# EDGAR Filing Document

**Accession Number:** 0000882748
**File Stem:** 0002066578-25-000574
**Filing Date:** 2025-9
**Character Count:** 252488
**Document Hash:** cf7eeaa6d3d26c4f7b00953019b5dd32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000574.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0002066578-25-000574

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06526
- **FILM NUMBER:** 251288093

**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           |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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#### FORM N-CSR

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#### 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)

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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:

#### June 30, 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_7416.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the Boston Trust Asset Management Fund ("Fund") for the period of January 1, 2025, to June 30, 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 six months?

(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 | $41 | 0.81% |

---

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;$556621358 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;6.99% |

---

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;Apple, Inc. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.4% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3000415.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_7426.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_7416.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the Boston Trust Equity Fund ("Fund") for the period of January 1, 2025, to June 30, 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 six months?

(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 | $42 | 0.83% |

---

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;$247130504 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;11.16% |

---

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. | 10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;W.W. Grainger, Inc. | 2.7% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3000487.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_7426.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_7416.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the Boston Trust Midcap Fund ("Fund") for the period of January 1, 2025, to June 30, 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 six months?

(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 | $49 | 0.98% |

---

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;$237476964 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;13.85% |

---

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. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SEI Investments Co. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 1.8% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3000532.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_7426.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_7416.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the Boston Trust SMID Cap Fund ("Fund") for the period of January 1, 2025, to June 30, 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 six months?

(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 | $37 | 0.75% |

---

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;$767086123 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;12.79% |

---

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;SEI Investments Co. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegion PLC | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nordson Corp. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | 1.8% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3000559.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_7426.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_7416.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the Boston Trust Walden Balanced Fund ("Fund") for the period of January 1, 2025, to June 30, 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 six months?

(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 | $47 | 0.94% |

---

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;$153305859 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;7.93% |

---

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. | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Note | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | 2.4% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3000604.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_7426.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_7416.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the Boston Trust Walden Equity Fund ("Fund") for the period of January 1, 2025, to June 30, 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 six months?

(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 | $47 | 0.95% |

---

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;$240610237 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;1.19% |

---

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. | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 2.7% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3000631.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_7426.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_7416.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the Boston Trust Walden Midcap Fund ("Fund") for the period of January 1, 2025, to June 30, 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 six months?

(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 | $50 | 1.00% |

---

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;$167203270 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;13.68% |

---

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. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SEI Investments Co. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 1.8% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3000676.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_7426.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_7416.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the Boston Trust Walden SMID Cap Fund ("Fund") for the period of January 1, 2025, to June 30, 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 six months?

(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 | $49 | 1.00% |

---

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;$328827213 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;7.55% |

---

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;SEI Investments Co. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegion PLC | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 2.0% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3000703.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_7426.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_7416.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the Boston Trust Walden Small Cap Fund ("Fund") for the period of January 1, 2025, to June 30, 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 six months?

(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 | $49 | 1.00% |

---

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;$1325664461 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;11.17% |

---

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;Haemonetics Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;UFP Technologies, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Bancshares Corp. | 2.0% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3000748.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_7426.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_7416.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the Boston Trust Walden International Equity Fund ("Fund") for the period of January 1, 2025, to June 30, 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 six months?

(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 | $49 | 0.92% |

---

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;$257078841 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;7.92% |

---

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;Roche Holding AG | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nestle SA (Registered) | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next PLC | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Liquide SA | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kone OYJ, Class B | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe SA | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | 2.0% |

---

Industry Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3000460.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_7426.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.**

Not applicable - only for annual reports.

------

&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.**

Not applicable - only for annual reports.

------

&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 4. Principal Accountant Fees and Services.**

Not applicable - only for annual reports.

------

&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.

------

**Semi-Annual Financial Statements**

June 30, 2025 (Unaudited)

![](img0f9356041.gif)

![](img3cf5546a2.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**

**Semi-Annual**

**Financial Statements**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **[Boston Trust Asset Management Fund](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK1-SOIandFinancials-B1-2473_1)** |  |
| [Schedule of Portfolio Investments](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK1-SOIandFinancials-B1-2473_1) | 2 |
| [Financial Statements](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK1-SOIandFinancials-B1-2473_3) | 4 |
| [Financial Highlights](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK1-SOIandFinancials-B1-2473_5) | 6 |
| **[Boston Trust Equity Fund](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK1-SOIandFinancials-B1-2473_6)** |  |
| [Schedule of Portfolio Investments](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK1-SOIandFinancials-B1-2473_6) | 7 |
| [Financial Statements](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK1-SOIandFinancials-B1-2473_7) | 8 |
| [Financial Highlights](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK1-SOIandFinancials-B1-2473_9) | 10 |
| **[Boston Trust Midcap Fund](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK1-SOIandFinancials-B1-2473_10)** |  |
| [Schedule of Portfolio Investments](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK1-SOIandFinancials-B1-2473_10) | 11 |
| [Financial Statements](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK1-SOIandFinancials-B1-2473_12) | 13 |
| [Financial Highlights](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK1-SOIandFinancials-B1-2473_14) | 15 |
| **[Boston Trust SMID Cap Fund](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK1-SOIandFinancials-B1-2473_15)** |  |
| [Schedule of Portfolio Investments](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK1-SOIandFinancials-B1-2473_15) | 16 |
| [Financial Statements](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK1-SOIandFinancials-B1-2473_17) | 18 |
| [Financial Highlights](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK1-SOIandFinancials-B1-2473_19) | 20 |
| **[Active Ownership Report](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK1-SOIandFinancials-B1-2473_20)** | 21 |

---

---

| | |
|:---|:---|
| **[Boston Trust Walden Balanced Fund](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_1)** |  |
| [Schedule of Portfolio Investments](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_1) | 22 |
| [Financial Statements](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_3) | 24 |
| [Financial Highlights](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_5) | 26 |
| **[Boston Trust Walden Equity Fund](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_6)** |  |
| [Schedule of Portfolio Investments](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_6) | 27 |
| [Financial Statements](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_7) | 28 |
| [Financial Highlights](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_9) | 30 |
| **[Boston Trust Walden Midcap Fund](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_10)** |  |
| [Schedule of Portfolio Investments](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_10) | 31 |
| [Financial Statements](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_12) | 33 |
| [Financial Highlights](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_14) | 35 |
| **[Boston Trust Walden SMID Cap Fund](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_15)** |  |
| [Schedule of Portfolio Investments](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_15) | 36 |
| [Financial Statements](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_16) | 37 |
| [Financial Highlights](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_18) | 39 |
| **[Boston Trust Walden Small Cap Fund](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_19)** |  |
| [Schedule of Portfolio Investments](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_19) | 40 |
| [Financial Statements](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_20) | 41 |
| [Financial Highlights](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_22) | 43 |
| **[Boston Trust Walden International Equity Fund](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_23)** |  |
| [Schedule of Portfolio Investments](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_23) | 44 |
| [Financial Statements](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_25) | 46 |
| [Financial Highlights](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_BOOK2-SOIandFinancials-B2-2478_27) | 48 |
| [Notes to the Financial Statements](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_NTF-TOC-NotestoFinancialStatements_1) | 49 |
| [Changes in and Disagreements with Accountants for Open-End](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_CAD-TOC-ChangeinandDisagreements_1)<br> [Management Investment Companies](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_CAD-TOC-ChangeinandDisagreements_1)<br>| 57 |
| [Proxy Disclosures for Open-End Management Investment](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_PD-TOC-ProxyDisclosure_1)<br> [Companies](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_PD-TOC-ProxyDisclosure_1)<br>| 58 |
| [Statement Regarding Basis for Approval of Investment Advisory](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_IACA-TOC-InvestmentAdviserContractApproval-2473_1)<br> [Contract](#xx_2b0d5e5b-b05a-4e3c-bec5-426523fb7e3c_IACA-TOC-InvestmentAdviserContractApproval-2473_1)<br>| 59 |

---

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

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

The foregoing information and opinions are for general information only. The Boston Trust Walden Funds and Boston Trust Walden Company do not assume liability for any loss which may result from the reliance by any person upon any such information or opinions. Such information and opinions are subject to change without notice, are for general information only, and are not intended as an offer or solicitation with respect to the purchase or sale of any security or offering individual or personalized investment advice. Portfolio composition is as of June 30, 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 Funds' ESG integration and, as applicable, values based screening could cause the Funds to avoid investments that may result in the Funds underperforming similar funds without comparable ESG Policies.

------

**Schedule of Portfolio Investments**

**Boston Trust Asset Management Fund**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (74.4%)** | **Common Stocks (74.4%)** | **Common Stocks (74.4%)** |
|  | **Shares** | **Fair Value ($)** |
| **Communication Services (7.0%)** | **Communication Services (7.0%)** | **Communication Services (7.0%)** |
| Alphabet, Inc., Class A  | 40000 | 7049200 |
| Alphabet, Inc., Class C  | 100000 | 17739000 |
| Meta Platforms, Inc., Class A  | 12000 | 8857080 |
| Netflix, Inc. <sup>(a)</sup> <br>| 4000 | 5356520 |
|  |  | 39001800 |
| **Consumer Discretionary (6.2%)** | **Consumer Discretionary (6.2%)** | **Consumer Discretionary (6.2%)** |
| Amazon.com, Inc. <sup>(a)</sup> <br>| 60000 | 13163400 |
| Lowe's Cos., Inc.  | 10000 | 2218700 |
| NIKE, Inc., Class B  | 102500 | 7281600 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> <br>| 67500 | 6083775 |
| Ross Stores, Inc.  | 15000 | 1913700 |
| Starbucks Corp.  | 40000 | 3665200 |
|  |  | 34326375 |
| **Consumer Staples (5.6%)** | **Consumer Staples (5.6%)** | **Consumer Staples (5.6%)** |
| Church & Dwight Co., Inc.  | 48750 | 4685362 |
| Costco Wholesale Corp.  | 12000 | 11879280 |
| McCormick & Co., Inc. (Non Voting)  | 50000 | 3791000 |
| PepsiCo, Inc.  | 30000 | 3961200 |
| Procter & Gamble (The) Co.  | 25000 | 3983000 |
| Sysco Corp.  | 35000 | 2650900 |
|  |  | 30950742 |
| **Energy (2.3%)** | **Energy (2.3%)** | **Energy (2.3%)** |
| Chevron Corp.  | 20000 | 2863800 |
| Exxon Mobil Corp.  | 94500 | 10187100 |
|  |  | 13050900 |
| **Financials (13.4%)** | **Financials (13.4%)** | **Financials (13.4%)** |
| American Express Co.  | 19750 | 6299855 |
| Berkshire Hathaway, Inc., Class B <br> <sup>(a)</sup> <br>| 20000 | 9715400 |
| Chubb Ltd.  | 18000 | 5214960 |
| Cincinnati Financial Corp.  | 60000 | 8935200 |
| FactSet Research Systems, Inc.  | 13720 | 6136682 |
| JPMorgan Chase & Co.  | 75000 | 21743250 |
| Visa, Inc., Class A  | 47500 | 16864875 |
|  |  | 74910222 |
| **Health Care (7.5%)** | **Health Care (7.5%)** | **Health Care (7.5%)** |
| Becton, Dickinson & Co.  | 35000 | 6028750 |
| Edwards Lifesciences Corp. <sup>(a)</sup> <br>| 95000 | 7429950 |
| Johnson & Johnson  | 56500 | 8630375 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> <br>| 3500 | 4111520 |
| Stryker Corp.  | 25000 | 9890750 |
| UnitedHealth Group, Inc.  | 9000 | 2807730 |
| Waters Corp. <sup>(a)</sup> <br>| 7500 | 2617800 |
|  |  | 41516875 |
| **Industrials (9.1%)** | **Industrials (9.1%)** | **Industrials (9.1%)** |
| Automatic Data Processing, Inc.  | 65000 | 20046000 |
| Donaldson Co., Inc.  | 50000 | 3467500 |
| Hubbell, Inc.  | 18500 | 7555585 |
| Illinois Tool Works, Inc.  | 25400 | 6280150 |
| Union Pacific Corp.  | 25500 | 5867040 |
| W.W. Grainger, Inc.  | 7300 | 7593752 |
|  |  | 50810027 |
| **Information Technology (19.6%)** | **Information Technology (19.6%)** | **Information Technology (19.6%)** |
| Accenture PLC, Class A  | 52000 | 15542280 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| Analog Devices, Inc.  | 22500 | 5355450 |
| Apple, Inc.  | 120000 | 24620400 |
| Cisco Systems, Inc.  | 65000 | 4509700 |
| Microsoft Corp.  | 90000 | 44766900 |
| Oracle Corp.  | 50000 | 10931500 |
| TE Connectivity PLC  | 20000 | 3373400 |
|  |  | 109099630 |
| **Materials (2.2%)** | **Materials (2.2%)** | **Materials (2.2%)** |
| Air Products and Chemicals, Inc.  | 25500 | 7192530 |
| AptarGroup, Inc.  | 32500 | 5083975 |
|  |  | 12276505 |
| **Utilities (1.5%)** | **Utilities (1.5%)** | **Utilities (1.5%)** |
| Essential Utilities, Inc.  | 110000 | 4085400 |
| Eversource Energy  | 500 | 31810 |
| WEC Energy Group, Inc.  | 40000 | 4168000 |
|  |  | 8285210 |
| **TOTAL COMMON STOCKS (Cost $106,840,266)** | **TOTAL COMMON STOCKS (Cost $106,840,266)** | 414228286 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds (4.2%)** | **Corporate Bonds (4.2%)** | **Corporate Bonds (4.2%)** |
|  | **Principal**<br> **Amount ($)**<br>|  |
| **Communication Services (0.0%)**<sup>(b)</sup> | **Communication Services (0.0%)**<sup>(b)</sup> | **Communication Services (0.0%)**<sup>(b)</sup> |
| Verizon Communications, Inc., <br> 4.02%, 12/3/29, Callable 9/3/29 <br> @ 100<br>| 250000 | 246664 |
| **Consumer Discretionary (0.6%)** | **Consumer Discretionary (0.6%)** | **Consumer Discretionary (0.6%)** |
| Home Depot (The), Inc., 2.70%, <br> 4/15/30<br>| 1000000 | 933814 |
| Lowe's Cos., Inc., 3.10%, 5/3/27, <br> Callable 2/3/27 @ 100<br>| 750000 | 735535 |
| Lowe's Cos., Inc., 1.30%, 4/15/28 | 750000 | 693884 |
| McDonald's Corp., 2.63%, 9/1/29, <br> MTN, Callable 6/1/29 @ 100<br>| 500000 | 469397 |
| Toyota Motor Credit Corp., 3.65%, <br> 1/8/29<br>| 350000 | 343551 |
|  |  | 3176181 |
| **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 | 691325 |
| **Financials (1.5%)** | **Financials (1.5%)** | **Financials (1.5%)** |
| Bank of America Corp., 4.18%, <br> 11/25/27, Callable 11/25/26 @ <br> 100<br>| 500000 | 497982 |
| Berkshire Hathaway, Inc., 3.13%, <br> 3/15/26, Callable 12/15/25 @ <br> 100<br>| 2000000 | 1984422 |
| Cincinnati Financial Corp., 6.92%, <br> 5/15/28<br>| 500000 | 537162 |
| JPMorgan Chase & Co., 3.90%, <br> 7/15/25, Callable 4/15/25 @ 100<br>| 1000000 | 999623 |
| JPMorgan Chase & Co., (Variable, <br> 3M CME Term SOFR + 1.38%), <br> 4.01%, 4/23/29<sup>(c)</sup> <br>| 500000 | 495601 |

---

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Asset Management Fund**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
|  | **Principal**<br> **Amount ($)**<br>| **Fair Value ($)** |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| Visa, Inc., 3.15%, 12/14/25, <br> Callable 9/14/25 @ 100<br>| 2000000 | 1989081 |
| Wells Fargo & Co., 3.55%, <br> 9/29/25, MTN<br>| 2000000 | 1994374 |
|  |  | 8498245 |
| **Health Care (0.7%)** | **Health Care (0.7%)** | **Health Care (0.7%)** |
| Becton, Dickinson & Co., 6.70%, <br> 12/1/26<br>| 750000 | 770818 |
| Merck & Co., Inc., 1.70%, 6/10/27 | 350000 | 335433 |
| Pfizer, Inc., 3.60%, 9/15/28 | 500000 | 495011 |
| Stryker Corp., 1.95%, 6/15/30 | 1000000 | 892044 |
| UnitedHealth Group, Inc., 3.38%, <br> 4/15/27<br>| 500000 | 493005 |
| Zoetis, Inc., 3.90%, 8/20/28 | 750000 | 744696 |
|  |  | 3731007 |
| **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 | 1304590 |
| Hubbell, Inc., 3.50%, 2/15/28 | 1000000 | 980937 |
| John Deere Capital Corp., 2.80%, <br> 9/8/27, MTN<br>| 500000 | 486527 |
| John Deere Capital Corp., 3.45%, <br> 3/7/29, MTN<br>| 1250000 | 1219719 |
| Union Pacific Corp., 3.95%, <br> 9/10/28<br>| 400000 | 397914 |
|  |  | 4389687 |
| **Information Technology (0.4%)** | **Information Technology (0.4%)** | **Information Technology (0.4%)** |
| Apple, Inc., 3.25%, 2/23/26, <br> Callable 11/23/25 @ 100<br>| 2500000 | 2484310 |
| **Materials (0.1%)** | **Materials (0.1%)** | **Materials (0.1%)** |
| Air Products and Chemicals, Inc., <br> 1.85%, 5/15/27<br>| 400000 | 384020 |
| **TOTAL CORPORATE BONDS (Cost $23,705,296)** | **TOTAL CORPORATE BONDS (Cost $23,705,296)** | 23601439 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Government & U.S. Government Agency Obligations (20.0%)** | **U.S. Government & U.S. Government Agency Obligations (20.0%)** | **U.S. Government & U.S. Government Agency Obligations (20.0%)** |
| **Federal Farm Credit Bank (2.1%)**  | **Federal Farm Credit Bank (2.1%)**  | **Federal Farm Credit Bank (2.1%)**  |
| 3.39%, 2/1/28  | 2000000 | 1977786 |
| 3.85%, 12/26/25  | 2770000 | 2764991 |
| 3.25%, 2/27/34  | 1500000 | 1369216 |
| 3.88%, 9/20/32  | 1000000 | 983549 |
| 4.38%, 3/3/33  | 1500000 | 1501805 |
| 3.50%, 3/2/34  | 3000000 | 2793635 |
|  |  | 11390982 |
| **Federal Home Loan Bank (1.0%)**  | **Federal Home Loan Bank (1.0%)**  | **Federal Home Loan Bank (1.0%)**  |
| 3.50%, 7/20/32  | 1500000 | 1426147 |
| 4.00%, 6/10/33  | 2500000 | 2439188 |
| 2.50%, 12/10/27  | 1500000 | 1456706 |
|  |  | 5322041 |
| **U.S. Treasury Bond (5.3%)**  | **U.S. Treasury Bond (5.3%)**  | **U.S. Treasury Bond (5.3%)**  |
| 5.38%, 2/15/31  | 5500000 | 5915937 |
| 4.50%, 2/15/36  | 15250000 | 15647334 |

---

---

| | | |
|:---|:---|:---|
| **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 Bond (continued)**  | **U.S. Treasury Bond (continued)**  | **U.S. Treasury Bond (continued)**  |
| 3.50%, 2/15/39  | 4250000 | 3837451 |
| 4.50%, 2/15/44  | 4000000 | 3865000 |
|  |  | 29265722 |
| **U.S. Treasury Inflation Indexed Note (2.3%)**  | **U.S. Treasury Inflation Indexed Note (2.3%)**  | **U.S. Treasury Inflation Indexed Note (2.3%)**  |
| 0.13%, 1/15/30  | 4987400 | 4706596 |
| 1.13%, 1/15/33  | 7000110 | 6688854 |
| 1.38%, 7/15/33  | 1584390 | 1538574 |
|  |  | 12934024 |
| **U.S. Treasury Note (9.3%)**  | **U.S. Treasury Note (9.3%)**  | **U.S. Treasury Note (9.3%)**  |
| 2.25%, 11/15/27  | 6500000 | 6285449 |
| 2.13%, 5/31/26  | 5000000 | 4913672 |
| 0.88%, 11/15/30  | 4000000 | 3431094 |
| 3.25%, 6/30/29  | 6500000 | 6381172 |
| 4.13%, 6/15/26  | 4000000 | 4004922 |
| 3.38%, 5/15/33  | 6000000 | 5719453 |
| 3.88%, 8/15/33  | 14000000 | 13786719 |
| 4.00%, 2/15/34  | 7750000 | 7669170 |
|  |  | 52191651 |
| **TOTAL U.S. GOVERNMENT & U.S.** <br> **GOVERNMENT AGENCY** <br> **OBLIGATIONS (Cost** <br> **$108,964,039)**<br>|  | 111104420 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (1.2%)** | **Investment Companies (1.2%)** | **Investment Companies (1.2%)** |
|  | **Shares** |  |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 4.16% <sup>(d)</sup> <br>| 6532001 | 6532001 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $6,532,001)**<br>|  | 6532001 |
| **Total Investments (Cost $246,041,602) —** <br> **99.8%** | **Total Investments (Cost $246,041,602) —** <br> **99.8%** | 555466146 |
| Other assets in excess of liabilities — 0.2% | Other assets in excess of liabilities — 0.2% | 1155212 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $556621358 |

---

------

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

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

<sup>(c)</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 June 30, 2025. 

<sup>(d)</sup> Rate disclosed is the seven-day yield as of June 30, 2025.

---

| | |
|:---|:---|
| 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**

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $246,041,602)  | $555466146 |
| Interest and dividends receivable  | 1544193 |
| Receivable for tax reclaims  | 3492 |
| Receivable for capital shares issued  | 9160 |
| Prepaid expenses  | 14760 |
| **Total Assets** | 557037751 |
| **Liabilities:** |  |
| Payable for capital shares redeemed  | 34484 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 327871 |
| Administration and accounting  | 14955 |
| Chief compliance officer  | 73 |
| Custodian  | 4774 |
| Shareholder servicing fees  | 14583 |
| Transfer agent  | 3773 |
| Trustee  | 1308 |
| Other  | 14572 |
| **Total Liabilities** | 416393 |
| **Net Assets** | $556621358 |
| **Composition of Net Assets:** |  |
| Paid in capital | $186395622 |
| Total distributable earnings | 370225736 |
| **Net Assets** | $556621358 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 8824502 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $63.08 |

---

**Statement of Operations**

For the period ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $3095947 |
| Interest  | 2852599 |
| Less: Foreign tax withholding | (162) |
| **Total Investment Income** | 5948384 |
| **Expenses:** |  |
| Investment adviser  | 1986960 |
| Administration and accounting  | 47875 |
| Chief compliance officer  | 9575 |
| Custodian  | 14427 |
| Shareholder servicing  | 65491 |
| Transfer agency  | 12836 |
| Trustee  | 20857 |
| Other  | 48882 |
| Total expenses | 2206903 |
| **Net Expenses** | 2206903 |
| **Net Investment Income** | 3741481 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized gains from investment transactions  | 39390977 |
| Change in unrealized depreciation on investments  | (30377904) |
| Net realized/unrealized gains on investments | 9013073 |
| **Change in Net Assets Resulting from Operations** | $12754554 |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Asset Management Fund**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **For the six months** <br>**ended** <br>**June 30, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
|  | **(Unaudited)** |  |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $3741481 | $7591089 |
| Net realized gains from investment transactions  | 39390977 | 45838007 |
| Change in unrealized appreciation (depreciation) on investments  | (30377904) | 8903350 |
| **Change in Net Assets Resulting from Operations** | 12754554 | 62332446 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  |  | (34998197) |
| **Change in Net Assets Resulting from distributions to shareholders** |  | (34998197) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 3147467 | 9273550 |
| Dividends reinvested  |  | 16908044 |
| Cost of shares redeemed  | (28894974) | (53408811) |
| **Change in Net Assets Resulting from Capital Share Transactions** | (25747507) | (27227217) |
| **Change in Net Assets** | (12992953) | 107032 |
| **Net Assets:** |  |  |
| Beginning of period  | 569614311 | 569507279 |
| End of period | $556621358 | $569614311 |
| **Share Transactions:** |  |  |
| Issued  | 50783 | 150045 |
| Reinvested  |  | 266899 |
| Redeemed  | (470575) | (856568) |
| **Change in shares** | (419792) | (439624) |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Asset Management Fund**

**Financial Highlights**

Selected data for a share outstanding throughout the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six** <br>**months** <br>**ended** <br>**June 30,** <br>**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>| **For the year** <br>**ended** <br>**December** <br>**31, 2020**<br>|
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $61.62 | $58.81 | $55.13 | $67.46 | $56.29 | $55.17 |
| **Investment Activities:** |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income  | 0.42 | 0.85 | 0.89 | 0.63 | 0.48 | 0.53 |
| Net realized/unrealized gains (losses) from <br> investments <br>| 1.04 | 5.83 | 6.60 | (10.42) | 11.69 | 3.74 |
| Total from investment activities | 1.46 | 6.68 | 7.49 | (9.79) | 12.17 | 4.27 |
| **Distributions from:** |  |  |  |  |  |  |
| Net investment income  |  | (0.94) | (0.80) | (0.65) | (0.49) | (0.53) |
| Net realized gains from investment transactions  |  | (2.93) | (3.01) | (1.89) | (0.51) | (2.62) |
| Total distributions |  | (3.87) | (3.81) | (2.54) | (1.00) | (3.15) |
| **Net Asset Value, End of Period** | $63.08 | $61.62 | $58.81 | $55.13 | $67.46 | $56.29 |
| Total Return | 2.37%(a) | 11.19% | 13.72% | (14.65)% | 21.65% | 7.83% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's)  | $556621 | $569614 | $569507 | $551338 | $702741 | $597013 |
| Ratio of net expenses to average net assets  | 0.81%(b) | 0.80% | 0.82% | 0.83% | 0.81% | 0.88% |
| Ratio of net investment income to average net assets  | 1.37%(b) | 1.30% | 1.45% | 1.05% | 0.77% | 0.96% |
| Portfolio turnover rate  | 6.99%(a) | 7.52% | 24.76%(c) | 35.52% | 6.51% | 12.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

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

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Equity Fund**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (99.0%)** | **Common Stocks (99.0%)** | **Common Stocks (99.0%)** |
|  | **Shares** | **Fair Value ($)** |
| **Communication Services (10.4%)** | **Communication Services (10.4%)** | **Communication Services (10.4%)** |
| Alphabet, Inc., Class A  | 15000 | 2643450 |
| Alphabet, Inc., Class C  | 80000 | 14191200 |
| Meta Platforms, Inc., Class A  | 7500 | 5535675 |
| Netflix, Inc. <sup>(a)</sup> <br>| 2500 | 3347825 |
|  |  | 25718150 |
| **Consumer Discretionary (9.4%)** | **Consumer Discretionary (9.4%)** | **Consumer Discretionary (9.4%)** |
| Amazon.com, Inc. <sup>(a)</sup> <br>| 35000 | 7678650 |
| Lowe's Cos., Inc.  | 10000 | 2218700 |
| Lululemon Athletica, Inc. <sup>(a)</sup> <br>| 5000 | 1187900 |
| NIKE, Inc., Class B  | 24000 | 1704960 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> <br>| 46125 | 4157246 |
| Ross Stores, Inc.  | 7000 | 893060 |
| Starbucks Corp.  | 30000 | 2748900 |
| TJX (The) Cos., Inc.  | 21500 | 2655035 |
|  |  | 23244451 |
| **Consumer Staples (7.6%)** | **Consumer Staples (7.6%)** | **Consumer Staples (7.6%)** |
| Church & Dwight Co., Inc.  | 20000 | 1922200 |
| Costco Wholesale Corp.  | 8000 | 7919520 |
| McCormick & Co., Inc. (Non Voting)  | 34000 | 2577880 |
| PepsiCo, Inc.  | 18000 | 2376720 |
| Procter & Gamble (The) Co.  | 9000 | 1433880 |
| Sysco Corp.  | 34000 | 2575160 |
|  |  | 18805360 |
| **Energy (3.0%)** | **Energy (3.0%)** | **Energy (3.0%)** |
| Chevron Corp.  | 13000 | 1861470 |
| Exxon Mobil Corp.  | 50000 | 5390000 |
|  |  | 7251470 |
| **Financials (15.3%)** | **Financials (15.3%)** | **Financials (15.3%)** |
| American Express Co.  | 10500 | 3349290 |
| Berkshire Hathaway, Inc., Class B <br> <sup>(a)</sup> <br>| 8750 | 4250487 |
| Chubb Ltd.  | 10000 | 2897200 |
| Cincinnati Financial Corp.  | 20000 | 2978400 |
| FactSet Research Systems, Inc.  | 5500 | 2460040 |
| JPMorgan Chase & Co.  | 41000 | 11886310 |
| Visa, Inc., Class A  | 28000 | 9941400 |
|  |  | 37763127 |
| **Health Care (10.9%)** | **Health Care (10.9%)** | **Health Care (10.9%)** |
| Agilent Technologies, Inc.  | 16250 | 1917663 |
| Becton, Dickinson & Co.  | 15000 | 2583750 |
| Cooper (The) Cos., Inc. <sup>(a)</sup> <br>| 31250 | 2223750 |
| Edwards Lifesciences Corp. <sup>(a)</sup> <br>| 22500 | 1759725 |
| Johnson & Johnson  | 28500 | 4353375 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> <br>| 1500 | 1762080 |
| Stryker Corp.  | 12000 | 4747560 |
| UnitedHealth Group, Inc.  | 6200 | 1934214 |
| Waters Corp. <sup>(a)</sup> <br>| 10750 | 3752180 |
| Zoetis, Inc.  | 12000 | 1871400 |
|  |  | 26905697 |
| **Industrials (12.6%)** | **Industrials (12.6%)** | **Industrials (12.6%)** |
| Automatic Data Processing, Inc.  | 20000 | 6168000 |
| Deere & Co.  | 4750 | 2415327 |
| Donaldson Co., Inc.  | 15000 | 1040250 |
| Hubbell, Inc.  | 10000 | 4084100 |
| Illinois Tool Works, Inc.  | 15000 | 3708750 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Lockheed Martin Corp.  | 6000 | 2778840 |
| Union Pacific Corp.  | 18500 | 4256480 |
| W.W. Grainger, Inc.  | 6500 | 6761560 |
|  |  | 31213307 |
| **Information Technology (24.5%)** | **Information Technology (24.5%)** | **Information Technology (24.5%)** |
| Accenture PLC, Class A  | 24000 | 7173360 |
| Analog Devices, Inc.  | 16500 | 3927330 |
| Apple, Inc.  | 63100 | 12946227 |
| Microsoft Corp.  | 50750 | 25243557 |
| Oracle Corp.  | 40000 | 8745200 |
| TE Connectivity PLC  | 15350 | 2589085 |
|  |  | 60624759 |
| **Materials (2.6%)** | **Materials (2.6%)** | **Materials (2.6%)** |
| Air Products and Chemicals, Inc.  | 14800 | 4174488 |
| AptarGroup, Inc.  | 14250 | 2229128 |
|  |  | 6403616 |
| **Utilities (2.7%)** | **Utilities (2.7%)** | **Utilities (2.7%)** |
| Essential Utilities, Inc.  | 100000 | 3714000 |
| Eversource Energy  | 6700 | 426254 |
| WEC Energy Group, Inc.  | 25000 | 2605000 |
|  |  | 6745254 |
| **TOTAL COMMON STOCKS (Cost $84,021,078)** | **TOTAL COMMON STOCKS (Cost $84,021,078)** | 244675191 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (1.0%)** | **Investment Companies (1.0%)** | **Investment Companies (1.0%)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 4.16% <sup>(b)</sup> <br>| 2507189 | 2507189 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $2,507,189)**<br>|  | 2507189 |
| **Total Investments (Cost $86,528,267) —** <br> **100.0%** | **Total Investments (Cost $86,528,267) —** <br> **100.0%** | 247182380 |
| Liabilities in excess of other assets — (0.0)%<sup>(c)</sup>  | Liabilities in excess of other assets — (0.0)%<sup>(c)</sup>  | (51876) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $247130504 |

---

------

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

<sup>(b)</sup> Rate disclosed is the seven-day yield as of June 30, 2025.

<sup>(c)</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**

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $86,528,267)  | $247182380 |
| Dividend receivable  | 112759 |
| Receivable for tax reclaims  | 1940 |
| Receivable for capital shares issued  | 497 |
| Prepaid expenses  | 7211 |
| **Total Assets** | 247304787 |
| **Liabilities:** |  |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 149520 |
| Administration and accounting  | 8931 |
| Chief compliance officer  | 5 |
| Custodian  | 2033 |
| Shareholder servicing fees  | 2525 |
| Transfer agent  | 3699 |
| Trustee  | 566 |
| Other  | 7004 |
| **Total Liabilities** | 174283 |
| **Net Assets** | $247130504 |
| **Composition of Net Assets:** |  |
| Paid in capital | $67178202 |
| Total distributable earnings | 179952302 |
| **Net Assets** | $247130504 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 5476687 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $45.12 |

---

**Statement of Operations**

For the period ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $1672810 |
| Less: Foreign tax withholding | (90) |
| **Total Investment Income** | 1672720 |
| **Expenses:** |  |
| Investment adviser  | 898568 |
| Administration and accounting  | 28446 |
| Chief compliance officer  | 4158 |
| Custodian  | 6869 |
| Shareholder servicing  | 11907 |
| Transfer agency  | 12341 |
| Trustee  | 9050 |
| Other  | 20352 |
| Total expenses | 991691 |
| **Net Expenses** | 991691 |
| **Net Investment Income** | 681029 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized gains from investment transactions  | 15291366 |
| Change in unrealized depreciation on investments  | (12005193) |
| Net realized/unrealized gains on investments | 3286173 |
| **Change in Net Assets Resulting from Operations** | $3967202 |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Equity Fund**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **For the six months** <br>**ended** <br>**June 30, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
|  | **(Unaudited)** |  |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $681029 | $1512714 |
| Net realized gains from investment transactions  | 15291366 | 7958260 |
| Change in unrealized appreciation (depreciation) on investments  | (12005193) | 21238725 |
| **Change in Net Assets Resulting from Operations** | 3967202 | 30709699 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  |  | (6097992) |
| **Change in Net Assets Resulting from distributions to shareholders** |  | (6097992) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 1599544 | 8936774 |
| Dividends reinvested  |  | 2360981 |
| Cost of shares redeemed  | (4359216) | (12890658) |
| **Change in Net Assets Resulting from Capital Share Transactions** | (2759672) | (1592903) |
| **Change in Net Assets** | 1207530 | 23018804 |
| **Net Assets:** |  |  |
| Beginning of period  | 245922974 | 222904170 |
| End of period | $247130504 | $245922974 |
| **Share Transactions:** |  |  |
| Issued  | 35397 | 213955 |
| Reinvested  |  | 51292 |
| Redeemed  | (101013) | (301521) |
| **Change in shares** | (65616) | (36274) |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Equity Fund**

**Financial Highlights**

Selected data for a share outstanding throughout the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six** <br>**months** <br>**ended** <br>**June 30,** <br>**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>| **For the year** <br>**ended** <br>**December** <br>**31, 2020**<br>|
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $44.37 | $39.96 | $34.61 | $41.55 | $32.89 | $29.55 |
| **Investment Activities:** |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income  | 0.12 | 0.28 | 0.30 | 0.24 | 0.20 | 0.27 |
| Net realized/unrealized gains (losses) from <br> investments <br>| 0.63 | 5.24 | 5.67 | (6.08) | 9.56 | 4.00 |
| Total from investment activities | 0.75 | 5.52 | 5.97 | (5.84) | 9.76 | 4.27 |
| **Distributions from:** |  |  |  |  |  |  |
| Net investment income  |  | (0.33) | (0.26) | (0.24) | (0.20) | (0.27) |
| Net realized gains from investment transactions  |  | (0.78) | (0.36) | (0.86) | (0.90) | (0.66) |
| Total distributions |  | (1.11) | (0.62) | (1.10) | (1.10) | (0.93) |
| **Net Asset Value, End of Period** | $45.12 | $44.37 | $39.96 | $34.61 | $41.55 | $32.89 |
| Total Return | 1.69%(a) | 13.72% | 17.29% | (14.16)% | 29.77% | 14.53% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's)  | $247131 | $245923 | $222904 | $191430 | $222866 | $168487 |
| Ratio of net expenses to average net assets  | 0.83%(b) | 0.83% | 0.85% | 0.86% | 0.85% | 0.90% |
| Ratio of net investment income to average net assets  | 0.57%(b) | 0.63% | 0.81% | 0.66% | 0.53% | 0.93% |
| Portfolio turnover rate  | 11.16%(a) | 3.22% | 6.19% | 10.30% | 7.33% | 9.30% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Midcap Fund**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (98.9%)** | **Common Stocks (98.9%)** | **Common Stocks (98.9%)** |
|  | **Shares** | **Fair Value ($)** |
| **Consumer Discretionary (10.1%)** | **Consumer Discretionary (10.1%)** | **Consumer Discretionary (10.1%)** |
| AutoZone, Inc. <sup>(a)</sup> <br>| 1070 | 3972086 |
| Choice Hotels International, Inc.  | 29350 | 3723928 |
| DR Horton, Inc.  | 18250 | 2352790 |
| Genuine Parts Co.  | 20605 | 2499593 |
| Lululemon Athletica, Inc. <sup>(a)</sup> <br>| 12015 | 2854524 |
| Ross Stores, Inc.  | 30850 | 3935843 |
| Ulta Beauty, Inc. <sup>(a)</sup> <br>| 5665 | 2650200 |
| Williams-Sonoma, Inc.  | 11670 | 1906528 |
|  |  | 23895492 |
| **Consumer Staples (7.0%)** | **Consumer Staples (7.0%)** | **Consumer Staples (7.0%)** |
| BJ's Wholesale Club Holdings, Inc. <br> <sup>(a)</sup> <br>| 41215 | 4444214 |
| Church & Dwight Co., Inc.  | 26655 | 2561812 |
| Hershey (The) Co.  | 16475 | 2734026 |
| McCormick & Co., Inc. (Non Voting)  | 32220 | 2442920 |
| Sysco Corp.  | 60325 | 4569016 |
|  |  | 16751988 |
| **Energy (3.7%)** | **Energy (3.7%)** | **Energy (3.7%)** |
| Baker Hughes Co.  | 71235 | 2731150 |
| Magnolia Oil & Gas Corp., Class A  | 179175 | 4027854 |
| Schlumberger NV  | 63545 | 2147821 |
|  |  | 8906825 |
| **Financials (17.8%)** | **Financials (17.8%)** | **Financials (17.8%)** |
| American Financial Group, Inc.  | 33910 | 4279781 |
| Brown & Brown, Inc.  | 22510 | 2495684 |
| Cboe Global Markets, Inc.  | 10505 | 2449871 |
| Cincinnati Financial Corp.  | 24050 | 3581526 |
| Cullen/Frost Bankers, Inc.  | 24730 | 3178794 |
| East West Bancorp, Inc.  | 22645 | 2286692 |
| FactSet Research Systems, Inc.  | 10935 | 4891007 |
| Jack Henry & Associates, Inc.  | 13595 | 2449411 |
| M&T Bank Corp.  | 15695 | 3044673 |
| MSCI, Inc.  | 4185 | 2413657 |
| Northern Trust Corp.  | 26270 | 3330773 |
| SEI Investments Co.  | 60840 | 5467082 |
| T. Rowe Price Group, Inc.  | 24215 | 2336748 |
|  |  | 42205699 |
| **Health Care (12.2%)** | **Health Care (12.2%)** | **Health Care (12.2%)** |
| Agilent Technologies, Inc.  | 23490 | 2772055 |
| Chemed Corp.  | 3570 | 1738340 |
| Cooper (The) Cos., Inc. <sup>(a)</sup> <br>| 54335 | 3866478 |
| Edwards Lifesciences Corp. <sup>(a)</sup> <br>| 45090 | 3526489 |
| Medpace Holdings, Inc. <sup>(a)</sup> <br>| 7880 | 2473217 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> <br>| 3900 | 4581408 |
| STERIS PLC  | 17260 | 4146197 |
| Veeva Systems, Inc., Class A <sup>(a)</sup> <br>| 10020 | 2885560 |
| Zimmer Biomet Holdings, Inc.  | 32330 | 2948819 |
|  |  | 28938563 |
| **Industrials (19.9%)** | **Industrials (19.9%)** | **Industrials (19.9%)** |
| A O Smith Corp.  | 34765 | 2279541 |
| Allegion PLC  | 25700 | 3703884 |
| AMETEK, Inc.  | 24510 | 4435330 |
| Broadridge Financial Solutions, Inc.  | 10375 | 2521436 |
| Core & Main, Inc., Class A <sup>(a)</sup> <br>| 47255 | 2851839 |
| Donaldson Co., Inc.  | 54720 | 3794832 |

---

---

| | | |
|:---|:---|:---|
| **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>| 26735 | 3054474 |
| Hubbell, Inc.  | 9375 | 3828844 |
| IDEX Corp.  | 12015 | 2109473 |
| Lincoln Electric Holdings, Inc.  | 12000 | 2487840 |
| Nordson Corp.  | 16425 | 3521027 |
| Paychex, Inc.  | 47080 | 6848257 |
| Paycom Software, Inc.  | 15600 | 3609840 |
| Snap-on, Inc.  | 7255 | 2257611 |
|  |  | 47304228 |
| **Information Technology (11.4%)** | **Information Technology (11.4%)** | **Information Technology (11.4%)** |
| Amdocs Ltd.  | 25515 | 2327989 |
| ANSYS, Inc. <sup>(a)</sup> <br>| 8200 | 2880004 |
| Check Point Software Technologies <br> Ltd. <sup>(a)</sup> <br>| 16265 | 3598631 |
| NetApp, Inc.  | 30425 | 3241784 |
| ON Semiconductor Corp. <sup>(a)</sup> <br>| 40410 | 2117888 |
| Qualys, Inc. <sup>(a)</sup> <br>| 20835 | 2976696 |
| TE Connectivity PLC  | 23740 | 4004226 |
| Teradyne, Inc.  | 32880 | 2956569 |
| Zebra Technologies Corp., Class A <br> <sup>(a)</sup> <br>| 9880 | 3046597 |
|  |  | 27150384 |
| **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** |
| AptarGroup, Inc.  | 27145 | 4246292 |
| Avery Dennison Corp.  | 14310 | 2510976 |
| Ball Corp.  | 36925 | 2071123 |
| RPM International, Inc.  | 25225 | 2770714 |
|  |  | 11599105 |
| **Real Estate (4.3%)** | **Real Estate (4.3%)** | **Real Estate (4.3%)** |
| AvalonBay Communities, Inc.  | 11295 | 2298533 |
| CubeSmart  | 50385 | 2141363 |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> <br>| 12795 | 3272705 |
| STAG Industrial, Inc.  | 68655 | 2490803 |
|  |  | 10203404 |
| **Utilities (7.6%)** | **Utilities (7.6%)** | **Utilities (7.6%)** |
| Atmos Energy Corp.  | 24755 | 3814993 |
| Essential Utilities, Inc.  | 118800 | 4412232 |
| Eversource Energy  | 60590 | 3854736 |
| ONE Gas, Inc.  | 30940 | 2223348 |
| WEC Energy Group, Inc.  | 35070 | 3654294 |
|  |  | 17959603 |
| **TOTAL COMMON STOCKS (Cost $174,301,042)** | **TOTAL COMMON STOCKS (Cost $174,301,042)** | 234915291 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (1.1%)** | **Investment Companies (1.1%)** | **Investment Companies (1.1%)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 4.16% <sup>(b)</sup> <br>| 2666199 | 2666199 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $2,666,199)**<br>|  | 2666199 |
| **Total Investments (Cost $176,967,241) —** <br> **100.0%** | **Total Investments (Cost $176,967,241) —** <br> **100.0%** | 237581490 |
| Liabilities in excess of other assets — (0.0)%<sup>(c)</sup>  | Liabilities in excess of other assets — (0.0)%<sup>(c)</sup>  | (104526) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $237476964 |

---

------

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Midcap Fund**

June 30, 2025 (Unaudited)

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

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

<sup>(b)</sup> Rate disclosed is the seven-day yield as of June 30, 2025.

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

PLC Public Limited Company

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Midcap Fund**

**Statement of Assets and Liabilities**

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $176,967,241)  | $237581490 |
| Dividend receivable  | 167513 |
| Receivable for capital shares issued  | 69966 |
| Prepaid expenses  | 9345 |
| **Total Assets** | 237828314 |
| **Liabilities:** |  |
| Payable for capital shares redeemed  | 155553 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 144944 |
| Administration and accounting  | 8330 |
| Chief compliance officer  | 98 |
| Custodian  | 3228 |
| Shareholder servicing fees  | 25884 |
| Transfer agent  | 4445 |
| Trustee  | 790 |
| Other  | 8078 |
| **Total Liabilities** | 351350 |
| **Net Assets** | $237476964 |
| **Composition of Net Assets:** |  |
| Paid in capital | $163685563 |
| Total distributable earnings | 73791401 |
| **Net Assets** | $237476964 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 9673996 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $24.55 |

---

**Statement of Operations**

For the period ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $1963378 |
| **Total Investment Income** | 1963378 |
| **Expenses:** |  |
| Investment adviser  | 895286 |
| Administration and accounting  | 27686 |
| Chief compliance officer  | 4286 |
| Custodian  | 12314 |
| Shareholder servicing  | 170626 |
| Transfer agency  | 14649 |
| Trustee  | 9322 |
| Other  | 32926 |
| Total expenses | 1167095 |
| **Net Expenses** | 1167095 |
| **Net Investment Income** | 796283 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized gains from investment transactions  | 6541100 |
| Change in unrealized depreciation on investments  | (5839916) |
| Net realized/unrealized gains on investments | 701184 |
| **Change in Net Assets Resulting from Operations** | $1497467 |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Midcap Fund**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **For the six months** <br>**ended** <br>**June 30, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
|  | **(Unaudited)** |  |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $796283 | $1394048 |
| Net realized gains from investment transactions  | 6541100 | 14334952 |
| Change in unrealized appreciation (depreciation) on investments  | (5839916) | 8373089 |
| **Change in Net Assets Resulting from Operations** | 1497467 | 24102089 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  |  | (10464439) |
| **Change in Net Assets Resulting from distributions to shareholders** |  | (10464439) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 12371808 | 50266287 |
| Dividends reinvested  |  | 8275072 |
| Cost of shares redeemed  | (30709738) | (46383425) |
| **Change in Net Assets Resulting from Capital Share Transactions** | (18337930) | 12157934 |
| **Change in Net Assets** | (16840463) | 25795584 |
| **Net Assets:** |  |  |
| Beginning of period  | 254317427 | 228521843 |
| End of period | $237476964 | $254317427 |
| **Share Transactions:** |  |  |
| Issued  | 515741 | 2083907 |
| Reinvested  |  | 323751 |
| Redeemed  | (1282195) | (1912742) |
| **Change in shares** | (766454) | 494916 |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Midcap Fund**

**Financial Highlights**

Selected data for a share outstanding throughout the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six** <br>**months** <br>**ended** <br>**June 30,** <br>**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>| **For the year** <br>**ended** <br>**December** <br>**31, 2020**<br>|
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $24.36 | $22.98 | $21.26 | $24.96 | $21.02 | $19.55 |
| **Investment Activities:** |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income  | 0.08 | 0.14 | 0.13 | 0.10 | 0.08 | 0.12 |
| Net realized/unrealized gains (losses) from <br> investments <br>| 0.11 | 2.27 | 2.60 | (2.80) | 5.09 | 1.60 |
| Total from investment activities | 0.19 | 2.41 | 2.73 | (2.70) | 5.17 | 1.72 |
| **Distributions from:** |  |  |  |  |  |  |
| Net investment income  |  | (0.15) | (0.10) | (0.09) | (0.10) | (0.12) |
| Net realized gains from investment transactions  |  | (0.88) | (0.91) | (0.91) | (1.13) | (0.13) |
| Total distributions |  | (1.03) | (1.01) | (1.00) | (1.23) | (0.25) |
| **Net Asset Value, End of Period** | $24.55 | $24.36 | $22.98 | $21.26 | $24.96 | $21.02 |
| Total Return | 0.78%(a) | 10.28% | 13.05% | (10.94)% | 24.81% | 8.81% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's)  | $237477 | $254317 | $228522 | $162514 | $172765 | $139723 |
| Ratio of net expenses to average net assets  | 0.98%(b) | 0.98% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets  | 0.67%(b) | 0.57% | 0.57% | 0.45% | 0.36% | 0.59% |
| Ratio of expenses (before fee reductions or recoupment <br> of fees previously reimbursed by the investment <br> adviser) to average net assets (c)<br>| 0.98%(b) | 0.98% | 0.98% | 1.00% | 1.00% | 1.05% |
| Portfolio turnover rate  | 13.85%(a) | 31.14% | 26.29% | 27.89% | 19.72% | 38.33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** |
|  | **Shares** | **Fair Value ($)** |
| **Consumer Discretionary (9.3%)** | **Consumer Discretionary (9.3%)** | **Consumer Discretionary (9.3%)** |
| Cavco Industries, Inc. <sup>(a)</sup> <br>| 12038 | 5229668 |
| Choice Hotels International, Inc.  | 94148 | 11945498 |
| Columbia Sportswear Co.  | 104065 | 6356290 |
| Genuine Parts Co.  | 55928 | 6784626 |
| Service Corp. International  | 162236 | 13206010 |
| Texas Roadhouse, Inc.  | 50836 | 9527175 |
| TopBuild Corp. <sup>(a)</sup> <br>| 28196 | 9128173 |
| Williams-Sonoma, Inc.  | 57286 | 9358814 |
|  |  | 71536254 |
| **Consumer Staples (5.9%)** | **Consumer Staples (5.9%)** | **Consumer Staples (5.9%)** |
| BJ's Wholesale Club Holdings, Inc. <br> <sup>(a)</sup> <br>| 150432 | 16221083 |
| Clorox (The) Co.  | 65149 | 7822440 |
| McCormick & Co., Inc. (Non Voting)  | 163182 | 12372459 |
| Simply Good Foods (The) Co. <sup>(a)</sup> <br>| 268872 | 8493667 |
|  |  | 44909649 |
| **Energy (4.8%)** | **Energy (4.8%)** | **Energy (4.8%)** |
| Antero Midstream Corp.  | 643275 | 12190061 |
| Magnolia Oil & Gas Corp., Class A  | 607674 | 13660512 |
| Matador Resources Co.  | 226407 | 10804142 |
|  |  | 36654715 |
| **Financials (18.9%)** | **Financials (18.9%)** | **Financials (18.9%)** |
| American Financial Group, Inc.  | 87287 | 11016492 |
| Cboe Global Markets, Inc.  | 53708 | 12525243 |
| Cincinnati Financial Corp.  | 91793 | 13669814 |
| Cohen & Steers, Inc.  | 70959 | 5346761 |
| Commerce Bancshares, Inc.  | 143515 | 8922327 |
| Cullen/Frost Bankers, Inc.  | 96734 | 12434188 |
| East West Bancorp, Inc.  | 93089 | 9400127 |
| FactSet Research Systems, Inc.  | 32028 | 14325484 |
| International Bancshares Corp.  | 91814 | 6111140 |
| Jack Henry & Associates, Inc.  | 45979 | 8284036 |
| Northern Trust Corp.  | 122822 | 15572601 |
| SEI Investments Co.  | 217945 | 19584538 |
| Selective Insurance Group, Inc.  | 94203 | 8162690 |
|  |  | 145355441 |
| **Health Care (10.4%)** | **Health Care (10.4%)** | **Health Care (10.4%)** |
| Charles River Laboratories <br> International, Inc. <sup>(a)</sup> <br>| 60955 | 9248702 |
| Chemed Corp.  | 21303 | 10373070 |
| Cooper (The) Cos., Inc. <sup>(a)</sup> <br>| 168563 | 11994943 |
| Jazz Pharmaceuticals PLC <sup>(a)</sup> <br>| 40466 | 4294252 |
| Medpace Holdings, Inc. <sup>(a)</sup> <br>| 26505 | 8318859 |
| STERIS PLC  | 56696 | 13619513 |
| Waters Corp. <sup>(a)</sup> <br>| 34361 | 11993364 |
| Zimmer Biomet Holdings, Inc.  | 113235 | 10328164 |
|  |  | 80170867 |
| **Industrials (21.1%)** | **Industrials (21.1%)** | **Industrials (21.1%)** |
| A O Smith Corp.  | 124734 | 8178808 |
| Acuity, Inc.  | 21554 | 6430420 |
| Allegion PLC  | 121996 | 17582064 |
| Applied Industrial Technologies, Inc.  | 45916 | 10673174 |
| Donaldson Co., Inc.  | 154180 | 10692383 |
| ExlService Holdings, Inc. <sup>(a)</sup> <br>| 242506 | 10619338 |
| Expeditors International of <br> Washington, Inc. <br>| 88808 | 10146314 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Hubbell, Inc.  | 27917 | 11401582 |
| IDEX Corp.  | 70686 | 12410341 |
| Lincoln Electric Holdings, Inc.  | 39000 | 8085480 |
| Masco Corp.  | 107679 | 6930221 |
| Nordson Corp.  | 63921 | 13702745 |
| Paycom Software, Inc.  | 57140 | 13222196 |
| Snap-on, Inc.  | 40107 | 12480496 |
| Watts Water Technologies, Inc., <br> Class A <br>| 38869 | 9557498 |
|  |  | 162113060 |
| **Information Technology (14.3%)** | **Information Technology (14.3%)** | **Information Technology (14.3%)** |
| Akamai Technologies, Inc. <sup>(a)</sup> <br>| 74479 | 5940445 |
| Amdocs Ltd.  | 125885 | 11485747 |
| Axcelis Technologies, Inc. <sup>(a)</sup> <br>| 81469 | 5677575 |
| Check Point Software Technologies <br> Ltd. <sup>(a)</sup> <br>| 60090 | 13294912 |
| Dolby Laboratories, Inc., Class A  | 107377 | 7973816 |
| F5, Inc. <sup>(a)</sup> <br>| 44537 | 13108130 |
| NetApp, Inc.  | 80047 | 8529008 |
| Progress Software Corp.  | 172556 | 11015975 |
| Qualys, Inc. <sup>(a)</sup> <br>| 115773 | 16540489 |
| Teradyne, Inc.  | 69656 | 6263468 |
| Zebra Technologies Corp., Class A <br> <sup>(a)</sup> <br>| 31298 | 9651051 |
|  |  | 109480616 |
| **Materials (5.3%)** | **Materials (5.3%)** | **Materials (5.3%)** |
| AptarGroup, Inc.  | 90665 | 14182726 |
| Avery Dennison Corp.  | 45975 | 8067233 |
| RPM International, Inc.  | 111457 | 12242437 |
| Silgan Holdings, Inc.  | 110891 | 6008074 |
|  |  | 40500470 |
| **Real Estate (5.6%)** | **Real Estate (5.6%)** | **Real Estate (5.6%)** |
| Camden Property Trust  | 67100 | 7561499 |
| CubeSmart  | 214776 | 9127980 |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> <br>| 46083 | 11787110 |
| Lamar Advertising Co., Class A  | 62458 | 7579903 |
| STAG Industrial, Inc.  | 189184 | 6863595 |
|  |  | 42920087 |
| **Utilities (3.7%)** | **Utilities (3.7%)** | **Utilities (3.7%)** |
| Atmos Energy Corp.  | 52225 | 8048395 |
| Essential Utilities, Inc.  | 235567 | 8748958 |
| IDACORP, Inc.  | 45519 | 5255169 |
| ONE Gas, Inc.  | 89578 | 6437075 |
|  |  | 28489597 |
| **TOTAL COMMON STOCKS (Cost $636,330,774)** | **TOTAL COMMON STOCKS (Cost $636,330,774)** | 762130756 |

---

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust SMID Cap Fund**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investment Companies (0.7%)** | **Investment Companies (0.7%)** | **Investment Companies (0.7%)** |
|  | **Shares** | **Fair Value ($)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 4.16% <sup>(b)</sup> <br>| 5044213 | 5044213 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $5,044,213)**<br>|  | 5044213 |
| **Total Investments (Cost $641,374,987) —** <br> **100.0%** | **Total Investments (Cost $641,374,987) —** <br> **100.0%** | 767174969 |
| Liabilities in excess of other assets — (0.0)%<sup>(c)</sup>  | Liabilities in excess of other assets — (0.0)%<sup>(c)</sup>  | (88846) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $767086123 |

---

------

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

<sup>(b)</sup> Rate disclosed is the seven-day yield as of June 30, 2025.

<sup>(c)</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**

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $641,374,987)  | $767174969 |
| Dividend receivable  | 550330 |
| Receivable for capital shares issued  | 69288 |
| Prepaid expenses  | 6884 |
| **Total Assets** | 767801471 |
| **Liabilities:** |  |
| Payable for capital shares redeemed  | 222713 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 429494 |
| Administration and accounting  | 20260 |
| Chief compliance officer  | 409 |
| Custodian  | 10676 |
| Transfer agent  | 3835 |
| Trustee  | 3371 |
| Other  | 24590 |
| **Total Liabilities** | 715348 |
| **Net Assets** | $767086123 |
| **Composition of Net Assets:** |  |
| Paid in capital | $637622741 |
| Total distributable earnings | 129463382 |
| **Net Assets** | $767086123 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 31181068 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $24.60 |

---

**Statement of Operations**

For the period ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $5925695 |
| **Total Investment Income** | 5925695 |
| **Expenses:** |  |
| Investment adviser  | 2914652 |
| Administration and accounting  | 66023 |
| Chief compliance officer  | 14048 |
| Custodian  | 27305 |
| Transfer agency  | 13199 |
| Trustee  | 30404 |
| Other  | 102600 |
| Total expenses before fee reductions | 3168231 |
| Fees contractually reduced by the investment <br> adviser<br>| (253179) |
| **Net Expenses** | 2915052 |
| **Net Investment Income** | 3010643 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized gains from investment transactions  | 148623 |
| Net realized gains from redemptions in-kind (a) | 6091070 |
| Change in unrealized depreciation on investments  | (20873503) |
| Net realized/unrealized losses on investments | (14633810) |
| **Change in Net Assets Resulting from Operations** | $(11623167) |

---

&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 six months** <br>**ended** <br>**June 30, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
|  | **(Unaudited)** |  |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $3010643 | $6345927 |
| Net realized gains from investment transactions  | 6239693 | 34613925 |
| Change in unrealized appreciation (depreciation) on investments  | (20873503) | 34760370 |
| **Change in Net Assets Resulting from Operations** | (11623167) | 75720222 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  |  | (17816943) |
| **Change in Net Assets Resulting from distributions to shareholders** |  | (17816943) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 56548713 | 182720078 |
| Dividends reinvested  |  | 14338824 |
| Cost of shares redeemed  | (75829607) | (147390375) |
| Cost of in-kind shares redeemed (a) | (26956958) | (72457747) |
| **Change in Net Assets Resulting from Capital Share Transactions** | (46237852) | (22789220) |
| **Change in Net Assets** | (57861019) | 35114059 |
| **Net Assets:** |  |  |
| Beginning of period  | 824947142 | 789833083 |
| End of period | $767086123 | $824947142 |
| **Share Transactions:** |  |  |
| Issued  | 2315185 | 7412449 |
| Reinvested  |  | 544375 |
| Redeemed  | (3116528) | (5992075) |
| Redeemed in-kind (a) | (1147593) | (3067644) |
| **Change in shares** | (1948936) | (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 periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six** <br>**months** <br>**ended** <br>**June 30,** <br>**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>| **For the year** <br>**ended** <br>**December** <br>**31, 2020**<br>|
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $24.90 | $23.07 | $20.56 | $24.32 | $19.23 | $17.90 |
| **Investment Activities:** |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income  | 0.10 | 0.19 | 0.19 | 0.19 | 0.17 | 0.12 |
| Net realized/unrealized gains (losses) from <br> investments <br>| (0.40) | 2.19 | 2.50 | (3.10) | 5.66 | 1.36 |
| Total from investment activities | (0.30) | 2.38 | 2.69 | (2.91) | 5.83 | 1.48 |
| **Distributions from:** |  |  |  |  |  |  |
| Net investment income  |  | (0.21) | (0.16) | (0.21) | (0.19) | (0.13) |
| Net realized gains from investment transactions  |  | (0.34) | (0.02) | (0.64) | (0.55) | (0.02) |
| Total distributions |  | (0.55) | (0.18) | (0.85) | (0.74) | (0.15) |
| **Net Asset Value, End of Period** | $24.60 | $24.90 | $23.07 | $20.56 | $24.32 | $19.23 |
| Total Return | (1.20)%(a) | 10.17% | 13.14% | (12.04)% | 30.46% | 8.26% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's)  | $767086 | $824947 | $789833 | $533455 | $615547 | $226075 |
| Ratio of net expenses to average net assets  | 0.75%(b) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of net investment income to average net <br> assets <br>| 0.77%(b) | 0.80% | 0.92% | 0.89% | 0.80% | 0.89% |
| Ratio of expenses (before fee reductions or <br> recoupment of fees previously reimbursed by the <br> investment adviser) to average net assets (c)<br>| 0.82%(b) | 0.82% | 0.85% | 0.86% | 0.85% | 0.91% |
| Portfolio turnover rate  | 12.79%(a), (d) | 31.51%(d) | 31.10% | 27.54%(d) | 35.83%(d) | 51.26%(d) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

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

**See Notes to Financial Statements**

------

**Active Ownership Report (Unaudited)**

**June 30, 2025 (Unaudited)**

Boston Trust Walden's Active Ownership Report is viewable online. The report can be found at https://www.bostontrustwalden.com/2024-active-ownership-report/.

------

**Schedule of Portfolio Investments**

**Boston Trust Walden Balanced Fund**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (68.6%)** | **Common Stocks (68.6%)** | **Common Stocks (68.6%)** |
|  | **Shares** | **Fair Value ($)** |
| **Communication Services (7.1%)** | **Communication Services (7.1%)** | **Communication Services (7.1%)** |
| Alphabet, Inc., Class A  | 17000 | 2995910 |
| Alphabet, Inc., Class C  | 38800 | 6882732 |
| Comcast Corp., Class A  | 27575 | 984152 |
|  |  | 10862794 |
| **Consumer Discretionary (4.5%)** | **Consumer Discretionary (4.5%)** | **Consumer Discretionary (4.5%)** |
| AutoZone, Inc. <sup>(a)</sup> <br>| 780 | 2895540 |
| Booking Holdings, Inc.  | 225 | 1302579 |
| Lowe's Cos., Inc.  | 5000 | 1109350 |
| Ross Stores, Inc.  | 13000 | 1658540 |
|  |  | 6966009 |
| **Consumer Staples (4.8%)** | **Consumer Staples (4.8%)** | **Consumer Staples (4.8%)** |
| Costco Wholesale Corp.  | 3600 | 3563784 |
| PepsiCo, Inc.  | 13995 | 1847900 |
| Procter & Gamble (The) Co.  | 7000 | 1115240 |
| Sysco Corp.  | 10000 | 757400 |
|  |  | 7284324 |
| **Energy (1.8%)** | **Energy (1.8%)** | **Energy (1.8%)** |
| ConocoPhillips  | 30545 | 2741108 |
| **Financials (10.0%)** | **Financials (10.0%)** | **Financials (10.0%)** |
| Chubb Ltd.  | 9500 | 2752340 |
| FactSet Research Systems, Inc.  | 2565 | 1147273 |
| JPMorgan Chase & Co.  | 17685 | 5127058 |
| Marsh & McLennan Cos., Inc.  | 6235 | 1363221 |
| Visa, Inc., Class A  | 14025 | 4979576 |
|  |  | 15369468 |
| **Health Care (8.1%)** | **Health Care (8.1%)** | **Health Care (8.1%)** |
| Agilent Technologies, Inc.  | 5000 | 590050 |
| Becton, Dickinson & Co.  | 3060 | 527085 |
| Cooper (The) Cos., Inc. <sup>(a)</sup> <br>| 11705 | 832928 |
| Johnson & Johnson  | 16245 | 2481424 |
| Merck & Co., Inc.  | 12250 | 969710 |
| Stryker Corp.  | 9250 | 3659577 |
| UnitedHealth Group, Inc.  | 6500 | 2027805 |
| Waters Corp. <sup>(a)</sup> <br>| 4025 | 1404886 |
|  |  | 12493465 |
| **Industrials (6.9%)** | **Industrials (6.9%)** | **Industrials (6.9%)** |
| Automatic Data Processing, Inc.  | 6695 | 2064738 |
| Deere & Co.  | 4000 | 2033960 |
| Donaldson Co., Inc.  | 13275 | 920621 |
| Hubbell, Inc.  | 7000 | 2858870 |
| Union Pacific Corp.  | 7750 | 1783120 |
| United Parcel Service, Inc., Class B  | 9250 | 933695 |
|  |  | 10595004 |
| **Information Technology (22.7%)** | **Information Technology (22.7%)** | **Information Technology (22.7%)** |
| Accenture PLC, Class A  | 10500 | 3138345 |
| Adobe, Inc. <sup>(a)</sup> <br>| 2155 | 833726 |
| Analog Devices, Inc.  | 4100 | 975882 |
| Apple, Inc.  | 36265 | 7440490 |
| Applied Materials, Inc.  | 12630 | 2312174 |
| Cisco Systems, Inc.  | 35515 | 2464031 |
| KLA Corp.  | 1550 | 1388397 |
| Microsoft Corp.  | 25000 | 12435250 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| NVIDIA Corp.  | 18030 | 2848560 |
| TE Connectivity PLC  | 5500 | 927685 |
|  |  | 34764540 |
| **Materials (1.6%)** | **Materials (1.6%)** | **Materials (1.6%)** |
| Air Products and Chemicals, Inc.  | 4500 | 1269270 |
| AptarGroup, Inc.  | 7570 | 1184175 |
|  |  | 2453445 |
| **Utilities (1.1%)** | **Utilities (1.1%)** | **Utilities (1.1%)** |
| Essential Utilities, Inc.  | 22500 | 835650 |
| Eversource Energy  | 12355 | 786025 |
|  |  | 1621675 |
| **TOTAL COMMON STOCKS (Cost $35,919,818)** | **TOTAL COMMON STOCKS (Cost $35,919,818)** | 105151832 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds (9.1%)** | **Corporate Bonds (9.1%)** | **Corporate Bonds (9.1%)** |
|  | **Principal**<br> **Amount ($)**<br>|  |
| **Communication Services (0.9%)** | **Communication Services (0.9%)** | **Communication Services (0.9%)** |
| Comcast Corp., 3.95%, 10/15/25 | 250000 | 249611 |
| Comcast Corp., 3.30%, 4/1/27 | 250000 | 246224 |
| Verizon Communications, Inc., <br> 1.50%, 9/18/30<br>| 1000000 | 863724 |
|  |  | 1359559 |
| **Consumer Discretionary (1.4%)** | **Consumer Discretionary (1.4%)** | **Consumer Discretionary (1.4%)** |
| Home Depot (The), Inc., 1.38%, <br> 3/15/31<br>| 1500000 | 1272512 |
| NIKE, Inc., 2.75%, 3/27/27 | 500000 | 489193 |
| Starbucks Corp., 2.45%, 6/15/26, <br> Callable 3/15/26 @ 100<br>| 350000 | 343418 |
|  |  | 2105123 |
| **Consumer Staples (0.9%)** | **Consumer Staples (0.9%)** | **Consumer Staples (0.9%)** |
| Estee Lauder (The) Cos., Inc., <br> 1.95%, 3/15/31<br>| 1675000 | 1458411 |
| **Financials (0.9%)** | **Financials (0.9%)** | **Financials (0.9%)** |
| John Deere Capital Corp., 2.80%, <br> 7/18/29, MTN<br>| 350000 | 331461 |
| JPMorgan Chase & Co., 2.95%, <br> 10/1/26, Callable 7/1/26 @ 100<br>| 500000 | 492721 |
| Mastercard, Inc., 2.95%, <br> 11/21/26, Callable 8/21/26 @ <br> 100<br>| 100000 | 98576 |
| Mastercard, Inc., 3.30%, 3/26/27 | 150000 | 148404 |
| Visa, Inc., 3.15%, 12/14/25, <br> Callable 9/14/25 @ 100<br>| 275000 | 273499 |
|  |  | 1344661 |
| **Health Care (1.8%)** | **Health Care (1.8%)** | **Health Care (1.8%)** |
| Kaiser Foundation Hospitals, <br> 3.15%, 5/1/27, Callable 2/1/27 <br> @ 100<br>| 250000 | 245329 |
| Pfizer, Inc., 1.70%, 5/28/30 | 1300000 | 1151298 |
| Stryker Corp., 3.50%, 3/15/26, <br> Callable 12/15/25 @ 100<br>| 300000 | 298168 |
| UnitedHealth Group, Inc., 2.88%, <br> 8/15/29<br>| 1200000 | 1132628 |
|  |  | 2827423 |

---

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Walden Balanced Fund**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
|  | **Principal**<br> **Amount ($)**<br>| **Fair Value ($)** |
| **Industrials (0.8%)** | **Industrials (0.8%)** | **Industrials (0.8%)** |
| 3M Co., 3.00%, 8/7/25, MTN | 250000 | 249409 |
| Hubbell, Inc., 3.35%, 3/1/26, <br> Callable 12/1/25 @ 100<br>| 145000 | 143761 |
| Hubbell, Inc., 3.50%, 2/15/28 | 150000 | 147140 |
| Hubbell, Inc., 2.30%, 3/15/31 | 500000 | 441986 |
| United Parcel Service, Inc., 2.40%, <br> 11/15/26, Callable 8/15/26 @ <br> 100<br>| 200000 | 195437 |
|  |  | 1177733 |
| **Information Technology (1.0%)** | **Information Technology (1.0%)** | **Information Technology (1.0%)** |
| Apple, Inc., 3.00%, 6/20/27 | 200000 | 196531 |
| Apple, Inc., 2.20%, 9/11/29 | 350000 | 324943 |
| Intel Corp., 3.90%, 3/25/30 | 1000000 | 969463 |
|  |  | 1490937 |
| **Materials (0.8%)** | **Materials (0.8%)** | **Materials (0.8%)** |
| Air Products and Chemicals, Inc., <br> 2.05%, 5/15/30<br>| 1425000 | 1288932 |
| **Utilities (0.6%)** | **Utilities (0.6%)** | **Utilities (0.6%)** |
| Consolidated Edison Co. of New <br> York, Inc., 3.35%, 4/1/30<br>| 1000000 | 961063 |
| **TOTAL CORPORATE BONDS (Cost $14,931,445)** | **TOTAL CORPORATE BONDS (Cost $14,931,445)** | 14013842 |

---

---

| | | |
|:---|:---|:---|
| **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 | 278770 |
| **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 | 411847 |
| **TOTAL MUNICIPAL BONDS (Cost $856,021)** | **TOTAL MUNICIPAL BONDS (Cost $856,021)** | 690617 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Government & U.S. Government Agency Obligations (21.0%)** | **U.S. Government & U.S. Government Agency Obligations (21.0%)** | **U.S. Government & U.S. Government Agency Obligations (21.0%)** |
| **Federal Farm Credit Bank (0.3%)**  | **Federal Farm Credit Bank (0.3%)**  | **Federal Farm Credit Bank (0.3%)**  |
| 2.75%, 7/16/27  | 250000 | 244848 |
| 2.85%, 3/2/28  | 250000 | 243592 |
|  |  | 488440 |
| **Federal Home Loan Bank (0.5%)**  | **Federal Home Loan Bank (0.5%)**  | **Federal Home Loan Bank (0.5%)**  |
| 5.50%, 7/15/36  | 700000 | 762964 |
| **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%, 9/15/41  | 18745 | 17846 |
| 4.00%, 9/15/40  | 7428 | 7035 |
|  |  | 24881 |
| **U.S. Treasury Bond (4.5%)**  | **U.S. Treasury Bond (4.5%)**  | **U.S. Treasury Bond (4.5%)**  |
| 3.88%, 5/15/43  | 7685000 | 6864266 |
| **U.S. Treasury Inflation Indexed Note (3.9%)**  | **U.S. Treasury Inflation Indexed Note (3.9%)**  | **U.S. Treasury Inflation Indexed Note (3.9%)**  |
| 0.75%, 7/15/28  | 638990 | 631192 |
| 0.25%, 7/15/29  | 1254120 | 1204296 |
| 1.88%, 7/15/34  | 4089400 | 4092535 |
|  |  | 5928023 |

---

---

| | | |
|:---|:---|:---|
| **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 (11.8%)**  | **U.S. Treasury Note (11.8%)**  | **U.S. Treasury Note (11.8%)**  |
| 2.75%, 8/15/32  | 8175000 | 7541437 |
| 3.88%, 8/15/33  | 10750000 | 10586230 |
|  |  | 18127667 |
| **TOTAL U.S. GOVERNMENT & U.S.** <br> **GOVERNMENT AGENCY** <br> **OBLIGATIONS (Cost $31,911,498)**<br>|  | 32196241 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (0.6%)** | **Investment Companies (0.6%)** | **Investment Companies (0.6%)** |
|  | **Shares** |  |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 4.16% <sup>(c)</sup> <br>| 871975 | 871975 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $871,975)**<br>|  | 871975 |
| **Total Investments (Cost $84,490,757) — 99.8%** | **Total Investments (Cost $84,490,757) — 99.8%** | 152924507 |
| Other assets in excess of liabilities — 0.2% | Other assets in excess of liabilities — 0.2% | 381352 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $153305859 |

---

------

<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 June 30, 2025.

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**

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $84,490,757)  | $152924507 |
| Interest and dividends receivable  | 483841 |
| Receivable for tax reclaims  | 1843 |
| Receivable for capital shares issued  | 8793 |
| Prepaid expenses  | 11818 |
| **Total Assets** | 153430802 |
| **Liabilities:** |  |
| Payable for capital shares redeemed  | 368 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 93256 |
| Administration and accounting  | 8802 |
| Chief compliance officer  | 13 |
| Custodian  | 1693 |
| Shareholder servicing fees  | 11589 |
| Transfer agent  | 3835 |
| Trustee  | 294 |
| Other  | 5093 |
| **Total Liabilities** | 124943 |
| **Net Assets** | $153305859 |
| **Composition of Net Assets:** |  |
| Paid in capital | $78357439 |
| Total distributable earnings | 74948420 |
| **Net Assets** | $153305859 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 6783503 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $22.60 |

---

**Statement of Operations**

For the period ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest  | $886539 |
| Dividends  | 757870 |
| Less: Foreign tax withholding | (85) |
| **Total Investment Income** | 1644324 |
| **Expenses:** |  |
| Investment adviser  | 569490 |
| Administration and accounting  | 28735 |
| Chief compliance officer  | 2646 |
| Custodian  | 5338 |
| Shareholder servicing  | 67820 |
| Transfer agency  | 12668 |
| Trustee  | 5786 |
| Other  | 23401 |
| Total expenses | 715884 |
| **Net Expenses** | 715884 |
| **Net Investment Income** | 928440 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized gains from investment transactions  | 4406489 |
| Change in unrealized depreciation on investments  | (3262086) |
| Net realized/unrealized gains on investments | 1144403 |
| **Change in Net Assets Resulting from Operations** | $2072843 |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden Balanced Fund**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **For the six months** <br>**ended** <br>**June 30, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
|  | **(Unaudited)** |  |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $928440 | $1864550 |
| Net realized gains from investment transactions  | 4406489 | 6459749 |
| Change in unrealized appreciation (depreciation) on investments  | (3262086) | 2541758 |
| **Change in Net Assets Resulting from Operations** | 2072843 | 10866057 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  |  | (7303027) |
| **Change in Net Assets Resulting from distributions to shareholders** |  | (7303027) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 3036268 | 7388692 |
| Dividends reinvested  |  | 5436792 |
| Cost of shares redeemed  | (9459245) | (24323660) |
| **Change in Net Assets Resulting from Capital Share Transactions** | (6422977) | (11498176) |
| **Change in Net Assets** | (4350134) | (7935146) |
| **Net Assets:** |  |  |
| Beginning of period  | 157655993 | 165591139 |
| End of period | $153305859 | $157655993 |
| **Share Transactions:** |  |  |
| Issued  | 136671 | 326876 |
| Reinvested  |  | 237934 |
| Redeemed  | (429543) | (1080001) |
| **Change in shares** | (292872) | (515191) |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden Balanced Fund**

**Financial Highlights**

Selected data for a share outstanding throughout the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six** <br>**months** <br>**ended** <br>**June 30,** <br>**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>| **For the year** <br>**ended** <br>**December** <br>**31, 2020**<br>|
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $22.28 | $21.81 | $20.97 | $25.15 | $21.82 | $20.76 |
| **Investment Activities:** |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income  | 0.14 | 0.27 | 0.27 | 0.22 | 0.14 | 0.17 |
| Net realized/unrealized gains (losses) from <br> investments <br>| 0.18 | 1.26 | 2.24 | (3.63) | 4.07 | 1.54 |
| Total from investment activities | 0.32 | 1.53 | 2.51 | (3.41) | 4.21 | 1.71 |
| **Distributions from:** |  |  |  |  |  |  |
| Net investment income  |  | (0.31) | (0.25) | (0.22) | (0.14) | (0.17) |
| Net realized gains from investment transactions  |  | (0.75) | (1.42) | (0.55) | (0.74) | (0.48) |
| Total distributions |  | (1.06) | (1.67) | (0.77) | (0.88) | (0.65) |
| **Net Asset Value, End of Period** | $22.60 | $22.28 | $21.81 | $20.97 | $25.15 | $21.82 |
| Total Return | 1.44%(a) | 6.88% | 12.18% | (13.67)% | 19.38% | 8.26% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's)  | $153306 | $157656 | $165591 | $178862 | $209536 | $177383 |
| Ratio of net expenses to average net assets  | 0.94%(b) | 0.95% | 0.98% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets  | 1.22%(b) | 1.14% | 1.23% | 0.98% | 0.60% | 0.84% |
| Ratio of expenses (before fee reductions or recoupment <br> of fees previously reimbursed by the investment <br> adviser) to average net assets <br>| 0.94%(b) | 0.95% | 0.96%(c) | 0.99%(c) | 1.00%(c) | 1.02%(c) |
| Portfolio turnover rate  | 7.93%(a) | 3.30% | 11.76% | 28.62% | 20.88% | 18.73% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** |
|  | **Shares** | **Fair Value ($)** |
| **Communication Services (9.6%)** | **Communication Services (9.6%)** | **Communication Services (9.6%)** |
| Alphabet, Inc., Class A  | 44580 | 7856333 |
| Alphabet, Inc., Class C  | 71315 | 12650568 |
| Comcast Corp., Class A  | 74540 | 2660333 |
|  |  | 23167234 |
| **Consumer Discretionary (8.4%)** | **Consumer Discretionary (8.4%)** | **Consumer Discretionary (8.4%)** |
| AutoZone, Inc. <sup>(a)</sup> <br>| 1425 | 5289928 |
| Booking Holdings, Inc.  | 705 | 4081414 |
| Lowe's Cos., Inc.  | 10920 | 2422820 |
| McDonald's Corp.  | 7450 | 2176667 |
| NIKE, Inc., Class B  | 27900 | 1982016 |
| Ross Stores, Inc.  | 19155 | 2443795 |
| Starbucks Corp.  | 19365 | 1774415 |
|  |  | 20171055 |
| **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** |
| Costco Wholesale Corp.  | 3270 | 3237104 |
| Hershey (The) Co.  | 5450 | 904427 |
| PepsiCo, Inc.  | 25630 | 3384185 |
| Sysco Corp.  | 14500 | 1098230 |
|  |  | 8623946 |
| **Energy (2.9%)** | **Energy (2.9%)** | **Energy (2.9%)** |
| ConocoPhillips  | 76740 | 6886648 |
| **Financials (16.0%)** | **Financials (16.0%)** | **Financials (16.0%)** |
| American Express Co.  | 9985 | 3185015 |
| Chubb Ltd.  | 22620 | 6553467 |
| FactSet Research Systems, Inc.  | 5275 | 2359402 |
| JPMorgan Chase & Co.  | 41290 | 11970384 |
| Marsh & McLennan Cos., Inc.  | 14230 | 3111247 |
| T. Rowe Price Group, Inc.  | 13950 | 1346175 |
| Visa, Inc., Class A  | 28275 | 10039039 |
|  |  | 38564729 |
| **Health Care (11.8%)** | **Health Care (11.8%)** | **Health Care (11.8%)** |
| Agilent Technologies, Inc.  | 14020 | 1654500 |
| Becton, Dickinson & Co.  | 13715 | 2362409 |
| Cooper (The) Cos., Inc. <sup>(a)</sup> <br>| 27025 | 1923099 |
| Danaher Corp.  | 3995 | 789172 |
| Johnson & Johnson  | 41285 | 6306284 |
| Merck & Co., Inc.  | 30735 | 2432983 |
| Stryker Corp.  | 15420 | 6100614 |
| UnitedHealth Group, Inc.  | 13475 | 4203796 |
| Waters Corp. <sup>(a)</sup> <br>| 7380 | 2575915 |
|  |  | 28348772 |
| **Industrials (10.6%)** | **Industrials (10.6%)** | **Industrials (10.6%)** |
| Automatic Data Processing, Inc.  | 14780 | 4558152 |
| Deere & Co.  | 10845 | 5514574 |
| Donaldson Co., Inc.  | 30750 | 2132512 |
| Hubbell, Inc.  | 9945 | 4061637 |
| Union Pacific Corp.  | 21210 | 4879997 |
| United Parcel Service, Inc., Class B  | 19290 | 1947133 |
| W.W. Grainger, Inc.  | 2345 | 2439363 |
|  |  | 25533368 |
| **Information Technology (33.9%)** | **Information Technology (33.9%)** | **Information Technology (33.9%)** |
| Accenture PLC, Class A  | 22400 | 6695136 |
| Adobe, Inc. <sup>(a)</sup> <br>| 6160 | 2383181 |
| Analog Devices, Inc.  | 11290 | 2687246 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| Apple, Inc.  | 93545 | 19192628 |
| Applied Materials, Inc.  | 30895 | 5655948 |
| Cisco Systems, Inc.  | 75845 | 5262126 |
| KLA Corp.  | 3135 | 2808145 |
| Microsoft Corp.  | 52095 | 25912574 |
| NVIDIA Corp.  | 44970 | 7104810 |
| QUALCOMM, Inc.  | 8385 | 1335395 |
| TE Connectivity PLC  | 15135 | 2552820 |
|  |  | 81590009 |
| **Materials (2.2%)** | **Materials (2.2%)** | **Materials (2.2%)** |
| Air Products and Chemicals, Inc.  | 10525 | 2968682 |
| AptarGroup, Inc.  | 13870 | 2169684 |
|  |  | 5138366 |
| **Utilities (0.7%)** | **Utilities (0.7%)** | **Utilities (0.7%)** |
| Eversource Energy  | 27425 | 1744778 |
| **TOTAL COMMON STOCKS (Cost $80,459,528)** | **TOTAL COMMON STOCKS (Cost $80,459,528)** | 239768905 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (0.8%)** | **Investment Companies (0.8%)** | **Investment Companies (0.8%)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 4.16% <sup>(b)</sup> <br>| 2000242 | 2000242 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $2,000,242)**<br>|  | 2000242 |
| **Total Investments (Cost $82,459,770) —** <br> **100.5%** | **Total Investments (Cost $82,459,770) —** <br> **100.5%** | 241769147 |
| Liabilities in excess of other assets — (0.5)% | Liabilities in excess of other assets — (0.5)% | (1158910) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $240610237 |

---

------

<br> <sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven-day yield as of June 30, 2025.

PLC Public Limited Company

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden Equity Fund**

**Statement of Assets and Liabilities**

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $82,459,770)  | $241769147 |
| Dividend receivable  | 111550 |
| Receivable for tax reclaims  | 4408 |
| Receivable for capital shares issued  | 34654 |
| Prepaid expenses  | 13556 |
| **Total Assets** | 241933315 |
| **Liabilities:** |  |
| Payable for capital shares redeemed  | 1129511 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 146764 |
| Administration and accounting  | 7492 |
| Chief compliance officer  | 69 |
| Custodian  | 2046 |
| Shareholder servicing fees  | 24273 |
| Transfer agent  | 3997 |
| Trustee  | 701 |
| Other  | 8225 |
| **Total Liabilities** | 1323078 |
| **Net Assets** | $240610237 |
| **Composition of Net Assets:** |  |
| Paid in capital | $68183222 |
| Total distributable earnings | 172427015 |
| **Net Assets** | $240610237 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 6724773 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $35.78 |

---

**Statement of Operations**

For the period ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $1862077 |
| **Total Investment Income** | 1862077 |
| **Expenses:** |  |
| Investment adviser  | 924164 |
| Administration and accounting  | 27185 |
| Chief compliance officer  | 4398 |
| Custodian  | 8625 |
| Shareholder servicing  | 152161 |
| Transfer agency  | 13104 |
| Trustee  | 9583 |
| Other  | 33432 |
| Total expenses | 1172652 |
| **Net Expenses** | 1172652 |
| **Net Investment Income** | 689425 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized gains from investment transactions  | 11309460 |
| Change in unrealized depreciation on investments  | (12202622) |
| Net realized/unrealized losses on investments | (893162) |
| **Change in Net Assets Resulting from Operations** | $(203737) |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden Equity Fund**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **For the six months** <br>**ended** <br>**June 30, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
|  | **(Unaudited)** |  |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $689425 | $1367010 |
| Net realized gains from investment transactions  | 11309460 | 11084350 |
| Change in unrealized appreciation (depreciation) on investments  | (12202622) | 13201047 |
| **Change in Net Assets Resulting from Operations** | (203737) | 25652407 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  |  | (12818737) |
| **Change in Net Assets Resulting from distributions to shareholders** |  | (12818737) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 4235308 | 18698828 |
| Dividends reinvested  |  | 8974838 |
| Cost of shares redeemed  | (29878576) | (36962244) |
| **Change in Net Assets Resulting from Capital Share Transactions** | (25643268) | (9288578) |
| **Change in Net Assets** | (25847005) | 3545092 |
| **Net Assets:** |  |  |
| Beginning of period  | 266457242 | 262912150 |
| End of period | $240610237 | $266457242 |
| **Share Transactions:** |  |  |
| Issued  | 123982 | 524915 |
| Reinvested  |  | 244014 |
| Redeemed  | (858634) | (1021897) |
| **Change in shares** | (734652) | (252968) |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden Equity Fund**

**Financial Highlights**

Selected data for a share outstanding throughout the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six** <br>**months** <br>**ended** <br>**June 30,** <br>**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>| **For the year** <br>**ended** <br>**December** <br>**31, 2020**<br>|
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $35.72 | $34.09 | $30.21 | $36.06 | $28.82 | $26.47 |
| **Investment Activities:** |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income  | 0.10 | 0.19 | 0.24 | 0.21 | 0.12 | 0.21 |
| Net realized/unrealized gains (losses) from <br> investments <br>| (0.04) | 3.21 | 4.66 | (5.06) | 7.93 | 3.28 |
| Total from investment activities | 0.06 | 3.40 | 4.90 | (4.85) | 8.05 | 3.49 |
| **Distributions from:** |  |  |  |  |  |  |
| Net investment income  |  | (0.22) | (0.24) | (0.21) | (0.12) | (0.21) |
| Net realized gains from investment transactions  |  | (1.55) | (0.78) | (0.79) | (0.69) | (0.93) |
| Total distributions |  | (1.77) | (1.02) | (1.00) | (0.81) | (1.14) |
| **Net Asset Value, End of Period** | $35.78 | $35.72 | $34.09 | $30.21 | $36.06 | $28.82 |
| Total Return | 0.17%(a) | 9.81% | 16.29% | (13.55)% | 28.00% | 13.28% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's)  | $240610 | $266457 | $262912 | $249987 | $359003 | $264418 |
| Ratio of net expenses to average net assets  | 0.95%(b) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets  | 0.56%(b) | 0.50% | 0.74% | 0.65% | 0.38% | 0.82% |
| Ratio of expenses (before fee reductions or recoupment <br> of fees previously reimbursed by the investment <br> adviser) to average net assets (c)<br>| 0.95%(b) | 0.96% | 0.99% | 1.02% | 1.02% | 1.06% |
| Portfolio turnover rate  | 1.19%(a) | 6.14% | 6.69% | 19.32%(d) | 8.00% | 14.96% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

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

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Walden Midcap Fund**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (98.7%)** | **Common Stocks (98.7%)** | **Common Stocks (98.7%)** |
|  | **Shares** | **Fair Value ($)** |
| **Consumer Discretionary (10.3%)** | **Consumer Discretionary (10.3%)** | **Consumer Discretionary (10.3%)** |
| AutoZone, Inc. <sup>(a)</sup> <br>| 873 | 3240777 |
| Choice Hotels International, Inc.  | 20520 | 2603577 |
| DR Horton, Inc.  | 12880 | 1660490 |
| Genuine Parts Co.  | 14845 | 1800847 |
| Lululemon Athletica, Inc. <sup>(a)</sup> <br>| 8720 | 2071698 |
| Ross Stores, Inc.  | 21145 | 2697679 |
| Ulta Beauty, Inc. <sup>(a)</sup> <br>| 3975 | 1859584 |
| Williams-Sonoma, Inc.  | 8145 | 1330649 |
|  |  | 17265301 |
| **Consumer Staples (7.0%)** | **Consumer Staples (7.0%)** | **Consumer Staples (7.0%)** |
| BJ's Wholesale Club Holdings, Inc. <br> <sup>(a)</sup> <br>| 28745 | 3099573 |
| Church & Dwight Co., Inc.  | 19580 | 1881834 |
| Hershey (The) Co.  | 11495 | 1907595 |
| McCormick & Co., Inc. (Non Voting)  | 22295 | 1690407 |
| Sysco Corp.  | 41030 | 3107612 |
|  |  | 11687021 |
| **Energy (3.1%)** | **Energy (3.1%)** | **Energy (3.1%)** |
| Baker Hughes Co.  | 69975 | 2682842 |
| Schlumberger NV  | 73505 | 2484469 |
|  |  | 5167311 |
| **Financials (18.1%)** | **Financials (18.1%)** | **Financials (18.1%)** |
| American Financial Group, Inc.  | 23745 | 2996856 |
| Brown & Brown, Inc.  | 16180 | 1793877 |
| Cboe Global Markets, Inc.  | 9835 | 2293620 |
| Cincinnati Financial Corp.  | 16375 | 2438565 |
| Cullen/Frost Bankers, Inc.  | 17650 | 2268731 |
| East West Bancorp, Inc.  | 15550 | 1570239 |
| FactSet Research Systems, Inc.  | 7710 | 3448529 |
| Jack Henry & Associates, Inc.  | 9515 | 1714318 |
| M&T Bank Corp.  | 10660 | 2067933 |
| MSCI, Inc.  | 2935 | 1692732 |
| Northern Trust Corp.  | 19365 | 2455288 |
| SEI Investments Co.  | 43235 | 3885097 |
| T. Rowe Price Group, Inc.  | 16455 | 1587908 |
|  |  | 30213693 |
| **Health Care (12.2%)** | **Health Care (12.2%)** | **Health Care (12.2%)** |
| Agilent Technologies, Inc.  | 15605 | 1841546 |
| Chemed Corp.  | 2495 | 1214890 |
| Cooper (The) Cos., Inc. <sup>(a)</sup> <br>| 38115 | 2712264 |
| Edwards Lifesciences Corp. <sup>(a)</sup> <br>| 32310 | 2526965 |
| Medpace Holdings, Inc. <sup>(a)</sup> <br>| 5825 | 1828235 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> <br>| 2730 | 3206986 |
| STERIS PLC  | 11915 | 2862221 |
| Veeva Systems, Inc., Class A <sup>(a)</sup> <br>| 7340 | 2113773 |
| Zimmer Biomet Holdings, Inc.  | 22540 | 2055873 |
|  |  | 20362753 |
| **Industrials (20.3%)** | **Industrials (20.3%)** | **Industrials (20.3%)** |
| A O Smith Corp.  | 23745 | 1556960 |
| Allegion PLC  | 17615 | 2538674 |
| AMETEK, Inc.  | 16865 | 3051890 |
| Broadridge Financial Solutions, Inc.  | 7320 | 1778980 |
| Core & Main, Inc., Class A <sup>(a)</sup> <br>| 33020 | 1992757 |
| Donaldson Co., Inc.  | 37035 | 2568377 |
| Expeditors International of <br> Washington, Inc. <br>| 18115 | 2069639 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Hubbell, Inc.  | 6605 | 2697548 |
| IDEX Corp.  | 9375 | 1645969 |
| Lincoln Electric Holdings, Inc.  | 12455 | 2582170 |
| Nordson Corp.  | 11525 | 2470614 |
| Paychex, Inc.  | 32970 | 4795816 |
| Paycom Software, Inc.  | 11105 | 2569697 |
| Snap-on, Inc.  | 5345 | 1663257 |
|  |  | 33982348 |
| **Information Technology (11.4%)** | **Information Technology (11.4%)** | **Information Technology (11.4%)** |
| Amdocs Ltd.  | 18285 | 1668323 |
| ANSYS, Inc. <sup>(a)</sup> <br>| 6010 | 2110832 |
| Check Point Software Technologies <br> Ltd. <sup>(a)</sup> <br>| 10895 | 2410519 |
| NetApp, Inc.  | 21370 | 2276974 |
| ON Semiconductor Corp. <sup>(a)</sup> <br>| 28195 | 1477700 |
| Qualys, Inc. <sup>(a)</sup> <br>| 14610 | 2087331 |
| TE Connectivity PLC  | 16550 | 2791488 |
| Teradyne, Inc.  | 23375 | 2101880 |
| Zebra Technologies Corp., Class A <br> <sup>(a)</sup> <br>| 6820 | 2103015 |
|  |  | 19028062 |
| **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** |
| AptarGroup, Inc.  | 19035 | 2977645 |
| Avery Dennison Corp.  | 9700 | 1702059 |
| Ball Corp.  | 29375 | 1647644 |
| RPM International, Inc.  | 17645 | 1938127 |
|  |  | 8265475 |
| **Real Estate (4.5%)** | **Real Estate (4.5%)** | **Real Estate (4.5%)** |
| AvalonBay Communities, Inc.  | 7870 | 1601545 |
| CubeSmart  | 34695 | 1474538 |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> <br>| 10775 | 2756029 |
| STAG Industrial, Inc.  | 48015 | 1741984 |
|  |  | 7574096 |
| **Utilities (6.9%)** | **Utilities (6.9%)** | **Utilities (6.9%)** |
| Atmos Energy Corp.  | 17150 | 2642987 |
| Essential Utilities, Inc.  | 88650 | 3292461 |
| Eversource Energy  | 55075 | 3503871 |
| ONE Gas, Inc.  | 29430 | 2114840 |
|  |  | 11554159 |
| **TOTAL COMMON STOCKS (Cost $126,757,392)** | **TOTAL COMMON STOCKS (Cost $126,757,392)** | 165100219 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (1.3%)** | **Investment Companies (1.3%)** | **Investment Companies (1.3%)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 4.16% <sup>(b)</sup> <br>| 2097642 | 2097642 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $2,097,642)**<br>|  | 2097642 |
| **Total Investments (Cost $128,855,034) —** <br> **100.0%** | **Total Investments (Cost $128,855,034) —** <br> **100.0%** | 167197861 |
| Other assets in excess of liabilities — 0.0%<sup>(c)</sup>  | Other assets in excess of liabilities — 0.0%<sup>(c)</sup>  | 5409 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $167203270 |

---

------

<br> <sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven-day yield as of June 30, 2025.

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Walden Midcap Fund**

June 30, 2025 (Unaudited)

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

<sup>(c)</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**

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $128,855,034)  | $167197861 |
| Dividend receivable  | 130920 |
| Receivable for capital shares issued  | 96833 |
| Prepaid expenses  | 15401 |
| **Total Assets** | 167441015 |
| **Liabilities:** |  |
| Payable for capital shares redeemed  | 92919 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 99740 |
| Administration and accounting  | 10345 |
| Custodian  | 6354 |
| Shareholder servicing fees  | 20341 |
| Transfer agent  | 3910 |
| Trustee  | 421 |
| Other  | 3715 |
| **Total Liabilities** | 237745 |
| **Net Assets** | $167203270 |
| **Composition of Net Assets:** |  |
| Paid in capital | $122315056 |
| Total distributable earnings | 44888214 |
| **Net Assets** | $167203270 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 7211583 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $23.19 |

---

**Statement of Operations**

For the period ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $1301337 |
| **Total Investment Income** | 1301337 |
| **Expenses:** |  |
| Investment adviser  | 600514 |
| Administration and accounting  | 29540 |
| Chief compliance officer  | 2745 |
| Custodian  | 13349 |
| Shareholder servicing  | 127735 |
| Transfer agency  | 13116 |
| Trustee  | 5940 |
| Other  | 24955 |
| Total expenses before fee reductions | 817894 |
| Fees contractually reduced by the investment <br> adviser<br>| (17208) |
| **Net Expenses** | 800686 |
| **Net Investment Income** | 500651 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized gains from investment transactions  | 2743963 |
| Change in unrealized depreciation on investments  | (1828825) |
| Net realized/unrealized gains on investments | 915138 |
| **Change in Net Assets Resulting from Operations** | $1415789 |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden Midcap Fund**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **For the six months** <br>**ended** <br>**June 30, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
|  | **(Unaudited)** |  |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $500651 | $770001 |
| Net realized gains from investment transactions  | 2743963 | 8019312 |
| Change in unrealized appreciation (depreciation) on investments  | (1828825) | 4595695 |
| **Change in Net Assets Resulting from Operations** | 1415789 | 13385008 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  |  | (5321603) |
| **Change in Net Assets Resulting from distributions to shareholders** |  | (5321603) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 17029467 | 41436879 |
| Dividends reinvested  |  | 4115863 |
| Cost of shares redeemed  | (13140661) | (15722284) |
| **Change in Net Assets Resulting from Capital Share Transactions** | 3888806 | 29830458 |
| **Change in Net Assets** | 5304595 | 37893863 |
| **Net Assets:** |  |  |
| Beginning of period  | 161898675 | 124004812 |
| End of period | $167203270 | $161898675 |
| **Share Transactions:** |  |  |
| Issued  | 747456 | 1798101 |
| Reinvested  |  | 171138 |
| Redeemed  | (586810) | (687988) |
| **Change in shares** | 160646 | 1281251 |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden Midcap Fund**

**Financial Highlights**

Selected data for a share outstanding throughout the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six** <br>**months** <br>**ended** <br>**June 30,** <br>**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>| **For the year** <br>**ended** <br>**December** <br>**31, 2020**<br>|
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $22.96 | $21.49 | $19.82 | $23.44 | $19.71 | $18.71 |
| **Investment Activities:** |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income  | 0.07 | 0.12 | 0.12 | 0.09 | 0.08 | 0.10 |
| Net realized/unrealized gains (losses) from <br> investments <br>| 0.16 | 2.15 | 2.59 | (2.61) | 4.78 | 1.53 |
| Total from investment activities | 0.23 | 2.27 | 2.71 | (2.52) | 4.86 | 1.63 |
| **Distributions from:** |  |  |  |  |  |  |
| Net investment income  |  | (0.12) | (0.12) | (0.09) | (0.09) | (0.09) |
| Net realized gains from investment transactions  |  | (0.68) | (0.92) | (1.01) | (1.04) | (0.54) |
| Total distributions |  | (0.80) | (1.04) | (1.10) | (1.13) | (0.63) |
| **Net Asset Value, End of Period** | $23.19 | $22.96 | $21.49 | $19.82 | $23.44 | $19.71 |
| Total Return | 1.00%(a) | 10.40% | 13.88% | (10.90)% | 24.89% | 8.76% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's)  | $167203 | $161899 | $124005 | $97465 | $105951 | $82948 |
| Ratio of net expenses to average net assets  | 1.00%(b) | 1.00% | 0.98% | 1.00% | 0.99% | 1.00% |
| Ratio of net investment income to average net assets  | 0.63%(b) | 0.55% | 0.59% | 0.45% | 0.37% | 0.61% |
| Ratio of expenses (before fee reductions or recoupment <br> of fees previously reimbursed by the investment <br> adviser) to average net assets (c)<br>| 1.02%(b) | 1.02% | 0.98% | 1.00% | 0.99% | 1.02% |
| Portfolio turnover rate  | 13.68%(a) | 24.20% | 25.92% | 29.80% | 21.82% | 38.28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** |
|  | **Shares** | **Fair Value ($)** |
| **Consumer Discretionary (8.3%)** | **Consumer Discretionary (8.3%)** | **Consumer Discretionary (8.3%)** |
| Cavco Industries, Inc. <sup>(a)</sup> <br>| 5166 | 2244265 |
| Choice Hotels International, Inc.  | 45306 | 5748425 |
| Columbia Sportswear Co.  | 44139 | 2696010 |
| Genuine Parts Co.  | 24377 | 2957174 |
| Texas Roadhouse, Inc.  | 21450 | 4019945 |
| TopBuild Corp. <sup>(a)</sup> <br>| 17435 | 5644407 |
| Williams-Sonoma, Inc.  | 24746 | 4042754 |
|  |  | 27352980 |
| **Consumer Staples (5.9%)** | **Consumer Staples (5.9%)** | **Consumer Staples (5.9%)** |
| BJ's Wholesale Club Holdings, Inc. <br> <sup>(a)</sup> <br>| 64847 | 6992452 |
| Clorox (The) Co.  | 27929 | 3353435 |
| McCormick & Co., Inc. (Non Voting)  | 70641 | 5356001 |
| Simply Good Foods (The) Co. <sup>(a)</sup> <br>| 115780 | 3657490 |
|  |  | 19359378 |
| **Financials (21.0%)** | **Financials (21.0%)** | **Financials (21.0%)** |
| American Financial Group, Inc.  | 42025 | 5303975 |
| Cboe Global Markets, Inc.  | 28876 | 6734172 |
| Cincinnati Financial Corp.  | 45670 | 6801176 |
| Cohen & Steers, Inc.  | 31620 | 2382567 |
| Commerce Bancshares, Inc.  | 61477 | 3822025 |
| Cullen/Frost Bankers, Inc.  | 57638 | 7408789 |
| East West Bancorp, Inc.  | 39820 | 4021024 |
| FactSet Research Systems, Inc.  | 15345 | 6863512 |
| International Bancshares Corp.  | 39678 | 2640968 |
| Jack Henry & Associates, Inc.  | 25520 | 4597938 |
| Northern Trust Corp.  | 52685 | 6679931 |
| SEI Investments Co.  | 93785 | 8427520 |
| Selective Insurance Group, Inc.  | 38030 | 3295299 |
|  |  | 68978896 |
| **Health Care (10.0%)** | **Health Care (10.0%)** | **Health Care (10.0%)** |
| Chemed Corp.  | 12405 | 6040367 |
| Cooper (The) Cos., Inc. <sup>(a)</sup> <br>| 72535 | 5161590 |
| Jazz Pharmaceuticals PLC <sup>(a)</sup> <br>| 17367 | 1842986 |
| Medpace Holdings, Inc. <sup>(a)</sup> <br>| 11715 | 3676870 |
| STERIS PLC  | 24100 | 5789302 |
| Waters Corp. <sup>(a)</sup> <br>| 16919 | 5905408 |
| Zimmer Biomet Holdings, Inc.  | 48680 | 4440103 |
|  |  | 32856626 |
| **Industrials (25.8%)** | **Industrials (25.8%)** | **Industrials (25.8%)** |
| A O Smith Corp.  | 77885 | 5106919 |
| Acuity, Inc.  | 15939 | 4755241 |
| Allegion PLC  | 52970 | 7634036 |
| Applied Industrial Technologies, Inc.  | 34245 | 7960250 |
| Donaldson Co., Inc.  | 82111 | 5694398 |
| ExlService Holdings, Inc. <sup>(a)</sup> <br>| 104224 | 4563969 |
| Expeditors International of <br> Washington, Inc. <br>| 35827 | 4093235 |
| Franklin Electric Co., Inc.  | 30760 | 2760402 |
| Hubbell, Inc.  | 16041 | 6551305 |
| IDEX Corp.  | 35942 | 6310337 |
| Lincoln Electric Holdings, Inc.  | 19575 | 4058289 |
| Masco Corp.  | 57224 | 3682937 |
| Nordson Corp.  | 27631 | 5923258 |
| Paycom Software, Inc.  | 28925 | 6693245 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Snap-on, Inc.  | 16110 | 5013110 |
| Watts Water Technologies, Inc., <br> Class A <br>| 16547 | 4068742 |
|  |  | 84869673 |
| **Information Technology (15.2%)** | **Information Technology (15.2%)** | **Information Technology (15.2%)** |
| Akamai Technologies, Inc. <sup>(a)</sup> <br>| 32315 | 2577444 |
| Amdocs Ltd.  | 53920 | 4919661 |
| Axcelis Technologies, Inc. <sup>(a)</sup> <br>| 35275 | 2458315 |
| Check Point Software Technologies <br> Ltd. <sup>(a)</sup> <br>| 29418 | 6508733 |
| Dolby Laboratories, Inc., Class A  | 59605 | 4426267 |
| F5, Inc. <sup>(a)</sup> <br>| 18992 | 5589725 |
| NetApp, Inc.  | 34500 | 3675975 |
| Progress Software Corp.  | 73203 | 4673280 |
| Qualys, Inc. <sup>(a)</sup> <br>| 58260 | 8323606 |
| Teradyne, Inc.  | 29960 | 2694003 |
| Zebra Technologies Corp., Class A <br> <sup>(a)</sup> <br>| 13300 | 4101188 |
|  |  | 49948197 |
| **Materials (6.7%)** | **Materials (6.7%)** | **Materials (6.7%)** |
| AptarGroup, Inc.  | 38275 | 5987358 |
| Avery Dennison Corp.  | 30035 | 5270241 |
| Packaging Corp. of America  | 15334 | 2889692 |
| RPM International, Inc.  | 48083 | 5281437 |
| Silgan Holdings, Inc.  | 49175 | 2664302 |
|  |  | 22093030 |
| **Real Estate (6.4%)** | **Real Estate (6.4%)** | **Real Estate (6.4%)** |
| Camden Property Trust  | 28764 | 3241415 |
| CubeSmart  | 92163 | 3916928 |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> <br>| 21040 | 5381611 |
| Lamar Advertising Co., Class A  | 27066 | 3284730 |
| STAG Industrial, Inc.  | 143447 | 5204257 |
|  |  | 21028941 |
| **TOTAL COMMON STOCKS (Cost $270,936,038)** | **TOTAL COMMON STOCKS (Cost $270,936,038)** | 326487721 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (0.7%)** | **Investment Companies (0.7%)** | **Investment Companies (0.7%)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 4.16% <sup>(b)</sup> <br>| 2278285 | 2278285 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $2,278,285)**<br>|  | 2278285 |
| **Total Investments (Cost $273,214,323) —** <br> **100.0%** | **Total Investments (Cost $273,214,323) —** <br> **100.0%** | 328766006 |
| Other assets in excess of liabilities — 0.0%<sup>(c)</sup>  | Other assets in excess of liabilities — 0.0%<sup>(c)</sup>  | 61207 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $328827213 |

---

------

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

<sup>(b)</sup> Rate disclosed is the seven-day yield as of June 30, 2025.

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

PLC Public Limited Company

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden SMID Cap Fund**

**Statement of Assets and Liabilities**

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $273,214,323)  | $328766006 |
| Dividend receivable  | 270390 |
| Receivable for capital shares issued  | 105296 |
| Prepaid expenses  | 15062 |
| **Total Assets** | 329156754 |
| **Liabilities:** |  |
| Payable for capital shares redeemed  | 58381 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 196252 |
| Administration and accounting  | 10847 |
| Chief compliance officer  | 22 |
| Custodian  | 3471 |
| Shareholder servicing fees  | 48413 |
| Transfer agent  | 4060 |
| Trustee  | 874 |
| Other  | 7221 |
| **Total Liabilities** | 329541 |
| **Net Assets** | $328827213 |
| **Composition of Net Assets:** |  |
| Paid in capital | $272860573 |
| Total distributable earnings | 55966640 |
| **Net Assets** | $328827213 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 13541638 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $24.28 |

---

**Statement of Operations**

For the period ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $2198708 |
| **Total Investment Income** | 2198708 |
| **Expenses:** |  |
| Investment adviser  | 1135130 |
| Administration and accounting  | 29546 |
| Chief compliance officer  | 5223 |
| Custodian  | 12155 |
| Shareholder servicing  | 275565 |
| Transfer agency  | 13681 |
| Trustee  | 11317 |
| Other  | 37976 |
| Total expenses before fee reductions | 1520593 |
| Fees contractually reduced by the investment <br> adviser<br>| (7087) |
| **Net Expenses** | 1513506 |
| **Net Investment Income** | 685202 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized loss from investment transactions  | (2585552) |
| Change in unrealized depreciation on investments  | (2811632) |
| Net realized/unrealized losses on investments | (5397184) |
| **Change in Net Assets Resulting from Operations** | $(4711982) |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden SMID Cap Fund**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **For the six months** <br>**ended** <br>**June 30, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
|  | **(Unaudited)** |  |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $685202 | $1195699 |
| Net realized gains/(loss) from investment transactions  | (2585552) | 7488782 |
| Change in unrealized appreciation (depreciation) on investments  | (2811632) | 16714222 |
| **Change in Net Assets Resulting from Operations** | (4711982) | 25398703 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  |  | (4952004) |
| **Change in Net Assets Resulting from distributions to shareholders** |  | (4952004) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 55888767 | 96846655 |
| Dividends reinvested  |  | 3850252 |
| Cost of shares redeemed  | (25224691) | (31142185) |
| **Change in Net Assets Resulting from Capital Share Transactions** | 30664076 | 69554722 |
| **Change in Net Assets** | 25952094 | 90001421 |
| **Net Assets:** |  |  |
| Beginning of period  | 302875119 | 212873698 |
| End of period | $328827213 | $302875119 |
| **Share Transactions:** |  |  |
| Issued  | 2314701 | 4040987 |
| Reinvested  |  | 147181 |
| Redeemed  | (1052288) | (1285823) |
| **Change in shares** | 1262413 | 2902345 |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden SMID Cap Fund**

**Financial Highlights**

Selected data for a share outstanding throughout the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six** <br>**months** <br>**ended** <br>**June 30,** <br>**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>| **For the year** <br>**ended** <br>**December** <br>**31, 2020**<br>|
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $24.67 | $22.70 | $19.61 | $24.05 | $19.40 | $18.10 |
| **Investment Activities:** |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income  | 0.05 | 0.10 | 0.12 | 0.13 | 0.10 | 0.09 |
| Net realized/unrealized gains (losses) from <br> investments <br>| (0.44) | 2.29 | 3.09 | (3.61) | 5.69 | 1.55 |
| Total from investment activities | (0.39) | 2.39 | 3.21 | (3.48) | 5.79 | 1.64 |
| **Distributions from:** |  |  |  |  |  |  |
| Net investment income  |  | (0.11) | (0.10) | (0.09) | (0.12) | (0.10) |
| Net realized gains from investment transactions  |  | (0.31) | (0.02) | (0.87) | (1.02) | (0.25) |
| Total distributions |  | (0.42) | (0.12) | (0.96) | (1.14) | (0.35) |
| **Net Asset Value, End of Period** | $24.28 | $24.67 | $22.70 | $19.61 | $24.05 | $19.40 |
| Total Return | (1.58)%(a) | 10.39% | 16.39% | (14.59)% | 30.08% | 9.13% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's)  | $328827 | $302875 | $212874 | $127334 | $107553 | $64734 |
| Ratio of net expenses to average net assets  | 1.00%(b) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets  | 0.45%(b) | 0.45% | 0.60% | 0.61% | 0.48% | 0.61% |
| Ratio of expenses (before fee reductions or recoupment <br> of fees previously reimbursed by the investment <br> adviser) to average net assets (c)<br>| 1.00%(b) | 1.02% | 1.01% | 1.01% | 1.00% | 1.05% |
| Portfolio turnover rate  | 7.55%(a) | 23.07% | 23.72% | 28.66% | 30.00%(d) | 38.70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

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

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Walden Small Cap Fund**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** |
|  | **Shares** | **Fair Value ($)** |
| **Consumer Discretionary (7.7%)** | **Consumer Discretionary (7.7%)** | **Consumer Discretionary (7.7%)** |
| Cavco Industries, Inc. <sup>(a)</sup> <br>| 42662 | 18533653 |
| Choice Hotels International, Inc.  | 170120 | 21584826 |
| Columbia Sportswear Co.  | 292075 | 17839941 |
| H&R Block, Inc.  | 401399 | 22032791 |
| Installed Building Products, Inc.  | 120591 | 21744969 |
|  |  | 101736180 |
| **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** |
| Flowers Foods, Inc.  | 1104515 | 17650150 |
| Marzetti Company (The)  | 141200 | 24395124 |
| Simply Good Foods (The) Co. <sup>(a)</sup> <br>| 732473 | 23138822 |
|  |  | 65184096 |
| **Energy (2.6%)** | **Energy (2.6%)** | **Energy (2.6%)** |
| Cactus, Inc., Class A  | 577610 | 25253109 |
| Oceaneering International, Inc. <sup>(a)</sup> <br>| 459138 | 9513340 |
|  |  | 34766449 |
| **Financials (16.6%)** | **Financials (16.6%)** | **Financials (16.6%)** |
| 1st Source Corp.  | 162631 | 10094506 |
| Amalgamated Financial Corp.  | 221531 | 6911767 |
| Cathay General Bancorp  | 264249 | 12031257 |
| Cohen & Steers, Inc.  | 230679 | 17381663 |
| Commerce Bancshares, Inc.  | 315359 | 19605869 |
| Cullen/Frost Bankers, Inc.  | 239268 | 30755509 |
| Donnelley Financial Solutions, Inc. <br> <sup>(a)</sup> <br>| 303947 | 18738332 |
| Evercore, Inc., Class A  | 98980 | 26726579 |
| Independent Bank Corp.  | 238435 | 14993985 |
| International Bancshares Corp.  | 397260 | 26441626 |
| Selective Insurance Group, Inc.  | 300840 | 26067786 |
| UMB Financial Corp.  | 104211 | 10958829 |
|  |  | 220707708 |
| **Health Care (16.9%)** | **Health Care (16.9%)** | **Health Care (16.9%)** |
| Amphastar Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 497821 | 11429970 |
| Chemed Corp.  | 53237 | 25922692 |
| Corcept Therapeutics, Inc. <sup>(a)</sup> <br>| 232056 | 17032910 |
| CorVel Corp. <sup>(a)</sup> <br>| 218022 | 22408301 |
| Haemonetics Corp. <sup>(a)</sup> <br>| 451065 | 33653960 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup> <br>| 351346 | 18277019 |
| ICU Medical, Inc. <sup>(a)</sup> <br>| 61623 | 8143479 |
| Inmode Ltd. <sup>(a)</sup> <br>| 546399 | 7890002 |
| Jazz Pharmaceuticals PLC <sup>(a)</sup> <br>| 91540 | 9714225 |
| Prestige Consumer Healthcare, Inc. <br> <sup>(a)</sup> <br>| 328443 | 26226174 |
| UFP Technologies, Inc. <sup>(a)</sup> <br>| 111646 | 27259487 |
| US Physical Therapy, Inc.  | 202615 | 15844493 |
|  |  | 223802712 |
| **Industrials (19.0%)** | **Industrials (19.0%)** | **Industrials (19.0%)** |
| Acuity, Inc.  | 74910 | 22348649 |
| Applied Industrial Technologies, Inc.  | 112037 | 26043001 |
| CSG Systems International, Inc.  | 401022 | 26190747 |
| Donaldson Co., Inc.  | 392926 | 27249418 |
| ExlService Holdings, Inc. <sup>(a)</sup> <br>| 653933 | 28635726 |
| Franklin Electric Co., Inc.  | 239790 | 21518755 |
| Landstar System, Inc.  | 134625 | 18715567 |
| MSC Industrial Direct Co., Inc., <br> Class A <br>| 246463 | 20954284 |
| Toro (The) Co.  | 177669 | 12557645 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Valmont Industries, Inc.  | 45014 | 14700222 |
| Watts Water Technologies, Inc., <br> Class A <br>| 134622 | 33102204 |
|  |  | 252016218 |
| **Information Technology (17.6%)** | **Information Technology (17.6%)** | **Information Technology (17.6%)** |
| A10 Networks, Inc.  | 890275 | 17226821 |
| Axcelis Technologies, Inc. <sup>(a)</sup> <br>| 191050 | 13314274 |
| Badger Meter, Inc.  | 92604 | 22683350 |
| Dolby Laboratories, Inc., Class A  | 231158 | 17165793 |
| InterDigital, Inc.  | 108870 | 24411920 |
| Littelfuse, Inc.  | 119574 | 27111013 |
| Plexus Corp. <sup>(a)</sup> <br>| 150622 | 20380663 |
| Power Integrations, Inc.  | 302763 | 16924452 |
| Progress Software Corp.  | 404462 | 25820854 |
| Qualys, Inc. <sup>(a)</sup> <br>| 212619 | 30376877 |
| Teradata Corp. <sup>(a)</sup> <br>| 802829 | 17911115 |
|  |  | 233327132 |
| **Materials (6.6%)** | **Materials (6.6%)** | **Materials (6.6%)** |
| AptarGroup, Inc.  | 86218 | 13487082 |
| Graphic Packaging Holding Co.  | 504153 | 10622503 |
| Minerals Technologies, Inc.  | 300070 | 16524855 |
| Sensient Technologies Corp.  | 206313 | 20325957 |
| Silgan Holdings, Inc.  | 477440 | 25867699 |
|  |  | 86828096 |
| **Real Estate (3.2%)** | **Real Estate (3.2%)** | **Real Estate (3.2%)** |
| Four Corners Property Trust, Inc.  | 631011 | 16980506 |
| STAG Industrial, Inc.  | 708641 | 25709495 |
|  |  | 42690001 |
| **Utilities (4.2%)** | **Utilities (4.2%)** | **Utilities (4.2%)** |
| Chesapeake Utilities Corp.  | 117003 | 14066101 |
| IDACORP, Inc.  | 148370 | 17129316 |
| ONE Gas, Inc.  | 226710 | 16291381 |
| Unitil Corp.  | 151768 | 7914701 |
|  |  | 55401499 |
| **TOTAL COMMON STOCKS (Cost** <br> **$1,066,191,450)** | **TOTAL COMMON STOCKS (Cost** <br> **$1,066,191,450)** | 1316460091 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (0.6%)** | **Investment Companies (0.6%)** | **Investment Companies (0.6%)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 4.16% <sup>(b)</sup> <br>| 7549393 | 7549393 |
| **TOTAL INVESTMENT COMPANIES** <br> **(Cost $7,549,393)**<br>|  | 7549393 |
| **Total Investments (Cost $1,073,740,843) —** <br> **99.9%** | **Total Investments (Cost $1,073,740,843) —** <br> **99.9%** | 1324009484 |
| Other assets in excess of liabilities — 0.1% | Other assets in excess of liabilities — 0.1% | 1654977 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1325664461 |

---

------

<br> <sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven-day yield as of June 30, 2025.

PLC Public Limited Company

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden Small Cap Fund**

**Statement of Assets and Liabilities**

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $1,073,740,843)  | $1324009484 |
| Dividend receivable  | 1040824 |
| Receivable for capital shares issued  | 2245086 |
| Prepaid expenses  | 22881 |
| **Total Assets** | 1327318275 |
| **Liabilities:** |  |
| Payable for capital shares redeemed  | 496496 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 809997 |
| Administration and accounting  | 33747 |
| Chief compliance officer  | 392 |
| Custodian  | 13015 |
| Shareholder servicing fees  | 230307 |
| Transfer agent  | 7038 |
| Trustee  | 4556 |
| Other  | 58266 |
| **Total Liabilities** | 1653814 |
| **Net Assets** | $1325664461 |
| **Composition of Net Assets:** |  |
| Paid in capital | $1077241048 |
| Total distributable earnings | 248423413 |
| **Net Assets** | $1325664461 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 76359972 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $17.36 |

---

**Statement of Operations**

For the period ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $10239075 |
| **Total Investment Income** | 10239075 |
| **Expenses:** |  |
| Investment adviser  | 5016253 |
| Administration and accounting  | 110007 |
| Chief compliance officer  | 23968 |
| Custodian  | 39783 |
| Shareholder servicing  | 1203530 |
| Transfer agency  | 24109 |
| Trustee  | 51898 |
| Other  | 136148 |
| Gross expense before recoupment | 6605696 |
| Recoupment of prior expenses reimbursed by the <br> investment adviser<br>| 82861 |
| Total expenses | 6688557 |
| **Net Expenses** | 6688557 |
| **Net Investment Income** | 3550518 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized loss from investment transactions  | (26581922) |
| Change in unrealized depreciation on investments  | (29570938) |
| Net realized/unrealized losses on investments | (56152860) |
| **Change in Net Assets Resulting from Operations** | $(52602342) |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden Small Cap Fund**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **For the six months** <br>**ended** <br>**June 30, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
|  | **(Unaudited)** |  |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $3550518 | $5953728 |
| Net realized gains/(loss) from investment transactions  | (26581922) | 140187497 |
| Change in unrealized appreciation (depreciation) on investments  | (29570938) | 16229772 |
| **Change in Net Assets Resulting from Operations** | (52602342) | 162370997 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  |  | (87831529) |
| **Change in Net Assets Resulting from distributions to shareholders** |  | (87831529) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 104637470 | 251060067 |
| Dividends reinvested  |  | 72820895 |
| Cost of shares redeemed  | (135415216) | (278570154) |
| Cost of in-kind shares redeemed (a) |  | (4564596) |
| **Change in Net Assets Resulting from Capital Share Transactions** | (30777746) | 40746212 |
| **Change in Net Assets** | (83380088) | 115285680 |
| **Net Assets:** |  |  |
| Beginning of period  | 1409044549 | 1293758869 |
| End of period | $1325664461 | $1409044549 |
| **Share Transactions:** |  |  |
| Issued  | 6015250 | 14142437 |
| Reinvested  |  | 3792755 |
| Redeemed  | (7833163) | (15670263) |
| Redeemed in-kind (a) |  | (223645) |
| **Change in shares** | (1817913) | 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 periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six** <br>**months** <br>**ended** <br>**June 30,** <br>**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>| **For the year** <br>**ended** <br>**December** <br>**31, 2020**<br>|
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $18.02 | $16.99 | $15.56 | $17.96 | $15.31 | $14.62 |
| **Investment Activities:** |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income  | 0.05 | 0.08 | 0.09 | 0.07 | 0.03 | 0.08 |
| Net realized/unrealized gains (losses) from <br> investments <br>| (0.71) | 2.12 | 1.47 | (1.68) | 4.22 | 1.00 |
| Total from investment activities | (0.66) | 2.20 | 1.56 | (1.61) | 4.25 | 1.08 |
| **Distributions from:** |  |  |  |  |  |  |
| Net investment income  |  | (0.09) | (0.08) | (0.05) | (0.05) | (0.08) |
| Net realized gains from investment transactions  |  | (1.08) | (0.05) | (0.74) | (1.55) | (0.31) |
| Total distributions |  | (1.17) | (0.13) | (0.79) | (1.60) | (0.39) |
| **Net Asset Value, End of Period** | $17.36 | $18.02 | $16.99 | $15.56 | $17.96 | $15.31 |
| Total Return | (3.66)%(a) | 12.55% | 10.09% | (9.06)% | 28.17% | 8.17% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's)  | $1325664 | $1409045 | $1293759 | $1003410 | $939532 | $602978 |
| Ratio of net expenses to average net assets  | 1.00%(b) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets  | 0.53%(b) | 0.44% | 0.58% | 0.46% | 0.18% | 0.64% |
| Ratio of expenses (before fee reductions or recoupment <br> of fees previously reimbursed by the investment <br> adviser) to average net assets (c)<br>| 0.99%(b) | 1.00% | 1.03% | 1.04% | 1.01% | 1.06% |
| Portfolio turnover rate  | 11.17%(a) | 33.00%(d) | 23.98% | 20.87% | 31.72% | 39.89%(e) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes impact of merger transaction.

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Walden International Equity Fund**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (98.6%)** | **Common Stocks (98.6%)** | **Common Stocks (98.6%)** |
|  | **Shares** | **Fair Value ($)** |
| **Australia (5.6%)** | **Australia (5.6%)** | **Australia (5.6%)** |
| Brambles Ltd. | 255000 | 3938168 |
| Insurance Australia Group Ltd. | 821000 | 4880864 |
| Westpac Banking Corp. | 145200 | 3236004 |
| Woodside Energy Group Ltd. | 156600 | 2418986 |
|  |  | 14474022 |
| **Canada (8.2%)** | **Canada (8.2%)** | **Canada (8.2%)** |
| Canadian National Railway Co. | 50000 | 5209840 |
| Intact Financial Corp. | 13000 | 3022912 |
| National Bank of Canada | 40900 | 4220501 |
| Royal Bank of Canada | 48900 | 6444709 |
| Tourmaline Oil Corp. | 45800 | 2209701 |
|  |  | 21107663 |
| **Denmark (1.5%)** | **Denmark (1.5%)** | **Denmark (1.5%)** |
| Novo Nordisk A/S, Class B | 55000 | 3811173 |
| **Finland (2.1%)** | **Finland (2.1%)** | **Finland (2.1%)** |
| Kone OYJ, Class B | 83000 | 5468100 |
| **France (11.3%)** | **France (11.3%)** | **France (11.3%)** |
| Air Liquide SA | 26800 | 5526191 |
| Dassault Systemes SE | 98000 | 3551680 |
| Edenred SE | 65300 | 2028252 |
| EssilorLuxottica SA | 9100 | 2498792 |
| Legrand SA | 34300 | 4597179 |
| L'Oreal SA | 4800 | 2056097 |
| Publicis Groupe SA | 48000 | 5421349 |
| Schneider Electric SE | 12300 | 3302364 |
|  |  | 28981904 |
| **Germany (6.4%)** | **Germany (6.4%)** | **Germany (6.4%)** |
| Allianz SE (Registered) | 8600 | 3490169 |
| Deutsche Boerse AG | 15600 | 5096357 |
| Hannover Rueck SE | 11200 | 3529270 |
| Merck KGaA | 33000 | 4278726 |
|  |  | 16394522 |
| **Hong Kong (0.8%)** | **Hong Kong (0.8%)** | **Hong Kong (0.8%)** |
| Sino Land Co. Ltd. | 1899000 | 2022690 |
| **Israel (2.0%)** | **Israel (2.0%)** | **Israel (2.0%)** |
| Check Point Software Technologies <br> Ltd. <sup>(a)</sup> <br>| 13000 | 2876250 |
| Nice Ltd. <sup>(a)</sup> <br>| 13300 | 2254525 |
|  |  | 5130775 |
| **Italy (2.8%)** | **Italy (2.8%)** | **Italy (2.8%)** |
| FinecoBank Banca Fineco SpA | 109200 | 2422443 |
| Terna - Rete Elettrica Nazionale | 470000 | 4832055 |
|  |  | 7254498 |
| **Japan (19.9%)** | **Japan (19.9%)** | **Japan (19.9%)** |
| Ajinomoto Co., Inc. | 145000 | 3932860 |
| Chiba Bank (The) Ltd. | 172800 | 1596971 |
| Inpex Corp. | 165000 | 2316133 |
| Kakaku.com, Inc. | 120300 | 2230860 |
| Mitsubishi Estate Co. Ltd. | 127000 | 2380884 |
| Nitto Denko Corp. | 204500 | 3949196 |
| Nomura Research Institute Ltd. | 113400 | 4535707 |
| NTT, Inc. | 2967200 | 3172264 |
| Oracle Corp. Japan | 30000 | 3575718 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Shares** | **Fair Value ($)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Shin-Etsu Chemical Co. Ltd. | 130000 | 4292858 |
| Sumitomo Mitsui Financial Group, <br> Inc.<br>| 152000 | 3827506 |
| Sysmex Corp. | 247000 | 4299583 |
| Terumo Corp. | 142400 | 2613308 |
| Tokio Marine Holdings, Inc. | 82000 | 3475246 |
| Toyota Motor Corp. | 281300 | 4844828 |
|  |  | 51043922 |
| **Jersey, C.I. (0.9%)** | **Jersey, C.I. (0.9%)** | **Jersey, C.I. (0.9%)** |
| Experian PLC | 46600 | 2402988 |
| **Luxembourg (0.6%)** | **Luxembourg (0.6%)** | **Luxembourg (0.6%)** |
| Tenaris SA | 88400 | 1657030 |
| **Netherlands (6.0%)** | **Netherlands (6.0%)** | **Netherlands (6.0%)** |
| ASML Holding NV | 8500 | 6811364 |
| ING Groep NV | 200000 | 4383538 |
| Koninklijke Vopak NV | 41800 | 2076176 |
| Wolters Kluwer NV | 12900 | 2157372 |
|  |  | 15428450 |
| **Norway (1.0%)** | **Norway (1.0%)** | **Norway (1.0%)** |
| Equinor ASA | 103000 | 2601168 |
| **Singapore (2.6%)** | **Singapore (2.6%)** | **Singapore (2.6%)** |
| DBS Group Holdings Ltd. | 133900 | 4726949 |
| Singapore Exchange Ltd. | 168400 | 1971834 |
|  |  | 6698783 |
| **Spain (1.5%)** | **Spain (1.5%)** | **Spain (1.5%)** |
| Industria de Diseno Textil SA | 75000 | 3912507 |
| **Sweden (5.0%)** | **Sweden (5.0%)** | **Sweden (5.0%)** |
| Assa Abloy AB, Class B | 162000 | 5064711 |
| Atlas Copco AB, Class A | 41600 | 672506 |
| Atlas Copco AB, Class B | 273000 | 3885496 |
| Svenska Handelsbanken AB, <br> Class A<br>| 244300 | 3270514 |
|  |  | 12893227 |
| **Switzerland (9.1%)** | **Switzerland (9.1%)** | **Switzerland (9.1%)** |
| Cie Financiere Richemont SA <br> (Registered)<br>| 25700 | 4863285 |
| Nestle SA (Registered) | 66000 | 6562141 |
| Roche Holding AG | 23600 | 7703509 |
| Sonova Holding AG (Registered) | 3800 | 1133257 |
| Zurich Insurance Group AG | 4400 | 3078782 |
|  |  | 23340974 |
| **United Kingdom (11.3%)** | **United Kingdom (11.3%)** | **United Kingdom (11.3%)** |
| Compass Group PLC | 88400 | 2994286 |
| Mondi PLC | 169000 | 2761547 |
| National Grid PLC | 288300 | 4231859 |
| Next PLC | 36400 | 6216901 |
| RELX PLC | 96400 | 5224656 |
| Schroders PLC | 257700 | 1281574 |
| Unilever PLC | 103200 | 6297910 |
|  |  | 29008733 |
| **TOTAL COMMON STOCKS (Cost $198,768,125)** | **TOTAL COMMON STOCKS (Cost $198,768,125)** | 253633129 |

---

**See Notes to Financial Statements**

------

**Schedule of Portfolio Investments**

**Boston Trust Walden International Equity Fund**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investment Companies (1.3%)** | **Investment Companies (1.3%)** | **Investment Companies (1.3%)** |
|  | **Shares** | **Fair Value ($)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), 4.16% <sup>(b)</sup> <br>| 3283618 | 3283618 |
| **TOTAL INVESTMENT COMPANIES (Cost** <br> **$3,283,618)** | **TOTAL INVESTMENT COMPANIES (Cost** <br> **$3,283,618)** | 3283618 |
| **Total Investments (Cost $202,051,743) —** <br> **99.9%** | **Total Investments (Cost $202,051,743) —** <br> **99.9%** | 256916747 |
| Other assets in excess of liabilities — 0.1% | Other assets in excess of liabilities — 0.1% | 162094 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $257078841 |

---

------

<br> <sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven-day yield as of June 30, 2025.

<br> PLC Public Limited Company

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden International Equity Fund**

**Statement of Assets and Liabilities**

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at fair value (cost $202,051,743)  | $256916747 |
| Foreign currencies, at fair value (cost $146,875)  | 146875 |
| Dividend receivable  | 347415 |
| Receivable for tax reclaims  | 857164 |
| Receivable for capital shares issued  | 70125 |
| Prepaid expenses  | 24284 |
| **Total Assets** | 258362610 |
| **Liabilities:** |  |
| Payable for investments purchased  | 1071355 |
| Payable for capital shares redeemed  | 35065 |
| Accrued expenses and other liabilities: |  |
| Investment adviser  | 155361 |
| Administration and accounting  | 13557 |
| Custodian  | 3780 |
| Transfer agent  | 3660 |
| Other  | 991 |
| **Total Liabilities** | 1283769 |
| **Net Assets** | $257078841 |
| **Composition of Net Assets:** |  |
| Paid in capital | $197822648 |
| Total distributable earnings | 59256193 |
| **Net Assets** | $257078841 |
| Shares outstanding (par value $0.01, unlimited <br> number of shares authorized)<br>| 15898279 |
| Net Asset Value, Offering Price and Redemption <br> price per share<br>| $16.17 |

---

**Statement of Operations**

For the period ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends  | $4735707 |
| Tax reclaims  | 237729 |
| Less: Foreign tax withholding | (798039) |
| **Total Investment Income** | 4175397 |
| **Expenses:** |  |
| Investment adviser  | 842808 |
| Administration and accounting  | 33929 |
| Chief compliance officer  | 3496 |
| Custodian  | 24824 |
| Shareholder servicing  | 67022 |
| Transfer agency  | 12324 |
| Trustee  | 7661 |
| Other  | 39525 |
| Total expenses | 1031589 |
| **Net Expenses** | 1031589 |
| **Net Investment Income** | 3143808 |
| **Net Realized/Unrealized Gains (Losses) from** <br> **Investments:**<br>|  |
| Net realized gains from investment transactions <br> and foreign currency transactions <br>| 2035330 |
| Change in unrealized appreciation on investments <br> and foreign currency transactions <br>| 28745049 |
| Net realized/unrealized gains on investments | 30780379 |
| **Change in Net Assets Resulting from Operations** | $33924187 |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden International Equity Fund**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **For the six months** <br>**ended** <br>**June 30, 2025**<br>| **For the year ended** <br>**December 31, 2024**<br>|
|  | **(Unaudited)** |  |
| **Investment Activities:** |  |  |
| **Operations:** |  |  |
| Net investment income | $3143808 | $3060883 |
| Net realized gains from investment transactions and foreign currency transactions  | 2035330 | 1460894 |
| Change in unrealized appreciation on investments and foreign currency transactions  | 28745049 | 2384077 |
| **Change in Net Assets Resulting from Operations** | 33924187 | 6905854 |
| **Distributions To Shareholders:** |  |  |
| Total Distributions  |  | (3058171) |
| **Change in Net Assets Resulting from distributions to shareholders** |  | (3058171) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares issued  | 45652589 | 75897297 |
| Dividends reinvested  |  | 2417717 |
| Cost of shares redeemed  | (19693095) | (19942039) |
| **Change in Net Assets Resulting from Capital Share Transactions** | 25959494 | 58372975 |
| **Change in Net Assets** | 59883681 | 62220658 |
| **Net Assets:** |  |  |
| Beginning of period  | 197195160 | 134974502 |
| End of period | $257078841 | $197195160 |
| **Share Transactions:** |  |  |
| Issued  | 3052861 | 5337588 |
| Reinvested  |  | 168953 |
| Redeemed  | (1317319) | (1400666) |
| **Change in shares** | 1735542 | 4105875 |

---

**See Notes to Financial Statements**

------

**Financial Statements**

**Boston Trust Walden International Equity Fund**

**Financial Highlights**

Selected data for a share outstanding throughout the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six** <br>**months** <br>**ended** <br>**June 30,** <br>**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>| **For the year** <br>**ended** <br>**December** <br>**31, 2020**<br>|
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $13.92 | $13.42 | $11.74 | $13.72 | $12.29 | $11.60 |
| **Investment Activities:** |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income  | 0.20 | 0.22 | 0.20 | 0.21 | 0.17 | 0.15 |
| Net realized/unrealized gains (losses) from <br> investments and foreign currency transactions <br>| 2.05 | 0.50 | 1.69 | (2.00) | 1.47 | 0.69 |
| Total from investment activities | 2.25 | 0.72 | 1.89 | (1.79) | 1.64 | 0.84 |
| **Distributions from:** |  |  |  |  |  |  |
| Net investment income  |  | (0.22) | (0.21) | (0.18) | (0.17) | (0.14) |
| Net realized gains from investment transactions  |  |  |  | (0.01) | (0.04) |  |
| Total distributions |  | (0.22) | (0.21) | (0.19) | (0.21) | (0.14) |
| **Net Asset Value, End of Period** | $16.17 | $13.92 | $13.42 | $11.74 | $13.72 | $12.29 |
| Total Return | 16.16%(a) | 5.33% | 16.19% | (13.10)% | 13.43% | 7.16% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's)  | $257079 | $197195 | $134975 | $92807 | $95505 | $73720 |
| Ratio of net expenses to average net assets  | 0.92%(b) | 0.93% | 0.91% | 0.93% | 0.94% | 1.00% |
| Ratio of net investment income to average net assets  | 2.80%(b) | 1.88% | 1.91% | 1.77% | 1.36% | 1.41% |
| Ratio of expenses (before fee reductions or recoupment <br> of fees previously reimbursed by the investment <br> adviser) to average net assets <br>| 0.92%(b) | 0.93% | 0.91% | 0.93% | 0.94% | 1.00% |
| Portfolio turnover rate  | 7.92%(a) | 12.30% | 23.46% | 10.47% | 13.09% | 8.38% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

**See Notes to Financial Statements**

------

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)**

&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 international companies.

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

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

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

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

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

**Security Valuation:**

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

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

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

------

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)**

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 six months period ended June 30, 2025.

The following is a summary of the investments by valuation inputs used as of June 30, 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>| 414228286 |  | 414228286 |
| Corporate Bonds<sup>(1)</sup> <br>|  | 23601439 | 23601439 |
| U.S. Government & U.S. Government Agency Obligations |  | 111104420 | 111104420 |
| Investment Companies | 6532001 |  | 6532001 |
| Total | 420760287 | 134705859 | 555466146 |
| **Equity Fund** |  |  |  |
| Common Stocks<sup>(1)</sup> <br>| 244675191 |  | 244675191 |
| Investment Companies | 2507189 |  | 2507189 |
| Total | 247182380 |  | 247182380 |
| **Midcap Fund** |  |  |  |
| Common Stocks<sup>(1)</sup> <br>| 234915291 |  | 234915291 |
| Investment Companies | 2666199 |  | 2666199 |
| Total | 237581490 |  | 237581490 |
| **SMID Cap Fund** |  |  |  |
| Common Stocks<sup>(1)</sup> <br>| 762130756 |  | 762130756 |
| Investment Companies | 5044213 |  | 5044213 |
| Total | 767174969 |  | 767174969 |
| **BTW Balanced Fund** |  |  |  |
| Common Stocks<sup>(1)</sup> <br>| 105151832 |  | 105151832 |
| Corporate Bonds<sup>(1)</sup> <br>|  | 14013842 | 14013842 |
| Municipal Bonds<sup>(2)</sup> <br>|  | 690617 | 690617 |
| U.S. Government & U.S. Government Agency Obligations |  | 32196241 | 32196241 |
| Investment Companies | 871975 |  | 871975 |
| Total | 106023807 | 46900700 | 152924507 |

---

------

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **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>| 239768905 |  | 239768905 |
| Investment Companies | 2000242 |  | 2000242 |
| Total | 241769147 |  | 241769147 |
| **BTW Midcap Fund** |  |  |  |
| Common Stocks<sup>(1)</sup> <br>| 165100219 |  | 165100219 |
| Investment Companies | 2097642 |  | 2097642 |
| Total | 167197861 |  | 167197861 |
| **BTW SMID Cap Fund** |  |  |  |
| Common Stocks<sup>(1)</sup> <br>| 326487721 |  | 326487721 |
| Investment Companies | 2278285 |  | 2278285 |
| Total | 328766006 |  | 328766006 |
| **BTW Small Cap Fund** |  |  |  |
| Common Stocks<sup>(1)</sup> <br>| 1316460091 |  | 1316460091 |
| Investment Companies | 7549393 |  | 7549393 |
| Total | 1324009484 |  | 1324009484 |
| **BTW International Equity Fund** |  |  |  |
| Common Stocks<sup>(3)</sup> <br>|  |  |  |
| Energy | 2209701 | 11069493 | 13279194 |
| Financials | 13688122 | 52296273 | 65984395 |
| Industrials | 5209840 | 36713540 | 41923380 |
| Information Technology | 2876250 | 20728994 | 23605244 |
| Other Common Stocks |  | 108840916 | 108840916 |
| Investment Companies | 3283618 |  | 3283618 |
| Total | 27267531 | 229649216 | 256916747 |

---

<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** 

**June 30, 2025 (Unaudited)**

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 six-month period ended June 30, 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 six-month period ended June 30, 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 its 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 oversight and its role, the Adviser is deemed to be the Chief Operating Decision Maker.

**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% |

---

------

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

\*\* Effective rate for the year ended December 31, 2024. 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. Prior to December 31, 2024, Equity Fund and BTW Equity Fund paid 0.75% of average daily net assets to the Adviser. 

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

**Administration and Fund Accounting:**

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

------

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)**

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 six-month period ended June 30, 2025.

**Custodian and Transfer Agency:**

FIS Investor Services, LLC ("FIS") acts as the Funds' transfer agent. Under the transfer agency agreement, FIS receives $19,338 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, 2022 (expiring 12/31/2025), December 31, 2023 (expiring 12/31/26) and December 31, 2024 (expiring 12/31/27) and six-month period ended June 30, 2025 (expiring 12/31/28):

---

| | | |
|:---|:---|:---|
| **Fund** | **Amount** | **Expires** |
| SMID Cap Fund | $562932 | 12/31/2025 |
|  | 612046 | 12/31/2026 |
|  | 566513 | 12/31/2027 |
|  | 253179 | 12/31/2028 <br>|

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Amount** | **Expires** |
| BTW Midcap Fund | $27656 | 12/31/2027 |
|  | 17208 | 12/31/2028 <br>|
| BTW SMID Cap Fund | 14534 | 12/31/2025 |
|  | 7734 | 12/31/2026 |
|  | 64419 | 12/31/2027 |
|  | 7087 | 12/31/2028 <br>|
| BTW Small Cap Fund | 252251 | 12/31/2025 |
|  | 333527 | 12/31/2026 |

---

------

During the six-month period ended June 30, 2025, the Adviser recouped $82,861 of previous fiscal year waivers from BTW Small Cap Fund.

------

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)**

As of June 30, 2025, the Adviser may recoup amounts from the Funds as follows:

---

| | |
|:---|:---|
| **Total Potential Recoupment** |  |
| Asset Management Fund | $— |
| Equity Fund |  |
| Midcap Fund |  |
| SMID Cap Fund | 1994670 |

---

---

| | |
|:---|:---|
| **Total Potential Recoupment** |  |
| BTW Balanced Fund | $— |
| BTW Equity Fund |  |
| BTW Midcap Fund | 44864 |
| BTW SMID Cap Fund | 93774 |
| BTW Small Cap Fund | 585778 |
| BTW International Equity Fund |  |

---

**In-Kind Subscriptions and Redemptions:**

During the six-month period ended June 30, 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 June 30, 2025, the Funds had no outstanding loans to or from another Fund under the Program. There was no activity in the Program during the six-month period ended June 30, 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 six-month period ended June 30, 2025, totaled:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales and**<br> **Maturities**<br>|
| Asset Management Fund | &nbsp;&nbsp; $29684295 | &nbsp;&nbsp; $56910095 |
| Equity Fund | &nbsp;&nbsp; 27085675 | &nbsp;&nbsp; 29574155 |
| Midcap Fund | &nbsp;&nbsp; 33418771 | &nbsp;&nbsp; 51686319 |
| SMID Cap Fund | &nbsp;&nbsp; 100682089 | &nbsp;&nbsp; 117155165 |
| BTW Balanced Fund | &nbsp;&nbsp; 6871643 | &nbsp;&nbsp; 12617619 |
| BTW Equity Fund | &nbsp;&nbsp; 2975933 | &nbsp;&nbsp; 26396763 |
| BTW Midcap Fund | &nbsp;&nbsp; 26405917 | &nbsp;&nbsp; 22081161 |
| BTW SMID Cap Fund | &nbsp;&nbsp; 54581859 | &nbsp;&nbsp; 23102200 |
| BTW Small Cap Fund | &nbsp;&nbsp; 150894168 | &nbsp;&nbsp; 179937912 |
| BTW International Equity Fund | &nbsp;&nbsp; 46339817 | &nbsp;&nbsp; 17666648 |

---

Cost of purchases and proceeds from sales and maturities of U.S. government securities, excluding short-term securities, for the Funds for the six-month period ended June 30, 2025, totaled:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales and**<br> **Maturities**<br>|
| Asset Management Fund | &nbsp;&nbsp; $8554595 | &nbsp;&nbsp; $2000000 |
| BTW Balanced Fund | &nbsp;&nbsp; 5258775 | &nbsp;&nbsp; 5239218 |

---

------

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)**

&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, 2024, 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; $228601538 | &nbsp;&nbsp; $341112116 | &nbsp;&nbsp; $(1333066) | &nbsp;&nbsp; $339779050 |
| Equity Fund | &nbsp;&nbsp; 73340126 | &nbsp;&nbsp; 172579899 | &nbsp;&nbsp; (34194) | &nbsp;&nbsp; 172545705 |
| Midcap Fund | &nbsp;&nbsp; 189158927 | &nbsp;&nbsp; 69808858 | &nbsp;&nbsp; (4525924) | &nbsp;&nbsp; 65282934 |
| SMID Cap Fund | &nbsp;&nbsp; 691387245 | &nbsp;&nbsp; 152150114 | &nbsp;&nbsp; (14076171) | &nbsp;&nbsp; 138073943 |
| BTW Balanced Fund | &nbsp;&nbsp; 85653584 | &nbsp;&nbsp; 75259840 | &nbsp;&nbsp; (3700594) | &nbsp;&nbsp; 71559246 |
| BTW Equity Fund | &nbsp;&nbsp; 95474445 | &nbsp;&nbsp; 171769777 | &nbsp;&nbsp; (734651) | &nbsp;&nbsp; 171035126 |
| BTW Midcap Fund | &nbsp;&nbsp; 122431682 | &nbsp;&nbsp; 42015769 | &nbsp;&nbsp; (2466093) | &nbsp;&nbsp; 39549676 |
| BTW SMID Cap Fund | &nbsp;&nbsp; 247819752 | &nbsp;&nbsp; 60413219 | &nbsp;&nbsp; (3813924) | &nbsp;&nbsp; 56599295 |
| BTW Small Cap Fund | &nbsp;&nbsp; 1158042512 | &nbsp;&nbsp; 303980730 | &nbsp;&nbsp; (50871484) | &nbsp;&nbsp; 253109246 |
| BTW International Equity Fund | &nbsp;&nbsp; 171286267 | &nbsp;&nbsp; 32253839 | &nbsp;&nbsp; (6417887) | &nbsp;&nbsp; 25835952 |

---

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>

As of December 31, 2024, 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; $— | &nbsp;&nbsp; $17692132 | &nbsp;&nbsp; $17692132 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 339779050 | &nbsp;&nbsp; 357471182 |
| Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 3439395 | &nbsp;&nbsp; 3439395 | &nbsp;&nbsp; — | &nbsp;&nbsp; 172545705 | &nbsp;&nbsp; 175985100 |
| Midcap Fund | &nbsp;&nbsp; 497722 | &nbsp;&nbsp; 6513278 | &nbsp;&nbsp; 7011000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65282934 | &nbsp;&nbsp; 72293934 |
| SMID Cap Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 3012606 | &nbsp;&nbsp; 3012606 | &nbsp;&nbsp; — | &nbsp;&nbsp; 138073943 | &nbsp;&nbsp; 141086549 |
| BTW Balanced Fund | &nbsp;&nbsp; 4364 | &nbsp;&nbsp; 1311967 | &nbsp;&nbsp; 1316331 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71559246 | &nbsp;&nbsp; 72875577 |
| BTW Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 1595626 | &nbsp;&nbsp; 1595626 | &nbsp;&nbsp; — | &nbsp;&nbsp; 171035126 | &nbsp;&nbsp; 172630752 |
| BTW Midcap Fund | &nbsp;&nbsp; 456585 | &nbsp;&nbsp; 3466164 | &nbsp;&nbsp; 3922749 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39549676 | &nbsp;&nbsp; 43472425 |
| BTW SMID Cap Fund | &nbsp;&nbsp; 632780 | &nbsp;&nbsp; 3446547 | &nbsp;&nbsp; 4079327 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56599295 | &nbsp;&nbsp; 60678622 |
| BTW Small Cap Fund | &nbsp;&nbsp; 616990 | &nbsp;&nbsp; 47299519 | &nbsp;&nbsp; 47916509 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253109246 | &nbsp;&nbsp; 301025755 |
| BTW International Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (492871) | &nbsp;&nbsp; 25824877 | &nbsp;&nbsp; 25332006 |

---

For the year ended December 31, 2024, the BTW International Equity Fund incurred net late year losses in the amount of $12,129, 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, 2024, 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 International Equity Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $480742 | &nbsp;&nbsp; $480742 |

---

During the tax year ended December 31, 2024, the SMID Cap Fund, BTW Small Cap Fund and BTW International Equity Fund utilized $774,957, $8,313,930, and $1,707,751, respectively, in capital loss carry forwards.

------

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)**

As of December 31, 2024, 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; $(1494086) | &nbsp;&nbsp; $1494086 |
| Equity Fund | &nbsp;&nbsp; 3178 | &nbsp;&nbsp; (3178) |
| SMID Cap Fund | &nbsp;&nbsp; (19462477) | &nbsp;&nbsp; 19462477 |
| BTW Equity Fund | &nbsp;&nbsp; (699523) | &nbsp;&nbsp; 699523 |
| BTW Small Cap Fund | &nbsp;&nbsp; (8018230) | &nbsp;&nbsp; 8018230 |
| BTW International Equity Fund | &nbsp;&nbsp; 34914 | &nbsp;&nbsp; (34914) |

---

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 June 30, 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 | U.S. Bank, N.A. | 89.72% |
| Equity Fund | U.S. Bank, N.A. | 91.29 |
| Midcap Fund | U.S. Bank, N.A. | 32.94 |
|  | Charles Schwab & Co., Inc. | 27.28 |
| SMID Cap Fund | National Financial Services LLC | 33.40 |

---

---

| | | |
|:---|:---|:---|
| BTW Balanced Fund | U.S. Bank, N.A. | 61.16% |
| BTW Equity Fund | U.S. Bank, N.A. | 46.15 |
| BTW Midcap Fund | U.S. Bank, N.A. | 31.50 |
|  | Charles Schwab & Co., Inc. | 31.41 |
|  | National Financial Services LLC | 25.98 |
| BTW SMID Cap Fund | Charles Schwab & Co., Inc. | 44.13 |
| BTW Small Cap Fund | National Financial Services LLC | 26.52 |
| BTW International Equity Fund | U.S. Bank, N.A. | 47.08 |

---

**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.

------

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

**Management Investment Companies (Unaudited)**

**June 30, 2025**

Not applicable.

------

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

**June 30, 2025**

Not applicable.

------

**Investment Adviser Contract Approval (Unaudited)**

**June 30, 2025**

Not applicable.

------

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------

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------

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------

**Investment Adviser**

Boston Trust Walden Inc.

One Beacon Street

Boston, MA 02108

**Transfer Agent**

FIS Investor Services, LLC

4249 Easton Way, Suite 400

Columbus, OH 43219

**Administrator**

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.

08/25

------

&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) Not applicable.

(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  | September 3, 2025  | September 3, 2025  | September 3, 2025  |

---

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  | September 3, 2025  | September 3, 2025  |
| By (Signature and Title)  | By (Signature and Title)  | /s/ Jennifer Ellis, Treasurer  |
| Date  | September 3, 2025  | September 3, 2025  |

---

------

## 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.

---

| | |
|:---|:---|
| September 3, 2025  | /s/ Jennifer Ellis  |
| Date  | Jennifer Ellis  |
|  | Treasurer  |

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<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.

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| | |
|:---|:---|
| September 3, 2025  | /s/ Lucia Santini  |
| Date  | Lucia Santini  |
|  | President  |

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## 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 June 30, 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.

<br> <u> September 3, 2025 </u>     <br> Date

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

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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.

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