N-CSRS 1 tm2116276d1_ncsrs.htm N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-06526

Boston Trust Walden Funds

(Exact name of registrant as specified in charter)

	One Beacon Street, Boston MA	02108
	(Address of principal executive offices)	(Zip code)

	4400 Easton Commons, Columbus, OH 43219
	(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, 2021

Item 1. Reports to Stockholders.

Semi-Annual Report

June 30, 2021 (Unaudited)

Boston Trust Asset Management Fund	Boston Trust Walden Balanced Fund
Boston Trust Equity Fund	Boston Trust Walden Equity Fund
Boston Trust Midcap Fund	Boston Trust Walden Midcap Fund
Boston Trust SMID Cap Fund	Boston Trust Walden SMID Cap Fund
	Boston Trust Walden Small Cap Fund
	Boston Trust Walden International Equity Fund

This page is intentionally left blank.

Table of Contents	Annual Report
	June 30, 2021 (Unaudited)

Boston Trust Asset Management Fund
	Investment Performance	2
	Schedule of Portfolio Investments	5
	Financial Statements	7
	Financial Highlights	9

Boston Trust Equity Fund
	Investment Performance	2
	Schedule of Portfolio Investments	10
	Financial Statements	11
	Financial Highlights	13

Boston Trust Midcap Fund
	Investment Performance	3
	Schedule of Portfolio Investments	14
	Financial Statements	15
	Financial Highlights	17

Boston Trust SMID Cap Fund
	Investment Performance	4
	Schedule of Portfolio Investments	18
	Financial Statements	19
	Financial Highlights	21

Annual ESG Report		22

Boston Trust Walden Balanced Fund
	Investment Performance	23
	Schedule of Portfolio Investments	28
	Financial Statements	31
	Financial Highlights	33

Boston Trust Walden Equity Fund
	Investment Performance	23
	Schedule of Portfolio Investments	34
	Financial Statements	35
	Financial Highlights	37

Boston Trust Walden Midcap Fund
	Investment Performance	24
	Schedule of Portfolio Investments	38
	Financial Statements	39
	Financial Highlights	41

Boston Trust Walden SMID Cap Fund
	Investment Performance	25
	Schedule of Portfolio Investments	42
	Financial Statements	43
	Financial Highlights	45

Boston Trust Walden Small Cap Fund
	Investment Performance	26
	Schedule of Portfolio Investments	46
	Financial Statements	47
	Financial Highlights	49

Boston Trust Walden International Equity Fund
	Investment Performance	27
	Schedule of Portfolio Investments	50
	Financial Statements	52
	Financial Highlights	54

Notes to the Financial Statements		55
Supplementary Information		63

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, 2021 and is subject to change without notice.

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

Investment Performance (Unaudited)	Boston Trust Asset Management Fund
	Boston Trust Equity Fund
	June 30, 2021

	For the periods ended 6/30/21
	Aggregate			Average Annual Total Returns
																						Since			Since
	Six																					Inception			Inception
	Months			1 Year			3 Years			5 Years			10 Years			15 Years			20 Years			(12/1/95)			(10/1/03)
Boston Trust Asset Management Fund		10.30	%		27.29	%		13.55	%		12.10	%		10.33	%		8.90	%		8.01	%		8.63	%		—
Boston Trust Equity Fund		14.78	%		42.03	%		18.79	%		16.60	%		12.98	%		10.41	%		—			—			10.09	%
S&P 500 Index		15.25	%		40.79	%		18.67	%		17.65	%		14.84	%		10.73	%		8.61	%		10.01	%		10.67	%
Bloomberg Barclays U.S. Government/Credit Bond Index		-1.96	%		-0.39	%		5.95	%		3.31	%		3.71	%		4.58	%		4.72	%		5.10	%		4.17	%
FTSE 3-Month US T-Bill Index		0.03	%		0.08	%		1.31	%		1.14	%		0.60	%		1.02	%		1.30	%		2.15	%		1.24	%

Hypothetical Growth of a $100,000 Investment

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

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

Boston Trust Asset Management Fund

Fund Net Asset Value:		$	62.09
Gross Expense Ratio¹:			0.88	%

Boston Trust Equity Fund

Fund Net Asset Value:		$	37.75
Gross Expense Ratio¹:			0.90	%

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

The Gross Expense Ratio is from each Fund’s prospectus dated May 1, 2021. Please see the Fund’s most recent prospectus for details. Additional information pertaining to each Fund’s expense ratio as of June 30, 2021 can be found in the financial highlights included in this report.

Investment Performance (Unaudited)	Boston Trust Midcap Fund
	June 30, 2021

	For the periods ended 6/30/21
	Aggregate			Average Annual Total Returns
																Since
	Six															Inception
	Months			1 Year			3 Years			5 Years			10 Years			(9/24/07)
Boston Trust Midcap Fund¹		11.80	%		36.68	%		13.86	%		13.70	%		11.54	%		10.26	%
Russell MidCap^®Index		16.25	%		49.80	%		16.45	%		15.62	%		13.24	%		10.11	%

Hypothetical Growth of a $100,000 Investment

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

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

Fund Net Asset Value:		$	23.50
Gross Expense Ratio¹:			1.05	%

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

The Gross Expense Ratio is from the Fund’s prospectus dated May 1, 2021. The contractual fee limit under the Fund’s expense limitation agreement is 1.00% of the Fund’s average annual net assets, subject to certain limitations as described in the Fund’s prospectus. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of June 30, 2021 can be found in the financial highlights included in this report. The investment performance may reflect fee reductions. If such fee reductions had not occurred, the quoted performance would have been lower. The contractual fee waiver continues through May 1, 2022 and may be renewed thereafter .

Investment Performance (Unaudited)	Boston Trust SMID Cap Fund
	June 30, 2021

	For the periods ended 6/30/21
	Aggregate			Average Annual Total Returns
													Since
	Six												Inception
	Months			1 Year			3 Years			5 Years			(11/30/11)
Boston Trust SMID Cap Fund¹		16.64	%		43.88	%		13.30	%		15.10	%		12.76	%
Russell 2500™ Index		16.97	%		57.79	%		15.24	%		16.35	%		14.71	%

Hypothetical Growth of a $1,000,000 Investment

The above chart represents a hypothetical $1,000,000 investment in the Boston Trust SMID Cap Fund from November 30, 2011 to June 30, 2021, and includes the reinvestment of dividends and capital gains in the Fund. The returns shown on the table and the graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

Fund Net Asset Value:		$	22.43
Gross Expense Ratio¹:			0.91	%

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

The Gross Expense Ratio is from the Fund’s prospectus dated May 1, 2021. The contractual fee limit under the Fund’s expense limitation agreement is 0.75% of the Fund’s average annual net assets, subject to certain limitations as described in the Fund’s prospectus. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of June 30, 2021 can be found in the financial highlights included in this report. The investment performance may reflect fee reductions. If such fee reductions had not occurred, the quoted performance would have been lower. The contractual fee waiver continues through May 1, 2022 and may be renewed thereafter.

Schedule of Portfolio Investments

Boston Trust Asset Management Fund
June 30, 2021 (Unaudited)

Security Description	Shares		Fair Value ($)
Common Stocks (78.0%)
Communication Services (7.9%)
Alphabet, Inc., Class A (a)		2,000		4,883,580
Alphabet, Inc., Class C (a)		11,000		27,569,520
Comcast Corp., Class A		200,000		11,404,000
Facebook, Inc., Class B (a)		15,000		5,215,650
Omnicom Group, Inc.		30,000		2,399,700
				51,472,450
Consumer Discretionary (7.9%)
Autoliv, Inc.		20,000		1,955,200
Dollar General Corp.		17,500		3,786,825
Lowe’s Cos., Inc.		25,000		4,849,250
NIKE, Inc., Class B		102,500		15,835,225
O’Reilly Automotive, Inc. (a)		4,500		2,547,945
Ross Stores, Inc.		38,000		4,712,000
Starbucks Corp.		100,000		11,181,000
The Home Depot, Inc.		5,000		1,594,450
The TJX Cos., Inc.		70,000		4,719,400
				51,181,295
Consumer Staples (6.4%)
Church & Dwight Co., Inc.		50,000		4,261,000
Costco Wholesale Corp.		40,000		15,826,800
Diageo PLC, Sponsored ADR		25,000		4,792,250
McCormick & Co., Inc.		40,000		3,532,800
PepsiCo, Inc.		30,000		4,445,100
Procter & Gamble Co. (The)		25,000		3,373,250
Sysco Corp.		35,000		2,721,250
The Hershey Co.		15,000		2,612,700
				41,565,150
Energy (1.6%)
Chevron Corp.		20,000		2,094,800
ConocoPhillips		25,000		1,522,500
Exxon Mobil Corp.		60,000		3,784,800
Schlumberger NV		100,000		3,201,000
				10,603,100
Financials (11.1%)
American Express Co.		30,000		4,956,900
Berkshire Hathaway, Inc., Class B (a)		22,500		6,253,200
Chubb Ltd.		20,000		3,178,800
Cincinnati Financial Corp.		60,000		6,997,200
Comerica, Inc.		20,000		1,426,800
FactSet Research Systems, Inc.		13,720		4,604,569
JPMorgan Chase & Co.		85,000		13,220,900
Moody’s Corp.		7,000		2,536,590
Northern Trust Corp.		50,000		5,781,000
PNC Financial Services Group, Inc.		30,000		5,722,800
State Street Corp.		10,000		822,800
T. Rowe Price Group, Inc.		55,000		10,888,350
U.S. Bancorp		100,000		5,697,000
				72,086,909
Health Care (10.3%)
Amgen, Inc.		24,000		5,850,000
Becton, Dickinson & Co.		35,000		8,511,650
Dentsply Sirona, Inc.		50,000		3,163,000
Edwards Lifesciences Corp. (a)		105,000		10,874,850
Johnson & Johnson		50,000		8,237,000
Medtronic PLC		27,500		3,413,575
Merck & Co., Inc.		50,000		3,888,500
Mettler-Toledo International, Inc. (a)		5,000		6,926,700
Stryker Corp.		25,000		6,493,250
UnitedHealth Group, Inc.		17,500		7,007,700
Waters Corp. (a)		7,500		2,592,075
				66,958,300
Industrials (8.0%)
3M Co.		22,500		4,469,175
Donaldson Co., Inc.		50,000		3,176,500
Honeywell International, Inc.		15,000		3,290,250
Hubbell, Inc.		42,500		7,940,700
Illinois Tool Works, Inc.		25,400		5,678,424
Union Pacific Corp.		45,000		9,896,850
United Parcel Service, Inc., Class B		54,000		11,230,380
W.W. Grainger, Inc.		15,000		6,570,000
				52,252,279
Information Technology (22.5%)
Accenture PLC, Class A		67,500		19,898,325
Adobe, Inc. (a)		5,000		2,928,200
Apple, Inc.		284,000		38,896,640
Automatic Data Processing, Inc.		81,000		16,088,220
Cisco Systems, Inc.		65,000		3,445,000
Intuit, Inc.		5,500		2,695,935
Microsoft Corp.		145,000		39,280,500
Oracle Corp.		100,000		7,784,000
Visa, Inc., Class A		70,000		16,367,400
				147,384,220
Materials (1.4%)
Air Products & Chemicals, Inc.		15,000		4,315,200
AptarGroup, Inc.		32,500		4,577,300
				8,892,500
Utilities (0.9%)
Eversource Energy		70,000		5,616,800
				5,616,800
TOTAL COMMON STOCKS (Cost $152,899,359)				508,013,003

	Principal
	Amount ($)
Corporate Bonds (2.5%)
Communication Services (0.2%)
Comcast Corp., 4.25%, 10/15/30, Callable 7/15/30 @ 100		900,000	1,061,121

Financials (1.3%)
American Express Co., 2.65%, 12/2/22		1,926,000	1,989,606
Berkshire Hathaway, Inc., 3.13%, 3/15/26, Callable 12/15/25 @ 100		2,000,000	2,188,453
Cincinnati Financial Corp., 6.92%, 5/15/28		500,000	657,389
JPMorgan Chase & Co., 3.90%, 7/15/25, Callable 4/15/25 @ 100		1,000,000	1,106,922
JPMorgan Chase & Co., 4.00%, 4/23/29, Callable 4/23/28 @ 100		1,000,000	1,132,896
Wells Fargo & Co., 3.55%, 9/29/25, MTN		2,000,000	2,199,969
			9,275,235
Industrials (0.2%)
Hubbell, Inc., 3.50%, 2/15/28, Callable 11/15/27 @ 100		1,000,000	1,097,669

See Notes to Financial Statements

Schedule of Portfolio Investments

Boston Trust Asset Management Fund
June 30, 2021 (Unaudited)


	Principal
Security Description	Amount ($)		Fair Value ($)
Corporate Bonds (continued)
Information Technology (0.8%)
Apple, Inc., 3.25%, 2/23/26, Callable 11/23/25 @ 100		2,500,000		2,746,986
Visa, Inc., 3.15%, 12/14/25, Callable 9/14/25 @ 100		2,000,000		2,190,068
				4,937,054
TOTAL CORPORATE BONDS (Cost $15,226,938)				16,371,079

Municipal Bonds (3.5%)
Massachusetts (3.5%)
City of Newton Massachusetts, GO, 2.00%, 2/15/36, Callable 2/15/29 @ 100		545,000		554,222
Commonwealth of Massachusetts Transportation Fund Revenue, Series A, 4.00%, 6/1/36, Callable 12/1/27 @ 100		500,000		587,469
Commonwealth of Massachusetts, GO, Series C, 5.50%, 12/1/22, AGM Commonwealth of Massachusetts,		600,000		645,536
GO, Series C, 4.00%, 7/1/31, Callable 7/1/22 @ 100 Commonwealth of Massachusetts,		1,000,000		1,035,146
GO, Series A, 5.00%, 3/1/32, Callable 3/1/24 @ 100 Commonwealth of Massachusetts,		200,000		224,594
GO, Series D, 3.00%, 5/1/35, Callable 5/1/29 @ 100 Commonwealth of Massachusetts,		7,550,000		8,452,416
GO, Series D, 3.00%, 5/1/36, Callable 5/1/29 @ 100 Commonwealth of Massachusetts,		5,000,000		5,574,967
GO, Series B, 5.00%, 4/1/37, Callable 4/1/27 @ 100 Commonwealth of Massachusetts,		250,000		308,748
GO, Series E, 4.00%, 9/1/37, Callable 9/1/25 @ 100 Commonwealth of Massachusetts,		1,600,000		1,814,379
GO, Series B, 5.00%, 7/1/38, Callable 7/1/26 @ 100 Commonwealth of Massachusetts,		260,000		314,716
GO, Series A, 5.00%, 1/1/43, Callable 1/1/28 @ 100 Commonwealth of Massachusetts,		250,000		308,856
GO, Series C, 5.00%, 5/1/46, Callable 5/1/29 @ 100		2,000,000		2,541,047
				22,362,096

Washington (0.0%) (b)
State of Washington, Series A, 5.00%, 8/1/35, Callable 8/1/23 @ 100	250,000	274,367
TOTAL MUNICIPAL BONDS (Cost $21,279,470)		22,636,463

U.S. Government & U.S. Government Agency Obligations (15.3%)
Federal Farm Credit Bank (2.0%)
2.85%, 3/2/28	2,400,000	2,673,116
2.95%, 1/27/25	2,000,000	2,167,403
3.14%, 12/5/29	2,500,000	2,867,923
3.39%, 2/1/28	2,000,000	2,294,337
3.85%, 12/26/25	2,770,000	3,145,664
		13,148,443
Federal Home Loan Bank (2.3%)
2.38%, 3/13/26	6,000,000	6,425,081
2.50%, 12/10/27	1,500,000	1,625,205
2.63%, 6/11/27	1,500,000	1,632,165
2.88%, 9/13/24	2,500,000	2,686,828
3.50%, 9/24/29	2,000,000	2,333,130
		14,702,409
U.S. Treasury Note (11.0%)
1.25%, 3/31/28	9,000,000	9,043,594
1.63%, 8/15/29	21,000,000	21,498,340
2.75%, 2/15/24	39,075,000	41,506,502
		72,048,436
TOTAL U.S. GOVERNMENT & U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $95,010,273)		99,899,288


	Shares
Investment Companies (0.5%)
JPMorgan U.S. Government Money Market Fund, Capital Shares, 0.03% (c)		3,157,044		3,157,044
TOTAL INVESTMENT COMPANIES (Cost $3,157,044)				3,157,044

Total Investments (Cost $287,573,084) — 99.8%				650,076,877
Other assets in excess of liabilities — 0.2%				1,236,252
NET ASSETS — 100.0%			$	651,313,129

(a)

Non-income producing security.

	(b)	Represents less than 0.05%.
	(c)	Rate disclosed is the seven day yield as of June 30, 2021.

ADR

American Depositary Receipt

AGM

Assured Guaranty Municipal Corporation

General Obligation

MTN

Medium Term Note

PLC

Public Limited Company

See Notes to Financial Statements

Financial Statements

Boston Trust Asset Management Fund

Statement of Assets and Liabilities
June 30, 2021 (Unaudited)

Assets:
Investments, at fair value (cost $287,573,084)	$	650,076,877
Interest and dividends receivable		1,582,679
Receivable for capital shares issued		107,378
Prepaid expenses		16,677
Total Assets		651,783,611
Liabilities:
Payable for capital shares redeemed		12,909
Accrued expenses and other liabilities:
Investment adviser		367,404
Administration and accounting		37,217
Chief compliance officer		5,552
Custodian		10,225
Shareholder servicing fees		9,491
Transfer agent		4,742
Trustee		4,254
Other		18,688
Total Liabilities		470,482
Net Assets	$	651,313,129
Composition of Net Assets:
Paid in capital	$	277,860,221
Total distributable earnings/(loss)		373,452,908
Net Assets	$	651,313,129
Shares outstanding (par value $0.01, unlimited number of shares authorized)		10,489,319
Net Asset Value, Offering Price and Redemption price per share	$	62.09

Statement of Operations
For the period ended June 30, 2021 (Unaudited)

Investment Income:
Interest	$	1,541,204
Dividends		3,612,543
Total Investment Income		5,153,747
Expenses:
Investment adviser		2,150,286
Administration and accounting		134,914
Chief compliance officer		17,329
Custodian		44,946
Shareholder servicing		73,720
Transfer agency		19,923
Trustee		16,569
Other		78,499
Total expenses		2,536,186
Net Expenses		2,536,186
Net Investment Income		2,617,561
Net Realized/Unrealized Gains (Losses) from Investments:
Net realized gains from investment transactions		4,737,589
Change in unrealized appreciation/depreciation on investments		53,435,682
Net realized/unrealized gains (losses) on investments		58,173,271
Change in Net Assets Resulting from Operations	$	60,790,832

See Notes to Financial Statements

Financial Statements

Boston Trust Asset Management Fund

Statements of Changes in Net Assets
	For the six months
	ended			For the year ended
	June 30, 2021			December 31, 2020
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	2,617,561		$	5,459,678
Net realized gains from investment transactions		4,737,589			29,356,144
Change in unrealized appreciation/depreciation on investments		53,435,682			3,371,961
Change in Net Assets Resulting from Operations		60,790,832			38,187,783
Distributions to shareholders:
Total Distributions		—			(32,394,639	)
Change in Net Assets Resulting from distributions to shareholders		—			(32,394,639	)
Capital Share Transactions:
Proceeds from shares issued		15,227,013			30,212,741
Dividends reinvested		—			17,020,652
Cost of shares redeemed		(16,985,831	)		(79,164,955	)
Cost of in-kind shares redeemed		(4,731,689	)		—
Change in Net Assets Resulting from Capital Share Transactions		(6,490,507	)		(31,931,562	)
Change in Net Assets		54,300,325			(26,138,418	)
Net Assets:
Beginning of period		597,012,804			623,151,222
End of period	$	651,313,129		$	597,012,804
Share Transactions:
Issued		256,688			563,599
Reinvested		—			307,232
Redeemed		(291,094	)		(1,560,561	)
Redeemed in-kind		(82,477	)		—
Change in shares		(116,883	)		(689,730	)

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															For the nine
	months			For the year			For the year			For the year			For the year			months
	ended			ended			ended			ended			ended			ended
	June 30,			December			December			December			December			December
	2021			31, 2020			31, 2019			31, 2018			31, 2017			31, 2016
Net Asset Value, Beginning of Period	$	56.29		$	55.17		$	44.27		$	46.88		$	41.33		$	40.92

Investment Activities:
Operations:
Net investment income		0.25			0.53			0.48			0.52			0.49			0.35
Net realized/unrealized gains (losses) from investments		5.55			3.74			10.93			(1.20	)		6.22			2.18
Total from investment activities		5.80			4.27			11.41			(0.68	)		6.71			2.53
Dividends:
Net investment income		—			(0.53	)		(0.48	)		(0.52	)		(0.49	)		(0.46	)
Net realized gains from investments		—			(2.62	)		(0.03	)		(1.41	)		(0.67	)		(1.66	)
Total dividends		—			(3.15	)		(0.51	)		(1.93	)		(1.16	)		(2.12	)

Net Asset Value, End of Period	$	62.09		$	56.29		$	55.17		$	44.27		$	46.88		$	41.33

Total Return		10.30	%(a)		7.83	%		25.81	%		(1.61	)%		16.23	%		6.19	%(a)

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	651,313		$	597,013		$	623,151		$	461,126		$	496,710		$	403,969
Ratio of net expenses to average net assets		0.83	%(b)		0.88	%		0.90	%		0.93	%		0.92	%		0.95	%(b)
Ratio of net investment income to average net assets		0.85	%(b)		0.96	%		1.02	%		1.05	%		1.13	%		1.15	%(b)
Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets		0.83	%(b)		0.88	%		0.90	%		0.93	%		0.92	%		0.95	%(b)
Portfolio turnover rate		3.47	%(a)		12.18	%		5.76	%(c)		2.53	%		6.96	%		8.42	%(a)

(a)

Not annualized for periods less than one year.

(b)

Annualized for periods less than one year.

(c)

Excludes impact of in-kind transactions.

Amounts designated as “-” are $0.00 or have been rounded to $0.00.

See Notes to Financial Statements

Schedule of Portfolio Investments

Boston Trust Equity Fund
June 30, 2021 (Unaudited)


Security Description	Shares		Fair Value ($)
Common Stocks (99.0%)
Communication Services (11.2%)
Alphabet, Inc., Class A (a)		750		1,831,343
Alphabet, Inc., Class C (a)		5,250		13,158,180
Comcast Corp., Class A		65,000		3,706,300
Facebook, Inc., Class B (a)		9,000		3,129,390
Omnicom Group, Inc.		5,000		399,950
				22,225,163
Consumer Discretionary (9.9%)
Autoliv, Inc.		10,000		977,600
Dollar General Corp.		8,500		1,839,315
Lowe’s Cos., Inc.		10,000		1,939,700
NIKE, Inc., Class B		30,000		4,634,700
O’Reilly Automotive, Inc. (a)		3,300		1,868,493
Ross Stores, Inc.		12,500		1,550,000
Starbucks Corp.		40,000		4,472,400
The Home Depot, Inc.		3,000		956,670
The TJX Cos., Inc.		21,500		1,449,530
				19,688,408
Consumer Staples (7.8%)
Church & Dwight Co., Inc.		15,000		1,278,300
Costco Wholesale Corp.		14,500		5,737,215
Diageo PLC, Sponsored ADR		7,500		1,437,675
McCormick & Co., Inc.		14,000		1,236,480
PepsiCo, Inc.		10,000		1,481,700
Procter & Gamble Co. (The)		9,000		1,214,370
Sysco Corp.		20,000		1,555,000
The Hershey Co.		9,000		1,567,620
				15,508,360
Energy (2.2%)
Chevron Corp.		7,500		785,550
Exxon Mobil Corp.		17,500		1,103,900
Schlumberger NV		75,000		2,400,750
				4,290,200
Financials (14.5%)
American Express Co.		15,000		2,478,450
Berkshire Hathaway, Inc., Class B (a)		10,000		2,779,200
Chubb Ltd.		10,000		1,589,400
Cincinnati Financial Corp.		20,000		2,332,400
Commerce Bancshares, Inc.		2,625		195,720
FactSet Research Systems, Inc.		5,500		1,845,855
JPMorgan Chase & Co.		30,000		4,666,200
Moody’s Corp.		4,000		1,449,480
Northern Trust Corp.		22,500		2,601,450
PNC Financial Services Group, Inc.		17,500		3,338,300
T. Rowe Price Group, Inc.		20,000		3,959,400
U.S. Bancorp		25,000		1,424,250
				28,660,105
Health Care (11.6%)
Becton, Dickinson & Co.		15,000		3,647,850
Dentsply Sirona, Inc.		25,000		1,581,500
Edwards Lifesciences Corp. (a)		22,500		2,330,325
Johnson & Johnson		17,500		2,882,950
Medtronic PLC		10,000		1,241,300
Merck & Co., Inc.		16,500		1,283,205
Mettler-Toledo International, Inc. (a)		1,500		2,078,010
Organon & Co. (a)		1,650		49,929
Stryker Corp.		12,000		3,116,760
UnitedHealth Group, Inc.		12,000		4,805,280
				23,017,109
Industrials (12.1%)
3M Co.		9,000		1,787,670
Deere & Co.		4,750		1,675,373
Donaldson Co., Inc.		15,000		952,950
Honeywell International, Inc.		10,000		2,193,500
Hubbell, Inc.		15,000		2,802,600
Illinois Tool Works, Inc.		15,000		3,353,400
Union Pacific Corp.		22,500		4,948,425
United Parcel Service, Inc., Class B		15,000		3,119,550
W.W. Grainger, Inc.		7,000		3,066,000
				23,899,468
Information Technology (26.3%)
Accenture PLC, Class A		25,000		7,369,750
Apple, Inc.		105,000		14,380,800
Automatic Data Processing, Inc.		20,000		3,972,400
Cisco Systems, Inc.		20,000		1,060,000
Intuit, Inc.		2,000		980,340
Microsoft Corp.		54,500		14,764,049
Oracle Corp.		40,000		3,113,600
Visa, Inc., Class A		28,000		6,546,960
				52,187,899
Materials (2.3%)
Air Products & Chemicals, Inc.		5,000		1,438,400
AptarGroup, Inc.		10,000		1,408,400
PPG Industries, Inc.		10,000		1,697,700
				4,544,500
Utilities (1.1%)
Eversource Energy		27,000		2,166,480
				2,166,480
TOTAL COMMON STOCKS (Cost $60,824,841)				196,187,692

Investment Companies (0.8%)
JPMorgan U.S. Government Money Market Fund, Capital Shares, 0.03% (b)		1,535,051		1,535,051
TOTAL INVESTMENT COMPANIES (Cost $1,535,051)				1,535,051

Total Investments (Cost $62,359,892) — 99.8%				197,722,743
Other assets in excess of liabilities — 0.2%				443,163
NET ASSETS — 100.0%			$	198,165,906

(a)

Non-income producing security.

(b)

Rate disclosed is the seven day yield as of June 30, 2021.

ADR

American Depositary Receipt

PLC

Public Limited Company

See Notes to Financial Statements

Financial Statements

Boston Trust Equity Fund

Statement of Assets and Liabilities
June 30, 2021 (Unaudited)

Assets:
Investments, at fair value (cost $62,359,892)	$	197,722,743
Dividends receivable		202,809
Receivable for capital shares issued		377,545
Prepaid expenses		5,628
Total Assets		198,308,725
Liabilities:
Accrued expenses and other liabilities:
Investment adviser		120,574
Administration and accounting		9,379
Chief compliance officer		1,371
Custodian		2,432
Shareholder servicing fees		349
Transfer agent		3,654
Trustee		1,065
Other		3,995
Total Liabilities		142,819
Net Assets	$	198,165,906
Composition of Net Assets:
Paid in capital	$	58,624,854
Total distributable earnings/(loss)		139,541,052
Net Assets	$	198,165,906
Shares outstanding (par value $0.01, unlimited number of shares authorized)		5,249,561
Net Asset Value, Offering Price and Redemption price per share	$	37.75

Statement of Operations
For the period ended June 30, 2021 (Unaudited)

Investment Income:
Dividends	$	1,341,059
Total Investment Income		1,341,059
Expenses:
Investment adviser		678,428
Administration and accounting		38,130
Chief compliance officer		4,881
Custodian		12,555
Shareholder servicing		2,093
Transfer agency		17,406
Trustee		4,666
Other		21,653
Total expenses		779,812
Net Expenses		779,812
Net Investment Income		561,247
Net Realized/Unrealized Gains (Losses) from Investments:
Net realized gains from investment transactions		1,941,604
Change in unrealized appreciation/depreciation on investments		22,679,114
Net realized/unrealized gains (losses) on investments		24,620,718
Change in Net Assets Resulting from Operations	$	25,181,965

See Notes to Financial Statements

Financial Statements

Boston Trust Equity Fund

Statements of Changes in Net Assets

	For the six months
	ended			For the year ended
	June 30, 2021			December 31, 2020
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	561,247		$	1,389,771
Net realized gains from investment transactions		1,941,604			4,210,057
Change in unrealized appreciation/depreciation on investments		22,679,114			14,438,744
Change in Net Assets Resulting from Operations		25,181,965			20,038,572
Distributions to shareholders:
Total Distributions		—			(4,722,166	)
Change in Net Assets Resulting from distributions to shareholders		—			(4,722,166	)
Capital Share Transactions:
Proceeds from shares issued		8,165,906			2,383,276
Dividends reinvested		—			2,304,416
Cost of shares redeemed		(3,669,254	)		(11,167,756	)
Change in Net Assets Resulting from Capital Share Transactions		4,496,652			(6,480,064	)
Change in Net Assets		29,678,617			8,836,342
Net Assets:
Beginning of period		168,487,289			159,650,947
End of period	$	198,165,906		$	168,487,289
Share Transactions:
Issued		229,933			86,983
Reinvested		—			71,588
Redeemed		(103,821	)		(437,884	)
Change in shares		126,112			(279,313	)

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															For the nine
	months			For the year			For the year			For the year			For the year			months
	ended			ended			ended			ended			ended			ended
	June 30,			December			December			December			December			December
	2021			31, 2020			31, 2019			31, 2018			31, 2017			31, 2016
Net Asset Value, Beginning of Period	$	32.89		$	29.55		$	22.64		$	23.63		$	20.09		$	19.70

Investment Activities:
Operations:
Net investment income		0.11			0.27			0.24			0.22			0.23			0.16
Net realized/unrealized gains (losses) from investments		4.75			4.00			6.94			(0.80	)		3.92			1.58
Total from investment activities		4.86			4.27			7.18			(0.58	)		4.15			1.74
Dividends:
Net investment income		—			(0.27	)		(0.24	)		(0.23	)		(0.23	)		(0.20	)
Net realized gains from investments		—			(0.66	)		(0.03	)		(0.18	)		(0.38	)		(1.15	)
Total dividends		—			(0.93	)		(0.27	)		(0.41	)		(0.61	)		(1.35	)

Net Asset Value, End of Period	$	37.75		$	32.89		$	29.55		$	22.64		$	23.63		$	20.09

Total Return		14.78	%(a)		14.53	%		31.74	%		(2.55	)%		20.67	%		8.82	%(a)

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	198,166		$	168,487		$	159,651		$	125,844		$	134,006		$	118,824
Ratio of net expenses to average net assets		0.86	%(b)		0.90	%		0.91	%		0.92	%		0.93	%		0.96	%(b)
Ratio of net investment income to average net assets		0.62	%(b)		0.93	%		0.88	%		0.91	%		1.02	%		1.01	%(b)
Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (c)		0.86	%(b)		0.90	%		0.91	%		0.92	%		0.93	%		0.96	%(b)
Portfolio turnover rate		2.57	%(a)		9.30	%		2.61	%		1.67	%		9.00	%		6.65	%(a)

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

(b)	Annualized for periods less than one year.

(c)	During the period ended December 31, 2016, certain fees were reduced. If such fee reduction had not occurred, the ratio would have been as indicated.

Amounts designated as “-” are $0.00 or have been rounded to $0.00.

See Notes to Financial Statements

Boston Trust Midcap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

Security Description	Shares		Fair Value ($)
Common Stocks (99.2%)
Communication Services (3.1%)
Electronic Arts, Inc.		16,900		2,430,727
Omnicom Group, Inc.		29,300		2,343,707
				4,774,434
Consumer Discretionary (11.3%)
AutoZone, Inc. (a)		1,450		2,163,719
Carter’s, Inc.		24,850		2,563,775
eBay, Inc.		45,000		3,159,450
Hyatt Hotels Corp., Class A (a)		23,450		1,820,658
O’Reilly Automotive, Inc. (a)		3,100		1,755,251
Ross Stores, Inc.		17,475		2,166,900
Service Corporation International		29,325		1,571,527
Tractor Supply Co.		12,550		2,335,052
				17,536,332
Consumer Staples (3.6%)
Church & Dwight Co., Inc.		19,150		1,631,963
The Hershey Co.		13,125		2,286,112
The JM Smucker Co.		13,280		1,720,690
				5,638,765
Energy (1.8%)
Baker Hughes Co.		120,950		2,766,127
				2,766,127
Financials (14.0%)
Brown & Brown, Inc.		29,825		1,584,901
CBOE Global Markets, Inc.		17,450		2,077,423
Everest Re Group Ltd.		6,725		1,694,767
FactSet Research Systems, Inc.		8,825		2,961,758
M&T Bank Corp.		20,475		2,975,223
Northern Trust Corp.		27,125		3,136,192
SEI Investments Co.		45,425		2,814,987
Signature Bank		6,525		1,602,866
T. Rowe Price Group, Inc.		14,325		2,835,920
				21,684,037
Health Care (14.6%)
Agilent Technologies, Inc.		16,250		2,401,912
Cerner Corp.		22,300		1,742,968
Chemed Corp.		3,350		1,589,575
Henry Schein, Inc. (a)		18,375		1,363,241
Hill-Rom Holdings, Inc.		21,450		2,436,505
Laboratory Corp. of America Holdings (a)		5,900		1,627,515
Mettler-Toledo International, Inc. (a)		1,235		1,710,895
Steris PLC		11,150		2,300,244
Teleflex, Inc.		4,025		1,617,205
The Cooper Companies., Inc.		5,150		2,040,791
Waters Corp. (a)		5,175		1,788,532
Zimmer Biomet Holdings, Inc.		12,425		1,998,189
				22,617,572
Industrials (15.8%)
AMETEK, Inc.		11,575		1,545,263
AO Smith Corp.		22,450		1,617,747
Cummins, Inc.		7,700		1,877,337
Donaldson Co., Inc.		34,050		2,163,196
Expeditors International of Washington,Inc.		17,950		2,272,470
Hubbell, Inc.		11,325		2,115,963
Lincoln Electric Holdings, Inc.		12,750		1,679,303
Masco Corp.		38,900		2,291,599
Nordson Corp.		6,525		1,432,303
Snap-on, Inc.		10,275		2,295,742
The Middleby Corp. (a)		9,000		1,559,340
Verisk Analytics, Inc.		8,525		1,489,488
W.W. Grainger, Inc.		5,250		2,299,500
				24,639,251
Information Technology (18.9%)
Akamai Technologies, Inc. (a)		14,375		1,676,125
Amdocs Ltd.		20,450		1,582,012
Amphenol Corp., Class A		32,900		2,250,689
ANSYS, Inc. (a)		3,875		1,344,858
Aspen Technology, Inc. (a)		18,275		2,513,543
Broadridge Finance Solutions, Inc.		11,525		1,861,633
CDK Global, Inc.		25,600		1,272,064
Check Point Software Technologies Ltd. (a)		12,450		1,445,819
Citrix Systems, Inc.		17,025		1,996,521
Dolby Laboratories, Inc., Class A		15,100		1,484,179
F5 Networks, Inc. (a)		11,475		2,141,924
IPG Photonics Corp. (a)		7,025		1,480,659
Paychex, Inc.		32,525		3,489,933
Synopsys, Inc. (a)		8,500		2,344,214
TE Connectivity Ltd.		19,175		2,592,652
				29,476,825
Materials (5.6%)
AptarGroup, Inc.		14,175		1,996,407
Avery Dennison Corp.		13,950		2,932,848
Packaging Corporation of America		13,800		1,868,796
RPM International, Inc.		21,575		1,913,271
				8,711,322
Real Estate (5.1%)
Alexandria Real Estate Equities, Inc.		7,475		1,360,002
AvalonBay Communities, Inc.		7,525		1,570,392
CyrusOne, Inc.		15,950		1,140,744
Jones Lang LaSalle, Inc. (a)		11,850		2,316,201
Realty Income Corp.		23,900		1,595,086
				7,982,425
Utilities (5.4%)
Atmos Energy Corp.		16,750		1,609,843
Consolidated Edison, Inc.		25,175		1,805,551
Eversource Energy		34,925		2,802,382
ONE Gas, Inc.		28,950		2,145,774
				8,363,550

TOTAL COMMON STOCKS (Cost $97,225,986)				154,190,640

Investment Companies (0.7%)
JPMorgan U.S. Government Money Market Fund, Capital Shares, 0.03% (b)		1,131,331		1,131,331
TOTAL INVESTMENT COMPANIES (Cost $1,131,331)				1,131,331

Total Investments (Cost $98,357,317) — 99.9%				155,321,971
Other assets in excess of liabilities — 0.1%				94,855
NET ASSETS — 100.0%			$	155,416,826

(a)	Non-income producing security.

(b)	Rate disclosed is the seven day yield as of June 30, 2021.

PLC	Public Limited Company

See Notes to Financial Statements

Financial Statements

Boston Trust Midcap Fund

Statement of Assets and Liabilities
June 30, 2021 (Unaudited)

Assets:
Investments, at fair value (cost $98,357,317)	$	155,321,971
Dividends receivable		163,552
Receivable for capital shares issued		51,027
Prepaid expenses		12,476
Total Assets		155,549,026
Liabilities:
Payable for capital shares redeemed		2,980
Accrued expenses and other liabilities:
Investment adviser		99,696
Administration and accounting		8,492
Chief compliance officer		1,255
Custodian		2,301
Shareholder servicing fees		7,733
Transfer agent		4,260
Trustee		966
Other		4,517
Total Liabilities		132,200
Net Assets	$	155,416,826
Composition of Net Assets:
Paid in capital	$	95,242,078
Total distributable earnings/(loss)		60,174,748
Net Assets	$	155,416,826
Shares outstanding (par value $0.01, unlimited number of shares authorized)		6,612,875
Net Asset Value, Offering Price and Redemption price per share	$	23.50

Statement of Operations
For the period ended June 30, 2021 (Unaudited)

Investment Income:
Dividends	$	1,075,993
Total Investment Income		1,075,993
Expenses:
Investment adviser		554,005
Administration and accounting		32,010
Chief compliance officer		4,133
Custodian		10,752
Shareholder servicing		80,208
Transfer agency		19,002
Trustee		3,956
Other		27,345
Gross expense before recoupment		731,411
Recoupment of prior expenses reimbursed by the investment adviser		7,542
Total expenses		738,953
Net Expenses		738,953
Net Investment Income		337,040
Net Realized/Unrealized Gains (Losses) from
Investments:
Net realized gains from investment transactions		2,726,307
Change in unrealized appreciation/depreciation on investments		13,401,553
Net realized/unrealized gains (losses) on investments		16,127,860
Change in Net Assets Resulting from Operations	$	16,464,900

See Notes to Financial Statements

Financial Statements

Boston Trust Midcap Fund

Statements of Changes in Net Assets

	For the six months
	ended			For the year ended
	June 30, 2021			December 31, 2020
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	337,040		$	758,113
Net realized gains from investment transactions		2,726,307			620,497
Change in unrealized appreciation/depreciation on investments		13,401,553			6,536,438
Change in Net Assets Resulting from Operations		16,464,900			7,915,048
Distributions to shareholders:
Total Distributions		—			(1,650,010	)
Change in Net Assets Resulting from distributions to shareholders		—			(1,650,010	)
Capital Share Transactions:
Proceeds from shares issued		13,537,275			38,228,874
Dividends reinvested		—			1,347,943
Cost of shares redeemed		(14,308,239	)		(51,423,640	)
Change in Net Assets Resulting from Capital Share Transactions		(770,964	)		(11,846,823	)
Change in Net Assets		15,693,936			(5,581,785	)
Net Assets:
Beginning of period		139,722,890			145,304,675
End of period	$	155,416,826		$	139,722,890
Share Transactions:
Issued		603,468			2,120,345
Reinvested		—			64,805
Redeemed		(638,520	)		(2,969,777	)
Change in shares		(35,052	)		(784,627	)

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															For the nine
	months			For the year			For the year			For the year			For the year			months
	ended			ended			ended			ended			ended			ended
	June 30,			December			December			December			December			December
	2021			31, 2020			31, 2019			31, 2018			31, 2017			31, 2016
Net Asset Value, Beginning of Period	$	21.02		$	19.55		$	15.78		$	17.26		$	15.34		$	15.29

Investment Activities:
Operations:
Net investment income		0.05			0.12			0.10			0.08			0.08			0.12
Net realized/unrealized gains (losses) from investments		2.43			1.60			4.39			(0.62	)		2.98			1.01
Total from investment activities		2.48			1.72			4.49			(0.54	)		3.06			1.13
Dividends:
Net investment income		—			(0.12	)		(0.09	)		(0.08	)		(0.08	)		(0.13	)
Net realized gains from investments		—			(0.13	)		(0.63	)		(0.86	)		(1.06	)		(0.95	)
Total dividends		—			(0.25	)		(0.72	)		(0.94	)		(1.14	)		(1.08	)

Net Asset Value, End of Period	$	23.50		$	21.02		$	19.55		$	15.78		$	17.26		$	15.34

Total Return		11.80	%(a)		8.81	%		28.59	%		(3.36	)%		20.01	%		7.29	%(a)

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	155,417		$	139,723		$	145,305		$	74,863		$	61,548		$	50,495
Ratio of net expenses to average net assets		1.00	%(b)		1.00	%		1.00	%		0.98	%		1.00	%		1.00	%(b)
Ratio of net investment income to average net assets		0.46	%(b)		0.59	%		0.67	%		0.54	%		0.46	%		0.99	%(b)
Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (c)		1.00	%(b)		1.05	%		1.04	%		0.98	%		0.98	%		1.02	%(b)
Portfolio turnover rate		6.92	%(a)		38.33	%		18.46	%		19.34	%		23.22	%		14.53	%(a)

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

(b)	Annualized for periods less than one year.

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

Amounts designated as “-” are $0.00 or have been rounded to $0.00.

See Notes to Financial Statements

Boston Trust SMID Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

Security Description	Shares		Fair Value ($)
Common Stocks (99.2%)
Communication Services (2.7%)
Interpublic Group of Cos., Inc.		242,600		7,882,074
Omnicom Group, Inc.		83,925		6,713,161
				14,595,235
Consumer Discretionary (12.2%)
Carter’s, Inc.		63,925		6,595,142
Cavco Industries, Inc. (a)		24,200		5,376,998
Choice Hotels International, Inc.		67,150		7,981,449
Columbia Sportswear Co.		67,300		6,619,628
Dorman Products, Inc. (a)		37,375		3,874,666
Service Corporation International		151,025		8,093,430
Texas Roadhouse, Inc.		54,200		5,214,040
TopBuild Corp. (a)		32,650		6,457,517
Tractor Supply Co.		36,125		6,721,418
Williams Sonoma, Inc.		56,300		8,988,295
				65,922,583
Consumer Staples (4.1%)
Flowers Foods, Inc.		332,350		8,042,870
Lamb Weston Holdings, Inc.		62,625		5,051,333
The JM Smucker Co.		72,300		9,367,911
				22,462,114
Energy (1.8%)
Baker Hughes Co.		202,250		4,625,458
Helmerich & Payne, Inc.		159,325		5,198,774
				9,824,232
Financials (14.0%)
American Financial Group, Inc.		57,000		7,109,040
Brown & Brown, Inc.		107,375		5,705,908
CBOE Global Markets, Inc.		49,650		5,910,833
Cohen & Steers, Inc.		65,500		5,376,895
East West Bancorp, Inc.		97,500		6,989,775
FactSet Research Systems, Inc.		22,150		7,433,762
M&T Bank Corp.		71,675		10,415,093
SEI Investments Co.		167,810		10,399,185
Signature Bank		38,750		9,518,938
UMB Financial Corp.		73,750		6,863,175
				75,722,604
Health Care (16.6%)
Charles River Laboratories
International, Inc. (a)		31,330		11,589,594
Chemed Corp.		16,900		8,019,050
Henry Schein, Inc. (a)		88,825		6,589,927
Hill-Rom Holdings, Inc.		88,975		10,106,670
Medpace Holdings, Inc. (a)		62,800		11,092,364
PerkinElmer, Inc.		80,198		12,383,372
Steris PLC		47,196		9,736,535
The Cooper Companies., Inc.		26,687		10,575,258
Waters Corp. (a)		29,700		10,264,617
				90,357,387
Industrials (15.8%)
AO Smith Corp.		105,825		7,6 25,749
Applied Industrial Technologies, Inc.		69,350		6,315,011
C.H. Robinson Worldwide, Inc.		42,050		3,938,824
Donaldson Co., Inc.		119,875		7,615,659
Expeditors International of Washington, Inc.		85,200		10,786,320
Hubbell, Inc.		49,340		9,218,686
Lincoln Electric Holdings, Inc.		60,775		8,004,674
Masco Corp.		93,170		5,488,645
Nordson Corp.		31,300		6,870,663
Robert Half International, Inc.		45,475		4,045,911
The Middleby Corp. (a)		29,500		5,111,170
The Toro Co.		49,000		5,384,120
UniFirst Corp.		22,900		5,373,256
				85,778,688
Information Technology (16.1%)
Akamai Technologies, Inc. (a)		76,700		8,943,220
Amdocs Ltd.		67,800		5,245,008
Aspen Technology, Inc. (a)		78,080		10,739,122
Broadridge Finance Solutions, Inc.		39,925		6,449,085
CDK Global, Inc.		80,650		4,007,499
Citrix Systems, Inc.		70,075		8,217,695
Dolby Laboratories, Inc., Class A		39,125		3,845,596
F5 Networks, Inc. (a)		34,600		6,458,436
IPG Photonics Corp. (a)		36,800		7,756,336
Jack Henry & Associates, Inc.		32,450		5,305,900
Manhattan Associates, Inc. (a)		53,800		7,792,392
NetApp, Inc.		88,425		7,234,934
Progress Software Corp.		116,000		5,365,000
				87,360,223
Materials (6.0%)
AptarGroup, Inc.		47,625		6,707,505
Avery Dennison Corp.		45,725		9,613,224
Packaging Corporation of America		41,300		5,592,846
RPM International, Inc.		118,400		10,499,712
				32,413,287
Real Estate (7.4%)
CoreSite Realty Corp.		60,000		8,075,999
CubeSmart		99,225		4,596,102
CyrusOne, Inc.		34,300		2,453,136
Jones Lang LaSalle, Inc. (a)		46,819		9,151,242
Lamar Advertising Co., Class A		71,675		7,484,304
Physicians Realty Trust		211,200		3,900,864
STAG Industrial, Inc.		114,400		4,281,992
				39,943,639
Utilities (2.5%)
Atmos Energy Corp.		54,325		5,221,176
IDACORP, Inc.		43,300		4,221,750
ONE Gas, Inc.		54,837		4,064,518
				13,507,444
TOTAL COMMON STOCKS (Cost $432,564,636)				537,887,436

Investment Companies (0.7%)
JPMorgan U.S. Government Money
Market Fund, Capital Shares, 0.03% (b)		3,886,302		3,886,302
TOTAL INVESTMENT COMPANIES (Cost $3,886,302)				3,886,302

Total Investments (Cost $436,450,938) — 99.9%				541,773,738
Other assets in excess of liabilities — 0.1%				331,798
NET ASSETS — 100.0%			$	542,105,536

(a)	Non-income producing security.

(b)	Rate disclosed is the seven day yield as of June 30, 2021.

PLC	Public Limited Company

See Notes to Financial Statements

Financial Statements

Boston Trust SMID Cap Fund

Statement of Assets and Liabilities

June 30, 2021 (Unaudited)

Assets:
Investments, at fair value (cost $436,450,938)	$	541,773,738
Dividends receivable		388,284
Receivable for capital shares issued		340,562
Prepaid expenses		8,693
Total Assets		542,511,277
Liabilities:
Payable for capital shares redeemed		108,433
Accrued expenses and other liabilities:
Investment adviser		284,338
Administration and accounting		7,622
Chief compliance officer		444
Custodian		817
Transfer agent		1,906
Trustee		340
Other		1,841
Total Liabilities		405,741
Net Assets	$	542,105,536
Composition of Net Assets:
Paid in capital	$	430,434,564
Total distributable earnings/(loss)		111,670,972
Net Assets	$	542,105,536
Shares outstanding (par value $0.01, unlimited number of shares authorized)		24,172,251
Net Asset Value, Offering Price and Redemption price per share	$	22.43

Statement of Operations

For the period ended June 30, 2021 (Unaudited)

Investment Income:
Dividends	$	3,974,607
Total Investment Income		3,974,607
Expenses:
Investment adviser		1,694,117
Administration and accounting		76,997
Chief compliance officer		8,924
Custodian		24,031
Shareholder servicing		213
Transfer agency		16,216
Trustee		8,245
Other		47,225
Total expenses before fee reductions		1,875,968
Fees contractually reduced by the investment adviser		(180,470	)
Net Expenses		1,695,498
Net Investment Income		2,279,109
Net Realized/Unrealized Gains (Losses) from Investments:
Net realized gains from investment transactions		7,256,550
Change in unrealized appreciation/depreciation on investments		56,717,846
Net realized/unrealized gains (losses) on investments		63,974,3 96
Change in Net Assets Resulting from Operations	$	66,253,505

See Notes to Financial Statements

Financial Statements

Boston Trust SMID Cap Fund

Statements of Changes in Net Assets

	For the six months
	ended			For the year ended
	June 30, 2021			December 31, 2020
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	2,279,109		$	1,415,730
Net realized gains/(losses) from investment transactions		7,256,550			(3,112,444	)
Change in unrealized appreciation/depreciation on investments		56,717,846			32,345,630
Change in Net Assets Resulting from Operations		66,253,505			30,648,916
Distributions to shareholders:
Total Distributions		–			(1,697,179	)
Return of capital		–			(46,102	)
Change in Net Assets Resulting from distributions to shareholders		–			(1,743,281	)
Capital Share Transactions:
Proceeds from shares issued		299,227,976			114,366,780
Dividends reinvested		–			1,716,616
Cost of shares redeemed		(49,451,082	)		(40,626,345	)
Cost of in-kind shares redeemed		–			(4,663,238	)
Change in Net Assets Resulting from Capital Share Transactions		249,776,894			70,793,813
Change in Net Assets		316,030,399			99,699,448
Net Assets:
Beginning of period		226,075,137			126,375,689
End of period	$	542,105,536		$	226,075,137
Share Transactions:
Issued		14,779,242			7,221,313
Reinvested		–			89,828
Redeemed		(2,360,597	)		(2,372,199	)
Redeemed in-kind		–			(244,533	)
Change in shares		12,418,645			4,694,409

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															For the nine
	months			For the year			For the year			For the year			For the year			months
	ended			ended			ended			ended			ended			ended
	June 30,			December			December			December			December			December
	2021			31, 2020			31, 2019			31, 2018			31, 2017			31, 2016
Net Asset Value, Beginning of Period	$	19.23		$	17.90		$	14.63		$	15.79		$	13.48		$	12.49

Investment Activities:
Operations:
Net investment income		0.11			0.12			0.14			0.11			0.07			0.13
Net realized/unrealized gains (losses) from investments		3.09			1.36			3.76			(0.98	)		2.41			1.72
Total from investment activities		3.20			1.48			3.90			(0.87	)		2.48			1.85
Dividends:
Net investment income		–			(0.13	)		(0.12	)		(0.12	)		(0.08	)		(0.15	)
Net realized gains from investments		–			(0.02	)		(0.51	)		(0.17	)		(0.09	)		(0.71	)
Total dividends		–			(0.15	)		(0.63	)		(0.29	)		(0.17	)		(0.86	)

Net Asset Value, End of Period	$	22.43		$	19.23		$	17.90		$	14.63		$	15.79		$	13.48

Total Return		16.64	%(a)		8.26	%		26.74	%		(5.62	)%		18.39	%		14.67	%(a)

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	542,106		$	226,075		$	126,376		$	74,299		$	56,443		$	6,510
Ratio of net expenses to average net assets		0.75	%(b)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%(b)
Ratio of net investment income to average net assets		1.01	%(b)		0.89	%		0.85	%		0.77	%		0.85	%		1.31	%(b)
Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (c)		0.83	%(b)		0.91	%		0.95	%		0.98	%		1.04	%		1.61	%(b)
Portfolio turnover rate		23.71	%(a)		51.26	%(d)		24.08	%		14.98	%		37.44	%		22.69	%(a)

(a)

Not annualized for periods less than one year.

(b)

Annualized for periods less than one year.

(c)

During the periods, certain fees were reduced. If such fee reduction had not occurred, the ratio would have been as indicated.

(d)

Excludes impact of in-kind transactions.

Amounts designated as “-” are $0.00 or have been rounded to $0.00.

See Notes to Financial Statements

Read our 2020 Annual ESG Impact Report online

We invite you to read our Annual ESG Impact Report online, which provides an in-depth view of the ways in which Boston Trust Walden Company promotes business sustainability and achieve impact on behalf of clients.

The report can be found at: www.bostontrustwalden.com/insights/annual-esg-impact-report-2020/

Included in this report:

Investment Performance (Unaudited)	Boston Trust Walden Balanced Fund
	Boston Trust Walden Equity Fund
	June 30, 2021

	For the periods ended 6/30/21
	Aggregate			Average Annual Total Returns
																						Since
	Six																					Inception
	Months			1 Year			3 Years			5 Years			10 Years			15 Years			20 Years			(6/20/99)
Boston Trust Walden Balanced Fund¹		10.08	%		26.04	%		12.81	%		11.54	%		9.60	%		7.76	%		6.81	%		6.34	%
Boston Trust Walden Equity Fund¹		14.54	%		40.99	%		18.02	%		16.61	%		13.06	%		10.22	%		8.77	%		7.90	%
S&P 500 Index		15.25	%		40.79	%		18.67	%		17.65	%		14.84	%		10.73	%		8.61	%		7.45	%
Bloomberg Barclays U.S. Government/Credit Bond Index		-1.96	%		-0.39	%		5.95	%		3.31	%		3.71	%		4.58	%		4.72	%		5.00	%
FTSE 3-Month U.S. T-Bill Index		0.03	%		0.08	%		1.31	%		1.14	%		0.60	%		1.02	%		1.30	%		1.69	%

Hypothetical Growth of a $100,000 Investment

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

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

Boston Trust Walden Balanced Fund

Fund Net Asset Value:	$	24.02
Gross Expense Ratio¹:		1.02	%

Boston Trust Walden Equity Fund

Fund Net Asset Value:		$	33.01
Gross Expense Ratio¹:			1.06	%

The Gross Expense Ratio is from each Fund’s prospectus dated May 1, 2021. The contractual fee limit under each Fund’s expense limitation agreement is 1.00% of each Fund’s average annual net assets, subject to certain limitations as described in each Fund’s prospectus. Please see each Fund’s most recent prospectus for details. Additional information pertaining to each Fund’s expense ratio as of June 30, 2021 can be found in the financial highlights included in this report. The investment performance may reflect fee reductions. If such fee reductions had not occurred, the quoted performance would have been lower. The contractual fee waiver continues through May 1, 2022 and may be renewed thereafter.

Investment Performance (Unaudited)	Boston Trust Walden Midcap Fund
	June 30, 2021

	For the periods ended 6/30/21
	Aggregate			Average Annual Total Returns
													Since
	Six												Inception
	Months			1 Year			3 Years			5 Years			(8/1/11)
Boston Trust Walden Midcap Fund¹		11.92	%		36.62	%		13.79	%		13.59	%		12.25	%
Russell MidCap^® Index		16.25	%		49.80	%		16.45	%		15.62	%		13.87	%

Hypothetical Growth of a $100,000 Investment

The above chart represents a hypothetical $100,000 investment in the Boston Trust Walden Midcap Fund from August 1, 2011 to June 30, 2021, and includes the reinvestment of dividends and capital gains in the Fund. The returns shown on the table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

Fund Net Asset Value:		$	22.06
Gross Expense Ratio¹:			1.02	%

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

Investment Performance (Unaudited)	Boston Trust Walden SMID Cap Fund
	June 30, 2021

	For the periods ended 6/30/21
	Aggregate			Average Annual Total Returns
													Since
	Six												Inception
	Months			1 Year			3 Years			5 Years			(6/28/12)
Boston Trust Walden SMID Cap Fund¹		15.93	%		42.67	%		13.16	%		14.80	%		13.30	%
Russell 2500™ Index		16.97	%		57.79	%		15.24	%		16.35	%		15.03	%

Hypothetical Growth of a $100,000 Investment

The above chart represents a hypothetical $100,000 investment in the Boston Trust Walden SMID Cap Fund from June 28, 2012 to June 30, 2021, and includes the reinvestment of dividends and capital gains in the Fund. The returns shown on the table and the graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

Fund Net Asset Value:		$	22.49
Gross Expense Ratio¹:			1.05	%

The Gross Expense Ratio is from the Fund’s prospectus dated May 1, 2021 The contractual fee limit under the Fund’s expense limitation agreement is 1.00% of the Fund’s average annual net assets, subject to certain limitations as described in the Fund’s prospectus. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of June 30, 2021 can be found in the financial highlights included in this report. The investment performance may reflect fee reductions. If such fee reductions had not occurred, the quoted performance would have been lower. The contractual fee waiver continues through May 1, 2022 and may be renewed thereafter .

Investment Performance (Unaudited)	Boston Trust Walden Small Cap Fund
	June 30, 2021

	For the periods ended 6/30/21
	Aggregate			Average Annual Total Returns
																			Since
	Six																		Inception
	Months			1 Year			3 Years			5 Years			10 Years			15 Years			(12/31/94)
Boston Trust Walden Small Cap Fund¹		16.33	%		48.27	%		13.47	%		14.43	%		10.80	%		10.17	%		11.32	%
Russell 2000^® Index		17.54	%		62.03	%		13.52	%		16.47	%		12.34	%		9.51	%		10.22	%

Hypothetical Growth of a $100,000 Investment

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

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

Fund Net Asset Value:		$	17.81
Gross Expense Ratio¹:			1.06	%

Investment Performance (Unaudited)	Boston Trust Walden International Equity Fund
	June 30, 2021

	For the periods ended 6/30/21
	Aggregate			Average Annual Total Returns
													Since
	Six												Inception
	Months			1 Year			3 Years			5 Years			(6/9/15)
Boston Trust Walden International Equity Fund		8.95	%		27.52	%		8.31	%		8.96	%		6.31	%
MSCI World ex-USA Index (Net)		9.92	%		33.60	%		8.57	%		10.36	%		6.47	%
FTSE All-World Developed ex-US Index		10.07	%		36.00	%		9.56	%		11.36	%		7.47	%

Hypothetical Growth of a $1,000,000 Investment

The above chart represents a hypothetical $1,000,000 investment in the Boston Trust Walden International Equity Fund from June 9, 2015 to June 30, 2021, and includes the reinvestment of dividends and capital gains in the Fund. The returns shown on the table and the graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Boston Trust Walden International Equity Fund is measured against the MSCI World ex-USA Index. The MSCI World ex-USA Index captures large- and mid-cap representation of developed markets countries, excluding the United States. This index is unmanaged and the performance of an index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.

Fund Net Asset Value:		$	13.39
Gross Expense Ratio¹:			1.00	%

The Gross Expense Ratio is from the Fund’s prospectus dated May 1, 2021. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of June 30, 2021 can be found in the financial highlights included in this report.

	Boston Trust Walden Balanced Fund
Schedule of Portfolio Investments	June 30, 2021 (Unaudited)


Security Description	Shares		Fair Value ($)
Common Stocks (73.0%)
Communication Services (7.5%)
Alphabet, Inc., Class A (a)		1,000		2,441,790
Alphabet, Inc., Class C (a)		2,450		6,140,484
Charter Communications, Inc., Class A (a)		2,445		1,763,945
Comcast Corp., Class A		26,000		1,482,520
Electronic Arts, Inc.		8,300		1,193,789
The Walt Disney Co. (a)		8,500		1,494,045
				14,516,573
Consumer Discretionary (7.2%)
AutoZone, Inc. (a)		800		1,193,776
Dollar General Corp.		7,000		1,514,730
eBay, Inc.		20,125		1,412,976
Lowe’s Cos., Inc.		4,500		872,865
McDonald’s Corp.		5,500		1,270,445
NIKE, Inc., Class B		17,000		2,626,330
Ross Stores, Inc.		13,000		1,612,000
Starbucks Corp.		18,000		2,012,580
The Home Depot, Inc.		4,500		1,435,005
				13,950,707
Consumer Staples (4.3%)
Colgate-Palmolive Co.		13,400		1,090,090
Costco Wholesale Corp.		6,500		2,571,855
Estee Lauder Cos., Inc., Class A		6,000		1,908,480
PepsiCo, Inc.		11,500		1,703,955
The Hershey Co.		6,325		1,101,689
				8,376,069
Energy (1.7%)
ConocoPhillips		53,000		3,227,700
				3,227,700
Financials (11.3%)
American Express Co.		10,500		1,734,915
Chubb Ltd.		7,500		1,192,050
Cincinnati Financial Corp.		13,500		1,574,370
Commerce Bancshares, Inc.		11,550		861,168
FactSet Research Systems, Inc.		3,000		1,006,830
JPMorgan Chase & Co.		24,500		3,810,730
Marsh & McLennan Cos., Inc.		8,000		1,125,440
Moody’s Corp.		4,500		1,630,665
Northern Trust Corp.		20,000		2,312,400
PNC Financial Services Group, Inc.		9,500		1,812,220
T. Rowe Price Group, Inc.		10,000		1,979,700
U.S. Bancorp		45,000		2,563,650
				21,604,138
Health Care (10.3%)
Amgen, Inc.		4,000		975,000
Becton, Dickinson & Co.		7,250		1,763,128
Danaher Corp.		4,300		1,153,948
Intuitive Surgical, Inc. (a)		1,500		1,379,460
Johnson & Johnson		8,250		1,359,105
Medtronic PLC		16,800		2,085,384
Merck & Co., Inc.		15,000		1,166,550
Mettler-Toledo International, Inc. (a)		1,400		1,939,476
Stryker Corp.		9,250		2,402,502
The Cooper Companies., Inc.		3,000		1,188,810
UnitedHealth Group, Inc.		6,750		2,702,970
Waters Corp. (a)		5,500		1,900,855
				20,017,188
Industrials (7.6%)
3M Co.		7,500		1,489,725
Cummins, Inc.		5,500		1,340,955
Deere & Co.		5,500		1,939,905
Donaldson Co., Inc.		19,000		1,207,070
Hubbell, Inc.		8,000		1,494,720
Illinois Tool Works, Inc.		5,000		1,117,800
Lincoln Electric Holdings, Inc.		5,000		658,550
Union Pacific Corp.		9,500		2,089,335
United Parcel Service, Inc., Class B		10,000		2,079,700
W.W. Grainger, Inc.		3,000		1,314,000
				14,731,760
Information Technology (19.6%)
Accenture PLC, Class A		12,000		3,537,480
Akamai Technologies, Inc. (a)		10,000		1,166,000
Analog Devices, Inc.		8,500		1,463,360
Apple, Inc.		66,000		9,039,360
Automatic Data Processing, Inc.		13,000		2,582,060
Cisco Systems, Inc.		38,900		2,061,700
Intel Corp.		18,325		1,028,766
Intuit, Inc.		2,800		1,372,476
Microsoft Corp.		33,000		8,939,700
Oracle Corp.		27,000		2,101,680
TE Connectivity Ltd.		6,000		811,260
Visa, Inc., Class A		16,000		3,741,120
				37,844,962
Materials (2.1%)
Air Products & Chemicals, Inc.		4,500		1,294,560
AptarGroup, Inc.		10,500		1,478,820
PPG Industries, Inc.		8,000		1,358,160
				4,131,540
Utilities (1.4%)
Atmos Energy Corp.		8,000		768,880
Eversource Energy		23,775		1,907,706
				2,676,586
TOTAL COMMON STOCKS (Cost $56,964,771)				141,077,223


	Principal
	Amount ($)
Certificate of Deposit (0.1%)
Certificate of Deposit (0.1%)
Self-Help Federal Credit Union, 1.90%, 12/20/21		200,000	201,792
TOTAL CERTIFICATE OF DEPOSIT (Cost $200,000)			201,792

Corporate Bonds (7.5%)
Communication Services (0.8%)
Comcast Corp., 3.30%, 4/1/27, Callable 2/1/27 @ 100		250,000	275,872
Comcast Corp., 3.95%, 10/15/25, Callable 8/15/25 @ 100		250,000	280,378
Verizon Communications, Inc., 1.50%, 9/18/30, Callable 6/18/30 @ 100		1,000,000	956,780
			1,513,030

Consumer Discretionary (0.6%)
Home Depot, Inc., 1.38%, 3/15/31, Callable 12/15/30 @ 100		300,000	287,505

See Notes to Financial Statements

	Boston Trust Walden Balanced Fund
Schedule of Portfolio Investments	June 30, 2021 (Unaudited)

	Principal
Security Description	Amount ($)		Fair Value ($)
Corporate Bonds (continued)
Consumer Discretionary (continued)
NIKE, Inc., 2.75%, 3/27/27, Callable 1/27/27 @ 100		500,000		539,968
Starbucks Corp., 2.45%, 6/15/26, Callable 3/15/26 @ 100		350,000		370,209
				1,197,682
Consumer Staples (0.4%)
Estee Lauder Cos., Inc. (The), 1.95%, 3/15/31, Callable 12/15/30 @ 100		750,000		751,942

Financials (0.7%)
American Express Co., 2.65%, 12/2/22		287,000		296,478
John Deere Capital Corp., 2.80%, 7/18/29		350,000		378,573
John Deere Capital Corp., 2.95%, 4/1/22, MTN		150,000		153,145
JPMorgan Chase & Co., 2.95%, 10/1/26, Callable 7/1/26 @ 100		500,000		539,235
				1,367,431
Health Care (1.4%)
Abbott Laboratories, 2.95%, 3/15/25, Callable 12/15/24 @ 100		100,000		107,626
Healthcare Corp., 1.15%, 6/15/25, Callable 5/15/25 @ 100		100,000		100,693
Kaiser Foundation Hospitals, 3.15%, 5/1/27, Callable 2/1/27 @ 100		250,000		273,919
Pfizer, Inc., 1.70%, 5/28/30, Callable 2/28/30 @100		500,000		499,100
Pfizer, Inc., 3.40%, 5/15/24		100,000		108,324
Stryker Corp., 3.50%, 3/15/26, Callable 12/15/25 @ 100		300,000		331,044
UnitedHealth Group, Inc., 2.88%, 8/15/29		1,200,000		1,295,324
				2,716,030
Industrials (0.6%)
3M Co., 3.00%, 8/7/25		250,000		271,361
Emerson Electric Co., 2.63%, 2/15/23, Callable 11/15/22 @ 100		200,000		206,379
Hubbell, Inc., 2.30%, 3/15/31, Callable 12/15/30 @ 100		200,000		200,953
Hubbell, Inc., 3.35%, 3/1/26, Callable 12/1/25 @ 100		145,000		156,925
Hubbell, Inc., 3.50%, 2/15/28, Callable 11/15/27 @ 100		150,000		164,650
United Parcel Service, Inc., 2.40%, 11/15/26, Callable 8/15/26 @ 100		200,000		213,250
				1,213,518
Information Technology (1.5%)
Apple, Inc., 2.20%, 9/11/29, Callable 6/11/29 @ 100		350,000		365,039
Apple, Inc., 2.85%, 2/23/23, Callable 12/23/22 @ 100		150,000		155,816
Apple, Inc., 3.00%, 6/20/27, Callable 3/20/27 @100		200,000		220,127
Intel Corp., 3.90%, 3/25/30, Callable 12/25/29 @ 100		1,000,000		1,162,052
Mastercard, Inc., 2.95%, 11/21/26, Callable 8/21/26 @ 100		100,000		109,282

Information Technology (continued)
Mastercard, Inc., 3.30%, 3/26/27, Callable 1/26/27 @ 100		150,000		166,109
Oracle Corp., 2.50%, 4/1/25, Callable 3/1/25 @100		200,000		210,260
Oracle Corp., 3.40%, 7/8/24, Callable 4/8/24 @ 100		300,000		321,603
Visa, Inc., 3.15%, 12/14/25, Callable 9/14/25 @100		275,000		301,134
				3,011,422
Materials (0.8%)
Air Products And Chemicals, Inc., 2.05%, 5/15/30, Callable 2/15/30 @ 100		1,425,000		1,456,300

Utilities (0.7%)
Consolidated Edison Co of New York, Inc., 3.35%, 4/1/30, Callable 1/1/30 @ 100		1,000,000		1,101,538
Midamerican Energy Co., 3.10%, 5/1/27, Callable 2/1/27 @ 100		200,000		218,994
				1,320,532

TOTAL CORPORATE BONDS (Cost $14,104,159)				14,547,887

Municipal Bonds (0.5%)
Georgia (0.2%)
State of Georgia, GO, 1.40%, 8/1/33, Callable 8/1/30 @ 100		350,000		335,210

Hawaii (0.2%)
State of Hawaii, GO, 1.87%, 8/1/33, Callable 8/1/30 @ 100		500,000		498,625

New York (0.1%)
New York State Environmental Facilities Corp., Series C, 1.89%, 7/15/22		190,000		192,997

TOTAL MUNICIPAL BONDS (Cost $1,048,855)				1,026,832

U.S. Government & U.S. Government Agency Obligations (17.8%)
Federal Farm Credit Bank (0.5%)
2.75%, 7/16/27	250,000	275,636
2.85%, 3/2/28	750,000	835,349
		1,110,985
Federal Home Loan Bank (1.7%)
2.88%, 6/14/24	1,000,000	1,070,209
2.88%, 9/13/24	1,000,000	1,074,731
5.50%, 7/15/36	700,000	1,037,268
		3,182,208
Federal National Mortgage Association (3.0%)
1.88%, 9/24/26	1,000,000	1,049,440
2.13%, 4/24/26	1,250,000	1,325,315
2.63%, 9/6/24	3,250,000	3,474,263
		5,849,018
Government National Mortgage Association (0.0%) (b)
4.00%, 9/15/40	14,868	16,475
4.00%, 9/15/41	54,438	60,119

See Notes to Financial Statements

	Boston Trust Walden Balanced Fund
Schedule of Portfolio Investments	June 30, 2021 (Unaudited)


	Principal
Security Description	Amount ($)		Fair Value ($)
U.S. Government & U.S. Government Agency Obligations (continued)
Government National Mortgage Association (0.0%) (b) (continued)
6.50%, 5/15/32		1,178		1,314
				77,908
Housing & Urban Development (0.3%)
2.70%, 8/1/22		491,000		491,971

U.S. Treasury Inflation Index Note (1.4%)
0.13%, 1/15/31		846,120		932,900
0.25%, 7/15/29		1,043,740		1,162,907
0.75%, 7/15/28		531,800		611,038
				2,706,845
U.S. Treasury Note (10.9%)
0.63%, 8/15/30		1,400,000		1,305,555
0.88%, 11/15/30		1,750,000		1,665,781
1.13%, 2/15/31		6,775,000		6,584,453
1.63%, 8/15/29		5,300,000		5,425,771
2.50%, 2/28/26		750,000		808,008
2.63%, 12/31/23		1,050,000		1,109,534
2.75%, 11/15/23		450,000		475,928
2.75%, 2/28/25		3,500,000		3,772,891
				21,147,921
TOTAL U.S. GOVERNMENT & U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $32,995,880)				34,566,856

Yankee Dollar (0.2%)
Financials (0.2%)
The Toronto-Dominion Bank, 3.50%, 7/19/23, MTN		350,000		372,194
TOTAL YANKEE DOLLAR (Cost $353,412)				372,194

	Shares
Investment Companies (0.8%)
JPMorgan U.S. Government Money Market Fund, Capital Shares, 0.03% (c)		1,583,745		1,583,745
TOTAL INVESTMENT COMPANIES (Cost $1,583,745)				1,583,745

Total Investments (Cost $107,250,822) – 99.9%				193,376,529
Other assets in excess of liabilities – 0.1%				277,431
NET ASSETS – 100.0%			$	193,653,960

(a)

Non-income producing security.

(b)

Represents less than 0.05%.

(c)	Rate disclosed is the seven day yield as of June 30, 2021.

GO	General Obligation

MTN	Medium Term Note

PLC	Public Limited Company

See Notes to Financial Statements

Financial Statements

Boston Trust Walden Balanced Fund

Statement of Assets and Liabilities
June 30, 2021 (Unaudited)

Assets:
Investments, at fair value (cost $107,250,822)	$	193,376,529
Interest and dividends receivable		440,205
Receivable for capital shares issued		9,007
Prepaid expenses		11,022
Total Assets		193,836,763
Liabilities:
Payable for capital shares redeemed		22,435
Accrued expenses and other liabilities:
Investment adviser		124,162
Administration and accounting		10,898
Chief compliance officer		1,477
Custodian		2,727
Shareholder servicing fees		10,695
Transfer agent		3,957
Trustee		1,133
Other		5,319
Total Liabilities		182,803
Net Assets	$	193,653,960
Composition of Net Assets:
Paid in capital	$	104,389,102
Total distributable earnings/(loss)		89,264,858
Net Assets	$	193,653,960
Shares outstanding (par value $0.01, unlimited number of shares authorized)		8,063,120
Net Asset Value, Offering Price and Redemption price per share	$	24.02

Statement of Operations
For the period ended June 30, 2021 (Unaudited)

Investment Income:
Interest	$	560,640
Dividends		984,215
Total Investment Income		1,544,855
Expenses:
Investment adviser		688,328
Administration and accounting		42,411
Chief compliance officer		5,099
Custodian		13,269
Shareholder servicing		99,668
Transfer agency		18,209
Trustee		4,876
Other		32,281
Gross expense before recoupment		904,141
Recoupment of prior expenses reimbursed by the investment adviser		13,800
Total expenses		917,941
Net Expenses		917,941
Net Investment Income		626,914
Net Realized/Unrealized Gains (Losses) from
Investments:
Net realized gains from investment transactions		1,606,913
Change in unrealized appreciation/depreciation on investments		15,596,749
Net realized/unrealized gains (losses) on investments		17,203,662
Change in Net Assets Resulting from Operations	$	17,830,576

See Notes to Financial Statements

Financial Statements

Boston Trust Walden Balanced Fund

Statements of Changes in Net Assets

	For the six months ended June 30, 2021			For the year ended December 31, 2020
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	626,914		$	1,340,167
Net realized gains from investment transactions		1,606,913			4,321,388
Change in unrealized appreciation/depreciation on investments		15,596,749			8,652,006
Change in Net Assets Resulting from Operations		17,830,576			14,313,561
Distributions to shareholders:
Total Distributions		–			(5,142,308	)
Change in Net Assets Resulting from distributions to shareholders		–			(5,142,308	)
Capital Share Transactions:
Proceeds from shares issued		9,045,613			28,024,694
Dividends reinvested		–			4,213,462
Cost of shares redeemed		(10,605,239	)		(21,918,263	)
Change in Net Assets Resulting from Capital Share Transactions		(1,559,626	)		10,319,893
Change in Net Assets		16,270,950			19,491,146
Net Assets:
Beginning of period		177,383,010			157,891,864
End of period	$	193,653,960		$	177,383,010
Share Transactions:
Issued		397,957			1,413,309
Reinvested		–			195,884
Redeemed		(463,006	)		(1,088,200	)
Change in shares		(65,049	)		520,993

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															For the nine
	months			For the year			For the year			For the year			For the year			months
	ended			ended			ended			ended			ended			ended
	June 30,			December			December			December			December			December
	2021			31, 2020			31, 2019			31, 2018			31, 2017			31, 2016
Net Asset Value, Beginning of Period	$	21.82		$	20.76		$	17.06		$	17.76		$	15.74		$	15.32

Investment Activities:
Operations:
Net investment income		0.08			0.17			0.19			0.19			0.18			0.13
Net realized/unrealized gains (losses) from investments		2.12			1.54			3.85			(0.52	)		2.16			0.77
Total from investment activities		2.20			1.71			4.04			(0.33	)		2.34			0.90
Dividends:
Net investment income		–			(0.17	)		(0.20	)		(0.18	)		(0.18	)		(0.17	)
Net realized gains from investments		–			(0.48	)		(0.14	)		(0.19	)		(0.14	)		(0.31	)
Total dividends		–			(0.65	)		(0.34	)		(0.37	)		(0.32	)		(0.48	)

Net Asset Value, End of Period	$	24.02		$	21.82		$	20.76		$	17.06		$	17.76		$	15.74

Total Return		10.08	%(a)		8.26	%		23.70	%		(1.90	)%		14.88	%		5.87	%(a)

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	193,654		$	177,383		$	157,892		$	124,495		$	121,356		$	101,126
Ratio of net expenses to average net assets		1.00	%(b)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%(b)
Ratio of net investment income to average net assets		0.68	%(b)		0.84	%		1.01	%		1.02	%		1.08	%		1.13	%(b)
Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (c)		1.00	%(b)		1.02	%		1.02	%		1.04	%		1.03	%		1.05	%(b)
Portfolio turnover rate		14.25	%(a)		18.73	%		12.99	%		8.47	%		8.40	%		10.18	%(a)

(a)

Not annualized for periods less than one year.

(b)

Annualized for periods less than one year.

(c)

During the periods, certain fees were reduced. If such fee reduction had not occurred, the ratio would have been as indicated.

Amounts designated as “-” are $0.00 or have been rounded to $0.00.

See Notes to Financial Statements

	Boston Trust Walden Equity Fund
Schedule of Portfolio Investments	June 30, 2021 (Unaudited)

Security Description	Shares		Fair Value ($)
Common Stocks (99.0%)
Communication Services (10.1%)
Alphabet, Inc., Class A (a)		2,700		6,592,833
Alphabet, Inc., Class C (a)		4,800		12,030,336
Charter Communications, Inc., Class A (a)		4,879		3,519,955
Comcast Corp., Class A		66,725		3,804,659
Electronic Arts, Inc.		18,000		2,588,940
The Walt Disney Co. (a)		19,000		3,339,630
				31,876,353
Consumer Discretionary (10.1%)
AutoZone, Inc. (a)		2,250		3,357,495
Dollar General Corp.		18,000		3,895,020
eBay, Inc.		40,000		2,808,400
McDonald’s Corp.		11,500		2,656,385
NIKE, Inc., Class B		41,000		6,334,090
Ross Stores, Inc.		35,000		4,340,000
Starbucks Corp.		42,000		4,696,020
The Home Depot, Inc.		12,500		3,986,125
				32,073,535
Consumer Staples (6.0%)
Colgate-Palmolive Co.		20,000		1,627,000
Costco Wholesale Corp.		16,500		6,528,555
Estee Lauder Cos., Inc., Class A		12,500		3,976,000
PepsiCo, Inc.		30,000		4,445,100
The Hershey Co.		14,000		2,438,520
				19,015,175
Energy (2.0%)
ConocoPhillips		105,000		6,394,500
				6,394,500
Financials (14.8%)
American Express Co.		24,375		4,027,481
Chubb Ltd.		20,000		3,178,800
Cincinnati Financial Corp.		17,550		2,046,681
FactSet Research Systems, Inc.		7,500		2,517,075
JPMorgan Chase & Co.		52,000		8,088,080
M&T Bank Corp.		5,000		726,550
Marsh & McLennan Cos., Inc.		19,000		2,672,920
Moody’s Corp.		7,000		2,536,590
Northern Trust Corp.		43,000		4,971,660
PNC Financial Services Group, Inc.		29,500		5,627,420
T. Rowe Price Group, Inc.		23,500		4,652,295
U.S. Bancorp		102,500		5,839,425
				46,884,977
Health Care (14.6%)
Amgen, Inc.		7,000		1,706,250
Becton, Dickinson & Co.		17,500		4,255,825
Danaher Corp.		11,000		2,951,960
Dentsply Sirona, Inc.		15,000		948,900
Intuitive Surgical, Inc. (a)		4,000		3,678,560
Johnson & Johnson		18,000		2,965,320
Medtronic PLC		33,000		4,096,290
Merck & Co., Inc.		35,000		2,721,950
Mettler-Toledo International, Inc. (a)		2,900		4,017,486
Organon & Co. (a)		3,500		105,910
Stryker Corp.		21,000		5,454,330
The Cooper Companies., Inc.		6,000		2,377,620
UnitedHealth Group, Inc.		17,000		6,807,480
Waters Corp. (a)		11,700		4,043,637
				46,131,518
Industrials (10.5%)
3M Co.		19,500		3,873,285
Cummins, Inc.		11,000		2,681,910
Deere & Co.		13,000		4,585,230
Donaldson Co., Inc.		41,450		2,633,319
Hubbell, Inc.		21,000		3,923,640
Illinois Tool Works, Inc.		15,500		3,465,180
Union Pacific Corp.		22,500		4,948,425
United Parcel Service, Inc., Class B		20,500		4,263,385
W.W. Grainger, Inc.		6,500		2,847,000
				33,221,374
Information Technology (26.9%)
Accenture PLC, Class A		27,000		7,959,330
Adobe, Inc. (a)		4,000		2,342,560
Akamai Technologies, Inc. (a)		22,000		2,565,200
Analog Devices, Inc.		18,500		3,184,960
Apple, Inc.		145,000		19,859,200
Automatic Data Processing, Inc.		25,850		5,134,327
Cisco Systems, Inc.		80,000		4,240,000
Intel Corp.		42,500		2,385,950
Intuit, Inc.		5,000		2,450,850
Microsoft Corp.		74,000		20,046,599
Oracle Corp.		60,000		4,670,400
TE Connectivity Ltd.		22,000		2,974,620
Visa, Inc., Class A		32,000		7,482,240
				85,296,236
Materials (2.7%)
Air Products & Chemicals, Inc.		8,000		2,301,440
AptarGroup, Inc.		26,000		3,661,840
PPG Industries, Inc.		16,000		2,716,320
				8,679,600
Utilities (1.3%)
Eversource Energy		51,500		4,132,360
				4,132,360
TOTAL COMMON STOCKS (Cost $121,436,103)				313,705,628

Investment Companies (1.0%)

JPMorgan U.S. Government Money Market Fund, Capital Shares, 0.03% (b)		3,178,666		3,178,666
TOTAL INVESTMENT COMPANIES (Cost $3,178,666)				3,178,666

Total Investments (Cost $124,614,769) – 100.0%				316,884,294
Other assets in excess of liabilities – 0.0%				11,546
NET ASSETS – 100.0%			$	316,895,840

(a)	Non-income producing security.

(b)	Rate disclosed is the seven day yield as of June 30, 2021.

PLC	Public Limited Company

See Notes to Financial Statements

Financial Statements

Boston Trust Walden Equity Fund

Statement of Assets and Liabilities
June 30, 2021 (Unaudited)

Assets:
Investments, at fair value (cost $124,614,769)	$	316,884,294
Dividends receivable		308,184
Receivable for capital shares issued		31,883
Prepaid expenses		18,446
Total Assets		317,242,807
Liabilities:
Payable for capital shares redeemed		102,371
Accrued expenses and other liabilities:
Investment adviser		192,801
Administration and accounting		14,067
Chief compliance officer		2,022
Custodian		3,571
Shareholder servicing fees		20,076
Transfer agent		3,796
Trustee		1,576
Other		6,687
Total Liabilities		346,967
Net Assets	$	316,895,840
Composition of Net Assets:
Paid in capital	$	120,121,752
Total distributable earnings/(loss)		196,774,088
Net Assets	$	316,895,840
Shares outstanding (par value $0.01, unlimited number of shares authorized)		9,601,431
Net Asset Value, Offering Price and Redemption price per share	$	33.01

Statement of Operations
For the period ended June 30, 2021 (Unaudited)

Investment Income:
Dividends	$	2,151,587
Total Investment Income		2,151,587
Expenses:
Investment adviser		1,068,033
Administration and accounting		58,869
Chief compliance officer		7,487
Custodian		19,284
Shareholder servicing		216,426
Transfer agency		18,371
Trustee		7,166
Other		42,233
Total expenses before fee reductions		1,437,869
Fees contractually reduced by the investment adviser		(12,761	)
Net Expenses		1,425,108
Net Investment Income		726,479
Net Realized/Unrealized Gains (Losses) from Investments:
Net realized gains from investment transactions		2,487,977
Change in unrealized appreciation/depreciation on investments		35,865,832
Net realized/unrealized gains (losses) on investments		38,353,809
Change in Net Assets Resulting from Operations	$	39,080,288

See Notes to Financial Statements

Financial Statements

Boston Trust Walden Equity Fund

Statements of Changes in Net Assets

	For the six months
	ended			For the year ended
	June 30, 2021			December 31, 2020
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	726,479		$	1,894,602
Net realized gains from investment transactions		2,487,977			7,022,165
Change in unrealized appreciation/depreciation on investments		35,865,832			20,925,528
Change in Net Assets Resulting from Operations		39,080,288			29,842,295
Distributions to shareholders:
Total Distributions		–			(10,053,152	)
Change in Net Assets Resulting from distributions to shareholders		–			(10,053,152	)
Capital Share Transactions:
Proceeds from shares issued		25,164,462			38,832,045
Dividends reinvested		–			7,984,924
Cost of shares redeemed		(11,767,037	)		(50,717,437	)
Change in Net Assets Resulting from Capital Share Transactions		13,397,425			(3,900,468	)
Change in Net Assets		52,477,713			15,888,675
Net Assets:
Beginning of period		264,418,127			248,529,452
End of period	$	316,895,840		$	264,418,127
Share Transactions:
Issued		814,273			1,564,906
Reinvested		–			282,952
Redeemed		(386,143	)		(2,061,965	)
Change in shares		428,130			(214,107	)

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															For the nine
	months			For the year			For the year			For the year			For the year			months
	ended			ended			ended			ended			ended			ended
	June 30,			December			December			December			December			December
	2021			31, 2020			31, 2019			31, 2018			31, 2017			31, 2016
Net Asset Value, Beginning of Period	$	28.82		$	26.47		$	20.63		$	21.61		$	18.82		$	17.88

Investment Activities:
Operations:
Net investment income		0.08			0.21			0.20			0.19			0.20			0.14
Net realized/unrealized gains (losses) from investments		4.11			3.28			6.44			(0.72	)		3.70			1.44
Total from investment activities		4.19			3.49			6.64			(0.53	)		3.90			1.58
Dividends:
Net investment income		–			(0.21	)		(0.20	)		(0.18	)		(0.20	)		(0.18	)
Net realized gains from investments		–			(0.93	)		(0.60	)		(0.27	)		(0.91	)		(0.46	)
Total dividends		–			(1.14	)		(0.80	)		(0.45	)		(1.11	)		(0.64	)

Net Asset Value, End of Period	$	33.01		$	28.82		$	26.47		$	20.63		$	21.61		$	18.82

Total Return		14.54	%(a)		13.28	%		32.30	%		(2.54	)%		20.77	%		8.80	%(a)

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	316,896		$	264,418		$	248,529		$	192,598		$	197,439		$	181,830
Ratio of net expenses to average net assets		1.00	%(b)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%(b)
Ratio of net investment income to average net assets		0.51	%(b)		0.82	%		0.83	%		0.82	%		0.93	%		1.00	%(b)
Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (c)		1.01	%(b)		1.06	%		1.07	%		1.08	%		1.07	%		1.09	%(b)
Portfolio turnover rate		4.06	%(a)		14.96	%		10.57	%		6.51	%		9.88	%		9.94	%(a)

(a)

Not annualized for periods less than one year.

(b)

Annualized for periods less than one year.

(c)

During the periods, certain fees were reduced. If such fee reduction had not occurred, the ratio would have been as indicated.

Amounts designated as “-” are $0.00 or have been rounded to $0.00.

See Notes to Financial Statements

Schedule of Portfolio Investments

Boston Trust Walden Midcap Fund

June 30, 2021 (Unaudited)


Security Description	Shares		Fair Value ($)
Common Stocks (98.5%)
Communication Services (3.1%)
Electronic Arts, Inc.		10,825		1,556,959
Omnicom Group, Inc.		18,150		1,451,819
				3,008,778
Consumer Discretionary (10.1%)
AutoZone, Inc. (a)		850		1,268,387
Carter’s, Inc.		14,975		1,544,971
eBay, Inc.		26,800		1,881,628
Hyatt Hotels Corp., Class A (a)		14,975		1,162,659
O’Reilly Automotive, Inc. (a)		1,925		1,089,954
Ross Stores, Inc.		10,900		1,351,600
Tractor Supply Co.		7,500		1,395,450
				9,694,649
Consumer Staples (3.7%)
Church & Dwight Co., Inc.		13,350		1,137,687
The Hershey Co.		7,975		1,389,086
The JM Smucker Co.		8,000		1,036,560
				3,563,333
Energy (1.8%)
Baker Hughes Co.		73,850		1,688,950
				1,688,950
Financials (14.4%)
Brown & Brown, Inc.		18,650		991,061
CBOE Global Markets, Inc.		10,200		1,214,310
Everest Re Group Ltd.		4,550		1,146,646
FactSet Research Systems, Inc.		5,375		1,803,904
M&T Bank Corp.		12,050		1,750,985
Northern Trust Corp.		17,275		1,997,335
SEI Investments Co.		29,575		1,832,763
Signature Bank		4,750		1,166,838
T. Rowe Price Group, Inc.		9,575		1,895,562
				13,799,404
Health Care (14.3%)
Agilent Technologies, Inc.		9,575		1,415,280
Cerner Corp.		13,300		1,039,528
Chemed Corp.		2,075		984,587
Henry Schein, Inc. (a)		12,150		901,409
Hill-Rom Holdings, Inc.		13,050		1,482,349
Laboratory Corp. of America Holdings (a)		3,200		882,720
Mettler-Toledo International, Inc. (a)		740		1,025,152
Steris PLC		6,550		1,351,265
Teleflex, Inc.		2,500		1,004,475
The Cooper Companies., Inc.		3,225		1,277,971
Waters Corp. (a)		3,100		1,071,391
Zimmer Biomet Holdings, Inc.		7,875		1,266,458
				13,702,585
Industrials (16.2%)
AMETEK, Inc.		7,375		984,563
AO Smith Corp.		13,600		980,016
Cummins, Inc.		4,525		1,103,240
Donaldson Co., Inc.		22,500		1,429,425
Expeditors International of Washington, Inc.		12,050		1,525,530
Hubbell, Inc.		6,875		1,284,525
Lincoln Electric Holdings, Inc.		7,775		1,024,045
Masco Corp.		25,100		1,478,641
Nordson Corp.		4,200		921,942
Snap-on, Inc.		6,250		1,396,438
The Middleby Corp. (a)		5,350		926,941
Verisk Analytics, Inc.		5,700		995,904
W.W. Grainger, Inc.		3,475		1,522,050
				15,573,260
Information Technology (18.4%)
Akamai Technologies, Inc. (a)		8,725		1,017,335
Amdocs Ltd.		12,000		928,320
Amphenol Corp., Class A		13,075		894,461
ANSYS, Inc. (a)		2,675		928,386
Aspen Technology, Inc. (a)		10,975		1,509,501
Broadridge Finance Solutions, Inc.		7,000		1,130,710
CDK Global, Inc.		14,850		737,897
Check Point Software Technologies Ltd. (a)		7,775		902,911
Citrix Systems, Inc.		10,325		1,210,812
Dolby Laboratories, Inc., Class A		9,575		941,127
F5 Networks, Inc. (a)		7,400		1,381,284
IPG Photonics Corp. (a)		4,175		879,965
Paychex, Inc.		19,775		2,121,858
Synopsys, Inc. (a)		5,525		1,523,739
TE Connectivity Ltd.		12,075		1,632,660
				17,740,966
Materials (5.7%)
AptarGroup, Inc.		8,875		1,249,955
Avery Dennison Corp.		8,700		1,829,088
Packaging Corporation of America		9,400		1,272,948
RPM International, Inc.		12,500		1,108,500
				5,460,491
Real Estate (5.2%)
Alexandria Real Estate Equities, Inc.		4,700		855,118
AvalonBay Communities, Inc.		4,325		902,584
CyrusOne, Inc.		9,950		711,624
Jones Lang LaSalle, Inc. (a)		7,725		1,509,929
Realty Income Corp.		15,075		1,006,105
				4,985,360
Utilities (5.6%)
Atmos Energy Corp.		11,150		1,071,627
Consolidated Edison, Inc.		16,475		1,181,587
Eversource Energy		22,330		1,791,759
ONE Gas, Inc.		18,050		1,337,866
				5,382,839
TOTAL COMMON STOCKS (Cost $60,565,695)				94,600,615

Investment Companies (1.5%)
JPMorgan U.S. Government Money
Market Fund, Capital Shares, 0.03% (b)		1,428,832		1,428,832
TOTAL INVESTMENT COMPANIES (Cost $1,428,832)				1,428,832
Total Investments (Cost $61,994,527) – 100.0%				96,029,447
Other assets in excess of liabilities – 0.0%				47,454
NET ASSETS – 100.0%			$	96,076,901

(a)

Non-income producing security.

(b)

Rate disclosed is the seven day yield as of June 30, 2021.

PLC Public Limited Company

See Notes to Financial Statements

Financial Statements

Boston Trust Walden Midcap Fund

Statement of Assets and Liabilities

June 30, 2021 (Unaudited)

Assets:
Investments, at fair value (cost $61,994,527)	$	96,029,447
Dividends receivable		102,005
Receivable for capital shares issued		23,921
Prepaid expenses		8,837
Total Assets		96,164,210
Liabilities:
Payable for capital shares redeemed		10,588
Accrued expenses and other liabilities:
Investment adviser		61,703
Administration and accounting		4,547
Chief compliance officer		650
Custodian		1,196
Shareholder servicing fees		2,337
Transfer agent		3,555
Trustee		500
Other		2,233
Total Liabilities		87,309
Net Assets	$	96,076,901
Composition of Net Assets:
Paid in capital	$	59,176,270
Total distributable earnings/(loss)		36,900,631
Net Assets	$	96,076,901
Shares outstanding (par value $0.01, unlimited number of shares authorized)		4,355,179
Net Asset Value, Offering Price and Redemption price per share	$	22.06

Statement of Operations

For the period ended June 30, 2021 (Unaudited)

Investment Income:
Dividends	$	660,706
Total Investment Income		660,706
Expenses:
Investment adviser		336,777
Administration and accounting		19,066
Chief compliance officer		2,430
Custodian		6,368
Shareholder servicing		33,613
Transfer agency		17,378
Trustee		2,320
Other		15,853
Gross expense before recoupment		433,805
Recoupment of prior expenses reimbursed by the investment adviser		15,213
Total expenses		449,018
Net Expenses		449,018
Net Investment Income		211,688
Net Realized/Unrealized Gains (Losses) from Investments:
Net realized gains from investment transactions		2,114,860
Change in unrealized appreciation/depreciation on investments		7,756,273
Net realized/unrealized gains (losses) on investments		9,871,133
Change in Net Assets Resulting from Operations	$	10,082,821

See Notes to Financial Statements

Financial Statements

Boston Trust Walden Midcap Fund

Statements of Changes in Net Assets

	For the six months
	ended			For the year ended
	June 30, 2021			December 31, 2020
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	211,688		$	401,589
Net realized gains from investment transactions		2,114,860			2,226,292
Change in unrealized appreciation/depreciation on investments		7,756,273			6,162,796
Change in Net Assets Resulting from Operations		10,082,821			8,790,677
Distributions to shareholders:
Total Distributions		–			(2,575,502	)
Change in Net Assets Resulting from distributions to shareholders		–			(2,575,502	)
Capital Share Transactions:
Proceeds from shares issued		9,073,143			25,455,556
Dividends reinvested		–			2,228,870
Cost of shares redeemed		(6,027,071	)		(13,489,526	)
Change in Net Assets Resulting from Capital Share Transactions		3,046,072			14,194,900
Change in Net Assets		13,128,893			20,410,075
Net Assets:
Beginning of period		82,948,008			62,537,933
End of period	$	96,076,901		$	82,948,008
Share Transactions:
Issued		428,959			1,548,805
Reinvested		–			114,360
Redeemed		(282,374	)		(797,789	)
Change in shares		146,585			865,376

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															For the nine
	months			For the year			For the year			For the year			For the year			months
	ended			ended			ended			ended			ended			ended
	June 30,			December			December			December			December			December
	2021			31, 2020			31, 2019			31, 2018			31, 2017			31, 2016
Net Asset Value, Beginning of Period	$	19.71		$	18.71		$	15.57		$	17.24		$	14.90		$	14.57

Investment Activities:
Operations:
Net investment income		0.05			0.10			0.12			0.09			0.07			0.11
Net realized/unrealized gains (losses) from investments		2.30			1.53			4.27			(0.66	)		2.85			0.97
Total from investment activities		2.35			1.63			4.39			(0.57	)		2.92			1.08
Dividends:
Net investment income		–			(0.09	)		(0.10	)		(0.09	)		(0.08	)		(0.12	)
Net realized gains from investments		–			(0.54	)		(1.15	)		(1.01	)		(0.50	)		(0.63	)
Total dividends		–			(0.63	)		(1.25	)		(1.10	)		(0.58	)		(0.75	)

Net Asset Value, End of Period	$	22.06		$	19.71		$	18.71		$	15.57		$	17.24		$	14.90

Total Return		11.92	%(a)		8.76	%		28.38	%		(3.58	)%		19.62	%		7.36	%(a)

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	96,077		$	82,948		$	62,538		$	45,819		$	46,562		$	39,059
Ratio of net expenses to average net assets		1.00	%(b)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%(b)
Ratio of net investment income to average net assets		0.47	%(b)		0.61	%		0.68	%		0.54	%		0.45	%		0.97	%(b)
Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (c)		1.00	%(b)		1.02	%		1.00	%		1.00	%		1.01	%		1.04	%(b)
Portfolio turnover rate		10.17	%(a)		38.28	%		23.17	%		18.66	%		24.85	%		12.59	%(a)

(a)

Not annualized for periods less than one year.

(b)

Annualized for periods less than one year.

(c)

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

Amounts designated as “-” are $0.00 or have been rounded to $0.00.

See Notes to Financial Statements

Boston Trust Walden SMID Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

Security Description	Shares		Fair Value ($)
Common Stocks (99.0%)
Communication Services (3.3%)
Interpublic Group of Cos., Inc.		36,400		1,182,636
Omnicom Group, Inc.		18,535		1,482,615
				2,665,251
Consumer Discretionary (12.0%)
Carter’s, Inc.		9,705		1,001,265
Cavco Industries, Inc. (a)		3,655		812,104
Choice Hotels International, Inc.		10,145		1,205,835
Columbia Sportswear Co.		10,250		1,008,190
Dorman Products, Inc. (a)		9,085		941,842
Texas Roadhouse, Inc.		8,065		775,853
TopBuild Corp. (a)		7,020		1,388,416
Tractor Supply Co.		7,020		1,306,141
Williams Sonoma, Inc.		8,375		1,337,069
				9,776,715
Consumer Staples (4.2%)
Flowers Foods, Inc.		49,850		1,206,370
Lamb Weston Holdings, Inc.		9,650		778,369
The JM Smucker Co.		11,250		1,457,663
				3,442,402
Energy (1.8%)
Baker Hughes Co.		30,150		689,531
Helmerich & Payne, Inc.		24,320		793,561
				1,483,092
Financials (14.1%)
American Financial Group, Inc.		8,600		1,072,592
Brown & Brown, Inc.		16,130		857,148
CBOE Global Markets, Inc.		7,345		874,422
Cohen & Steers, Inc.		10,165		834,445
East West Bancorp, Inc.		15,100		1,082,519
FactSet Research Systems, Inc.		3,275		1,099,123
M&T Bank Corp.		11,010		1,599,863
SEI Investments Co.		25,055		1,552,658
Signature Bank		5,685		1,396,520
UMB Financial Corp.		11,645		1,083,684
				11,452,974
Health Care (15.4%)
Chemed Corp.		2,930		1,390,285
Henry Schein, Inc. (a)		13,425		996,001
Hill-Rom Holdings, Inc.		13,575		1,541,984
Medpace Holdings, Inc. (a)		11,195		1,977,372
PerkinElmer, Inc.		12,115		1,870,677
Steris PLC		6,795		1,401,809
The Cooper Companies., Inc.		3,725		1,476,106
Waters Corp. (a)		5,290		1,828,277
				12,482,511
Industrials (15.9%)
AO Smith Corp.		16,230		1,169,534
Applied Industrial Technologies, Inc.		10,810		984,359
C.H. Robinson Worldwide, Inc.		8,030		752,170
Donaldson Co., Inc.		18,175		1,154,658
Expeditors International of Washington, Inc.		12,780		1,617,948
Hubbell, Inc.		7,020		1,311,617
Lincoln Electric Holdings, Inc.		9,045		1,191,316
Masco Corp.		13,935		820,911
Nordson Corp.		4,475		982,307
Robert Half International, Inc.		6,800		604,996
The Middleby Corp. (a)		4,355		754,547
The Toro Co.		7,270		798,828
UniFirst Corp.		3,425		803,642
				12,946,833
Information Technology (16.7%)
Akamai Technologies, Inc. (a)		11,905		1,388,123
Amdocs Ltd.		11,095		858,309
Aspen Technology, Inc. (a)		11,680		1,606,466
Broadridge Finance Solutions, Inc.		5,735		926,375
CDK Global, Inc.		12,335		612,926
Citrix Systems, Inc.		11,020		1,292,315
Dolby Laboratories, Inc., Class A		5,635		553,864
F5 Networks, Inc. (a)		5,835		1,089,161
IPG Photonics Corp. (a)		4,275		901,042
Jack Henry & Associates, Inc.		4,685		766,044
Manhattan Associates, Inc. (a)		10,520		1,523,717
NetApp, Inc.		13,975		1,143,435
Progress Software Corp.		17,550		811,688
				13,473,465
Materials (5.8%)
AptarGroup, Inc.		6,745		949,966
Avery Dennison Corp.		6,545		1,376,020
Packaging Corporation of America		5,885		796,947
RPM International, Inc.		17,750		1,574,070
				4,697,003
Real Estate (7.4%)
CoreSite Realty Corp.		8,995		1,210,727
CubeSmart		15,225		705,222
CyrusOne, Inc.		5,175		370,116
Jones Lang LaSalle, Inc. (a)		6,745		1,318,378
Lamar Advertising Co., Class A		11,220		1,171,592
Physicians Realty Trust		31,850		588,270
STAG Industrial, Inc.		17,130		641,176
				6,005,481
Utilities (2.4%)
Atmos Energy Corp.		7,900		759,269
IDACORP, Inc.		6,235		607,913
ONE Gas, Inc.		8,202		607,932
				1,975,114
TOTAL COMMON STOCKS (Cost $53,087,661)				80,400,841

Investment Companies (1.0%)
JPMorgan U.S. Government Money Market Fund, Capital Shares, 0.03% (b)		802,034		802,034
TOTAL INVESTMENT COMPANIES (Cost $802,034)				802,034

Total Investments (Cost $53,889,695) – 100.0%				81,202,875
Other assets in excess of liabilities – 0.0%				13,568
NET ASSETS – 100.0%			$	81,216,443

(a)

Non-income producing security.

(b)

Rate disclosed is the seven day yield as of June 30, 2021.

PLC

Public Limited Company

See Notes to Financial Statements

Financial Statements

Boston Trust Walden SMID Cap Fund

Statement of Assets and Liabilities

June 30, 2021 (Unaudited)

Assets:
Investments, at fair value (cost $53,889,695)	$	81,202,875
Dividends receivable		63,925
Receivable for capital shares issued		2,307
Prepaid expenses		11,454
Total Assets		81,280,561
Liabilities:
Payable for capital shares redeemed		401
Accrued expenses and other liabilities:
Investment adviser		51,554
Administration and accounting		3,597
Chief compliance officer		501
Custodian		892
Shareholder servicing fees		1,561
Transfer agent		3,445
Trustee		389
Other		1,778
Total Liabilities		64,118
Net Assets	$	81,216,443
Composition of Net Assets:
Paid in capital	$	50,402,520
Total distributable earnings/(loss)		30,813,923
Net Assets	$	81,216,443
Shares outstanding (par value $0.01, unlimited number of shares authorized)		3,611,793
Net Asset Value, Offering Price and Redemption price per share	$	22.49

Statement of Operations

For the period ended June 30, 2021 (Unaudited)

Investment Income:
Dividends	$	630,605
Total Investment Income		630,605
Expenses:
Investment adviser		276,408
Administration and accounting		15,286
Chief compliance officer		1,925
Custodian		4,987
Shareholder servicing		26,410
Transfer agency		17,253
Trustee		1,836
Other		17,352
Gross expense before recoupment		361,457
Recoupment of prior expenses reimbursed by the investment adviser		7,299
Total expenses		368,756
Net Expenses		368,756
Net Investment Income		261,849
Net Realized/Unrealized Gains (Losses) from Investments:
Net realized gains from investment transactions		2,756,364
Change in unrealized appreciation/depreciation on investments		7,595,997
Net realized/unrealized gains (losses) on investments		10,352,361
Change in Net Assets Resulting from Operations	$	10,614,210

See Notes to Financial Statements

Financial Statements

Boston Trust Walden SMID Cap Fund

Statements of Changes in Net Assets

	For the six months ended			For the year ended
	June 30, 2021			December 31, 2020
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	261,849		$	339,922
Net realized gains from investment transactions		2,756,364			1,041,519
Change in unrealized appreciation/depreciation on investments		7,595,997			3,152,893
Change in Net Assets Resulting from Operations		10,614,210			4,534,334
Distributions to shareholders:
Total Distributions		–			(1,133,962	)
Change in Net Assets Resulting from distributions to shareholders		–			(1,133,962	)
Capital Share Transactions:
Proceeds from shares issued		9,499,397			10,653,961
Dividends reinvested		–			805,985
Cost of shares redeemed		(3,631,567	)		(11,707,864	)
Change in Net Assets Resulting from Capital Share Transactions		5,867,830			(247,918	)
Change in Net Assets		16,482,040			3,152,454
Net Assets:
Beginning of period		64,734,403			61,581,949
End of period	$	81,216,443		$	64,734,403
Share Transactions:
Issued		446,358			628,131
Reinvested		–			41,782
Redeemed		(172,247	)		(734,546	)
Change in shares		274,111			(64,633	)

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															For the nine
	months			For the year			For the year			For the year			For the year			months
	ended			ended			ended			ended			ended			ended
	June 30,			December			December			December			December			December
	2021			31, 2020			31, 2019			31, 2018			31, 2017			31, 2016
Net Asset Value, Beginning of Period	$	19.40		$	18.10		$	15.12		$	16.69		$	14.60		$	13.40
Investment Activities:
Operations:
Net investment income		0.07			0.09			0.10			0.09			0.07			0.12
Net realized/unrealized gains (losses) from investments		3.02			1.55			3.83			(0.99	)		2.40			1.87
Total from investment activities		3.09			1.64			3.93			(0.90	)		2.47			1.99
Dividends:
Net investment income		–			(0.10	)		(0.10	)		(0.09	)		(0.09	)		(0.14	)
Net realized gains from investments		–			(0.25	)		(0.85	)		(0.58	)		(0.29	)		(0.65	)
Total dividends		–			(0.35	)		(0.95	)		(0.67	)		(0.38	)		(0.79	)
Net Asset Value, End of Period	$	22.49		$	19.40		$	18.10		$	15.12		$	16.69		$	14.60
Total Return		15.93	%(a)		9.13	%		26.12	%		(5.59	)%		16.94	%		14.73	%(a)
Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	81,216		$	64,734		$	61,582		$	47,621		$	45,632		$	38,128
Ratio of net expenses to average net assets		1.00	%(b)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%(b)
Ratio of net investment income to average net assets		0.71	%(b)		0.61	%		0.61	%		0.52	%		0.48	%		1.12	%(b)
Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (c)		1.00	%(b)		1.05	%		1.07	%		1.08	%		1.08	%		1.12	%(b)
Portfolio turnover rate		14.43	%(a)		38.70	%		29.75	%		18.61	%		31.92	%		20.85	%(a)

	(a)	Not annualized for periods less than one year.
	(b)	Annualized for periods less than one year.
	(c)	During the periods, certain fees were reduced. If such fee reduction had not occurred, the ratio would have been as indicated.

Amounts designated as “-” are $0.00 or have been rounded to $0.00.

See Notes to Financial Statements

	Boston Trust Walden Small Cap Fund
Schedule of Portfolio Investments	June 30, 2021 (Unaudited)


Security Description	Shares		Fair Value ($)
Common Stocks (99.0%)
Consumer Discretionary (13.6%)
Carter’s, Inc.		107,925		11,134,622
Cavco Industries, Inc. (a)		45,300		10,065,207
Choice Hotels International, Inc.		101,300		12,040,518
Columbia Sportswear Co.		114,230		11,235,663
Dorman Products, Inc. (a)		83,185		8,623,789
Helen of Troy, Ltd. (a)		44,300		10,105,716
Monro, Inc.		90,655		5,757,499
Nordstrom, Inc. (a)		196,445		7,183,994
Shutterstock, Inc.		58,000		5,693,860
Texas Roadhouse, Inc.		100,200		9,639,240
TopBuild Corp. (a)		67,250		13,300,705
				104,780,813
Consumer Staples (3.1%)
Flowers Foods, Inc.		612,400		14,820,080
Lancaster Colony Corp.		45,300		8,766,003
				23,586,083
Energy (2.8%)
Cactus, Inc., Class A		285,000		10,465,200
Helmerich & Payne, Inc.		351,000		11,453,130
				21,918,330
Financials (14.8%)
1st Source Corp.		118,300		5,496,218
Bank of Hawaii Corp.		53,620		4,515,876
Camden National Corp.		66,115		3,157,652
Cathay General Bancorp		212,090		8,347,862
Cohen & Steers, Inc.		167,700		13,766,493
Columbia Banking System, Inc.		197,000		7,596,320
East West Bancorp, Inc.		114,450		8,204,921
First Hawaiian, Inc.		196,445		5,567,251
German American Bancorp		68,110		2,533,692
Green Dot Corp., Class A (a)		130,800		6,127,980
Independent Bank Corp.		115,100		8,690,050
Lakeland Financial Corp.		116,780		7,198,319
Selective Insurance Group, Inc.		146,900		11,920,935
Tompkins Financial Corp.		60,180		4,667,561
UMB Financial Corp.		114,630		10,667,469
Washington Trust Bancorp, Inc.		102,265		5,251,308
				113,709,907
Health Care (17.5%)
Atrion Corp.		7,740		4,805,998
Bruker Corp.		52,000		3,950,960
Chemed Corp.		31,925		15,148,412
Corcept Therapeutics, Inc. (a)		249,975		5,499,450
CorVel Corp. (a)		109,650		14,725,995
Ensign Group, Inc.		62,295		5,399,108
Globus Medical, Inc., Class A (a)		158,090		12,256,718
Haemonetics Corp. (a)		73,575		4,903,038
Hill-Rom Holdings, Inc.		135,350		15,374,406
ICU Medical, Inc. (a)		45,120		9,285,696
Medpace Holdings, Inc. (a)		98,430		17,385,691
Premier, Inc.		278,550		9,690,755
U.S. Physical Therapy, Inc.		143,725		16,653,415
				135,079,642
Industrials (17.3%)
Acuity Brands, Inc.		44,200		8,266,726
Applied Industrial Technologies, Inc.		132,370		12,053,612
Comfort Systems USA, Inc.		70,500		5,554,695
Donaldson Co., Inc.		188,975		12,005,582
Forward Air Corp.		80,325		7,209,169
Franklin Electric Co., Inc.		105,665		8,518,712
Insperity, Inc.		63,200		5,711,384
Landstar System, Inc.		77,075		12,179,392
Lincoln Electric Holdings, Inc.		96,740		12,741,626
Tennant Co.		80,465		6,425,130
The Middleby Corp. (a)		67,220		11,646,537
UniFirst Corp.		55,975		13,133,974
Valmont Industries, Inc.		22,700		5,358,335
Watts Water Technologies, Inc., Class A		83,495		12,182,755
				132,987,629
Information Technology (15.0%)
Badger Meter, Inc.		94,925		9,314,041
CDK Global, Inc.		142,225		7,067,160
CSG Systems International, Inc.		223,845		10,561,007
ExlService Holdings, Inc. (a)		94,370		10,027,756
InterDigital, Inc.		127,035		9,277,366
Manhattan Associates, Inc. (a)		121,075		17,536,503
NETGEAR, Inc. (a)		139,225		5,335,102
Power Integrations, Inc.		189,455		15,546,677
Progress Software Corp.		207,320		9,588,550
Qualys, Inc. (a)		94,500		9,515,205
Teradata Corp. (a)		232,190		11,602,535
				115,371,902
Materials (4.4%)
Minerals Technologies, Inc.		140,400		11,045,268
Sensient Technologies Corp.		123,865		10,721,754
Silgan Holdings, Inc.		294,700		12,230,050
				33,997,072
Real Estate (6.0%)
CoreSite Realty Corp.		81,740		11,002,204
CubeSmart		176,065		8,155,331
Jones Lang LaSalle, Inc. (a)		66,250		12,949,225
Physicians Realty Trust		263,400		4,864,998
STAG Industrial, Inc.		235,300		8,807,279
				45,779,037
Utilities (4.5%)
Chesapeake Utilities Corp.		65,300		7,857,549
IDACORP, Inc.		83,030		8,095,425
New Jersey Resources Corp.		133,930		5,299,610
ONE Gas, Inc.		99,200		7,352,704
Unitil Corp.		109,540		5,802,334
				34,407,622
TOTAL COMMON STOCKS (Cost $559,123,225)				761,618,037

Investment Companies (0.8%)
JPMorgan U.S. Government Money Market Fund, Capital Shares, 0.03% (b)		6,291,170		6,291,170
TOTAL INVESTMENT COMPANIES (Cost $6,291,170)				6,291,170

Total Investments (Cost $565,414,395) – 99.8%				767,909,207
Other assets in excess of liabilities – 0.2%				1,168,595
NET ASSETS – 100.0%			$	769,077,802

	(a)	Non-income producing security.
	(b)	Rate disclosed is the seven day yield as of June 30, 2021.

See Notes to Financial Statements

Financial Statements

Boston Trust Walden Small Cap Fund

Statement of Assets and Liabilities

June 30, 2021 (Unaudited)

Assets:
Investments, at fair value (cost $565,414,395)	$	767,909,207
Dividends receivable		500,023
Receivable for investments sold		703,557
Receivable for capital shares issued		550,542
Prepaid expenses		16,645
Total Assets		769,679,974
Liabilities:
Payable for capital shares redeemed		33,214
Payable to Advisor		14,979
Accrued expenses and other liabilities:
Investment adviser		472,660
Administration and accounting		28,587
Chief compliance officer		3,768
Custodian		6,879
Shareholder servicing fees		21,244
Transfer agent		4,935
Trustee		2,889
Other		13,017
Total Liabilities		602,172
Net Assets	$	769,077,802
Composition of Net Assets:
Paid in capital	$	511,726,410
Total distributable earnings/(loss)		257,351,392
Net Assets	$	769,077,802
Shares outstanding (par value $0.01, unlimited number of shares authorized)		43,172,611
Net Asset Value, Offering Price and Redemption price per share	$	17.81

Statement of Operations

For the period ended June 30, 2021 (Unaudited)

Investment Income:
Dividends	$	4,457,078
Total Investment Income		4,457,078
Expenses:
Investment adviser		2,639,579
Administration and accounting		143,624
Chief compliance officer		18,209
Custodian		47,691
Shareholder servicing		514,430
Transfer agency		26,166
Trustee		17,322
Other		83,620
Gross expense before recoupment		3,490,641
Recoupment of prior expenses reimbursed by the investment adviser		31,386
Total expenses		3,522,027
Net Expenses		3,522,027
Net Investment Income		935,051
Net Realized/Unrealized Gains (Losses) from Investments:
Net realized gains from investment transactions (a)		49,768,899
Change in unrealized appreciation/depreciation on investments		51,332,770
Net realized/unrealized gains (losses) on investments		101,101,669
Change in Net Assets Resulting from Operations	$	102,036,720

(a)

Includes Class Action related litigation gains of $28,823.

See Notes to Financial Statements

Financial Statements

Boston Trust Walden Small Cap Fund

Statements of Changes in Net Assets

	For the six months
	ended			For the year ended
	June 30, 2021			December 31, 2020
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	935,051		$	2,617,038
Net realized gains from investment transactions		49,768,899			10,924,392
Change in unrealized appreciation/depreciation on investments		51,332,770			104,324,721
Change in Net Assets Resulting from Operations		102,036,720			117,866,151
Distributions to shareholders:
Total Distributions		–			(10,155,733	)
Change in Net Assets Resulting from distributions to shareholders		–			(10,155,733	)
Capital Share Transactions:
Proceeds from shares issued		133,253,038			258,244,300
Proceeds from merger (a)		–			103,030,710
Dividends reinvested		–			9,187,705
Cost of shares redeemed		(69,189,659	)		(110,664,229	)
Change in Net Assets Resulting from Capital Share Transactions		64,063,379			259,798,486
Change in Net Assets		166,100,099			367,508,904
Net Assets:
Beginning of period		602,977,703			235,468,799
End of period	$	769,077,802		$	602,977,703
Share Transactions:
Issued		7,893,432			20,922,885
Issued from merger (a)		–			10,376,826
Reinvested		–			721,349
Redeemed		(4,099,292	)		(8,746,308	)
Change in shares		3,794,140			23,274,752

(a)

See Note 7 in 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															For the nine
	months			For the year			For the year			For the year			For the year			months
	ended			ended			ended			ended			ended			ended
	June 30,			December			December			December			December			December
	2021			31, 2020			31, 2019			31, 2018			31, 2017			31, 2016
Net Asset Value, Beginning of Period	$	15.31		$	14.62		$	12.00		$	14.73		$	14.33		$	12.74
Investment Activities:
Operations:
Net investment income		0.02			0.08			0.09			0.07			0.07			0.12
Net realized/unrealized gains (losses) from
investments		2.48			1.00			3.47			(0.86	)		1.67			1.92
Total from investment activities		2.50			1.08			3.56			(0.79	)		1.74			2.04
Dividends:
Net investment income		–			(0.08	)		(0.06	)		(0.07	)		(0.08	)		(0.14	)
Net realized gains from investments		–			(0.31	)		(0.88	)		(1.87	)		(1.26	)		(0.31	)
Total dividends		–			(0.39	)		(0.94	)		(1.94	)		(1.34	)		(0.45	)
Net Asset Value, End of Period	$	17.81		$	15.31		$	14.62		$	12.00		$	14.73		$	14.33
Total Return		16.33	%(a)		8.17	%		29.88	%		(6.00	)%		12.26	%		15.94	%(a)
Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	769,078		$	602,978		$	235,469		$	242,176		$	366,113		$	327,593
Ratio of net expenses to average net assets		1.00	%(b)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%(b)
Ratio of net investment income to average net assets		0.27	%(b)		0.64	%		0.58	%		0.39	%		0.46	%		1.21	%(b)
Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (c)		1.00	%(b)		1.06	%		1.07	%		1.09	%		1.02	%		1.06	%(b)
Portfolio turnover rate		18.91	%(a)		39.89	%(d)		23.23	%(e)		24.60	%		23.78	%		51.92	%(a)

	(a)	Not annualized for periods less than one year.
	(b)	Annualized for periods less than one year.
	(c)	During the periods, certain fees were reduced or recouped by the investment adviser. If such fee reductions/recoupments had not occurred, the ratio would have been as indicated.
	(d)	Excludes impact of merger transaction.
	(e)	Excludes impact of in-kind transactions.

Amounts designated as “-” are $0.00 or have been rounded to $0.00.

See Notes to Financial Statements

	Boston Trust Walden International Equity Fund
Schedule of Portfolio Investments	June 30, 2021 (Unaudited)


Security Description	Shares		Fair Value ($)
Common Stocks (98.4%)
Australia (5.9%)
Brambles Ltd.		101,500	$	870,513
CSL Ltd.		6,000		1,283,308
Insurance Australia Group, Ltd.		188,200		725,893
Origin Energy Ltd.		181,339		610,615
Telstra Corp. Ltd.		322,700		909,924
Woodside Petroleum Ltd.		40,322		671,764
				5,072,017
Belgium (0.5%)
Colruyt SA		7,585		424,144
				424,144
Canada (10.1%)
Bank of Montreal		11,200		1,148,194
BCE, Inc.		11,100		547,477
Canadian National Railway Co.		5,200		548,740
Great-West Lifeco, Inc.		19,284		572,888
Intact Financial Corp.		4,300		584,285
Magna International, Inc.		7,400		685,249
Metro, Inc.		11,100		532,252
Royal Bank of Canada		13,000		1,317,307
The Bank of Nova Scotia		19,000		1,235,904
The Toronto-Dominion Bank		20,700		1,450,871
				8,623,167
Denmark (2.6%)
Novo Nordisk A/S		17,800		1,489,410
Novozymes A/S		9,400		709,502
				2,198,912
Finland (0.7%)
Kone OYJ		7,661		624,967
				624,967
France (10.3%)
Air Liquide SA		5,794		1,015,126
Danone SA		13,126		924,325
Dassault Systemes		4,200		1,018,796
EssilorLuxottica SA		3,550		655,419
Imerys SA		13,978		653,416
Legrand SA		9,400		995,376
L’Oreal SA		2,400		1,070,058
Publicis Groupe SA		12,400		793,417
Schneider Electric SE		6,700		1,054,549
Societe BIC SA		8,443		586,901
				8,767,383
Germany (8.5%)
Allianz SE		2,300		573,405
Beiersdorf AG		3,165		381,943
Deutsche Boerse AG		3,056		533,364
Fresenius SE & Co. KGaA		12,955		675,916
Fuchs Petrolub SE		7,320		356,485
Hannover Rueck SE		2,800		468,410
Henkel AG & Co. KGaA		8,300		764,109
Hugo Boss AG		13,100		712,776
Merck KGaA		4,800		921,344
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,800		493,044
SAP AG		9,606		1,355,218
				7,236,014
Hong Kong (2.5%)
Hang Lung Properties Ltd.		182,000		441,986
Hang Seng Bank Ltd.		41,020		818,950
Sino Land Co. Ltd.		548,000		863,926
				2,124,862
Ireland (1.3%)
Experian PLC		14,071		542,743
Smurfit Kappa Group PLC		9,700		526,187
				1,068,930
Israel (1.5%)
Check Point Software Technologies Ltd. (a)		5,300		615,489
Nice Ltd. (a)		2,574		635,290
				1,250,779
Italy (1.3%)
Snam SpA		90,171		521,776
Terna Rete Elettrica Nazionale SpA		83,200		619,832
				1,141,608
Japan (20.6%)
Astellas Pharma, Inc.		37,300		649,392
Benesse Holdings, Inc.		14,760		367,037
Central Japan Railway Co.		5,215		790,810
Chugai Pharmaceutical Co. Ltd.		13,500		531,793
Daiwa House Industry Co. Ltd.		18,590		557,938
Denso Corp.		12,600		859,287
East Japan Railway Co.		7,900		566,254
Fast Retailing Co. Ltd.		805		605,761
INPEX Corp.		84,800		635,625
JSR Corp.		24,500		740,800
Kao Corp.		10,400		639,827
Kurita Water Industries Ltd.		13,000		623,613
Mitsubishi Estate Co. Ltd.		29,300		473,722
Nippon Telegraph & Telephone Corp.		36,000		937,873
Nitto Denko Corp.		8,200		611,656
Nomura Research Institute Ltd.		24,200		800,952
Oracle Corporation Japan		8,700		665,949
Oriental Land Co. Ltd.		4,100		584,116
Sumitomo Mitsui Financial Group, Inc.		26,400		908,671
Sysmex Corp.		5,900		696,952
Terumo Corp.		15,200		615,797
The Chiba Bank Ltd.		82,800		498,503
The Hachijuni Bank Ltd.		104,900		337,981
Tokio Marine Holdings, Inc.		9,900		453,742
Toyota Motor Corp.		9,600		838,170
Trend Micro, Inc.		16,600		869,905
Yamato Holdings Co. Ltd.		25,700		730,908
				17,593,034
Luxembourg (0.8%)
Tenaris SA		62,086		679,768
				679,768
Netherlands (3.3%)
Koninklijke Ahold Delhaize NV		35,000		1,040,498
Koninklijke Vopak NV		17,400		790,664
Wolters Kluwer NV		10,100		1,015,004
				2,846,166
Norway (0.8%)
Equinor ASA		32,025		678,154
				678,154

See Notes to Financial Statements

	Boston Trust Walden International Equity Fund
Schedule of Portfolio Investments	June 30, 2021 (Unaudited)

Security Description	Shares		Fair Value ($)
Common Stocks (continued)
Singapore (1.4%)
ComfortDelGro Corp. Ltd.		462,000		564,396
Singapore Exchange Ltd.		77,200		642,806
				1,207,202
Spain (2.0%)
Enagas SA		36,000		831,607
Industria de Diseno Textil SA		25,400		894,907
				1,726,514
Sweden (3.3%)
Assa Abloy AB, Class B		17,300		521,382
Atlas Copco AB, Class A		10,300		631,184
Hennes & Mauritz AB (a)		33,400		792,822
Svenska Handelsbanken AB		78,700		887,820
				2,833,208
Switzerland (8.8%)
ABB Ltd.		18,500		628,143
Cie Financiere Richemont SA		8,600		1,041,502
Givaudan SA		240		1,116,552
Nestle SA		14,100		1,756,422
Roche Holding AG		2,700		1,017,826
SGS SA		175		540,011
Sonova Holding AG		2,400		903,368
Zurich Insurance Group AG		1,200		481,267
				7,485,091
United Kingdom (12.2%)
Compass Group PLC (a)		28,893		609,299
Croda International PLC		9,274		945,851
ITV PLC (a)		329,444		573,261
Johnson Matthey PLC		15,576		662,994
London Stock Exchange Group PLC		8,100		893,287
Marks & Spencer Group PLC (a)		318,860		646,572
National Grid PLC		42,000		534,684
Next PLC (a)		5,900		642,021
Reckitt Benckiser Group PLC		5,600		495,538
RELX PLC		36,200		961,574
Sage Group PLC		91,200		863,812
Schroders PLC		16,300		793,001
Smith & Nephew PLC		34,200		741,040
Unilever PLC		9,200		538,023
WPP PLC		37,770		511,255
				10,412,212
TOTAL COMMON STOCKS (Cost $66,540,758)				83,994,132

Investment Companies (1.2%)
JPMorgan U.S. Government Money Market Fund, Capital Shares, 0.03% (b)		986,934		986,934
TOTAL INVESTMENT COMPANIES (Cost $986,934)				986,934

Total Investments (Cost $67,527,692) — 99.6%				84,981,066
Other assets in excess of liabilities — 0.4%				355,804
NET ASSETS — 100.0%			$	85,336,870

	Percentage of
Industry	Total Net Assets
Financials		18.9	%
Industrials		14.8
Health Care		12.0
Consumer Discretionary		10.7
Consumer Staples		10.0
Materials		8.6
Information Technology		8.1
Energy		6.3
Communication Services		5.0
Real Estate		2.7
Utilities		1.3
Investment Companies		1.2
Other net assets		0.4
Total		100.0	%

	(a)	Non-income producing security.
	(b)	Rate disclosed is the seven day yield as of June 30, 2021. PLC Public Limited Company

The Fund invested, as a percentage of net assets at value, in the following industries as of June 30, 2021:

See Notes to Financial Statements

Financial Statements

Boston Trust Walden International Equity Fund

Statement of Assets and Liabilities

June 30, 2021 (Unaudited)

Assets:
Investments, at fair value (cost $67,527,692)	$	84,981,066
Foreign currency, at fair value (cost $53,386)		53,930
Dividends receivable		172,320
Receivable for investments sold		49,427
Receivable for tax reclaims		192,737
Prepaid expenses		1,534
Total Assets		85,451,014
Liabilities:
Payable for investments purchased		49,317
Accrued expenses and other liabilities:
Investment adviser		53,440
Administration and accounting		5,767
Chief compliance officer		435
Custodian		1,451
Shareholder servicing fees		100
Transfer agent		2,565
Trustee		329
Other		740
Total Liabilities		114,144
Net Assets	$	85,336,870
Composition of Net Assets:
Paid in capital	$	67,637,545
Total distributable earnings/(loss)		17,699,325
Net Assets	$	85,336,870
Shares outstanding (par value $0.01, unlimited number of shares authorized)		6,371,447
Net Asset Value, Offering Price and Redemption price per share	$	13.39

Statement of Operations

For the period ended June 30, 2021 (Unaudited)

Investment Income:
Dividends	$	1,362,452
Less: Foreign tax withholding		(161,431	)
Total Investment Income		1,201,021
Expenses:
Investment adviser		300,725
Administration and accounting		26,977
Chief compliance officer		2,145
Custodian		11,839
Shareholder servicing		5,649
Transfer agency		14,365
Trustee		2,044
Other		11,065
Total expenses		374,809
Net Expenses		374,809
Net Investment Income		826,212
Net Realized/Unrealized Gains (Losses) from Investments:
Net realized gains from investment securities and foreign currency transactions		244,407
Change in unrealized appreciation/depreciation on investment securities and foreign currency translations		5,877,252
Net realized/unrealized gains (losses) on investments		6,121,659
Change in Net Assets Resulting from Operations	$	6,947,871

See Notes to Financial Statements

Financial Statements

Boston Trust Walden International Equity Fund

Statements of Changes in Net Assets

	For the six months ended			For the year ended
	June 30, 2021			December 31, 2020
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	826,212		$	806,959
Net realized gains/(losses) from investment securities and foreign currency transactions		244,407			(723,614	)
Change in unrealized appreciation/depreciation on investment securities and foreign currency translations		5,877,252			4,982,128
Change in Net Assets Resulting from Operations		6,947,871			5,065,473
Distributions to shareholders:
Total Distributions		—			(804,178	)
Change in Net Assets Resulting from distributions to shareholders		—			(804,178	)
Capital Share Transactions:
Proceeds from shares issued		10,052,623			14,880,095
Dividends reinvested		—			576,531
Cost of shares redeemed		(5,383,441	)		(2,957,779	)
Change in Net Assets Resulting from Capital Share Transactions		4,669,182			12,498,847
Change in Net Assets		11,617,053			16,760,142
Net Assets:
Beginning of period		73,719,817			56,959,675
End of period	$	85,336,870		$	73,719,817
Share Transactions:
Issued		779,895			1,335,777
Reinvested		—			47,925
Redeemed		(408,420	)		(292,056	)
Change in shares		371,475			1,091,646

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															For the nine
	months			For the year			For the year			For the year			For the year			months
	ended			ended			ended			ended			ended			ended
	June 30,			December			December			December			December			December
	2021			31, 2020			31, 2019			31, 2018			31, 2017			31, 2016
Net Asset Value, Beginning of Period	$	12.29		$	11.60		$	9.78		$	11.07		$	9.34		$	9.45
Investment Activities:
Operations:
Net investment income		0.13			0.15			0.20			0.17			0.13			0.12
Net realized/unrealized gains (losses) from
investments		0.97			0.69			1.81			(1.29	)		1.73			(0.06	)
Total from investment activities		1.10			0.84			2.01			(1.12	)		1.86			0.06
Dividends:
Net investment income		—			(0.14	)		(0.19	)		(0.17	)		(0.13	)		(0.17	)
Total dividends		—			(0.14	)		(0.19	)		(0.17	)		(0.13	)		(0.17	)
Net Asset Value, End of Period	$	13.39		$	12.29		$	11.60		$	9.78		$	11.07		$	9.34
Total Return		8.95	%(a)		7.16	%		20.62	%		(10.18	)%		19.92	%		0.62	%(a)
Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	85,337		$	73,720		$	56,960		$	39,056		$	41,234		$	14,713
Ratio of net expenses to average net assets		0.93	%(b)		1.00	%		1.04	%		1.15	%		1.15	%		1.15	%(b)
Ratio of net investment income to average net assets		2.06	%(b)		1.41	%		1.93	%		1.57	%		1.57	%		1.87	%(b)
Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (c)		0.93	%(b)		1.00	%		1.02	%		1.17	%		1.31	%		1.86	%(b)
Portfolio turnover rate		5.31	%(a)		8.38	%		10.70	%		3.44	%		10.16	%		4.90	%(a)

	(a)	Not annualized for periods less than one year.
	(b)	Annualized for periods less than one year.
	(c)	During the periods, certain fees were reduced. If such fee reduction had not occurred, the ratio would have been as indicated.

Amounts designated as “-” are $0.00 or have been rounded to $0.00.

See Notes to Financial Statements

Notes to the Financial Statements

June 30, 2021 (Unaudited)

1.	Organization:

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

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

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

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

2.	Significant Accounting Policies:

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

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

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

Security Valuation:

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

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

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

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

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

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Fair Value Measurements:

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

Level 1 — Quoted prices in active markets for identical assets

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

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

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

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

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

The Funds did not hold any Level 3 investments during the six months ended June 30, 2021.

The following is a summary of the valuation inputs used as of June 30, 2021 in valuing the Funds’ investments based on the three levels defined above:

			Level 2
	Level 1		Other Significant		Total Investments
Fund Name	Quoted Prices		Observable Inputs		in Securities
Asset Management Fund
Investment Companies	$	3,157,044	$	—	$	3,157,044
U.S. Government & U.S. Government Agency Obligations		—		99,899,288		99,899,288
Municipal Bonds¹		—		22,636,463		22,636,463
Common Stocks²		508,013,003		—		508,013,003
Corporate Bonds²		—		16,371,079		16,371,079
Total		511,170,047		138,906,830		650,076,877

Equity Fund
Investment Companies		1,535,051		—		1,535,051
Common Stocks²		196,187,692		—		196,187,692
Total		197,722,743		—		197,722,743

Midcap Fund
Investment Companies		1,131,331		—		1,131,331
Common Stocks²		154,190,640		—		154,190,640
Total		155,321,971		—		155,321,971

SMID Cap Fund
Investment Companies		3,886,302		—		3,886,302
Common Stocks²		537,887,436		—		537,887,436
Total		541,773,738		—		541,773,738

BTW Balanced Fund
Investment Companies		1,583,745		—		1,583,745
U.S. Government & U.S. Government Agency Obligations		—		34,566,856		34,566,856
Municipal Bonds¹		—		1,026,832		1,026,832
Common Stocks²		141,077,223		—		141,077,223
Certificate of Deposit		—		201,792		201,792
Corporate Bonds²		—		14,547,887		14,547,887
Yankee Dollar		—		372,194		372,194
Total		142,660,968		50,715,561		193,376,529

BTW Equity Fund
Investment Companies		3,178,666		—		3,178,666
Common Stocks²		313,705,628		—		313,705,628
Total		316,884,294		—		316,884,294

BTW Midcap Fund
Investment Companies		1,428,832		—		1,428,832
Common Stocks²		94,600,615		—		94,600,615
Total		96,029,447		—		96,029,447

Notes to the Financial Statements

June 30, 2021 (Unaudited)

			Level 2
	Level 1		Other Significant		Total Investments
Fund Name	Quoted Prices		Observable Inputs		in Securities
BTW SMID Cap Fund
Investment Companies	$	802,034	$	—	$	802,034
Common Stocks²		80,400,841		—		80,400,841
Total		81,202,875		—		81,202,875

BTW Small Cap Fund
Investment Companies		6,291,170		—		6,291,170
Common Stocks²		761,618,037		—		761,618,037
Total		767,909,207		—		767,909,207

BTW International Equity Fund
Investment Companies		986,934		—		986,934
Common Stocks³		—		—		—
Communication Services		547,477		3,725,730		4,273,207
Consumer Discretionary		685,249		8,594,270		9,279,519
Consumer Staples		532,252		8,034,887		8,567,139
Financials		6,309,449		9,510,144		15,819,593
Industrials		548,740		12,248,328		12,797,068
Information Technology		615,489		6,209,922		6,825,411
Other Common Stocks		—		26,432,195		26,432,195
Total		10,225,590		74,755,476		84,981,066

¹For detailed state classifications, see the accompanying Schedules of Portfolio Investments.

²For detailed industry descriptions, see the accompanying Schedules of Portfolio Investments.

³For detailed country classifications, see the accompanying Schedules of Portfolio Investments.

Investment Transactions and Related Income:

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

Real Estate Investment Trusts:

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

Expenses:

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

Distributions to Shareholders:

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

Federal Income Taxes:

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

Management has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including U.S. federal (i.e., the last four tax year ends and the interim tax period since then, as applicable), and believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken as of and during the six months ended June 30, 2021. 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 months ended June 30, 2021.

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:

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

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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

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

Investment income from non-U.S. sources received by a Fund is generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties. The Funds may be subject to foreign taxes 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.

3.	Related Party Transactions and Other Service Arrangements:

Investment Adviser:

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

Fund	Fee Rate
Asset Management Fund		0.70	%*
Equity Fund		0.75	%
Midcap Fund		0.75	%
SMID Cap Fund		0.75	%

Fund	Fee Rate
BTW Balanced Fund		0.75	%
BTW Equity Fund		0.75	%
BTW Midcap Fund		0.75	%
BTW SMID Cap Fund		0.75	%
BTW Small Cap Fund		0.75	%
BTW International Equity Fund		0.75	%

Effective rate for the six months ended June 30, 2021. The Asset Management Fund has an Investment Management Agreement with the Adviser under which the Fund pays: (a) 0.75% of the first $500 million of average daily net assets; (b) 0.50% of average daily net assets in excess of $500 million.

Additionally, two trustees of the Trust are officers of the Adviser or its affiliate, and an officer of the Trust is an officer of the Adviser. These persons are not paid directly by the Funds.

Administration and Fund Accounting:

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

Certain officers of the Trust are affiliated with Citi. Such persons were paid no fees directly by the Funds for serving as Officers of the Trust. Citi makes an employee available to serve as the Trust’s Chief Compliance Officer (“CCO”) under a Compliance Service Agreement between the Funds and Citi (the “CCO Agreement”). Under the CCO Agreement, Citi also provides infrastructure and support in implementing the written policies and procedures comprising the Trust’s compliance program, including support services to the CCO. For the services provided under the CCO Agreement, the Funds paid Citi $75,000 for the six months ended June 30, 2021, plus certain out of pocket expenses. Citi pays the salary and other compensation earned by the CCO as an employee of Citi.

Distribution:

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

Shareholder Services:

The Funds 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 months ended June 30, 2021.

Custodian and Transfer Agency:

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

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

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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, 2018 (expiring 12/31/2021), December 31, 2019 (expiring 12/31/2022) and December 31, 2020 (expiring 12/31/2023) and six months ended June 30, 2021, respectively:

Fund	Amount		Expires
Midcap Fund	$	35,161		12/31/2022
		68,764		12/31/2023

SMID Cap Fund		168,823		12/31/2021
		170,506		12/31/2022
		251,750		12/31/2023
		180,470		12/31/2024

Fund	Amount		Expires
BTW Balanced Fund	$	31,449		12/31/2021
		34,853		12/31/2022
		33,272		12/31/2023

BTW Equity Fund		166,166		12/31/2021
		158,316		12/31/2022
		143,297		12/31/2023
		12,761		12/31/2024

BTW SMID Cap Fund		35,048		12/31/2021
		36,311		12/31/2022
		30,485		12/31/2023

BTW Small Cap Fund		230,033		12/31/2021
		168,952		12/31/2022
		247,032		12/31/2023

BTW International Equity Fund		7,070		12/31/2021

During the six months ended June 30, 2021, the Adviser recouped $7,542, $31,386, $13,800, $15,213, $7,299 previous fiscal year waivers from Midcap Fund, BTW Small Cap Fund, BTW Balanced Fund, BTW Midcap Fund and BTW SMID Cap Fund, respectively.

As of June 30, 2021, the Adviser may recoup amounts from the Funds as follows:

Total Potential Recoupment
Asset Management Fund	$	—
Equity Fund		—
Midcap Fund		103,925
SMID Cap Fund		771,549

Total Potential Recoupment
BTW Balanced Fund	$	99,574
BTW Equity Fund		480,540
BTW Midcap Fund		—
BTW SMID Cap Fund		101,844
BTW Small Cap Fund		646,017
BTW International Equity Fund		7,070

In-Kind Subscriptions and Redemptions:

During the six months ended June 30, 2021, the Funds delivered securities in exchange for the redemption of shares (redemptions in-kind) as follows:

			Fund Shares		Realized
Fund	Fair Value		Redeemed		Gain/(Loss)
Asset Management Fund	$	4,731,689		82,477	$	4,281,523

During the year ended December 31, 2020, the Funds delivered securities in exchange for the redemption of shares (redemptions in-kind) as follows:

			Fund Shares		Realized
Fund	Fair Value		Redeemed		Gain/(Loss)
SMID Cap Fund	$	4,663,238		244,533	$	4,664

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, 2021, the Funds had no outstanding loans to or from another fund under the Program. The Funds’ did not engage in any activity in the Program during the six months ended June 30, 2021.

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 months ended June 30, 2021, totaled:

			Sales and
Fund	Purchases		Maturities
Asset Management Fund	$	35,951,991		$ 21,016,515
Equity Fund		8,687,363		4,622,946
Midcap Fund		10,097,485		10,123,848
SMID Cap Fund		352,121,380		101,547,734
BTW Balanced Fund		26,209,180		25,909,167
BTW Equity Fund		25,806,177		11,457,908
BTW Midcap Fund		11,773,871		8,986,381
BTW SMID Cap Fund		16,674,030		10,455,643
BTW Small Cap Fund		197,596,086		129,863,691
BTW International Equity Fund		9,759,956		4,130,726

Cost of purchases and proceeds from sales and maturities of U.S. government securities, excluding short-term securities, for the Funds for the six months ended June 30, 2021, totaled:

			Sales and
Fund	Purchases		Maturities
Asset Management Fund	$	8,916,328	$	10,028,952
BTW Balanced Fund		10,106,670		16,358,101

5.	Federal Income Tax Information:

As of the tax year ended December 31, 2020, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for federal income tax purposes, were as follows:

			Gross Tax Unrealized		Gross Tax Unrealized			Net Unrealized Appreciation
Fund	Tax Cost		Appreciation		(Depreciation)			(Depreciation)
Asset Management Fund	$	287,980,143	$	309,123,882	$	(103,175	)	$	309,020,707
Equity Fund		55,919,392		112,683,737		(152,816	)		112,530,921
Midcap Fund		96,553,206		44,547,354		(1,523,571	)		43,023,783
SMID Cap Fund		180,454,897		48,916,416		(3,279,566	)		45,636,850
BTW Balanced Fund		106,683,302		71,140,384		(747,949	)		70,392,435
BTW Equity Fund		108,307,285		157,317,691		(1,352,118	)		155,965,573
BTW Midcap Fund		56,583,399		26,448,251		(245,384	)		26,202,867
BTW SMID Cap Fund		45,190,010		20,283,704		(765,544	)		19,518,160
BTW Small Cap Fund		453,865,749		154,783,659		(7,288,037	)		147,495,622
BTW International Equity Fund		60,927,592		14,617,687		(3,053,142	)		11,564,545

The tax character of distributions paid during the fiscal year ended December 31, 2020 was as follows:

	Distributions paid from
	Ordinary		Net Long Term		Total Taxable		Return of		Total Distributions
Fund	Income		Gains		Distributions		Capital		Paid
Asset Management Fund	$	5,477,265	$	26,917,374	$	32,394,639	$	–	$	32,394,639
Equity Fund		1,389,771		3,332,395		4,722,166		–		4,722,166
Midcap Fund		911,395		738,615		1,650,010		–		1,650,010
SMID Cap Fund		1,415,731		281,448		1,697,179		46,102		1,743,281
BTW Balanced Fund		1,502,423		3,639,885		5,142,308		–		5,142,308
BTW Equity Fund		2,025,655		8,027,497		10,053,152		–		10,053,152
BTW Midcap Fund		419,577		2,155,925		2,575,502		–		2,575,502
BTW SMID Cap Fund		340,093		793,869		1,133,962		–		1,133,962
BTW Small Cap Fund		2,825,984		7,329,749		10,155,733		–		10,155,733
BTW International Equity Fund		804,177		–		804,177		–		804,177

Notes to the Financial Statements

June 30, 2021 (Unaudited)

As of December 31, 2020, the components of distributable earnings (deficit) on a tax basis were as follows:

												Total
			Undistributed				Accumulated			Unrealized		Distributable
	Undistributed		Long-Term		Accumulated		Capital and			Appreciation/		Earnings
Fund	Ordinary Income		Capital Gains		Earnings		Other Losses¹			(Depreciation)		(Deficit)
Asset Management Fund	$	20,468	$	3,620,901	$	3,641,369	$	—		$	309,020,707	$	312,662,076
Equity Fund		—		1,828,166		1,828,166		—			112,530,921		114,359,087
Midcap Fund		—		686,065		686,065		—			43,023,783		43,709,848
SMID Cap Fund		—		—		—		(219,383	)		45,636,850		45,417,467
BTW Balanced Fund		37,116		1,004,731		1,041,847		—			70,392,435		71,434,282
BTW Equity Fund		3,239		1,724,988		1,728,227		—			155,965,573		157,693,800
BTW Midcap Fund		—		614,943		614,943		—			26,202,867		26,817,810
BTW SMID Cap Fund		—		681,553		681,553		—			19,518,160		20,199,713
BTW Small Cap Fund		3,049,853		4,769,197		7,819,050		—			147,495,622		155,314,672
BTW International Equity Fund		1,202		—		1,202		(829,667	)		11,579,919		10,751,454

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

As of the end of its tax year ended December 31, 2020, the following Funds have a net capital loss carry forwards (“CLCFs”) not subject to expiration as summarized in the tables below. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset or expires.

	Short-Term		Long-Term
Fund	Amount		Amount		Total
SMID Cap Fund	$	–	$	219,383	$	219,383
BTW International Equity Fund		–		829,667		829,667

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, 2021, 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.

		Percentage of
Fund	Control Ownership	Ownership
Asset Management Fund	US Bank N.A.		89.67%
Equity Fund	US Bank N.A.		95.08
Midcap Fund	US Bank N.A.		47.01
SMID Fund	National Financial Services		27.72
BTW Balanced Fund	US Bank N.A.		51.72
BTW Equity Fund	US Bank N.A.		29.27
BTW Midcap Fund	US Bank N.A.		55.63
BTW SMID Fund	US Bank N.A.		49.32
BTW International Equity Fund	US Bank N.A.		77.91

7.	Business Combination:

In December 2019, the Board approved the Adviser’s proposal to merge Walden Small Cap Fund (the “Target Fund”) into BTW Small Cap Fund (the “Acquiring Fund”). The Agreement and Plan of Reorganization was approved by shareholders on March 26, 2020. The Target Fund and the Acquiring Fund shared identical investment goals, principal investment strategies, risks, and ESG screens. They also shared the same investment adviser. The transaction was effective after the close of business on April 3, 2020. The Acquiring Fund acquired all of the assets and assumed all of the liabilities of the Target Fund as shown in the table below. The transaction was structured to qualify as a tax-free reorganization under the Code. Pursuant to the Agreement and Plan of Reorganization, shareholders of the Target Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their holdings in the Target Fund as of the close of business on April 3, 2020. The investment portfolio of the Target Fund, with a fair value of $103,000,783 and identified cost of $111,464,003 as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Notes to the Financial Statements

June 30, 2021 (Unaudited)

The following is a summary of Shares Outstanding, Net Assets, NAV and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization:

							Net Unrealized
	Shares				Net Asset Value		Appreciation
Target Fund	Outstanding		Net Assets		Per Share		(Depreciation)
Walden Small Cap Fund		7,088,420	$	103,030,710	$	14.54	$	(8,463,220	)

Acquiring Fund
Boston Trust Walden Walden Small Cap
Fund		19,128,805	$	189,922,749	$	9.93	$	(23,454,940	)

Post Reorganization
Boston Trust Walden Walden Small Cap
Fund		29,505,631	$	292,953,459	$	9.93	$	(31,918,160	)

8.	Subsequent Events:

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

Supplementary Information (Unaudited)

June 30, 2021 (Unaudited)

Table of Shareholder Expenses:

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2021 through June 30, 2021.

Actual Expenses

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

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

							Annualized
	Beginning		Ending		Expenses Paid		Expense Ratio
	Account Value		Account Value		During Period		During Period
	1/1/21		6/30/21		1/1/21 - 6/30/21*		1/1/21 - 6/30/21
Asset Management Fund	$	1,000.00	$	1,103.00	$	4.33		0.83	%
Equity Fund		1,000.00		1,147.80		4.58		0.86
Midcap Fund		1,000.00		1,118.00		5.25		1.00
SMID Cap Fund		1,000.00		1,166.40		4.03		0.75
BTW Balanced Fund		1,000.00		1,100.80		5.21		1.00
BTW Equity Fund		1,000.00		1,145.40		5.32		1.00
BTW Midcap Fund		1,000.00		1,119.20		5.25		1.00
BTW SMID Cap Fund		1,000.00		1,159.30		5.35		1.00
BTW Small Cap Fund		1,000.00		1,163.30		5.36		1.00
BTW International Equity Fund		1,000.00		1,089.50		4.82		0.93

Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Hypothetical Example for Comparison Purposes

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

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

							Annualized
	Beginning		Ending		Expenses Paid		Expense Ratio
	Account Value		Account Value		During Period		During Period
	1/1/21		6/30/21		1/1/21 - 6/30/21*		1/1/21 - 6/30/21
Asset Management Fund	$	1,000.00	$	1,020.68	$	4.16		0.83	%
Equity Fund		1,000.00		1,020.53		4.31		0.86
Midcap Fund		1,000.00		1,019.84		5.01		1.00
SMID Cap Fund		1,000.00		1,021.08		3.76		0.75
BTW Balanced Fund		1,000.00		1,019.84		5.01		1.00
BTW Equity Fund		1,000.00		1,019.84		5.01		1.00
BTW Midcap Fund		1,000.00		1,019.84		5.01		1.00
BTW SMID Cap Fund		1,000.00		1,019.84		5.01		1.00
BTW Small Cap Fund		1,000.00		1,019.84		5.01		1.00
BTW International Equity Fund		1,000.00		1,020.18		4.66		0.93

Supplementary Information (Unaudited)

June 30, 2021 (Unaudited)

Tabular Summary of Schedules of Portfolio Investments:

The Funds invested, as a percentage of total net assets, in the following industries and countries as of June 30, 2021.

Asset Management Fund

	Percentage of
Security Allocation for the Schedule of Portfolio Investments	Total Net Assets
Information Technology		23.3	%
U.S. Government & U.S. Government Agency Obligations		15.3
Financials		12.4
Health Care		10.3
Industrials		8.2
Communication Services		8.1
Consumer Discretionary		7.9
Consumer Staples		6.4
Municipal Bonds		3.5
Energy		1.6
Materials		1.4
Utilities		0.9
Investment Companies		0.5
Other net assets		0.2
Total		100.0	%

Equity Fund

	Percentage of
Security Allocation for the Schedule of Portfolio Investments	Total Net Assets
Information Technology		26.3	%
Financials		14.5
Industrials		12.1
Health Care		11.6
Communication Services		11.2
Consumer Discretionary		9.9
Consumer Staples		7.8
Materials		2.3
Energy		2.2
Utilities		1.1
Investment Companies		0.8
Other net assets		0.2
Total		100.0	%

Midcap Fund

Security Allocation for the Schedule of Portfolio Investments	Percentage of Total Net Assets
Information Technology		18.9	%
Industrials		15.8
Health Care		14.6
Financials		14.0
Consumer Discretionary		11.3
Materials		5.6
Utilities		5.4
Real Estate		5.1
Consumer Staples		3.6
Communication Services		3.1
Energy		1.8
Investment Companies		0.7
Other net assets		0.1
Total		100.0	%

SMID Cap Fund

	Percentage of
Security Allocation for the Schedule of Portfolio Investments	Total Net Assets
Health Care		16.6	%
Information Technology		16.1
Industrials		15.8
Financials		14.0
Consumer Discretionary		12.2
Real Estate		7.4
Materials		6.0
Consumer Staples		4.1
Communication Services		2.7
Utilities		2.5
Energy		1.8
Investment Companies		0.7
Other net assets		0.1
Total		100.0	%

Continued

Supplementary Information (Unaudited)

June 30, 2021 (Unaudited)

Tabular Summary of Schedules of Portfolio Investments: (continued)

BTW Balanced Fund

	Percentage of
Security Allocation for the Schedule of Portfolio Investments	Total Net Assets
Information Technology		21.1	%
U.S. Government & U.S. Government Agency Obligations		17.8
Financials		12.2
Health Care		11.7
Communication Services		8.3
Industrials		8.2
Consumer Discretionary		7.8
Consumer Staples		4.7
Materials		2.9
Utilities		2.1
Energy		1.7
Investment Companies		0.8
Municipal Bonds		0.5
Certificate of Deposit		0.1
Other net assets		0.1
Total		100.0	%

BTW Equity Fund

Security Allocation for the Schedule of Portfolio Investments	Percentage of Total Net Assets
Information Technology		26.9	%
Financials		14.8
Health Care		14.6
Industrials		10.5
Communication Services		10.1
Consumer Discretionary		10.1
Consumer Staples		6.0
Materials		2.7
Energy		2.0
Utilities		1.3
Investment Companies		1.0
Other net assets		0.0
Total		100.0	%

BTW Midcap Fund

	Percentage of
Security Allocation for the Schedule of Portfolio Investments	Total Net Assets
Information Technology		18.4	%
Industrials		16.2
Financials		14.4
Health Care		14.3
Consumer Discretionary		10.1
Materials		5.7
Utilities		5.6
Real Estate		5.2
Consumer Staples		3.7
Communication Services		3.1
Energy		1.8
Investment Companies		1.5
Other net assets		0.0
Total		100.0	%

BTW SMID Cap Fund

	Percentage of
Security Allocation for the Schedule of Portfolio Investments	Total Net Assets
Information Technology		16.7	%
Industrials		15.9
Health Care		15.4
Financials		14.1
Consumer Discretionary		12.0
Real Estate		7.4
Materials		5.8
Consumer Staples		4.2
Communication Services		3.3
Utilities		2.4
Energy		1.8
Investment Companies		1.0
Other net assets		0.0
Total		100.0	%

BTW Small Cap Fund

	Percentage of
Security Allocation for the Schedule of Portfolio Investments	Total Net Assets
Health Care		17.5	%
Industrials		17.3
Information Technology		15.0
Financials		14.8
Consumer Discretionary		13.6
Real Estate		6.0
Utilities		4.5
Materials		4.4
Consumer Staples		3.1
Energy		2.8
Investment Companies		0.8
Other net assets		0.2
Total		100.0	%

BTW International Equity Fund

	Percentage of
Security Allocation for the Schedule of Portfolio Investments	Total Net Assets
Japan		20.6	%
United Kingdom		12.2
France		10.3
Canada		10.1
Switzerland		8.8
Germany		8.5
Australia		5.9
Sweden		3.3
Netherlands		3.3
Denmark		2.6
Hong Kong		2.5
Spain		2.0
Israel		1.5
Singapore		1.4
Italy		1.3
Ireland		1.3
United States		1.2
Norway		0.8
Luxembourg		0.8
Finland		0.7
Belgium		0.5
Other net assets		0.4
Total		100.0	%

Continued

Supplementary Information (Unaudited)

June 30, 2021 (Unaudited)

Other Information:

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

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

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

Continued

Investment Adviser

Boston Trust Walden Inc.

One Beacon Street

Boston, MA 02108

Transfer Agent

Boston Trust Walden Company

One Beacon Street

Boston, MA 02108

Administrator

Citi Fund Services Ohio, Inc.

4400 Easton Commons, Suite 200

Columbus, OH 43219

Distributor

Foreside Financial Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

Legal Counsel

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, OH 43215

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

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

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

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

08/21

Item 2. Code of Ethics.

Not applicable – only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable – only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable – only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures.

(a)The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable – Only applicable for annual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

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)	The Boston Trust Walden Funds


By (Signature and Title)*	/s/ Lucia Santini , President


Date	August 26, 2021

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)*	/s/ Lucia Santini , President


Date	August 26, 2021


By (Signature and Title)*	/s/ Jennifer Ellis , Treasurer


Date	August 26, 2021