# EDGAR Filing Document

**Accession Number:** 0000882748
**File Stem:** 0002066578-26-000842
**Filing Date:** 2026-3
**Character Count:** 292704
**Document Hash:** c6aa768e30f952c8187ec0d68f883258
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000842.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0002066578-26-000842

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**EFFECTIVENESS DATE**: 20260303

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06526
- **FILM NUMBER:** 26711928

**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           |

?xml version='1.0' encoding='ASCII'? 58fffb89-c8e5-4b24-91d8-2c72f357ee75

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-06526

#### 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)

50 South La Salle Street, Chicago IL 60603

(Name and address of agent for service)

#### Registrant's telephone number, including area code:

#### 1-800-282-8782

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### December 31, 2025

#### Item 1. Reports to Stockholders.
(a) The Report to Shareholders is attached herewith

(b) Not Applicable

Boston Trust Asset Management Fund

BTBFX

![Front Cover Logo](images_8084.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the Boston Trust Asset Management Fund ("Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

#### This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Boston Trust Asset Management Fund | $83 | 0.80% |

---

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 7.92% for the 12-month period ended December 31, 2025, trailing the blended returns of the S&P 500<sup>®</sup>Index return of 17.88%, the Bloomberg U.S. Government/Credit Bond Index return of 6.88% and the Bloomberg U.S. Treasury Bellwethers 3 Month Index return of 4.23% for the same period. Overall, the Fund maintained broad diversification across equity and fixed income sectors and industries. Stocks and bonds are purchased and sold based on fundamental research. The Fund invests principally in common stocks and fixed income securities.

2025 TOP EQUITY PERFORMANCE CONTRIBUTORS (%)

 **Sector**

 **Communication Services** \| Average Weight: 9.93%, Contribution to Return: 4.10%

 **Individual Holdings**

 **Alphabet, Inc., Class C *(Communication Services)*** \| Average Weight: 5.18%, Contribution to Return: 2.85%

 **Microsoft Corporation *(Information Technology)*** \| Average Weight: 10.00%, Contribution to Return: 1.82%

 **JP Morgan Chase & Co. *(Financials)*** \| Average Weight: 4.99%, Contribution to Return: 1.75%

2025 TOP EQUITY PERFORMANCE DETRACTORS (%)

 **Sector**

 **Consumer Staples** \| Average Weight: 7.47%, Contribution to Return: -0.59%

 **Individual Holdings**

 **Accenture PLC, Class A *(Information Technology)*** \| Average Weight: 3.70%, Contribution to Return: -1.10%

 **United Health Group Incorporated *(Health Care)*** \| Average Weight: 1.21%, Contribution to Return: -0.93%

 **FactSet Research Systems, Inc. *(Financials)*** \| Average Weight: 1.18%, Contribution to Return: -0.68%

Fund Performance

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $100,000 initial investment at the beginning of the first fiscal year in the Fund and in an appropriate, broad-based securities market index and supplemental indexes for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_3282229.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Boston Trust Asset Management Fund** | 7.92% | 7.22% | 9.19% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Bloomberg U.S. Government/Credit Bond Index** | 6.88% | (0.59)% | 2.16% |
| **Bloomberg U.S. Treasury Bellwethers: 3 Month** | 4.23% | 3.23% | 2.21% |

---

 **Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit www.bostontrustwalden.com/strategies-funds/mutual-funds/ for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$528293408 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4029646 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;10.65% |

---

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 2.2% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3282234.jpg)

Material Fund Changes

Effective December 31, 2025, the Fund will pay an advisory fee of 0.75% of the first $300 million of average daily net assets, and 0.65% of average daily net assets between $300 million and $600 million, and 0.55% of daily net assets in excess of $600 million.

This is a summary of certain changes to the Fund since June 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.bostontrustwalden.com/strategies-funds/mutual-funds/ or upon request at 1-800-282-8782 ext. 7050.

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at https://www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-282-8782 ext. 7050 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR QR Code](images_8093.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.bostontrustwalden.com/strategies-funds/mutual-funds/.

BOSTON TRUST WALDEN FUNDS

Boston Trust Equity Fund

BTEFX

![Front Cover Logo](images_8084.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the Boston Trust Equity Fund ("Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Fund Expenses

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Boston Trust Equity Fund | $87 | 0.83% |

---

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 8.90% for the 12-month period ended December 31, 2025, trailing the S&P 500<sup>®</sup>Index return of 17.88% for the same period. Overall, the Fund maintained broad diversification across equity sectors and industries. Stocks are purchased and sold based on fundamental research. The Fund invests principally in common stocks.

2025 TOP EQUITY PERFORMANCE CONTRIBUTORS (%)

 **Sector**

 **Communication Services** \| Average Weight: 11.57%, Contribution to Return: 4.76%

 **Individual Holdings**

 **Alphabet, Inc., Class C *(Communication Services)*** \| Average Weight: 6.95%, Contribution to Return: 4.00%

 **Microsoft Corporation *(Information Technology)*** \| Average Weight: 9.49%, Contribution to Return: 1.76%

 **JP Morgan Chase & Co. *(Financials)*** \| Average Weight: 4.68%, Contribution to Return: 1.65%

2025 TOP EQUITY PERFORMANCE DETRACTORS (%)

 **Sector**

 **Health Care** \| Average Weight: 11.54%, Contribution to Return: -0.83%

 **Individual Holdings**

 **United Health Group Incorporated *(Health Care)*** \| Average Weight: 1.30%, Contribution to Return: -0.94%

 **Accenture PLC, Class A *(Information Technology)*** \| Average Weight: 2.90%, Contribution to Return: -0.89%

 **Lululemon Athletica, Inc. *(Consumer Discretionary)*** \| Average Weight: 0.33%, Contribution to Return: -0.55%

Fund Performance

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $100,000 initial investment at the beginning of the first fiscal year in the Fund and in an appropriate, broad-based securities market index and a supplemental index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_3282301.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Boston Trust Equity Fund** | 8.90% | 10.10% | 12.39% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

 **Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit www.bostontrustwalden.com/strategies-funds/mutual-funds/ for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$246943994 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1859318 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;13.82% |

---

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;W.W. Grainger, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 2.4% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3282306.jpg)

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at https://www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-282-8782 ext. 7050 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR QR Code](images_8093.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.bostontrustwalden.com/strategies-funds/mutual-funds/.

BOSTON TRUST WALDEN FUNDS

Boston Trust Midcap Fund

BTMFX

![Front Cover Logo](images_8084.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the Boston Trust Midcap Fund ("Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Fund Expenses

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Boston Trust Midcap Fund | $100 | 0.98% |

---

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 4.35% for the 12-month period ended December 31, 2025, trailing the Russell Midcap<sup>®</sup>Index return of 10.60% for the same period. Overall, the Fund maintained broad diversification across several equity sectors and industries. Stocks are purchased and sold based on fundamental research. The Fund invests principally in common stocks issued by middle capitalization companies.

2025 TOP EQUITY PERFORMANCE CONTRIBUTORS (%)

 **Sector**

 **Industrials** \| Average Weight: 19.18%, Contribution to Return: 2.07%

 **Individual Holdings**

 **Teradyne, Inc. *(Information Technology)*** \| Average Weight: 1.59%, Contribution to Return: 0.92%

 **TE Connectivity PLC *(Information Technology)*** \| Average Weight: 1.76%, Contribution to Return: 0.90%

 **Medpace Holdings, Inc. *(Health Care)*** \| Average Weight: 1.23%, Contribution to Return: 0.80%

2025 TOP EQUITY PERFORMANCE DETRACTORS (%)

 **Sector**

 **Materials** \| Average Weight: 4.90%, Contribution to Return: -0.64%

 **Individual Holdings**

 **Lululemon Athletica, Inc. *(Consumer Discretionary)*** \| Average Weight: 1.31%, Contribution to Return: -0.93%

 **FactSet Research Systems, Inc. *(Financials)*** \| Average Weight: 1.93%, Contribution to Return: -0.87%

 **Zebra Technologies Corporation Cl A *(Information Technology)*** \| Average Weight: 1.13%, Contribution to Return: -0.64%

Fund Performance

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $100,000 initial investment at the beginning of the first fiscal year in the Fund and in an appropriate, broad-based securities market index and a supplemental index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_3282356.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Boston Trust Midcap Fund** | 4.35% | 7.66% | 10.16% |
| **Russell Midcap<sup>®</sup> Index** | 10.60% | 8.67% | 11.01% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |

---

 **Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit www.bostontrustwalden.com/strategies-funds/mutual-funds/ for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$206293096 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1775686 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;29.70% |

---

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SEI Investments Co. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity PLC | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 1.8% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3282351.jpg)

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at https://www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-282-8782 ext. 7050 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR QR Code](images_8093.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.bostontrustwalden.com/strategies-funds/mutual-funds/.

BOSTON TRUST WALDEN FUNDS

Boston Trust SMID Cap Fund

BTSMX

![Front Cover Logo](images_8084.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the Boston Trust SMID Cap Fund ("Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Fund Expenses

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Boston Trust SMID Cap Fund | $75 | 0.75% |

---

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 0.73%, for the 12-month period ended December 31, 2025, trailing the Russell 2500<sup>TM</sup> Index return of 11.91% for the same period. Overall, the Fund maintained broad diversification across equity sectors and industries. Stocks are purchased and sold based on fundamental research. The Fund invests principally in common stocks issued by small and mid-capitalization companies.

2025 TOP EQUITY PERFORMANCE CONTRIBUTORS (%)

**Sector**

**Industrials** \| Average Weight: 21.68%, Contribution to Return: 2.53%

**Individual Holdings**

**Teradyne, Inc. *(Information Technology)*** \| Average Weight: 1.28%, Contribution to Return: 0.99%

**Medpace Holdings, Inc. *(Health Care)*** \| Average Weight: 1.42%, Contribution to Return: 0.80%

**Allegion Public Limited Company *(Industrials)*** \| Average Weight: 2.15%, Contribution to Return: 0.56%

2025 TOP EQUITY PERFORMANCE DETRACTORS (%)

**Sector**

**Consumer Staples** \| Average Weight: 5.98%, Contribution to Return: -1.73%

**Individual Holdings**

**FactSet Research Systems, Inc. *(Financials)*** \| Average Weight: 1.64%, Contribution to Return: -0.79%

**Simply Good Foods, Inc. *(Consumer Staples)*** \| Average Weight: 1.07%, Contribution to Return: -0.67%

**Choice Hotels International, Inc. *(Consumer Discretionary)*** \| Average Weight: 1.50%, Contribution to Return: -0.59%

Fund Performance

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $100,000 initial investment at the beginning of the first fiscal year in the Fund and in an appropriate, broad-based securities market index and a supplemental index for the same period.

GROWTH OF $1,000,000

![Fund Performance - Growth of 10K](chartimages_3282373.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Boston Trust SMID Cap Fund** | 0.73% | 7.58% | 10.25% |
| **Russell 2500™ Index** | 11.91% | 7.26% | 10.40% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit https://www.bostontrustwalden.com/strategies-funds/mutual-funds/ for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$738977569 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5294772 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;26.52% |

---

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nordson Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEX Corp. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegion PLC | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 1.9% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3282378.jpg)

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at https://www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-282-8782 ext. 7050 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR QR Code](images_8093.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.bostontrustwalden.com/strategies-funds/mutual-funds/.

BOSTON TRUST WALDEN FUNDS

Boston Trust Walden Balanced Fund

WSBFX

![Front Cover Logo](images_8084.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the Boston Trust Walden Balanced Fund ("Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Fund Expenses

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Boston Trust Walden Balanced Fund | $99 | 0.94% |

---

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 10.66% for the 12-month period ended December 31, 2025, trailing the blended returns of the S&P 500<sup>®</sup>Index return of 17.88%, the Bloomberg U.S. Government/Credit Bond Index return of 6.88% and the Bloomberg U.S. Treasury Bellwethers 3 Month Index return of 4.23% for the same period. Overall, the Fund maintained broad diversification across several equity and fixed income sectors and industries. Stocks and bonds are purchased and sold based on fundamental research. The Fund invests principally in common stocks and fixed income securities.

2025 TOP EQUITY PERFORMANCE CONTRIBUTORS (%)

**Sector**

**Communication Services** \| Average Weight: 11.88%, Contribution to Return: 6.39%

**Individual Holdings**

**Alphabet Inc., Class C *(Communication Services)*** \| Average Weight: 7.42%, Contribution to Return: 4.54%

**Alphabet Inc., Class A *(Communication Services)*** \| Average Weight: 3.54%, Contribution to Return: 2.06%

**Microsoft Corp. *(Information Technology)*** \| Average Weight: 11.36%, Contribution to Return: 2.00%

2025 TOP EQUITY PERFORMANCE DETRACTORS (%)

**Sector**

**Health Care** \| Average Weight: 12.01%, Contribution to Return: -1.32%

**Individual Holdings**

**United Health Group, Inc. *(Health Care)*** \| Average Weight: 2.35%, Contribution to Return: -1.36%

**Accenture PLC, Class A *(Information Technology)*** \| Average Weight: 3.03%, Contribution to Return: -1.05%

**Becton, Dickenson and Co. *(Health Care)*** \| Average Weight: 0.70%, Contribution to Return: -0.47%

Fund Performance

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $100,000 initial investment at the beginning of the first fiscal year in the Fund and in an appropriate, broad-based securities market index and supplemental indexes for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_3282428.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Boston Trust Walden Balanced Fund** | 10.66% | 6.46% | 8.45% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Bloomberg U.S. Government/Credit Bond Index** | 6.88% | (0.59)% | 2.16% |
| **Bloomberg U.S. Treasury Bellwethers: 3 Month** | 4.23% | 3.23% | 2.21% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit https://www.bostontrustwalden.com/strategies-funds/mutual-funds/ for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$148455699 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1149029 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;13.34% |

---

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Note | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 2.8% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3282423.jpg)

Material Fund Changes

Effective December 31, 2025, the Fund will pay an advisory fee of 0.75% of the first $300 million of average daily net assets, and 0.65% of average daily net assets between $300 million and $600 million, and 0.55% of daily net assets in excess of $600 million.

This is a summary of certain changes to the Fund since June 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.bostontrustwalden.com/investment-services/mutual-funds/ or upon request at 1-800-282-8782 ext. 7050.

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at https://www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-282-8782 ext. 7050 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR QR Code](images_8093.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.bostontrustwalden.com/strategies-funds/mutual-funds/.

BOSTON TRUST WALDEN FUNDS

Boston Trust Walden Equity Fund

WSEFX

![Front Cover Logo](images_8084.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the Boston Trust Walden Equity Fund ("Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Fund Expenses

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Boston Trust Walden Equity Fund | $101 | 0.95% |

---

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 13.34% for the 12-month period ended December 31, 2025, trailing the S&P 500<sup>®</sup>Index return of 17.88% for the same period. Overall, the Fund maintained broad diversification across several equity sectors and industries. Stocks are purchased and sold based on fundamental research. The Fund invests principally in common stocks.

2025 TOP EQUITY PERFORMANCE CONTRIBUTORS (%)

 **Sector**

 **Information Technology** \| Average Weight: 33.69%, Contribution to Return: 6.45%

 **Individual Holdings**

 **Alphabet Inc., Class C *(Communication Services)*** \| Average Weight: 6.15%, Contribution to Return: 3.99%

 **Alphabet Inc., Class A *(Communication Services)*** \| Average Weight: 3.87%, Contribution to Return: 2.52%

 **Microsoft Corp. *(Information Technology)*** \| Average Weight: 9.92%, Contribution to Return: 2.06%

2025 TOP EQUITY PERFORMANCE DETRACTORS (%)

 **Sector**

 **Health Care** \| Average Weight: 11.86%, Contribution to Return: -0.82%

 **Individual Holdings**

 **United Health Group, Inc. *(Health Care)*** \| Average Weight: 2.04%, Contribution to Return: -1.33%

 **Accenture PLC, Class A *(Information Technology)*** \| Average Weight: 2.80%, Contribution to Return: -0.97%

 **FactSet Research Systems, Inc. *(Financials)*** \| Average Weight: 0.70%, Contribution to Return: -0.45%

Fund Performance

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $100,000 initial investment at the beginning of the first fiscal year in the Fund and in an appropriate, broad-based securities market index and a supplemental index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_3282445.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Boston Trust Walden Equity Fund** | 13.34% | 9.88% | 12.19% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

 **Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit https://www.bostontrustwalden.com/strategies-funds/mutual-funds/ for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$214101783 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1795693 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;1.24% |

---

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 11.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 10.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 2.4% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3282450.jpg)

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at https://www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-282-8782 ext. 7050 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR QR Code](images_8093.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.bostontrustwalden.com/strategies-funds/mutual-funds/.

BOSTON TRUST WALDEN FUNDS

Boston Trust Walden Midcap Fund

WAMFX

![Front Cover Logo](images_8084.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the Boston Trust Walden Midcap Fund ("Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Fund Expenses

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Boston Trust Walden Midcap Fund | $102 | 1.00% |

---

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 4.85% for the 12-month period ended December 31, 2025, trailing the Russell Midcap<sup>®</sup>Index return of 10.60% for the same period. Overall, the Fund maintained broad diversification across several equity sectors and industries. Stocks are purchased and sold based on fundamental research. The Fund invests principally in common stocks issued by middle capitalization companies.

2025 TOP EQUITY PERFORMANCE CONTRIBUTORS (%)

 **Sector**

 **Industrials** \| Average Weight: 19.59%, Contribution to Return: 2.16%

 **Individual Holdings**

 **Teradyne, Inc. *(Information Technology)*** \| Average Weight: 1.61%, Contribution to Return: 0.92%

 **TE Connectivity PLC *(Information Technology)*** \| Average Weight: 1.75%, Contribution to Return: 0.90%

 **Medpace Holdings, Inc. *(Health Care)*** \| Average Weight: 1.29%, Contribution to Return: 0.84%

2025 TOP EQUITY PERFORMANCE DETRACTORS (%)

 **Sector**

 **Materials** \| Average Weight: 4.95%, Contribution to Return: -0.64%

 **Individual Holdings**

 **Lululemon Athletica, Inc. *(Consumer Discretionary)*** \| Average Weight: 1.35%, Contribution to Return: -0.97%

 **FactSet Research Systems, Inc. *(Financials)*** \| Average Weight: 1.91%, Contribution to Return: -0.87%

 **Zebra Technologies Corp., Class A *(Information Technology)*** \| Average Weight: 1.11%, Contribution to Return: -0.63%

Fund Performance

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $100,000 initial investment at the beginning of the first fiscal year in the Fund and in an appropriate, broad-based securities market index and a supplemental index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_3282500.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Boston Trust Walden Midcap Fund** | 4.85% | 7.97% | 10.23% |
| **Russell Midcap<sup>®</sup> Index** | 10.60% | 8.67% | 11.01% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |

---

 **Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit https://www.bostontrustwalden.com/strategies-funds/mutual-funds/ for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$171383148 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1227183 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;33.06% |

---

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SEI Investments Co. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity PLC | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. | 1.9% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3282495.jpg)

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at https://www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-282-8782 ext. 7050 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR QR Code](images_8093.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.bostontrustwalden.com/strategies-funds/mutual-funds/.

BOSTON TRUST WALDEN FUNDS

Boston Trust Walden SMID Cap Fund

WASMX

![Front Cover Logo](images_8084.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the Boston Trust Walden SMID Cap Fund ("Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Fund Expenses

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Boston Trust Walden SMID Cap Fund | $100 | 1.00% |

---

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 0.32%, for the 12-month period ended December 31, 2025, trailing the Russell 2500™ Index return of 11.91% for the same period. Overall, the Fund maintained broad diversification across equity sectors and industries. Stocks are purchased and sold based on fundamental research. The Fund invests principally in common stocks issued by small and mid-capitalization companies.

2025 TOP EQUITY PERFORMANCE CONTRIBUTORS (%)

 **Sector**

 **Industrials** \| Average Weight: 26.74%, Contribution to Return: 2.60%

 **Individual Holdings**

 **Teradyne, Inc. *(Information Technology)*** \| Average Weight: 1.28%, Contribution to Return: 1.00%

 **Medpace Holdings, Inc. *(Health Care)*** \| Average Weight: 1.46%, Contribution to Return: 0.82%

 **TopBuild Corp. *(Consumer Discretionary***) \| Average Weight: 1.91%, Contribution to Return: 0.59%

2025 TOP EQUITY PERFORMANCE DETRACTORS (%)

 **Sector**

 **Consumer Staples** \| Average Weight: 6.01%, Contribution to Return: -1.77%

 **Individual Holdings**

 **FactSet Research Systems, Inc. *(Financials)*** \| Average Weight: 1.82%, Contribution to Return: -0.88%

 **Simply Good Foods (The) Co. *(Consumer Staples)*** \| Average Weight: 1.07%, Contribution to Return: -0.67%

 **Choice Hotels International, Inc. *(Consumer Discretionary)*** \| Average Weight: 1.68%, Contribution to Return: -0.66%

Fund Performance

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $100,000 initial investment at the beginning of the first fiscal year in the Fund and in an appropriate, broad-based securities market index and a supplemental index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_3282517.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Boston Trust Walden SMID Cap Fund** | 0.32% | 7.45% | 10.08% |
| **Russell 2500<sup>TM</sup> Index** | 11.91% | 7.26% | 10.40% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |

---

 **Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit www.bostontrustwalden.com/strategies-funds/mutual-funds/ for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$329791825 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2376356 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;24.36% |

---

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEX Corp. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;A. O. Smith Corp. | 2.1% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3282522.jpg)

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at https://www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-282-8782 ext. 7050 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR QR Code](images_8093.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.bostontrustwalden.com/strategies-funds/mutual-funds/.

BOSTON TRUST WALDEN FUNDS

Boston Trust Walden Small Cap Fund

BOSOX

![Front Cover Logo](images_8084.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the Boston Trust Walden Small Cap Fund ("Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Fund Expenses

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Boston Trust Walden Small Cap Fund | $98 | 1.00% |

---

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned -4.01%, for the 12-month period ended December 31, 2025, trailing the Russell 2000<sup>®</sup>Index return of 12.81% for the same period. Overall, the Fund maintained broad diversification across equity sectors and industries. Stocks are purchased and sold based on fundamental research. The Fund invests principally in common stocks issued by small capitalization companies.

2025 TOP EQUITY PERFORMANCE CONTRIBUTORS (%)

 **Sector**

 **Industrials** \| Average Weight: 19.69%, Contribution to Return: 2.94%

 **Individual Holdings**

 **InterDigital, Inc. *(Information Technology)*** \| Average Weight: 1.91%, Contribution to Return: 1.11%

 **Globus Medical, Inc. *(Health Care)*** \| Average Weight: 0.81%, Contribution to Return: 0.91%

 **Installed Building Products, Inc. *(Consumer Discretionary)*** \| Average Weight: 1.81%, Contribution to Return: 0.80%

2025 TOP EQUITY PERFORMANCE DETRACTORS (%)

 **Sector**

 **Consumer Staples** \| Average Weight: 4.98%, Contribution to Return: -1.83%

 **Individual Holdings**

 **Simply Good Foods Co. *(Consumer Staples)*** \| Average Weight: 1.86%, Contribution to Return: -1.21%

 **CorVel Corporation *(Health Care)*** \| Average Weight: 1.72%, Contribution to Return: -0.70%

 **Choice Hotels International *(Consumer Discretionary)*** \| Average Weight: 1.65%, Contribution to Return: -0.67%

Fund Performance

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $100,000 initial investment at the beginning of the first fiscal year in the Fund and in an appropriate, broad-based securities market index and a supplemental index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_3282572.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Boston Trust Walden Small Cap Fund** | (4.01)% | 6.75% | 9.74% |
| **Russell 2000<sup>®</sup> Index** | 12.81% | 6.09% | 9.62% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |

---

 **Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit https://www.bostontrustwalden.com/strategies-funds/mutual-funds/ for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1112434079 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$9868739 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;27.00% |

---

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A | 2.0% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3282567.jpg)

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at https://www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-282-8782 ext. 7050 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR QR Code](images_8093.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.bostontrustwalden.com/strategies-funds/mutual-funds/.

BOSTON TRUST WALDEN FUNDS

Boston Trust Walden International Equity Fund

WIEFX

![Front Cover Logo](images_8084.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the Boston Trust Walden International Equity Fund ("Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Fund Expenses

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Boston Trust Walden International Equity Fund | $104 | 0.95% |

---

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 19.63%, for the 12-month period ended December 31, 2025, trailing the MSCI World ex-USA Index return of 31.85% for the same period. Overall, the Fund maintained broad diversification across several equity sectors and industries. Stocks are purchased and sold based on fundamental research. The Fund invests principally in common stocks issued by international companies.

2025 TOP EQUITY PERFORMANCE CONTRIBUTORS (%)

 **Sector**

 **Financials** \| Average Weight: 25.37%, Contribution to Return: 8.65%

 **Individual Holdings**

 **Roche Holding Ltd. *(Health Care)*** \| Average Weight: 3.20%, Contribution to Return: 1.45%

 **ASML Holding NV *(Information Technology)*** \| Average Weight: 2.67%, Contribution to Return: 1.33%

 **Next PLC *(Consumer Discretionary)*** \| Average Weight: 2.23%, Contribution to Return: 1.14%

2025 TOP EQUITY PERFORMANCE DETRACTORS (%)

 **Sector**

 **Health Care** \| Average Weight: 10.23%, Contribution to Return: -0.30%

 **Individual Holdings**

 **Novo Nordisk A/S, Class B *(Health Care)*** \| Average Weight: 1.35%, Contribution to Return: -0.90%

 **Sysmex Corp. *(Health Care)*** \| Average Weight: 1.53%, Contribution to Return: -0.89%

 **Wolters Kluwer NV *(Industrials***) \| Average Weight: 1.17%, Contribution to Return: -0.58%

Fund Performance

The following graph and chart compare the initial and subsequent account values since the inception of the Fund. It assumes a $100,000 initial investment at the beginning of the first fiscal year in the Fund and in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_3282284.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Boston Trust Walden International Equity Fund** | 19.63% | 7.61% | 7.28% |
| **MSCI World ex-USA Index** | 31.85% | 9.46% | 8.55% |

---

 **Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit https://www.bostontrustwalden.com/investment-services/mutual-funds/ for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$220892609 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1843394 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;34.97% |

---

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentages of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nestle SA (Registered) | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Assa Abloy AB, Class B | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next PLC | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlas Copco AB, Class B | 2.3% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3282279.jpg)

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at https://www.bostontrustwalden.com/strategies-funds/mutual-funds/. You can also request this information by contacting us at 1-800-282-8782 ext. 7050.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-282-8782 ext. 7050 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR QR Code](images_8093.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.bostontrustwalden.com/strategies-funds/mutual-funds/.

BOSTON TRUST WALDEN FUNDS

------

#### &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;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
(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.

(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.

------

#### &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;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
(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.

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

------

#### Item 4. Principal Accountant Fees and Services.
Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $110,100 and $110,100 for 2024 and 2025, respectively.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 and $0 for 2024 and 2025, respectively.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $31,000 and $35,000 for 2024 and 2025, respectively.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 and $0 for 2024 and 2025, respectively.

(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, 2025 and 2024, 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, 2025, Cohen & Company, Ltd. billed non-audit fees of $35,000. For the fiscal year ended December 31, 2024 , Cohen & Company, Ltd. billed non-audit fees of $31,000.

(h) Not applicable.

------

#### &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;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### &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;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. Investments.
(a) Included as part of the Financial Statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

#### &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;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The Financial Statements are attached herewith.

(b) The Financial Highlights are attached herewith.

------

**Annual Financial Statements**

December 31, 2025

![](imgc88d44021.gif)

![](img2b4f573c2.jpg)

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

Boston Trust Walden International Equity Fund

------

**Table of Contents**

**Annual Financial Statements**

**December 31, 2025**

---

| | |
|:---|:---|
| **[Boston Trust Asset Management Fund](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK1-SOIandFinancials-B1-2473_1)** |  |
| [Schedule of Portfolio Investments](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK1-SOIandFinancials-B1-2473_1) | 2 |
| [Financial Statements](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK1-SOIandFinancials-B1-2473_3) | 4 |
| [Financial Highlights](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK1-SOIandFinancials-B1-2473_5) | 6 |
| **[Boston Trust Equity Fund](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK1-SOIandFinancials-B1-2473_6)** |  |
| [Schedule of Portfolio Investments](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK1-SOIandFinancials-B1-2473_6) | 7 |
| [Financial Statements](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK1-SOIandFinancials-B1-2473_7) | 8 |
| [Financial Highlights](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK1-SOIandFinancials-B1-2473_9) | 10 |
| **[Boston Trust Midcap Fund](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK1-SOIandFinancials-B1-2473_10)** |  |
| [Schedule of Portfolio Investments](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK1-SOIandFinancials-B1-2473_10) | 11 |
| [Financial Statements](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK1-SOIandFinancials-B1-2473_12) | 13 |
| [Financial Highlights](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK1-SOIandFinancials-B1-2473_14) | 15 |
| **[Boston Trust SMID Cap Fund](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK1-SOIandFinancials-B1-2473_15)** |  |
| [Schedule of Portfolio Investments](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK1-SOIandFinancials-B1-2473_15) | 16 |
| [Financial Statements](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK1-SOIandFinancials-B1-2473_17) | 18 |
| [Financial Highlights](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK1-SOIandFinancials-B1-2473_19) | 20 |
| **[Active Ownership Report](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK1-SOIandFinancials-B1-2473_20)** | 21 |

---

---

| | |
|:---|:---|
| **[Boston Trust Walden Balanced Fund](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_1)** |  |
| [Schedule of Portfolio Investments](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_1) | 22 |
| [Financial Statements](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_3) | 24 |
| [Financial Highlights](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_5) | 26 |
| **[Boston Trust Walden Equity Fund](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_6)** |  |
| [Schedule of Portfolio Investments](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_6) | 27 |
| [Financial Statements](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_7) | 28 |
| [Financial Highlights](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_9) | 30 |
| **[Boston Trust Walden Midcap Fund](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_10)** |  |
| [Schedule of Portfolio Investments](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_10) | 31 |
| [Financial Statements](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_12) | 33 |
| [Financial Highlights](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_14) | 35 |
| **[Boston Trust Walden SMID Cap Fund](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_15)** |  |
| [Schedule of Portfolio Investments](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_15) | 36 |
| [Financial Statements](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_16) | 37 |
| [Financial Highlights](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_18) | 39 |
| **[Boston Trust Walden Small Cap Fund](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_19)** |  |
| [Schedule of Portfolio Investments](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_19) | 40 |
| [Financial Statements](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_21) | 42 |
| [Financial Highlights](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_23) | 44 |
| **[Boston Trust Walden International Equity Fund](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_24)** |  |
| [Schedule of Portfolio Investments](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_24) | 45 |
| [Financial Statements](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_25) | 46 |
| [Financial Highlights](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_BOOK2-SOIandFinancials-B2-2478_27) | 48 |
| [Notes to the Financial Statements](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_NTF-TOC-NotestoFinancialStatements_1) | 49 |
| [Report of Independent Registered Public Accounting Firm](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_RPA-AuditReport-TOCHeader-2473_1) | 58 |
| [Supplementary Information](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_SI-TOC-SupplementaryInformation-2473_1) | 59 |
| [Changes in and Disagreements with Accountants for Open-End](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_CAD-TOC-ChangeinandDisagreements_1)<br> [Management Investment Companies](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_CAD-TOC-ChangeinandDisagreements_1)<br>| 61 |
| [Proxy Disclosures for Open-End Management Investment](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_PD-TOC-ProxyDisclosure_1)<br> [Companies](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_PD-TOC-ProxyDisclosure_1)<br>| 62 |
| [Statement Regarding Basis for Approval of Investment Advisory](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_IACA-TOC-InvestmentAdviserContractApproval-2473_1)<br> [Contract](#xx_3a7d5892-57aa-4e2d-a9b2-3fa2dcfc7792_IACA-TOC-InvestmentAdviserContractApproval-2473_1)<br>| 63 |

---

Boston Trust Walden Inc., a subsidiary of Boston Trust Walden National Association, serves as investment adviser (the "Adviser") to the Boston Trust Walden Funds and receives a fee for its services. Boston Trust Walden National Association 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 Boston Trust Walden Funds are not deposits of, obligations of, or guaranteed by Boston Trust Walden National Association or its affiliates, nor are they federally insured by the FDIC. Investments in the Boston Trust Walden Funds involve investment risks, including the possible loss of principal. The Boston Trust Walden 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 National Association 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, 2025 and is subject to change without notice.

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

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

------

**Schedule of Portfolio Investments**

**Boston Trust Asset Management Fund**

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (75.3%)** | **Common Stocks (75.3%)** | **Common Stocks (75.3%)** |
|  | **Shares** | **Fair Value ($)** |
| **Communication Services (8.8%)** | **Communication Services (8.8%)** | **Communication Services (8.8%)** |
| Alphabet, Inc., Class A  | 40000 | 12520000 |
| Alphabet, Inc., Class C  | 75500 | 23691900 |
| Meta Platforms, Inc., Class A  | 10000 | 6600900 |
| Netflix, Inc. <sup>(a)</sup> <br>| 40000 | 3750400 |
|  |  | 46563200 |
| **Consumer Discretionary (6.6%)** | **Consumer Discretionary (6.6%)** | **Consumer Discretionary (6.6%)** |
| Amazon.com, Inc. <sup>(a)</sup> <br>| 60000 | 13849200 |
| Lowe's Cos., Inc.  | 10000 | 2411600 |
| NIKE, Inc., Class B  | 102500 | 6530275 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> <br>| 67500 | 6156675 |
| Ross Stores, Inc.  | 15000 | 2702100 |
| Starbucks Corp.  | 40000 | 3368400 |
|  |  | 35018250 |
| **Consumer Staples (4.2%)** | **Consumer Staples (4.2%)** | **Consumer Staples (4.2%)** |
| Church & Dwight Co., Inc.  | 48750 | 4087688 |
| Costco Wholesale Corp.  | 6000 | 5174040 |
| McCormick & Co., Inc. (Non Voting)  | 40000 | 2724400 |
| PepsiCo, Inc.  | 30000 | 4305600 |
| Procter & Gamble (The) Co.  | 25000 | 3582750 |
| Sysco Corp.  | 35000 | 2579150 |
|  |  | 22453628 |
| **Energy (2.7%)** | **Energy (2.7%)** | **Energy (2.7%)** |
| Chevron Corp.  | 20000 | 3048200 |
| Exxon Mobil Corp.  | 94500 | 11372130 |
|  |  | 14420330 |
| **Financials (13.6%)** | **Financials (13.6%)** | **Financials (13.6%)** |
| American Express Co.  | 19750 | 7306512 |
| Berkshire Hathaway, Inc., Class B <br> <sup>(a)</sup> <br>| 20000 | 10053000 |
| Chubb Ltd.  | 18000 | 5618160 |
| Cincinnati Financial Corp.  | 60000 | 9799200 |
| JPMorgan Chase & Co.  | 70000 | 22555400 |
| Visa, Inc., Class A  | 47500 | 16658725 |
|  |  | 71990997 |
| **Health Care (8.5%)** | **Health Care (8.5%)** | **Health Care (8.5%)** |
| Becton, Dickinson & Co.  | 35000 | 6792450 |
| Edwards Lifesciences Corp. <sup>(a)</sup> <br>| 95000 | 8098750 |
| Johnson & Johnson  | 50000 | 10347500 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> <br>| 3500 | 4879665 |
| Stryker Corp.  | 25000 | 8786750 |
| UnitedHealth Group, Inc.  | 9000 | 2970990 |
| Waters Corp. <sup>(a)</sup> <br>| 7500 | 2848725 |
|  |  | 44724830 |
| **Industrials (8.3%)** | **Industrials (8.3%)** | **Industrials (8.3%)** |
| Automatic Data Processing, Inc.  | 45000 | 11575350 |
| Donaldson Co., Inc.  | 50000 | 4433000 |
| Hubbell, Inc.  | 18500 | 8216035 |
| Illinois Tool Works, Inc.  | 25400 | 6256020 |
| Union Pacific Corp.  | 25500 | 5898660 |
| W.W. Grainger, Inc.  | 7300 | 7366065 |
|  |  | 43745130 |
| **Information Technology (19.5%)** | **Information Technology (19.5%)** | **Information Technology (19.5%)** |
| Accenture PLC, Class A  | 30000 | 8049000 |
| Analog Devices, Inc.  | 22500 | 6102000 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| Apple, Inc.  | 120000 | 32623200 |
| Cisco Systems, Inc.  | 65000 | 5006950 |
| Microsoft Corp.  | 75000 | 36271500 |
| NVIDIA Corp.  | 45000 | 8392500 |
| Oracle Corp.  | 10000 | 1949100 |
| TE Connectivity PLC  | 20000 | 4550200 |
|  |  | 102944450 |
| **Materials (1.5%)** | **Materials (1.5%)** | **Materials (1.5%)** |
| Air Products and Chemicals, Inc.  | 15000 | 3705300 |
| AptarGroup, Inc.  | 32500 | 3963700 |
|  |  | 7669000 |
| **Utilities (1.6%)** | **Utilities (1.6%)** | **Utilities (1.6%)** |
| Essential Utilities, Inc.  | 110000 | 4219600 |
| WEC Energy Group, Inc.  | 40000 | 4218400 |
|  |  | 8438000 |
| **TOTAL COMMON STOCKS (Cost $101,457,005)** | **TOTAL COMMON STOCKS (Cost $101,457,005)** | 397967815 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds (3.6%)** | **Corporate Bonds (3.6%)** | **Corporate Bonds (3.6%)** |
|  | **Principal**<br> **Amount ($)**<br>|  |
| **Communication Services (0.1%)** | **Communication Services (0.1%)** | **Communication Services (0.1%)** |
| Verizon Communications, Inc., <br> 4.02%, 12/3/29, Callable 9/3/29 <br> @ 100<br>| 250000 | 248318 |
| **Consumer Discretionary (0.6%)** | **Consumer Discretionary (0.6%)** | **Consumer Discretionary (0.6%)** |
| Home Depot (The), Inc., 2.70%, <br> 4/15/30<br>| 1000000 | 946626 |
| Lowe's Cos., Inc., 3.10%, 5/3/27, <br> Callable 2/3/27 @ 100<br>| 750000 | 741764 |
| Lowe's Cos., Inc., 1.30%, 4/15/28 | 750000 | 707419 |
| McDonald's Corp., 2.63%, 9/1/29, <br> MTN, Callable 6/1/29 @ 100<br>| 500000 | 477011 |
| Toyota Motor Credit Corp., 3.65%, <br> 1/8/29<br>| 350000 | 346866 |
|  |  | 3219686 |
| **Consumer Staples (0.1%)** | **Consumer Staples (0.1%)** | **Consumer Staples (0.1%)** |
| Estee Lauder (The) Cos., Inc., <br> 2.38%, 12/1/29, Callable 9/1/29 <br> @ 100<br>| 750000 | 702636 |
| **Financials (0.7%)** | **Financials (0.7%)** | **Financials (0.7%)** |
| Bank of America Corp., 4.18%, <br> 11/25/27, Callable 11/25/26 @ <br> 100<br>| 500000 | 501236 |
| Berkshire Hathaway, Inc., 3.13%, <br> 3/15/26, Callable 12/15/25 @ <br> 100<br>| 2000000 | 1996750 |
| Cincinnati Financial Corp., 6.92%, <br> 5/15/28<br>| 500000 | 532698 |
| JPMorgan Chase & Co., (Variable, <br> 3M CME Term SOFR + 1.38%), <br> 4.01%, 4/23/29<sup>(b)</sup> <br>| 500000 | 499672 |
|  |  | 3530356 |
| **Health Care (0.7%)** | **Health Care (0.7%)** | **Health Care (0.7%)** |
| Becton, Dickinson & Co., 6.70%, <br> 12/1/26<br>| 750000 | 763218 |

---

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Asset Management Fund**

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
|  | **Principal**<br> **Amount ($)**<br>| **Fair Value ($)** |
| **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
| Merck & Co., Inc., 1.70%, 6/10/27 | 350000 | 340827 |
| Pfizer, Inc., 3.60%, 9/15/28 | 500000 | 499332 |
| Stryker Corp., 1.95%, 6/15/30 | 1000000 | 908707 |
| UnitedHealth Group, Inc., 3.38%, <br> 4/15/27<br>| 500000 | 497084 |
| Zoetis, Inc., 3.90%, 8/20/28 | 750000 | 749792 |
|  |  | 3758960 |
| **Industrials (0.8%)** | **Industrials (0.8%)** | **Industrials (0.8%)** |
| Emerson Electric Co., 2.00%, <br> 12/21/28, Callable 10/21/28 @ <br> 100<br>| 1400000 | 1328317 |
| Hubbell, Inc., 3.50%, 2/15/28 | 1000000 | 990115 |
| John Deere Capital Corp., 2.80%, <br> 9/8/27, MTN<br>| 500000 | 491972 |
| John Deere Capital Corp., 3.45%, <br> 3/7/29, MTN<br>| 1250000 | 1232876 |
| Union Pacific Corp., 3.95%, <br> 9/10/28<br>| 400000 | 400974 |
|  |  | 4444254 |
| **Information Technology (0.5%)** | **Information Technology (0.5%)** | **Information Technology (0.5%)** |
| Apple, Inc., 3.25%, 2/23/26, <br> Callable 11/23/25 @ 100<br>| 2500000 | 2497484 |
| **Materials (0.1%)** | **Materials (0.1%)** | **Materials (0.1%)** |
| Air Products and Chemicals, Inc., <br> 1.85%, 5/15/27<br>| 400000 | 390016 |
| **TOTAL CORPORATE BONDS (Cost $18,745,616)** | **TOTAL CORPORATE BONDS (Cost $18,745,616)** | 18791710 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Government & U.S. Government Agency Obligations (19.8%)** | **U.S. Government & U.S. Government Agency Obligations (19.8%)** | **U.S. Government & U.S. Government Agency Obligations (19.8%)** |
| **Federal Farm Credit Bank (1.7%)**  | **Federal Farm Credit Bank (1.7%)**  | **Federal Farm Credit Bank (1.7%)**  |
| 3.39%, 2/1/28  | 2000000 | 1995699 |
| 3.88%, 9/20/32  | 1000000 | 992010 |
| 4.38%, 3/3/33  | 1500000 | 1529134 |
| 3.25%, 2/27/34  | 1500000 | 1392239 |
| 3.50%, 3/2/34  | 3000000 | 2836177 |
|  |  | 8745259 |
| **Federal Home Loan Bank (1.1%)**  | **Federal Home Loan Bank (1.1%)**  | **Federal Home Loan Bank (1.1%)**  |
| 2.50%, 12/10/27  | 1500000 | 1472774 |
| 3.50%, 7/20/32  | 1500000 | 1450556 |
| 4.00%, 6/10/33  | 2500000 | 2489314 |
|  |  | 5412644 |
| **U.S. Treasury Bond (5.5%)**  | **U.S. Treasury Bond (5.5%)**  | **U.S. Treasury Bond (5.5%)**  |
| 5.38%, 2/15/31  | 5500000 | 5918945 |
| 4.50%, 2/15/36  | 15250000 | 15775410 |
| 3.50%, 2/15/39  | 4250000 | 3884434 |
| 4.50%, 2/15/44  | 4000000 | 3883750 |
|  |  | 29462539 |
| **U.S. Treasury Inflation Indexed Note (1.6%)**  | **U.S. Treasury Inflation Indexed Note (1.6%)**  | **U.S. Treasury Inflation Indexed Note (1.6%)**  |
| 1.13%, 1/15/33  | 7087535 | 6825918 |
| 1.38%, 7/15/33  | 1604175 | 1569520 |
|  |  | 8395438 |
| **U.S. Treasury Note (9.9%)**  | **U.S. Treasury Note (9.9%)**  | **U.S. Treasury Note (9.9%)**  |
| 2.13%, 5/31/26  | 5000000 | 4970049 |
| 4.13%, 6/15/26  | 4000000 | 4011125 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Government & U.S. Government Agency Obligations** <br> **(continued)** | **U.S. Government & U.S. Government Agency Obligations** <br> **(continued)** | **U.S. Government & U.S. Government Agency Obligations** <br> **(continued)** |
|  | **Principal**<br> **Amount ($)**<br>| **Fair Value ($)** |
| **U.S. Treasury Note (continued)**  | **U.S. Treasury Note (continued)**  | **U.S. Treasury Note (continued)**  |
| 2.25%, 11/15/27  | 6500000 | 6356543 |
| 3.25%, 6/30/29  | 6500000 | 6429160 |
| 0.88%, 11/15/30  | 4000000 | 3500156 |
| 3.38%, 5/15/33  | 6000000 | 5777813 |
| 3.88%, 8/15/33  | 14000000 | 13907578 |
| 4.00%, 2/15/34  | 7750000 | 7740010 |
|  |  | 52692434 |
| **TOTAL U.S. GOVERNMENT & U.S.** <br> **GOVERNMENT AGENCY** <br> **OBLIGATIONS (Cost** <br> **$101,976,561)**<br>|  | 104708314 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (1.1%)** | **Investment Companies (1.1%)** | **Investment Companies (1.1%)** |
|  | **Shares** |  |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 3.63% <sup>(c)</sup> <br>| 5619613 | 5619613 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $5,619,613)**<br>|  | 5619613 |
| **Total Investments (Cost $227,798,795) —** <br> **99.8%**<sup>(d)</sup>  | **Total Investments (Cost $227,798,795) —** <br> **99.8%**<sup>(d)</sup>  | 527087452 |
| Other assets in excess of liabilities — 0.2% | Other assets in excess of liabilities — 0.2% | 1205956 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $528293408 |

---

------

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Variable or floating rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of December 31, 2025. 

<sup>(c)</sup> Rate disclosed is the seven-day yield as of December 31, 2025.

<sup>(d)</sup> See Federal Tax Information listed in the Notes to the Financial Statements. 

---

| | |
|:---|:---|
| CME | Chicago Mercantile Exchange |
| MTN | Medium Term Note |
| PLC | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Asset Management Fund**

**Statement of Assets and Liabilities**

December 31, 2025

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $227,798,795)  | $527087452 |
| Interest and dividends receivable  | 1576388 |
| Receivable for tax reclaims  | 3492 |
| Receivable for capital shares issued  | 7004 |
| Prepaid expenses  | 18221 |
| **Total Assets** | 528692557 |
| **Liabilities:** |  |
| Payable for capital shares redeemed  | 268 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 338464 |
| Administration and accounting  | 17027 |
| Custodian  | 4416 |
| Shareholder servicing fees  | 10935 |
| Transfer agent  | 4711 |
| Trustee  | 321 |
| Other  | 23007 |
| **Total Liabilities** | 399149 |
| **Net Assets** | $528293408 |
| **Composition of Net Assets:** |  |
| Paid in capital | $193996193 |
| Total distributable earnings | 334297215 |
| **Net Assets** | $528293408 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 8891156 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $59.42 |

---

**Statement of Operations**

For the year ended December 31, 2025

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $6038247 |
| Interest  | 5608185 |
| **Total Investment Income** | 11646432 |
| **Expenses:** |  |
| Investment adviser  | 4029646 |
| Administration and accounting  | 100777 |
| Chief compliance officer  | 19529 |
| Custodian  | 27908 |
| Shareholder servicing  | 121000 |
| Transfer agency  | 30485 |
| Trustee  | 41468 |
| Other  | 100681 |
| Total expenses | 4471494 |
| **Net Expenses** | 4471494 |
| **Net Investment Income** | 7174938 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized gains from investment transactions  | 75772923 |
| Change in unrealized depreciation on investments  | (40513791) |
| Net realized/unrealized gains on investments | 35259132 |
| **Change in Net Assets Resulting from Operations** | $42434070 |

---

**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, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $7174938 | $7591089 |
| Net realized gains from investment transactions  | 75772923 | 45838007 |
| Change in unrealized appreciation (depreciation) on investments  | (40513791) | 8903350 |
| **Change in Net Assets Resulting from Operations** | 42434070 | 62332446 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  | (59781253) | (34998197) |
| **Change in Net Assets Resulting from distributions to shareholders** | (59781253) | (34998197) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 3858333 | 9273550 |
| Dividends reinvested  | 27543455 | 16908044 |
| Cost of shares redeemed  | (55375508) | (53408811) |
| **Change in Net Assets Resulting from Capital Share Transactions** | (23973720) | (27227217) |
| **Change in Net Assets** | (41320903) | 107032 |
| **Net Assets:** |  |  |
| Beginning of year  | 569614311 | 569507279 |
| End of year | $528293408 | $569614311 |
| **Share Transactions:** |  |  |
| Issued  | 62373 | 150045 |
| Reinvested  | 464555 | 266899 |
| Redeemed  | (880066) | (856568) |
| **Change in shares** | (353138) | (439624) |

---

**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, 2025**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2024**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2023**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2022**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2021**<br>|
| **Net Asset Value, Beginning of Period** | $61.62 | $58.81 | $55.13 | $67.46 | $56.29 |
| **Investment Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| Net investment income  | 0.85 | 0.85 | 0.89 | 0.63 | 0.48 |
| Net realized/unrealized gains (losses) from investments  | 4.02 | 5.83 | 6.60 | (10.42) | 11.69 |
| Total from investment activities | 4.87 | 6.68 | 7.49 | (9.79) | 12.17 |
| **Distributions from:** |  |  |  |  |  |
| Net investment income  | (0.85) | (0.94) | (0.80) | (0.65) | (0.49) |
| Net realized gains from investment transactions  | (6.22) | (2.93) | (3.01) | (1.89) | (0.51) |
| Total distributions | (7.07) | (3.87) | (3.81) | (2.54) | (1.00) |
| **Net Asset Value, End of Period** | $59.42 | $61.62 | $58.81 | $55.13 | $67.46 |
| Total Return | 7.92% | 11.19% | 13.72% | (14.65)% | 21.65% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's)  | $528293 | $569614 | $569507 | $551338 | $702741 |
| Ratio of net expenses to average net assets  | 0.80% | 0.80% | 0.82% | 0.83% | 0.81% |
| Ratio of net investment income to average net assets  | 1.29% | 1.30% | 1.45% | 1.05% | 0.77% |
| Portfolio turnover rate  | 10.65% | 7.52% | 24.76%<sup>(a)</sup> <br>| 35.52% | 6.51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes impact of in-kind transactions.

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Equity Fund**

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (99.5%)** | **Common Stocks (99.5%)** | **Common Stocks (99.5%)** |
|  | **Shares** | **Fair Value ($)** |
| **Communication Services (13.9%)** | **Communication Services (13.9%)** | **Communication Services (13.9%)** |
| Alphabet, Inc., Class A  | 15000 | 4695000 |
| Alphabet, Inc., Class C  | 65000 | 20397000 |
| Meta Platforms, Inc., Class A  | 10500 | 6930945 |
| Netflix, Inc. <sup>(a)</sup> <br>| 25000 | 2344000 |
|  |  | 34366945 |
| **Consumer Discretionary (9.2%)** | **Consumer Discretionary (9.2%)** | **Consumer Discretionary (9.2%)** |
| Amazon.com, Inc. <sup>(a)</sup> <br>| 35000 | 8078700 |
| Lowe's Cos., Inc.  | 10000 | 2411600 |
| NIKE, Inc., Class B  | 24000 | 1529040 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> <br>| 46125 | 4207061 |
| Ross Stores, Inc.  | 7000 | 1260980 |
| Starbucks Corp.  | 23000 | 1936830 |
| TJX (The) Cos., Inc.  | 21500 | 3302615 |
|  |  | 22726826 |
| **Consumer Staples (6.5%)** | **Consumer Staples (6.5%)** | **Consumer Staples (6.5%)** |
| Church & Dwight Co., Inc.  | 20000 | 1677000 |
| Costco Wholesale Corp.  | 7000 | 6036380 |
| McCormick & Co., Inc. (Non Voting)  | 28000 | 1907080 |
| PepsiCo, Inc.  | 18000 | 2583360 |
| Procter & Gamble (The) Co.  | 9000 | 1289790 |
| Sysco Corp.  | 34000 | 2505460 |
|  |  | 15999070 |
| **Energy (3.2%)** | **Energy (3.2%)** | **Energy (3.2%)** |
| Chevron Corp.  | 13000 | 1981330 |
| Exxon Mobil Corp.  | 50000 | 6017000 |
|  |  | 7998330 |
| **Financials (15.2%)** | **Financials (15.2%)** | **Financials (15.2%)** |
| American Express Co.  | 10500 | 3884475 |
| Berkshire Hathaway, Inc., Class B <br> <sup>(a)</sup> <br>| 8250 | 4146862 |
| Chubb Ltd.  | 10000 | 3121200 |
| Cincinnati Financial Corp.  | 20000 | 3266400 |
| JPMorgan Chase & Co.  | 41000 | 13211020 |
| Visa, Inc., Class A  | 28000 | 9819880 |
|  |  | 37449837 |
| **Health Care (10.5%)** | **Health Care (10.5%)** | **Health Care (10.5%)** |
| Becton, Dickinson & Co.  | 15000 | 2911050 |
| Cooper (The) Cos., Inc. <sup>(a)</sup> <br>| 15250 | 1249890 |
| Edwards Lifesciences Corp. <sup>(a)</sup> <br>| 22500 | 1918125 |
| Johnson & Johnson  | 28500 | 5898075 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> <br>| 1500 | 2091285 |
| Stryker Corp.  | 12000 | 4217640 |
| UnitedHealth Group, Inc.  | 6200 | 2046682 |
| Waters Corp. <sup>(a)</sup> <br>| 10750 | 4083173 |
| Zoetis, Inc.  | 12000 | 1509840 |
|  |  | 25925760 |
| **Industrials (12.4%)** | **Industrials (12.4%)** | **Industrials (12.4%)** |
| Automatic Data Processing, Inc.  | 20000 | 5144600 |
| Deere & Co.  | 4750 | 2211458 |
| Donaldson Co., Inc.  | 15000 | 1329900 |
| Hubbell, Inc.  | 10000 | 4441100 |
| Illinois Tool Works, Inc.  | 15000 | 3694500 |
| Lockheed Martin Corp.  | 6000 | 2902020 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Union Pacific Corp.  | 18500 | 4279420 |
| W.W. Grainger, Inc.  | 6500 | 6558825 |
|  |  | 30561823 |
| **Information Technology (23.8%)** | **Information Technology (23.8%)** | **Information Technology (23.8%)** |
| Accenture PLC, Class A  | 24000 | 6439200 |
| Analog Devices, Inc.  | 16500 | 4474800 |
| Apple, Inc.  | 63100 | 17154366 |
| Microsoft Corp.  | 43000 | 20795660 |
| NVIDIA Corp.  | 28000 | 5222000 |
| Oracle Corp.  | 6425 | 1252297 |
| TE Connectivity PLC  | 15350 | 3492278 |
|  |  | 58830601 |
| **Materials (2.2%)** | **Materials (2.2%)** | **Materials (2.2%)** |
| Air Products and Chemicals, Inc.  | 14800 | 3655896 |
| AptarGroup, Inc.  | 14250 | 1737930 |
|  |  | 5393826 |
| **Utilities (2.6%)** | **Utilities (2.6%)** | **Utilities (2.6%)** |
| Essential Utilities, Inc.  | 100000 | 3836000 |
| WEC Energy Group, Inc.  | 25000 | 2636500 |
|  |  | 6472500 |
| **TOTAL COMMON STOCKS (Cost $81,509,961)** | **TOTAL COMMON STOCKS (Cost $81,509,961)** | 245725518 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (0.5%)** | **Investment Companies (0.5%)** | **Investment Companies (0.5%)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 3.63% <sup>(b)</sup> <br>| 1247571 | 1247571 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $1,247,571)**<br>|  | 1247571 |
| **Total Investments (Cost $82,757,532) —** <br> **100.0%**<sup>(c)</sup>  | **Total Investments (Cost $82,757,532) —** <br> **100.0%**<sup>(c)</sup>  | 246973089 |
| Liabilities in excess of other assets — (0.0)%<sup>(d)</sup>  | Liabilities in excess of other assets — (0.0)%<sup>(d)</sup>  | (29095) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $246943994 |

---

------

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven-day yield as of December 31, 2025.

<sup>(c)</sup> See Federal Tax Information listed in the Notes to the Financial Statements. 

<sup>(d)</sup> Represents less than 0.05%.

PLC Public Limited Company

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Equity Fund**

**Statement of Assets and Liabilities**

December 31, 2025

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $82,757,532)  | $246973089 |
| Dividend receivable  | 154959 |
| Receivable for tax reclaims  | 1940 |
| Prepaid expenses  | 5854 |
| **Total Assets** | 247135842 |
| **Liabilities:** |  |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 162050 |
| Administration and accounting  | 10157 |
| Custodian  | 2230 |
| Shareholder servicing fees  | 2028 |
| Transfer agent  | 4389 |
| Trustee  | 146 |
| Other  | 10848 |
| **Total Liabilities** | 191848 |
| **Net Assets** | $246943994 |
| **Composition of Net Assets:** |  |
| Paid in capital | $68838359 |
| Total distributable earnings | 178105635 |
| **Net Assets** | $246943994 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 5485913 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $45.01 |

---

**Statement of Operations**

For the year ended December 31, 2025

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $3344282 |
| Less: Foreign tax withholding | (90) |
| **Total Investment Income** | 3344192 |
| **Expenses:** |  |
| Investment adviser  | 1859318 |
| Administration and accounting  | 59672 |
| Chief compliance officer  | 8664 |
| Custodian  | 13933 |
| Shareholder servicing  | 23649 |
| Transfer agency  | 27195 |
| Trustee  | 18339 |
| Other  | 43323 |
| Total expenses | 2054093 |
| **Net Expenses** | 2054093 |
| **Net Investment Income** | 1290099 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized gains from investment transactions  | 28463276 |
| Change in unrealized depreciation on investments  | (8443749) |
| Net realized/unrealized gains on investments | 20019527 |
| **Change in Net Assets Resulting from Operations** | $21309626 |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Equity Fund**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended** <br>**December 31, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $1290099 | $1512714 |
| Net realized gains from investment transactions  | 28463276 | 7958260 |
| Change in unrealized appreciation (depreciation) on investments  | (8443749) | 21238725 |
| **Change in Net Assets Resulting from Operations** | 21309626 | 30709699 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  | (17712214) | (6097992) |
| **Change in Net Assets Resulting from distributions to shareholders** | (17712214) | (6097992) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 3750350 | 8936774 |
| Dividends reinvested  | 5943100 | 2360981 |
| Cost of shares redeemed  | (12269842) | (12890658) |
| **Change in Net Assets Resulting from Capital Share Transactions** | (2576392) | (1592903) |
| **Change in Net Assets** | 1021020 | 23018804 |
| **Net Assets:** |  |  |
| Beginning of year  | 245922974 | 222904170 |
| End of year | $246943994 | $245922974 |
| **Share Transactions:** |  |  |
| Issued  | 80638 | 213955 |
| Reinvested  | 132452 | 51292 |
| Redeemed  | (269480) | (301521) |
| **Change in shares** | (56390) | (36274) |

---

**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, 2025**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2024**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2023**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2022**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2021**<br>|
| **Net Asset Value, Beginning of Period** | $44.37 | $39.96 | $34.61 | $41.55 | $32.89 |
| **Investment Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| Net investment income  | 0.24 | 0.28 | 0.30 | 0.24 | 0.20 |
| Net realized/unrealized gains (losses) from investments  | 3.70 | 5.24 | 5.67 | (6.08) | 9.56 |
| Total from investment activities | 3.94 | 5.52 | 5.97 | (5.84) | 9.76 |
| **Distributions from:** |  |  |  |  |  |
| Net investment income  | (0.24) | (0.33) | (0.26) | (0.24) | (0.20) |
| Net realized gains from investment transactions  | (3.06) | (0.78) | (0.36) | (0.86) | (0.90) |
| Total distributions | (3.30) | (1.11) | (0.62) | (1.10) | (1.10) |
| **Net Asset Value, End of Period** | $45.01 | $44.37 | $39.96 | $34.61 | $41.55 |
| Total Return | 8.90% | 13.72% | 17.29% | (14.16)% | 29.77% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's)  | $246944 | $245923 | $222904 | $191430 | $222866 |
| Ratio of net expenses to average net assets  | 0.83% | 0.83% | 0.85% | 0.86% | 0.85% |
| Ratio of net investment income to average net assets  | 0.52% | 0.63% | 0.81% | 0.66% | 0.53% |
| Portfolio turnover rate  | 13.82% | 3.22% | 6.19% | 10.30% | 7.33% |

---

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Midcap Fund**

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (99.2%)** | **Common Stocks (99.2%)** | **Common Stocks (99.2%)** |
|  | **Shares** | **Fair Value ($)** |
| **Communication Services (1.3%)** | **Communication Services (1.3%)** | **Communication Services (1.3%)** |
| New York Times (The) Co., Class A  | 38650 | 2683083 |
| **Consumer Discretionary (9.7%)** | **Consumer Discretionary (9.7%)** | **Consumer Discretionary (9.7%)** |
| AutoZone, Inc. <sup>(a)</sup> <br>| 658 | 2231607 |
| Choice Hotels International, Inc.  | 25250 | 2405315 |
| DR Horton, Inc.  | 15745 | 2267752 |
| Genuine Parts Co.  | 17370 | 2135815 |
| Lululemon Athletica, Inc. <sup>(a)</sup> <br>| 10340 | 2148755 |
| Ross Stores, Inc.  | 25810 | 4649414 |
| Ulta Beauty, Inc. <sup>(a)</sup> <br>| 4060 | 2456341 |
| Williams-Sonoma, Inc.  | 10025 | 1790365 |
|  |  | 20085364 |
| **Consumer Staples (6.3%)** | **Consumer Staples (6.3%)** | **Consumer Staples (6.3%)** |
| BJ's Wholesale Club Holdings, Inc. <br> <sup>(a)</sup> <br>| 33265 | 2994848 |
| Church & Dwight Co., Inc.  | 22930 | 1922681 |
| McCormick & Co., Inc. (Non Voting)  | 34785 | 2369206 |
| Sprouts Farmers Market, Inc. <sup>(a)</sup> <br>| 25380 | 2022025 |
| Sysco Corp.  | 51625 | 3804246 |
|  |  | 13113006 |
| **Energy (4.0%)** | **Energy (4.0%)** | **Energy (4.0%)** |
| EOG Resources, Inc.  | 26925 | 2827394 |
| Magnolia Oil & Gas Corp., Class A  | 154120 | 3373687 |
| SLB Ltd.  | 54660 | 2097851 |
|  |  | 8298932 |
| **Financials (15.7%)** | **Financials (15.7%)** | **Financials (15.7%)** |
| American Financial Group, Inc.  | 28680 | 3919983 |
| Brown & Brown, Inc.  | 26140 | 2083358 |
| Cboe Global Markets, Inc.  | 9265 | 2325515 |
| Cincinnati Financial Corp.  | 20670 | 3375824 |
| Commerce Bancshares, Inc.  | 38865 | 2034194 |
| Cullen/Frost Bankers, Inc.  | 21005 | 2659863 |
| East West Bancorp, Inc.  | 19475 | 2188795 |
| FactSet Research Systems, Inc.  | 11195 | 3248677 |
| Jack Henry & Associates, Inc.  | 13310 | 2428809 |
| MSCI, Inc.  | 6640 | 3809567 |
| SEI Investments Co.  | 52310 | 4290466 |
|  |  | 32365051 |
| **Health Care (12.7%)** | **Health Care (12.7%)** | **Health Care (12.7%)** |
| Agilent Technologies, Inc.  | 19490 | 2652004 |
| Cooper (The) Cos., Inc. <sup>(a)</sup> <br>| 28000 | 2294880 |
| Edwards Lifesciences Corp. <sup>(a)</sup> <br>| 38385 | 3272321 |
| Medpace Holdings, Inc. <sup>(a)</sup> <br>| 6740 | 3785521 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> <br>| 3025 | 4217425 |
| STERIS PLC  | 14895 | 3776181 |
| Veeva Systems, Inc., Class A <sup>(a)</sup> <br>| 8595 | 1918662 |
| Zimmer Biomet Holdings, Inc.  | 22645 | 2036238 |
| Zoetis, Inc.  | 17265 | 2172282 |
|  |  | 26125514 |
| **Industrials (20.5%)** | **Industrials (20.5%)** | **Industrials (20.5%)** |
| A. O. Smith Corp.  | 29865 | 1997371 |
| Allegion PLC  | 21705 | 3455870 |
| AMETEK, Inc.  | 14450 | 2966730 |
| Broadridge Financial Solutions, Inc.  | 8910 | 1988445 |
| Core & Main, Inc., Class A <sup>(a)</sup> <br>| 39185 | 2036445 |
| Donaldson Co., Inc.  | 32750 | 2903615 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Expeditors International of <br> Washington, Inc. <br>| 22690 | 3381037 |
| Hubbell, Inc.  | 7620 | 3384118 |
| IDEX Corp.  | 16880 | 3003627 |
| Lincoln Electric Holdings, Inc.  | 8615 | 2064499 |
| Nordson Corp.  | 14145 | 3400882 |
| Paychex, Inc.  | 44235 | 4962282 |
| Paycom Software, Inc.  | 13415 | 2137814 |
| Snap-on, Inc.  | 6195 | 2134797 |
| Verisk Analytics, Inc.  | 10775 | 2410260 |
|  |  | 42227792 |
| **Information Technology (11.9%)** | **Information Technology (11.9%)** | **Information Technology (11.9%)** |
| Amdocs Ltd.  | 20350 | 1638378 |
| Dynatrace, Inc. <sup>(a)</sup> <br>| 56330 | 2441342 |
| Fortinet, Inc. <sup>(a)</sup> <br>| 34255 | 2720190 |
| GoDaddy, Inc., Class A <sup>(a)</sup> <br>| 15025 | 1864302 |
| NetApp, Inc.  | 26210 | 2806829 |
| ON Semiconductor Corp. <sup>(a)</sup> <br>| 34770 | 1882795 |
| Qualys, Inc. <sup>(a)</sup> <br>| 23520 | 3125808 |
| TE Connectivity PLC  | 17370 | 3951849 |
| Teradyne, Inc.  | 21480 | 4157669 |
|  |  | 24589162 |
| **Materials (5.1%)** | **Materials (5.1%)** | **Materials (5.1%)** |
| AptarGroup, Inc.  | 28900 | 3524644 |
| Avery Dennison Corp.  | 12170 | 2213480 |
| Ball Corp.  | 31755 | 1682062 |
| RPM International, Inc.  | 29670 | 3085680 |
|  |  | 10505866 |
| **Real Estate (4.6%)** | **Real Estate (4.6%)** | **Real Estate (4.6%)** |
| AvalonBay Communities, Inc.  | 9720 | 1762333 |
| Camden Property Trust  | 16675 | 1835584 |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> <br>| 10815 | 3638923 |
| STAG Industrial, Inc.  | 59070 | 2171413 |
|  |  | 9408253 |
| **Utilities (7.4%)** | **Utilities (7.4%)** | **Utilities (7.4%)** |
| Atmos Energy Corp.  | 17815 | 2986329 |
| Essential Utilities, Inc.  | 99045 | 3799366 |
| Eversource Energy  | 48120 | 3239920 |
| ONE Gas, Inc.  | 26640 | 2057940 |
| WEC Energy Group, Inc.  | 30155 | 3180146 |
|  |  | 15263701 |
| **TOTAL COMMON STOCKS (Cost $152,047,734)** | **TOTAL COMMON STOCKS (Cost $152,047,734)** | 204665724 |

---

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Midcap Fund**

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investment Companies (0.8%)** | **Investment Companies (0.8%)** | **Investment Companies (0.8%)** |
|  | **Shares** | **Fair Value ($)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 3.63% <sup>(b)</sup> <br>| 1709847 | 1709847 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $1,709,847)**<br>|  | 1709847 |
| **Total Investments (Cost $153,757,581) —** <br> **100.0%**<sup>(c)</sup>  | **Total Investments (Cost $153,757,581) —** <br> **100.0%**<sup>(c)</sup>  | 206375571 |
| Liabilities in excess of other assets — (0.0)% | Liabilities in excess of other assets — (0.0)% | (82475) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $206293096 |

---

------

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven-day yield as of December 31, 2025.

<sup>(c)</sup> 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 Midcap Fund**

**Statement of Assets and Liabilities**

December 31, 2025

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $153,757,581)  | $206375571 |
| Dividend receivable  | 188311 |
| Receivable for capital shares issued  | 49211 |
| Prepaid expenses  | 15156 |
| **Total Assets** | 206628249 |
| **Liabilities:** |  |
| Payable for capital shares redeemed  | 139470 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 136005 |
| Administration and accounting  | 9420 |
| Custodian  | 3228 |
| Shareholder servicing fees  | 29298 |
| Transfer agent  | 5118 |
| Trustee  | 124 |
| Other  | 12490 |
| **Total Liabilities** | 335153 |
| **Net Assets** | $206293096 |
| **Composition of Net Assets:** |  |
| Paid in capital | $150532161 |
| Total distributable earnings | 55760935 |
| **Net Assets** | $206293096 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 8992219 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $22.94 |

---

**Statement of Operations**

For the year ended December 31, 2025

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $3804150 |
| **Total Investment Income** | 3804150 |
| **Expenses:** |  |
| Investment adviser  | 1775686 |
| Administration and accounting  | 58777 |
| Chief compliance officer  | 8410 |
| Custodian  | 22501 |
| Shareholder servicing  | 347499 |
| Transfer agency  | 31626 |
| Trustee  | 17857 |
| Other  | 63821 |
| Total expenses | 2326177 |
| **Net Expenses** | 2326177 |
| **Net Investment Income** | 1477973 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized gains from investment transactions  | 22084707 |
| Change in unrealized depreciation on investments  | (13836175) |
| Net realized/unrealized gains on investments | 8248532 |
| **Change in Net Assets Resulting from Operations** | $9726505 |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Midcap Fund**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended** <br>**December 31, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $1477973 | $1394048 |
| Net realized gains from investment transactions  | 22084707 | 14334952 |
| Change in unrealized appreciation (depreciation) on investments  | (13836175) | 8373089 |
| **Change in Net Assets Resulting from Operations** | 9726505 | 24102089 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  | (21070114) | (10464439) |
| **Change in Net Assets Resulting from distributions to shareholders** | (21070114) | (10464439) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 19784744 | 50266287 |
| Dividends reinvested  | 15664326 | 8275072 |
| Cost of shares redeemed  | (72129792) | (46383425) |
| **Change in Net Assets Resulting from Capital Share Transactions** | (36680722) | 12157934 |
| **Change in Net Assets** | (48024331) | 25795584 |
| **Net Assets:** |  |  |
| Beginning of year  | 254317427 | 228521843 |
| End of year | $206293096 | $254317427 |
| **Share Transactions:** |  |  |
| Issued  | 812643 | 2083907 |
| Reinvested  | 679286 | 323751 |
| Redeemed  | (2940160) | (1912742) |
| **Change in shares** | (1448231) | 494916 |

---

**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, 2025**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2024**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2023**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2022**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2021**<br>|
| **Net Asset Value, Beginning of Period** | $24.36 | $22.98 | $21.26 | $24.96 | $21.02 |
| **Investment Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| Net investment income  | 0.18 | 0.14 | 0.13 | 0.10 | 0.08 |
| Net realized/unrealized gains (losses) from investments  | 0.89 | 2.27 | 2.60 | (2.80) | 5.09 |
| Total from investment activities | 1.07 | 2.41 | 2.73 | (2.70) | 5.17 |
| **Distributions from:** |  |  |  |  |  |
| Net investment income  | (0.18) | (0.15) | (0.10) | (0.09) | (0.10) |
| Net realized gains from investment transactions  | (2.31) | (0.88) | (0.91) | (0.91) | (1.13) |
| Total distributions | (2.49) | (1.03) | (1.01) | (1.00) | (1.23) |
| **Net Asset Value, End of Period** | $22.94 | $24.36 | $22.98 | $21.26 | $24.96 |
| Total Return | 4.35% | 10.28% | 13.05% | (10.94)% | 24.81% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's)  | $206293 | $254317 | $228522 | $162514 | $172765 |
| Ratio of net expenses to average net assets  | 0.98% | 0.98% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets  | 0.62% | 0.57% | 0.57% | 0.45% | 0.36% |
| Ratio of expenses (before fee reductions or recoupment of fees <br> previously reimbursed by the investment adviser) to average net <br> assets <sup>(a)</sup> <br>| 0.98% | 0.98% | 0.98% | 1.00% | 1.00% |
| Portfolio turnover rate  | 29.70% | 31.14% | 26.29% | 27.89% | 19.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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**

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (99.1%)** | **Common Stocks (99.1%)** | **Common Stocks (99.1%)** |
|  | **Shares** | **Fair Value ($)** |
| **Communication Services (1.7%)** | **Communication Services (1.7%)** | **Communication Services (1.7%)** |
| New York Times (The) Co., Class A  | 176183 | 12230624 |
| **Consumer Discretionary (8.0%)** | **Consumer Discretionary (8.0%)** | **Consumer Discretionary (8.0%)** |
| Cavco Industries, Inc. <sup>(a)</sup> <br>| 11208 | 6621014 |
| Choice Hotels International, Inc.  | 88828 | 8461755 |
| Genuine Parts Co.  | 40245 | 4948525 |
| Service Corp. International  | 153126 | 11939234 |
| Texas Roadhouse, Inc.  | 47916 | 7954056 |
| TopBuild Corp. <sup>(a)</sup> <br>| 26646 | 11116445 |
| Williams-Sonoma, Inc.  | 44795 | 7999939 |
|  |  | 59040968 |
| **Consumer Staples (4.8%)** | **Consumer Staples (4.8%)** | **Consumer Staples (4.8%)** |
| BJ's Wholesale Club Holdings, Inc. <br> <sup>(a)</sup> <br>| 155021 | 13956541 |
| McCormick & Co., Inc. (Non Voting)  | 154037 | 10491460 |
| Simply Good Foods (The) Co. <sup>(a)</sup> <br>| 251317 | 5046445 |
| Sprouts Farmers Market, Inc. <sup>(a)</sup> <br>| 76345 | 6082406 |
|  |  | 35576852 |
| **Energy (4.1%)** | **Energy (4.1%)** | **Energy (4.1%)** |
| Antero Midstream Corp.  | 609290 | 10839269 |
| Magnolia Oil & Gas Corp., Class A  | 648721 | 14200503 |
| Matador Resources Co.  | 122243 | 5187993 |
|  |  | 30227765 |
| **Financials (15.4%)** | **Financials (15.4%)** | **Financials (15.4%)** |
| American Financial Group, Inc.  | 67687 | 9251459 |
| Cboe Global Markets, Inc.  | 50818 | 12755318 |
| Cincinnati Financial Corp.  | 86588 | 14141552 |
| Commerce Bancshares, Inc.  | 171615 | 8982337 |
| Cullen/Frost Bankers, Inc.  | 91154 | 11542831 |
| East West Bancorp, Inc.  | 87839 | 9872225 |
| FactSet Research Systems, Inc.  | 30168 | 8754452 |
| International Bancshares Corp.  | 86003 | 5714039 |
| Jack Henry & Associates, Inc.  | 60310 | 11005369 |
| Northern Trust Corp.  | 58247 | 7955958 |
| SEI Investments Co.  | 169743 | 13922321 |
|  |  | 113897861 |
| **Health Care (12.0%)** | **Health Care (12.0%)** | **Health Care (12.0%)** |
| Charles River Laboratories <br> International, Inc. <sup>(a)</sup> <br>| 57520 | 11474090 |
| Chemed Corp.  | 20138 | 8616245 |
| Cooper (The) Cos., Inc. <sup>(a)</sup> <br>| 158325 | 12976317 |
| Globus Medical, Inc., Class A <sup>(a)</sup> <br>| 136138 | 11886209 |
| Jazz Pharmaceuticals PLC <sup>(a)</sup> <br>| 37851 | 6434670 |
| Medpace Holdings, Inc. <sup>(a)</sup> <br>| 25025 | 14055291 |
| STERIS PLC  | 53501 | 13563573 |
| Zimmer Biomet Holdings, Inc.  | 106810 | 9604355 |
|  |  | 88610750 |
| **Industrials (22.9%)** | **Industrials (22.9%)** | **Industrials (22.9%)** |
| A. O. Smith Corp.  | 179321 | 11992989 |
| Acuity, Inc.  | 26633 | 9588945 |
| Allegion PLC  | 88665 | 14117241 |
| Applied Industrial Technologies, Inc.  | 43371 | 11136372 |
| Donaldson Co., Inc.  | 145445 | 12895154 |
| ExlService Holdings, Inc. <sup>(a)</sup> <br>| 228921 | 9715407 |
| Expeditors International of <br> Washington, Inc. <br>| 83933 | 12506856 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Hubbell, Inc.  | 26397 | 11723172 |
| IDEX Corp.  | 80402 | 14306732 |
| Lincoln Electric Holdings, Inc.  | 36795 | 8817554 |
| Masco Corp.  | 100714 | 6391310 |
| Nordson Corp.  | 60291 | 14495765 |
| Paycom Software, Inc.  | 53930 | 8594285 |
| Snap-on, Inc.  | 37867 | 13048968 |
| Watts Water Technologies, Inc., <br> Class A <br>| 36654 | 10117237 |
|  |  | 169447987 |
| **Information Technology (14.9%)** | **Information Technology (14.9%)** | **Information Technology (14.9%)** |
| Akamai Technologies, Inc. <sup>(a)</sup> <br>| 69609 | 6073385 |
| Amdocs Ltd.  | 118895 | 9572237 |
| Badger Meter, Inc.  | 38835 | 6773212 |
| Check Point Software Technologies <br> Ltd. <sup>(a)</sup> <br>| 65404 | 12136366 |
| Dolby Laboratories, Inc., Class A  | 77803 | 4996509 |
| Dynatrace, Inc. <sup>(a)</sup> <br>| 196792 | 8528965 |
| F5, Inc. <sup>(a)</sup> <br>| 36635 | 9351450 |
| GoDaddy, Inc., Class A <sup>(a)</sup> <br>| 65354 | 8109124 |
| NetApp, Inc.  | 75517 | 8087116 |
| Progress Software Corp. <sup>(a)</sup> <br>| 161346 | 6931424 |
| Qualys, Inc. <sup>(a)</sup> <br>| 109183 | 14510421 |
| Teradyne, Inc.  | 77018 | 14907604 |
|  |  | 109977813 |
| **Materials (5.0%)** | **Materials (5.0%)** | **Materials (5.0%)** |
| AptarGroup, Inc.  | 101824 | 12418455 |
| Avery Dennison Corp.  | 52455 | 9540516 |
| RPM International, Inc.  | 105132 | 10933728 |
| Silgan Holdings, Inc.  | 103641 | 4183987 |
|  |  | 37076686 |
| **Real Estate (6.0%)** | **Real Estate (6.0%)** | **Real Estate (6.0%)** |
| Camden Property Trust  | 80278 | 8837002 |
| CubeSmart  | 202616 | 7304307 |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> <br>| 43538 | 14649231 |
| Lamar Advertising Co., Class A  | 58328 | 7383158 |
| STAG Industrial, Inc.  | 176804 | 6499315 |
|  |  | 44673013 |
| **Utilities (4.3%)** | **Utilities (4.3%)** | **Utilities (4.3%)** |
| Atmos Energy Corp.  | 49205 | 8248234 |
| Essential Utilities, Inc.  | 301248 | 11555874 |
| IDACORP, Inc.  | 42579 | 5388798 |
| ONE Gas, Inc.  | 83773 | 6471464 |
|  |  | 31664370 |
| **TOTAL COMMON STOCKS (Cost $598,580,652)** | **TOTAL COMMON STOCKS (Cost $598,580,652)** | 732424689 |

---

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust SMID Cap Fund**

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investment Companies (0.9%)** | **Investment Companies (0.9%)** | **Investment Companies (0.9%)** |
|  | **Shares** | **Fair Value ($)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 3.63% <sup>(b)</sup> <br>| 6260119 | 6260119 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $6,260,119)**<br>|  | 6260119 |
| **Total Investments (Cost $604,840,771) —** <br> **100.0%**<sup>(c)</sup>  | **Total Investments (Cost $604,840,771) —** <br> **100.0%**<sup>(c)</sup>  | 738684808 |
| Other assets in excess of liabilities — 0.0%<sup>(d)</sup>  | Other assets in excess of liabilities — 0.0%<sup>(d)</sup>  | 292761 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $738977569 |

---

------

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven-day yield as of December 31, 2025.

<sup>(c)</sup> See Federal Tax Information listed in the Notes to the Financial Statements. 

<sup>(d)</sup> Represents less than 0.05%.

PLC Public Limited Company

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust SMID Cap Fund**

**Statement of Assets and Liabilities**

December 31, 2025

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $604,840,771)  | $738684808 |
| Dividend receivable  | 618371 |
| Receivable for capital shares issued  | 279088 |
| Prepaid expenses  | 22324 |
| **Total Assets** | 739604591 |
| **Liabilities:** |  |
| Payable for capital shares redeemed  | 115311 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 438586 |
| Administration and accounting  | 22238 |
| Custodian  | 9787 |
| Transfer agent  | 4912 |
| Trustee  | 424 |
| Other  | 35764 |
| **Total Liabilities** | 627022 |
| **Net Assets** | $738977569 |
| **Composition of Net Assets:** |  |
| Paid in capital | $614462219 |
| Total distributable earnings | 124515350 |
| **Net Assets** | $738977569 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 30067173 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $24.58 |

---

**Statement of Operations**

For the year ended December 31, 2025

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $11461286 |
| **Total Investment Income** | 11461286 |
| **Expenses:** |  |
| Investment adviser  | 5772531 |
| Administration and accounting  | 135701 |
| Chief compliance officer  | 27183 |
| Custodian  | 54822 |
| Transfer agency  | 32660 |
| Trustee  | 56635 |
| Other  | 170758 |
| Total expenses before fee reductions | 6250290 |
| Fees contractually reduced by the investment <br> adviser<br>| (477759) |
| **Net Expenses** | 5772531 |
| **Net Investment Income** | 5688755 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized gains from investment transactions  | 4273362 |
| Net realized gains from redemptions in-kind (a) | 6091070 |
| Change in unrealized depreciation on investments  | (12829448) |
| Net realized/unrealized losses on investments | (2465016) |
| **Change in Net Assets Resulting from Operations** | $3223739 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Note 3 in the 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, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $5688755 | $6345927 |
| Net realized gains from investment transactions  | 10364432 | 34613925 |
| Change in unrealized appreciation (depreciation) on investments  | (12829448) | 34760370 |
| **Change in Net Assets Resulting from Operations** | 3223739 | 75720222 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  | (14943407) | (17816943) |
| **Change in Net Assets Resulting from distributions to shareholders** | (14943407) | (17816943) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 104019731 | 182720078 |
| Dividends reinvested  | 11993677 | 14338824 |
| Cost of shares redeemed  | (163306355) | (147390375) |
| Cost of in-kind shares redeemed (a) | (26956958) | (72457747) |
| **Change in Net Assets Resulting from Capital Share Transactions** | (74249905) | (22789220) |
| **Change in Net Assets** | (85969573) | 35114059 |
| **Net Assets:** |  |  |
| Beginning of year  | 824947142 | 789833083 |
| End of year | $738977569 | $824947142 |
| **Share Transactions:** |  |  |
| Issued  | 4224604 | 7412449 |
| Reinvested  | 485181 | 544375 |
| Redeemed  | (6625023) | (5992075) |
| Redeemed in-kind (a) | (1147593) | (3067644) |
| **Change in shares** | (3062831) | (1102895) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Note 3 in the 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, 2025**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2024**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2023**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2022**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2021**<br>|
| **Net Asset Value, Beginning of Period** | $24.90 | $23.07 | $20.56 | $24.32 | $19.23 |
| **Investment Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| Net investment income  | 0.19 | 0.19 | 0.19 | 0.19 | 0.17 |
| Net realized/unrealized gains (losses) from investments  | (0.01) | 2.19 | 2.50 | (3.10) | 5.66 |
| Total from investment activities | 0.18 | 2.38 | 2.69 | (2.91) | 5.83 |
| **Distributions from:** |  |  |  |  |  |
| Net investment income  | (0.20) | (0.21) | (0.16) | (0.21) | (0.19) |
| Net realized gains from investment transactions  | (0.30) | (0.34) | (0.02) | (0.64) | (0.55) |
| Total distributions | (0.50) | (0.55) | (0.18) | (0.85) | (0.74) |
| **Net Asset Value, End of Period** | $24.58 | $24.90 | $23.07 | $20.56 | $24.32 |
| Total Return | 0.73% | 10.17% | 13.14% | (12.04)% | 30.46% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's)  | $738978 | $824947 | $789833 | $533455 | $615547 |
| 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  | 0.74% | 0.80% | 0.92% | 0.89% | 0.80% |
| Ratio of expenses (before fee reductions or recoupment of fees <br> previously reimbursed by the investment adviser) to average net <br> assets <sup>(a)</sup> <br>| 0.81% | 0.82% | 0.85% | 0.86% | 0.85% |
| Portfolio turnover rate  | 26.52%<sup>(b)</sup> <br>| 31.51%<sup>(b)</sup> <br>| 31.10% | 27.54%<sup>(b)</sup> <br>| 35.83%<sup>(b)</sup> <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Excludes impact of in-kind transactions.

**See Notes to Financial Statements**

------

**Active Ownership Report (Unaudited)**

**December 31, 2025**

Boston Trust Walden's Annual Active Ownership Report is published in March. The report will be available at: https://www.bostontrustwalden.com/2025-active-ownership-report/.

------

**Schedule of Portfolio Investments**

**Boston Trust Walden Balanced Fund**

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (67.9%)** | **Common Stocks (67.9%)** | **Common Stocks (67.9%)** |
|  | **Shares** | **Fair Value ($)** |
| **Communication Services (9.0%)** | **Communication Services (9.0%)** | **Communication Services (9.0%)** |
| Alphabet, Inc., Class A  | 17000 | 5321000 |
| Alphabet, Inc., Class C  | 22975 | 7209555 |
| Comcast Corp., Class A  | 27575 | 824217 |
|  |  | 13354772 |
| **Consumer Discretionary (4.5%)** | **Consumer Discretionary (4.5%)** | **Consumer Discretionary (4.5%)** |
| AutoZone, Inc. <sup>(a)</sup> <br>| 780 | 2645370 |
| Booking Holdings, Inc.  | 225 | 1204949 |
| Lowe's Cos., Inc.  | 5000 | 1205800 |
| Ross Stores, Inc.  | 8560 | 1541999 |
|  |  | 6598118 |
| **Consumer Staples (4.2%)** | **Consumer Staples (4.2%)** | **Consumer Staples (4.2%)** |
| Costco Wholesale Corp.  | 3600 | 3104424 |
| PepsiCo, Inc.  | 9995 | 1434482 |
| Procter & Gamble (The) Co.  | 7000 | 1003170 |
| Sysco Corp.  | 10000 | 736900 |
|  |  | 6278976 |
| **Energy (1.4%)** | **Energy (1.4%)** | **Energy (1.4%)** |
| ConocoPhillips  | 22625 | 2117926 |
| **Financials (7.8%)** | **Financials (7.8%)** | **Financials (7.8%)** |
| Chubb Ltd.  | 8585 | 2679550 |
| FactSet Research Systems, Inc.  | 2060 | 597791 |
| JPMorgan Chase & Co.  | 14205 | 4577135 |
| Marsh & McLennan Cos., Inc.  | 3190 | 591809 |
| Visa, Inc., Class A  | 8880 | 3114305 |
|  |  | 11560590 |
| **Health Care (6.1%)** | **Health Care (6.1%)** | **Health Care (6.1%)** |
| Agilent Technologies, Inc.  | 5000 | 680350 |
| Cooper (The) Cos., Inc. <sup>(a)</sup> <br>| 11705 | 959342 |
| Johnson & Johnson  | 8050 | 1665948 |
| Merck & Co., Inc.  | 11005 | 1158386 |
| Stryker Corp.  | 7070 | 2484893 |
| UnitedHealth Group, Inc.  | 6300 | 2079693 |
|  |  | 9028612 |
| **Industrials (6.3%)** | **Industrials (6.3%)** | **Industrials (6.3%)** |
| Automatic Data Processing, Inc.  | 5270 | 1355602 |
| Deere & Co.  | 4000 | 1862280 |
| Donaldson Co., Inc.  | 13275 | 1176961 |
| Hubbell, Inc.  | 7000 | 3108770 |
| Union Pacific Corp.  | 3900 | 902148 |
| United Parcel Service, Inc., Class B  | 9250 | 917508 |
|  |  | 9323269 |
| **Information Technology (26.6%)** | **Information Technology (26.6%)** | **Information Technology (26.6%)** |
| Accenture PLC, Class A  | 10200 | 2736660 |
| Adobe, Inc. <sup>(a)</sup> <br>| 2155 | 754228 |
| Analog Devices, Inc.  | 4100 | 1111920 |
| Apple, Inc.  | 36265 | 9859003 |
| Applied Materials, Inc.  | 12630 | 3245784 |
| Cisco Systems, Inc.  | 35515 | 2735720 |
| KLA Corp.  | 1550 | 1883374 |
| Microsoft Corp.  | 24500 | 11848690 |
| NVIDIA Corp.  | 22030 | 4108595 |
| TE Connectivity PLC  | 5500 | 1251305 |
|  |  | 39535279 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Materials (0.9%)** | **Materials (0.9%)** | **Materials (0.9%)** |
| Air Products and Chemicals, Inc.  | 3600 | 889272 |
| AptarGroup, Inc.  | 4160 | 507354 |
|  |  | 1396626 |
| **Utilities (1.1%)** | **Utilities (1.1%)** | **Utilities (1.1%)** |
| Essential Utilities, Inc.  | 22500 | 863100 |
| Eversource Energy  | 12355 | 831862 |
|  |  | 1694962 |
| **TOTAL COMMON STOCKS (Cost $30,646,967)** | **TOTAL COMMON STOCKS (Cost $30,646,967)** | 100889130 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds (9.0%)** | **Corporate Bonds (9.0%)** | **Corporate Bonds (9.0%)** |
|  | **Principal**<br> **Amount ($)**<br>|  |
| **Communication Services (0.8%)** | **Communication Services (0.8%)** | **Communication Services (0.8%)** |
| Comcast Corp., 3.30%, 4/1/27 | 250000 | 248346 |
| Verizon Communications, Inc., <br> 1.50%, 9/18/30<br>| 1000000 | 882734 |
|  |  | 1131080 |
| **Consumer Discretionary (1.5%)** | **Consumer Discretionary (1.5%)** | **Consumer Discretionary (1.5%)** |
| Home Depot (The), Inc., 1.38%, <br> 3/15/31<br>| 1500000 | 1303380 |
| NIKE, Inc., 2.75%, 3/27/27 | 500000 | 494288 |
| Starbucks Corp., 2.45%, 6/15/26, <br> Callable 3/15/26 @ 100<br>| 350000 | 347590 |
|  |  | 2145258 |
| **Consumer Staples (1.0%)** | **Consumer Staples (1.0%)** | **Consumer Staples (1.0%)** |
| Estee Lauder (The) Cos., Inc., <br> 1.95%, 3/15/31<br>| 1675000 | 1495589 |
| **Financials (0.7%)** | **Financials (0.7%)** | **Financials (0.7%)** |
| John Deere Capital Corp., 2.80%, <br> 7/18/29, MTN<br>| 350000 | 336845 |
| JPMorgan Chase & Co., 2.95%, <br> 10/1/26, Callable 7/1/26 @ 100<br>| 500000 | 496788 |
| Mastercard, Inc., 2.95%, <br> 11/21/26, Callable 8/21/26 @ <br> 100<br>| 100000 | 99344 |
| Mastercard, Inc., 3.30%, 3/26/27 | 150000 | 149248 |
|  |  | 1082225 |
| **Health Care (1.9%)** | **Health Care (1.9%)** | **Health Care (1.9%)** |
| Kaiser Foundation Hospitals, <br> 3.15%, 5/1/27, Callable 2/1/27 <br> @ 100<br>| 250000 | 247949 |
| Pfizer, Inc., 1.70%, 5/28/30 | 1300000 | 1178264 |
| Stryker Corp., 3.50%, 3/15/26, <br> Callable 12/15/25 @ 100<br>| 300000 | 299716 |
| UnitedHealth Group, Inc., 2.88%, <br> 8/15/29<br>| 1200000 | 1153046 |
|  |  | 2878975 |
| **Industrials (0.5%)** | **Industrials (0.5%)** | **Industrials (0.5%)** |
| Hubbell, Inc., 3.50%, 2/15/28 | 150000 | 148517 |
| Hubbell, Inc., 2.30%, 3/15/31 | 500000 | 455855 |
| United Parcel Service, Inc., 2.40%, <br> 11/15/26, Callable 8/15/26 @ <br> 100<br>| 200000 | 197697 |
|  |  | 802069 |

---

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Walden Balanced Fund**

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
|  | **Principal**<br> **Amount ($)**<br>| **Fair Value ($)** |
| **Information Technology (1.0%)** | **Information Technology (1.0%)** | **Information Technology (1.0%)** |
| Apple, Inc., 3.00%, 6/20/27 | 200000 | 198312 |
| Apple, Inc., 2.20%, 9/11/29 | 350000 | 330413 |
| Intel Corp., 3.90%, 3/25/30 | 1000000 | 980998 |
|  |  | 1509723 |
| **Materials (0.9%)** | **Materials (0.9%)** | **Materials (0.9%)** |
| Air Products and Chemicals, Inc., <br> 2.05%, 5/15/30<br>| 1425000 | 1311724 |
| **Utilities (0.7%)** | **Utilities (0.7%)** | **Utilities (0.7%)** |
| Consolidated Edison Co. of New <br> York, Inc., 3.35%, 4/1/30<br>| 1000000 | 969374 |
| **TOTAL CORPORATE BONDS (Cost $14,016,968)** | **TOTAL CORPORATE BONDS (Cost $14,016,968)** | 13326017 |

---

---

| | | |
|:---|:---|:---|
| **Municipal Bonds (0.5%)** | **Municipal Bonds (0.5%)** | **Municipal Bonds (0.5%)** |
| **Georgia (0.2%)** | **Georgia (0.2%)** | **Georgia (0.2%)** |
| State of Georgia, GO, Series B, <br> 1.40%, 8/1/33<br>| 350000 | 286110 |
| **Hawaii (0.3%)** | **Hawaii (0.3%)** | **Hawaii (0.3%)** |
| State of Hawaii, GO, Series FZ, <br> 1.87%, 8/1/33, Callable 8/1/30 <br> @ 100<br>| 500000 | 420750 |
| **TOTAL MUNICIPAL BONDS (Cost $855,671)** | **TOTAL MUNICIPAL BONDS (Cost $855,671)** | 706860 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Government & U.S. Government Agency Obligations (21.9%)** | **U.S. Government & U.S. Government Agency Obligations (21.9%)** | **U.S. Government & U.S. Government Agency Obligations (21.9%)** |
| **Federal Farm Credit Bank (0.4%)**  | **Federal Farm Credit Bank (0.4%)**  | **Federal Farm Credit Bank (0.4%)**  |
| 2.75%, 7/16/27  | 250000 | 247042 |
| 2.85%, 3/2/28  | 250000 | 246224 |
|  |  | 493266 |
| **Federal Home Loan Bank (0.5%)**  | **Federal Home Loan Bank (0.5%)**  | **Federal Home Loan Bank (0.5%)**  |
| 5.50%, 7/15/36  | 700000 | 767978 |
| **Government National Mortgage Association (0.0%)** <sup>(b)</sup> | **Government National Mortgage Association (0.0%)** <sup>(b)</sup> | **Government National Mortgage Association (0.0%)** <sup>(b)</sup> |
| 4.00%, 9/15/40  | 6204 | 5980 |
| 4.00%, 9/15/41  | 18107 | 17544 |
|  |  | 23524 |
| **U.S. Treasury Bond (6.0%)**  | **U.S. Treasury Bond (6.0%)**  | **U.S. Treasury Bond (6.0%)**  |
| 3.88%, 5/15/43  | 9895000 | 8909365 |
| **U.S. Treasury Inflation Indexed Note (4.0%)**  | **U.S. Treasury Inflation Indexed Note (4.0%)**  | **U.S. Treasury Inflation Indexed Note (4.0%)**  |
| 0.75%, 7/15/28  | 646970 | 641094 |
| 0.25%, 7/15/29  | 1269770 | 1227228 |
| 1.88%, 7/15/34  | 4140440 | 4172920 |
|  |  | 6041242 |
| **U.S. Treasury Note (11.0%)**  | **U.S. Treasury Note (11.0%)**  | **U.S. Treasury Note (11.0%)**  |
| 2.75%, 8/15/32  | 6025000 | 5624667 |
| 3.88%, 8/15/33  | 10750000 | 10679033 |
|  |  | 16303700 |
| **TOTAL U.S. GOVERNMENT & U.S.** <br> **GOVERNMENT AGENCY** <br> **OBLIGATIONS (Cost $31,996,053)**<br>|  | 32539075 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (0.6%)** | **Investment Companies (0.6%)** | **Investment Companies (0.6%)** |
|  | **Shares** | **Fair Value ($)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 3.63% <sup>(c)</sup> <br>| 916917 | 916917 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $916,917)**<br>|  | 916917 |
| **Total Investments (Cost $78,432,576) —** <br> **99.9%**<sup>(d)</sup>  | **Total Investments (Cost $78,432,576) —** <br> **99.9%**<sup>(d)</sup>  | 148377999 |
| Other assets in excess of liabilities — 0.1% | Other assets in excess of liabilities — 0.1% | 77700 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $148455699 |

---

------

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05%.

<sup>(c)</sup> Rate disclosed is the seven-day yield as of December 31, 2025.

<sup>(d)</sup> See Federal Tax Information listed in the Notes to the Financial Statements. 

GO General Obligation <br> MTN Medium Term Note <br> PLC Public Limited Company

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden Balanced Fund**

**Statement of Assets and Liabilities**

December 31, 2025

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $78,432,576)  | $148377999 |
| Interest and dividends receivable  | 481455 |
| Receivable for tax reclaims  | 1666 |
| Receivable for capital shares issued  | 15721 |
| Prepaid expenses  | 10962 |
| **Total Assets** | 148887803 |
| **Liabilities:** |  |
| Payable for capital shares redeemed  | 298323 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 96646 |
| Administration and accounting  | 10019 |
| Custodian  | 1643 |
| Shareholder servicing fees  | 12521 |
| Transfer agent  | 4425 |
| Trustee  | 86 |
| Other  | 8441 |
| **Total Liabilities** | 432104 |
| **Net Assets** | $148455699 |
| **Composition of Net Assets:** |  |
| Paid in capital | $71460420 |
| Total distributable earnings | 76995279 |
| **Net Assets** | $148455699 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 6503118 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $22.83 |

---

**Statement of Operations**

For the year ended December 31, 2025

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest  | $1788473 |
| Dividends  | 1444954 |
| **Total Investment Income** | 3233427 |
| **Expenses:** |  |
| Investment adviser  | 1149029 |
| Administration and accounting  | 59951 |
| Chief compliance officer  | 5372 |
| Custodian  | 10291 |
| Shareholder servicing  | 136052 |
| Transfer agency  | 27108 |
| Trustee  | 11498 |
| Other  | 46685 |
| Total expenses | 1445986 |
| **Net Expenses** | 1445986 |
| **Net Investment Income** | 1787441 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized gains from investment transactions  | 15405467 |
| Change in unrealized depreciation on investments  | (1750413) |
| Net realized/unrealized gains on investments | 13655054 |
| **Change in Net Assets Resulting from Operations** | $15442495 |

---

**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, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $1787441 | $1864550 |
| Net realized gains from investment transactions  | 15405467 | 6459749 |
| Change in unrealized appreciation (depreciation) on investments  | (1750413) | 2541758 |
| **Change in Net Assets Resulting from Operations** | 15442495 | 10866057 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  | (11322793) | (7303027) |
| **Change in Net Assets Resulting from distributions to shareholders** | (11322793) | (7303027) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 4805324 | 7388692 |
| Dividends reinvested  | 7482251 | 5436792 |
| Cost of shares redeemed  | (25607571) | (24323660) |
| **Change in Net Assets Resulting from Capital Share Transactions** | (13319996) | (11498176) |
| **Change in Net Assets** | (9200294) | (7935146) |
| **Net Assets:** |  |  |
| Beginning of year  | 157655993 | 165591139 |
| End of year | $148455699 | $157655993 |
| **Share Transactions:** |  |  |
| Issued  | 211510 | 326876 |
| Reinvested  | 328601 | 237934 |
| Redeemed  | (1113368) | (1080001) |
| **Change in shares** | (573257) | (515191) |

---

**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, 2025**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2024**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2023**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2022**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2021**<br>|
| **Net Asset Value, Beginning of Period** | $22.28 | $21.81 | $20.97 | $25.15 | $21.82 |
| **Investment Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| Net investment income  | 0.29 | 0.27 | 0.27 | 0.22 | 0.14 |
| Net realized/unrealized gains (losses) from investments  | 2.08 | 1.26 | 2.24 | (3.63) | 4.07 |
| Total from investment activities | 2.37 | 1.53 | 2.51 | (3.41) | 4.21 |
| **Distributions from:** |  |  |  |  |  |
| Net investment income  | (0.29) | (0.31) | (0.25) | (0.22) | (0.14) |
| Net realized gains from investment transactions  | (1.53) | (0.75) | (1.42) | (0.55) | (0.74) |
| Total distributions | (1.82) | (1.06) | (1.67) | (0.77) | (0.88) |
| **Net Asset Value, End of Period** | $22.83 | $22.28 | $21.81 | $20.97 | $25.15 |
| Total Return | 10.66% | 6.88% | 12.18% | (13.67)% | 19.38% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's)  | $148456 | $157656 | $165591 | $178862 | $209536 |
| Ratio of net expenses to average net assets  | 0.94% | 0.95% | 0.98% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets  | 1.17% | 1.14% | 1.23% | 0.98% | 0.60% |
| Ratio of expenses (before fee reductions or recoupment of fees <br> previously reimbursed by the investment adviser) to average net <br> assets <br>| 0.94% | 0.95% | 0.96%<sup>(a)</sup> <br>| 0.99%<sup>(a)</sup> <br>| 1.00%<sup>(a)</sup> <br>|
| Portfolio turnover rate  | 13.34% | 3.30% | 11.76% | 28.62% | 20.88% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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**

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (99.1%)** | **Common Stocks (99.1%)** | **Common Stocks (99.1%)** |
|  | **Shares** | **Fair Value ($)** |
| **Communication Services (11.2%)** | **Communication Services (11.2%)** | **Communication Services (11.2%)** |
| Alphabet, Inc., Class A  | 24135 | 7554255 |
| Alphabet, Inc., Class C  | 46390 | 14557182 |
| Comcast Corp., Class A  | 61340 | 1833453 |
|  |  | 23944890 |
| **Consumer Discretionary (7.2%)** | **Consumer Discretionary (7.2%)** | **Consumer Discretionary (7.2%)** |
| AutoZone, Inc. <sup>(a)</sup> <br>| 1180 | 4001970 |
| Booking Holdings, Inc.  | 685 | 3668401 |
| Lowe's Cos., Inc.  | 8245 | 1988364 |
| McDonald's Corp.  | 3250 | 993298 |
| NIKE, Inc., Class B  | 26000 | 1656460 |
| Ross Stores, Inc.  | 17930 | 3229910 |
|  |  | 15538403 |
| **Consumer Staples (3.7%)** | **Consumer Staples (3.7%)** | **Consumer Staples (3.7%)** |
| Costco Wholesale Corp.  | 2970 | 2561150 |
| Hershey (The) Co.  | 4750 | 864405 |
| PepsiCo, Inc.  | 23980 | 3441610 |
| Sysco Corp.  | 13825 | 1018764 |
|  |  | 7885929 |
| **Energy (1.9%)** | **Energy (1.9%)** | **Energy (1.9%)** |
| ConocoPhillips  | 42665 | 3993871 |
| **Financials (15.2%)** | **Financials (15.2%)** | **Financials (15.2%)** |
| American Express Co.  | 9285 | 3434986 |
| Chubb Ltd.  | 16070 | 5015768 |
| JPMorgan Chase & Co.  | 34190 | 11016702 |
| Marsh & McLennan Cos., Inc.  | 13205 | 2449792 |
| T. Rowe Price Group, Inc.  | 12450 | 1274631 |
| Visa, Inc., Class A  | 26450 | 9276279 |
|  |  | 32468158 |
| **Health Care (10.2%)** | **Health Care (10.2%)** | **Health Care (10.2%)** |
| Agilent Technologies, Inc.  | 4895 | 666063 |
| Becton, Dickinson & Co.  | 6065 | 1177035 |
| Danaher Corp.  | 3695 | 845859 |
| Johnson & Johnson  | 24210 | 5010259 |
| Merck & Co., Inc.  | 28710 | 3022015 |
| Stryker Corp.  | 14370 | 5050624 |
| UnitedHealth Group, Inc.  | 10450 | 3449649 |
| Waters Corp. <sup>(a)</sup> <br>| 6905 | 2622726 |
|  |  | 21844230 |
| **Industrials (10.6%)** | **Industrials (10.6%)** | **Industrials (10.6%)** |
| Automatic Data Processing, Inc.  | 13755 | 3538199 |
| Deere & Co.  | 10145 | 4723208 |
| Donaldson Co., Inc.  | 28725 | 2546758 |
| Hubbell, Inc.  | 9295 | 4128002 |
| Union Pacific Corp.  | 16485 | 3813310 |
| United Parcel Service, Inc., Class B  | 17940 | 1779469 |
| W.W. Grainger, Inc.  | 2220 | 2240091 |
|  |  | 22769037 |
| **Information Technology (37.0%)** | **Information Technology (37.0%)** | **Information Technology (37.0%)** |
| Accenture PLC, Class A  | 19175 | 5144652 |
| Adobe, Inc. <sup>(a)</sup> <br>| 1110 | 388489 |
| Analog Devices, Inc.  | 8640 | 2343168 |
| Apple, Inc.  | 87895 | 23895135 |
| Applied Materials, Inc.  | 24020 | 6172900 |
| Cisco Systems, Inc.  | 70970 | 5466819 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| KLA Corp.  | 2835 | 3444752 |
| Microsoft Corp.  | 44545 | 21542853 |
| NVIDIA Corp.  | 44970 | 8386905 |
| TE Connectivity PLC  | 11260 | 2561762 |
|  |  | 79347435 |
| **Materials (1.3%)** | **Materials (1.3%)** | **Materials (1.3%)** |
| Air Products and Chemicals, Inc.  | 4650 | 1148643 |
| AptarGroup, Inc.  | 12895 | 1572674 |
|  |  | 2721317 |
| **Utilities (0.8%)** | **Utilities (0.8%)** | **Utilities (0.8%)** |
| Eversource Energy  | 25650 | 1727015 |
| **TOTAL COMMON STOCKS (Cost $54,760,933)** | **TOTAL COMMON STOCKS (Cost $54,760,933)** | 212240285 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (0.9%)** | **Investment Companies (0.9%)** | **Investment Companies (0.9%)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 3.63% <sup>(b)</sup> <br>| 1915364 | 1915364 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $1,915,364)**<br>|  | 1915364 |
| **Total Investments (Cost $56,676,297) —** <br> **100.0%**<sup>(c)</sup>  | **Total Investments (Cost $56,676,297) —** <br> **100.0%**<sup>(c)</sup>  | 214155649 |
| Liabilities in excess of other assets — (0.0)%<sup>(d)</sup>  | Liabilities in excess of other assets — (0.0)%<sup>(d)</sup>  | (53866) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $214101783 |

---

------

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven-day yield as of December 31, 2025.

<sup>(c)</sup> See Federal Tax Information listed in the Notes to the Financial Statements. 

<sup>(d)</sup> Represents less than 0.05%.

PLC Public Limited Company

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden Equity Fund**

**Statement of Assets and Liabilities**

December 31, 2025

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $56,676,297)  | $214155649 |
| Dividend receivable  | 137785 |
| Receivable for tax reclaims  | 3118 |
| Receivable for capital shares issued  | 4760 |
| Prepaid expenses  | 12665 |
| **Total Assets** | 214313977 |
| **Liabilities:** |  |
| Payable for capital shares redeemed  | 14660 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 140600 |
| Administration and accounting  | 9539 |
| Custodian  | 3673 |
| Shareholder servicing fees  | 26289 |
| Transfer agent  | 4558 |
| Trustee  | 126 |
| Other  | 12749 |
| **Total Liabilities** | 212194 |
| **Net Assets** | $214101783 |
| **Composition of Net Assets:** |  |
| Paid in capital | $45271369 |
| Total distributable earnings | 168830414 |
| **Net Assets** | $214101783 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 5899315 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $36.29 |

---

**Statement of Operations**

For the year ended December 31, 2025

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $3417018 |
| **Total Investment Income** | 3417018 |
| **Expenses:** |  |
| Investment adviser  | 1795693 |
| Administration and accounting  | 59232 |
| Chief compliance officer  | 8498 |
| Custodian  | 20956 |
| Shareholder servicing  | 291543 |
| Transfer agency  | 28394 |
| Trustee  | 17905 |
| Other  | 63615 |
| Total expenses | 2285836 |
| **Net Expenses** | 2285836 |
| **Net Investment Income** | 1131182 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized gains from investment transactions  | 41517081 |
| Change in unrealized depreciation on investments  | (14032647) |
| Net realized/unrealized gains on investments | 27484434 |
| **Change in Net Assets Resulting from Operations** | $28615616 |

---

**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, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $1131182 | $1367010 |
| Net realized gains from investment transactions  | 41517081 | 11084350 |
| Change in unrealized appreciation (depreciation) on investments  | (14032647) | 13201047 |
| **Change in Net Assets Resulting from Operations** | 28615616 | 25652407 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  | (23233310) | (12818737) |
| **Change in Net Assets Resulting from distributions to shareholders** | (23233310) | (12818737) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 7100797 | 18698828 |
| Dividends reinvested  | 15626256 | 8974838 |
| Cost of shares redeemed  | (80464818) | (36962244) |
| **Change in Net Assets Resulting from Capital Share Transactions** | (57737765) | (9288578) |
| **Change in Net Assets** | (52355459) | 3545092 |
| **Net Assets:** |  |  |
| Beginning of year  | 266457242 | 262912150 |
| End of year | $214101783 | $266457242 |
| **Share Transactions:** |  |  |
| Issued  | 199496 | 524915 |
| Reinvested  | 430950 | 244014 |
| Redeemed  | (2190556) | (1021897) |
| **Change in shares** | (1560110) | (252968) |

---

**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, 2025**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2024**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2023**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2022**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2021**<br>|
| **Net Asset Value, Beginning of Period** | $35.72 | $34.09 | $30.21 | $36.06 | $28.82 |
| **Investment Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| Net investment income  | 0.20 | 0.19 | 0.24 | 0.21 | 0.12 |
| Net realized/unrealized gains (losses) from investments  | 4.56 | 3.21 | 4.66 | (5.06) | 7.93 |
| Total from investment activities | 4.76 | 3.40 | 4.90 | (4.85) | 8.05 |
| **Distributions from:** |  |  |  |  |  |
| Net investment income  | (0.20) | (0.22) | (0.24) | (0.21) | (0.12) |
| Net realized gains from investment transactions  | (3.99) | (1.55) | (0.78) | (0.79) | (0.69) |
| Total distributions | (4.19) | (1.77) | (1.02) | (1.00) | (0.81) |
| **Net Asset Value, End of Period** | $36.29 | $35.72 | $34.09 | $30.21 | $36.06 |
| Total Return | 13.34% | 9.81% | 16.29% | (13.55)% | 28.00% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's)  | $214102 | $266457 | $262912 | $249987 | $359003 |
| Ratio of net expenses to average net assets  | 0.95% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets  | 0.47% | 0.50% | 0.74% | 0.65% | 0.38% |
| Ratio of expenses (before fee reductions or recoupment of fees <br> previously reimbursed by the investment adviser) to average net <br> assets <sup>(a)</sup> <br>| 0.95% | 0.96% | 0.99% | 1.02% | 1.02% |
| Portfolio turnover rate  | 1.24% | 6.14% | 6.69% | 19.32%<sup>(b)</sup> <br>| 8.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Excludes impact of in-kind transactions.

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Walden Midcap Fund**

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (98.8%)** | **Common Stocks (98.8%)** | **Common Stocks (98.8%)** |
|  | **Shares** | **Fair Value ($)** |
| **Communication Services (1.3%)** | **Communication Services (1.3%)** | **Communication Services (1.3%)** |
| New York Times (The) Co., Class A  | 32840 | 2279753 |
| **Consumer Discretionary (9.8%)** | **Consumer Discretionary (9.8%)** | **Consumer Discretionary (9.8%)** |
| AutoZone, Inc. <sup>(a)</sup> <br>| 633 | 2146819 |
| Choice Hotels International, Inc.  | 20695 | 1971406 |
| DR Horton, Inc.  | 12690 | 1827741 |
| Genuine Parts Co.  | 14615 | 1797060 |
| Lululemon Athletica, Inc. <sup>(a)</sup> <br>| 8595 | 1786127 |
| Ross Stores, Inc.  | 20850 | 3755919 |
| Ulta Beauty, Inc. <sup>(a)</sup> <br>| 3280 | 1984433 |
| Williams-Sonoma, Inc.  | 8285 | 1479618 |
|  |  | 16749123 |
| **Consumer Staples (6.2%)** | **Consumer Staples (6.2%)** | **Consumer Staples (6.2%)** |
| BJ's Wholesale Club Holdings, Inc. <br> <sup>(a)</sup> <br>| 27380 | 2465021 |
| Church & Dwight Co., Inc.  | 19270 | 1615789 |
| McCormick & Co., Inc. (Non Voting)  | 29115 | 1983023 |
| Sprouts Farmers Market, Inc. <sup>(a)</sup> <br>| 19850 | 1581450 |
| Sysco Corp.  | 40420 | 2978550 |
|  |  | 10623833 |
| **Energy (3.5%)** | **Energy (3.5%)** | **Energy (3.5%)** |
| Baker Hughes Co.  | 34740 | 1582060 |
| EOG Resources, Inc.  | 25475 | 2675130 |
| SLB Ltd.  | 46385 | 1780256 |
|  |  | 6037446 |
| **Financials (15.4%)** | **Financials (15.4%)** | **Financials (15.4%)** |
| American Financial Group, Inc.  | 23405 | 3198996 |
| Brown & Brown, Inc.  | 21660 | 1726302 |
| Cboe Global Markets, Inc.  | 6630 | 1664130 |
| Cincinnati Financial Corp.  | 16120 | 2632718 |
| Commerce Bancshares, Inc.  | 31153 | 1630574 |
| Cullen/Frost Bankers, Inc.  | 17380 | 2200829 |
| East West Bancorp, Inc.  | 15300 | 1719567 |
| FactSet Research Systems, Inc.  | 9455 | 2743747 |
| Jack Henry & Associates, Inc.  | 12030 | 2195234 |
| MSCI, Inc.  | 5515 | 3164121 |
| SEI Investments Co.  | 42580 | 3492412 |
|  |  | 26368630 |
| **Health Care (12.5%)** | **Health Care (12.5%)** | **Health Care (12.5%)** |
| Agilent Technologies, Inc.  | 15355 | 2089355 |
| Cooper (The) Cos., Inc. <sup>(a)</sup> <br>| 37550 | 3077598 |
| Edwards Lifesciences Corp. <sup>(a)</sup> <br>| 31815 | 2712229 |
| Medpace Holdings, Inc. <sup>(a)</sup> <br>| 5725 | 3215446 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> <br>| 2705 | 3771284 |
| STERIS PLC  | 11735 | 2975057 |
| Veeva Systems, Inc., Class A <sup>(a)</sup> <br>| 7225 | 1612837 |
| Zimmer Biomet Holdings, Inc.  | 22205 | 1996673 |
|  |  | 21450479 |
| **Industrials (21.1%)** | **Industrials (21.1%)** | **Industrials (21.1%)** |
| A. O. Smith Corp.  | 23405 | 1565326 |
| Allegion PLC  | 17365 | 2764855 |
| AMETEK, Inc.  | 11825 | 2427791 |
| Broadridge Financial Solutions, Inc.  | 7205 | 1607940 |
| Core & Main, Inc., Class A <sup>(a)</sup> <br>| 33770 | 1755027 |
| Donaldson Co., Inc.  | 26825 | 2378305 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Expeditors International of <br> Washington, Inc. <br>| 17840 | 2658338 |
| Hubbell, Inc.  | 6510 | 2891156 |
| IDEX Corp.  | 14825 | 2637960 |
| Lincoln Electric Holdings, Inc.  | 10465 | 2507833 |
| Nordson Corp.  | 11330 | 2724072 |
| Paychex, Inc.  | 38190 | 4284154 |
| Paycom Software, Inc.  | 10930 | 1741805 |
| Snap-on, Inc.  | 5250 | 1809150 |
| Verisk Analytics, Inc.  | 10430 | 2333087 |
|  |  | 36086799 |
| **Information Technology (12.2%)** | **Information Technology (12.2%)** | **Information Technology (12.2%)** |
| Amdocs Ltd.  | 18030 | 1451595 |
| Dynatrace, Inc. <sup>(a)</sup> <br>| 46695 | 2023761 |
| Fortinet, Inc. <sup>(a)</sup> <br>| 36350 | 2886554 |
| GoDaddy, Inc., Class A <sup>(a)</sup> <br>| 12100 | 1501368 |
| NetApp, Inc.  | 21045 | 2253709 |
| ON Semiconductor Corp. <sup>(a)</sup> <br>| 27785 | 1504558 |
| Qualys, Inc. <sup>(a)</sup> <br>| 19020 | 2527758 |
| TE Connectivity PLC  | 14290 | 3251118 |
| Teradyne, Inc.  | 17800 | 3445368 |
|  |  | 20845789 |
| **Materials (5.1%)** | **Materials (5.1%)** | **Materials (5.1%)** |
| AptarGroup, Inc.  | 25150 | 3067294 |
| Avery Dennison Corp.  | 9540 | 1735135 |
| Ball Corp.  | 28940 | 1532952 |
| RPM International, Inc.  | 24020 | 2498080 |
|  |  | 8833461 |
| **Real Estate (4.9%)** | **Real Estate (4.9%)** | **Real Estate (4.9%)** |
| AvalonBay Communities, Inc.  | 7745 | 1404246 |
| Camden Property Trust  | 15025 | 1653952 |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> <br>| 10590 | 3563217 |
| STAG Industrial, Inc.  | 47300 | 1738748 |
|  |  | 8360163 |
| **Utilities (6.8%)** | **Utilities (6.8%)** | **Utilities (6.8%)** |
| Atmos Energy Corp.  | 14675 | 2459970 |
| Essential Utilities, Inc.  | 87295 | 3348636 |
| Eversource Energy  | 54240 | 3651979 |
| ONE Gas, Inc.  | 28970 | 2237933 |
|  |  | 11698518 |
| **TOTAL COMMON STOCKS (Cost $131,664,813)** | **TOTAL COMMON STOCKS (Cost $131,664,813)** | 169333994 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (1.2%)** | **Investment Companies (1.2%)** | **Investment Companies (1.2%)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 3.63% <sup>(b)</sup> <br>| 2020865 | 2020865 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $2,020,865)**<br>|  | 2020865 |
| **Total Investments (Cost $133,685,678) —** <br> **100.0%**<sup>(c)</sup>  | **Total Investments (Cost $133,685,678) —** <br> **100.0%**<sup>(c)</sup>  | 171354859 |
| Other assets in excess of liabilities — 0.0%<sup>(d)</sup>  | Other assets in excess of liabilities — 0.0%<sup>(d)</sup>  | 28289 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $171383148 |

---

------

<br> <sup>(a)</sup> Non-income producing security.

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Walden Midcap Fund**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(b)</sup> Rate disclosed is the seven-day yield as of December 31, 2025.

<sup>(c)</sup> See Federal Tax Information listed in the Notes to the Financial Statements. 

<sup>(d)</sup> Represents less than 0.05%.

PLC Public Limited Company

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden Midcap Fund**

**Statement of Assets and Liabilities**

December 31, 2025

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $133,685,678)  | $171354859 |
| Dividend receivable  | 159714 |
| Receivable for capital shares issued  | 115616 |
| Prepaid expenses  | 12216 |
| **Total Assets** | 171642405 |
| **Liabilities:** |  |
| Payable for capital shares redeemed  | 100022 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 108644 |
| Administration and accounting  | 10085 |
| Custodian  | 3224 |
| Shareholder servicing fees  | 24349 |
| Transfer agent  | 4647 |
| Trustee  | 99 |
| Other  | 8187 |
| **Total Liabilities** | 259257 |
| **Net Assets** | $171383148 |
| **Composition of Net Assets:** |  |
| Paid in capital | $131785376 |
| Total distributable earnings | 39597772 |
| **Net Assets** | $171383148 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 7629554 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $22.46 |

---

**Statement of Operations**

For the year ended December 31, 2025

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $2668669 |
| **Total Investment Income** | 2668669 |
| **Expenses:** |  |
| Investment adviser  | 1256109 |
| Administration and accounting  | 59281 |
| Chief compliance officer  | 5831 |
| Custodian  | 20131 |
| Shareholder servicing  | 270229 |
| Transfer agency  | 28339 |
| Trustee  | 12232 |
| Other  | 51587 |
| Total expenses before fee reductions | 1703739 |
| Fees contractually reduced by the investment <br> adviser<br>| (28926) |
| **Net Expenses** | 1674813 |
| **Net Investment Income** | 993856 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized gains from investment transactions  | 9370337 |
| Change in unrealized depreciation on investments  | (2502471) |
| Net realized/unrealized gains on investments | 6867866 |
| **Change in Net Assets Resulting from Operations** | $7861722 |

---

**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, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $993856 | $770001 |
| Net realized gains from investment transactions  | 9370337 | 8019312 |
| Change in unrealized appreciation (depreciation) on investments  | (2502471) | 4595695 |
| **Change in Net Assets Resulting from Operations** | 7861722 | 13385008 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  | (11736375) | (5321603) |
| **Change in Net Assets Resulting from distributions to shareholders** | (11736375) | (5321603) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 31476744 | 41436879 |
| Dividends reinvested  | 9317212 | 4115863 |
| Cost of shares redeemed  | (27434830) | (15722284) |
| **Change in Net Assets Resulting from Capital Share Transactions** | 13359126 | 29830458 |
| **Change in Net Assets** | 9484473 | 37893863 |
| **Net Assets:** |  |  |
| Beginning of year  | 161898675 | 124004812 |
| End of year | $171383148 | $161898675 |
| **Share Transactions:** |  |  |
| Issued  | 1359440 | 1798101 |
| Reinvested  | 412631 | 171138 |
| Redeemed  | (1193454) | (687988) |
| **Change in shares** | 578617 | 1281251 |

---

**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, 2025**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2024**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2023**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2022**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2021**<br>|
| **Net Asset Value, Beginning of Period** | $22.96 | $21.49 | $19.82 | $23.44 | $19.71 |
| **Investment Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| Net investment income  | 0.14 | 0.12 | 0.12 | 0.09 | 0.08 |
| Net realized/unrealized gains (losses) from investments  | 0.98 | 2.15 | 2.59 | (2.61) | 4.78 |
| Total from investment activities | 1.12 | 2.27 | 2.71 | (2.52) | 4.86 |
| **Distributions from:** |  |  |  |  |  |
| Net investment income  | (0.14) | (0.12) | (0.12) | (0.09) | (0.09) |
| Net realized gains from investment transactions  | (1.48) | (0.68) | (0.92) | (1.01) | (1.04) |
| Total distributions | (1.62) | (0.80) | (1.04) | (1.10) | (1.13) |
| **Net Asset Value, End of Period** | $22.46 | $22.96 | $21.49 | $19.82 | $23.44 |
| Total Return | 4.85% | 10.40% | 13.88% | (10.90)% | 24.89% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's)  | $171383 | $161899 | $124005 | $97465 | $105951 |
| Ratio of net expenses to average net assets  | 1.00% | 1.00% | 0.98% | 1.00% | 0.99% |
| Ratio of net investment income to average net assets  | 0.59% | 0.55% | 0.59% | 0.45% | 0.37% |
| Ratio of expenses (before fee reductions or recoupment of fees <br> previously reimbursed by the investment adviser) to average net <br> assets <sup>(a)</sup> <br>| 1.02% | 1.02% | 0.98% | 1.00% | 0.99% |
| Portfolio turnover rate  | 33.06% | 24.20% | 25.92% | 29.80% | 21.82% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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**

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (99.4%)** | **Common Stocks (99.4%)** | **Common Stocks (99.4%)** |
|  | **Shares** | **Fair Value ($)** |
| **Communication Services (1.7%)** | **Communication Services (1.7%)** | **Communication Services (1.7%)** |
| New York Times (The) Co., Class A  | 79311 | 5505769 |
| **Consumer Discretionary (7.2%)** | **Consumer Discretionary (7.2%)** | **Consumer Discretionary (7.2%)** |
| Cavco Industries, Inc. <sup>(a)</sup> <br>| 5096 | 3010411 |
| Choice Hotels International, Inc.  | 44386 | 4228211 |
| Genuine Parts Co.  | 18182 | 2235659 |
| Texas Roadhouse, Inc.  | 21075 | 3498450 |
| TopBuild Corp. <sup>(a)</sup> <br>| 17070 | 7121433 |
| Williams-Sonoma, Inc.  | 20126 | 3594302 |
|  |  | 23688466 |
| **Consumer Staples (4.8%)** | **Consumer Staples (4.8%)** | **Consumer Staples (4.8%)** |
| BJ's Wholesale Club Holdings, Inc. <br> <sup>(a)</sup> <br>| 69337 | 6242410 |
| McCormick & Co., Inc. (Non Voting)  | 69341 | 4722816 |
| Simply Good Foods (The) Co. <sup>(a)</sup> <br>| 113525 | 2279582 |
| Sprouts Farmers Market, Inc. <sup>(a)</sup> <br>| 33915 | 2702008 |
|  |  | 15946816 |
| **Financials (18.1%)** | **Financials (18.1%)** | **Financials (18.1%)** |
| American Financial Group, Inc.  | 35700 | 4879476 |
| Cboe Global Markets, Inc.  | 28311 | 7106061 |
| Cincinnati Financial Corp.  | 44480 | 7264474 |
| Commerce Bancshares, Inc.  | 77010 | 4030682 |
| Cullen/Frost Bankers, Inc.  | 56238 | 7121418 |
| East West Bancorp, Inc.  | 39025 | 4386020 |
| FactSet Research Systems, Inc.  | 15085 | 4377516 |
| International Bancshares Corp.  | 38883 | 2583387 |
| Jack Henry & Associates, Inc.  | 44365 | 8095725 |
| Northern Trust Corp.  | 26189 | 3577155 |
| SEI Investments Co.  | 75472 | 6190213 |
|  |  | 59612127 |
| **Health Care (10.9%)** | **Health Care (10.9%)** | **Health Care (10.9%)** |
| Chemed Corp.  | 12210 | 5224171 |
| Cooper (The) Cos., Inc. <sup>(a)</sup> <br>| 71170 | 5833093 |
| Globus Medical, Inc., Class A <sup>(a)</sup> <br>| 60855 | 5313250 |
| Jazz Pharmaceuticals PLC <sup>(a)</sup> <br>| 17092 | 2905640 |
| Medpace Holdings, Inc. <sup>(a)</sup> <br>| 11460 | 6436509 |
| STERIS PLC  | 23525 | 5964058 |
| Zimmer Biomet Holdings, Inc.  | 47685 | 4287835 |
|  |  | 35964556 |
| **Industrials (27.9%)** | **Industrials (27.9%)** | **Industrials (27.9%)** |
| A. O. Smith Corp.  | 105235 | 7038117 |
| Acuity, Inc.  | 19328 | 6958853 |
| Allegion PLC  | 39165 | 6235851 |
| Applied Industrial Technologies, Inc.  | 33465 | 8592808 |
| Donaldson Co., Inc.  | 80131 | 7104414 |
| ExlService Holdings, Inc. <sup>(a)</sup> <br>| 102249 | 4339448 |
| Expeditors International of <br> Washington, Inc. <br>| 35092 | 5229059 |
| Franklin Electric Co., Inc.  | 30240 | 2888827 |
| Hubbell, Inc.  | 15661 | 6955207 |
| IDEX Corp.  | 41854 | 7447501 |
| Lincoln Electric Holdings, Inc.  | 19225 | 4607079 |
| Masco Corp.  | 56144 | 3562898 |
| Nordson Corp.  | 26991 | 6489446 |
| Paycom Software, Inc.  | 28250 | 4501920 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Snap-on, Inc.  | 15810 | 5448126 |
| Watts Water Technologies, Inc., <br> Class A <br>| 16232 | 4480357 |
|  |  | 91879911 |
| **Information Technology (15.4%)** | **Information Technology (15.4%)** | **Information Technology (15.4%)** |
| Akamai Technologies, Inc. <sup>(a)</sup> <br>| 31735 | 2768879 |
| Amdocs Ltd.  | 52850 | 4254953 |
| Badger Meter, Inc.  | 17407 | 3035955 |
| Check Point Software Technologies <br> Ltd. <sup>(a)</sup> <br>| 32628 | 6054452 |
| Dolby Laboratories, Inc., Class A  | 34975 | 2246094 |
| Dynatrace, Inc. <sup>(a)</sup> <br>| 87964 | 3812360 |
| F5, Inc. <sup>(a)</sup> <br>| 16426 | 4192901 |
| GoDaddy, Inc., Class A <sup>(a)</sup> <br>| 29384 | 3645967 |
| NetApp, Inc.  | 33790 | 3618571 |
| Progress Software Corp. <sup>(a)</sup> <br>| 71763 | 3082938 |
| Qualys, Inc. <sup>(a)</sup> <br>| 56790 | 7547391 |
| Teradyne, Inc.  | 34480 | 6673949 |
|  |  | 50934410 |
| **Materials (6.5%)** | **Materials (6.5%)** | **Materials (6.5%)** |
| AptarGroup, Inc.  | 44203 | 5390998 |
| Avery Dennison Corp.  | 34270 | 6233028 |
| Packaging Corp. of America  | 15074 | 3108711 |
| RPM International, Inc.  | 47123 | 4900792 |
| Silgan Holdings, Inc.  | 48195 | 1945632 |
|  |  | 21579161 |
| **Real Estate (6.9%)** | **Real Estate (6.9%)** | **Real Estate (6.9%)** |
| Camden Property Trust  | 35860 | 3947469 |
| CubeSmart  | 90423 | 3259749 |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> <br>| 20545 | 6912776 |
| Lamar Advertising Co., Class A  | 26591 | 3365889 |
| STAG Industrial, Inc.  | 140737 | 5173492 |
|  |  | 22659375 |
| **TOTAL COMMON STOCKS (Cost $265,653,523)** | **TOTAL COMMON STOCKS (Cost $265,653,523)** | 327770591 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (0.4%)** | **Investment Companies (0.4%)** | **Investment Companies (0.4%)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 3.63% <sup>(b)</sup> <br>| 1379505 | 1379505 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $1,379,505)**<br>|  | 1379505 |
| **Total Investments (Cost $267,033,028) —** <br> **99.8%**<sup>(c)</sup>  | **Total Investments (Cost $267,033,028) —** <br> **99.8%**<sup>(c)</sup>  | 329150096 |
| Other assets in excess of liabilities — 0.2% | Other assets in excess of liabilities — 0.2% | 641729 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $329791825 |

---

------

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven-day yield as of December 31, 2025.

<sup>(c)</sup> 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, 2025

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $267,033,028)  | $329150096 |
| Dividend receivable  | 312317 |
| Receivable for investments sold  | 945921 |
| Receivable for capital shares issued  | 130580 |
| Prepaid expenses  | 17263 |
| **Total Assets** | 330556177 |
| **Liabilities:** |  |
| Payable for capital shares redeemed  | 464708 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 207369 |
| Administration and accounting  | 11700 |
| Custodian  | 5001 |
| Shareholder servicing fees  | 55412 |
| Transfer agent  | 4942 |
| Trustee  | 191 |
| Other  | 15029 |
| **Total Liabilities** | 764352 |
| **Net Assets** | $329791825 |
| **Composition of Net Assets:** |  |
| Paid in capital | $272988941 |
| Total distributable earnings | 56802884 |
| **Net Assets** | $329791825 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 13545828 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $24.35 |

---

**Statement of Operations**

For the year ended December 31, 2025

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $4544645 |
| **Total Investment Income** | 4544645 |
| **Expenses:** |  |
| Investment adviser  | 2406919 |
| Administration and accounting  | 62460 |
| Chief compliance officer  | 11164 |
| Custodian  | 29065 |
| Shareholder servicing  | 597310 |
| Transfer agency  | 30621 |
| Trustee  | 23504 |
| Other  | 78745 |
| Total expenses before fee reductions | 3239788 |
| Fees contractually reduced by the investment <br> adviser<br>| (30563) |
| **Net Expenses** | 3209225 |
| **Net Investment Income** | 1335420 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized loss from investment transactions  | (3550164) |
| Change in unrealized appreciation on investments  | 3753753 |
| Net realized/unrealized gains on investments | 203589 |
| **Change in Net Assets Resulting from Operations** | $1539009 |

---

**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, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $1335420 | $1195699 |
| Net realized gains/(loss) from investment transactions  | (3550164) | 7488782 |
| Change in unrealized appreciation on investments  | 3753753 | 16714222 |
| **Change in Net Assets Resulting from Operations** | 1539009 | 25398703 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  | (5415130) | (4952004) |
| **Change in Net Assets Resulting from distributions to shareholders** | (5415130) | (4952004) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 85546746 | 96846655 |
| Dividends reinvested  | 4151260 | 3850252 |
| Cost of shares redeemed  | (58905179) | (31142185) |
| **Change in Net Assets Resulting from Capital Share Transactions** | 30792827 | 69554722 |
| **Change in Net Assets** | 26916706 | 90001421 |
| **Net Assets:** |  |  |
| Beginning of year  | 302875119 | 212873698 |
| End of year | $329791825 | $302875119 |
| **Share Transactions:** |  |  |
| Issued  | 3522294 | 4040987 |
| Reinvested  | 169163 | 147181 |
| Redeemed  | (2424854) | (1285823) |
| **Change in shares** | 1266603 | 2902345 |

---

**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, 2025**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2024**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2023**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2022**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2021**<br>|
| **Net Asset Value, Beginning of Period** | $24.67 | $22.70 | $19.61 | $24.05 | $19.40 |
| **Investment Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| Net investment income  | 0.10 | 0.10 | 0.12 | 0.13 | 0.10 |
| Net realized/unrealized gains (losses) from investments  | (0.02)<sup>(a)</sup> <br>| 2.29 | 3.09 | (3.61) | 5.69 |
| Total from investment activities | 0.08 | 2.39 | 3.21 | (3.48) | 5.79 |
| **Distributions from:** |  |  |  |  |  |
| Net investment income  | (0.10) | (0.11) | (0.10) | (0.09) | (0.12) |
| Net realized gains from investment transactions  | (0.30) | (0.31) | (0.02) | (0.87) | (1.02) |
| Total distributions | (0.40) | (0.42) | (0.12) | (0.96) | (1.14) |
| **Net Asset Value, End of Period** | $24.35 | $24.67 | $22.70 | $19.61 | $24.05 |
| Total Return | 0.32% | 10.39% | 16.39% | (14.59)% | 30.08% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's)  | $329792 | $302875 | $212874 | $127334 | $107553 |
| 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  | 0.42% | 0.45% | 0.60% | 0.61% | 0.48% |
| Ratio of expenses (before fee reductions or recoupment of fees <br> previously reimbursed by the investment adviser) to average net <br> assets <sup>(b)</sup> <br>| 1.01% | 1.02% | 1.01% | 1.01% | 1.00% |
| Portfolio turnover rate  | 24.36% | 23.07% | 23.72% | 28.66% | 30.00%<sup>(c)</sup> <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The amount shown for a share outstanding does not correspond with the Net realized/unrealized
 gains (losses) from investments for the year due to the timing of the sales and redemptions of fund shares in relation to fluctuating
 market values of investments of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Excludes impact of in-kind transactions.

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Walden Small Cap Fund**

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** |
|  | **Shares** | **Fair Value ($)** |
| **Consumer Discretionary (7.9%)** | **Consumer Discretionary (7.9%)** | **Consumer Discretionary (7.9%)** |
| Cavco Industries, Inc. <sup>(a)</sup> <br>| 35752 | 21120137 |
| Choice Hotels International, Inc.  | 172920 | 16472359 |
| Columbia Sportswear Co.  | 178505 | 9833840 |
| H&R Block, Inc.  | 334629 | 14583132 |
| Installed Building Products, Inc.  | 100731 | 26128614 |
|  |  | 88138082 |
| **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** |
| Marzetti (The) Co.  | 98377 | 16175146 |
| PriceSmart, Inc.  | 96723 | 11865010 |
| Simply Good Foods (The) Co. <sup>(a)</sup> <br>| 874933 | 17568655 |
| Sprouts Farmers Market, Inc. <sup>(a)</sup> <br>| 140572 | 11199371 |
|  |  | 56808182 |
| **Energy (2.8%)** | **Energy (2.8%)** | **Energy (2.8%)** |
| Cactus, Inc., Class A  | 484715 | 22141781 |
| Oceaneering International, Inc. <sup>(a)</sup> <br>| 387038 | 9300523 |
|  |  | 31442304 |
| **Financials (13.0%)** | **Financials (13.0%)** | **Financials (13.0%)** |
| 1st Source Corp.  | 136421 | 8524948 |
| Cathay General Bancorp  | 221839 | 10734789 |
| Cohen & Steers, Inc.  | 236720 | 14861282 |
| Commerce Bancshares, Inc.  | 406029 | 21251566 |
| Cullen/Frost Bankers, Inc.  | 199678 | 25285225 |
| Donnelley Financial Solutions, Inc. <br> <sup>(a)</sup> <br>| 199782 | 9327821 |
| International Bancshares Corp.  | 281241 | 18685652 |
| Lakeland Financial Corp.  | 130245 | 7431780 |
| Selective Insurance Group, Inc.  | 216995 | 18155972 |
| UMB Financial Corp.  | 87846 | 10105804 |
|  |  | 144364839 |
| **Health Care (16.5%)** | **Health Care (16.5%)** | **Health Care (16.5%)** |
| Amphastar Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 418861 | 11217098 |
| Bio-Rad Laboratories, Inc., Class A <br> <sup>(a)</sup> <br>| 33815 | 10245607 |
| Chemed Corp.  | 44277 | 18944357 |
| Corcept Therapeutics, Inc. <sup>(a)</sup> <br>| 195321 | 6797171 |
| CorVel Corp. <sup>(a)</sup> <br>| 183142 | 12393219 |
| Globus Medical, Inc., Class A <sup>(a)</sup> <br>| 258890 | 22603686 |
| Haemonetics Corp. <sup>(a)</sup> <br>| 217483 | 17431262 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup> <br>| 292776 | 19703825 |
| Jazz Pharmaceuticals PLC <sup>(a)</sup> <br>| 77285 | 13138450 |
| Prestige Consumer Healthcare, Inc. <br> <sup>(a)</sup> <br>| 273863 | 16894608 |
| UFP Technologies, Inc. <sup>(a)</sup> <br>| 93136 | 20678986 |
| US Physical Therapy, Inc.  | 170610 | 13322935 |
|  |  | 183371204 |
| **Industrials (22.7%)** | **Industrials (22.7%)** | **Industrials (22.7%)** |
| Acuity, Inc.  | 41401 | 14906016 |
| Applied Industrial Technologies, Inc.  | 93622 | 24039321 |
| Atmus Filtration Technologies, Inc.  | 319073 | 16563079 |
| Casella Waste Systems, Inc., <br> Class A <sup>(a)</sup> <br>| 117099 | 11468676 |
| CSG Systems International, Inc.  | 265498 | 20361042 |
| Donaldson Co., Inc.  | 292700 | 25950782 |
| ExlService Holdings, Inc. <sup>(a)</sup> <br>| 545258 | 23140750 |
| Franklin Electric Co., Inc.  | 199745 | 19081640 |
| Landstar System, Inc.  | 113450 | 16302765 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| MSC Industrial Direct Co., Inc., <br> Class A <br>| 206423 | 17360174 |
| Paylocity Holding Corp. <sup>(a)</sup> <br>| 59613 | 9090982 |
| Toro (The) Co.  | 149304 | 11753211 |
| Valmont Industries, Inc.  | 37719 | 15175108 |
| Watts Water Technologies, Inc., <br> Class A <br>| 99778 | 27540724 |
|  |  | 252734270 |
| **Information Technology (16.7%)** | **Information Technology (16.7%)** | **Information Technology (16.7%)** |
| A10 Networks, Inc.  | 917656 | 16233335 |
| Axcelis Technologies, Inc. <sup>(a)</sup> <br>| 160300 | 12878502 |
| Badger Meter, Inc.  | 116057 | 20241501 |
| Commvault Systems, Inc. <sup>(a)</sup> <br>| 92416 | 11585270 |
| Dolby Laboratories, Inc., Class A  | 194743 | 12506395 |
| InterDigital, Inc.  | 57370 | 18265461 |
| Littelfuse, Inc.  | 99664 | 25207019 |
| Plexus Corp. <sup>(a)</sup> <br>| 125427 | 18437769 |
| Power Integrations, Inc.  | 254368 | 9040239 |
| Progress Software Corp. <sup>(a)</sup> <br>| 404387 | 17372465 |
| Qualys, Inc. <sup>(a)</sup> <br>| 177389 | 23574998 |
|  |  | 185342954 |
| **Materials (5.5%)** | **Materials (5.5%)** | **Materials (5.5%)** |
| AptarGroup, Inc.  | 191535 | 23359609 |
| Graphic Packaging Holding Co.  | 561411 | 8454850 |
| Sensient Technologies Corp.  | 136621 | 12835543 |
| Silgan Holdings, Inc.  | 397485 | 16046469 |
|  |  | 60696471 |
| **Real Estate (3.9%)** | **Real Estate (3.9%)** | **Real Estate (3.9%)** |
| Four Corners Property Trust, Inc.  | 529831 | 12217903 |
| STAG Industrial, Inc.  | 590386 | 21702589 |
| Terreno Realty Corp.  | 165553 | 9719617 |
|  |  | 43640109 |
| **Utilities (5.2%)** | **Utilities (5.2%)** | **Utilities (5.2%)** |
| Chesapeake Utilities Corp.  | 140505 | 17529404 |
| IDACORP, Inc.  | 123680 | 15652941 |
| ONE Gas, Inc.  | 227444 | 17570049 |
| Unitil Corp.  | 149396 | 7236742 |
|  |  | 57989136 |
| **TOTAL COMMON STOCKS (Cost $892,364,398)** | **TOTAL COMMON STOCKS (Cost $892,364,398)** | 1104527551 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (0.8%)** | **Investment Companies (0.8%)** | **Investment Companies (0.8%)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 3.63% <sup>(b)</sup> <br>| 8550361 | 8550361 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $8,550,361)**<br>|  | 8550361 |
| **Total Investments (Cost $900,914,759) —** <br> **100.1%**<sup>(c)</sup>  | **Total Investments (Cost $900,914,759) —** <br> **100.1%**<sup>(c)</sup>  | 1113077912 |
| Liabilities in excess of other assets — (0.1)% | Liabilities in excess of other assets — (0.1)% | (643833) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1112434079 |

---

------

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven-day yield as of December 31, 2025.

<sup>(c)</sup> See Federal Tax Information listed in the Notes to the Financial Statements. 

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Walden Small Cap Fund**

December 31, 2025

PLC Public Limited Company

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden Small Cap Fund**

**Statement of Assets and Liabilities**

December 31, 2025

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $900,914,759)  | $1113077912 |
| Dividend receivable  | 892351 |
| Receivable for capital shares issued  | 696245 |
| Prepaid expenses  | 35285 |
| **Total Assets** | 1114701793 |
| **Liabilities:** |  |
| Payable for capital shares redeemed  | 1193742 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 727835 |
| Administration and accounting  | 33687 |
| Custodian  | 15978 |
| Shareholder servicing fees  | 227616 |
| Transfer agent  | 8798 |
| Trustee  | 665 |
| Other  | 59393 |
| **Total Liabilities** | 2267714 |
| **Net Assets** | $1112434079 |
| **Composition of Net Assets:** |  |
| Paid in capital | $916632676 |
| Total distributable earnings | 195801403 |
| **Net Assets** | $1112434079 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 67096145 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $16.58 |

---

**Statement of Operations**

For the year ended December 31, 2025

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $18623826 |
| **Total Investment Income** | 18623826 |
| **Expenses:** |  |
| Investment adviser  | 9753822 |
| Administration and accounting  | 222344 |
| Chief compliance officer  | 46405 |
| Custodian  | 86237 |
| Shareholder servicing  | 2369565 |
| Transfer agency  | 58665 |
| Trustee  | 97606 |
| Other  | 255535 |
| Gross expense before recoupment | 12890179 |
| Recoupment of prior expenses reimbursed by the <br> investment adviser<br>| 114917 |
| Total expenses | 13005096 |
| **Net Expenses** | 13005096 |
| **Net Investment Income** | 5618730 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized gains from investment transactions  | 4749895 |
| Change in unrealized depreciation on investments  | (67676426) |
| Net realized/unrealized losses on investments | (62926531) |
| **Change in Net Assets Resulting from Operations** | $(57307801) |

---

**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, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $5618730 | $5953728 |
| Net realized gains from investment transactions  | 4749895 | 140187497 |
| Change in unrealized appreciation (depreciation) on investments  | (67676426) | 16229772 |
| **Change in Net Assets Resulting from Operations** | (57307801) | 162370997 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  | (47916551) | (87831529) |
| **Change in Net Assets Resulting from distributions to shareholders** | (47916551) | (87831529) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 178001452 | 251060067 |
| Dividends reinvested  | 40517872 | 72820895 |
| Cost of shares redeemed  | (409905442) | (278570154) |
| Cost of in-kind shares redeemed (a) |  | (4564596) |
| **Change in Net Assets Resulting from Capital Share Transactions** | (191386118) | 40746212 |
| **Change in Net Assets** | (296610470) | 115285680 |
| **Net Assets:** |  |  |
| Beginning of year  | 1409044549 | 1293758869 |
| End of year | $1112434079 | $1409044549 |
| **Share Transactions:** |  |  |
| Issued  | 10252539 | 14142437 |
| Reinvested  | 2397507 | 3792755 |
| Redeemed  | (23731786) | (15670263) |
| Redeemed in-kind (a) |  | (223645) |
| **Change in shares** | (11081740) | 2041284 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Note 3 in the Notes to Financial Statements.

**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, 2025**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2024**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2023**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2022**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2021**<br>|
| **Net Asset Value, Beginning of Period** | $18.02 | $16.99 | $15.56 | $17.96 | $15.31 |
| **Investment Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| Net investment income  | 0.08 | 0.08 | 0.09 | 0.07 | 0.03 |
| Net realized/unrealized gains (losses) from investments  | (0.79) | 2.12 | 1.47 | (1.68) | 4.22 |
| Total from investment activities | (0.71) | 2.20 | 1.56 | (1.61) | 4.25 |
| **Distributions from:** |  |  |  |  |  |
| Net investment income  |  | (0.09) | (0.08) | (0.05) | (0.05) |
| Net realized gains from investment transactions  | (0.73) | (1.08) | (0.05) | (0.74) | (1.55) |
| Total distributions | (0.73) | (1.17) | (0.13) | (0.79) | (1.60) |
| **Net Asset Value, End of Period** | $16.58 | $18.02 | $16.99 | $15.56 | $17.96 |
| Total Return | (4.01)% | 12.55% | 10.09% | (9.06)% | 28.17% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's)  | $1112434 | $1409045 | $1293759 | $1003410 | $939532 |
| 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  | 0.43% | 0.44% | 0.58% | 0.46% | 0.18% |
| Ratio of expenses (before fee reductions or recoupment of fees <br> previously reimbursed by the investment adviser) to average net <br> assets <sup>(a)</sup> <br>| 0.99% | 1.00% | 1.03% | 1.04% | 1.01% |
| Portfolio turnover rate  | 27.00% | 33.00%<sup>(b)</sup> <br>| 23.98% | 20.87% | 31.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Excludes impact of in-kind transactions.

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Walden International Equity Fund**

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (99.4%)** | **Common Stocks (99.4%)** | **Common Stocks (99.4%)** |
|  | **Shares** | **Fair Value ($)** |
| **Australia (5.1%)** | **Australia (5.1%)** | **Australia (5.1%)** |
| Brambles Ltd. | 220000 | 3359470 |
| Insurance Australia Group Ltd. | 490000 | 2600535 |
| Westpac Banking Corp. | 125000 | 3207691 |
| Woodside Energy Group Ltd. | 130000 | 2027040 |
|  |  | 11194736 |
| **Canada (8.8%)** | **Canada (8.8%)** | **Canada (8.8%)** |
| Canadian National Railway Co. | 26000 | 2571491 |
| Intact Financial Corp. | 14000 | 2914444 |
| National Bank of Canada | 35300 | 4439279 |
| Royal Bank of Canada | 42200 | 7194185 |
| Tourmaline Oil Corp. | 53000 | 2377480 |
|  |  | 19496879 |
| **Denmark (2.5%)** | **Denmark (2.5%)** | **Denmark (2.5%)** |
| Novo Nordisk A/S, Class B | 56000 | 2840235 |
| Novonesis Novozymes B | 41400 | 2648794 |
|  |  | 5489029 |
| **Finland (2.0%)** | **Finland (2.0%)** | **Finland (2.0%)** |
| Kone OYJ, Class B | 63000 | 4463106 |
| **France (12.0%)** | **France (12.0%)** | **France (12.0%)** |
| Air Liquide SA | 25500 | 4792827 |
| Dassault Systemes SE | 135500 | 3785634 |
| EssilorLuxottica SA | 6200 | 1960427 |
| Legrand SA | 25300 | 3761168 |
| L'Oreal SA | 4100 | 1760196 |
| Publicis Groupe SA | 45000 | 4673148 |
| Schneider Electric SE | 21000 | 5745081 |
|  |  | 26478481 |
| **Germany (6.5%)** | **Germany (6.5%)** | **Germany (6.5%)** |
| Allianz SE (Registered) | 7400 | 3421592 |
| Deutsche Boerse AG | 15300 | 4021168 |
| Hannover Rueck SE | 9600 | 2987341 |
| Merck KGaA | 28400 | 4053341 |
|  |  | 14483442 |
| **Israel (1.0%)** | **Israel (1.0%)** | **Israel (1.0%)** |
| Check Point Software Technologies <br> Ltd. <sup>(a)</sup> <br>| 11500 | 2133940 |
| **Italy (3.3%)** | **Italy (3.3%)** | **Italy (3.3%)** |
| FinecoBank Banca Fineco SpA | 118300 | 3065101 |
| Terna - Rete Elettrica Nazionale | 406000 | 4319314 |
|  |  | 7384415 |
| **Japan (18.0%)** | **Japan (18.0%)** | **Japan (18.0%)** |
| Ajinomoto Co., Inc. | 104000 | 2198560 |
| Chiba Bank (The) Ltd. | 149000 | 1662889 |
| Inpex Corp. | 177500 | 3550096 |
| Kakaku.com, Inc. | 104000 | 1533143 |
| Mitsubishi Estate Co. Ltd. | 110000 | 2672463 |
| Nomura Research Institute Ltd. | 83000 | 3158534 |
| NTT, Inc. | 2563000 | 2587325 |
| Oracle Corp. Japan | 26000 | 2185275 |
| Shin-Etsu Chemical Co. Ltd. | 112000 | 3478849 |
| Sumitomo Mitsui Financial Group, <br> Inc.<br>| 151000 | 4856374 |
| Sysmex Corp. | 262800 | 2580748 |
| Terumo Corp. | 123000 | 1787827 |
| Tokio Marine Holdings, Inc. | 70000 | 2587627 |
| Toyota Motor Corp. | 233000 | 5004164 |
|  |  | 39843874 |
| **Luxembourg (0.7%)** | **Luxembourg (0.7%)** | **Luxembourg (0.7%)** |
| Tenaris SA | 76300 | 1472274 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Netherlands (6.9%)** | **Netherlands (6.9%)** | **Netherlands (6.9%)** |
| ASML Holding NV | 7300 | 7865898 |
| ING Groep NV | 148000 | 4160019 |
| Wolters Kluwer NV | 30200 | 3128011 |
|  |  | 15153928 |
| **Norway (1.2%)** | **Norway (1.2%)** | **Norway (1.2%)** |
| Equinor ASA | 112000 | 2641164 |
| **Singapore (2.3%)** | **Singapore (2.3%)** | **Singapore (2.3%)** |
| DBS Group Holdings Ltd. | 115500 | 5059438 |
| **Spain (2.0%)** | **Spain (2.0%)** | **Spain (2.0%)** |
| Industria de Diseno Textil SA | 66000 | 4353669 |
| **Sweden (6.4%)** | **Sweden (6.4%)** | **Sweden (6.4%)** |
| Assa Abloy AB, Class B | 140000 | 5408320 |
| Atlas Copco AB, Class B | 315000 | 5035816 |
| Svenska Handelsbanken AB, <br> Class A<br>| 255000 | 3694323 |
|  |  | 14138459 |
| **Switzerland (10.3%)** | **Switzerland (10.3%)** | **Switzerland (10.3%)** |
| Cie Financiere Richemont SA <br> (Registered)<br>| 22000 | 4744323 |
| Givaudan SA (Registered) | 500 | 1978125 |
| Nestle SA (Registered) | 55000 | 5459252 |
| Roche Holding AG | 17200 | 7103089 |
| Zurich Insurance Group AG | 4600 | 3480832 |
|  |  | 22765621 |
| **United Kingdom (10.4%)** | **United Kingdom (10.4%)** | **United Kingdom (10.4%)** |
| Compass Group PLC | 76400 | 2420738 |
| London Stock Exchange Group PLC | 18200 | 2189251 |
| Mondi PLC | 146000 | 1781230 |
| National Grid PLC | 249000 | 3819283 |
| Next PLC | 28200 | 5191625 |
| RELX PLC | 62200 | 2505841 |
| Unilever PLC | 79555 | 5197900 |
|  |  | 23105868 |
| **TOTAL COMMON STOCKS (Cost $163,274,911)** | **TOTAL COMMON STOCKS (Cost $163,274,911)** | 219658323 |
| **Total Investments (Cost $163,274,911) —** <br> **99.4%** <sup>(b)</sup>  | **Total Investments (Cost $163,274,911) —** <br> **99.4%** <sup>(b)</sup>  | 219658323 |
| Other assets in excess of liabilities — 0.6% | Other assets in excess of liabilities — 0.6% | 1234286 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $220892609 |

---

------

<br> <sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> 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 International Equity Fund**

**Statement of Assets and Liabilities**

December 31, 2025

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $163,274,911)  | $219658323 |
| Cash  | 315184 |
| Foreign currencies, at fair value (cost $33,335)  | 33335 |
| Dividend receivable  | 194171 |
| Receivable for tax reclaims  | 663884 |
| Receivable for investments sold  | 264317 |
| Receivable for capital shares issued  | 2544 |
| Prepaid expenses  | 17310 |
| **Total Assets** | 221149068 |
| **Liabilities:** |  |
| Payable for capital shares redeemed  | 31721 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 160282 |
| Administration and accounting  | 10632 |
| Custodian  | 11667 |
| Shareholder servicing fees  | 17806 |
| Transfer agent  | 4427 |
| Trustee  | 159 |
| Other  | 19765 |
| **Total Liabilities** | 256459 |
| **Net Assets** | $220892609 |
| **Composition of Net Assets:** |  |
| Paid in capital | $163739002 |
| Total distributable earnings | 57153607 |
| **Net Assets** | $220892609 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 13790168 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $16.02 |

---

**Statement of Operations**

For the year ended December 31, 2025

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $7606448 |
| Less: Foreign tax withholding | (1004796) |
| **Total Investment Income** | 6601652 |
| **Expenses:** |  |
| Investment adviser  | 1843394 |
| Administration and accounting  | 62504 |
| Chief compliance officer  | 8490 |
| Custodian  | 65847 |
| Shareholder servicing  | 206316 |
| Transfer agency  | 27378 |
| Trustee  | 18292 |
| Other  | 92950 |
| Total expenses | 2325171 |
| **Net Expenses** | 2325171 |
| **Net Investment Income** | 4276481 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized gains from investment transactions <br> and foreign currency transactions <br>| 7120430 |
| Change in unrealized appreciation on investments <br> and foreign currency transactions <br>| 30225167 |
| Net realized/unrealized gains on investments | 37345597 |
| **Change in Net Assets Resulting from Operations** | $41622078 |

---

**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, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $4276481 | $3060883 |
| Net realized gains from investment transactions and foreign currency transactions  | 7120430 | 1460894 |
| Change in unrealized appreciation on investments and foreign currency transactions  | 30225167 | 2384077 |
| **Change in Net Assets Resulting from Operations** | 41622078 | 6905854 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  | (10340630) | (3058171) |
| **Change in Net Assets Resulting from distributions to shareholders** | (10340630) | (3058171) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 78454058 | 75897297 |
| Dividends reinvested  | 8300245 | 2417717 |
| Cost of shares redeemed  | (94338302) | (19942039) |
| **Change in Net Assets Resulting from Capital Share Transactions** | (7583999) | 58372975 |
| **Change in Net Assets** | 23697449 | 62220658 |
| **Net Assets:** |  |  |
| Beginning of year  | 197195160 | 134974502 |
| End of year | $220892609 | $197195160 |
| **Share Transactions:** |  |  |
| Issued  | 5095663 | 5337588 |
| Reinvested  | 522357 | 168953 |
| Redeemed  | (5990589) | (1400666) |
| **Change in shares** | (372569) | 4105875 |

---

**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, 2025**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2024**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2023**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2022**<br>| **For the year** <br>**ended** <br>**December** <br>**31, 2021**<br>|
| **Net Asset Value, Beginning of Period** | $13.92 | $13.42 | $11.74 | $13.72 | $12.29 |
| **Investment Activities:** |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |
| Net investment income  | 0.25 | 0.22 | 0.20 | 0.21 | 0.17 |
| Net realized/unrealized gains (losses) from investments and foreign <br> currency transactions <br>| 2.48 | 0.50 | 1.69 | (2.00) | 1.47 |
| Total from investment activities | 2.73 | 0.72 | 1.89 | (1.79) | 1.64 |
| **Distributions from:** |  |  |  |  |  |
| Net investment income  | (0.31) | (0.22) | (0.21) | (0.18) | (0.17) |
| Net realized gains from investment transactions  | (0.32) |  |  | (0.01) | (0.04) |
| Total distributions | (0.63) | (0.22) | (0.21) | (0.19) | (0.21) |
| **Net Asset Value, End of Period** | $16.02 | $13.92 | $13.42 | $11.74 | $13.72 |
| Total Return | 19.63% | 5.33% | 16.19% | (13.10)% | 13.43% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's)  | $220893 | $197195 | $134975 | $92807 | $95505 |
| Ratio of net expenses to average net assets  | 0.95% | 0.93% | 0.91% | 0.93% | 0.94% |
| Ratio of net investment income to average net assets  | 1.74% | 1.88% | 1.91% | 1.77% | 1.36% |
| Ratio of expenses (before fee reductions or recoupment of fees <br> previously reimbursed by the investment adviser) to average net <br> assets <br>| 0.95% | 0.93% | 0.91% | 0.93% | 0.94% |
| Portfolio turnover rate  | 34.97% | 12.30% | 23.46% | 10.47% | 13.09% |

---

**See Notes to Financial Statements**

------

**Notes to the Financial Statements** 

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 large capitalization companies located in developed markets outside the U.S.

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 current 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.

------

**Notes to the Financial Statements** 

**December 31, 2025**

The Board has designated the Adviser as its fair valuation designee to perform fair value determinations for the Trust. The Trust may use one or more pricing services 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.

Investments in 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. 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, 2025.

The following is a summary of the investments by valuation inputs used as of December 31, 2025 in valuing the Funds' investments based on the three levels defined above:

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Level 1**<br> **Quoted Prices ($)**<br>| **Level 2**<br> **Other Significant**<br> **Observable Inputs ($)**<br>| **Total Investments**<br> **in Securities ($)**<br>|
| **Asset Management Fund** |  |  |  |
| Common Stocks<sup>(1)</sup> <br>| 397967815 |  | 397967815 |
| Corporate Bonds<sup>(1)</sup> <br>|  | 18791710 | 18791710 |
| U.S. Government & U.S. Government Agency Obligations |  | 104708314 | 104708314 |
| Investment Companies | 5619613 |  | 5619613 |
| Total | 403587428 | 123500024 | 527087452 |
| **Equity Fund** |  |  |  |
| Common Stocks<sup>(1)</sup> <br>| 245725518 |  | 245725518 |
| Investment Companies | 1247571 |  | 1247571 |
| Total | 246973089 |  | 246973089 |
| **Midcap Fund** |  |  |  |
| Common Stocks<sup>(1)</sup> <br>| 204665724 |  | 204665724 |
| Investment Companies | 1709847 |  | 1709847 |
| Total | 206375571 |  | 206375571 |
| **SMID Cap Fund** |  |  |  |
| Common Stocks<sup>(1)</sup> <br>| 732424689 |  | 732424689 |
| Investment Companies | 6260119 |  | 6260119 |
| Total | 738684808 |  | 738684808 |
| **BTW Balanced Fund** |  |  |  |
| Common Stocks<sup>(1)</sup> <br>| 100889130 |  | 100889130 |
| Corporate Bonds<sup>(1)</sup> <br>|  | 13326017 | 13326017 |
| Municipal Bonds<sup>(2)</sup> <br>|  | 706860 | 706860 |
| U.S. Government & U.S. Government Agency Obligations |  | 32539075 | 32539075 |
| Investment Companies | 916917 |  | 916917 |
| Total | 101806047 | 46571952 | 148377999 |

---

------

**Notes to the Financial Statements** 

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Level 1**<br> **Quoted Prices ($)**<br>| **Level 2**<br> **Other Significant**<br> **Observable Inputs ($)**<br>| **Total Investments**<br> **in Securities ($)**<br>|
| **BTW Equity Fund** |  |  |  |
| Common Stocks<sup>(1)</sup> <br>| 212240285 |  | 212240285 |
| Investment Companies | 1915364 |  | 1915364 |
| Total | 214155649 |  | 214155649 |
| **BTW Midcap Fund** |  |  |  |
| Common Stocks<sup>(1)</sup> <br>| 169333994 |  | 169333994 |
| Investment Companies | 2020865 |  | 2020865 |
| Total | 171354859 |  | 171354859 |
| **BTW SMID Cap Fund** |  |  |  |
| Common Stocks<sup>(1)</sup> <br>| 327770591 |  | 327770591 |
| Investment Companies | 1379505 |  | 1379505 |
| Total | 329150096 |  | 329150096 |
| **BTW Small Cap Fund** |  |  |  |
| Common Stocks<sup>(1)</sup> <br>| 1104527551 |  | 1104527551 |
| Investment Companies | 8550361 |  | 8550361 |
| Total | 1113077912 |  | 1113077912 |
| **BTW International Equity Fund** |  |  |  |
| Common Stocks<sup>(3)</sup> <br>|  |  |  |
| Energy | 2377480 | 9690574 | 12068054 |
| Financials | 14547908 | 46994181 | 61542089 |
| Industrials | 2571491 | 33406813 | 35978304 |
| Information Technology | 2133940 | 16995341 | 19129281 |
| Other Common Stocks |  | 90940595 | 90940595 |
| Total | 21630819 | 198027504 | 219658323 |

---

<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:**

In general, expenses uniquely attributable to a Fund are charged directly to that Fund. Expenses relating to the Trust, or on occasion certain minimum fees within Trust's fee structure, 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.

------

**Notes to the Financial Statements** 

**December 31, 2025**

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, 2025. 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, 2025.

**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

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 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.

**Operating Segments:**

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds financial position or the results of their operations. Each Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Adviser to make investment decisions, and the results of the operations, as shown in the Statements of Operations and the Financial Highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources that are not allocated to a Fund based on performance measurements. Due to the significance of its oversight and role, the Management of the Adviser is deemed to be the Chief Operating Decision Maker.

**New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Fund Management has determined there is no material impact on the Fund's financial statements.

**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 | &nbsp;&nbsp; 0.73%\* |
| Equity Fund | &nbsp;&nbsp; 0.75%\*\* |
| Midcap Fund | &nbsp;&nbsp; 0.75% |
| SMID Cap Fund | &nbsp;&nbsp; 0.75% |

---

---

| | |
|:---|:---|
| **Fund** | **Fee Rate** |
| BTW Balanced Fund | &nbsp;&nbsp; 0.75% |
| BTW Equity Fund | &nbsp;&nbsp; 0.75%\*\* |
| BTW Midcap Fund | &nbsp;&nbsp; 0.75% |
| BTW SMID Cap Fund | &nbsp;&nbsp; 0.75% |
| BTW Small Cap Fund | &nbsp;&nbsp; 0.75% |
| BTW International Equity Fund | &nbsp;&nbsp; 0.75% |

---

------

\* Effective December 31, 2025, the Asset Management Fund and BTW Balanced Fund each have an Investment Management Agreement with the Adviser under which the Fund pays: (a) 0.75% of the first $300 million of average daily net assets; (b) 0.65% of average daily net assets between $300 million and $600 million; and (c) 0.55% of daily net assets in excess of $600 million. Prior to December 31, 2025, the Asset Management Fund paid: (a) 0.75% of the first $500 million of average daily net assets; and (b)0.50% of daily net assets in excess of $500 million. 

\*\* Equity Fund and BTW Equity Fund have an Investment Management Agreement with the Adviser under which the Funds pay: (a) 0.75% of the first $300 million of average daily net assets; (b) 0.50% of average daily net assets in excess of $300 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.

------

**Notes to the Financial Statements** 

**December 31, 2025**

**Administration and Fund Accounting:**

The Northern Trust Company ("Northern Trust") serves as the administrator and fund accounting agent for the Funds pursuant to a written agreement with the Trust on behalf of the Funds. The Funds have agreed to pay Northern Trust a tiered basis-point fee based on the Trust's complex level net assets, certain per account and transaction charges, other fees for additional service activities, and reimbursement of certain expenses.

Certain officers of the Trust are affiliated with Northern Trust or PINE Advisor Solutions ("PINE"). Such persons receive no compensation directly from the Funds for serving in their respective roles. PINE receives fees from the Funds for providing Chief Compliance Officer ("CCO") services under a Services Agreement between the Funds and PINE (the "CCO Agreement"). Under the CCO Agreement, PINE provides infrastructure and support in implementing written policies and procedures comprising the Funds' compliance program, including support services to the CCO. For the services provided under the CCO Agreement, the Funds pay PINE $145,000 annually, plus certain out of pocket expenses. PINE pays the salary and other compensation earned by the CCO as an employee of PINE.

**Distribution:**

Foreside Financial Services, LLC, which is not affiliated with 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 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, 2025.

**Custodian and Transfer Agency:**

FIS Investor Services, LLC ("FIS") acts as the Funds' transfer agent. Under the transfer agency agreement, FIS receives $22,989 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. Expenses incurred under the transfer agency agreement are presented collectively as "Transfer Agency" expenses on the Statements of Operations.

Northern Trust serves as the custodian for the Funds pursuant to a written agreement with the Trust on behalf of the Funds. The Funds have agreed to pay Northern Trust a fee based on a percentage of assets held on behalf of the Funds, transaction fees and certain out of pocket expenses for its services. Such percentages vary by the jurisdiction in which the assets are held.

**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, 2023 (expiring 12/31/26), December 31, 2024 (expiring 12/31/27) and December 31, 2025 (expiring 12/31/28):

---

| | | |
|:---|:---|:---|
| **Fund** | **Amount** | **Expires** |
| SMID Cap Fund | $612046 | 12/31/2026 |
|  | 566513 | 12/31/2027 |
|  | 477759 | 12/31/2028 <br>|

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Amount** | **Expires** |
| BTW Midcap Fund | $27656 | 12/31/2027 |
|  | 28926 | 12/31/2028 <br>|
| BTW SMID Cap Fund | 7734 | 12/31/2026 |
|  | 64419 | 12/31/2027 |
|  | 30563 | 12/31/2028 <br>|
| BTW Small Cap Fund | 333527 | 12/31/2026 |

---

------

During the year ended December 31, 2025, the Adviser recouped $114,917 of previous fiscal year waivers from BTW Small Cap Fund.

------

**Notes to the Financial Statements** 

**December 31, 2025**

As of December 31, 2025, the Adviser may recoup amounts from the Funds as follows:

---

| | |
|:---|:---|
| **Total Potential Recoupment** |  |
| Asset Management Fund | $— |
| Equity Fund |  |
| Midcap Fund |  |
| SMID Cap Fund | 1656318 |

---

---

| | |
|:---|:---|
| **Total Potential Recoupment** |  |
| BTW Balanced Fund | $— |
| BTW Equity Fund |  |
| BTW Midcap Fund | 56582 |
| BTW SMID Cap Fund | 102716 |
| BTW Small Cap Fund | 333527 |
| BTW International Equity Fund |  |

---

**In-Kind Subscriptions and Redemptions:**

During the year ended December 31, 2025, the Funds delivered securities in exchange for the redemption of shares (redemptions in-kind) as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fair Value** | **Fund Shares**<br> **Redeemed**<br>| **Realized** <br> **Gain/(Loss)**<br>|
| SMID Cap Fund | $26956958 | 1147593 | $6091070 |

---

During the year ended December 31, 2024, the Funds delivered securities in exchange for the redemption of shares (redemptions in-kind) as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fair Value** | **Fund Shares**<br> **Redeemed**<br>| **Realized** <br> **Gain/(Loss)**<br>|
| SMID Cap Fund | $72457747 | 3067644 | $21153326 |
| BTW Small Cap Fund | 4564596 | 223645 | 2165331 |

---

**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, 2025, the Funds had no outstanding loans to or from another Fund under the Program. There was no activity in the Program during the year ended December 31, 2025.

**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, 2025, totaled:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales and**<br> **Maturities**<br>|
| Asset Management Fund | &nbsp;&nbsp; $37651226 | &nbsp;&nbsp; $111521372 |
| Equity Fund | &nbsp;&nbsp; 34193340 | &nbsp;&nbsp; 52364846 |
| Midcap Fund | &nbsp;&nbsp; 69983849 | &nbsp;&nbsp; 125996670 |
| SMID Cap Fund | &nbsp;&nbsp; 203479089 | &nbsp;&nbsp; 261452495 |
| BTW Balanced Fund | &nbsp;&nbsp; 7590686 | &nbsp;&nbsp; 30580248 |
| BTW Equity Fund | &nbsp;&nbsp; 2975933 | &nbsp;&nbsp; 82302979 |
| BTW Midcap Fund | &nbsp;&nbsp; 57578887 | &nbsp;&nbsp; 54936494 |
| BTW SMID Cap Fund | &nbsp;&nbsp; 104622504 | &nbsp;&nbsp; 77401868 |
| BTW Small Cap Fund | &nbsp;&nbsp; 348130835 | &nbsp;&nbsp; 582192932 |
| BTW International Equity Fund | &nbsp;&nbsp; 83282328 | &nbsp;&nbsp; 95282463 |

---

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, 2025, totaled:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales and**<br> **Maturities**<br>|
| Asset Management Fund | &nbsp;&nbsp; $21029507 | &nbsp;&nbsp; $22067980 |
| BTW Balanced Fund | &nbsp;&nbsp; 12750602 | &nbsp;&nbsp; 12750314 |

---

------

**Notes to the Financial Statements** 

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

As of the tax year ended December 31, 2025, the cost, gross unrealized appreciation, and gross unrealized depreciation on investments, for federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross Tax Unrealized**<br> **Appreciation**<br>| **Gross Tax Unrealized**<br> **(Depreciation)**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Asset Management Fund | &nbsp;&nbsp; $227798795 | &nbsp;&nbsp; $299794122 | &nbsp;&nbsp; $(505465) | &nbsp;&nbsp; $299288657 |
| Equity Fund | &nbsp;&nbsp; 82791657 | &nbsp;&nbsp; 164974286 | &nbsp;&nbsp; (792854) | &nbsp;&nbsp; 164181432 |
| Midcap Fund | &nbsp;&nbsp; 154602568 | &nbsp;&nbsp; 57709273 | &nbsp;&nbsp; (5936270) | &nbsp;&nbsp; 51773003 |
| SMID Cap Fund | &nbsp;&nbsp; 612032185 | &nbsp;&nbsp; 151704688 | &nbsp;&nbsp; (25052065) | &nbsp;&nbsp; 126652623 |
| BTW Balanced Fund | &nbsp;&nbsp; 78470543 | &nbsp;&nbsp; 71495482 | &nbsp;&nbsp; (1588026) | &nbsp;&nbsp; 69907456 |
| BTW Equity Fund | &nbsp;&nbsp; 56750735 | &nbsp;&nbsp; 157480798 | &nbsp;&nbsp; (75884) | &nbsp;&nbsp; 157404914 |
| BTW Midcap Fund | &nbsp;&nbsp; 134284768 | &nbsp;&nbsp; 41753119 | &nbsp;&nbsp; (4683028) | &nbsp;&nbsp; 37070091 |
| BTW SMID Cap Fund | &nbsp;&nbsp; 269481460 | &nbsp;&nbsp; 70408494 | &nbsp;&nbsp; (10739858) | &nbsp;&nbsp; 59668636 |
| BTW Small Cap Fund | &nbsp;&nbsp; 913469103 | &nbsp;&nbsp; 247620642 | &nbsp;&nbsp; (48011833) | &nbsp;&nbsp; 199608809 |
| BTW International Equity Fund | &nbsp;&nbsp; 163429632 | &nbsp;&nbsp; 59936307 | &nbsp;&nbsp; (3707616) | &nbsp;&nbsp; 56228691 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Distributions paid from | Distributions paid from |  |  |  |
| **Fund** | **Ordinary**<br> **Income**<br>| **Net Long Term**<br> **Gains**<br>| **Total Taxable**<br> **Distributions**<br>| **Return of**<br> **Capital**<br>| **Total** <br> **Distributions**<br> **Paid**<br>|
| Asset Management Fund | $7,290,463\* | $52490790 | $59781253 | $— | $59781253 |
| Equity Fund | 1,287,420\* | 16424794 | 17712214 |  | 17712214 |
| Midcap Fund | 1,975,696\* | 19094418 | 21070114 |  | 21070114 |
| SMID Cap Fund | 5939487 | 9003920 | 14943407 |  | 14943407 |
| BTW Balanced Fund | 1791983 | 9530810 | 11322793 |  | 11322793 |
| BTW Equity Fund | 1,119,778\* | 22113532 | 23233310 |  | 23233310 |
| BTW Midcap Fund | 1990875 | 9745500 | 11736375 |  | 11736375 |
| BTW SMID Cap Fund | 1968583 | 3446547 | 5415130 |  | 5415130 |
| BTW Small Cap Fund | 617032 | 47299519 | 47916551 |  | 47916551 |
| BTW International Equity Fund | 5984834 | 4355796 | 10340630 |  | 10340630 |

---

\*The amount does not include tax equalization utilized of $5,826,784, $1,476,877, $5,189,392, and $9,182,644 which Asset Management <br> Fund, Equity Fund, Midcap Fund, and BTW Equity Fund, respectively, designated as being distributed to shareholders on their redemption of <br> shares.<br>

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Distributions paid from | Distributions paid from |  |  |  |
| **Fund** | **Ordinary**<br> **Income**<br>| **Net Long Term**<br> **Gains**<br>| **Total Taxable**<br> **Distributions**<br>| **Return of**<br> **Capital**<br>| **Total** <br> **Distributions**<br> **Paid**<br>|
| Asset Management Fund | $8,344,001\* | $26654196 | $34998197 | $— | $34998197 |
| Equity Fund | 1665181 | 4432811 | 6097992 |  | 6097992 |
| Midcap Fund | 3214628 | 7249811 | 10464439 |  | 10464439 |
| SMID Cap Fund | 10926443 | 6890500 | 17816943 |  | 17816943 |
| BTW Balanced Fund | 2053485 | 5249542 | 7303027 |  | 7303027 |
| BTW Equity Fund | 1,707,326\* | 11111411 | 12818737 |  | 12818737 |
| BTW Midcap Fund | 1337409 | 3984194 | 5321603 |  | 5321603 |
| BTW SMID Cap Fund | 3154406 | 1797598 | 4952004 |  | 4952004 |
| BTW Small Cap Fund | 23,237,821\* | 64593708 | 87831529 |  | 87831529 |
| BTW International Equity Fund | 3058171 |  | 3058171 |  | 3058171 |

---

\*The amount does not include tax equalization utilized of $1,494,086, $699,523, and $6,050,430 which Asset Management Fund, BTW <br> Equity Fund, and BTW Small Cap Fund, respectively, designated as being distributed to shareholders on their redemption of shares.<br>

------

**Notes to the Financial Statements** 

**December 31, 2025**

As of December 31, 2025, the components of distributable earnings (deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Ordinary** <br> **Income**<br>| **Undistributed**<br> **Long-Term**<br> **Capital Gains**<br>| **Accumulated**<br> **Earnings**<br>| **Accumulated**<br> **Capital and**<br> **Other Losses**<br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Total**<br> **Distributable**<br> **Earnings**<br> **(Deficit)**<br>|
| Asset Management Fund | &nbsp;&nbsp; $8477 | &nbsp;&nbsp; $35178074 | &nbsp;&nbsp; $35186551 | &nbsp;&nbsp; $(177993) | &nbsp;&nbsp; 299288657 | &nbsp;&nbsp; 334297215 |
| Equity Fund | &nbsp;&nbsp; 2679 | &nbsp;&nbsp; 13921524 | &nbsp;&nbsp; 13924203 | &nbsp;&nbsp; — | &nbsp;&nbsp; 164181432 | &nbsp;&nbsp; 178105635 |
| Midcap Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 3987932 | &nbsp;&nbsp; 3987932 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51773003 | &nbsp;&nbsp; 55760935 |
| SMID Cap Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2137273) | &nbsp;&nbsp; 126652623 | &nbsp;&nbsp; 124515350 |
| BTW Balanced Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 7087823 | &nbsp;&nbsp; 7087823 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69907456 | &nbsp;&nbsp; 76995279 |
| BTW Equity Fund | &nbsp;&nbsp; 11404 | &nbsp;&nbsp; 11414096 | &nbsp;&nbsp; 11425500 | &nbsp;&nbsp; — | &nbsp;&nbsp; 157404914 | &nbsp;&nbsp; 168830414 |
| BTW Midcap Fund | &nbsp;&nbsp; 104772 | &nbsp;&nbsp; 2422909 | &nbsp;&nbsp; 2527681 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37070091 | &nbsp;&nbsp; 39597772 |
| BTW SMID Cap Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2865752) | &nbsp;&nbsp; 59668636 | &nbsp;&nbsp; 56802884 |
| BTW Small Cap Fund | &nbsp;&nbsp; 5618688 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5618688 | &nbsp;&nbsp; (9426095) | &nbsp;&nbsp; 199608810 | &nbsp;&nbsp; 195801403 |
| BTW International Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 881567 | &nbsp;&nbsp; 881567 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56,272,040\* | &nbsp;&nbsp; 57153607 |

---

<sup>\*</sup> The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gain/(loss) of $43,349.

For the year ended December 31, 2025, the Asset Management Fund and SMID Cap Fund incurred post-October losses in the amount of $177,993 and $2,137,273, respectively, which the Funds intend to treat as having been incurred in the following fiscal year.

As of the end of its tax year ended December 31, 2025, the following Funds have a net capital loss carry forwards ("CLCFs") not subject to expiration as summarized in the table below. The Board does not intend to authorize a distribution of any realized gain for the Funds until any applicable CLCFs have been offset.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term**<br> **Amount**<br>| **Long-Term**<br> **Amount**<br>| **Total** |
| BTW SMID Cap Fund | &nbsp;&nbsp; $205774 | &nbsp;&nbsp; $2659978 | &nbsp;&nbsp; $2865752 |
| BTW Small Cap Fund | &nbsp;&nbsp; 9426095 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9426095 |

---

During the tax year ended December 31, 2025, the International Equity Fund utilized $480,742 in capital loss carry forwards.

As of December 31, 2025, the following reclassifications have been made on the Statements of Assets and Liabilities to increase (decrease) such accounts with offsetting adjustments as indicated:

---

| | | |
|:---|:---|:---|
| **Fund** | **Total Distributable**<br> **Earnings**<br>| **Paid in Capital** |
| Asset Management Fund | &nbsp;&nbsp; $(5826784) | &nbsp;&nbsp; $5826784 |
| Equity Fund | &nbsp;&nbsp; (1476876) | &nbsp;&nbsp; 1476876 |
| Midcap Fund | &nbsp;&nbsp; (5189390) | &nbsp;&nbsp; 5189390 |
| SMID Cap Fund | &nbsp;&nbsp; (4851531) | &nbsp;&nbsp; 4851351 |
| BTW Equity Fund | &nbsp;&nbsp; (9182644) | &nbsp;&nbsp; 9182644 |
| BTW SMID Cap Fund | &nbsp;&nbsp; 383 | (383) |
| BTW International Equity Fund | &nbsp;&nbsp; 540153 | &nbsp;&nbsp; (540153) |

---

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.

**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, 2025, 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**<br>|
| Asset Management Fund | Band & Co. c/o U.S. Bank, N.A. | 50.55% |
|  | Capinco c/o U.S. Bank, N.A. | 38.51 |
| Equity Fund | Band & Co. c/o U.S. Bank, N.A. | 62.37 |
|  | Capinco c/o U.S. Bank, N.A. | 27.54 |
| Midcap Fund | Charles Schwab & Co., Inc. | 26.04 |
| SMID Cap Fund | National Financial Services LLC | 31.82 |

---

------

**Notes to the Financial Statements** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| BTW Balanced Fund | Capinco c/o U.S. Bank, N.A. | 32.44% |
|  | Band & Co. c/o U.S. Bank, N.A. | 29.04 |
| BTW Equity Fund | Capinco c/o U.S. Bank, N.A. | 33.07 |
| BTW Midcap Fund | Charles Schwab & Co., Inc. | 32.82 |
|  | National Financial Services LLC | 26.02 |
| BTW SMID Cap Fund | Charles Schwab & Co., Inc. | 42.40 |
|  | National Financial Services LLC | 25.49 |
| BTW Small Cap Fund | National Financial Services LLC | 26.69 |
| BTW International Equity Fund | Capinco c/o U.S. Bank, N.A. | 36.47 |
|  | LPL Financial | 27.52 |

---

**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.

------

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Trustees of

Boston Trust Walden Funds

<u>Opinion on the Financial Statements</u>

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, 2025, 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 financial highlights for each of the five years in the period then ended, and the related notes (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, 2025, 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.

<u>Basis for Opinion</u>

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, 2025, 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.

/s/ COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

February 24, 2026

------

**Supplementary Information (Unaudited)**

**December 31, 2025**

**Federal Income Tax Information**

During the fiscal year ended December 31, 2025, the Funds declared long-term realized gain distributions in the following amounts:

---

| | |
|:---|:---|
| **Fund** | **Long-Term Capital Gain Distributions** |
| Asset Management Fund | &nbsp;&nbsp; $52490790<br>|
| Equity Fund | &nbsp;&nbsp; 16424794<br>|
| Midcap Fund | &nbsp;&nbsp; 19094418<br>|
| SMID Cap Fund | &nbsp;&nbsp; 9003920<br>|
| BTW Balanced Fund | &nbsp;&nbsp; 9530810<br>|
| BTW Equity Fund | &nbsp;&nbsp; 22113532<br>|
| BTW Midcap Fund | &nbsp;&nbsp; 9745500<br>|
| BTW SMID Cap Fund | &nbsp;&nbsp; 3446547<br>|
| BTW Small Cap Fund | &nbsp;&nbsp; 47299519<br>|
| BTW International Equity Fund | &nbsp;&nbsp; 4355796<br>|

---

For the fiscal year ended December 31, 2025, 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 | 73.18<br> % <br>|
| Equity Fund | 100.00<br>|
| Midcap Fund | 100.00<br>|
| SMID Cap Fund | 100.00<br>|
| BTW Balanced Fund | 71.25<br>|
| BTW Equity Fund | 100.00<br>|
| BTW Midcap Fund | 100.00<br>|
| BTW SMID Cap Fund | 100.00<br>|
| BTW Small Cap Fund | 100.00<br>|

---

For the fiscal year ended December 31, 2025, 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 2025 Form 1099-DIV.

---

| | |
|:---|:---|
| **Fund** | **Qualified Dividend Income** |
| Asset Management Fund | 79.42<br> % <br>|
| Equity Fund | 100.00<br>|
| Midcap Fund | 100.00<br>|
| SMID Cap Fund | 100.00<br>|
| BTW Balanced Fund | 77.79<br>|
| BTW Equity Fund | 100.00<br>|
| BTW Midcap Fund | 100.00<br>|
| BTW SMID Cap Fund | 100.00<br>|
| BTW Small Cap Fund | 100.00<br>|
| BTW International Equity Fund | 100.00<br>|

---

During the year ended December 31, 2025, 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 | 48.72<br> % <br>|
| BTW Balanced Fund | 53.93<br>|

---

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, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Foreign Source**<br> **Income Per Share**<br>| **Foreign Tax Expense**<br> **Per Share**<br>|
| BTW International Equity Fund | 0.37 | 0.07 |

---

The pass-through of this foreign tax credit will only affect those persons who are shareholders on the dividend record date on December 15, 2025. These shareholders will receive more detailed information along with their 2025 Form 1099-DIV.

------

**Supplementary Information (Unaudited)**

**December 31, 2025**

**Federal Income Tax Information (continued)**

**Continued**

------

**Changes in and Disagreements with Accountants for Open-End** 

**Management Investment Companies (Unaudited)**

**December 31, 2025**

Not applicable.

------

**Proxy Disclosures for Open-End Management Investment Companies (Unaudited)**

**December 31, 2025**

Not applicable.

------

**Investment Adviser Contract Approval (Unaudited)**

**December 31, 2025**

***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 a video conference meeting held on August 18, 2025, and unanimously voted to renew the Investment Advisory Agreement at an in-person meeting held on August 26, 2025. 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 18, 2025, 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, and performance peer group and expense peer group information constructed by ISS/Strategic Insight ("ISS"). 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 the 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 National Association ("BTWNA"). 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, 2025, comparing each Fund's performance to a performance peer group constructed by ISS and the performance of the relevant Morningstar category. The Board noted that as of June 30, 2025, 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 protected in declining or volatile markets and participated in rising 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 24, 2025 meeting, the Board concluded that the advisory fees and expense ratios were reasonable.

------

**Investment Adviser Contract Approval (Unaudited)**

**December 31, 2025**

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, 2024 and the six months ended June 30, 2025, 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 BTWNA and the payment of direct and indirect Trust expenses is governed by an Intercompany Services Agreement between the Adviser and BTWNA. 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.

Turning to economies of scale, the Board discussed advisory fee breakpoints and noted that some of the Funds were not yet at asset levels that supported breakpoints. The Board noted that the Adviser shares economies of scale with shareholders through its investment in resources that benefit the Funds and their shareholders, such as personnel, systems, and technology.

Finally, the Board discussed the benefits the Adviser and its affiliates receive from its relationship with the Funds and concluded that the Adviser benefits from the investment research and soft dollar arrangements resulting from the Funds trading activities.

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**Investment Adviser**

Boston Trust Walden Inc.

1 Beacon Street

Boston, MA 02108

**Transfer Agent**

FIS Investor Services, LLC

4249 Easton Way, Suite 400

Columbus, OH 43219

**Administrator**

The Northern Trust Company

50 South LaSalle Street

Chicago, IL 60603

**Distributor**

Foreside Financial Services, LLC

190 Middle Street, Suite 301

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 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.

02/26

------

#### &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;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &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;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &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;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &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;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &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;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### &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;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

------

#### &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;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

------

#### &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;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.

------

#### &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;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. 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.

------

#### &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;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

------

#### &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;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

------

#### Item 19. Exhibits.
(a)(1) [The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.](CodeofConduct.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) are filed herewith.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) There has been no change to the registrant's independent public accountant.

(b) [Certification pursuant to Rule 30a-2(b) is filed herewith.](Exhibit_b.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 3, 2026  | March 3, 2026  | March 3, 2026  |

---

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 3, 2026  | March 3, 2026  |
| By (Signature and Title)  | By (Signature and Title)  | /s/ Jennifer Ellis, Treasurer  |
| Date  | March 3, 2026  | March 3, 2026  |

---

------

## Ex-99.Code

![Image is missing](gofw5waocx4ywxq928gy6.jpg)

Conduct Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Sarbanes-Oxley Code of Ethics for Chief Executive and Senior Financial Officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 H) for the purpose of promoting:

ξhonest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

ξfull, 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;

ξcompliance with applicable laws and governmental rules and regulations;

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

ξaccountability 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>28</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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

28Item 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.

![Image is missing](g1zzbmdb5g99u9vf7wy5a.jpg)

Conduct Requirements

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.

ξnot use his or her 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;

ξnot 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;

ξnot 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>29</sup>

ξservice as a director on the board of any public or private company;

ξthe receipt of any non-nominal gifts;

ξthe 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;

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

ξa 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.Disclosure & Compliance**

ξEach Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust;

ξeach 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;

ξeach 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 sub-adviser with the goal of promoting full, fair, accurate, timely and understandable other public communications made by the Trust; and

ξit is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

29Any 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.

![Image is missing](g8za1wfqui9aau1gofkjj.jpg)

Conduct Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** Reporting and Accountability

Each Covered Officer must:

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

ξannually thereafter affirm to the Board that he or she has complied with the requirements of the Code (Exhibit J – Annual Certification);

ξnot retaliate against any employee or Covered Officer or their affiliated persons for reports of potential violations that are made in good faith;

ξnotify the Funds' Legal Counsel promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code; and

ξreport at least annually any change in his or her 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>30</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:

ξthe Funds' Legal Counsel will take all appropriate action to investigate any potential violations reported to him or her;

ξif, 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;

ξany matter that the Funds' Legal Counsel believes is a violation will be reported to the Committee;

ξif 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; recommendation to dismiss the Covered Officer;

ξthe Committee will be responsible for granting waivers, as appropriate; and

ξany changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 superseded 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.

30Item 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.

![Image is missing](gziwou4n1b259aox1pye6.jpg)

Conduct Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** Amendments

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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

![Image is missing](gmhn7yzz7fqrbfmbp3l6s.jpg)

Conduct Requirements

**Exhibit H**

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

Principal Executive Officer and President (PEO) – Lucia Santini

Principal Financial Officer and Treasurer (PFO) – Jennifer Ellis

------

## 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, 2025 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 3, 2026 </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.

------

## 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:

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):

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

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 3, 2026  | /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:

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):

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

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 3, 2026  | /s/ Lucia Santini  |
| Date  | Lucia Santini  |
|  | President  |

---

------