.00 |
| BTW Midcap Fund | 87.51 |
| BTW SMID Cap Fund | 91.39 |
| BTW Small Cap Fund | 68.27 |

---

For the fiscal year ended December 31, 2022, distributions paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2020 Form 1099-DIV.

---

| | |
|:---|:---|
| **Fund** | **Qualified Dividend Income** |
| Asset Management Fund | 100.00% |
| Equity Fund | 100.00 |
| Midcap Fund | 100.00 |
| SMID Cap Fund | 74.85 |
| BTW Balanced Fund | 100.00 |
| BTW Equity Fund | 100.00 |
| BTW Midcap Fund | 88.46 |
| BTW SMID Cap Fund | 91.88 |
| BTW Small Cap Fund | 68.19 |
| BTW International Equity Fund | 100.00 |

---

During the year ended December 31, 2022, the following Funds designated the maximum amount allowable as interest-related dividends for certain non-U.S. resident investors:

---

| | |
|:---|:---|
| **Fund** | **Qualified Interest Income** |
| Asset Management Fund | 34.29% |
| BTW Balanced Fund | 44.01 |

---

---

| | |
|:---|:---|
| **Supplementary Information (Unaudited)** | **December 31, 2022** |

---

**Federal Income Tax Information: (continued)**

The following Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share on December 31, 2022 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Foreign Source** | **Foreign Source** | **Foreign Tax Expense** | **Foreign Tax Expense** |
| <br>**Fund** | **Income Per Share** | **Income Per Share** | **Per Share** | **Per Share** |
| BTW International Equity Fund |  | 0.33 |  | 0.03 |

---

The pass-through of this foreign tax credit will only affect those persons who are shareholders on the dividend record date in December 2022. These shareholders will receive more detailed information along with their 2022 Form 1099-DIV.

**Continued**

---

| | |
|:---|:---|
| **Supplementary Information (Unaudited)** | **December 31, 2022** |

---

**Table of Shareholder Expenses:**

As a shareholder of the Trust, you incur ongoing costs, including management fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Boston Trust Walden Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 through December 31, 2022.

**Actual Expenses**

The table below provides information about actual account values and actual expenses. You may use the information below together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect the costs incurred by the Funds for buying and selling securities. The Funds do not charge transaction fees, such as redemption fees, nor do the Funds charge a sales charge (load). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning <br> Account Value**<br>**7/1/22** | **Ending <br> Account Value**<br>**12/31/22** | **Expenses Paid <br> During Period**<br>**7/1/22 - 12/31/22\*** | **Annualized <br> Expense Ratio <br> During Period**<br>**7/1/22 - 12/31/22** |
| Asset Management Fund | $1000.00 | $1030.80 | $4.35 | 0.85% |
| Equity Fund | 1000.00 | 1057.40 | 4.51 | 0.87 |
| Midcap Fund | 1000.00 | 1073.80 | 5.23 | 1.00 |
| SMID Cap Fund | 1000.00 | 1068.50 | 3.91 | 0.75 |
| BTW Balanced Fund | 1000.00 | 1032.00 | 5.12 | 1.00 |
| BTW Equity Fund | 1000.00 | 1057.40 | 5.19 | 1.00 |
| BTW Midcap Fund | 1000.00 | 1074.80 | 5.28 | 1.01 |
| BTW SMID Cap Fund | 1000.00 | 1064.80 | 5.20 | 1.00 |
| BTW Small Cap Fund | 1000.00 | 1069.50 | 5.22 | 1.00 |
| BTW International Equity Fund | 1000.00 | 1051.40 | 4.81 | 0.93 |

---

\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

**Hypothetical Example for Comparison Purposes**

The table below provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect the costs incurred by the Funds for buying and selling securities. The Funds do not charge transaction fees, such as redemption fees, nor do the Funds charge a sales charge (load). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br> Account Value**<br>**7/1/22** | **Ending<br> Account Value**<br>**12/31/22** | **Expenses Paid<br> During Period**<br>**7/1/22 - 12/31/22\*** | **Annualized<br> Expense Ratio<br> During Period**<br>**7/1/22 - 12/31/22** |
| Asset Management Fund | $1000.00 | $1020.92 | $4.33 | 0.85% |
| Equity Fund | 1000.00 | 1020.82 | 4.43 | 0.87 |
| Midcap Fund | 1000.00 | 1020.16 | 5.09 | 1.00 |
| SMID Cap Fund | 1000.00 | 1021.42 | 3.82 | 0.75 |
| BTW Balanced Fund | 1000.00 | 1020.16 | 5.09 | 1.00 |
| BTW Equity Fund | 1000.00 | 1020.16 | 5.09 | 1.00 |
| BTW Midcap Fund | 1000.00 | 1020.11 | 5.14 | 1.01 |
| BTW SMID Cap Fund | 1000.00 | 1020.16 | 5.09 | 1.00 |
| BTW Small Cap Fund | 1000.00 | 1020.16 | 5.09 | 1.00 |
| BTW International Equity Fund | 1000.00 | 1020.52 | 4.74 | 0.93 |

---

\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

**Continued**

---

| | |
|:---|:---|
| **Supplementary Information (Unaudited)** | **December 31, 2022** |

---

**Tabular Summary of Schedules of Portfolio Investments:**

The Boston Trust Walden Funds invested, as a percentage of total net assets, in the following industries and countries as of December 31, 2022.

**Asset Management Fund**

---

| | |
|:---|:---|
| **Security Allocation for the Schedule of Portfolio Investments** | **Percentage of<br> Total Net Assets** |
| Information Technology | 21.9% |
| U.S. Government & U.S. Government Agency Obligations | 18.8 |
| Financials | 12.2 |
| Health Care | 10.8 |
| Industrials | 8.1 |
| Consumer Staples | 7.3 |
| Consumer Discretionary | 7.2 |
| Communication Services | 5.6 |
| Energy | 5.4 |
| Materials | 2.2 |
| Investment Companies | 0.4 |
| Other net assets | 0.1 |
| Total | 100.0% |

---

**Equity Fund**

---

| | |
|:---|:---|
| **Security Allocation for the Schedule of Portfolio Investments** | **Percentage of<br> Total Net Assets** |
| Information Technology | 23.9% |
| Health Care | 14.7 |
| Financials | 13.6 |
| Industrials | 10.9 |
| Consumer Discretionary | 9.1 |
| Consumer Staples | 8.1 |
| Communication Services | 7.5 |
| Energy | 6.8 |
| Materials | 3.2 |
| Investment Companies | 2.1 |
| Other net assets | 0.1 |
| Total | 100.0% |

---

**Midcap Fund**

---

| | |
|:---|:---|
| **Security Allocation for the Schedule of Portfolio Investments** | **Percentage of<br> Total Net Assets** |
| Industrials | 16.8% |
| Health Care | 14.9 |
| Financials | 14.9 |
| Information Technology | 13.3 |
| Consumer Discretionary | 10.0 |
| Materials | 6.2 |
| Consumer Staples | 5.5 |
| Utilities | 5.3 |
| Energy | 4.4 |
| Real Estate | 3.9 |
| Communication Services | 3.6 |
| Investment Companies | 1.2 |
| Other net assets | 0.0 |
| Total | 100.0% |

---

**SMID Cap Fund**

---

| | |
|:---|:---|
| **Security Allocation for the Schedule of Portfolio Investments** | **Percentage of<br> Total Net Assets** |
| Industrials | 18.0% |
| Health Care | 15.9 |
| Financials | 13.3 |
| Information Technology | 12.6 |
| Consumer Discretionary | 9.9 |
| Real Estate | 6.3 |
| Materials | 5.7 |
| Consumer Staples | 5.4 |
| Energy | 4.5 |
| Communication Services | 4.0 |
| Utilities | 2.7 |
| Investment Companies | 1.1 |
| Other net assets | 0.6 |
| Total | 100.0% |

---

**Continued**

---

| | |
|:---|:---|
| **Supplementary Information (Unaudited)** | **December 31, 2022** |

---

**Tabular Summary of Schedules of Portfolio Investments: (continued)**

**BTW Balanced Fund**

---

| | |
|:---|:---|
| **Security Allocation for the Schedule of Portfolio Investments** | **Percentage of <br> Total Net Assets** |
| U.S. Government & U.S. Government Agency Obligations | 21.1% |
| Information Technology | 19.7 |
| Health Care | 13.7 |
| Financials | 8.9 |
| Industrials | 8.5 |
| Consumer Discretionary | 8.1 |
| Communication Services | 5.5 |
| Consumer Staples | 4.8 |
| Energy | 4.7 |
| Materials | 2.9 |
| Investment Companies | 1.1 |
| Utilities | 0.5 |
| Municipal Bonds | 0.4 |
| Other net assets | 0.1 |
| Total | 100.0% |

---

**BTW Equity Fund**

---

| | |
|:---|:---|
| <br>**Security Allocation for the Schedule of Portfolio Investments** | **Percentage of**<br>**Total Net Assets** |
| Information Technology | 25.5% |
| Health Care | 16.1 |
| Financials | 13.1 |
| Consumer Discretionary | 10.3 |
| Industrials | 10.1 |
| Communication Services | 7.5 |
| Energy | 6.3 |
| Consumer Staples | 5.1 |
| Materials | 3.0 |
| Investment Companies | 1.3 |
| Utilities | 1.3 |
| Other net assets | 0.4 |
| Total | 100.0% |

---

**BTW Midcap Fund**

---

| | |
|:---|:---|
| <br>**Security Allocation for the Schedule of Portfolio Investments** | **Percentage of**<br>**Total Net Assets** |
| Industrials | 17.4% |
| Financials | 14.9 |
| Health Care | 14.6 |
| Information Technology | 13.3 |
| Consumer Discretionary | 10.1 |
| Materials | 6.3 |
| Consumer Staples | 5.4 |
| Utilities | 5.3 |
| Real Estate | 3.9 |
| Communication Services | 3.7 |
| Energy | 3.6 |
| Investment Companies | 1.1 |
| Other net assets | 0.4 |
| Total | 100.0% |

---

**BTW SMID Cap Fund**

---

| | |
|:---|:---|
| <br>**Security Allocation for the Schedule of Portfolio Investments** | **Percentage of**<br>**Total Net Assets** |
| Industrials | 21.5% |
| Health Care | 15.4 |
| Information Technology | 14.6 |
| Financials | 13.8 |
| Consumer Discretionary | 8.1 |
| Real Estate | 7.2 |
| Materials | 5.9 |
| Consumer Staples | 5.6 |
| Communication Services | 4.9 |
| Investment Companies | 1 |
| Other net assets | 2 |
| Total | 100.0% |

---

**BTW Small Cap Fund**

---

| | |
|:---|:---|
| <br>**Security Allocation for the Schedule of Portfolio Investments** | **Percentage of**<br>**Total Net Assets** |
| Industrials | 17.6% |
| Health Care | 17.4 |
| Financials | 15.5 |
| Information Technology | 14.2 |
| Consumer Discretionary | 10 |
| Materials | 5.7 |
| Energy | 5.1 |
| Consumer Staples | 4.8 |
| Real Estate | 4.5 |
| Utilities | 3.5 |
| Communication Services | 1 |
| Investment Companies | 0.6 |
| Other net assets | 0.1 |
| Total | 100.0% |

---

**BTW International Equity Fund**

---

| | |
|:---|:---|
| <br>**Security Allocation for the Schedule of Portfolio Investments** | **Percentage of**<br>**Total Net Assets** |
| Japan | 19.4% |
| United Kingdom | 13.2 |
| Canada | 11.1 |
| France | 9.7 |
| Switzerland | 8.8 |
| Germany | 7.0 |
| Australia | 5.9 |
| Netherlands | 4.8 |
| Denmark | 2.8 |
| Sweden | 2.5 |
| Hong Kong | 2.3 |
| Italy | 1.8 |
| Ireland | 1.7 |
| United States | 1.4 |
| Spain | 1.4 |
| Luxembourg | 1.3 |
| Norway | 1.2 |
| Israel | 1.2 |
| Singapore | 1.1 |
| Finland | 0.7 |
| Other net assets | 0.7 |
| Total | 100.0% |

---

**Continued**

---

| | |
|:---|:---|
| **Supplementary Information (Unaudited)** | **December 31, 2022** |

---

**Other Information:**

A description of the policies and guidelines that the Funds use to determine how to vote proxies related to portfolio securities is available: (i) without charge, upon request, by calling 1-800-282-8782 ext. 7050, and (ii) on the Securities and Exchange Commission's (the "Commission") website at http:// www.sec.gov.

Proxy voting policies and guidelines as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling 1-800-282-8782 ext. 7050, (ii) online at https://www. bostontrustwalden.com/investment-services/mutual-funds/; and (iii) on the Commission's website at http://www.sec.gov.

The Funds file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter with the SEC on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter is available on the SEC's website at http://www.sec.gov. The Funds' Schedules of Portfolio Investments will be available no later than 60 days after each period end, without charge, online at <u>https://www. bostontrustwalden.com/investment-services/mutual-funds/</u>.

**Liquidity** **Risk Management Program:**

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the "Liquidity Rule") under the Investment Company Act. The program is reasonably designed to assess and manage each Fund's liquidity risk, taking into consideration, among other factors, each respective Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the fiscal year ended December 31, 2022, the Trust's Liquidity Risk Management Program Administrator (the "Program Administrator") reviewed the Funds' investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Program Administrator concluded that (i) the Funds' liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds' liquidity risk management program has been effectively implemented.

**Continued**

---

| | |
|:---|:---|
| **Investment Adviser Contract Approval (Unaudited)** | **December 31, 2022** |

---

***The annual consideration by the Board of Trustees (the "Board") of the continuation of the investment advisory agreement between Boston Trust Walden Inc (the "Adviser") and Boston Trust Asset Management Fund, Boston Trust Equity Fund, Boston Trust Midcap Fund, Boston Trust SMID Cap Fund, Boston Trust Walden Balanced Fund, Boston Trust Walden Equity Fund, Boston Trust Walden Midcap Fund, Boston Trust Walden SMID Cap Fund, Boston Trust Walden Small Cap Fund, and Boston Trust Walden International Equity Fund (the "Funds").***

Section 15 of the Investment Company Act of 1940 (the "1940 Act") requires that the Investment Advisory Agreement with the Adviser be renewed annually by the Board of Boston Trust Walden Funds (the "Trust"), including a majority of the Board who are not "interested persons" of the Trust or of the Adviser. It is the duty of the Board to request as much information as is reasonably necessary to evaluate the terms of the Investment Advisory Agreement and determine whether its continuance is fair to the Funds and their shareholders. The Board considered the continuation of the Investment Advisory Agreement at an in-person meeting held on August 24, 2022. The Board requested, and the Adviser provided, information and data relating to: (i) the investment performance of each fund and the Adviser; (ii) the nature, extent and quality of the services provided by the Adviser to the Funds; (iii) the cost of the services to be provided and the profits to be realized by the Adviser and its affiliates from the relationship with the Funds; (iv) the extent to which economies of scale will be realized as the Funds grow; (v) whether the fee levels reflect these economies of scale to the benefit of Funds' shareholders; (vi) the advisory fees paid by other comparable funds advised by the Adviser or by a different investment adviser; (vii) the Funds' expense ratios and the expense ratios of similar funds; and (viii) the effect of any fee waivers and expense reimbursements made by the Adviser.

At the meeting on August 24, 2022, the Board engaged in a thorough review process to determine whether to continue the Investment Advisory Agreement. The Board met directly with representatives of the Adviser and reviewed the information and data listed above, as supplemented by Citi Fund Services Ohio, Inc., the Trust's administrator. As part of its deliberations, the Board also considered and relied upon the information about the Funds and the Adviser that it had received throughout the year as part of its ongoing oversight of the Funds and their operations.

The Board carefully considered the nature, extent and quality of the services provided by the Adviser. The Board discussed the organizational structure of Adviser and its investment philosophy, type of clients, ESG integration, portfolio construction process and equity and fixed income approach. The Board discussed the Adviser's approach to sustainable, responsible and impact investing, including its ESG framework and its portfolio screening guidelines. The Board reviewed the Adviser's experience and the capabilities of its personnel, as well as the quality of the reports and other materials received from the Adviser. The Board reviewed biographical information about the employees of the Adviser and its parent, Boston Trust Walden Company ("Boston Trust"). The Board addressed the Adviser's brokerage allocation and execution strategy, noting that the Adviser does not take into consideration sales of Fund shares in selecting brokers through which it effects Fund portfolio transactions. The Board also discussed the Adviser's compliance program, business continuity and disaster recovery plans, succession planning and employee ownership. Considering the personnel involved in servicing the Funds, as well as the materials and services described above, the Board expressed satisfaction with the quality of the services received from the Adviser.

Next, the Board reviewed the performance of the Funds from inception through June 30, 2022, comparing the performance to various indices and, in the case of the Boston Trust Asset Management Fund and the Boston Trust Walden Balanced Fund, to a bond index, equity index and Treasury bills. The Board noted that as of June 30, 2022, while each Fund outperformed the index and its peer group at various times for the Year-to-Date, 1-year, 3-year, 5-year and Since Inception periods, each Fund generally performed in line with its peer group during the same periods. The Board noted that while the Funds underperformed their benchmarks at various times, performance was consistent with the long-term performance pattern of each Fund's investment style, as they participated in rising markets and outperformed in falling markets. The Board noted that this downside protection is consistent with the Adviser's strategy and is routinely communicated to clients and investors. The Board also noted that during a rising market lasting over a decade, the Funds have consistently adhered to a lower risk, higher quality strategy.

The Board noted that the advisory fees for each Fund are within the range of their peer groups. The Board noted that the Adviser has been operating under an Expense Limitation Agreement that requires the Adviser to waive fees and/or reimburse expenses to the extent total operating expenses exceed 0.75% for the Boston Trust SMID Cap Fund and 1.00% for all the other Funds.

Turning to total operating expenses, the Board discussed the components of the Funds' expense ratios and the services and value shareholders receive in exchange for the fees paid and expense borne by the Funds. The Board noted that the expense ratios for all the Funds were within the range of total operating expenses of the funds in the peer groups. After considering the comparative data as described above, and the Expense Limitation Agreement that was previously renewed by the Board at its February 28, 2022 meeting, the Board concluded that the advisory fees and expense ratios were reasonable.

---

| | |
|:---|:---|
| **Investment Adviser Contract Approval (Unaudited)** | **December 31, 2022** |

---

In reviewing the costs of the services to be provided and the profits to be realized by the Adviser, the Board reviewed the Adviser's income statement for the 12-months ended December 31, 2021 and the six-months ended June 30, 2022, as well as the gross and net profit margins realized on each Fund. The Board noted that the Adviser is a wholly-owned subsidiary of Boston Trust and the payment of direct and indirect Trust expenses is governed by an Intercompany Services Agreement between the Adviser and Boston Trust. The Board noted that the Adviser's relationship with the Funds was profitable even though the Adviser is operating under an Expense Limitation Agreement with the Trust. The Board discussed the custody and transfer agency fees earned by the Adviser for services provided to the Funds, which are reduced by amounts paid for sub-custodian services.

---

| | |
|:---|:---|
| **Information about Trustees and Officers (Unaudited)** | **December 31, 2022** |

---

Overall responsibility for management of the Funds rests with the Board of Trustees. The names of the Trustees and Officers of the Funds, their addresses, years of birth and principal occupations during the past five years are provided in the tables below. Trustees who are deemed "interested persons," as defined in the 1940 Act, are referred to as Interested Trustees. Trustees who are not interested persons are referred to as Independent Trustees. The Funds' Statement of Additional Information includes additional information about the Funds' Trustees and is available, without charge and upon request, by calling 1-800-282-8782 or by visiting www.bostontrustwalden.com.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address,<br> and Year of Birth** | **Position(s)<br> Held with <br> the Funds** | **Term of Office\*<br> and Length of<br> Time Served** | **Principal Occupation(s)<br> During Past Five Years** | **Number of Funds<br> in Fund Complex<br> Overseen by<br> Trustee\*\*\*** | **Other <br> Directorships<br> Held by Trustee<br> during the past<br> five years** |
| **INTERESTED TRUSTEES\*\*** | **INTERESTED TRUSTEES\*\*** |  |  |  |  |
| Lucia B. Santini<br> One Beacon Street<br> Boston, MA 02108<br> Year of Birth: 1958 | Trustee and President | Since 2011 | President, Boston Trust Walden Inc., January 2017 to present, Managing Director, February, 2001 to December 31, 2016; Managing Director and Senior Portfolio Manager, Boston Trust Walden Company (bank trust company), November 1993 to present. | 10 |  |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |  |  |  |  |
| Diane E. Armstrong<br> One Beacon Street<br> Boston, MA 02108<br> Year of Birth: 1964 | Trustee and Chairperson of the Board | Since 2005; Chairperson since 2021 | Advisor, Investment Partners (financial planning firm), January 2018 to present; President, Armstrong Financial Services (financial planning firm), November 2012 to present. | 10 |  |
| Louis G. Hutt, Jr.<br> One Beacon Street<br> Boston, MA 02108 Year of Birth: 1954 | Trustee | Since August 2021 | Chief Executive Officer, The Hutt Company, Certified Public Accountants, LLC, February 1982 to Present; Chief Executive Officer, The Hutt Law Firm, January 1983 to present. | 10 | Brown Capital Management Mutual Fund, (2014–Present); SFS Series Trust, (2020–Present) |
| Elizabeth E. McGeveran<br> One Beacon Street<br> Boston, MA 02108<br> Year of Birth: 1971 | Trustee | Since 2016 | Director of Investments, The McKnight Foundation, September 2014 to present. | 10 |  |
| Dina A Tantra<br> One Beacon Street Boston, MA 02108 Year of Birth: 1969 | Trustee | Since August 2021 | Co-Chief Executive Officer Global Rhino LLC (Consulting Firm), October 2018 to present; Chief Strategy Officer, CCO Technology, LLC (Consulting and technology Firm), February 2019 - January 2023; Executive Vice President, Ultimus Fund Solutions (fund administrator), August 2017–September 2018 | 10 | Thornburg Income Builder opportunities Trust, (October 2020–Present), Heartland Funds (April 2022–Present) |
| **OFFICERS WHO ARE NOT TRUSTEES** | **OFFICERS WHO ARE NOT TRUSTEES** | **OFFICERS WHO ARE NOT TRUSTEES** |  |  |  |
| Jennifer Ellis <br> One Beacon Street <br> Boston, MA 02108 <br> Year of Birth: 1972 | Treasurer | Since 2011 | Director of Finance/Treasurer, Boston Trust Walden Company, May 2011 to present. | N/A | N/A |
| Dimitris Spiliakos\*\*\*\*<br> 4400 Easton Commons<br> Suite 200<br> Columbus, OH 43219<br> Year of Birth: 1977 | Secretary | Since 2022 | Vice President, Citi Fund Services Ohio, Inc. (fund administrator), May 2022 to present: Vice President Regulatory Administration Department, BNY Mellon Investment Servicing (US) Inc. (financial Services firm), March 2015–April 2022. | N/A | N/A |

---

---

| | |
|:---|:---|
| **Information about Trustees and Officers (Unaudited)** | **December 31, 2022** |

---

Amy E. Siefer<br> 4400 Easton Commons<br> Suite 200<br> Columbus, OH 43219<br> Year of Birth: 1977 Chief Compliance Officer and AML Officer Since 2018 Vice President, Citi Fund Services Ohio, Inc. (fund administrator), May 2012 to present. N/A N/A

---

| | |
|:---|:---|
| \* | Trustees and officers hold their position until resignation or removal. |
| \*\* | Ms. Santini is considered an "interested person" of the Trust as defined in the 1940 Act due to her employment with Boston Trust Walden Inc., the Funds' investment adviser. |
| \*\*\* | The "Fund Complex" consists of the Boston Trust Walden Funds. |
| \*\*\*\* | Mr. Spiliakos is Secretary effective August 24, 2022. |

---

This page is intentionally left blank.

**Investment Adviser**

Boston Trust Walden Inc.

One Beacon Street

Boston, MA 02108

**Transfer Agent**

FIS Investor Services, LLC

4249 Easton Way, Suite 400

Columbus, OH 43219

**Administrator**

Citi Fund Services Ohio, Inc.

4400 Easton Commons, Suite 200

Columbus, OH 43219

**Distributor**

Foreside Financial Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

**Legal Counsel**

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, OH 43215

This report is intended for the shareholders of the Funds and may not be used as sales literature unless preceded or accompanied by a current prospectus.

Past performance results shown should not be considered a representation of future performance.

Share price and returns will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

Statements and other information herein are dated and subject to change.

02/23

**Item 2.** **Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an Exhibit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by the report, with respect to the registrant's code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

**Item 3.** **Audit Committee Financial Expert.**

3(a)(1) The registrant's board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial expert is Diane Armstrong and Louis F. Hutt Jr., and each are "independent" for purposes of this Item 3 of Form N-CSR.

**Item 4.** **Principal Accountant Fees and Services.**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **December 2022** | **December 2021** |
| (a) | Audit Fees | $101100 | $101100 |
| (b) | Audit-Related Fees | $17220 | $17220 |

---

The fees for 2021 and 2022 relate to the consent issuance in three Form 17f-2 filings filed with the Securities and Exchange Commission ("SEC").

---

| | | | |
|:---|:---|:---|:---|
|  |  | **December 2022** | **December 2021** |
| (c) | Tax Fees | $30000 | $30000 |

---

Tax fees for both 2021 and 2022 relate to the preparation of the Funds' federal and state income tax returns, federal excise tax return review and review of capital gain and income distribution calculations.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **December 2022** | **December 2021** |
| (d) | All Other Fees | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| (e)(1) | The Audit Committee may pre-approve at any regularly scheduled Audit Committee meeting audit, audit-related, tax and other non-audit services to be rendered or that may be rendered by the Auditor to the Funds and certain non-audit services to be rendered by the Auditor to the Advisor which require pre-approval by the Audit Committee. In connection with such pre-approvals, the Auditor, or a Fund officer, with the assistance of the Auditor, shall provide the Audit Committee with a report containing information about each type of service to be pre-approved at the meeting. |

---

---

| | |
|:---|:---|
| (e)(2) | For the fiscal years ended December 31, 2022 and 2021, 100% of all the fees in paragraph (b) through (d) were approved by the Audit Committee. |

---

(f) Not
applicable.

(g) For the fiscal year ended December 31, 2022, Cohen Fund Audit
 Services, Ltd. billed non-audit fees of $47,220. For the fiscal year ended December 31, 2021, Cohen Fund Audit
 Services, Ltd. billed non-audit fees of $47,220.

(h) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable.

**Item 6.** **Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Included as part of the report to shareholders filed under Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

Not applicable.

**Item 8.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 9.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10.** **Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 11.** **Controls and Procedures.**

(a)The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in 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 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13.** **Exhibits.**

[(a)(1) The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.](tm232965d1_ex99-codeeth.htm)

[(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.](tm232965d1_ex99-cert.htm)

(a)(3) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.](tm232965d1_ex99-906cert.htm)

**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.

---

| | | | |
|:---|:---|:---|:---|
| (Registrant) | (Registrant) | Boston Trust Walden Funds | Boston Trust Walden Funds |
| By (Signature and Title)\* | By (Signature and Title)\* | By (Signature and Title)\* | /s/ Lucia Santini, President |
| Date | March 9, 2023 | March 9, 2023 | March 9, 2023 |

---

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 (Signature and Title)\* | By (Signature and Title)\* | /s/ Lucia Santini, President |
| Date | March 9, 2023 | March 9, 2023 |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Jennifer Ellis, Treasurer |
| Date | March 9, 2023 | March 9, 2023 |

---

## Ex-99.Codeeth

**Exhibit 99.CODEETH** 

**BOSTON TRUST WALDEN FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**PRINCIPAL FINANCIAL OFFICERS**

**I.** **Covered Officers/Purpose of the Code** 

The Boston Trust Walden Funds' (the "Trust" or the "Funds") code of ethics (this "Code") applies to the Trust's Principal Executive Officer ("President") and Principal Financial Officer ("Treasurer") (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the
Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.<sup>1</sup>

<sup>1</sup>Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so. The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position in the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The compliance policies and procedures of the Trust and the investment adviser (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the investment adviser, or for both), be involved in establishing policies and implementing decisions which will have different effects on the investment adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Board of Trustees (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other Codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the
Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than
for the benefit of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others
to trade personally in contemplation of the market effect of such transactions;

There are some conflict of interest situations that may be discussed with the Funds' Legal Counsel, if material. Examples of these include:<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment
is business- related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety
as consistent with the Funds' Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than
its investment adviser, subadviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions
or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or
equity ownership.

**III.** **Disclosure & Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether
within or outside the Trust, including to the Trust's directors and auditors, and to governmental regulators and self-regulatory
organizations;

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees
of the Trust and the Trust's adviser or subadviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submit to, the SEC and in other public communications made by the Trust;
and

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws,
rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has
received, read, and understands the Code (Exhibit B – Initial Certification);

&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he has complied with the requirements of the Code (Exhibit C – Annual Certification);

&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer or their affiliated persons for reports of potential violations that are made
in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;· notify the Funds' Legal Counsel promptly if he knows of any violation of this Code. Failure to do so is itself a violation of
this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually any change in his affiliations from the prior year.

The Funds' Legal Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers<sup>3</sup> sought by the Principal Executive Officer will be considered by the Audit Committee (the "Committee").

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;· the Funds' Legal Counsel will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the Funds' Legal Counsel believes that no violation has occurred, the Funds' Legal Counsel
is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the Funds' Legal Counsel believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Committee concurs that a violation has occurred, it will inform and make a recommendation to
 the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable
 policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

<sup>3</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;· the Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's, principal underwriter's and service providers' codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Trust's board, including a majority of independent directors/trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel, the investment adviser and the administrator.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

Date: May 24, 2013

Revised: March 2020

**Exhibit A**

<u>Persons Covered by this Code of Ethics - As of June 13, 2011</u>

Principal Executive Officer and President – Lucia Santini

Principal Financial Officer and Treasurer – Jennifer Ellis

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Jennifer Ellis, certify that:

1. I have reviewed this report on Form N-CSR of Boston Trust Walden
Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed
to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| March 9, 2023 | /s/ Jennifer Ellis |
| Date | Jennifer Ellis |
|  | Treasurer |

---

<u>CERTIFICATIONS</u>

I, Lucia Santini, certify that:

1. I have reviewed this report on Form N-CSR of Boston Trust Walden
Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed
to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| March 9, 2023 | /s/ Lucia Santini |
| Date | Lucia Santini |
|  | President |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2022 of Boston Trust Walden Funds (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge,

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

<u>March 9, 2023</u> <br> Date

---

| |
|:---|
| /s/ Lucia Santini |
| Lucia Santini |
| President |
| /s/ Jennifer Ellis |
| Jennifer Ellis |
| Treasurer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.