N-CSR 1 tm232965d1_ncsr.htm N-CSR

 

 

 

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 number811-06526  

 

Boston Trust Walden Funds

(Exact name of registrant as specified in charter)

 

One Beacon Street, Boston MA02108
 (Address of principal executive offices)(Zip code)
   
 4400 Easton Commons, Suite 200, Columbus, OH 43219
 (Name and address of agent for service) 

 

Registrant’s telephone number, including area code: 1-800-282-8782

 

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

 

 

 

 

 

Item 1. Reports to Stockholders.

 

   

 

 

Annual Report

December 31, 2022

 

 

 

 

Boston Trust Asset Management Fund

Boston Trust Equity Fund

Boston Trust Midcap Fund

Boston Trust SMID Cap Fund

 

Boston Trust Walden Balanced Fund

Boston Trust Walden Equity Fund

Boston Trust Walden Midcap Fund

Boston Trust Walden SMID Cap Fund

Boston Trust Walden Small Cap Fund

Boston Trust Walden International Equity Fund

 

 

 

 

Table of Contents Annual Report
  December 31, 2022

 

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

 

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

 

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

 

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

 

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

 

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

 

1

 

 

Boston Trust Asset Management Fund

Boston Trust Equity Fund

December 31, 2022

 

Amy Crandall Kaser, CFP®

Co-Portfolio Manager

 

Jason T. O’Connell, CFA, CAIA, CFP®

Co-Portfolio Manager

 

Boston Trust Walden Inc.

 

Asset Management Fund Objective

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

 

Equity Fund Objective

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

 

Investment Concerns

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

 

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

 

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

 

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

 

Cash equivalents offer low risk and low return potential.

 

Manager Commentary (Unaudited)

 

Management Discussion of Fund Performance

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

 

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

 

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

 

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

 

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

 

 

*Portfolio composition is subject to change.

 

2

 

 

Investment Performance (Unaudited)

Boston Trust Asset Management Fund

Boston Trust Equity Fund

December 31, 2022

 

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

 

Hypothetical Growth of a $100,000 Investment

 

 

 

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

 

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

 

Boston Trust Asset Management Fund

 

Fund Net Asset Value:  $55.13 
Gross Expense Ratio1:   0.81%

 

Boston Trust Equity Fund

 

Fund Net Asset Value:  $34.61 
Gross Expense Ratio1:   0.85%

 

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

 

 

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

 

3

 

 

Boston Trust Midcap Fund

December 31, 2022

 

Stephen J. Amyouny, CFA

Lead Portfolio Manager

 

Richard Q. Williams, CFA

Co-Portfolio Manager

 

Mark Zagata, CFA

Co-Portfolio Manager

 

Boston Trust Walden Inc.

 

Fund Objective

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

 

Investment Concerns

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

 

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

 

Manager Commentary (Unaudited)

 

Management Discussion of Fund Performance

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

 

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

 

Outlook

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

 

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

 

 

*Portfolio composition is subject to change.

 

4

 

 

Investment Performance (Unaudited)

Boston Trust Midcap Fund

December 31, 2022

 

   For the periods ended 12/31/22 
   Average Annual Total Returns 
                       Since 
                       Inception 
   1 Year   3 Years   5 Years   10 Years   15 Years   (9/24/07) 
Boston Trust Midcap Fund1   -10.94%   6.55%   8.49%   11.24%   9.14%   9.17%
Russell MidCap® Index   -17.32%   5.87%   7.10%   10.95%   8.43%   8.09%

 

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 graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

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

 

Fund Net Asset Value:  $21.26 
Gross Expense Ratio1:   1.00%

 

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.

 

 

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

 

5

 

 

Boston Trust SMID Cap Fund

December 31, 2022

 

Kenneth P. Scott, CFA

Lead Portfolio Manager

 

Richard Q. Williams, CFA

Co-Portfolio Manager

 

Leanne Moore

Co-Portfolio Manager

 

Boston Trust Walden Inc.

 

Fund Objective

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

 

Investment Concerns

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

 

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

 

Manager Commentary (Unaudited)

 

Management Discussion of Fund Performance

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

 

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

 

Outlook

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

 

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

 

 

*Portfolio composition is subject to change.

 

6

 

 

Investment Performance (Unaudited)

Boston Trust SMID Cap Fund

December 31, 2022

 

   For the periods ended 12/31/22 
   Average Annual Total Returns 
                   Since 
                   Inception 
   1 Year   3 Years   5 Years   10 Years   (11/30/11) 
Boston Trust SMID Cap Fund1   -12.04%   7.50%   8.24%   10.87%   10.77%
Russell 2500 Index   -18.37%   4.99%   5.88%   10.02%   10.65%

 

Hypothetical Growth of a $1,000,000 Investment

 

 

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

 

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

 

Fund Net Asset Value:  $20.56 
Gross Expense Ratio1:   0.85%

 

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

 

 

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

 

7

 

 

 

Schedule of Portfolio Investments

Boston Trust Asset Management Fund

December 31, 2022

 

Security Description  Shares   Fair Value ($) 
Common Stocks (77.7)%          
Communication Services (5.4%)          
Alphabet, Inc., Class A (a)   40,000    3,529,200 
Alphabet, Inc., Class C (a)   220,000    19,520,600 
Comcast Corp., Class A   200,000    6,994,000 
         30,043,800 
Consumer Discretionary (7.1%)          
Dollar General Corp.   17,500    4,309,375 
Lowe’s Cos., Inc.   25,000    4,981,000 
NIKE, Inc., Class B   102,500    11,993,525 
O’Reilly Automotive, Inc. (a)   4,500    3,798,135 
Ross Stores, Inc.   38,000    4,410,660 
Starbucks Corp.   100,000    9,920,000 
         39,412,695 
Consumer Staples (7.2%)          
Church & Dwight Co., Inc.   50,000    4,030,500 
Costco Wholesale Corp.   35,000    15,977,500 
Diageo PLC, Sponsored ADR   25,000    4,454,750 
McCormick & Co., Inc.   40,000    3,315,600 
PepsiCo, Inc.   30,000    5,419,800 
Sysco Corp.   35,000    2,675,750 
The Procter & Gamble Co.   25,000    3,789,000 
         39,662,900 
Energy (5.4%)          
Chevron Corp.   38,000    6,820,620 
ConocoPhillips   45,000    5,310,000 
Exxon Mobil Corp.   110,000    12,133,000 
Schlumberger Ltd.   100,000    5,346,000 
         29,609,620 
Financials (11.1%)          
American Express Co.   30,000    4,432,500 
Berkshire Hathaway, Inc., Class B (a)   22,500    6,950,250 
Chubb Ltd.   20,000    4,412,000 
Cincinnati Financial Corp.   60,000    6,143,400 
Comerica, Inc.   20,000    1,337,000 
FactSet Research Systems, Inc.   13,720    5,504,601 
JPMorgan Chase & Co.   85,000    11,398,500 
Northern Trust Corp.   50,000    4,424,500 
T. Rowe Price Group, Inc.   55,000    5,998,300 
The PNC Financial Services Group, Inc.   30,000    4,738,200 
U.S. Bancorp   130,000    5,669,300 
         61,008,551 
Health Care (10.6%)          
Agilent Technologies, Inc.   20,000    2,993,000 
Becton, Dickinson & Co.   35,000    8,900,500 
Edwards Lifesciences Corp. (a)   95,000    7,087,950 
Johnson & Johnson   50,000    8,832,500 
Merck & Co., Inc.   50,000    5,547,500 
Mettler-Toledo International, Inc. (a)   5,000    7,227,250 
Stryker Corp.   25,000    6,112,250 
UnitedHealth Group, Inc.   17,500    9,278,150 
Waters Corp. (a)   7,500    2,569,350 
         58,548,450 
Industrials (7.7%)        
Donaldson Co., Inc.   50,000    2,943,500 
Hubbell, Inc.   36,000    8,448,480 
Illinois Tool Works, Inc.   25,400    5,595,620 
Union Pacific Corp.   45,000    9,318,150 
United Parcel Service, Inc., Class B   54,000    9,387,360 
W.W. Grainger, Inc.   12,000    6,675,000 
         42,368,110 
Information Technology (21.1%)          
Accenture PLC, Class A   62,000    16,544,080 
Apple, Inc.   220,000    28,584,600 
Automatic Data Processing, Inc.   71,000    16,959,061 
Cisco Systems, Inc.   65,000    3,096,600 
Microsoft Corp.   130,000    31,176,600 
Oracle Corp.   65,000    5,313,100 
Visa, Inc., Class A   70,000    14,543,200 
         116,217,241 
Materials (2.1%)          
Air Products and Chemicals, Inc.   25,500    7,860,630 
AptarGroup, Inc.   32,500    3,574,350 
         11,434,980 
TOTAL COMMON STOCKS (Cost $128,746,515)        428,306,347 

 

   Principal     
   Amount ($)     
Corporate Bonds (3.0%)          
Communication Services (0.2%)          
Comcast Corp., 4.25%, 10/15/30, Callable 7/15/30 @ 100   900,000    865,663 
Verizon Communications, Inc., 4.02%, 12/3/29, Callable 9/3/29 @ 100   250,000    235,304 
         1,100,967 
Consumer Discretionary (0.1%)          
Toyota Motor Credit Corp., 3.65%, 1/8/29   350,000    329,632 
           
Consumer Staples (0.1%)          
McCormick & Co., Inc., 3.50%, 9/1/23, Callable 6/1/23 @ 100   500,000    494,831 
           
Financials (1.1%)          
Bank of America Corp., 4.18%, 11/25/27, MTN, Callable 11/25/26 @ 100   500,000    475,824 
Berkshire Hathaway, Inc., 3.13%, 3/15/26, Callable 12/15/25 @ 100   2,000,000    1,921,078 
Cincinnati Financial Corp., 6.92%, 5/15/28   500,000    535,497 
JPMorgan Chase & Co., 3.90%, 7/15/25, Callable 4/15/25 @ 100   1,000,000    978,308 
JPMorgan Chase & Co., 4.01%, 4/23/29, Callable 4/23/28 @ 100   500,000    462,699 
Wells Fargo & Co., 3.55%, 9/29/25, MTN   2,000,000    1,927,118 
         6,300,524 
Health Care (0.2%)          
Merck & Co., Inc., 1.70%, 6/10/27, Callable 5/10/27 @ 100   350,000    311,296 
Pfizer, Inc., 3.60%, 9/15/28, Callable 6/15/28 @ 100   500,000    480,058 
UnitedHealth Group, Inc., 3.38%, 4/15/27   500,000    474,999 
         1,266,353 

 

See Notes to Financial Statements

 

8

 

 

Schedule of Portfolio Investments

Boston Trust Asset Management Fund

December 31, 2022

 

Security Description  Principal
Amount ($)
   Fair Value ($) 
Corporate Bonds (continued)          
Industrials (0.4%)          
Emerson Electric Co., 2.00%, 12/21/28, Callable 10/21/28 @ 100   400,000    341,402 
Hubbell, Inc., 3.50%, 2/15/28, Callable 11/15/27 @ 100   1,000,000    923,794 
John Deere Capital Corp., 3.45%, 3/7/29, MTN   500,000    466,008 
Union Pacific Corp., 3.95%, 9/10/28, Callable 6/10/28 @ 100   400,000    384,874 
         2,116,078 
Information Technology (0.8%)          
Apple, Inc., 3.25%, 2/23/26, Callable 11/23/25 @ 100   2,500,000    2,406,418 
Visa, Inc., 3.15%, 12/14/25, Callable 9/14/25 @ 100   2,000,000    1,930,611 
         4,337,029 
Materials (0.1%)          
Air Products and Chemicals, Inc., 1.85%, 5/15/27, Callable 3/15/27 @ 100   400,000    356,605 
           
TOTAL CORPORATE BONDS (Cost $17,489,803)        16,302,019 
           
U.S. Government & U.S. Government Agency Obligations (18.8%)          
Federal Farm Credit Bank (2.1%)          
2.85%, 3/2/28   2,400,000    2,267,148 
2.95%, 1/27/25   2,000,000    1,941,730 
3.14%, 12/5/29   2,500,000    2,350,974 
3.39%, 2/1/28   2,000,000    1,939,343 
3.85%, 12/26/25   2,770,000    2,744,163 
         11,243,358 
Federal Home Loan Bank (1.4%)          
2.50%, 12/10/27   1,500,000    1,393,741 
2.63%, 6/11/27   1,500,000    1,405,715 
2.88%, 9/13/24   2,500,000    2,428,428 
3.50%, 9/24/29   2,000,000    1,948,034 
         7,175,918 
U.S. Treasury Bill (2.6%)          
4.32%, 4/20/23   450,000    444,140 
4.45%, 9/7/23   2,000,000    1,940,000 
4.51%, 7/13/23   12,500,000    12,203,253 
         14,587,393 
U.S. Treasury Inflation Index Note (2.2%)          
0.13%, 10/15/26   5,452,250    5,118,030 
0.13%, 4/15/27   4,221,400    3,940,175 
0.63%, 7/15/32   3,589,425    3,294,716 
         12,352,921 
U.S. Treasury Note (10.5%)          
0.88%, 11/15/30   11,000,000    8,822,344 
1.63%, 8/15/29   6,000,000    5,220,469 
1.63%, 5/15/31   10,000,000    8,438,672 
2.00%, 4/30/24   6,500,000    6,275,547 
2.25%, 11/15/27   6,500,000    6,001,582 
2.75%, 5/15/25   5,000,000    4,825,781 
2.75%, 8/15/32   7,500,000    6,855,469 
3.13%, 8/31/29   12,500,000    11,896,728 
         58,336,592 
TOTAL U.S. GOVERNMENT & U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $105,143,824)        103,696,182 

 

   Shares     
Investment Companies (0.4%)          
JPMorgan U.S. Government Money Market Fund, Capital Shares, 4.19% (b)   2,340,758    2,340,758 
TOTAL INVESTMENT COMPANIES (Cost $2,340,758)        2,340,758 
Total Investments (Cost $253,720,900) — 99.9% (c)        550,645,306 
Other assets in excess of liabilities — 0.1%        692,626 
NET ASSETS — 100.0%       $551,337,932 

 

 

(a)Non-income producing security.
(b)Rate disclosed is the seven day yield as of December 31, 2022.
(c)See Federal Tax Information listed in the Notes to the Financial Statements.
  
ADRAmerican Depositary Receipt
MTNMedium Term Note
PLCPublic Limited Company

 

See Notes to Financial Statements

 

9

 

 

Financial Statements Boston Trust Asset Management Fund

 

Statement of Assets and Liabilities

December 31, 2022

 

Assets:     
Investments, at fair value (cost $253,720,900)  $550,645,306 
Interest and dividends receivable   1,154,638 
Receivable for capital shares issued   27,438 
Prepaid expenses   17,066 
Total Assets   551,844,448 
Liabilities:     
Payable for capital shares redeemed   41,332 
Payable to Custodian   37,801 
Accrued expenses and other liabilities:     
Investment adviser   346,263 
Administration and accounting   16,088 
Chief compliance officer   5,040 
Custodian   7,138 
Shareholder servicing fees   11,047 
Transfer agent   5,229 
Trustee   151 
Other   36,427 
Total Liabilities   506,516 
Net Assets  $551,337,932 
Composition of Net Assets:     
Paid in capital  $252,537,612 
Total distributable earnings (loss)   298,800,320 
Net Assets  $551,337,932 
Shares outstanding (par value $0.01, unlimited number of shares authorized)   10,001,154 
Net Asset Value, Offering Price and Redemption price per share  $55.13 

 

Statement of Operations

For the year ended December 31, 2022

 

Investment Income:     
Interest  $3,888,095 
Dividends   7,448,829 
Total Investment Income   11,336,924 
Expenses:     
Investment adviser   4,262,627 
Administration and accounting   228,466 
Chief compliance officer   30,381 
Custodian   87,856 
Shareholder servicing   145,916 
Transfer agency   33,466 
Trustee   75,251 
Other   146,222 
Total expenses   5,010,185 
Net Expenses   5,010,185 
Net Investment Income   6,326,739 
Net Realized/Unrealized Gains (Losses) from Investments:     
Net realized gains from investment transactions   6,394,661 
Change in unrealized appreciation (depreciation) on investments   (114,355,885)
Net realized/unrealized gains (losses) on investments   (107,961,224)
Change in Net Assets Resulting from Operations  $(101,634,485)

 

See Notes to Financial Statements

 

10

 

 

Financial Statements Boston Trust Asset Management Fund

 

Statements of Changes in Net Assets

 

   For the year ended
December 31, 2022
   For the year ended
December 31, 2021
 
Investment Activities:          
Operations:          
Net investment income  $6,326,739   $5,001,916 
Net realized gains from investment transactions   6,394,661    20,040,051 
Change in unrealized appreciation (depreciation) on investments   (114,355,885)   102,212,180 
Change in Net Assets Resulting from Operations   (101,634,485)   127,254,147 
Distributions to shareholders:          
Total Distributions   (24,865,921)   (10,333,974)
Change in Net Assets Resulting from distributions to shareholders   (24,865,921)   (10,333,974)
Capital Share Transactions:          
Proceeds from shares issued   13,998,321    22,290,048 
Dividends reinvested   12,757,441    5,357,589 
Cost of shares redeemed   (51,657,993)   (34,108,356)
Cost of in-kind shares redeemed (a)       (4,731,689)
Change in Net Assets Resulting from Capital Share Transactions   (24,902,231)   (11,192,408)
Change in Net Assets   (151,402,637)   105,727,765 
Net Assets:          
Beginning of period   702,740,569    597,012,804 
End of period  $551,337,932   $702,740,569 
Share Transactions:          
Issued   232,525    365,368 
Reinvested   223,345    81,163 
Redeemed   (872,055)   (552,917)
Redeemed in-kind (a)       (82,477)
Change in shares   (416,185)   (188,863)

 

 

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

 

See Notes to Financial Statements

 

11

 

 

Financial Statements Boston Trust Asset Management Fund

 

Financial Highlights

Selected data for a share outstanding throughout the years indicated.

 

   For the year
ended
December
31, 2022
   For the year
ended
December
31, 2021
   For the year
ended
December
31, 2020
   For the year
ended
December
31, 2019
   For the year
ended
December
31, 2018
 
Net Asset Value, Beginning of Period  $67.46   $56.29   $55.17   $44.27   $46.88 
Investment Activities:                         
Operations:                         
Net investment income   0.63    0.48    0.53    0.48    0.52 
Net realized/unrealized gains (losses) from investments   (10.42)   11.69    3.74    10.93    (1.20)
Total from investment activities   (9.79)   12.17    4.27    11.41    (0.68)
Distributions from:                         
Net investment income   (0.65)   (0.49)   (0.53)   (0.48)   (0.52)
Net realized gains from investment transactions   (1.89)   (0.51)   (2.62)   (0.03)   (1.41)
Total distributions   (2.54)   (1.00)   (3.15)   (0.51)   (1.93)
Net Asset Value, End of Period  $55.13   $67.46   $56.29   $55.17   $44.27 
Total Return   (14.65)%   21.65%   7.83%   25.81%   (1.61)%
Ratios/Supplemental Data:                         
Net assets at end of period (000’s)  $551,338   $702,741   $597,013   $623,151   $461,126 
Ratio of net expenses to average net assets   0.83%   0.81%   0.88%   0.90%   0.93%
Ratio of net investment income to average net assets   1.05%   0.77%   0.96%   1.02%   1.05%
Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets   0.83%   0.81%   0.88%   0.90%   0.93%
Portfolio turnover rate   35.52%   6.51%(a)   12.18%   5.76%(a)   2.53%

 

 

(a)Excludes impact of in-kind transactions.

 

See Notes to Financial Statements

 

12

 

 

Schedule of Portfolio Investments Boston Trust Equity Fund
December 31, 2022

 

Security Description  Shares   Fair Value ($) 
Common Stocks (97.8%)          
Communication Services (7.5%)          
Alphabet, Inc., Class A (a)   15,000    1,323,450 
Alphabet, Inc., Class C (a)   100,000    8,873,000 
Comcast Corp., Class A   82,000    2,867,540 
Electronic Arts, Inc.   11,000    1,343,980 
         14,407,970 
Consumer Discretionary (9.1%)          
Dollar General Corp.   8,500    2,093,125 
Lowe’s Cos., Inc.   10,000    1,992,400 
NIKE, Inc., Class B   30,000    3,510,300 
O’Reilly Automotive, Inc. (a)   3,300    2,785,299 
Ross Stores, Inc.   12,500    1,450,875 
Starbucks Corp.   40,000    3,968,000 
The TJX Cos., Inc.   21,500    1,711,400 
         17,511,399 
Consumer Staples (8.1%)          
Church & Dwight Co., Inc.   15,000    1,209,150 
Costco Wholesale Corp.   13,750    6,276,875 
Diageo PLC, Sponsored ADR   7,500    1,336,425 
McCormick & Co., Inc.   14,000    1,160,460 
PepsiCo, Inc.   10,000    1,806,600 
Sysco Corp.   20,000    1,529,000 
The Estee Lauder Cos., Inc.   3,500    868,385 
The Procter & Gamble Co.   9,000    1,364,040 
         15,550,935 
Energy (6.8%)          
Chevron Corp.   19,000    3,410,310 
Exxon Mobil Corp.   50,000    5,515,000 
Schlumberger Ltd.   75,000    4,009,500 
         12,934,810 
Financials (13.6%)          
American Express Co.   12,000    1,773,000 
Berkshire Hathaway, Inc., Class B (a)   10,000    3,089,000 
Chubb Ltd.   10,000    2,206,000 
Cincinnati Financial Corp.   20,000    2,047,800 
FactSet Research Systems, Inc.   5,500    2,206,655 
JPMorgan Chase & Co.   39,000    5,229,900 
Northern Trust Corp.   22,500    1,991,025 
T. Rowe Price Group, Inc.   20,000    2,181,200 
The PNC Financial Services Group, Inc.   17,500    2,763,950 
U.S. Bancorp   59,000    2,572,990 
         26,061,520 
Health Care (14.7%)          
Agilent Technologies, Inc.   13,600    2,035,240 
Becton, Dickinson & Co.   15,000    3,814,500 
Edwards Lifesciences Corp. (a)   22,500    1,678,725 
Johnson & Johnson   22,500    3,974,625 
Merck & Co., Inc.   22,500    2,496,375 
Mettler-Toledo International, Inc. (a)   1,500    2,168,175 
Stryker Corp.   12,000    2,933,880 
The Cooper Cos., Inc.   5,000    1,653,350 
UnitedHealth Group, Inc.   12,000    6,362,160 
Waters Corp. (a)   3,200    1,096,256 
         28,213,286 
Industrials (10.9%)          
Deere & Co.   4,750    2,036,610 
Donaldson Co., Inc.   15,000    883,050 
Hubbell, Inc.   15,000    3,520,200 
Illinois Tool Works, Inc.   15,000    3,304,500 
Union Pacific Corp.   22,500    4,659,075 
United Parcel Service, Inc., Class B   15,000    2,607,600 
W.W. Grainger, Inc.   7,000    3,893,750 
         20,904,785 
Information Technology (23.9%)          
Accenture PLC, Class A   25,000    6,671,000 
Analog Devices, Inc.   9,000    1,476,270 
Apple, Inc.   87,000    11,303,910 
Automatic Data Processing, Inc.   20,000    4,777,200 
Microsoft Corp.   51,000    12,230,820 
Oracle Corp.   40,000    3,269,600 
Visa, Inc., Class A   28,000    5,817,280 
         45,546,080 
Materials (3.2%)          
Air Products and Chemicals, Inc.   14,800    4,562,248 
AptarGroup, Inc.   14,250    1,567,215 
         6,129,463 
TOTAL COMMON STOCKS (Cost $66,363,897)        187,260,248 
           
Investment Companies (2.1%)          
JPMorgan U.S. Government Money Market Fund, Capital Shares, 4.19% (b)   4,032,353    4,032,353 
TOTAL INVESTMENT COMPANIES (Cost $4,032,353)        4,032,353 
           
Total Investments (Cost $70,396,250) — 99.9% (c)        191,292,601 
Other assets in excess of liabilities — 0.1%        137,316 
NET ASSETS — 100.0%       $191,429,917 

 

 

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

 

See Notes to Financial Statements

 

13

 

 

Financial Statements Boston Trust Equity Fund

 

Statement of Assets and Liabilities

December 31, 2022

 

Assets:     
Investments, at fair value (cost $70,396,250)  $191,292,601 
Dividends receivable   223,435 
Receivable for capital shares issued   46,243 
Receivable from Custodian   15,892 
Prepaid expenses   4,956 
Total Assets   191,583,127 
Liabilities:     
Payable for capital shares redeemed   2,978 
Accrued expenses and other liabilities:     
Investment adviser   124,860 
Administration and accounting   14,433 
Chief compliance officer   808 
Custodian   1,162 
Shareholder servicing fees   809 
Transfer agent   2,396 
Trustee   25 
Other   5,739 
Total Liabilities   153,210 
Net Assets  $191,429,917 
Composition of Net Assets:     
Paid in capital  $69,355,535 
Total distributable earnings (loss)   122,074,382 
Net Assets  $191,429,917 
Shares outstanding (par value $0.01, unlimited number of shares authorized)   5,531,004 
Net Asset Value, Offering Price and Redemption price per share  $34.61 

 

Statement of Operations

For the year ended December 31, 2022

 

Investment Income:     
Dividends  $3,016,677 
Total Investment Income   3,016,677 
Expenses:     
Investment adviser   1,483,602 
Administration and accounting   79,918 
Chief compliance officer   9,288 
Custodian   27,264 
Shareholder servicing   11,641 
Transfer agency   28,301 
Trustee   23,061 
Other   44,728 
Total expenses   1,707,803 
Net Expenses   1,707,803 
Net Investment Income   1,308,874 
Net Realized/Unrealized Gains (Losses) from Investments:     
Net realized gains from investment transactions   2,008,906 
Change in unrealized appreciation (depreciation) on investments   (34,852,417)
Net realized/unrealized gains (losses) on investments   (32,843,511)
Change in Net Assets Resulting from Operations  $(31,534,637)

 

See Notes to Financial Statements

 

14

 

 

Financial Statements Boston Trust Equity Fund

 

Statements of Changes in Net Assets

 

   For the year ended
December 31, 2022
   For the year ended
December 31, 2021
 
Investment Activities:          
Operations:          
Net investment income  $1,308,874   $1,037,638 
Net realized gains from investment transactions   2,008,906    6,948,769 
Change in unrealized appreciation (depreciation) on investments   (34,852,417)   43,065,031 
Change in Net Assets Resulting from Operations   (31,534,637)   51,051,438 
Distributions to shareholders:          
Total Distributions   (6,000,589)   (5,800,917)
Change in Net Assets Resulting from distributions to shareholders   (6,000,589)   (5,800,917)
Capital Share Transactions:          
Proceeds from shares issued   12,205,790    12,632,859 
Dividends reinvested   2,789,935    2,677,723 
Cost of shares redeemed   (8,896,664)   (6,182,310)
Change in Net Assets Resulting from Capital Share Transactions   6,099,061    9,128,272 
Change in Net Assets   (31,436,165)   54,378,793 
Net Assets:          
Beginning of period   222,866,082    168,487,289 
End of period  $191,429,917   $222,866,082 
Share Transactions:          
Issued   337,500    340,673 
Reinvested   77,628    66,133 
Redeemed   (247,975)   (166,404)
Change in shares   167,153    240,402 

 

See Notes to Financial Statements

 

15

 

 

Financial Statements Boston Trust Equity Fund

 

Financial Highlights

Selected data for a share outstanding throughout the years indicated.

 

   For the year
ended
December
31, 2022
   For the year
ended
December
31, 2021
   For the year
ended
December
31, 2020
   For the year
ended
December
31, 2019
   For the year
ended
December
31, 2018
 
Net Asset Value, Beginning of Period  $41.55   $32.89   $29.55   $22.64   $23.63 
Investment Activities:                         
Operations:                         
Net investment income   0.24    0.20    0.27    0.24    0.22 
Net realized/unrealized gains (losses) from investments   (6.08)   9.56    4.00    6.94    (0.80)
Total from investment activities   (5.84)   9.76    4.27    7.18    (0.58)
Distributions from:                         
Net investment income   (0.24)   (0.20)   (0.27)   (0.24)   (0.23)
Net realized gains from investment transactions   (0.86)   (0.90)   (0.66)   (0.03)   (0.18)
Total distributions   (1.10)   (1.10)   (0.93)   (0.27)   (0.41)
Net Asset Value, End of Period  $34.61   $41.55   $32.89   $29.55   $22.64 
Total Return   (14.16)%   29.77%   14.53%   31.74%   (2.55)%
Ratios/Supplemental Data:                         
Net assets at end of period (000’s)  $191,430   $222,866   $168,487   $159,651   $125,844 
Ratio of net expenses to average net assets   0.86%   0.85%   0.90%   0.91%   0.92%
Ratio of net investment income to average net assets   0.66%   0.53%   0.93%   0.88%   0.91%
Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets   0.86%   0.85%   0.90%   0.91%   0.92%
Portfolio turnover rate   10.30%   7.33%   9.30%   2.61%   1.67%

 

See Notes to Financial Statements

 

16

 

 

 

Schedule of Portfolio Investments

Boston Trust Midcap Fund 

December 31, 2022

 

Security Description  Shares   Fair Value ($) 
Common Stocks (98.8%)          
Communication Services (3.6%)          
Cable One, Inc.   2,180    1,551,855 
Electronic Arts, Inc.   21,785    2,661,691 
Omnicom Group, Inc.   20,190    1,646,898 
         5,860,444 
Consumer Discretionary (10.0%)          
AutoZone, Inc. (a)   1,060    2,614,151 
Carter’s, Inc.   24,830    1,852,566 
Columbia Sportswear Co.   23,135    2,026,164 
eBay, Inc.   30,620    1,269,811 
O’Reilly Automotive, Inc. (a)   2,720    2,295,762 
Ross Stores, Inc.   31,325    3,635,892 
Ulta Beauty, Inc. (a)   5,290    2,481,380 
         16,175,726 
Consumer Staples (5.5%)          
BJ’s Wholesale Club Holdings, Inc. (a)   30,100    1,991,416 
Church & Dwight Co., Inc.   28,160    2,269,978 
The Hershey Co.   11,900    2,755,682 
The JM Smucker Co.   11,625    1,842,098 
         8,859,174 
Energy (4.4%)          
Baker Hughes Co.   146,875    4,337,218 
Marathon Oil Corp.   104,150    2,819,341 
         7,156,559 
Financials (14.9%)          
Brown & Brown, Inc.   28,055    1,598,293 
CBOE Global Markets, Inc.   17,070    2,141,773 
East West Bancorp, Inc.   36,660    2,415,894 
Everest Re Group Ltd.   7,635    2,529,247 
FactSet Research Systems, Inc.   7,385    2,962,936 
M&T Bank Corp.   12,845    1,863,296 
Northern Trust Corp.   35,675    3,156,881 
SEI Investments Co.   65,385    3,811,945 
Signature Bank   8,665    998,381 
T. Rowe Price Group, Inc.   24,680    2,691,601 
         24,170,247 
Health Care (14.9%)          
Agilent Technologies, Inc.   16,195    2,423,582 
Chemed Corp.   3,090    1,577,229 
Henry Schein, Inc. (a)   19,865    1,586,617 
Laboratory Corp. of America Holdings   6,540    1,540,039 
Medpace Holdings, Inc. (a)   11,330    2,406,605 
Mettler-Toledo International, Inc. (a)   1,310    1,893,540 
STERIS PLC   11,155    2,060,217 
Teleflex, Inc.   8,365    2,088,155 
The Cooper Cos., Inc.   9,980    3,300,087 
Waters Corp. (a)   9,635    3,300,758 
West Pharmaceutical Services, Inc.   8,500    2,000,475 
         24,177,304 
Industrials (16.8%)          
AMETEK, Inc.   20,615    2,880,328 
AO Smith Corp.   29,980    1,716,055 
Cummins, Inc.   7,260    1,759,025 
Donaldson Co., Inc.   45,420    2,673,875 
Expeditors International of Washington, Inc.   22,130    2,299,750 
Graco, Inc.   22,575    1,518,395 
Hubbell, Inc.   6,375    1,496,085 
Lincoln Electric Holdings, Inc.   16,595    2,397,812 
Masco Corp.   50,010    2,333,967 
Nordson Corp.   8,535    2,028,940 
Rockwell Automation, Inc.   7,935    2,043,818 
Verisk Analytics, Inc.   9,060    1,598,365 
W.W. Grainger, Inc.   4,725    2,628,281 
         27,374,696 
Information Technology (13.3%)          
Amdocs Ltd.   20,110    1,827,999 
Amphenol Corp., Class A   24,595    1,872,663 
ANSYS, Inc. (a)   8,740    2,111,497 
Arista Networks, Inc. (a)   17,245    2,092,681 
Aspen Technology, Inc. (a)   5,800    1,191,320 
Broadridge Financial Solutions, Inc.   13,830    1,855,018 
Check Point Software Technologies Ltd. (a)   13,200    1,665,312 
F5, Inc. (a)   12,155    1,744,364 
Paychex, Inc.   30,095    3,477,778 
TE Connectivity Ltd.   19,790    2,271,892 
Trimble, Inc. (a)   30,830    1,558,765 
         21,669,289 
Materials (6.2%)          
AptarGroup, Inc.   22,660    2,492,147 
Avery Dennison Corp.   12,230    2,213,630 
Ball Corp.   36,350    1,858,939 
Packaging Corp. of America   11,805    1,509,978 
RPM International, Inc.   20,685    2,015,753 
         10,090,447 
Real Estate (3.9%)          
Alexandria Real Estate Equities, Inc.   10,675    1,555,028 
AvalonBay Communities, Inc.   7,485    1,208,977 
Jones Lang LaSalle, Inc. (a)   12,935    2,061,451 
Realty Income Corp.   23,880    1,514,708 
         6,340,164 
Utilities (5.3%)          
Atmos Energy Corp.   25,200    2,824,164 
Eversource Energy   35,035    2,937,334 
ONE Gas, Inc.   38,600    2,922,792 
         8,684,290 
TOTAL COMMON STOCKS (Cost $117,580,468)        160,558,340 
           
Investment Companies (1.2%)          
JPMorgan U.S. Government Money Market Fund, Capital Shares, 4.19% (b)   2,012,131    2,012,131 
TOTAL INVESTMENT COMPANIES (Cost $2,012,131)        2,012,131 
           
Total Investments (Cost $119,592,599) — 100.0% (c)        162,570,471 
Liabilities in excess of other assets — 0.0%        (56,959)
NET ASSETS — 100.0%       $162,513,512 

 

 

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

 

See Notes to Financial Statements

 

17

 

 

Financial Statements Boston Trust Midcap Fund

 

Statement of Assets and Liabilities

December 31, 2022

 

Assets:     
Investments, at fair value (cost $119,592,599)  $162,570,471 
Dividends receivable   164,371 
Receivable for capital shares issued   271,163 
Receivable from Custodian   20,712 
Prepaid expenses   13,767 
Total Assets   163,040,484 
Liabilities:     
Payable for capital shares redeemed   71,592 
Payable to Custodian   306,601 
Accrued expenses and other liabilities:     
Investment adviser   110,432 
Administration and accounting   15,067 
Chief compliance officer   518 
Custodian   748 
Shareholder servicing fees   14,811 
Transfer agent   2,228 
Trustee   16 
Other   4,959 
Total Liabilities   526,972 
Net Assets  $162,513,512 
Composition of Net Assets:     
Paid in capital  $119,318,008 
Total distributable earnings (loss)   43,195,504 
Net Assets  $162,513,512 
Shares outstanding (par value $0.01, unlimited number of shares authorized)   7,645,260 
Net Asset Value, Offering Price and Redemption price per share  $21.26 

 

Statement of Operations

For the year ended December 31, 2022

 

Investment Income:     
Dividends  $2,300,274 
Total Investment Income   2,300,274 
Expenses:     
Investment adviser   1,192,787 
Administration and accounting   65,965 
Chief compliance officer   7,324 
Custodian   21,629 
Shareholder servicing   190,792 
Transfer agency   30,918 
Trustee   18,017 
Other   65,358 
Total expenses before fee reductions   1,592,790 
Fees contractually reduced by the investment adviser   (3,138)
Net Expenses   1,589,652 
Net Investment Income   710,622 
Net Realized/Unrealized Gains (Losses) from Investments:     
Net realized gains from investment transactions   7,210,769 
Change in unrealized appreciation (depreciation) on investments   (27,325,299)
Net realized/unrealized gains (losses) on investments   (20,114,530)
Change in Net Assets Resulting from Operations  $(19,403,908)

 

See Notes to Financial Statements

 

18

 

 

Financial Statements Boston Trust Midcap Fund

 

Statements of Changes in Net Assets

 

   For the year ended
December 31, 2022
   For the year ended
December 31, 2021
 
Investment Activities:          
Operations:          
Net investment income  $710,622   $552,071 
Net realized gains from investment transactions   7,210,769    7,173,019 
Change in unrealized appreciation (depreciation) on investments   (27,325,299)   26,695,687 
Change in Net Assets Resulting from Operations   (19,403,908)   34,420,777 
Distributions to shareholders:          
Total Distributions   (7,363,133)   (8,079,854)
Change in Net Assets Resulting from distributions to shareholders   (7,363,133)   (8,079,854)
Capital Share Transactions:          
Proceeds from shares issued   37,031,229    29,538,536 
Dividends reinvested   5,968,235    6,597,814 
Cost of shares redeemed   (26,483,479)   (29,435,595)
Change in Net Assets Resulting from Capital Share Transactions   16,515,985    6,700,755 
Change in Net Assets   (10,251,056)   33,041,678 
Net Assets:          
Beginning of period   172,764,568    139,722,890 
End of period  $162,513,512   $172,764,568 
Share Transactions:          
Issued   1,654,281    1,258,742 
Reinvested   271,407    275,024 
Redeemed   (1,203,248)   (1,258,873)
Change in shares   722,440    274,893 

 

See Notes to Financial Statements

 

19

 

 

Financial Statements Boston Trust Midcap Fund

 

Financial Highlights

Selected data for a share outstanding throughout the years indicated.

 

   For the year
ended
December
31, 2022
   For the year
ended
December
31, 2021
   For the year
ended
December
31, 2020
   For the year
ended
December
31, 2019
   For the year
ended
December
31, 2018
 
Net Asset Value, Beginning of Period  $24.96   $21.02   $19.55   $15.78   $17.26 
Investment Activities:                         
Operations:                         
Net investment income   0.10    0.08    0.12    0.10    0.08 
Net realized/unrealized gains (losses) from investments   (2.80)   5.09    1.60    4.39    (0.62)
Total from investment activities   (2.70)   5.17    1.72    4.49    (0.54)
Distributions from:                         
Net investment income   (0.09)   (0.10)   (0.12)   (0.09)   (0.08)
Net realized gains from investment transactions   (0.91)   (1.13)   (0.13)   (0.63)   (0.86)
Total distributions   (1.00)   (1.23)   (0.25)   (0.72)   (0.94)
Net Asset Value, End of Period  $21.26   $24.96   $21.02   $19.55   $15.78 
Total Return   (10.94)%   24.81%   8.81%   28.59%   (3.36)%
Ratios/Supplemental Data:                         
Net assets at end of period (000’s)  $162,514   $172,765   $139,723   $145,305   $74,863 
Ratio of net expenses to average net assets   1.00%   1.00%   1.00%   1.00%   0.98%
Ratio of net investment income to average net assets   0.45%   0.36%   0.59%   0.67%   0.54%
Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (a)   1.00%   1.00%   1.05%   1.04%   0.98%
Portfolio turnover rate   27.89%   19.72%   38.33%   18.46%   19.34%

 

 

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

 

See Notes to Financial Statements

 

20

 

 

Schedule of Portfolio Investments Boston Trust SMID Cap Fund
December 31, 2022

 

Security Description  Shares   Fair Value ($) 
Common Stocks (98.3%)          
Communication Services (4.0%)          
Cable One, Inc.   7,100    5,054,206 
Interpublic Group of Cos., Inc.   238,100    7,931,111 
Omnicom Group, Inc.   103,600    8,450,652 
         21,435,969 
Consumer Discretionary (9.9%)          
Carter’s, Inc.   81,300    6,065,793 
Cavco Industries, Inc. (a)   24,100    5,452,625 
Choice Hotels International, Inc.   66,100    7,445,504 
Columbia Sportswear Co.   66,400    5,815,312 
Service Corporation International   169,500    11,719,230 
Texas Roadhouse, Inc.   53,600    4,874,920 
TopBuild Corp. (a)   32,000    5,007,680 
Williams Sonoma, Inc.   54,800    6,297,616 
         52,678,680 
Consumer Staples (5.4%)          
BJ’s Wholesale Club Holdings, Inc. (a)   119,300    7,892,888 
Flowers Foods, Inc.   224,500    6,452,130 
Lamb Weston Holdings, Inc.   48,900    4,369,704 
The JM Smucker Co.   62,700    9,935,442 
         28,650,164 
Energy (4.5%)          
Cactus, Inc., Class A   175,700    8,830,682 
Core Laboratories NV   245,300    4,972,231 
Helmerich & Payne, Inc.   203,600    10,092,452 
         23,895,365 
Financials (13.3%)          
American Financial Group, Inc.   55,900    7,673,952 
Bank of Hawaii Corp.   67,300    5,219,788 
CBOE Global Markets, Inc.   61,700    7,741,499 
Cohen & Steers, Inc.   65,300    4,215,768 
Commerce Bancshares, Inc.   79,208    5,391,689 
East West Bancorp, Inc.   161,500    10,642,850 
FactSet Research Systems, Inc.   16,500    6,619,965 
SEI Investments Co.   182,400    10,633,920 
Signature Bank   32,000    3,687,040 
UMB Financial Corp.   111,300    9,295,776 
         71,122,247 
Health Care (15.9%)          
Charles River Laboratories          
International, Inc. (a)   42,600    9,282,540 
Chemed Corp.   18,300    9,340,869 
Henry Schein, Inc. (a)   110,000    8,785,700 
Medpace Holdings, Inc. (a)   51,900    11,024,079 
PerkinElmer, Inc.   60,900    8,539,398 
STERIS PLC   46,300    8,551,147 
Teleflex, Inc.   28,300    7,064,529 
The Cooper Cos., Inc.   37,400    12,367,058 
Waters Corp. (a)   29,200    10,003,336 
         84,958,656 
Industrials (18.0%)          
AO Smith Corp.   104,400    5,975,856 
Applied Industrial Technologies, Inc.   71,000    8,948,130 
C.H. Robinson Worldwide, Inc.   57,300    5,246,388 
Donaldson Co., Inc.   158,800    9,348,555 
Expeditors International of Washington, Inc.   74,200    7,710,864 
Hubbell, Inc.   34,600    8,119,928 
IDEX Corp.   20,300    4,635,099 
Lincoln Electric Holdings, Inc.   59,300    8,568,257 
Masco Corp.   113,700    5,306,379 
Nordson Corp.   37,400    8,890,728 
Robert Half International, Inc.   71,800    5,300,994 
Snap-on, Inc.   29,000    6,626,210 
The Middleby Corp. (a)   28,700    3,842,930 
The Toro Co.   66,500    7,527,800 
         96,048,118 
Information Technology (12.6%)          
Akamai Technologies, Inc. (a)   66,800    5,631,240 
Amdocs Ltd.   91,100    8,280,990 
Aspen Technology, Inc. (a)   17,400    3,573,960 
Broadridge Financial Solutions, Inc.   49,500    6,639,435 
Dolby Laboratories, Inc., Class A   72,500    5,114,150 
F5, Inc. (a)   45,700    6,558,407 
Jack Henry & Associates, Inc.   41,800    7,338,408 
Manhattan Associates, Inc. (a)   48,100    5,839,340 
NetApp, Inc.   86,800    5,213,208 
Progress Software Corp.   144,200    7,274,890 
Trimble, Inc. (a)   118,000    5,966,080 
         67,430,108 
Materials (5.7%)          
AptarGroup, Inc.   74,000    8,138,520 
Avery Dennison Corp.   37,300    6,751,300 
Packaging Corp. of America   40,700    5,205,937 
RPM International, Inc.   103,300    10,066,585 
         30,162,342 
Real Estate (6.3%)          
CubeSmart   97,500    3,924,375 
Jones Lang LaSalle, Inc. (a)   56,400    8,988,468 
Lamar Advertising Co., Class A   70,800    6,683,520 
Physicians Realty Trust   405,600    5,869,032 
STAG Industrial, Inc.   252,200    8,148,582 
         33,613,977 
Utilities (2.7%)          
Atmos Energy Corp.   33,500    3,754,345 
IDACORP, Inc.   41,800    4,508,130 
ONE Gas, Inc.   82,000    6,209,040 
         14,471,515 
TOTAL COMMON STOCKS (Cost $502,607,767)        524,467,141 
           
Investment Companies (1.1%)          
JPMorgan U.S. Government Money Market Fund, Capital Shares, 4.19% (b)   5,695,123    5,695,123 
TOTAL INVESTMENT COMPANIES (Cost $5,695,123)        5,695,123 
           
Total Investments (Cost $508,302,890) — 99.4% (c)        530,162,264 
Other assets in excess of liabilities — 0.6%        3,292,325 
NET ASSETS — 100.0%       $533,454,589 

 

 

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

 

See Notes to Financial Statements

 

21

 

 

Financial Statements Boston Trust SMID Cap Fund

 

Statement of Assets and Liabilities

December 31, 2022

 

Assets:     
Investments, at fair value (cost $508,302,890)  $530,162,264 
Cash   6,649,154 
Dividends receivable   543,557 
Receivable for capital shares issued   1,954,665 
Prepaid expenses   15,619 
Total Assets   539,325,259 
Liabilities:     
Payable for investments purchased   5,481,955 
Payable for capital shares redeemed   31,909 
Payable to Custodian   25,763 
Accrued expenses and other liabilities:     
Investment adviser   270,647 
Administration and accounting   14,775 
Chief compliance officer   3,879 
Custodian   5,581 
Transfer agent   4,608 
Trustee   121 
Other   31,432 
Total Liabilities   5,870,670 
Net Assets  $533,454,589 
Composition of Net Assets:     
Paid in capital  $516,115,110 
Total distributable earnings (loss)   17,339,479 
Net Assets  $533,454,589 
Shares outstanding (par value $0.01, unlimited number of shares authorized)   25,951,663 
Net Asset Value, Offering Price and Redemption price per share  $20.56 

 

Statement of Operations

For the year ended December 31, 2022

 

Investment Income:     
Dividends  $8,660,819 
Less: Foreign tax withholding   (909)
Total Investment Income   8,659,910 
Expenses:     
Investment adviser   3,963,767 
Administration and accounting   197,817 
Chief compliance officer   26,182 
Custodian   76,819 
Transfer agency   32,461 
Trustee   65,894 
Other   161,859 
Total expenses before fee reductions   4,524,799 
Fees contractually reduced by the investment adviser   (562,932)
Net Expenses   3,961,867 
Net Investment Income   4,698,043 
Net Realized/Unrealized Gains (Losses) from Investments:     
Net realized gains from investment transactions   9,353,164 
Net realized gains from redemptions in-kind (a)   34,777,232 
Change in unrealized appreciation (depreciation) on investments   (121,384,207)
Net realized/unrealized gains (losses) on investments   (77,253,811)
Change in Net Assets Resulting from Operations  $(72,555,768)

 

 

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

 

See Notes to Financial Statements

 

22

 

 

Financial Statements Boston Trust SMID Cap Fund

 

Statements of Changes in Net Assets

 

   For the year ended
December 31, 2022
   For the year ended
December 31, 2021
 
Investment Activities:          
Operations:          
Net investment income  $4,698,043   $4,078,818 
Net realized gains from investment transactions   44,130,396    33,055,337 
Change in unrealized appreciation (depreciation) on investments   (121,384,207)   94,523,901 
Change in Net Assets Resulting from Operations   (72,555,768)   131,658,056 
Distributions to shareholders:          
Total Distributions   (20,356,159)   (18,086,887)
Change in Net Assets Resulting from distributions to shareholders   (20,356,159)   (18,086,887)
Capital Share Transactions:          
Proceeds from shares issued   156,173,450    381,010,825 
Dividends reinvested   13,637,139    12,029,358 
Cost of shares redeemed   (53,318,588)   (83,358,340)
Cost of in-kind shares redeemed (a)   (105,672,275)   (33,781,359)
Change in Net Assets Resulting from Capital Share Transactions   10,819,726    275,900,484 
Change in Net Assets   (82,092,201)   389,471,653 
Net Assets:          
Beginning of period   615,546,790    226,075,137 
End of period  $533,454,589   $615,546,790 
Share Transactions:          
Issued   7,188,415    18,280,304 
Reinvested   646,004    513,856 
Redeemed   (2,478,045)   (3,804,896)
Redeemed in-kind (a)   (4,710,076)   (1,437,505)
Change in shares   646,298    13,551,759 

 

 

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

 

See Notes to Financial Statements

 

23

 

 

Financial Statements Boston Trust SMID Cap Fund

 

Financial Highlights

Selected data for a share outstanding throughout the years indicated.

 

   For the year
ended
December
31, 2022
   For the year
ended
December
31, 2021
   For the year
ended
December
31, 2020
   For the year
ended
December
31, 2019
   For the year
ended
December
31, 2018
 
Net Asset Value, Beginning of Period  $24.32   $19.23   $17.90   $14.63   $15.79 
Investment Activities:                         
Operations:                         
Net investment income   0.19    0.17    0.12    0.14    0.11 
Net realized/unrealized gains (losses) from investments   (3.10)   5.66    1.36    3.76    (0.98)
Total from investment activities   (2.91)   5.83    1.48    3.90    (0.87)
Distributions from:                         
Net investment income   (0.21)   (0.19)   (0.13)   (0.12)   (0.12)
Net realized gains from investment transactions   (0.64)   (0.55)   (0.02)   (0.51)   (0.17)
Total distributions   (0.85)   (0.74)   (0.15)   (0.63)   (0.29)
Net Asset Value, End of Period  $20.56   $24.32   $19.23   $17.90   $14.63 
Total Return   (12.04)%   30.46%   8.26%   26.74%   (5.62)%
Ratios/Supplemental Data:                         
Net assets at end of period (000’s)  $533,455   $615,547   $226,075   $126,376   $74,299 
Ratio of net expenses to average net assets   0.75%   0.75%   0.75%   0.75%   0.75%
Ratio of net investment income to average net assets   0.89%   0.80%   0.89%   0.85%   0.77%
Ratio of expenses (before fee reductions or recoupment of fees previously reimbursed by the investment adviser) to average net assets (a)   0.86%   0.85%   0.91%   0.95%   0.98%
Portfolio turnover rate   27.54%(b)   35.83%(b)   51.26%(b)   24.08%   14.98%

 

 

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

 

See Notes to Financial Statements

 

24

 

 

 

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

 

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

 

25

 

 

Boston Trust Walden Balanced Fund

Boston Trust Walden Equity Fund

December 31, 2022

 

Balanced Fund Portfolio Management

Stephen J. Amyouny, CFA

Lead Portfolio Manager

 

Tchintcia S. Barros, CFA

Co-Portfolio Manager

 

Sean A. Cameron, CFA

Co-Portfolio Manager

 

Equity Fund Portfolio Management

Tchintcia S. Barros, CFA

Lead Portfolio Manager

 

Stephen J. Amyouny, CFA

Co-Portfolio Manager

 

Mark B. Zagata, CFA
Co-Portfolio Manager

 

Boston Trust Walden Inc.

 

Balanced Fund Objective

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

 

Equity Fund Objective

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

 

Investment Concerns

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

 

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

 

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

 

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

 

Cash equivalents offer low risk and low return potential.

 

Manager Commentary (Unaudited)

 

Management Discussion of Fund Performance

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

 

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

 

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

 

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

 

Outlook

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

 

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

 

 

*Portfolio composition is subject to change.

 

26

 

 

Investment Performance (Unaudited) Boston Trust Walden Balanced Fund

Boston Trust Walden Equity Fund

December 31, 2022

 

   For the periods ended 12/31/22 
   Average Annual Total Returns 
   1 Year   3 Years   5 Years   10 Years   15 Years   20 Years   Since
Inception
(6/20/99)
 
Boston Trust Walden Balanced Fund1   -13.67%   3.72%   6.25%   8.27%   6.18%   6.70%   5.62%
Boston Trust Walden Equity Fund1   -13.55%   7.82%   10.08%   12.01%   8.70%   9.27%   7.22%
S&P 500 Total Return Index   -18.11%   7.65%   9.42%   12.56%   8.80%   9.79%   6.55%
Bloomberg U.S. Government/Credit Bond Index   -13.58%   -2.57%   0.21%   1.16%   2.77%   3.18%   4.03%
FTSE 3-Month U.S. Treasury Bill Index   1.50%   0.71%   1.24%   0.74%   0.64%   1.21%   1.65%

 

Hypothetical Growth of a $100,000 Investment

 

 

 

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

 

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

 

Boston Trust Walden Balanced Fund

 

Fund Net Asset Value:  $20.97 
Gross Expense Ratio1:   1.00%

 

Boston Trust Walden Equity Fund

 

Fund Net Asset Value:  $30.21 
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. To obtain performance information current to the most recent month-end, please call 1-800-282-8782 ext. 7050.

 

 

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

 

27

 

 

Boston Trust Walden Midcap Fund

December 31, 2022

 

Stephen J. Amyouny, CFA

Lead Portfolio Manager

 

Richard Q. Williams, CFA

Co-Portfolio Manager

 

Mark Zagata, CFA

Co-Portfolio Manager

 

Boston Trust Walden Inc.

 

Fund Objective

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

 

Investment Concerns

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

 

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

 

Manager Commentary (Unaudited)

 

Management Discussion of Fund Performance

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

 

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

 

Outlook

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

 

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

 

 

*Portfolio composition is subject to change.

 

28

 

 

Investment Performance (Unaudited) Boston Trust Walden Midcap Fund
December 31, 2022

 

   For the periods ended 12/31/22 
   Average Annual Total Returns 
   1 Year   3 Years   5 Years   10 Years   Since
Inception
(8/1/11)
 
Boston Trust Walden Midcap Fund1   -10.90%   6.57%   8.42%   11.15%   10.50%
Russell MidCap® Index   -17.32%   5.87%   7.10%   10.95%   10.60%

 

Hypothetical Growth of a $100,000 Investment

 

 

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

 

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

 

Fund Net Asset Value:  $19.82 
Gross Expense Ratio1:   1.00%

 

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.

 

 

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

 

29

 

 

Boston Trust Walden SMID Cap Fund

December 31, 2022

 

Kenneth P. Scott, CFA

Lead Portfolio Manager

 

Richard Q. Williams, CFA

Co-Portfolio Manager

 

Leanne Moore

Co-Portfolio Manager

 

Boston Trust Walden Inc.

 

Fund Objective

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

 

Investment Concerns

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

 

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

 

Manager Commentary (Unaudited)

 

Management Discussion of Fund Performance

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

 

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

 

Outlook

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

 

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

 

 

*Portfolio composition is subject to change.

 

30

 

 

Investment Performance (Unaudited) Boston Trust Walden SMID Cap Fund
December 31, 2022

 

   For the periods ended 12/31/22 
   Average Annual Total Returns 
   1 Year   3 Years   5 Years   10 Years   Since
Inception
(6/28/12)
 
Boston Trust Walden SMID Cap Fund1   -14.59%   6.63%   7.62%   10.31%   10.84%
Russell 2500 Index   -18.37%   4.99%   5.88%   10.02%   10.69%

 

 

 

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 December 31, 2022, and includes the reinvestment of dividends and capital gains in the Fund. The returns shown on the table and the graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

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

 

Fund Net Asset Value:  $19.61 
Gross Expense Ratio1:   1.00%

 

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.

 

 

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

 

31

 

 

Boston Trust Walden Small Cap Fund

December 31, 2022

 

Kenneth P. Scott, CFA

Lead Portfolio Manager

 

Richard Q. Williams, CFA

Co-Portfolio Manager

 

Leanne Moore

Co-Portfolio Manager

 

Boston Trust Walden Inc.

 

Fund Objective

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

 

Investment Concerns

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

 

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

 

Manager Commentary (Unaudited)

 

Management Discussion of Fund Performance

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

 

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

 

Outlook

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

 

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

 

 

*Portfolio composition is subject to change.

 

32

 

 

Investment Performance (Unaudited) Boston Trust Walden Small Cap Fund
December 31, 2022

 

   For the periods ended 12/31/22 
   Average Annual Total Returns 
                           Since 
                           Inception 
   1 Year   3 Years   5 Years   10 Years   15 Years   20 Years   (12/31/94) 
Boston Trust Walden Small Cap Fund1   -9.06%   8.03%   9.01%   10.38%   8.77%   10.81%   10.69%
Russell 2000® Index   -20.44%   3.10%   4.12%   9.01%   7.16%   9.36%   8.66%

 

Hypothetical Growth of a $100,000 Investment

 

 

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

 

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

 

Fund Net Asset Value:  $15.56 
Gross Expense Ratio1:   1.01%

 

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

 

 

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

 

33

 

 

Boston Trust Walden International Equity Fund

December 31, 2022

 

Nathaniel J. Riley, CFA

Co-Portfolio Manager

 

David A. Sandell, CFA

Co-Portfolio Manager

 

Boston Trust Walden Inc.

 

Fund Objective

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

 

Investment Concerns

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

 

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

 

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

 

Manager Commentary (Unaudited)

 

Management Discussion of Fund Performance

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

 

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

 

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

 

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

 

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

 

 

*Portfolio composition is subject to change.

 

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Investment Performance (Unaudited) Boston Trust Walden International Equity Fund
December 31, 2022

 

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

 

Hypothetical Growth of a $1,000,000 Investment

 

 

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

 

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

 

Fund Net Asset Value:  $11.74 
Gross Expense Ratio1:   0.94%

 

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

 

 

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

 

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Schedule of Portfolio Investments Boston Trust Walden Balanced Fund
December 31, 2022

 

Security Description  Shares   Fair Value ($) 
Common Stocks (68.0%)          
Communication Services (4.8%)          
Alphabet, Inc., Class A (a)   20,000    1,764,600 
Alphabet, Inc., Class C (a)   42,300    3,753,279 
Charter Communications, Inc., Class A (a)   2,445    829,100 
Comcast Corp., Class A   30,475    1,065,710 
Electronic Arts, Inc.   10,310    1,259,676 
         8,672,365 
Consumer Discretionary (6.5%)          
AutoZone, Inc. (a)   890    2,194,900 
Dollar General Corp.   7,200    1,773,000 
Lowe’s Cos., Inc.   5,800    1,155,592 
McDonald’s Corp.   2,700    711,531 
NIKE, Inc., Class B   17,000    1,989,170 
Ross Stores, Inc.   13,000    1,508,910 
Starbucks Corp.   16,510    1,637,792 
The Home Depot, Inc.   2,000    631,720