UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number	811-06526
The Boston Trust & Walden Funds
(Exact name of registrant as specified in charter)
One Beacon Street Boston, MA		02108
(Address of principal executive offices)		(Zip code)
3435 Stelzer Rd. 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: March 31
Date of reporting period: September 30, 2012

Item 1.  Reports to Stockholders.

Semi-Annual Report
September 30, 2012
(Unaudited)

Table of Contents
Economic and Market Summary	3
Boston Trust Asset Management Fund
Investment Performance	4
Schedule of Portfolio Investments	10
Financial Statements	12
Financial Highlights	14
Boston Trust Equity Fund
Investment Performance	5
Schedule of Portfolio Investments	15
Financial Statements	16
Financial Highlights	18
Boston Trust Midcap Fund
Investment Performance	6
Schedule of Portfolio Investments	19
Financial Statements	20
Financial Highlights	22
Boston Trust SMID Cap Fund
Investment Performance	7
Schedule of Portfolio Investments	23
Financial Statements	24
Financial Highlights	26
Boston Trust Small Cap Fund
Investment Performance	8
Schedule of Portfolio Investments	27
Financial Statements	28
Financial Highlights	30

Environmental, Social and Governance Research and Action Update	31
Walden Asset Management Fund
Investment Performance	33
Schedule of Portfolio Investments	38
Financial Statements	40
Financial Highlights	42
Walden Equity Fund
Investment Performance	34
Schedule of Portfolio Investments	43
Financial Statements	44
Financial Highlights	46
Walden Midcap Fund
Investment Performance	35
Schedule of Portfolio Investments	47
Financial Statements	48
Financial Highlights	50
Walden SMID Cap Innovations Fund
Schedule of Portfolio Investments	51
Financial Statements	52
Financial Highlights	54
Walden Small Cap Innovations Fund
Investment Performance	36
Schedule of Portfolio Investments	55
Financial Statements	56
Financial Highlights	58
Notes to Financial Statements	59
Supplementary Information	65

Boston Trust Investment Management, Inc. (BTIM), a subsidiary of Boston Trust & Investment Management Company and an affiliate of Walden Asset Management (Walden), serves as investment adviser (the Adviser) to the Boston Trust & Walden Funds and receives a fee for its services. Walden, a division of BTIM, performs shareholder advocacy, proxy voting, screening services, and other environmental, social and governance initiatives 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 BTIM 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 BHIL Distributors, Inc., Columbus, OH.

The foregoing information and opinions are for general information only. Boston Trust & Walden Funds and BTIM 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.

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

The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

Photography credits:
•	Cover: Bruce Field
•	Pages 1, 5, 6, 34 and 35: Jim Gallagher
•	Pages 4, 7 and 37: Rebecca Monette
•	Pages 8 and 33: Janet C. Dygert

1

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2

The Boston Trust & Walden Funds
A Registered Investment Company

Boston Trust and Walden Funds
Economic and Market Summary
(Unaudited) Domenic Colasacco, CFA
Portfolio Manager and President
Boston Trust Investment Management, Inc.

The spring and summer months of 2012 brought little reprieve from the mostly adverse economic and political issues that have dominated media headlines in recent years. In addition to the now widely publicized, sovereign debt-induced economic recession affecting much of the euro zone, media attention was focused on warnings of slower growth in many emerging market economies, including China. Here in the United States, reports confirmed that the pace of Gross Domestic Product¹ growth remains anemic, with job gains insufficient to bring the rate of overall unemployment much below 8%. We were also reminded that a so-called “fiscal budget cliff” looms at year-end unless Congress is able to reach some type of political compromise. Beginning in June, however, investors generally looked past the grim news headlines, and bid stocks higher. Indeed, by September, most domestic stock indexes were close to their highest levels since 2007, the year before the depths of the financial crisis, and stood about 15% above their year-end 2011 close.

Identifying all of the reasons behind past stock price movements is nearly as difficult as predicting future events. With that caveat, three essential factors stand out in our view. First, among the major investment asset classes, stocks have been the most reasonably valued for several years, especially compared to the near-zero interest rates available in high quality bonds and money market instruments. Simply stated, stock valuations were too low at the beginning of the summer. Second, corporate profits have continued to rise despite a slow growth economic environment. Higher corporate profits and cash flows have allowed corporations to return record levels of cash to shareholders through a combination of dividends and share buybacks. Third, and perhaps most important, the worlds’ central banks continued to lower interest rates and increase liquidity to support their local economies. Such initiatives are not new in the United States, Japan, and China, although the European Central Bank (ECB), which has resisted direct bond purchases and money creation, recently announced it would begin a program that supports struggling sovereign debt issuers, in particular the key Spanish and Italian governments. Given that a euro break-up has been of great concern among global investors, the ECB initiative increased confidence in the currency’s survival, at least for the immediate future.

What lies ahead? Have investors become too complacent about the many macro economic and political problems that remain around the globe and in the process driven stock values to unsustainable levels? The future is as uncertain as ever, but in our view stock values are not unreasonable.

Our position for several years has been that all of our economic problems do not have to be resolved for the stock market to advance. When valuations of corporate sales, profits, and cash flows are reasonable, as they have been, usually all that is needed to lift stock values is gradual economic improvement. Despite recent weaker-than-desired economic progress, there is little debate that overall conditions are better today compared to a year ago. The economy has added nearly two million new jobs in the past twelve months, wages for those who are employed have risen, albeit modestly, and our primary financial institutions have more liquidity and are better capitalized. Corporate profits and cash flows have risen by about 10% over this period, with many corporations paying higher dividends and giving more money back to shareholders through share repurchases. Even the euro zone has managed to stay intact, though critical, politically difficult decisions that involve more centralized fiscal policies have been delayed.

There is always risk that our economy will falter and return to recession with the potential catalyst being a financial collapse in the euro zone, a major conflict in the Middle East that is accompanied by a cutoff in oil supplies, or a political blunder in Washington over tax policy. More likely, in our view, is that a year from now real GDP will be about 2% higher, an additional two million or so people will be employed, and well-situated corporations will be able to generate higher sales, profits and cash flows. In large part, our confidence continues to rest on the ability of most corporations to adapt to changing business conditions and a belief that Congress and the President will reach a tax and budget compromise that works well enough to avoid lasting economic harm. Stock values, as has been the case this year, tend to rise in such an environment far more often than not.

¹ The Gross Domestic Product (“GDP”) is the measure of the market value of the finished goods and services produced by labor and property in the United States.

3

Boston Trust Asset
Management Fund
September 30, 2012 Investment Performance (Unaudited)

				Annualized
	Six Months			1 Year			5 Years			10 Years
	Ended			Ended			Ended			Ended
	9/30/12			9/30/12			9/30/12			9/30/12
Boston Trust Asset Management Fund1		2.05	%		19.76	%		3.86	%		6.85	%
S&P 500® Index		3.43	%		30.20	%		1.05	%		8.01	%
Barclays U.S. Government/Credit Bond Index		4.34	%		5.66	%		6.63	%		5.39	%
Citigroup 90-Day U.S. Treasury Bill Index		0.04	%		0.05	%		0.64	%		1.73	%
Morningstar U.S. Open-End Moderate Allocation Funds Average		2.29	%		17.93	%		1.56	%		6.42	%

Hypothetical Growth of a $10,000 Investment

The chart represents historical 10-year performance of a hypothetical investment of $10,000 in the Boston Trust Asset Management Fund and represents 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 Asset Management Fund is measured against a combination of equity and fixed income indices. The Standard & Poor’s 500 Index (“S&P 500”), which is widely regarded as a gauge of the U.S. equities market, includes 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large cap segment of the market, with approximately 75% coverage of U.S. equities, it is also widely viewed as a proxy for the total market. The Barclays U.S. Government/Credit Bond Index includes Treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year), Government-Related issues (i.e., agency, sovereign, supranational, and local authority debt), and USD Corporates. The Barclays U.S. Government/Credit Bond Index is a component of the Barclays U.S. Aggregate Index. The Citigroup 90-Day U.S. Treasury 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 Morningstar U.S. Open-End Moderate Allocation Funds Average is a managed average representing performance of portfolios that seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than conservative-allocation portfolios. These portfolios typically have 50% to 70% of assets in equities and the remainder in fixed income and cash. The indices 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 Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.

Fund Net Asset Value:	$34.40
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.

1

The Gross Expense Ratio is from the Fund’s most recent prospectus, dated August 1, 2012. The Gross Expense Ratio includes the impact of repayment of fees and expenses which were previously reimbursed under the terms of the Fund’s contractual expense limitation agreement, which continues through August 1, 2013 and may be terminated thereafter. The contractual fee limit under the agreement is 1.00% of the Fund’s average annual net assets. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2012 can be found in the financial highlights. The investment performance may reflect fee reductions. If such fee reductions had not occurred, the quoted performance would have been lower.

4

Investment Performance (Unaudited) Boston Trust Equity Fund
September 30, 2012

				Annualized
	Six Months			1 Year			5 Years			Since
	Ended			Ended			Ended			Inception
	9/30/12			9/30/12			9/30/12			10/1/03
Boston Trust Equity Fund1		1.03	%		25.60	%		2.47	%		6.42	%
S&P 500® Index		3.43	%		30.20	%		1.05	%		6.07	%

Hypothetical Growth of a $10,000 Investment

The chart represents historical performance of a hypothetical investment of $10,000 in the Boston Trust Equity Fund from October 1, 2003 to September 30, 2012, and represents 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 Equity Fund is measured against the Standard & Poor’s 500 Index (“S&P 500”), which is an unmanaged index that 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 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:	$15.70
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.

1

The Gross Expense Ratio is from the Fund’s most recent prospectus, dated August 1, 2012. The Gross Expense Ratio includes the impact of repayment of fees and expenses which were previously reimbursed under the terms of the Fund’s contractual expense limitation agreement, which continues through August 1, 2013 and may be terminated thereafter. The contractual fee limit under the agreement is 1.00% of the Fund’s average annual net assets. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2012 can be found in the financial highlights. The investment performance may reflect fee reductions. If such fee reductions had not occurred, the quoted performance would have been lower.

5

Boston Trust Midcap Fund
September 30, 2012 Investment Performance (Unaudited)

				Annualized
	Six Months			1 Year			5 Year			Since
	Ended			Ended			Ended			Inception
	9/30/12			9/30/12			9/30/12			9/24/07
Boston Trust Midcap Fund1		-2.59	%		23.09	%		5.14	%		5.52	%
Russell Midcap® Index		0.94	%		28.03	%		2.24	%		2.44	%

Hypothetical Growth of a $10,000 Investment

The chart represents historical performance of a hypothetical investment of $10,000 in the Boston Trust Midcap Fund from September 24, 2007 to September 30, 2012, and represents 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 measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap^® Index is a subset of the Russell 1000^® Index. It includes approximately 800 of the smallest securities based on a combination of their market capitalization and current index membership. The Russell Midcap^® Index represents approximately 31% of the total market capitalization of the Russell 1000 companies. The performance of an index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.

Fund Net Asset Value:	$12.02
Gross Expense Ratio1:	1.13%

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.

1

The Gross Expense Ratio is from the Fund’s most recent prospectus, dated August 1, 2012. The Gross Expense Ratio excludes the impact of any contractual fee waivers. After giving effect to such fee waivers, the Fund’s Net Expense Ratio would be 1.00%, including the indirect expenses of investing in acquired funds. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2012 can be found in the financial highlights. 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 August 1, 2013 and may be terminated thereafter.

6

Investment Performance (Unaudited) Boston Trust SMID Cap Fund
September 30, 2012

	Six Months			Since
	Ended			Inception
	9/30/12			11/30/11
Boston Trust SMID Cap Fund1		-2.25	%		8.45	%
Russell 2500TM Index		1.19	%		14.59	%

Hypothetical Growth of a $10,000 Investment

The chart represents the historical performance of a hypothetical $10,000 investment in the Boston Trust SMID Cap Fund from November 30, 2011 to September 30, 2012, and represents 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 SMID Cap Fund is measured against the Russell 2500^TM Index, which is an unmanaged index that measures 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. 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:	$10.84
Gross Expense Ratio1:	2.18%

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.

1

The Gross Expense Ratio is from the Fund’s most recent prospectus, dated August 1, 2012. The Gross Expense Ratio excludes the impact of any contractual fee waivers. After giving effect to such fee waivers, the Fund’s Net Expense Ratio would be 1.00%, including the indirect expenses of investing in acquired funds. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2012 can be found in the financial highlights. 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 August 1, 2013 and may be terminated thereafter.

7

Boston Trust Small Cap Fund
September 30, 2012 Investment Performance (Unaudited)

				Annualized
	Six Months			1 Year			5 Years			10 Years
	Ended			Ended			Ended			Ended
	9/30/12			9/30/12			9/30/12			9/30/12
Boston Trust Small Cap Fund1,*		0.08	%		27.35	%		4.67	%		11.33	%
Russell 2000® Index		1.60	%		31.91	%		2.21	%		10.17	%

Hypothetical Growth of a $10,000 Investment

The chart represents historical 10-year performance of a hypothetical investment of $10,000 in the Boston Trust Small Cap Fund and represents 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 quoted performance for the Fund reflects the performance of a collective investment fund that was previously managed with full investment authority by the parent company of the Fund’s Adviser prior to the establishment of the Fund on December 16, 2005. The performance of the collective investment fund has been restated to reflect the net expenses of the Fund after all expenses at an annual rate of 1.25%, the Adviser’s expense limitation for its initial year of investment operations. The collective investment fund was not registered with the Securities and Exchange Commission and, therefore, was not subject to the investment restrictions imposed by law on registered mutual funds. If the collective investment fund had been registered, the collective investment fund’s performance may have been adversely affected.

The Boston Trust Small Cap Fund is measured against the Russell 2000^® Index, which is an unmanaged index that measures 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 2000 of the smallest securities based on a combination of their market cap and current index membership. The performance of an index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.

Fund Net Asset Value:	$13.25
Gross Expense Ratio1:	1.06%

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.

1

The Gross Expense Ratio is from the Fund’s most recent prospectus, dated August 1, 2012. The Gross Expense Ratio excludes the impact of any contractual fee waivers. After giving effect to such fee waivers, the Fund’s Net Expense Ratio would be 1.00%, including the indirect expenses of investing in acquired funds. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2012 can be found in the financial highlights. 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 August 1, 2013 and may be terminated thereafter.

8

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9

Schedule of Portfolio Investments

Boston Trust Asset Management Fund
September 30, 2012 (Unaudited)

COMMON STOCKS (73.2%)
Security Description	Shares		Fair Value ($)
Consumer Discretionary (7.6%)
Advance Auto Parts, Inc.		10,000		684,400
Autoliv, Inc.		25,000		1,549,250
Comcast Corp., Class A		100,000		3,577,000
Johnson Controls, Inc.		40,000		1,096,000
McDonald’s Corp.		32,500		2,981,875
NIKE, Inc., Class B		40,000		3,796,400
Omnicom Group, Inc.		40,000		2,062,400
Ross Stores, Inc.		60,000		3,876,000
Target Corp.		5,000		317,350
				19,940,675
Consumer Staples (9.5%)
Church & Dwight Co., Inc.		25,000		1,349,750
Costco Wholesale Corp.		35,000		3,504,375
Diageo PLC, Sponsored ADR		30,000		3,381,900
McCormick & Co., Inc.		60,000		3,722,400
Nestle SA, Sponsored ADR		30,000		1,896,300
PepsiCo, Inc.		40,000		2,830,800
Procter & Gamble Co.		35,000		2,427,600
SYSCO Corp.		125,000		3,908,750
Wal-Mart Stores, Inc.		25,000		1,845,000
				24,866,875
Energy (10.2%)
Apache Corp.		25,000		2,161,750
Chevron Corp.		50,000		5,828,000
ConocoPhillips		50,000		2,859,000
Devon Energy Corp.		25,000		1,512,500
Exxon Mobil Corp.		105,000		9,602,250
Phillips 66		25,000		1,159,250
Schlumberger Ltd.		50,000		3,616,500
				26,739,250
Financials (9.3%)
Chubb Corp.		70,000		5,339,600
Cincinnati Financial Corp.		125,000		4,736,250
Comerica, Inc.		40,000		1,242,000
JPMorgan Chase & Co.		100,000		4,048,000
M&T Bank Corp.		10,000		951,600
Northern Trust Corp.		22,500		1,044,338
PNC Financial Services Group, Inc.		30,000		1,893,000
State Street Corp.		25,000		1,049,000
T. Rowe Price Group, Inc.		65,000		4,114,500
				24,418,288
Health Care (6.1%)
Becton, Dickinson & Co.		50,000		3,928,000
C.R. Bard, Inc.		32,500		3,401,125
DENTSPLY International, Inc.		55,000		2,097,700
Johnson & Johnson, Inc.		20,000		1,378,200
Medtronic, Inc.		20,000		862,400
Mettler-Toledo International, Inc.(a)		5,000		853,700
Saint Jude Medical, Inc.		20,000		842,600
Stryker Corp.		20,000		1,113,200
Varian Medical Systems, Inc.(a)		25,000		1,508,000
				15,984,925
Industrials (13.7%)
3M Co.		25,000		2,310,500
Donaldson Co., Inc.		150,000		5,206,500
Emerson Electric Co.		75,000		3,620,250
Expeditors International of Washington, Inc.		25,000		909,000
Hubbell, Inc., Class B		42,500		3,431,450
Illinois Tool Works, Inc.		75,000		4,460,250
Precision Castparts Corp.		30,000		4,900,200
Rockwell Collins, Inc.		45,000		2,413,800
United Parcel Service, Inc., Class B		50,000		3,578,500
W.W. Grainger, Inc.		25,000		5,209,250
				36,039,700

	Shares or
	Principal
Security Description	Amount ($)		Fair Value ($)
Information Technology (13.7%)
Accenture PLC, Class A		70,000		4,902,100
Apple, Inc.		10,000		6,672,600
Automatic Data Processing, Inc.		70,000		4,106,200
EMC Corp.(a)		150,000		4,090,500
Intel Corp.		100,000		2,268,000
International Business Machines Corp.		30,000		6,223,500
Microsoft Corp.		130,000		3,871,400
Oracle Corp.		125,000		3,936,250
				36,070,550
Materials (3.1%)
Air Products & Chemicals, Inc.		20,000		1,654,000
AptarGroup, Inc.		40,000		2,068,400
Ecolab, Inc.		25,000		1,620,250
Sigma-Aldrich Corp.		40,000		2,878,800
				8,221,450
TOTAL COMMON STOCKS (Cost $115,589,982)				192,281,713
CORPORATE BONDS (4.7%)
Consumer Staples (0.2%)
Diageo Capital PLC, 5.50%, 9/30/16		500,000		587,034
Financials (3.8%)
American Express Bank FSB, BKNT, 6.00%, 9/13/17		200,000		242,872
American Express Co., 7.00%, 3/19/18		1,500,000		1,900,650
American Express Co., 8.13%, 5/20/19		1,675,000		2,269,069
John Deere Capital Corp., Series D, 5.35%, 4/3/18		1,000,000		1,198,607
JPMorgan Chase & Co., 3.15%, 7/5/16		1,500,000		1,587,942
National Rural Utilities Cooperative Finance Corp., 10.38%, 11/1/18		500,000		740,789
Wells Fargo & Co., 2.63%, 12/15/16		1,500,000		1,588,737
Weyerhaeuser Co., 7.25%, 7/1/13		300,000		313,287
				9,841,953
Industrials (0.1%)
Emerson Electric Co., 5.13%, 12/1/16		300,000		351,555
Information Technology (0.4%)
Oracle Corp., 5.75%, 4/15/18		750,000		931,843
Telecommunication Services (0.2%)
AT&T, Inc., 5.63%, 6/15/16		500,000		586,035
TOTAL CORPORATE BONDS (Cost $10,364,847)				12,298,420
MUNICIPAL BONDS (2.7%)
Florida (0.5%)
Florida State Board of Education, Series D, GO, 5.00%, 6/1/21, Callable 6/1/17 @ 101		1,000,000		1,191,760
Illinois (0.6%)
Illinois State, GO, 5.00%, 4/1/24, Callable 4/1/17 @ 100		500,000		533,455
Illinois State, Series A, GO, 5.00%, 3/1/22, Callable 3/1/14 @ 100		600,000		633,276
Illinois State, Series A, GO, 5.00%, 3/1/22,
Prerefunded 3/1/14 @ 100		150,000		159,788
Illinois State, Series A, GO, 5.00%, 6/1/29, Callable 12/1/16 @ 100		250,000		273,407
				1,599,926

10 See Notes to Financial Statements

Schedule of Portfolio Investments (cont.)

Boston Trust Asset Management Fund
September 30, 2012 (Unaudited)

MUNICIPAL BONDS, CONTINUED
	Shares or
	Principal
Security Description	Amount ($)		Fair Value ($)
Massachusetts (0.9%)
Massachusetts State Development Finance Agency Revenue, Series R-2, 5.00%, 7/1/28, Callable 7/1/20 @ 100		460,000		540,141
Massachusetts State Health & Educational Facilities
Authority Revenue, Series A, 5.00%, 12/15/26, GO of Institution, Callable 12/15/19 @ 100		1,500,000		1,827,270
				2,367,411
Ohio (0.2%)
Ohio State, Series D, GO, 4.50%, 9/15/22, NATL-RE, Callable 3/15/16 @ 100		500,000		548,300
Washington (0.1%)
Washington State, Series C, GO, 5.00%, 2/1/26, Callable 2/1/19 @ 100		250,000		301,958
Wisconsin (0.4%)
Wisconsin State, Series C, GO, 5.00%, 5/1/25, Callable 5/1/18 @ 100		200,000		238,974
Wisconsin State, Series D, GO, 5.50%, 5/1/26, Callable 5/1/18 @ 100		750,000		917,137
				1,156,111
TOTAL MUNICIPAL BONDS (Cost $6,536,557)				7,165,466
U.S. GOVERNMENT & U.S. GOVERNMENT AGENCY OBLIGATIONS (18.2%)
Federal Farm Credit Bank
2.63%, 8/12/19		11,500,000		12,531,297
3.30%, 11/25/26		2,000,000		2,099,601
3.39%, 2/1/28		2,000,000		2,120,010
				16,750,908
Federal Home Loan Bank
4.13%, 12/13/19		2,000,000		2,385,234
4.88%, 12/14/12		4,500,000		4,542,381
5.25%, 9/13/13		5,000,000		5,239,030
5.25%, 12/9/22		1,000,000		1,305,279
				13,471,924
Government National Mortgage Association
4.00%, 9/15/40		929,289		1,027,217
U.S. Treasury Bond
5.25%, 2/15/29		1,500,000		2,103,984
U.S. Treasury Inflation Protected Bond
1.25%, 7/15/20		6,000,000		7,543,555
U.S. Treasury Note
2.38%, 6/30/18		6,500,000		7,081,952
TOTAL U.S. GOVERNMENT & U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $44,647,535)				47,979,540

INVESTMENT COMPANIES (1.0%)
Security Description	Shares		Fair Value ($)
State Street Institutional U.S. Government Money Market Fund, Investor Shares, 0.05%(b)		2,509,770		2,509,770
TOTAL INVESTMENT COMPANIES (Cost $2,509,770)				2,509,770
Total Investments (Cost $179,648,691)(c) — 99.8%				262,234,909
Other assets in excess of liabilities — 0.2%				549,216
NET ASSETS — 100.0%			$	262,784,125

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day yield as of September 30, 2012.
(c)	See Federal Tax Information listed in the Notes to the Financial Statements.
ADR	American Depositary Receipt
BKNT	Bank Note
FSB	Federal Savings Bank
GO	General Obligation
NATL-RE	Reinsured by National Public Finance Guarantee Corporation
PLC	Public Limited Company

See Notes to Financial Statements 11

Financial Statements

Boston Trust Asset Management Fund

STATEMENT OF ASSETS AND LIABILITIES
September 30, 2012 (Unaudited)
Assets:
Investments, at value (cost $179,648,691)	$	262,234,909
Interest and dividends receivable		830,613
Prepaid expenses and other assets		11,760
Total Assets		263,077,282
Liabilities:
Payable for capital shares redeemed		77,915
Accrued expenses and other liabilities:
Investment adviser		165,416
Administration and accounting		7,389
Custodian		4,296
Transfer agency		3,826
Trustee		456
Other		33,859
Total Liabilities		293,157
Net Assets	$	262,784,125
Composition of Net Assets:
Capital	$	177,442,232
Accumulated net investment income		2,558,219
Accumulated net realized gains from investment transactions		197,456
Net unrealized appreciation from investments		82,586,218
Net Assets	$	262,784,125
Shares outstanding (par value $0.01, unlimited number of shares authorized)		7,639,814
Net Asset Value, Offering Price and Redemption Price per share	$	34.40

STATEMENT OF OPERATIONS
For the six months ended September 30, 2012 (Unaudited)
Investment Income:
Interest	$	1,070,585
Dividends		2,001,366
Total Investment Income		3,071,951
Expenses:
Investment adviser		958,633
Administration and accounting		160,128
Trustee		6,344
Custodian		21,929
Transfer agency		18,748
Chief compliance officer		4,467
Recoupment of prior expenses reimbursed by the investment adviser		4,171
Other		63,395
Total expenses before fee reductions		1,237,815
Net Expenses		1,237,815
Net Investment Income		1,834,136
Net Realized/Unrealized Gains from Investments:
Net realized gains from investment transactions		1,324,620
Change in unrealized appreciation from investments		2,068,696
Net realized/unrealized gains from investments		3,393,316
Change in Net Assets Resulting from Operations	$	5,227,452

12 See Notes to Financial Statements

Financial Statements

Boston Trust Asset Management Fund

STATEMENTS OF CHANGES IN NET ASSETS
	For the			For the
	six months ended			year ended
	September 30,			March 31,
	2012			2012
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	1,834,136		$	3,300,658
Net realized gains from investment transactions		1,324,620			1,166,056
Change in unrealized appreciation/depreciation from investments		2,068,696			15,325,800
Change in net assets resulting from operations		5,227,452			19,792,514
Dividends:
Net investment income		—			(3,373,655	)
Change in Net Assets Resulting from Shareholder Dividends		—			(3,373,655	)
Capital Share Transactions:
Proceeds from shares issued		12,015,993			12,966,581
Proceeds from shares issued in subscription in-kind		—			6,858,946
Dividends reinvested		—			3,093,298
Cost of shares redeemed		(11,490,716	)		(15,534,449	)
Change in net assets resulting from capital share transactions		525,277			7,384,376
Change in Net Assets		5,752,729			23,803,235
Net Assets:
Beginning of period		257,031,396			233,228,161
End of period	$	262,784,125		$	257,031,396
Share Transactions:
Issued		360,060			410,393
Issued in subscriptions in-kind(a)		—			223,273
Reinvested		—			100,172
Redeemed		(345,608	)		(499,341	)
Change in Shares		14,452			234,497
Accumulated net investment income	$	2,558,219		$	724,083

Amounts designated as “—” are $0 or have been rounded to $0.
(a)	See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements 13

Financial Statements

Boston Trust Asset Management Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the periods indicated.

	For the six			For the		For the		For the		For the			For the
	months ended			year ended		year ended		year ended		year ended			year ended
	September 30,			March 31,		March 31,		March 31,		March 31,			March 31,
	2012			2012		2011		2010		2009			2008
	(Unaudited)
Net Asset Value, Beginning of Period	$	33.71		$	31.56	$	28.69	$	23.33	$	30.31		$	29.87
Investment Activities:
Net investment income		0.24			0.43		0.44		0.47		0.49	(a)		0.46
Net realized and unrealized gains (losses) from investment transactions		0.45			2.17		2.88		5.36		(6.11)			1.42
Total from investment activities		0.69			2.60		3.32		5.83		(5.62)			1.88
Dividends:
Net investment income		—			(0.45)		(0.45)		(0.47)		(0.52)			(0.45)
Net realized gains from investments		—			—		—		—		(0.84)			(0.99)
Total dividends		—			(0.45)		(0.45)		(0.47)		(1.36)			(1.44)
Net Asset Value, End of Period	$	34.40		$	33.71	$	31.56	$	28.69	$	23.33		$	30.31
Total return		2.05%	(b)		8.36%		11.65%		25.08%		(18.68)%			6.06%
Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	262,784		$	257,031	$	233,228	$	200,312	$	148,401		$	183,314
Ratio of net expenses to average net assets		0.97%	(c)		1.00%		1.00%		1.00%		1.00%			1.00%
Ratio of net investment income to average net assets		1.43%	(c)		1.40%		1.50%		1.84%		1.80%			1.46%
Ratio of expenses (before fee reductions) to average net assets(d)		0.97%	(c)		1.07%		1.07%		1.08%		1.08%			1.08%
Portfolio turnover rate		1.67%	(b)		18.70%		15.76%		12.90%		21.30%			33.49%

Amounts designated as “—” are $0 or have been rounded to $0 or 0.005 per share.
(a)	Calculated using the average shares method.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period, certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated.

14 See Notes to Financial Statements

Schedule of Portfolio Investments

Boston Trust Equity Fund
September 30, 2012 (Unaudited)

COMMON STOCKS (98.5%)
Security Description	Shares	Fair Value ($)

Consumer Discretionary (10.8%)
Advance Auto Parts, Inc.	4,000		273,760
Autoliv, Inc.	15,000		929,550
Comcast Corp., Class A	50,000		1,788,500
Johnson Controls, Inc.	10,000		274,000
McDonald’s Corp.	17,500		1,605,625
NIKE, Inc., Class B	8,000		759,280
Omnicom Group, Inc.	20,000		1,031,200
Ross Stores, Inc.	17,500		1,130,500
			7,792,415
Consumer Staples (12.7%)
Church & Dwight Co., Inc.	10,000		539,900
Colgate-Palmolive Co.	5,000		536,100
Costco Wholesale Corp.	15,000		1,501,875
Diageo PLC, Sponsored ADR	14,000		1,578,220
McCormick & Co., Inc.	7,000		434,280
Nestle SA, Sponsored ADR	10,000		632,100
PepsiCo, Inc.	12,500		884,625
Procter & Gamble Co.	10,000		693,600
SYSCO Corp.	40,000		1,250,800
Wal-Mart Stores, Inc.	15,000		1,107,000
			9,158,500
Energy (13.4%)
Apache Corp.	12,000		1,037,640
Chevron Corp.	16,000		1,864,960
ConocoPhillips	15,000		857,700
Devon Energy Corp.	7,500		453,750
Exxon Mobil Corp.	40,000		3,658,000
Phillips 66	7,500		347,775
Schlumberger Ltd.	20,000		1,446,600
			9,666,425
Financials (13.0%)
Chubb Corp.	25,000		1,907,000
Cincinnati Financial Corp.	50,000		1,894,500
Comerica, Inc.	12,500		388,125
JPMorgan Chase & Co.	35,000		1,416,800
M&T Bank Corp.	5,000		475,800
Northern Trust Corp.	7,500		348,112
PNC Financial Services Group, Inc.	12,500		788,750
State Street Corp.	7,500		314,700
T. Rowe Price Group, Inc.	30,000		1,899,000
			9,432,787
Health Care (8.0%)
Becton, Dickinson & Co.	17,000		1,335,520
C.R. Bard, Inc.	12,500		1,308,125
DENTSPLY International, Inc.	25,000		953,500
Johnson & Johnson, Inc.	2,000		137,820
Medtronic, Inc.	10,000		431,200
Mettler-Toledo International, Inc.(a)	1,500		256,110
Saint Jude Medical, Inc.	5,000		210,650
Stryker Corp.	10,000		556,600
Varian Medical Systems, Inc.(a)	10,000		603,200
			5,792,725
Industrials (18.3%)
3M Co.	2,500		231,050
Donaldson Co., Inc.	50,000		1,735,500
Emerson Electric Co.	35,000		1,689,450
Expeditors International of Washington, Inc.	10,000		363,600
Hubbell, Inc., Class B	10,000		807,400
Illinois Tool Works, Inc.	30,000		1,784,100
Precision Castparts Corp.	15,000		2,450,100
Rockwell Collins, Inc.	15,000		804,600
United Parcel Service, Inc., Class B	14,000		1,001,980
W.W. Grainger, Inc.	11,500		2,396,255
			13,264,035
Information Technology (17.9%)
Accenture PLC, Class A	25,000		1,750,750
Apple, Inc.	4,000		2,669,040
Automatic Data Processing, Inc.	20,000		1,173,200
EMC Corp.(a)	65,000		1,772,550
Intel Corp.	25,000		567,000
International Business Machines Corp.	10,000		2,074,500
Microsoft Corp.	50,000		1,489,000
Oracle Corp.	45,000		1,417,050
			12,913,090
Materials (4.5%)
Air Products & Chemicals, Inc.	5,000		413,500
AptarGroup, Inc.	10,000		517,100
Ecolab, Inc.	14,000		907,340
Sigma-Aldrich Corp.	20,000		1,439,400
			3,277,340
TOTAL COMMON STOCKS (Cost $41,542,933)			71,297,317
INVESTMENT COMPANIES (1.4%)
State Street Institutional U.S. Government Money Market Fund, Investor Shares, 0.05%(b)	986,623		986,623
TOTAL INVESTMENT COMPANIES (Cost $986,623)			986,623
Total Investments (Cost $42,529,556)(c) — 99.9%			72,283,940
Other assets in excess of liabilities — 0.1%			50,069
NET ASSETS — 100.0%		$	72,334,009

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day yield as of September 30, 2012.
(c)	See Federal Tax Information listed in the Notes to the Financial Statements.
ADR	American Depositary Receipt
PLC	Public Limited Company

See Notes to Financial Statements 15

Financial Statements

Boston Trust Equity Fund

STATEMENT OF ASSETS AND LIABILITIES
September 30, 2012 (Unaudited)
Assets:
Investments, at value (cost $42,529,556)	$	72,283,940
Dividends receivable		111,387
Prepaid expenses and other assets		3,573
Total Assets		72,398,900
Liabilities:
Payable for capital shares redeemed		3,500
Accrued expenses and other liabilities:
Investment adviser		44,305
Administration and accounting		2,148
Custodian		1,114
Transfer agency		3,164
Trustee		113
Other		10,547
Total Liabilities		64,891
Net Assets	$	72,334,009
Composition of Net Assets:
Capital	$	43,905,393
Accumulated net investment income		515,032
Accumulated net realized losses from investment transactions		(1,840,800	)
Net unrealized appreciation from investments		29,754,384
Net Assets	$	72,334,009
Shares outstanding (par value $0.01, unlimited number of shares authorized)		4,606,229
Net Asset Value, Offering Price and Redemption Price per share	$	15.70

STATEMENT OF OPERATIONS
For the six months ended September 30, 2012 (Unaudited)
Investment Income:
Dividends	$	714,395
Total Investment Income		714,395
Expenses:
Investment adviser		257,397
Administration and accounting		43,637
Trustee		1,582
Custodian		5,783
Transfer agency		16,241
Chief compliance officer		1,113
Recoupment of prior expenses reimbursed by the investment adviser		1,646
Other		16,711
Total expenses before fee reductions		344,110
Net Expenses		344,110
Net Investment Income		370,285
Net Realized/Unrealized Gains (Losses) from Investments:
Net realized gains from investment transactions		962,373
Change in unrealized depreciation from investments		(519,553	)
Net realized/unrealized gains from investments		442,820
Change in Net Assets Resulting from Operations	$	813,105

16 See Notes to Financial Statements

Financial Statements

Boston Trust Equity Fund

STATEMENTS OF CHANGES IN NET ASSETS
	For the			For the
	six months ended			year ended
	September 30,			March 31,
	2012			2012
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	370,285		$	602,627
Net realized gains from investment transactions		962,373			245,312
Change in unrealized appreciation/depreciation from investments		(519,553	)		4,546,914
Change in Net Assets Resulting from Operations		813,105			5,394,853
Dividends:
Net investment income		—			(589,650	)
Change in Net Assets Resulting from Shareholder Dividends		—			(589,650	)
Capital Share Transactions:
Proceeds from shares issued		2,918,682			4,647,257
Dividends reinvested		—			507,274
Cost of shares redeemed		(971,478	)		(3,849,474	)
Change in Net Assets Resulting from Capital Share Transactions		1,947,204			1,305,057
Change in Net Assets		2,760,309			6,110,260
Net Assets:
Beginning of period		69,573,700			63,463,440
End of period	$	72,334,009		$	69,573,700
Share Transactions:
Issued		193,910			327,501
Reinvested		—			36,786
Redeemed		(65,016	)		(275,060	)
Change in Shares		128,894			89,227
Accumulated net investment income	$	515,032		$	144,747

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements 17

Financial Statements

Boston Trust Equity Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the periods indicated.

	For the six			For the		For the		For the		For the		For the
	months ended			year ended		year ended		year ended		year ended		year ended
	September 30,			March 31,		March 31,		March 31,		March 31,		March 31,
	2012			2012		2011		2010		2009		2008
	(Unaudited)
Net Asset Value, Beginning of Period	$	15.54		$	14.46	$	12.62	$	8.77	$	13.17	$	13.17
Investment Activities:
Net investment income		0.08			0.13		0.11		0.10		0.10(a)		0.08
Net realized and unrealized gains (losses) from investment transactions		0.08			1.08		1.84		3.85		(4.40)		0.30
Total from Investment Activities		0.16			1.21		1.95		3.95		(4.30)		0.38
Dividends:
Net investment income		—			(0.13)		(0.11)		(0.10)		(0.10)		(0.08)
Net realized gains from investments		—			—		—		—		—		(0.30)
Total dividends		—			(0.13)		(0.11)		(0.10)		(0.10)		(0.38)
Net Asset Value, End of Period	$	15.70		$	15.54	$	14.46	$	12.62	$	8.77	$	13.17
Total return		1.03%	(b)		8.50%		15.48%		45.13%		(32.73)%		2.59%
Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	72,334		$	69,574	$	63,463	$	53,583	$	38,699	$	65,050
Ratio of net expenses to average net assets		1.00%	(c)		1.00%		1.00%		1.00%		1.00%		1.00%
Ratio of net investment income to average net assets		1.08%	(c)		0.96%		0.85%		0.92%		0.86%		0.55%
Ratio of expenses (before fee reductions) to average net assets(d)		1.00%	(c)		1.07%		1.09%		1.11%		1.10%		1.10%
Portfolio turnover rate		3.58%	(b)		10.80%		14.31%		19.90%		28.85%		23.53%

Amounts designated as “—” are $0 or have been rounded to $0 or 0.005 per share.
(a)	Calculated using the average shares method.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period, certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated.

18 See Notes to Financial Statements

Schedule of Portfolio Investments

Boston Trust Midcap Fund
September 30, 2012 (Unaudited)

COMMON STOCKS (99.2%)
Security Description	Shares	Fair Value ($)

Consumer Discretionary (13.6%)
Advance Auto Parts, Inc.	6,200		424,328
Autoliv, Inc.	8,480		525,506
Family Dollar Stores, Inc.	6,750		447,525
Gentex Corp.	11,250		191,362
Hasbro, Inc.	12,900		492,393
LKQ Corp.(a)	10,500		194,250
O’Reilly Automotive, Inc.(a)	4,700		393,014
Omnicom Group, Inc.	9,750		502,710
Ross Stores, Inc.	7,850		507,110
Tractor Supply Co.	2,275		224,975
			3,903,173
Consumer Staples (6.3%)
Brown-Forman Corp., Class B	6,300		411,075
Campbell Soup Co.	10,000		348,200
Church & Dwight Co., Inc.	10,900		588,491
McCormick & Co., Inc.	7,525		466,851
			1,814,617
Energy (8.4%)
Cabot Oil & Gas Corp.	6,000		269,400
Core Laboratories NV	4,000		485,920
Denbury Resources, Inc.(a)	25,425		410,868
Energen Corp.	5,000		262,050
FMC Technologies, Inc.(a)	7,800		361,140
Murphy Oil Corp.	6,500		348,985
Oceaneering International, Inc.	5,000		276,250
			2,414,613
Financials (17.1%)
Bank of Hawaii Corp.	4,950		225,819
Cincinnati Financial Corp.	13,905		526,860
Comerica, Inc.	11,275		350,089
Commerce Bancshares, Inc.	7,237		291,868
Cullen/Frost Bankers, Inc.	5,700		327,351
Digital Realty Trust, Inc.	3,800		265,430
East West Bancorp, Inc.	12,500		264,000
Eaton Vance Corp.	7,150		207,064
IntercontinentalExchange, Inc.(a)	1,525		203,450
Jones Lang LaSalle, Inc.	3,175		242,411
M&T Bank Corp.	3,650		347,334
MSCI, Inc., Class A(a)	5,900		211,161
Northern Trust Corp.	10,000		464,150
SEI Investments Co.	9,650		206,993
T. Rowe Price Group, Inc.	10,000		633,000
TD Ameritrade Holding Corp.	10,025		154,084
			4,921,064
Health Care (13.1%)
C.R. Bard, Inc.	5,850		612,202
DENTSPLY International, Inc.	11,750		448,145
Idexx Laboratories, Inc.(a)	2,650		263,278
Laboratory Corp. of America Holdings(a)	3,250		300,527
Mettler-Toledo International, Inc.(a)	3,500		597,590
ResMed, Inc.	9,200		372,324
Techne Corp.	3,700		266,178
Varian Medical Systems, Inc.(a)	6,700		404,144
Waters Corp.(a)	6,000		499,980
			3,764,368
Industrials (16.3%)
AMETEK, Inc.	16,125		571,631
C.H. Robinson Worldwide, Inc.	4,150		242,983
CLARCOR, Inc.	6,950		310,178
Donaldson Co., Inc.	20,000		694,200
Expeditors International of Washington, Inc.	6,700		243,612
Hubbell, Inc., Class B	5,300		427,922
IDEX Corp.	6,000		250,620
Lincoln Electric Holdings, Inc.	14,500		566,225
Rockwell Collins, Inc.	5,500		295,020
W.W. Grainger, Inc.	3,375		703,249
Wabtec Corp.	4,900		393,421
			4,699,061
Information Technology (14.9%)
BMC Software, Inc.(a)	14,200		589,158
Check Point Software Technologies Ltd.(a)	11,000		529,760
Citrix Systems, Inc.(a)	6,500		497,705
F5 Networks, Inc.(a)	2,600		272,220
Factset Research Systems, Inc.	2,800		269,976
Fiserv, Inc.(a)	3,250		240,598
NetApp, Inc.(a)	14,425		474,294
Paychex, Inc.	8,000		266,320
Polycom, Inc.(a)	11,000		108,570
Riverbed Technology, Inc.(a)	10,400		242,008
Syntel, Inc.	3,625		226,236
Teradata Corp.(a)	7,525		567,460
			4,284,305
Materials (5.4%)
AptarGroup, Inc.	11,000		568,810
Ecolab, Inc.	4,875		315,949
Sigma-Aldrich Corp.	9,400		676,518
			1,561,277
Utilities (4.1%)
AGL Resources, Inc.	7,150		292,507
Northeast Utilities	8,766		335,124
Questar Corp.	26,725		543,319
			1,170,950
TOTAL COMMON STOCKS (Cost $20,558,801)			28,533,428
INVESTMENT COMPANIES (0.8%)
State Street Institutional U.S. Government Money Market Fund, Investor Shares, 0.05%(b)	223,065		223,065
TOTAL INVESTMENT COMPANIES (Cost $223,065)			223,065
Total Investments (Cost $20,781,866)(c) — 100.0%			28,756,493
Liabilities in excess of other assets — 0.0%			(5,695)
NET ASSETS — 100.0%		$	28,750,798

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day yield as of September 30, 2012.
(c)	See Federal Tax Information listed in the Notes to the Financial Statements.

See Notes to Financial Statements 19

Financial Statements

Boston Trust Midcap Fund

STATEMENT OF ASSETS AND LIABILITIES
September 30, 2012 (Unaudited)
Assets:
Investments, at fair value (cost $20,781,866)	$	28,756,493
Dividends receivable		24,357
Prepaid expenses and other assets		4,842
Total Assets		28,785,692
Liabilities:
Payable for investments purchased		10,847
Accrued expenses and other liabilities:
Investment adviser		16,164
Administration and accounting		1,006
Custodian		454
Transfer agent		2,816
Trustee		41
Other		3,566
Total Liabilities		34,894
Net Assets	$	28,750,798
Composition of Net Assets:
Capital	$	20,179,940
Accumulated net investment income		66,596
Accumulated net realized gains from investment transactions		529,635
Net unrealized appreciation from investments		7,974,627
Net Assets	$	28,750,798
Shares outstanding (par value $0.01, unlimited number of shares authorized)		2,391,166
Net Asset Value, Offering Price and Redemption Price per share	$	12.02

STATEMENT OF OPERATIONS
For the six months ended September 30, 2012 (Unaudited)
Investment Income:
Dividends	$	195,918
Foreign tax withholding		(336)
Total Investment Income		195,582
Expenses:
Investment adviser		104,911
Administration and accounting		18,593
Shareholder servicing		44
Trustee		587
Custodian		2,393
Transfer agency		14,695
Chief compliance officer		413
Other		8,680
Total expenses before fee reductions		150,316
Fees contractually reduced by the investment adviser		(10,064)
Net Expenses		140,252
Net Investment Income		55,330
Net Realized/Unrealized Gains (Losses) from Investments:
Net realized gains from investment transactions		362,934
Change in unrealized depreciation from investments		(1,151,480)
Net realized/ unrealized losses from investments		(788,546)
Change in Net Assets Resulting from Operations	$	(733,216)

20 See Notes to Financial Statements

Financial Statements

Boston Trust Midcap Fund

STATEMENTS OF CHANGES IN NET ASSETS
	For the		For the
	six months ended		year ended
	September 30,		March 31,
	2012		2012
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	55,330	$	78,677
Net realized gains from investment transactions		362,934		569,650
Change in unrealized appreciation/depreciation from investments		(1,151,480)		1,268,521
Change in net assets resulting from operations		(733,216)		1,916,848
Dividends:
Net investment income		—		(77,741)
Net realized gains from investment transactions		—		(889,781)
Change in Net Assets Resulting from Shareholder Dividends		—		(967,522)
Capital Share Transactions:
Proceeds from shares issued		1,519,570		2,852,941
Dividends reinvested		—		828,947
Cost of shares redeemed		(1,259,625)		(2,682,664)
Change in net assets resulting from capital share transactions		259,945		999,224
Change in Net Assets		(473,271)		1,948,550
Net Assets:
Beginning of period		29,224,069		27,275,519
End of period	$	28,750,798	$	29,224,069
Share Transactions:
Issued		128,717		250,003
Reinvested		—		76,613
Redeemed		(106,620)		(237,172)
Change in Shares		22,097		89,444
Accumulated net investment income	$	66,596	$	11,266

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements 21

Financial Statements

Boston Trust Midcap Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the periods indicated.

	For the six			For the		For the		For the		For the			For the
	months ended			year ended		year ended		year ended		year ended			year ended
	September 30,			March 31,		March 31,		March 31,		March 31,			March 31,
	2012			2012		2011		2010		2009			2008(a)
	(Unaudited)
Net Asset Value, Beginning of Period	$	12.34		$	11.96	$	9.44	$	6.08	$	9.23		$	10.00
Investment Activities:
Net investment income		0.03			0.03		0.02		0.02		0.02	(b)		0.01
Net realized and unrealized gains (losses) from investment transactions		(0.35)			0.78		2.73		3.36		(3.07)			(0.71)
Total from investment activities		(0.32)			0.81		2.75		3.38		(3.05)			(0.70)
Dividends:
Net investment income		—			(0.03)		(0.02)		(0.02)		(0.02)			—
Net realized gains from investments		—			(0.40)		(0.21)		—		(0.08)			(0.07)
Total dividends		—			(0.43)		(0.23)		(0.02)		(0.10)			(0.07)
Net Asset Value, End of Period	$	12.02		$	12.34	$	11.96	$	9.44	$	6.08		$	9.23
Total return		(2.59)%	(c)		7.24%		29.32%		55.68%		(33.03)%			(7.05)%	(c)
Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	28,751		$	29,224	$	27,276	$	16,309	$	8,019		$	13,433
Ratio of net expenses to average net assets		1.00%	(d)		1.00%		1.00%		1.00%		1.00%			1.00%	(d)
Ratio of net investment income to average net assets		0.39%	(d)		0.30%		0.25%		0.26%		0.24%			0.29%	(d)
Ratio of expenses (before fee reductions) to average net assets(e)		1.07%	(d)		1.19%		1.20%		1.32%		1.48%			1.58%	(d)
Portfolio turnover rate		8.67%	(c)		19.01%		18.58%		26.44%		22.93%			17.87%	(c)

Amounts designated as “—” are $0 or have been rounded to $0 or 0.005 per share.
(a)	Commenced operations on September 24, 2007.
(b)	Calculated using the average shares method.
(c)	Not annualized for periods less than one year.
(d)	Annualized for periods less than one year.
(e)	During the period, certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated.

22 See Notes to Financial Statements

Schedule of Portfolio Investments

Boston Trust SMID Cap Fund
September 30, 2012

COMMON STOCKS (97.9%)
Security Description	Shares	Fair Value ($)

Consumer Discretionary (13.6%)
Autoliv, Inc.	727		45,052
Dorman Products, Inc.(a)	750		23,632
Gentex Corp.	1,453		24,715
Hibbett Sports, Inc.(a)	624		37,097
iRobot Corp.(a)	775		17,639
John Wiley & Sons, Inc., Class A	700		32,165
Life Time Fitness, Inc.(a)	659		30,143
LKQ Corp.(a)	2,650		49,025
Select Comfort Corp.(a)	1,564		49,344
SodaStream International Ltd.(a)	827		32,394
Tempur-Pedic International, Inc.(a)	1,200		35,868
The Men’s Wearhouse, Inc.	825		28,405
Tractor Supply Co.	175		17,306
Vitamin Shoppe, Inc.(a)	667		38,899
Wolverine World Wide, Inc.	988		43,838
			505,522
Consumer Staples (2.9%)
Darling International, Inc.(a)	817		14,943
Hain Celestial Group, Inc.(a)	286		18,018
The Fresh Market, Inc.(a)	545		32,689
United Natural Foods, Inc.(a)	681		39,804
			105,454
Energy (6.4%)
CARBO Ceramics, Inc.	700		44,044
Core Laboratories NV	375		45,555
Denbury Resources, Inc.(a)	2,500		40,400
Lufkin Industries, Inc.	700		37,674
Oceaneering International, Inc.	925		51,106
RPC, Inc.	1,400		16,646
			235,425
Financials (22.1%)
Bank of Hawaii Corp.	1,281		58,439
Cohen & Steers, Inc.	1,300		38,506
Commerce Bancshares, Inc.	1,225		49,404
Coresite Realty Corp.	625		16,838
Corporate Office Properties Trust	763		18,289
Cullen/Frost Bankers, Inc.	600		34,458
DuPont Fabros Technology, Inc.	1,526		38,531
East West Bancorp, Inc.	2,700		57,024
Eaton Vance Corp.	975		28,236
Financial Engines, Inc.(a)	1,250		29,788
Jones Lang LaSalle, Inc.	888		67,799
MarketAxess Holdings, Inc.	1,250		39,500
MSCI, Inc., Class A(a)	750		26,843
Ocwen Financial Corp.(a)	3,000		82,230
SEI Investments Co.	1,300		27,885
Signature Bank(a)	950		63,726
SVB Financial Group(a)	750		45,345
Texas Capital Bancshares, Inc.(a)	772		38,376
UMB Financial Corp.	700		34,076
Umpqua Holdings Corp.	2,025		26,102
			821,395
Health Care (11.4%)
Bruker Corp.(a)	2,702		35,369
ICU Medical, Inc.(a)	704		42,578
Idexx Laboratories, Inc.(a)	181		17,982
Mednax, Inc.(a)	375		27,919
Meridian Bioscience, Inc.	1,794		34,409
Mettler-Toledo International, Inc.(a)	182		31,075
Myriad Genetics, Inc.(a)	1,635		44,129
Neogen Corp.(a)	477		20,368
Quality Systems, Inc.	1,899		35,226
ResMed, Inc.	1,067		43,181
Techne Corp.	341		24,532
Thoratec Corp.(a)	1,075		37,195
West Pharmaceutical Services, Inc.	545		28,923
			422,886
Industrials (14.9%)
CLARCOR, Inc.	1,226		54,717
Donaldson Co., Inc.	1,907		66,192
ESCO Technologies, Inc.	477		18,532
Franklin Electric Co., Inc.	325		19,659
Genesee & Wyoming, Inc., Class A(a)	727		48,607
Hub Group, Inc., Class A(a)	863		25,614
Hubbell, Inc., Class B	318		25,675
IDEX Corp.	545		22,765
II-VI, Inc.(a)	1,000		19,020
Lindsay Manufacturing Co.	727		52,322
Middleby Corp.(a)	497		57,473
Nordson Corp.	590		34,586
Wabtec Corp.	863		69,290
Watts Water Technologies, Inc., Class A	999		37,792
			552,244
Information Technology (15.3%)
Blackbaud, Inc.	772		18,466
Bottomline Technologies, Inc.(a)	817		20,172
Coherent, Inc.(a)	318		14,584
CommVault Systems, Inc.(a)	702		41,207
Factset Research Systems, Inc.	341		32,879
InterDigital, Inc.	772		28,780
IPG Photonics Corp.(a)	815		46,700
j2 Global, Inc.	1,045		34,297
Liquidity Services, Inc.(a)	752		37,758
MicroStrategy, Inc., Class A(a)	272		36,467
National Instruments Corp.	706		17,770
NIC, Inc.	1,453		21,504
Plantronics, Inc.	1,090		38,510
Polycom, Inc.(a)	2,271		22,415
Power Integrations, Inc.	817		24,861
Riverbed Technology, Inc.(a)	1,090		25,364
Sapient Corp.(a)	3,733		39,794
Syntel, Inc.	300		18,723
Wright Express Corp.(a)	700		48,804
			569,055
Materials (6.3%)
AptarGroup, Inc.	1,375		71,101
Calgon Carbon Corp.(a)	2,800		40,068
Commercial Metals Co.	2,750		36,300
Kraton Performance Polymers, Inc.(a)	1,400		36,540
Minerals Technologies, Inc.	700		49,651
			233,660
Utilities (5.0%)
AGL Resources, Inc.	950		38,864
American States Water Co.	981		43,586
New Jersey Resources Corp.	725		33,147
Questar Corp.	3,500		71,155
			186,752
TOTAL COMMON STOCKS (Cost $3,425,293)			3,632,393
INVESTMENT COMPANIES (2.3%)
State Street Institutional U.S. Government Money Market Fund, Investor Shares, 0.05%(b)	85,417		85,417
TOTAL INVESTMENT COMPANIES (Cost $85,417)			85,417
Total Investments (Cost $3,510,710)(c) — 100.2%			3,717,810
Liabilities in excess of other assets — (0.2)%			(8,065	)
NET ASSETS — 100.0%		$	3,709,745

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day yield as of September 30, 2012.
(c)	See Federal Tax Information listed in the Notes to the Financial Statements.

See Notes to Financial Statements 23

Financial Statements

Boston Trust SMID Cap Fund

STATEMENT OF ASSETS AND LIABILITIES
September 30, 2012 (Unaudited)
Assets:
Investments, at fair value (cost $3,510,710)	$	3,717,810
Dividends receivable		1,662
Receivable from adviser		1,198
Prepaid expenses and other assets		1,083
Total Assets		3,721,753
Liabilities:
Payable for investments purchased		9,111
Accrued expenses and other liabilities:
Administration and accounting		278
Custodian		89
Transfer agent		1,881
Trustee		4
Other		645
Total Liabilities		12,008
Net Assets	$	3,709,745
Composition of Net Assets:
Capital	$	3,476,379
Accumulated net investment income		3,376
Accumulated net realized gains from investment transactions		22,890
Net unrealized appreciation from investments		207,100
Net Assets	$	3,709,745
Shares outstanding (par value $0.01, unlimited number of shares authorized)		342,280
Net Asset Value, Offering Price and Redemption Price per share	$	10.84

STATEMENT OF OPERATIONS
For the six months ended September 30, 2012 (Unaudited)
Investment Income:
Dividends	$	19,169
Less: Foreign tax withholding		(36	)
Total Investment Income		19,133
Expenses:
Investment adviser		13,333
Administration and accounting		3,676
Trustee		75
Custodian		690
Transfer agency		14,555
Chief compliance officer		53
Other		2,750
Total expenses before fee reductions		35,132
Fees contractually reduced by the investment adviser		(17,304	)
Net Expenses		17,828
Net Investment Income		1,305
Net Realized/Unrealized Losses from Investments:
Net realized losses from investment transactions		(7,621	)
Change in unrealized depreciation from investments		(92,153	)
Net realized/ unrealized losses from investments		(99,774	)
Change in Net Assets Resulting from Operations	$	(98,469	)

24 See Notes to Financial Statements

Financial Statements

Boston Trust SMID Cap Fund

STATEMENT OF CHANGES IN NET ASSETS
	For the			For the
	six months ended			period ended
	September 30,			March 31,
	2012			2012(a)
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	1,305		$	286
Net realized gains (losses) from investment transactions		(7,621	)		30,511
Change in unrealized appreciation/depreciation from investments		(92,153	)		299,253
Change in Net Assets Resulting from Operations		(98,469	)		330,050
Dividends:
Net investment income		—			(898	)
Change in Net Assets Resulting from Shareholder Dividends		—			(898	)
Capital Share Transactions:
Proceeds from shares issued		702,501			2,949,757
Proceeds from shares issued in subscription in-kind(b)		—			325,000
Dividends reinvested		—			775
Cost of shares redeemed		(174,133	)		—
Cost of in-kind shares redeemed(b)		(324,838	)		—
Change in Net Assets Resulting from Capital Share Transactions		203,530			3,275,532
Change in Net Assets		105,061			3,604,684
Net Assets:
Beginning of period		3,604,684			—
End of period	$	3,709,745		$	3,604,684
Share Transactions:
Issued		66,695			292,427
Issued in subscriptions in-kind(b)		—			32,500
Reinvested		—			79
Redeemed		(16,905	)		—
Redeemed in-kind(b)		(32,516	)		—
Change in Shares		17,274			325,006
Accumulated net investment income	$	3,376		$	2,071

(a)	Commenced operations on November 30, 2011.
(b)	See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements 25

Financial Statements

Boston Trust SMID Cap Fund

FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout the period indicated.
	For the			For the
	months ended			period ended
	September 30,			March 31,
	2012			2012(a)
	(Unaudited)
Net Asset Value, Beginning of Period	$	11.09		$	10.00
Investment Activities:
Net investment income (loss)		—			—
Net realized and unrealized gains (losses) from investment transactions		(0.25)			1.09
Total from investment activities		(0.25)			1.09
Net Asset Value, End of Period	$	10.84		$	11.09
Total return		(2.25)%	(b)		10.96%	(b)
Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	3,710		$	3,605
Ratio of net expenses to average net assets		1.00%	(c)		1.00%	(c)
Ratio of net investment income to average net assets		0.07%	(c)		0.03%	(c)
Ratio of expenses (before fee reductions) to average net assets(d)		1.97%	(c)		2.18%	(c)
Portfolio turnover rate		23.05%	(b)		12.14%	(b)

Amounts designated as “—” are $0 or have been rounded to $0 or 0.005 per share.
(a)	Commenced operations on November 30, 2011.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period, certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated.

26 See Notes to Financial Statements

Schedule of Portfolio Investments

Boston Trust Small Cap Fund
September 30, 2012 (Unaudited)

COMMON STOCKS (99.2%)
Security Description	Shares	Fair Value ($)

Consumer Discretionary (13.2%)
Dorman Products, Inc.(a)	86,000		2,709,860
Fuel Systems Solutions, Inc.(a)	138,000		2,372,220
Gentex Corp.	80,000		1,360,800
Hibbett Sports, Inc.(a)	71,700		4,262,565
iRobot Corp.(a)	105,800		2,408,008
John Wiley & Sons, Inc., Class A	98,000		4,503,100
Life Time Fitness, Inc.(a)	67,000		3,064,580
Select Comfort Corp.(a)	141,025		4,449,339
SodaStream International Ltd.(a)	105,000		4,112,850
Tempur-Pedic International, Inc.(a)	67,000		2,002,630
The Men’s Wearhouse, Inc.	97,000		3,339,710
Universal Technical Institute, Inc.	128,000		1,753,600
Vitamin Shoppe, Inc.(a)	58,000		3,382,560
Wolverine World Wide, Inc.	95,000		4,215,150
			43,936,972
Consumer Staples (3.8%)
Darling International, Inc.(a)	116,000		2,121,640
Hain Celestial Group, Inc.(a)	25,200		1,587,600
Lifeway Foods, Inc.	54,733		519,964
The Fresh Market, Inc.(a)	57,000		3,418,860
United Natural Foods, Inc.(a)	85,500		4,997,475
			12,645,539
Energy (5.7%)
CARBO Ceramics, Inc.	73,000		4,593,160
Lufkin Industries, Inc.	122,075		6,570,077
Natural Gas Services Group, Inc.(a)	88,000		1,315,600
OYO Geospace Corp.(a)	26,000		3,182,660
RPC, Inc.	149,000		1,771,610
Tesco Corp.(a)	141,000		1,505,880
			18,938,987
Financials (20.5%)
Bank of Hawaii Corp.	137,850		6,288,717
Cohen & Steers, Inc.	105,000		3,110,100
Coresite Realty Corp.	54,075		1,456,781
Corporate Office Properties Trust	120,000		2,876,400
Dime Community Bancshares, Inc.	174,000		2,512,560
DuPont Fabros Technology, Inc.	221,500		5,592,875
East West Bancorp, Inc.	240,000		5,068,800
Financial Engines, Inc.(a)	142,000		3,383,860
Green Dot Corp., Class A(a)	144,000		1,761,120
Independent Bank Corp.	106,000		3,189,540
MarketAxess Holdings, Inc.	141,200		4,461,920
Ocwen Financial Corp.(a)	60,050		1,645,970
Signature Bank(a)	89,450		6,000,306
SVB Financial Group(a)	87,350		5,281,181
Texas Capital Bancshares, Inc.(a)	97,875		4,865,366
UMB Financial Corp.	109,000		5,306,120
Umpqua Holdings Corp.	410,000		5,284,900
			68,086,516
Health Care (13.6%)
Bruker Corp.(a)	307,300		4,022,557
Cantel Medical Corp.	97,000		2,626,760
Computer Programs & Systems, Inc.	59,000		3,277,450
ICU Medical, Inc.(a)	76,300		4,614,624
Landauer, Inc.	27,500		1,642,300
Meridian Bioscience, Inc.	247,575		4,748,488
Myriad Genetics, Inc.(a)	147,000		3,967,530
Neogen Corp.(a)	72,000		3,074,400
Quality Systems, Inc.	184,000		3,413,200
Techne Corp.	48,000		3,453,120
Thoratec Corp.(a)	125,000		4,325,000
West Pharmaceutical Services, Inc.	116,825		6,199,903
			45,365,332
Industrials (16.1%)
American Science & Engineering, Inc.	55,000		3,608,550
Apogee Enterprises, Inc.	150,000		2,943,000
CLARCOR, Inc.	126,275		5,635,653
ESCO Technologies, Inc.	62,925		2,444,636
Franklin Electric Co., Inc.	42,200		2,552,678
Genesee & Wyoming, Inc., Class A(a)	103,000		6,886,580
Gentherm, Inc.(a)	155,000		1,928,200
Herman Miller, Inc.	63,000		1,224,720
Hub Group, Inc., Class A(a)	92,000		2,730,560
II-VI, Inc.(a)	144,175		2,742,209
Lindsay Manufacturing Co.	64,000		4,606,080
Middleby Corp.(a)	47,000		5,435,080
Simpson Manufacturing Co., Inc.	84,000		2,404,080
Team, Inc.(a)	143,125		4,558,531
Watts Water Technologies, Inc., Class A	98,000		3,707,340
			53,407,897
Information Technology (18.6%)
Blackbaud, Inc.	108,000		2,583,360
Bottomline Technologies, Inc.(a)	122,000		3,012,180
Ceragon Networks Ltd.(a)	205,000		1,168,500
Coherent, Inc.(a)	47,000		2,155,420
CommVault Systems, Inc.(a)	62,000		3,639,400
GT Advanced Technologies, Inc.(a)	166,000		904,700
InterDigital, Inc.	75,000		2,796,000
IPG Photonics Corp.(a)	76,000		4,354,800
j2 Global, Inc.	128,000		4,200,960
Liquidity Services, Inc.(a)	89,000		4,468,690
MicroStrategy, Inc., Class A(a)	19,800		2,654,586
NIC, Inc.	175,000		2,590,000
Plantronics, Inc.	175,000		6,182,750
Polycom, Inc.(a)	297,000		2,931,390
Power Integrations, Inc.	139,975		4,259,439
Riverbed Technology, Inc.(a)	73,525		1,710,927
Sapient Corp.(a)	425,000		4,530,500
Syntel, Inc.	27,600		1,722,516
Wright Express Corp.(a)	85,250		5,943,630
			61,809,748
Materials (4.4%)
Calgon Carbon Corp.(a)	198,000		2,833,380
Commercial Metals Co.	196,000		2,587,200
Kraton Performance Polymers, Inc.(a)	62,000		1,618,200
Minerals Technologies, Inc.	50,000		3,546,500
Quaker Chemical Corp.	86,000		4,013,620
			14,598,900
Utilities (3.3%)
American States Water Co.	52,000		2,310,360
New Jersey Resources Corp.	119,975		5,485,257
South Jersey Industries, Inc.	62,000		3,281,660
			11,077,277
TOTAL COMMON STOCKS (Cost $287,632,561)			329,867,168
INVESTMENT COMPANIES (1.0%)
State Street Institutional U.S. Government Money Market Fund, Investor Shares, 0.05%(b)	3,325,316		3,325,316
TOTAL INVESTMENT COMPANIES (Cost $3,325,316)			3,325,316
Total Investments (Cost $290,957,877)(c) — 100.2%			333,192,484
Liabilities in excess of other assets — (0.2)%			(750,955	)
NET ASSETS — 100.0%		$	332,441,529

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day yield as of September 30, 2012.
(c)	See Federal Tax Information listed in the Notes to the Financial Statements.

See Notes to Financial Statements 27

Financial Statements

Boston Trust Small Cap Fund

STATEMENT OF ASSETS AND LIABILITIES
September 30, 2012 (Unaudited)
Assets:
Investments, at value (cost $290,957,877)	$	333,192,484
Dividends receivable		283,797
Receivable for investments sold		108,143
Receivable for capital shares issued		134,347
Prepaid expenses and other assets		13,550
Total Assets		333,732,321
Liabilities:
Payable for investments purchased		979,231
Payable for capital shares redeemed		19,844
Accrued expenses and other liabilities:
Investment adviser		207,658
Administration and accounting		8,685
Custodian		5,797
Transfer agency		5,995
Trustee		619
Shareholder servicing		12,640
Other		50,323
Total Liabilities		1,290,792
Net Assets	$	332,441,529
Composition of Net Assets:
Capital	$	276,942,452
Accumulated net investment income		98,467
Accumulated net realized gains from investment transactions		13,166,003
Net unrealized appreciation from investments		42,234,607
Net Assets	$	332,441,529
Shares outstanding (par value $0.01, unlimited number of shares authorized)		25,093,104
Net Asset Value, Offering Price and Redemption Price per share	$	13.25

STATEMENT OF OPERATIONS
For the six months ended September 30, 2012 (Unaudited)
Investment Income:
Dividends	$	1,731,548
Total Investment Income		1,731,548
Expenses:
Investment adviser		1,221,374
Administration and accounting		201,526
Shareholder servicing		64,761
Trustee		7,720
Custodian		26,669
Transfer agency		26,178
Chief compliance officer		5,451
Other		93,369
Total expenses before fee reductions		1,647,048
Fees contractually reduced by the investment adviser		(13,967	)
Net Expenses		1,633,081
Net Investment Income		98,467
Net Realized/Unrealized Gains (Losses) from Investments:
Net realized gains from investment transactions		13,455,433
Change in unrealized depreciation from investments		(12,996,870	)
Net realized/unrealized gains from investments		458,563
Change in Net Assets Resulting from Operations	$	557,030

28 See Notes to Financial Statements

Financial Statements

Boston Trust Small Cap Fund

 STATEMENTS OF CHANGES IN NET ASSETS

	For the
	six months ended			For the year ended
	September 30,			March 31,
	2012			2012
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	98,467		$	133,968
Net realized gains from investment transactions		13,455,433			2,564,171
Change in unrealized appreciation/depreciation from investments		(12,996,870	)		6,975,434
Change in Net Assets Resulting from Operations		557,030			9,673,573
Dividends:
Net investment income		—			(258,044	)
Net realized gains from investment transactions		—			(19,639,829	)
Change in Net Assets Resulting from Shareholder Dividends		—			(19,897,873	)
Capital Share Transactions:
Proceeds from shares issued		20,925,484			96,089,797
Dividends reinvested		—			18,302,949
Cost of shares redeemed		(16,546,863	)		(44,396,879	)
Cost of in-kind shares redeemed(a)		(503,078	)		—
Change in Net Assets Resulting from Capital Share Transactions		3,875,543			69,995,867
Change in Net Assets		4,432,573			59,771,567
Net Assets:
Beginning of period		328,008,956			268,237,389
End of period	$	332,441,529		$	328,008,956
Share Transactions:
Issued		1,640,761			7,662,068
Reinvested		—			1,557,698
Redeemed		(1,287,086	)		(3,601,785	)
Redeemed in-kind(a)		(40,571	)		—
Change in Shares		313,104			5,617,981
Accumulated net investment income	$	98,467		$	—

Amounts designated as “—” are $0 or have been rounded to $0.

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

See Notes to Financial Statements 29

Financial Statements

Boston Trust Small Cap Fund

FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout the periods indicated.
	For the six			For the year			For the year			For the year			For the year			For the year
	months ended			ended			ended			ended			ended			ended
	September 30,			March 31,			March 31,			March 31,			March 31,			March 31,
	2012			2012			2011			2010			2009			2008
	(Unaudited)
Net Asset Value, Beginning of Period	$	13.24		$	14.00		$	11.52		$	7.21		$	10.92		$	11.55
Investment Activities:
Net investment income		—			0.01			0.02			0.02			0.02	(a)		0.03
Net realized and unrealized gains (losses) from investment transactions		0.01			0.20			2.91			4.31			(3.64	)		(0.14	)
Total from Investment Activities		0.01			0.21			2.93			4.33			(3.62	)		(0.11	)
Dividends:
Net investment income		—			(0.01	)		(0.03	)		(0.02	)		(0.02	)		(0.02	)
Net realized gains from investments		—			(0.96	)		(0.42	)		—			(0.07	)		(0.50	)
Total dividends		—			(0.97	)		(0.45	)		(0.02	)		(0.09	)		(0.52	)
Net Asset Value, End of Period	$	13.25		$	13.24		$	14.00		$	11.52		$	7.21		$	10.92
Total return		0.08%	(b)		2.35	%		25.78%			60.01%			(33.24)%			(1.21)%
Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	332,442		$	328,009		$	268,237		$	133,511		$	25,504		$	30,423
Ratio of net expenses to average net assets		1.00%	(c)		1.00%			1.00%			1.00%			1.10%			1.08%
Ratio of net investment income to average net assets		0.06%	(c)		0.05%			0.15%			0.26%			0.21%			0.25%
Ratio of expenses (before fee reductions) to average net assets(d)		1.01%	(c)		1.09%			1.12%			1.14%			1.18%			1.14%
Portfolio turnover rate		18.26%	(b)		30.99%			35.54%			26.68%			21.28%			19.53%

Amounts designated as “—” are $0 or have been rounded to $0 or 0.005 per share.
(a)	Calculated using the average shares method.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period, certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated.

30 See Notes to Financial Statements

Environmental, Social and
Governance Research and
Action Update (Unaudited)

Notwithstanding the hyper-partisan tone of this 2012 election cycle, popular concern is escalating over the torrent of secret money into politics. According to a Washington Post-ABC News poll conducted in September, three-quarters of voters expressed unease about campaign ads supported by corporations, unions and wealthy individuals. Among the many environmental, social and governance (ESG) topics Walden addresses through engagement with portfolio companies, none are more timely than political spending and lobbying transparency.

Political Spending and Lobbying
Walden has worked closely with numerous companies to encourage best practice policies, oversight, and disclosure of corporate political spending and lobbying activity. Our dialogues often focus on companies’ third party spending through trade associations, think tanks or other tax-exempt organizations that research, write or endorse model legislation that may undermine sustainable business practices.

Recently Walden helped lead an investor initiative comprised of 41 investors with approximately $25 billion in assets who wrote to over 50 corporate members of the American Legislative Exchange Council (ALEC) or the Heartland Institute. ALEC and Heartland are linked to controversial legislation, such as Stand Your Ground laws, harsh immigration policy, denial of the science of climate change, and efforts to dramatically weaken the authority of the U.S. Environmental Protection Agency. We urged corporate boards to evaluate relationships that may carry significant reputational and business risks. Pressure from investors and many other stakeholders has prompted over 40 companies (e.g. Johnson & Johnson, McDonald’s, and Procter & Gamble) to cut ties with ALEC and 20 (e.g. PepsiCo) to leave Heartland.

We also saw progress in our ongoing discussion with Procter & Gamble (P&G) related to spending in support of candidates by its political action committee (PAC). P&G’s policy now references explicitly its corporate values among the criteria used: “We also consider whether a candidate’s public positions and statements are congruent with our Purpose, Values, and Principles.” Additionally, P&G notified trade associations that annual dues cannot be used for electioneering or independent political expenditures.

Walden also recently endorsed sound public policy designed to counter secret money in politics through participation in a signatory letter supporting S. 2219, the DISCLOSE Act. This bill would require transparency of campaign expenditures by outside groups and their donors that are attempting to influence federal elections, including disclosure of the money trail tied to campaign ads.

The Environment
Our engagement with companies on risks and opportunities associated with water scarcity and climate change are showing significant forward momentum. We withdrew our resolution at United Natural Foods calling for a water risk assessment based on its commitment to add language to the company’s Supplier Code of Conduct addressing water conservation practices, as well as to explore methodologies to identify the sourcing locations of fresh produce in its Albert’s Organics subsidiary and to determine the level of exposure to water stressed regions.

In partnership with the Principles for Responsible Investment Initiative (PRI) and Carbon Disclosure Project–Water (CDP Water), Walden is coordinating an effort to urge participation by companies that have not responded to requests to complete the CDP Water questionnaire on water use and risk. In addition, we agreed to lead outreach to McDonald’s and Nike. We successfully encouraged McDonald’s to respond to CDP Water and Nike is working on aligning its metrics with CDP Water to prepare a response in the future.

Outside of the PRI collaboration, a constructive discussion on water use is underway with Denbury Resources. Also, Walden participated at a stakeholder meeting convened by Nestlé Waters, including the CEO and approximately 20 staff, to provide feedback on the company’s corporate social responsibility program including water management initiatives and goals. In September, parent Nestlé was awarded the top rank by CDP among 500 global companies for its integration of climate change into business plans, monitoring of emissions, risk mitigation, and public disclosure.

A recent report by the Union of Concerned Scientists entitled “A Climate of Corporate Control” identified U.S. companies with public positions recognizing and responding to climate change that simultaneously support trade groups and think tanks working to

31

Environmental, Social and Governance Research and Action Update
(Unaudited) (continued)

dismantle regulations and laws addressing global warming. Calvert Asset Management and Walden coordinated a letter to more than one dozen companies to encourage consistent company-wide positions on established climate science and public disclosure of third party organizations that lobby on climate policy. The letter further requested that companies consider either withdrawing from organizations that misinform the public or providing a rationale for continued financial support.

As a member of the Investor Network on Climate Risk (INCR), Walden backed an extension of the federal Wind Production Tax Credit that encourages a clean energy alternative to fossil fuels.

Equal Opportunity
Walden commended Minnesota-based General Mills and St. Jude Medical for opposing publicly that state’s proposed constitutional amendment banning marriage equality. Like Walden, these companies assert the importance of an inclusive environment from the perspective of a business that seeks to recruit and retain the best employees. Along these lines, Mettler-Toledo is, after several conversations with Walden, amending its nondiscrimination policy to include sexual orientation and gender identity or expression. DENTSPLY plans to make its inclusive policy more accessible through a website update of its corporate social responsibility platform. Similarly, T. Rowe Price is contemplating expanded disclosure.

Human Rights
Walden is addressing corporate responsibility initiatives related to human rights on several fronts. We co-led an investor coalition representing $145 billion in assets that called on congressional leaders to enact comprehensive immigration reform that includes a pathway to legal status for undocumented immigrants. The letter provided testimony of the necessity for such reform to help drive U.S. economic growth, long-term business prosperity, and the well-being of our immigrant population.

As part of the Dodd-Frank financial reforms, the Securities and Exchange Commission in August adopted a rule requiring tracing and disclosure of companies’ exposure to conflict minerals – gold, tantalum, tin, or tungsten – sourced from or near the war-torn Democratic Republic of the Congo. Walden revisited a discussion on conflict minerals with St. Jude Medical, which reported that it is reviewing tracking tools that could be implemented globally while also examining materials declarations from suppliers that will address conflict minerals.

We joined 21 institutional investors with more than $400 billion in assets who provided comments to the U.S. State Department on the new Reporting Requirements on Responsible Investment in Burma. Coordinated by the Conflict Risk Network, the statement supports greater transparency and accountability to ensure respect for human rights in Burma as U.S. sanctions are lifted.

In a letter to Secretary Clinton Walden joined investors asking the U.S. State Department to urge the government of Uzbekistan to demonstrate its commitment to end child labor and forced labor by allowing the International Labour Organization to monitor the cotton harvest.

ESG Reporting
Led by New York City Pension Funds, Walden withdrew co-filed resolutions at Cisco Systems and Oracle requesting that they require sustainability reports from their suppliers. This relatively new strategy seeks to use the leverage of corporate purchasing power to push ESG reporting throughout supply chains. Cisco Systems committed to greater disclosure on its supplier scorecard methodology and results, as well as to encourage and train suppliers on sustainability reporting using best practice Global Reporting Initiative (GRI) guidelines. Oracle agreed to: encourage its hardware suppliers to report on ESG performance, preferably using the GRI framework; seek progress reports from suppliers; and set a goal of including sustainability performance metrics on supplier scorecards by 2015 to underscore the importance of ESG disclosure and performance in the supplier selection process.

Other ongoing Walden dialogues promoting initial or expanded sustainability reporting are also moving in a positive direction. Carbo Ceramics plans to report on sustainability efforts on its website and has set a goal for a first iteration report by its annual shareholder meeting. Commercial Metals’ CEO and CFO met with us for a discussion focused on environmental, health and safety priorities and actions. We are encouraging management to report publicly on these initiatives. McCormick expects to publish a sustainability report in mid-2013 and will provide an opportunity for Walden and other investors to share input in the development process.

We participated in a forward looking meeting with representatives of the NASDAQ exchange, led by INCR, in which the prospect for a mandatory market-wide disclosure standard for listed companies was discussed. NASDAQ could play a constructive role in this debate.

32

Investment Performance (Unaudited) Walden Asset Management Fund
September 30, 2012

				Annualized
	Six Months			1 Year			5 Years			10 Years
	Ended			Ended			Ended			Ended
	9/30/12			9/30/12			9/30/12			9/30/12
Walden Asset Management Fund1		0.39	%		18.68	%		2.42	%		5.60	%
S&P 500® Index		3.43	%		30.20	%		1.05	%		8.01	%
Barclays U.S. Government/Credit Bond Index		4.34	%		5.66	%		6.63	%		5.39	%
Citigroup 90-Day U.S. Treasury Bill Index		0.04	%		0.05	%		0.64	%		1.73	%
Morningstar U.S. Open-End Moderate Allocation Funds Average		2.29	%		17.93	%		1.56	%		6.42	%

Hypothetical Growth of a $10,000 Investment

The chart represents historical 10-year performance of a hypothetical investment of $10,000 in the Walden Asset Management Fund and represents 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 Walden Asset Management Fund is measured against a combination of equity and fixed income indices. The Standard & Poor’s 500 Index (“S&P 500”) 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 also widely viewed as a proxy for the total market. The Barclays U.S. Government/Credit Bond Index includes Treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year), Government-Related issues (i.e., agency, sovereign, supranational, and local authority debt), and USD Corporates. The Barclays U.S. Government/Credit Bond Index is a component of the Barclays U.S. Aggregate Index. The Citigroup 90-Day U.S. Treasury 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 Morningstar U.S. Open-End Moderate Allocation Funds Average is a managed average representing performance of portfolios that seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than conservative-allocation portfolios. These portfolios typically have 50% to 70% of assets in equities and the remainder in fixed income and cash. The indices 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 Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.

Fund Net Asset Value:	$12.87
Gross Expense Ratio1:	1.13%

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.

¹  The Gross Expense Ratio is from the Fund’s most recent prospectus, dated August 1, 2012. The Gross Expense Ratio excludes the impact of contractual fee waivers. After giving effect to such fee waivers, the Asset Management Fund’s Net Expense Ratio would be 1.00%, including the indirect expenses of investing in acquired funds. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2012 can be found in the financial highlights. 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 August 1, 2013 and may be terminated thereafter.

33

Walden Equity Fund
September 30, 2012 Investment Performance (Unaudited)

				Annualized
	Six Months			1 Year			5 Years			10 Years
	Ended			Ended			Ended			Ended
	9/30/12			9/30/12			9/30/12			9/30/12
Walden Equity Fund1		-0.63	%		25.10	%		2.58	%		7.48	%
S&P 500® Index		3.43	%		30.20	%		1.05	%		8.01	%

Hypothetical Growth of a $10,000 Investment

The chart represents historical 10-year performance of a hypothetical investment of $10,000 in the Walden Equity Fund and represents 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 Walden Equity Fund is measured against the Standard & Poor’s 500 Index (“S&P 500”), which is an unmanaged index that 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 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:	$14.30
Gross Expense Ratio1:	1.16%

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.

¹  The Gross Expense Ratio is from the Fund’s most recent prospectus, dated August 1, 2012. The Gross Expense Ratio excludes the impact of any contractual fee waivers. After giving effect to such fee waivers, the Equity Fund’s Net Expense Ratio would be 1.00%, including the indirect expenses of investing in acquired funds. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2012 can be found in the financial highlights. 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 August 1, 2013 and may be terminated thereafter.

34

Investment Performance (Unaudited) Walden Midcap Fund
September 30, 2012

				Annualized
	Six Months			1 Year			Since
	Ended			Ended			Inception
	9/30/12			9/30/12			8/1/11
Walden Midcap Fund1		-2.61	%		23.63	%		7.19	%
Russell Midcap® Index		0.94	%		28.03	%		7.37	%

Hypothetical Growth of a $10,000 Investment

The chart represents the historical performance of a hypothetical $10,000 investment in the Walden Midcap Fund from August 1, 2011 to September 30, 2012, and represents 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 Walden Midcap Fund is measured against the Russell Midcap^® Index, which is an unmanaged index that measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap^® Index is a subset of the Russell 1000^® Index. It includes approximately 800 of the smallest securities based on a combination of their market capitalization and current index membership. The Russell Midcap^® Index represents approximately 31% of the total market capitalization of the Russell 1000 companies. The performance of an index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.

Fund Net Asset Value:	$10.82
Gross Expense Ratio1:	1.28%

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.

¹  The Gross Expense Ratio is from the Fund’s most recent prospectus, dated August 1, 2012. The Gross Expense Ratio excludes the impact of any contractual fee waivers. After giving effect to such fee waivers, the Fund’s Net Expense Ratio would be 1.01%, including the indirect expenses of investing in acquired funds. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2012 can be found in the financial highlights. 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 August 1, 2013 and may be terminated thereafter.

35

Walden Small Cap Innovations Fund
September 30, 2012 Investment Performance (Unaudited)

				Annualized
	Six Months			1 Year			Since
	Ended			Ended			Inception
	9/30/12			9/30/12			10/24/08
Walden Small Cap Innovations Fund1		0.24	%		27.09	%		17.81	%
Russell 2000® Index		1.60	%		31.91	%		17.41	%

Hypothetical Growth of a $10,000 Investment

The chart represents historical performance of a hypothetical investment of $10,000 in the Walden Small Cap Innovations Fund from October 24, 2008 to September 30, 2012, and represents 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 Walden Small Cap Innovations Fund is measured against the Russell 2000^® Index, which is an unmanaged index that measures 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. 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:	$16.96
Gross Expense Ratio1:	1.16%

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.

¹  The Gross Expense Ratio is from the Fund’s most recent prospectus, dated August 1, 2012. The Gross Expense Ratio excludes the impact of any contractual fee waivers. After giving effect to such fee waivers, the Small Cap Innovations Fund’s Net Expense Ratio would be 1.00%, including the indirect expenses of investing in acquired funds. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2012 can be found in the financial highlights. 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 August 1, 2013 and may be terminated thereafter.

36

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37

Schedule of Portfolio Investments

Walden Asset Management Fund
September 30, 2012 (Unaudited)

COMMON STOCKS (72.0%)
Security Description	Shares	Fair Value ($)

Consumer Discretionary (8.0%)
Autoliv, Inc.	7,000	433,790
Johnson Controls, Inc.	8,000	219,200
McDonald’s Corp.	8,500	779,875
NIKE, Inc., Class B	9,000	854,190
Omnicom Group, Inc.	11,000	567,160
Ross Stores, Inc.	12,000	775,200
The Home Depot, Inc.	3,000	181,110
Time Warner Cable, Inc.	9,500	903,070
		4,713,595
Consumer Staples (9.6%)
Colgate-Palmolive Co.	7,850	841,677
Costco Wholesale Corp.	9,200	921,150
McCormick & Co., Inc.	7,000	434,280
Nestle SA, Sponsored ADR	13,000	821,730
PepsiCo, Inc.	12,300	870,471
Procter & Gamble Co.	14,000	971,040
SYSCO Corp.	24,000	750,480
		5,610,828
Energy (8.2%)
Apache Corp.	9,000	778,230
BG Group PLC, Sponsored ADR	32,000	649,600
ConocoPhillips	17,000	972,060
Core Laboratories NV	6,500	789,620
Denbury Resources, Inc.(a)	25,000	404,000
Devon Energy Corp.	14,500	877,250
Phillips 66	7,000	324,590
		4,795,350
Financials (8.7%)
American Express Co.	7,100	403,706
Chubb Corp.	7,000	533,960
Cincinnati Financial Corp.	21,000	795,690
Comerica, Inc.	15,000	465,750
Commerce Bancshares, Inc.	10,000	403,300
JPMorgan Chase & Co.	13,500	546,480
PNC Financial Services Group, Inc.	8,000	504,800
State Street Corp.	10,000	419,600
T. Rowe Price Group, Inc.	16,000	1,012,800
		5,086,086
Health Care (8.2%)
Becton, Dickinson & Co.	9,000	707,040
C.R. Bard, Inc.	7,000	732,550
DENTSPLY International, Inc.	17,000	648,380
Johnson & Johnson, Inc.	9,000	620,190
Medtronic, Inc.	12,000	517,440
Mettler-Toledo International, Inc.(a)	3,100	529,294
Stryker Corp.	9,500	528,770
Waters Corp.(a)	6,500	541,645
		4,825,309
Industrials (11.0%)
3M Co.	7,500	693,150
Deere & Co.	9,000	742,410
Donaldson Co., Inc.	24,000	833,040
Emerson Electric Co.	18,000	868,860
Expeditors International of Washington, Inc.	8,500	309,060
Illinois Tool Works, Inc.	16,000	951,520
Lincoln Electric Holdings, Inc.	11,500	449,075
United Parcel Service, Inc., Class B	9,200	658,444
W.W. Grainger, Inc.	4,650	968,920
		6,474,479

Security Description Shares or
Principal
Amount ($) Fair Value ($)

Information Technology (14.9%)
Accenture PLC, Class A	10,500	735,315
Apple, Inc.	2,100	1,401,246
Automatic Data Processing, Inc.	10,000	586,600
Cisco Systems, Inc.	33,000	629,970
EMC Corp.(a)	26,000	709,020
Google, Inc., Class A(a)	900	679,050
Intel Corp.	22,000	498,960
International Business Machines Corp.	4,500	933,525
Microsoft Corp.	30,000	893,400
NetApp, Inc.(a)	10,000	328,800
Oracle Corp.	25,000	787,250
QUALCOMM, Inc.	9,000	562,410
		8,745,546
Materials (3.4%)
AptarGroup, Inc.	12,000	620,520
Praxair, Inc.	6,700	695,996
Sigma-Aldrich Corp.	9,500	683,715
		2,000,231
TOTAL COMMON STOCKS (Cost $31,997,713)		42,251,424
CORPORATE BONDS (3.9%)
Consumer Staples (0.3%)
Campbell Soup Co., 4.50%, 2/15/19	150,000	173,066
Financials (2.9%)
American Express Co., 7.00%, 3/19/18	250,000	316,775
American Express Co., 8.13%, 5/20/19	250,000	338,667
Calvert Social Investment Fund, Series NOTZ, 0.75%, 8/31/14, MTN	75,000	75,000
JPMorgan Chase & Co., 3.15%, 7/5/16	250,000	264,657
National Rural Utilities Cooperative Finance Corp., 10.38%, 11/1/18	250,000	370,395
Wachovia Corp., 5.75%, 6/15/17	250,000	299,963
		1,665,457
Industrials (0.1%)
Hubbell, Inc., 3.63%, 11/15/22	75,000	81,784
Information Technology (0.4%)
Oracle Corp., 5.75%, 4/15/18	200,000	248,491
Telecommunication Services (0.2%)
AT&T, Inc., 5.50%, 2/1/18	100,000	121,452
TOTAL CORPORATE BONDS (Cost $1,963,580)		2,290,250
MUNICIPAL BONDS (1.3%)
Illinois (0.3%)
Illinois State, GO, 5.00%, 6/1/27, NATL-RE FGIC, Callable 6/1/13 @ 100	200,000	204,772
Ohio (0.3%)
Ohio State, Series D, GO, 4.50%, 9/15/22, NATL-RE, Callable 3/15/16 @ 100	150,000	164,490
Oregon (0.2%)
Oregon State, Series A, GO, 5.00%, 10/1/14	100,000	107,941
Wisconsin (0.5%)
Wisconsin State, Build America Bonds, GO, 4.60%, 5/1/26, Callable 5/1/21 @ 100	250,000	284,508
TOTAL MUNICIPAL BONDS (Cost $703,977)		761,711

38 See Notes to Financial Statements

Schedule of Portfolio Investments (cont.)

Walden Asset Management Fund
September 30, 2012 (Unaudited)

U.S. GOVERNMENT & U.S. GOVERNMENT AGENCY OBLIGATIONS (21.2%)
Security Description	Shares or Principal Amount ($)	Fair Value ($)

Federal Farm Credit Bank
5.38%, 11/10/20	250,000		322,586
Federal Home Loan Bank
1.00%, 3/27/13	1,250,000		1,255,216
1.38%, 5/28/14	500,000		510,101
1.75%, 12/14/12	850,000		852,660
2.50%, 3/11/22	200,000		212,649
3.63%, 10/18/13	750,000		776,783
3.75%, 12/14/18	1,250,000		1,454,599
4.13%, 3/13/20	250,000		297,652
4.63%, 10/10/12	600,000		600,710
5.25%, 12/11/20	675,000		865,287
5.25%, 8/15/22	1,000,000		1,287,463
5.50%, 7/15/36	700,000		973,471
			9,086,591
Government National Mortgage Association
4.00%, 9/15/40	185,858		205,444
4.00%, 9/15/41	703,643		777,793
6.50%, 5/15/32	48,946		58,568
			1,041,805
The Financing Corporation
2.92%, 4/5/13	100,000		99,765
U.S. Treasury Inflation Protected Bond
0.63%, 7/15/21	250,000		291,155
1.25%, 7/15/20	1,250,000		1,571,574
			1,862,729
TOTAL U.S. GOVERNMENT & U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $11,537,902)			12,413,476
INVESTMENT COMPANIES (1.1%)
State Street Institutional U.S. Government Money Market Fund, Investor Shares, 0.05%(b)	645,416		645,416
TOTAL INVESTMENT COMPANIES (Cost $645,416)			645,416
Total Investments (Cost $46,848,588)(c) — 99.5%			58,362,277
Other assets in excess of liabilities — 0.5%			293,177
NET ASSETS — 100.0%		$	58,655,454

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day yield as of September 30, 2012.
(c)	See Federal Tax Information listed in the Notes to the Financial Statements.
ADR	American Depositary Receipt
FGIC	Insured by Financial Guaranty Insurance Company
GO	General Obligation
MTN	Medium Term Note
NATL-RE	Reinsured by National Public Finance Guarantee Corporation
PLC	Public Limited Company

See Notes to Financial Statements 39

Financial Statements

Walden Asset Management Fund

STATEMENT OF ASSETS AND LIABILITIES
September 30, 2012 (Unaudited)
Assets:
Investments, at value (cost $46,848,588)	$	58,362,277
Interest and dividends receivable		171,844
Receivable for capital shares issued		160,000
Prepaid expenses and other assets		11,222
Total Assets		58,705,343
Liabilities:
Payable for capital shares redeemed		145
Accrued expenses and other liabilities:
Investment adviser		31,929
Administration and accounting		1,867
Custodian		648
Transfer agent		2,198
Trustee		64
Shareholder servicing		7,914
Other		5,124
Total Liabilities		49,889
Net Assets	$	58,655,454
Composition of Net Assets:
Capital	$	47,039,435
Accumulated net investment income		427,548
Accumulated net realized losses from investment transactions		(325,218	)
Net unrealized appreciation from investments		11,513,689
Net Assets	$	58,655,454
Shares outstanding (par value $0.01, unlimited number of shares authorized)		4,559,031
Net Asset Value, Offering Price and Redemption Price per share	$	12.87
STATEMENT OF OPERATIONS
For the six months ended September 30, 2012 (Unaudited)
Investment Income:
Interest	$	184,431
Dividends		413,110
Foreign tax withholding		(546	)
Total Investment Income		596,995
Expenses:
Investment adviser		211,004
Administration and accounting		37,111
Shareholder servicing		16,505
Trustee		1,204
Custodian		4,498
Transfer agency		15,123
Chief compliance officer		848
Other		20,144
Total expenses before fee reductions		306,437
Fees contractually reduced by the investment adviser		(24,288	)
Net Expenses		282,149
Net Investment Income		314,846
Net Realized/Unrealized Gains (Losses) from Investments:
Net realized gains from investment transactions		163,358
Change in unrealized depreciation from investments		(217,051	)
Net realized/unrealized losses from investments		(53,693	)
Change in Net Assets Resulting from Operations	$	261,153

40 See Notes to Financial Statements

Financial Statements

Walden Asset Management Fund

 STATEMENTS OF CHANGES IN NET ASSETS

	For the
	six months ended				For the year ended
	September 30,				March 31,
	2012				2012
	(Unaudited)
Investment Activities:
Operations:
Net investment income		$	314,846			$	527,632
Net realized gains from investment transactions			163,358				649,156
Change in unrealized appreciation/depreciation from investments			(217,051	)			3,335,936
Change in net assets resulting from operations			261,153				4,512,724
Dividends:
Net investment income			—				(550,502	)
Change in Net Assets Resulting from Shareholder Dividends			—				(550,502	)
Capital Share Transactions:
Proceeds from shares issued			3,107,388				5,722,485
Proceeds from shares issued in subscription in-kind(a)			—				5,098,275
Dividends reinvested			—				294,548
Cost of shares redeemed			(1,792,792	)			(6,041,401	)
Change in net assets resulting from capital share transactions			1,314,596				5,073,907
Change in Net Assets			1,575,749				9,036,129
Net Assets:
Beginning of period			57,079,705				48,043,576
End of period		$	58,655,454			$	57,079,705
Share Transactions:
Issued			248,674				480,206
Issued in subscriptions in-kind(a)			—				463,901
Reinvested			—				25,261
Redeemed			(142,085	)			(497,437	)
Change in Shares			106,589				471,931
Accumulated net investment income		$	427,548			$	112,702

Amounts designated as “—” are $0 or have been rounded to $0.
(a)	See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements 41

Financial Statements

Walden Asset Management Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the periods indicated.

	For the six				For the				For the				For the				For the				For the
	months ended				year ended				year ended				year ended				year ended				year ended
	September 30,				March 31,				March 31,				March 31,				March 31,				March 31,
	2012				2012				2011				2010				2009				2008
			(Unaudited)
Net Asset Value, Beginning of Period		$	12.82			$	12.07			$	10.98			$	8.84			$	11.90			$	11.83
Investment Activities:
Net investment income			0.06				0.12				0.15				0.16				0.16	(a)			0.19
Net realized and unrealized gains (losses) from investment transactions			(0.01	)			0.75				1.09				2.11				(2.88	)			0.46
Total from investment activities			0.05				0.87				1.24				2.27				(2.72	)			0.65
Dividends:
Net investment income			—				(0.12	)			(0.15	)			(0.13	)			(0.21	)			(0.17	)
Net realized gains from investments			—				—				—				—				(0.13	)			(0.41	)
Total dividends			—				(0.12	)			(0.15	)			(0.13	)			(0.34	)			(0.58	)
Net Asset Value, End of Period		$	12.87			$	12.82			$	12.07			$	10.98			$	8.84			$	11.90
Total return			0.39%	(b)			7.35%				11.32%				25.78%				(22.91)%				5.30%
Ratios/Supplemental Data:
Net assets at end of period (000’s)		$	58,655			$	57,080			$	48,044			$	41,500			$	29,005			$	33,182
Ratio of net expenses to average net assets			1.00%	(c)			1.00%				1.00%				1.00%				1.00%				1.00%
Ratio of net investment income to average net assets			1.12%	(c)			1.04%				1.30%				1.59%				1.55%				1.52%
Ratio of expenses (before fee reductions) to average net assets(d)			1.09%	(c)			1.13%				1.14%				1.17%				1.19%				1.16%
Portfolio turnover rate			5.80%	(b)			24.56%				31.03%				27.02%				71.27%				38.99%

Amounts designated as “— ” are $0 or have been rounded to $0 or 0.005 per share.
(a)	Calculated using the average shares method.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period, certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated.

42 See Notes to Financial Statements

Schedule of Portfolio Investments

Walden Equity Fund
September 30, 2012 (Unaudited)

COMMON STOCKS (98.9%)
Security Description	Shares	Fair Value ($)

Consumer Discretionary (10.7%)
Autoliv, Inc.	17,000		1,053,490
Johnson Controls, Inc.	20,000		548,000
McDonald’s Corp.	20,000		1,835,000
NIKE, Inc., Class B	20,000		1,898,200
Omnicom Group, Inc.	27,000		1,392,120
Ross Stores, Inc.	28,000		1,808,800
The TJX Cos., Inc.	8,000		358,320
Time Warner Cable, Inc.	24,000		2,281,440
			11,175,370
Consumer Staples (12.9%)
Colgate-Palmolive Co.	18,000		1,929,960
Costco Wholesale Corp.	19,000		1,902,375
General Mills, Inc.	17,000		677,450
McCormick & Co., Inc.	19,000		1,178,760
Nestle SA, Sponsored ADR	30,000		1,896,300
PepsiCo, Inc.	26,000		1,840,020
Procter & Gamble Co.	31,000		2,150,160
SYSCO Corp.	60,000		1,876,200
			13,451,225
Energy (11.0%)
Apache Corp.	21,000		1,815,870
BG Group PLC, Sponsored ADR	82,500		1,674,750
ConocoPhillips	40,000		2,287,200
Core Laboratories NV	17,000		2,065,160
Denbury Resources, Inc.(a)	58,000		937,280
Devon Energy Corp.	30,000		1,815,000
Phillips 66	20,000		927,400
			11,522,660
Financials (11.4%)
American Express Co.	20,000		1,137,200
Chubb Corp.	17,000		1,296,760
Cincinnati Financial Corp.	60,000		2,273,400
Comerica, Inc.	39,000		1,210,950
JPMorgan Chase & Co.	34,000		1,376,320
PNC Financial Services Group, Inc.	21,000		1,325,100
State Street Corp.	23,000		965,080
T. Rowe Price Group, Inc.	36,030		2,280,699
			11,865,509
Health Care (12.4%)
Becton, Dickinson & Co.	22,000		1,728,320
C.R. Bard, Inc.	16,000		1,674,400
DENTSPLY International, Inc.	42,000		1,601,880
Johnson & Johnson, Inc.	21,000		1,447,110
Medtronic, Inc.	35,000		1,509,200
Mettler-Toledo International, Inc.(a)	7,500		1,280,550
Saint Jude Medical, Inc.	26,000		1,095,380
Stryker Corp.	23,000		1,280,180
Waters Corp.(a)	16,000		1,333,280
			12,950,300
Industrials (15.3%)
3M Co.	17,000		1,571,140
Deere & Co.	23,000		1,897,270
Donaldson Co., Inc.	50,000		1,735,500
Emerson Electric Co.	38,000		1,834,260
Expeditors International of Washington, Inc.	23,000		836,280
Hubbell, Inc., Class B	12,000		968,880
Illinois Tool Works, Inc.	37,000		2,200,390
Lincoln Electric Holdings, Inc.	28,500		1,112,925
United Parcel Service, Inc., Class B	22,000		1,574,540
W.W. Grainger, Inc.	11,000		2,292,070
			16,023,255
Information Technology (20.7%)
Accenture PLC, Class A	25,000		1,750,750
Apple, Inc.	4,800		3,202,848
Automatic Data Processing, Inc.	27,000		1,583,820
Cisco Systems, Inc.	90,000		1,718,100
EMC Corp.(a)	60,000		1,636,200
Google, Inc., Class A(a)	2,400		1,810,800
Intel Corp.	65,000		1,474,200
International Business Machines Corp.	11,000		2,281,950
Microsoft Corp.	75,000		2,233,500
NetApp, Inc.(a)	24,000		789,120
Oracle Corp.	58,000		1,826,420
QUALCOMM, Inc.	22,000		1,374,780
			21,682,488
Materials (4.5%)
AptarGroup, Inc.	29,000		1,499,590
Praxair, Inc.	16,000		1,662,080
Sigma-Aldrich Corp.	22,000		1,583,340
			4,745,010
TOTAL COMMON STOCKS (Cost $75,309,052)			103,415,817
INVESTMENT COMPANIES (1.4%)
State Street Institutional U.S. Government Money Market Fund, Investor Shares, 0.05%(b)	1,453,008		1,453,008
TOTAL INVESTMENT COMPANIES (Cost $1,453,008)			1,453,008
Total Investments (Cost $76,762,060)(c) — 100.3%			104,868,825
Liabilities in excess of other assets — (0.3)%			(342,791	)
NET ASSETS — 100.0%		$	104,526,034

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day yield as of September 30, 2012.
(c)	See Federal Tax Information listed in the Notes to the Financial Statements.
ADR	American Depositary Receipt
PLC	Public Limited Company

See Notes to Financial Statements 43

Financial Statements

Walden Equity Fund

STATEMENT OF ASSETS AND LIABILITIES
September 30, 2012 (Unaudited)
Assets:
Investments, at value (cost $76,762,060)	$	104,868,825
Dividends receivable		119,578
Receivable for capital shares issued		25,000
Prepaid expenses and other assets		11,270
Total Assets		105,024,673
Liabilities:
Payable for capital shares redeemed		400,782
Accrued expenses and other liabilities:
Investment adviser		53,780
Administration and accounting		2,955
Custodian		1,508
Transfer agency		3,237
Trustee		157
Shareholder servicing		22,886
Other		13,334
Total Liabilities		498,639
Net Assets	$	104,526,034
Composition of Net Assets:
Capital	$	77,507,603
Accumulated net investment income		731,465
Accumulated net realized losses from investment transactions		(1,819,799	)
Net unrealized appreciation from investments		28,106,765
Net Assets	$	104,526,034
Shares outstanding (par value $0.01, unlimited number of shares authorized)		7,311,125
Net Asset Value, Offering Price and Redemption Price per share	$	14.30

STATEMENT OF OPERATIONS
For the six months ended September 30, 2012 (Unaudited)
Investment Income:
Dividends	$	1,028,668
Less: Foreign tax withholding		(1,470	)
Total Investment Income		1,027,198
Expenses:
Investment adviser		376,695
Administration and accounting		63,165
Shareholder servicing		69,361
Trustee		2,342
Custodian		8,302
Transfer agency		17,479
Chief compliance officer		1,648
Other		32,560
Total expenses before fee reductions		571,552
Fees contractually reduced by the investment adviser		(67,896	)
Net Expenses		503,656
Net Investment Income		523,542
Net Realized/Unrealized Gains (Losses) from Investments:
Net realized gains from investment transactions		914,860
Change in unrealized depreciation from investments		(1,969,919	)
Net realized/unrealized losses from investments		(1,055,059	)
Change in Net Assets Resulting from Operations	$	(531,517	)

44 See Notes to Financial Statements

Financial Statements

Walden Equity Fund

 STATEMENTS OF CHANGES IN NET ASSETS

	For the				For the
	six months ended				year ended
	September 30,				March 31,
	2012				2012
	(Unaudited)
Investment Activities:
Operations:
Net investment income		$	523,542			$	906,589
Net realized gains from investment transactions			914,860				1,575,647
Change in unrealized appreciation/depreciation from investments			(1,969,919	)			6,155,388
Change in Net Assets Resulting from Operations			(531,517	)			8,637,624
Dividends:
Net investment income			—				(866,803	)
Change in Net Assets Resulting from Shareholder Dividends			—				(866,803	)
Capital Share Transactions:
Proceeds from shares issued			5,505,693				13,201,221
Dividends reinvested			—				703,063
Cost of shares redeemed			(4,654,148	)			(9,690,517	)
Change in Net Assets Resulting from Capital Share Transactions			851,545				4,213,767
Change in Net Assets			320,028				11,984,588
Net Assets:
Beginning of period			104,206,006				92,221,418
End of period		$	104,526,034			$	104,206,006
Share Transactions:
Issued			400,976				1,008,761
Reinvested			—				55,534
Redeemed			(333,300	)			(742,325	)
Change in Shares			67,676				321,970
Accumulated net investment income		$	731,465			$	207,923

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements 45

Financial Statements

Walden Equity Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the periods indicated.

	For the six				For the				For the				For the				For the				For the
	months ended				year ended				year ended				year ended				year ended				year ended
	September 30,				March 31,				March 31,				March 31,				March 31,				March 31,
	2012				2012				2011				2010				2009				2008
	(Unaudited)
Net Asset Value, Beginning of Period		$	14.39			$	13.32			$	11.61			$	8.01			$	12.54			$	12.31
Investment Activities:
Net investment income			0.07				0.13				0.11				0.11				0.14	(a)			0.08
Net realized and unrealized gains (losses) from investment transactions			(0.16	)			1.06				1.71				3.63				(4.48	)			0.57
Total from Investment Activities			(0.09	)			1.19				1.82				3.74				(4.34	)			0.65
Dividends:
Net investment income			—				(0.12	)			(0.11	)			(0.14	)			(0.10	)			(0.08	)
Net realized gains from investments			—				—				—				—				(0.09	)			(0.34	)
Total dividends			—				(0.12	)			(0.11	)			(0.14	)			(0.19	)			(0.42	)
Net Asset Value, End of Period		$	14.30			$	14.39			$	13.32			$	11.61			$	8.01			$	12.54
Total return			(0.63)%	(b)			9.06%				15.77%				46.79%				(34.74)%				5.01%
Ratios/Supplemental Data:
Net assets at end of period (000’s)		$	104,526			$	104,206			$	92,221			$	72,087			$	43,280			$	51,903
Ratio of net expenses to average net assets			1.00%	(c)			1.00%				1.00%				1.00%				1.00%				1.00%
Ratio of net investment income to average net assets			1.04%	(c)			0.97%				0.93%				1.18%				1.36%				0.59%
Ratio of expenses (before fee reductions) to average net assets(d)			1.13%	(c)			1.09%				1.13%				1.16%				1.19%				1.18%
Portfolio turnover rate			6.21%	(b)			11.06%				13.07%				25.16%				40.07%				44.67%

Amounts designated as “—” are $0 or have been rounded to $0 or 0.005 per share.
(a)	Calculated using the average shares method.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period, certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated.

46 See Notes to Financial Statements

Schedule of Portfolio Investments

Walden Midcap Fund
September 30, 2012 (Unaudited)

COMMON STOCKS (97.5%)
Security Description	Shares	Fair Value ($)

Consumer Discretionary (13.8%)
Autoliv, Inc.	5,250		325,342
Family Dollar Stores, Inc.	4,750		314,925
Gentex Corp.	7,750		131,828
Hasbro, Inc.	7,250		276,732
LKQ Corp.(a)	6,000		111,000
O’Reilly Automotive, Inc.(a)	4,100		342,842
Omnicom Group, Inc.	6,000		309,360
Ross Stores, Inc.	4,300		277,780
Tractor Supply Co.	1,275		126,085
			2,215,894
Consumer Staples (6.2%)
Campbell Soup Co.	6,000		208,920
Church & Dwight Co., Inc.	6,250		337,438
McCormick & Co., Inc.	4,400		272,976
The Clorox Co.	2,500		180,125
			999,459
Energy (8.2%)
Cabot Oil & Gas Corp.	3,200		143,680
Core Laboratories NV	2,850		346,218
Denbury Resources, Inc.(a)	17,000		274,720
Energen Corp.	3,500		183,435
FMC Technologies, Inc.(a)	5,000		231,500
Oceaneering International, Inc.	2,500		138,125
			1,317,678
Financials (16.1%)
Bank of Hawaii Corp.	4,000		182,480
Cincinnati Financial Corp.	8,000		303,120
Comerica, Inc.	5,025		156,026
Commerce Bancshares, Inc.	4,635		186,930
Cullen/Frost Bankers, Inc.	3,250		186,647
Digital Realty Trust, Inc.	1,725		120,491
East West Bancorp, Inc.	5,600		118,272
Eaton Vance Corp.	4,225		122,356
IntercontinentalExchange, Inc.(a)	875		116,734
Jones Lang LaSalle, Inc.	1,725		131,704
MSCI, Inc., Class A(a)	3,750		134,212
Northern Trust Corp.	6,400		297,056
SEI Investments Co.	5,150		110,468
T. Rowe Price Group, Inc.	5,400		341,820
TD Ameritrade Holding Corp.	5,500		84,535
			2,592,851
Health Care (12.7%)
C.R. Bard, Inc.	3,000		313,950
DENTSPLY International, Inc.	5,475		208,816
Idexx Laboratories, Inc.(a)	1,400		139,090
Laboratory Corp. of America Holdings(a)	2,250		208,058
Mettler-Toledo International, Inc.(a)	2,000		341,480
ResMed, Inc.	4,900		198,303
Techne Corp.	2,075		149,276
Varian Medical Systems, Inc.(a)	3,700		223,184
Waters Corp.(a)	3,250		270,822
			2,052,979
Industrials (16.1%)
AMETEK, Inc.	7,875		279,169
CLARCOR, Inc.	3,750		167,362
Donaldson Co., Inc.	10,500		364,455
Dover Corp.	2,250		133,853
Expeditors International of Washington, Inc.	5,175		188,163
Graco, Inc.	2,600		130,728
Hubbell, Inc., Class B	3,000		242,220
IDEX Corp.	3,300		137,841
Lincoln Electric Holdings, Inc.	7,250		283,112
W.W. Grainger, Inc.	2,000		416,740
Wabtec Corp.	3,000		240,870
			2,584,513
Information Technology (15.0%)
BMC Software, Inc.(a)	8,250		342,292
Check Point Software Technologies Ltd.(a)	6,500		313,040
Citrix Systems, Inc.(a)	3,500		267,995
F5 Networks, Inc.(a)	1,200		125,640
Factset Research Systems, Inc.	1,550		149,451
Fiserv, Inc.(a)	2,000		148,060
NetApp, Inc.(a)	8,500		279,480
Paychex, Inc.	4,675		155,631
Polycom, Inc.(a)	7,275		71,804
Riverbed Technology, Inc.(a)	6,000		139,620
Syntel, Inc.	2,000		124,820
Teradata Corp.(a)	3,875		292,214
			2,410,047
Materials (5.3%)
AptarGroup, Inc.	6,000		310,260
Ecolab, Inc.	2,875		186,329
Sigma-Aldrich Corp.	5,000		359,850
			856,439
Utilities (4.1%)
AGL Resources, Inc.	4,200		171,822
Northeast Utilities	4,558		174,252
Questar Corp.	15,400		313,082
			659,156
TOTAL COMMON STOCKS (Cost $14,222,288)			15,689,016
INVESTMENT COMPANIES (2.5%)
State Street Institutional U.S. Government Money
Market Fund, Investor Shares, 0.05%(b)	394,395		394,395
TOTAL INVESTMENT COMPANIES (Cost $394,395)			394,395
Total Investments (Cost $14,616,683)(c) — 100.0%			16,083,411
Other assets in excess of liabilities — 0.0%			5,682
NET ASSETS — 100.0%		$	16,089,093

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day yield as of September 30, 2012.
(c)	See Federal Tax Information listed in the Notes to the Financial Statements.

See Notes to Financial Statements 47

Financial Statements

Walden Midcap Fund

STATEMENT OF ASSETS AND LIABILITIES
September 30, 2012 (Unaudited)
Assets:
Investments, at value (cost $14,616,683)	$	16,083,411
Dividends receivable		12,140
Prepaid expenses and other assets		7,336
Total Assets		16,102,887
Liabilities:
Payable for investments purchased		4,652
Accrued expenses and other liabilities:
Investment adviser		5,439
Administration and accounting		511
Custodian		169
Transfer agent		1,653
Trustee		13
Other		1,357
Total Liabilities		13,794
Net Assets	$	16,089,093
Composition of Net Assets:
Capital	$	14,715,693
Accumulated net investment income		34,831
Accumulated net realized losses from investment transactions		(128,159)
Net unrealized appreciation from investments		1,466,728
Net Assets	$	16,089,093
Shares outstanding (par value $0.01, unlimited number of shares authorized)		1,486,746
Net Asset Value, Offering Price and Redemption Price per share	$	10.82

STATEMENT OF OPERATIONS
For the six months ended September 30, 2012 (Unaudited)
Investment Income:
Dividends	$	103,442
Foreign tax withholding		(206)
Total Investment Income		103,236
Expenses:
Investment adviser		55,433
Administration and accounting		10,494
Shareholder servicing		19
Trustee		313
Custodian		1,500
Transfer agency		14,684
Chief compliance officer		222
Other		7,180
Total expenses before fee reductions		89,845
Fees contractually reduced by the investment adviser		(15,681)
Net Expenses		74,164
Net Investment Income		29,072
Net Realized/Unrealized Losses from Investments:
Net realized losses from investment transactions		(72,926)
Change in unrealized depreciation from investments		(283,805)
Net realized/unrealized losses from investments		(356,731)
Change in Net Assets Resulting from Operations	$	(327,659)

48 See Notes to Financial Statements

Financial Statements

Walden Midcap Fund

 STATEMENTS OF CHANGES IN NET ASSETS

	For the		For the
	six months ended		period ended
	September 30,		March 31,
	2012		2012(a)
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	29,072	$	22,004
Net realized losses from investment transactions		(72,926)		(55,233)
Change in unrealized appreciation/depreciation from investments		(283,805)		1,750,533
Change in net assets resulting from operations		(327,659)		1,717,304
Dividends:
Net investment income		—		(19,338)
Change in Net Assets Resulting from Shareholder Dividends		—		(19,338)
Capital Share Transactions:
Proceeds from shares issued		2,222,011		12,510,643
Dividends reinvested		—		9,369
Cost of shares redeemed		(18,727)		(4,510)
Change in net assets resulting from capital share transactions		2,203,284		12,515,502
Change in Net Assets		1,875,625		14,213,468
Net Assets:
Beginning of period		14,213,468		—
End of period	$	16,089,093	$	14,213,468
Share Transactions:
Issued		209,196		1,278,825
Reinvested		—		963
Redeemed		(1,738)		(500)
Change in Shares		207,458		1,279,288
Accumulated net investment income	$	34,831	$	5,759

Amounts designated as “—” are $0 or have been rounded to $0.
(a)	Commenced operations on August 1, 2011

See Notes to Financial Statements 49

Financial Statements

Walden Midcap Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period indicated.

	For the six			For the
	months ended			period ended
	September 30,			March 31,
	2012			2012(a)
	(Unaudited)
Net Asset Value, Beginning of Period	$	11.11		$	10.00
Investment Activities:
Net investment income		0.02			0.02
Net realized and unrealized gains (losses) from investment transactions		(0.31)			1.11
Total from investment activities		(0.29)			1.13
Dividends:
Net investment income		—			(0.02)
Total dividends		—			(0.02)
Net Asset Value, End of Period	$	10.82		$	11.11
Total return		(2.61)%	(b)		11.33%	(b)
Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	16,089		$	14,213
Ratio of net expenses to average net assets		1.00%	(c)		1.00%	(c)
Ratio of net investment income to average net assets		0.39%	(c)		0.34%	(c)
Ratio of expenses (before fee reductions) to average net assets(d)		1.21%	(c)		1.34%	(c)
Portfolio turnover rate		6.18%	(b)		8.43%	(b)

Amounts designated as “—” are $0 or have been rounded to $0 or 0.005 per share.
(a)	Commenced operations on August 1, 2011.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period, certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated.

50 See Notes to Financial Statements

Schedule of Portfolio Investments

Walden SMID Cap Innovations Fund
September 30, 2012 (Unaudited)

COMMON STOCKS (99.5%)
Security Description	Shares	Fair Value ($)

Consumer Discretionary (14.1%)
Autoliv, Inc.	1,000		61,970
Dorman Products, Inc.(a)	925		29,147
Gentex Corp.	2,275		38,698
Hibbett Sports, Inc.(a)	800		47,560
John Wiley & Sons, Inc., Class A	900		41,355
Life Time Fitness, Inc.(a)	900		41,166
LKQ Corp.(a)	3,900		72,150
Select Comfort Corp.(a)	2,150		67,832
SodaStream International Ltd.(a)	1,190		46,612
Tempur-Pedic International, Inc.(a)	1,750		52,307
The Men’s Wearhouse, Inc.	1,425		49,063
Tractor Supply Co.	275		27,195
Vitamin Shoppe, Inc.(a)	825		48,114
Wolverine World Wide, Inc.	1,375		61,009
			684,178
Consumer Staples (2.9%)
Darling International, Inc.(a)	1,200		21,948
Hain Celestial Group, Inc.(a)	375		23,625
The Fresh Market, Inc.(a)	745		44,685
United Natural Foods, Inc.(a)	900		52,605
			142,863
Energy (6.3%)
CARBO Ceramics, Inc.	750		47,190
Core Laboratories NV	450		54,666
Denbury Resources, Inc.(a)	3,400		54,944
Lufkin Industries, Inc.	1,000		53,820
Oceaneering International, Inc.	1,300		71,825
RPC, Inc.	1,900		22,591
			305,036
Financials (22.5%)
Bank of Hawaii Corp.	1,850		84,397
Cohen & Steers, Inc.	1,750		51,835
Commerce Bancshares, Inc.	1,620		65,335
Coresite Realty Corp.	800		21,552
Corporate Office Properties Trust	1,000		23,970
Cullen/Frost Bankers, Inc.	800		45,944
DuPont Fabros Technology, Inc.	2,200		55,550
East West Bancorp, Inc.	3,650		77,088
Eaton Vance Corp.	1,475		42,716
Financial Engines, Inc.(a)	1,645		39,200
Jones Lang LaSalle, Inc.	1,150		87,802
MarketAxess Holdings, Inc.	1,475		46,610
MSCI, Inc., Class A(a)	1,050		37,580
Ocwen Financial Corp.(a)	3,625		99,361
SEI Investments Co.	1,850		39,683
Signature Bank(a)	1,150		77,142
SVB Financial Group(a)	1,275		77,086
Texas Capital Bancshares, Inc.(a)	950		47,224
UMB Financial Corp.	850		41,378
Umpqua Holdings Corp.	2,750		35,448
			1,096,901
Health Care (11.3%)
Bruker Corp.(a)	3,810		49,873
ICU Medical, Inc.(a)	905		54,734
Idexx Laboratories, Inc.(a)	250		24,838
Mednax, Inc.(a)	450		33,503
Meridian Bioscience, Inc.	2,575		49,388
Mettler-Toledo International, Inc.(a)	200		34,148
Myriad Genetics, Inc.(a)	2,050		55,329
Neogen Corp.(a)	550		23,485
Quality Systems, Inc.	2,750		51,012
ResMed, Inc.	1,425		57,670
Techne Corp.	435		31,294
Thoratec Corp.(a)	1,350		46,710
West Pharmaceutical Services, Inc.	725		38,476
			550,460
Industrials (14.7%)
CLARCOR, Inc.	1,700		75,871
Donaldson Co., Inc.	2,600		90,246
ESCO Technologies, Inc.	575		22,339
Franklin Electric Co., Inc.	575		34,782
Genesee & Wyoming, Inc., Class A(a)	950		63,517
Hub Group, Inc., Class A(a)	1,325		39,326
Hubbell, Inc., Class B	525		42,389
IDEX Corp.	725		30,283
Lindsay Manufacturing Co.	900		64,773
Middleby Corp.(a)	600		69,384
Nordson Corp.	765		44,844
Wabtec Corp.	1,150		92,333
Watts Water Technologies, Inc., Class A	1,200		45,396
			715,483
Information Technology (15.9%)
Blackbaud, Inc.	900		21,528
Bottomline Technologies, Inc.(a)	950		23,456
Coherent, Inc.(a)	500		22,930
CommVault Systems, Inc.(a)	890		52,243
Factset Research Systems, Inc.	475		45,800
InterDigital, Inc.	1,200		44,736
IPG Photonics Corp.(a)	950		54,435
j2 Global, Inc.	1,625		53,332
Liquidity Services, Inc.(a)	875		43,934
MicroStrategy, Inc., Class A(a)	365		48,936
National Instruments Corp.	900		22,653
NIC, Inc.	1,875		27,750
Plantronics, Inc.	1,450		51,228
Polycom, Inc.(a)	3,725		36,766
Power Integrations, Inc.	1,125		34,234
Riverbed Technology, Inc.(a)	1,875		43,631
Sapient Corp.(a)	5,225		55,698
Syntel, Inc.	400		24,964
Wright Express Corp.(a)	900		62,748
			771,002
Materials (6.7%)
AptarGroup, Inc.	1,875		96,956
Calgon Carbon Corp.(a)	3,950		56,525
Commercial Metals Co.	4,200		55,440
Kraton Performance Polymers, Inc.(a)	2,050		53,505
Minerals Technologies, Inc.	925		65,610
			328,036
Utilities (5.1%)
AGL Resources, Inc.	1,350		55,229
American States Water Co.	1,375		61,091
New Jersey Resources Corp.	950		43,434
Questar Corp.	4,225		85,894
			245,648
TOTAL COMMON STOCKS (Cost $4,633,695)			4,839,607
INVESTMENT COMPANIES (0.7%)
State Street Institutional U.S. Government Money
Market Fund, Investor Shares, 0.05%(b)	35,311		35,311
TOTAL INVESTMENT COMPANIES (Cost $35,311)			35,311
Total Investments (Cost $4,669,006)(c) — 100.2%			4,874,918
Liabilities in excess of other assets — (0.2)%			(8,480)
NET ASSETS — 100.0%		$	4,866,438

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day yield as of September 30, 2012.
(c)	See Federal Tax Information listed in the Notes to the Financial Statements.

See Notes to Financial Statements 51

Financial Statements

Walden SMID Cap Innovations Fund

STATEMENT OF ASSETS AND LIABILITIES
September 30, 2012 (Unaudited)
Assets:
Investments, at fair value (cost $4,669,006)	$	4,874,918
Dividends receivable		2,241
Prepaid expenses and other assets		2,499
Total Assets		4,879,658
Liabilities:
Payable for investments purchased		12,435
Accrued expenses and other liabilities:
Investment adviser		239
Administration and accounting		125
Custodian		13
Transfer agent		276
Trustee		1
Other		131
Total Liabilities		13,220
Net Assets	$	4,866,438
Composition of Net Assets:
Capital	$	4,668,375
Accumulated net investment income		656
Accumulated net realized losses from investment transactions		(8,505)
Net unrealized appreciation from investments		205,912
Net Assets	$	4,866,438
Shares outstanding (par value $0.01, unlimited number of shares authorized)		448,850
Net Asset Value, Offering Price and Redemption Price per share	$	10.84

STATEMENT OF OPERATIONS
For the period ended September 30, 2012 (Unaudited)(a)
Investment Income:
Dividends	$	8,694
Less: Foreign tax withholding		(11)
Total Investment Income		8,683
Expenses:
Investment adviser		5,904
Administration and accounting		1,645
Trustee		32
Custodian		320
Transfer agency		7,092
Chief compliance officer		24
Other		2,066
Total expenses before fee reductions		17,083
Fees contractually reduced by the investment adviser		(9,056)
Net Expenses		8,027
Net Investment Income		656
Net Realized/Unrealized Gains (Losses) from Investments:
Net realized losses from investment transactions		(8,505)
Change in unrealized appreciation from investments		205,912
Net realized/unrealized gains from investments		197,407
Change in Net Assets Resulting from Operations	$	198,063
(a) Commenced operations on June 29, 2012.

52 See Notes to Financial Statements

Financial Statements

Walden SMID Cap Innovations Fund

 STATEMENTS OF CHANGES IN NET ASSETS

	For the
	period ending
	September 30,
	2012 (a)
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	656
Net realized losses from investment transactions		(8,505)
Change in unrealized appreciation/depreciation from investments		205,912
Change in Net Assets Resulting from Operations		198,063
Capital Share Transactions:
Proceeds from shares issued		4,344,631
Proceeds from shares issued in subscription in-kind(b)		324,838
Cost of shares redeemed		(1,094)
Change in Net Assets Resulting from Capital Share Transactions		4,668,375
Change in Net Assets		4,866,438
Net Assets:
Beginning of period		—
End of period	$	4,866,438
Share Transactions:
Issued		416,466
Issued in subscription in-kind(b)		32,484
Redeemed		(100)
Change in Shares		448,850
Accumulated net investment income	$	656

Amounts designated as “—” are $0 or have been rounded to $0.
(a)	Commenced operations on June 29, 2012
(b)	See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements 53

Financial Statements

Walden SMID Cap Innovations Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period indicated.

	For the
	period ended
	September 30,
	2012(a)
	(Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Investment Activities:
Net investment income(loss)		—
Net realized and unrealized gains(losses) from investment transactions		0.84
Total from investment activities		0.84
Net Asset Value, End of Period	$	10.84
Total return		8.40%	(b)
Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	4,866
Ratio of net expenses to average net assets		1.00%	(c)
Ratio of net investment income to average net assets		0.08%	(c)
Ratio of expenses (before fee reductions) to average net assets(d)		2.13%	(c)
Portfolio turnover rate		3.59%	(b)

Amounts designated as “—” are $0 or have been rounded to $0.
(a)	Commenced operations on June 29, 2012.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period, certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated.

54 See Notes to Financial Statements

Schedule of Portfolio Investments

Walden Small Cap Innovations Fund
September 30, 2012 (Unaudited)

 COMMON STOCKS (97.1%)

Security Description	Shares		Fair Value ($)
Consumer Discretionary (12.4%)
Dorman Products, Inc.(a)		21,800		686,918
Fuel Systems Solutions, Inc.(a)		34,800		598,212
Gentex Corp.		22,700		386,127
Hibbett Sports, Inc.(a)		17,900		1,064,155
John Wiley & Sons, Inc., Class A		25,200		1,157,940
Life Time Fitness, Inc.(a)		16,900		773,006
Select Comfort Corp.(a)		35,800		1,129,490
SodaStream International Ltd.(a)		26,300		1,030,171
Tempur-Pedic International, Inc.(a)		16,800		502,152
The Men’s Wearhouse, Inc.		24,600		846,978
Universal Technical Institute, Inc.		31,200		427,440
Vitamin Shoppe, Inc.(a)		14,600		851,472
Wolverine World Wide, Inc.		24,500		1,087,065
				10,541,126
Consumer Staples (3.8%)
Darling International, Inc.(a)		29,100		532,239
Hain Celestial Group, Inc.(a)		6,400		403,200
Lifeway Foods, Inc.		11,300		107,350
The Fresh Market, Inc.(a)		14,400		863,712
United Natural Foods, Inc.(a)		21,700		1,268,365
				3,174,866
Energy (5.6%)
CARBO Ceramics, Inc.		18,400		1,157,728
Lufkin Industries, Inc.		30,500		1,641,510
Natural Gas Services Group, Inc.(a)		21,300		318,435
OYO Geospace Corp.(a)		6,300		771,183
RPC, Inc.		37,000		439,930
Tesco Corp.(a)		34,700		370,596
				4,699,382
Financials (20.2%)
Bank of Hawaii Corp.		34,500		1,573,890
Cohen & Steers, Inc.		26,400		781,968
Coresite Realty Corp.		13,600		366,384
Corporate Office Properties Trust		29,700		711,909
Dime Community Bancshares, Inc.		42,900		619,476
DuPont Fabros Technology, Inc.		56,200		1,419,050
East West Bancorp, Inc.		59,600		1,258,752
Financial Engines, Inc.(a)		35,400		843,582
Green Dot Corp., Class A(a)		36,000		440,280
Independent Bank Corp.		26,800		806,412
MarketAxess Holdings, Inc.		35,800		1,131,280
Ocwen Financial Corp.(a)		14,875		407,724
Signature Bank(a)		22,500		1,509,300
SVB Financial Group(a)		22,500		1,360,350
Texas Capital Bancshares, Inc.(a)		25,100		1,247,721
UMB Financial Corp.		27,800		1,353,304
Umpqua Holdings Corp.		102,100		1,316,069
				17,147,451
Health Care (13.8%)
Bruker Corp.(a)		78,700		1,030,183
Cantel Medical Corp.		25,100		679,708
Computer Programs & Systems, Inc.		14,600		811,030
ICU Medical, Inc.(a)		19,600		1,185,408
Landauer, Inc.		9,000		537,480
Meridian Bioscience, Inc.		64,200		1,231,356
Myriad Genetics, Inc.(a)		37,900		1,022,921
Neogen Corp.(a)		17,700		755,790
Quality Systems, Inc.		46,500		862,575
Techne Corp.		12,600		906,444
Thoratec Corp.(a)		31,300		1,082,980
West Pharmaceutical Services, Inc.		30,000		1,592,100
				11,697,975
Industrials (15.1%)
American Science & Engineering, Inc.		13,500		885,735
Apogee Enterprises, Inc.		36,800		722,016
CLARCOR, Inc.		32,700		1,459,401
ESCO Technologies, Inc.		15,950		619,657
Franklin Electric Co., Inc.		10,700		647,243
Genesee & Wyoming, Inc., Class A(a)		25,500		1,704,930
Gentherm, Inc.(a)		38,200		475,208
Herman Miller, Inc.		15,600		303,264
Hub Group, Inc., Class A(a)		23,800		706,384
Lindsay Manufacturing Co.		16,700		1,201,899
Middleby Corp.(a)		11,800		1,364,552
Simpson Manufacturing Co., Inc.		20,300		580,986
Team, Inc.(a)		35,500		1,130,675
Watts Water Technologies, Inc., Class A		25,300		957,099
				12,759,049
Information Technology (18.4%)
Blackbaud, Inc.		27,800		664,976
Bottomline Technologies, Inc.(a)		29,800		735,762
Ceragon Networks Ltd.(a)		49,400		281,580
Coherent, Inc.(a)		11,700		536,562
CommVault Systems, Inc.(a)		15,200		892,240
GT Advanced Technologies, Inc.(a)		45,000		245,250
InterDigital, Inc.		18,700		697,136
IPG Photonics Corp.(a)		19,200		1,100,160
j2 Global, Inc.		31,700		1,040,394
Liquidity Services, Inc.(a)		22,300		1,119,683
MicroStrategy, Inc., Class A(a)		5,100		683,757
NIC, Inc.		43,200		639,360
Plantronics, Inc.		43,900		1,550,987
Polycom, Inc.(a)		74,800		738,276
Power Integrations, Inc.		35,800		1,089,394
Riverbed Technology, Inc.(a)		18,200		423,514
Sapient Corp.(a)		107,700		1,148,082
Syntel, Inc.		6,900		430,629
Wright Express Corp.(a)		22,500		1,568,700
				15,586,442
Materials (4.5%)
Calgon Carbon Corp.(a)		49,800		712,638
Commercial Metals Co.		61,675		814,110
Kraton Performance Polymers, Inc.(a)		15,300		399,330
Minerals Technologies, Inc.		12,600		893,718
Quaker Chemical Corp.		21,700		1,012,739
				3,832,535
Utilities (3.3%)
American States Water Co.		13,300		590,919
New Jersey Resources Corp.		30,800		1,408,176
South Jersey Industries, Inc.		15,600		825,708
				2,824,803
TOTAL COMMON STOCKS (Cost $73,990,133)				82,263,629
INVESTMENT COMPANIES (3.1%)
State Street Institutional U.S. Government Money Market Fund, Investor Shares, 0.05%(b)		2,666,329		2,666,329
TOTAL INVESTMENT COMPANIES (Cost $2,666,329)				2,666,329
Total Investments (Cost $76,656,462)(c) — 100.2%				84,929,958
Liabilities in excess of other assets — (0.2)%				(195,546)
NET ASSETS — 100.0%			$	84,734,412

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day yield as of September 30, 2012.
(c)	See Federal Tax Information listed in the Notes to the Financial Statements.

See Notes to Financial Statements 55

Financial Statements

Walden Small Cap Innovations Fund

STATEMENT OF ASSETS AND LIABILITIES
September 30, 2012 (Unaudited)
Assets:
Investments, at value (cost $76,656,462)	$	84,929,958
Dividends receivable		72,343
Receivable for investments sold		26,035
Receivable for capital shares issued		1,000
Prepaid expenses and other assets		5,665
Total Assets		85,035,001
Liabilities:
Payable for investments purchased		234,669
Accrued expenses and other liabilities:
Investment adviser		48,256
Administration and accounting		2,266
Custodian		792
Transfer agent		2,170
Trustee		83
Shareholder servicing		5,319
Other		7,034
Total Liabilities		300,589
Net Assets	$	84,734,412
Composition of Net Assets:
Capital	$	74,335,565
Accumulated net investment loss		(2,008)
Accumulated net realized gains from investment transactions		2,127,359
Net unrealized appreciation from investments		8,273,496
Net Assets	$	84,734,412
Shares outstanding (par value $0.01, unlimited number of shares authorized)		4,996,458
Net Asset Value, Offering Price and Redemption Price per share	$	16.96
STATEMENT OF OPERATIONS
For the six months ended September 30, 2012 (Unaudited)
Investment Income:
Dividends	$	401,603
Total Investment Income		401,603
Expenses:
Investment adviser		280,860
Administration and accounting		47,346
Shareholder servicing		26,354
Trustee		1,537
Custodian		5,658
Transfer agency		15,465
Chief compliance officer		1,093
Other		24,534
Total expenses before fee reductions		402,847
Fees contractually reduced by the investment adviser		(26,927)
Net Expenses		375,920
Net Investment Income		25,683
Net Realized/Unrealized Gains (Losses) from Investments:
Net realized gains from investment transactions		2,294,219
Change in unrealized depreciation from investments		(1,387,742)
Net realized/unrealized gains from investments		906,477
Change in Net Assets Resulting from Operations	$	932,160

56 See Notes to Financial Statements

Financial Statements

Walden Small Cap Innovations Fund

STATEMENT OF CHANGES IN NET ASSETS
	For the		For the
	six months ended		year ended
	September 30,		March 31,
	2012		2012
	(Unaudited)
Investment Activities:
Operations:
Net investment income	$	25,683	$	31,553
Net realized gains from investment transactions		2,294,219		261,025
Change in unrealized appreciation/depreciation from investments		(1,387,742)		1,299,094
Change in net assets resulting from operations		932,160		1,591,672
Dividends:
Net investment income		—		(59,243)
Net realized gains from investment transactions		—		(3,327,935)
Change in Net Assets Resulting from Shareholder Dividends		—		(3,387,178)
Capital Share Transactions:
Proceeds from shares issued		15,236,768		25,475,054
Proceeds from shares issued in subscription in-kind(a)		503,078		1,691,789
Dividends reinvested		—		2,157,735
Cost of shares redeemed		(1,482,062)		(4,472,977)
Change in net assets resulting from capital share transactions		14,257,784		24,851,601
Change in Net Assets		15,189,944		23,056,095
Net Assets:
Beginning of period		69,544,468		46,488,373
End of period	$	84,734,412	$	69,544,468
Share Transactions:
Issued		945,989		1,513,736
Issued in subscriptions in-kind(a)		31,680		100,047
Reinvested		—		143,466
Redeemed		(92,196)		(281,200)
Change in Shares		885,473		1,476,049
Accumulated net investment loss	$	(2,008)	$	(27,691)

Amounts designated as “—” are $0 or have been rounded to $0.

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

See Notes to Financial Statements 57

Financial Statements

Walden Small Cap Innovations Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the periods indicated.

		For the six			For the		For the		For the		For the
		months ended			year ended		year ended		year ended		year ended
		September 30,			March 31,		March 31,		March 31,		March 31,
		2012			2012		2011		2010		2009(a)
		(Unaudited)
Net Asset Value, Beginning of Period	$	16.92		$	17.64	$	14.57	$	9.19	$	10.00
Investment Activities:
Net investment income		0.01			0.01		0.02		0.02		0.03	(b)
Net realized and unrealized gains (losses) from
investment transactions		0.03			0.27		3.59		5.60		(0.83)
Total from investment activities		0.04			0.28		3.61		5.62		(0.80)
Dividends:
Net investment income		—			(0.02)		(0.03)		(0.02)		(0.01)
Net realized gains from investments		—			(0.98)		(0.51)		(0.22)		—
Total dividends		—			(1.00)		(0.54)		(0.24)		(0.01)
Net Asset Value, End of Period	$	16.96		$	16.92	$	17.64	$	14.57	$	9.19
Total return		0.24%	(c)		2.28%		25.13%		61.45%		(7.98)%	(c)
Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	84,734		$	69,544	$	46,488	$	22,057	$	2,340
Ratio of net expenses to average net assets		1.00%	(d)		1.00%		1.00%		1.00%		1.16%	(d)
Ratio of net investment income to average net assets		0.07%	(d)		0.06%		0.14%		0.26%		0.63%	(d)
Ratio of expenses (before fee reductions) to average net assets(e)		1.07%	(d)		1.15%		1.27%		1.68%		9.61%	(d)
Portfolio turnover rate		15.44%	(c)		24.62%		36.01%		23.07%		4.37%	(c)

(a)	Commenced operations on October 24, 2008.
(b)	Calculated using the average shares method.
(c)	Not annualized for periods less than one year.
(d)	Annualized for periods less than one year.
(e)	During the period, certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated.

58 See Notes to Financial Statements

Notes to Financial Statements
September 30, 2012
(Unaudited)

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

Fund	Short Name
Boston Trust Asset Management Fund (formerly known as Boston Trust Balanced Fund)	Asset Management Fund
Boston Trust Equity Fund	Equity Fund
Boston Trust Midcap Fund	Midcap Fund
Boston Trust SMID Cap Fund	SMID Cap Fund
Boston Trust Small Cap Fund	Small Cap Fund
Walden Asset Management Fund (formerly known as Walden Balanced Fund)	Walden Asset Management Fund
Walden Equity Fund	Walden Equity Fund
Walden Midcap Fund	Walden Midcap Fund
Walden SMID Cap Innovations Fund	SMID Cap Innovations Fund
Walden Small Cap Innovations Fund	Small Cap Innovations Fund

	The investment objective of the Asset Management Fund and Walden Asset Management Fund is to seek long-term capital growth and income through an actively managed portfolio of stocks, bonds and money market instruments. The investment objective of the Equity Fund and Walden Equity Fund is to seek long-term capital growth through an actively managed portfolio of stocks. The investment objective of the Midcap Fund and Walden Midcap Fund is to seek long-term capital growth through an actively managed portfolio of stocks of middle capitalization companies. The investment objective of the Small Cap Fund and Small Cap Innovations Fund is to seek long-term capital growth through an actively managed portfolio of stocks of small capitalization companies. The investment objective of the SMID Cap Fund and SMID Cap Innovations Fund is to seek long-term capital growth through an actively managed portfolio of stocks of small to middle capitalization companies.
	Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust may enter into contracts with its vendors and others that provide for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
	Security Valuation:
	The Funds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.
	The value of each equity security, including common stocks, is based either on the last sale price on a national securities exchange, or in the absence of recorded sales, at the closing bid prices on such exchanges, or at the quoted bid price in the over-the-counter market. Equity securities traded on the NASDAQ stock market are valued at the NASDAQ official closing price.
	Bonds and other fixed income securities (other than short-term obligations, but including listed issues) are provided by an independent pricing service, the use of which has been approved by the Trust’s Board of Trustees (the “Board”). In making such valuations, the pricing service utilizes both dealer-supplied valuations and electronic data processing techniques that take into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, and trading characteristics other than market data and without exclusive reliance upon quoted prices or exchanges or over-the-counter prices, since such valuations are believed to reflect more accurately the fair value of such securities. All debt portfolio securities with a remaining maturity of 60 days or less are valued at amortized cost, which approximates fair value. Under the amortized cost method, discount or premium, if any, is accreted or amortized, respectively, on a constant (straight-line) basis to the maturity of the security.
	The Trust may use a pricing service to value certain portfolio securities where the prices provided are believed to reflect the fair market value of such securities. If market prices are not readily available or, in Boston Trust Investment Management, Inc.’s, (the “Adviser”) opinion, market prices do not reflect fair value, or if an event occurs after the close of trading on the exchange or market on which the security is principally traded (but prior to the time the NAV is calculated) that materially affects fair value, the Adviser will value the Funds’ assets at their fair value according to policies approved by the Board.
	Investments in investment companies and money market funds are valued at net asset value per share.
	Fair Value Measurements:
	The valuation techniques employed by the Funds, as described above in Security Valuation, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds’ investments are summarized in the three broad levels listed below:
	Level 1 – quoted prices in active markets for identical assets
	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
	Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)
	The inputs or methodology used to value securities are not necessarily an indication of the risk associated with investing in those investments.

Continued 59

Notes to Financial Statements
September 30, 2012
(Unaudited)

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

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

The following is a summary of the valuation inputs used as of September 30, 2012 in valuing the Funds’ investments based upon three levels defined above:

			Level 2
	Level I		Other Significant		Total Investments in
Fund Name	Quoted Prices		Observable Inputs		Securities
Asset Management Fund
Common Stocks1	$	192,281,713	$	—	$	192,281,713
Corporate Bonds1		—		12,298,420		12,298,420
Municipal Bonds2		—		7,165,466		7,165,466
U.S. Government & U.S. Government Agency Obligations		—		47,979,540		47,979,540
Investment Companies		2,509,770		—		2,509,770
Total		194,791,483		67,443,426		262,234,909
Equity Fund
Common Stocks1		71,297,317		—		71,297,317
Investment Companies		986,623		—		986,623
Total		72,283,940		—		72,283,940
Midcap Fund
Common Stocks1		28,533,428		—		28,533,428
Investment Companies		223,065		—		223,065
Total		28,756,493		—		28,756,493
SMID Cap Fund
Common Stocks1		3,632,393		—		3,632,393
Investment Companies		85,417		—		85,417
Total		3,717,810		—		3,717,810
Small Cap Fund
Common Stocks1		329,867,168		—		329,867,168
Investment Companies		3,325,316		—		3,325,316
Total		333,192,484		—		333,192,484
Walden Asset Management Fund
Common Stocks1		42,251,424		—		42,251,424
Corporate Bonds1		—		2,290,250		2,290,250
Municipal Bonds2		—		761,711		761,711
U.S. Government & U.S. Government Agency Obligations		—		12,413,476		12,413,476
Investment Companies		645,416		—		645,416
Total		42,896,840		15,465,437		58,362,277
Walden Equity Fund
Common Stocks1		103,415,817		—		103,415,817
Investment Companies		1,453,008		—		1,453,008
Total		104,868,825		—		104,868,825
Walden Midcap Fund
Common Stocks1		15,689,016		—		15,689,016
Investment Companies		394,395		—		394,395
Total		16,083,411		—		16,083,411
Walden SMID Cap Innovations Fund
Common Stocks1		4,839,607		—		4,839,607
Investment Companies		35,311		—		35,311
Total		4,874,918		—		4,874,918
Walden Small Cap Innovations Fund
Common Stocks1		82,263,629		—		82,263,629
Investment Companies		2,666,329		—		2,666,329
Total		84,929,958		—		84,929,958

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

60 Continued

Notes to Financial Statements
September 30, 2012
(Unaudited)

	The Funds recognizes transfers, if any, between fair value hierarchy levels at the reporting period end. There were no transfers between levels as of September 30, 2012 from the valuation input levels used on March 31, 2012.
	In May 2011, the FASB issued Accounting Standards Update 2011-04 (“ASU 2011-04”) “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS.” ASU 2011-04 will require reporting entities to disclose quantitative information about the unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. Management has determined that this will not have any impact on the Funds’ financial statements other than enhanced disclosures.
	New Accounting Pronouncement:
	In December 2011, FASB issued ASU No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” requiring disclosure of both gross and net information related to offsetting and related arrangements enabling users of its financial statements to understand the effect of those arrangements on the entity’s financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of IFRS. ASU No. 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013. Management is evaluating any impact ASU No. 2011-11 may have on the Fund’s financial statements.
	Security Transactions and Related Income:
	Security transactions are recorded no later than one business day after trade date. For financial reporting purposes, security transactions are recorded on trade date on the last business day of the reporting period. Interest income is recognized on the accrual basis and includes, where applicable, the amortization of premium or discount. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.
	Expenses:
	Expenses directly attributable to a Fund are charged directly to that Fund. Expenses relating to the Trust are allocated proportionately to each Fund within the Trust according to the relative net assets of each Fund or on another reasonable basis.
	Dividends to Shareholders:
	Dividends are recorded on the ex-dividend date. Dividends to shareholders from net investment income, if any, are declared and paid annually by the Funds. Dividends to shareholders from net realized gains, if any, are declared and distributed at least annually by the Funds.
	The amounts of dividends to shareholders from net investment income and of distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g. wash sales and post October losses) do not require reclassification. To the extent dividends to shareholders exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital.
	Federal Income Taxes:
	Each Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code, and to make distributions from net investment income and from net realized capital gains sufficient to relieve it from all, or substantially all, federal income and excise taxes. Therefore, no federal income tax provision is required.
	Management has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). The Funds recognize interest and penalties, if any, related to unrecognized tax benefits, as income tax expense in the Statement of Operations. Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken as of and during the period ended September 30, 2012.
3.	Related Party Transactions:
	Investment Adviser:
	The Funds and the Adviser are parties to an Investment Advisory Agreement under which the Adviser is entitled to receive an annual fee, computed daily and paid monthly, equal to the average daily net assets of each Fund, at the following annual percentage rates before contractual waivers:

Fund	Fee Rate
Asset Management Fund	0.75	%
Equity Fund	0.75	%
Midcap Fund	0.75	%
SMID Cap Fund	0.75	%
Small Cap Fund	0.75	%
Walden Asset Management Fund	0.75	%
Walden Equity Fund	0.75	%
Walden Midcap Fund	0.75	%
Walden SMID Cap Innovations Fund	0.75	%
Walden Small Cap Innovations Fund	0.75	%

Additionally, one Trustee of the Trust is Managing Director of the Adviser and President of the Trust and another officer of the Trust is an officer of the Adviser. The persons are not paid directly by the Funds.

Administration and Fund Accounting:

Citi Fund Services Ohio, Inc. (“Citi”) serves the Funds as administrator. Citi, as the Funds’ administrator, provides administrative and fund accounting services for a fee that is computed daily and paid monthly, based on the aggregate daily net assets of the Trust. Certain officers of the Trust are affiliated with Citi. Such persons were paid no fees directly by the Funds for serving as officers of the Trust, except the Chief Compliance Officer (the “CCO”). The CCO is not paid directly by the Funds. Rather, the Funds pay Citi for CCO services, which include the services of the CCO.

Continued 61

Notes to Financial Statements
September 30, 2012
(Unaudited)

Under a Compliance Services Agreement between the Funds and Citi (the “CCO Agreement”), Citi makes an employee available to serve as the Funds’ CCO. Under the CCO Agreement, Citi also provides infrastructure and support in implementing the written policies and procedures comprising the Funds’ compliance program, including support services to the CCO. For the services provided under the CCO Agreement, the Funds paid Citi $15,592 for the period ended September 30, 2012, plus certain out of pocket expenses, for the services provided under the CCO Agreement. Citi pays the salary and other compensation earned by the CCO as an employee of Citi.

Distribution:

Effective August 1, 2012, BHIL Distributors, Inc., (“BHIL”), a wholly-owned subsidiary of Beacon Hill Fund Services, Inc., serves as the Funds’ distribution agent. Under the distribution agreement, BHIL receives a fixed fee of $17,500 per year plus per item fees for sales literature review and dealer set-up. The Trust reimburses BHIL for out-of-pocket expenses. It is paid monthly by the Adviser from its profits and not by the Funds, for its services. BHIL is not affiliated with Citi or the Adviser. Prior to August 1, 2012, Foreside Distributing Services, L.P., an indirect, wholly-owned subsidiary of Foreside Financial Group, LLC, served as the Funds’ distribution agent.

Shareholder Services:

The Funds may enter into shareholder services agreements with investment advisers, banks, trust companies and other types of organizations (“Authorized Service Providers” ), which may include affiliates of the Funds, for providing administrative services with respect to shares of the Funds attributable to or held in the name of the Authorized Service Provider for its clients or other parties with whom they have a servicing relationship. Each Fund is authorized to pay shareholder services fees up to 0.25% of the average annual net assets with respect to shares of the Funds serviced by an Authorized Service Provider.

Custodian and Transfer Agency:

Boston Trust & Investment Management Company (“Boston Trust”), the parent company of the Adviser, acts as the Funds’ custodian and transfer agent. Under the custody agreement, Boston Trust receives $1,000 annually per Fund plus an asset based fee of 0.016% of market value. Under the transfer agency agreement, Boston Trust receives a fixed fee of $18,000 annually per fund, accrued daily and paid monthly for its services. Under a sub-transfer agency agreement, Citi receives a fixed annual fee from the Funds that use Citi as sub-transfer agent, accrued daily and paid monthly, plus annual per account fees and certain out of pocket expenses for its services to the Trust.

Fee Reductions:

The Adviser has agreed to reduce its fees payable by the Funds to the extent necessary to limit each Fund’s aggregate annual operating expenses to 1.00% of the average daily net assets. Any such reductions made by the Adviser in its fees or in the payment or reimbursement of expenses that are a Fund’s obligation may be subject to repayment by the Fund within three years provided the Fund receiving the reduction, payment or reimbursement is able to effect such repayment and remain in compliance with applicable expense limitations. The expense limitation agreement shall automatically renew effective August 1 of every year until the Adviser provides written notice of non-renewal to the Trust.

Pursuant to its agreement, for the periods ended March 31, 2010, 2011 and 2012 and September 30, 2012, the Adviser reimbursed fees in the following amounts:

Fund	Amount		Expires
Asset Management Fund	$	—	2013
		—	2014
		—	2015
		—	2016
Equity Fund		24,460	2013
		13,866	2014
		—	2015
		—	2016
Midcap Fund		29,358	2013
		27,687	2014
		33,899	2015
		10,064	2016
SMID Cap Fund		—	2013
		—	2014
		11,533	2015
		17,304	2016
Small Cap Fund		72,080	2013
		105,195	2014
		60,584	2015
		13,967	2016
Walden Asset Management Fund		38,125	2013
		32,028	2014
		33,900	2015
		24,288	2016
Walden Equity Fund		63,210	2013
		51,177	2014
		26,043	2015
		67,896	2016
Walden Midcap Fund		—	2013
		—	2014
		18,288	2015
		15,681	2016
Walden SMID Cap Innovations Fund		—	2013
		—	2014
		—	2015
		9,056	2016
Walden Small Cap Innovations Fund		75,530	2013
		61,924	2014
		45,712	2015
		26,927	2016

During the six months ended September 30, 2012, the Adviser recouped amounts from the following Funds:
	Asset Management Fund	$	4,171
	Equity Fund		1,646

62 Continued

Notes to Financial Statements
September 30, 2012
(Unaudited)

As of September 30, 2012, the Adviser may recoup amounts from the Funds as follows:

Total Potential Recoupment
Asset Management Fund	$	—
Equity Fund		38,326
Midcap Fund		101,008
SMID Cap Fund		28,837
Small Cap Fund		251,826
Walden Asset Management Fund		128,341
Walden Equity Fund		208,326
Walden Midcap Fund		33,969
Walden SMID Cap Innovations Fund		9,056
Walden Small Cap Innovations Fund		210,093

	Other Affiliated Transactions:
	During the period ended September 30, 2012, certain net assets of common trust funds, managed by Boston Trust & Investment Management Company, were exchanged as in-kind transfers for shares of certain Funds of the Trust. Fund shares issued in connection with the exchange were used to pay for securities transferred from the common trust funds to certain Funds at fair value. The total fair value of the in-kind transfers was $324,838 for 32,484 shares of the SMID Cap Innovations Fund in exchange for 32,516 shares of the SMID Cap Fund and $503,078 for 31,680 shares of the Small Cap Innovations Fund in exchange for 40,571 shares of the Small Cap Fund.
	During the year ended March 31, 2012, certain net assets of common trust funds, managed by Boston Trust & Investment Management Company, were exchanged as in-kind transfers for shares of certain Funds of the Trust. Fund shares issued in connection with the exchange were used to pay for securities transferred from the common trust funds to certain Funds at fair value. The total fair value of the in-kind transfers was $6,858,946 for 223,273 shares of the Asset Management Fund, $325,000 for 32,500 shares of the SMID Cap Fund, $5,098,275 for 463,901 shares of the Walden Asset Management Fund and $1,691,789 for 100,047 shares of the Walden Small Cap Innovations Fund.
4.	Purchases and Sales of Securities:
	Cost of purchases and proceeds from sales and maturities of securities, excluding short-term securities and U.S. Government securities, for the Funds for the period ended September 30, 2012, totaled:

Fund	Purchases			Sales and Maturities
Asset Management Fund		$	5,016,988		$	4,217,309
Equity Fund			3,891,399			2,442,179
Midcap Fund			3,159,995			2,393,987
SMID Cap Fund			979,863			802,816
Small Cap Fund			62,483,826			58,903,852
Walden Asset Management Fund			5,065,546			3,143,091
Walden Equity Fund			7,466,050			6,208,411
Walden Midcap Fund			3,047,088			888,784
Walden SMID Cap Innovations Fund			4,743,616			101,416
Walden Small Cap Innovations Fund			24,711,199			11,320,094

Cost of purchases and proceeds from sales and maturities of U.S. Government Securities, excluding short-term securities, for the Funds for the period ended September 30, 2012, totaled:

Fund	Purchases			Sales and Maturities
Asset Management Fund		$	0		$	63,637
Walden Asset Management Fund			1,781,651			48,765

5.	Federal Income Tax Information:
	At September 30, 2012, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:

			Gross Tax		Gross Tax			Net Unrealized
			Unrealized		Unrealized			Appreciation
	Tax Cost		Appreciation		(Depreciation)			(Depreciation)
Asset Management Fund	$	179,749,102	$	83,708,152	$	(1,222,345	)	$	82,485,807
Equity Fund		42,620,053		30,300,179		(636,292	)		29,663,887
Midcap Fund		20,781,866		8,538,296		(563,669	)		7,974,627
SMID Cap Fund		3,510,966		399,923		(193,079	)		206,844
Small Cap Fund		291,115,706		63,057,582		(20,980,804	)		42,076,778
Walden Asset Management Fund		46,878,301		12,070,182		(586,206	)		11,483,976
Walden Equity Fund		76,768,995		29,853,755		(1,753,925	)		28,099,830
Walden Midcap Fund		14,617,453		1,748,236		(282,278	)		1,465,958
Walden SMID Cap Innovations Fund		4,669,129		273,408		(67,619	)		205,789
Walden Small Cap Innovations Fund		76,696,853		13,026,290		(4,793,185	)		8,233,105

Continued 63

Notes to Financial Statements
September 30, 2012
(Unaudited)

The tax character of distributions paid during the fiscal year ended March 31, 2012 was as follows:

	Distributions paid from
			Net Long Term		Total Taxable		Tax Return of		Total Distributions
	Ordinary Income		Capital Gains		Distributions		Capital		Paid1
Balanced Fund	$	3,373,655	$	—	$	3,373,655	$	—	$	3,373,655
Equity Fund		589,650		—		589,650		—		589,650
Midcap Fund		302,768		664,754		967,522		—		967,522
SMID Cap Fund		898		—		898		—		898
Small Cap Fund		5,265,166		14,632,707		19,897,873		—		19,897,873
Walden Balanced Fund		550,502		—		550,502		—		550,502
Walden Equity Fund		866,803		—		866,803		—		866,803
Walden Midcap Fund		19,338		—		19,338		—		19,338
Walden Small Cap Innovations Fund		995,830		2,391,348		3,387,178		—		3,387,178

As of March 31, 2012, the components of accumulated earnings on a tax basis were as follows:

	Undistributed		Undistributed				Accumulated			Unrealized		Total
	Ordinary		Long-Term Capital		Accumulated		Capital and Other			Appreciation		Accumulated
	Income		Gains		Earnings		Losses			(Depreciation)2		Earnings (Deficit)
Balanced Fund	$	724,083	$	—	$	724,083	$	(1,026,752	)	$	80,417,110	$	80,114,441
Equity Fund		144,747		—		144,747		(2,692,524	)		30,163,288		27,615,511
Midcap Fund		11,266		202,222		213,488		(35,521	)		9,126,107		9,304,074
SMID Cap Fund		32,553		29		32,582		—			299,253		331,835
Small Cap Fund		426,773		—		426,773		(548,641	)		55,063,915		54,942,047
Walden Balanced Fund		112,702		—		112,702		(458,864	)		11,701,028		11,354,866
Walden Equity Fund		207,923		—		207,923		(2,727,725	)		30,069,750		27,549,948
Walden Midcap Fund		5,759		—		5,759		(54,659	)		1,749,959		1,701,059
Walden Small Cap Innovations Fund		—		—		—		(171,938	)		9,638,625		9,466,687

2	The differences between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral of losses on wash sales.
	Under current tax law, net investment losses and capital losses realized after October 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The following Funds deferred losses as follows:

	Late Year		Post-October
Fund	Ordinary Loss		Capital Losses
Equity Fund	$	—	$	35,149
Midcap Fund		—		35,520
Small Cap Fund		—		548,641
Walden Midcap Fund		—		20,042
Walden Small Cap Innovations Fund		27,692		144,248

6.

Control Ownership and Principal Holders:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumptions of control of the Fund, under section 2(a)(9) of the 1940 Act. As of September 30, 2012, the Funds had individual shareholder accounts and/or omnibus shareholder accounts (comprised of a group of individual shareholders), owning more than 25% of the total shares outstanding of the Fund as detailed below.

Fund	Control Ownership	% of Ownership
Asset Management Fund	Boston Trust & Investment Management Company	93.1
Equity Fund	Boston Trust & Investment Management Company	99.2
Midcap Fund	Boston Trust & Investment Management Company	97.4
SMID Cap Fund	Boston Trust & Investment Management Company	61.9
Walden Asset Management Fund	Boston Trust & Investment Management Company	71.5
Walden Equity Fund	JP Morgan Chase TTEE Cust	27.9
	Charles Schwab & Co., Inc.	26.9
Walden Midcap Fund Fund	Boston Trust & Investment Management Company	99.0
Walden SMID Cap Innovations Fund	Boston Trust & Investment Management Company	100.0
Walden Small Cap Innovations Fund	Boston Trust & investment Management Company	35.0
	Charles Schwab & Co., Inc.	25.2

7.	Subsequent Events:
	Management evaluated subsequent events through the date these financial statements were issued and concluded no subsequent events required recognition or disclosure in these financial statements.

64 Continued

Supplementary Information (Unaudited)
September 30, 2012

Table of Shareholder Expenses:

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2012, through September 30, 2012.

Actual Expenses

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

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

							Expenses Paid				Annualized Expense Ratio
	Beginning Account Value			Ending Account Value			During Period1				During Period
	4/1/12			9/30/12			4/1/12 - 9/30/12				4/1/12 - 9/30/12
Asset Management Fund		$	1,000.00		$	1,020.50		$	4.91			0.97	%
Equity Fund			1,000.00			1,010.30			5.04			1.00	%
Midcap Fund			1,000.00			974.10			4.95			1.00	%
SMID Cap Fund			1,000.00			977.50			4.96			1.00	%
Small Cap Fund			1,000.00			1,000.80			5.02			1.00	%
Walden Asset Management Fund			1,000.00			1,003.90			5.02			1.00	%
Walden Equity Fund			1,000.00			993.70			5.00			1.00	%
Walden Midcap Fund			1,000.00			973.90			4.95			1.00	%
Walden SMID Cap Innovations Fund			1,000.00			1,002.40			2.68	2		1.00	%
Walden Small Cap Innovations Fund			1,000.00			806.70			5.02			1.00	%

1	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.
2	Expenses are equal to the Walden SMID Cap Innovations Fund annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by the number of days in the fiscal year (to reflect the one half-year period). Information shown reflects values using the expense ratios for the 95 days of operations during the period, and has been annualized to reflect values for the period June 29, 2012 to September 30, 2012.
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on each Boston Trust Fund’s and Walden Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect the costs incurred by the Funds for buying and selling securities. The Funds do not charge transaction fees, such as redemption fees, nor do the Funds charge a sales charge (load). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

							Expenses Paid				Annualized Expense Ratio
	Beginning Account Value			Ending Account Value			During Period1				During Period
	4/1/12			9/30/12			4/1/12 - 9/30/12				4/1/12 - 9/30/12
Asset Management Fund		$	1,000.00		$	1,020.21		$	4.91			0.97	%
Equity Fund			1,000.00			1,020.05			5.06			1.00	%
Midcap Fund			1,000.00			1,020.05			5.06			1.00	%
SMID Cap Fund			1,000.00			1,020.05			5.06			1.00	%
Small Cap Fund			1,000.00			1,020.05			5.06			1.00	%
Walden Asset Management Fund			1,000.00			1,020.05			5.06			1.00	%
Walden Equity Fund			1,000.00			1,020.05			5.06			1.00	%
Walden Midcap Fund			1,000.00			1,020.05			5.06			1.00	%
Walden SMID Cap Innovations Fund			1,000.00			1,020.05			5.06	2		1.00	%
Walden Small Cap Innovations Fund			1,000.00			1,020.05			5.06			1.00	%

1

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

2

Expenses are equal to the Walden SMID Cap Innovations Fund annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by the number of days in the fiscal year (to reflect the one half-year period). Information shown reflects values using the expense ratios for the 95 days of operations during the period, and has been annualized to reflect values for the period June 29, 2012 to September 30, 2012.

Continued 65

Supplementary Information (Unaudited)

September 30, 2012

Tabular Summary of Schedules of Portfolio Investments:

The Boston Trust Funds invested, as a percentage of total net assets, in the following industries as of September 30, 2012.

Boston Trust Asset Management Fund
	Percentage of Total
Security Allocation for the Schedule of Portfolio Investments	Net Assets
U.S. Government & U.S. Government Agency Obligations		18.3	%
Information Technology		14.2	%
Industrials		13.7	%
Financials		13.0	%
Energy		10.2	%
Consumer Staples		9.7	%
Consumer Discretionary		7.6	%
Health Care		6.1	%
Materials		3.1	%
Municipal Bonds		2.7	%
Investment Companies		1.0	%
Telecommunication Services		0.2	%
Other assets in excess of liabilities		0.2	%
Total		100.0	%
Boston Trust Equity Fund
	Percentage of Total
Security Allocation for the Schedule of Portfolio Investments	Net Assets
Information Technology		19.0	%
Industrials		18.1	%
Energy		13.2	%
Financials		12.9	%
Consumer Staples		12.5	%
Consumer Discretionary		10.6	%
Health Care		7.9	%
Materials		4.5	%
Investment Companies		1.3	%
Other assets in excess of liabilities		0.1	%
Total		100.0	%
Boston Trust Midcap Fund
	Percentage of Total
Security Allocation for the Schedule of Portfolio Investments	Net Assets
Financials		17.1	%
Industrials		16.3	%
Information Technology		14.9	%
Consumer Discretionary		13.6	%
Health Care		13.1	%
Energy		8.4	%
Consumer Staples		6.3	%
Materials		5.4	%
Utilities		4.1	%
Investment Companies		0.8	%
Liabilities in excess of other assets		—	%
Total		100.0	%

Boston Trust SMID Cap Fund
	Percentage of Total
Security Allocation for the Schedule of Portfolio Investments	Net Assets
Financials		22.1	%
Information Technology		15.3	%
Industrials		14.9	%
Consumer Discretionary		13.6	%
Health Care		11.4	%
Energy		6.4	%
Materials		6.3	%
Utilities		5.0	%
Consumer Staples		2.9	%
Investment Companies		2.3	%
Liabilities in excess of other assets		(0.2	)%
Total		100.0	%
Boston Trust Small Cap Fund
	Percentage of Total
Security Allocation for the Schedule of Portfolio Investments	Net Assets
Financials		20.5	%
Information Technology		18.6	%
Industrials		16.1	%
Health Care		13.6	%
Consumer Discretionary		13.2	%
Energy		5.7	%
Materials		4.4	%
Consumer Staples		3.8	%
Utilities		3.3	%
Investment Companies		1.0	%
Liabilities in excess of other assets		(0.2	)%
Total		100.0	%

66 Continued

Supplementary Information (Unaudited)

September 30, 2012

The Walden Funds invested, as a percentage of total net assets, in the following industries as of September 30, 2012.

Walden Asset Management Fund
	Percentage of Total
Security Allocation for the Schedule of Portfolio Investments	Net Assets
U.S. Government & U.S. Government Agency Obligations		21.2	%
Information Technology		15.4	%
Financials		11.5	%
Industrials		11.2	%
Consumer Staples		9.9	%
Health Care		8.2	%
Energy		8.2	%
Consumer Discretionary		8.0	%
Materials		3.4	%
Municipal Bonds		1.3	%
Investment Companies		1.1	%
Telecommunication Services		0.2	%
Other assets in excess of liabilities		0.4	%
Total		100.0	%
Walden Equity Fund
	Percentage of Total
Security Allocation for the Schedule of Portfolio Investments	Net Assets
Information Technology		20.7	%
Industrials		15.3	%
Consumer Staples		12.9	%
Health Care		12.4	%
Financials		11.3	%
Energy		11.0	%
Consumer Discretionary		10.7	%
Materials		4.6	%
Investment Companies		1.4	%
Liabilities in excess of other assets		(0.3	)%
Total		100.0	%
Walden Midcap Fund
	Percentage of Total
Security Allocation for the Schedule of Portfolio Investments	Net Assets
Financials		16.1	%
Industrials		16.1	%
Information Technology		15.0	%
Consumer Discretionary		13.8	%
Health Care		12.8	%
Energy		8.2	%
Consumer Staples		6.2	%
Materials		5.3	%
Utilities		4.1	%
Investment Companies		2.4	%
Other assets in excess of liabilities		—	%
Total		100.0	%

Walden SMID Cap Innovations Fund
	Percentage of Total
Security Allocation for the Schedule of Portfolio Investments	Net Assets
Financials		22.5	%
Information Technology		15.8	%
Industrials		14.7	%
Consumer Discretionary		14.1	%
Health Care		11.3	%
Materials		6.7	%
Energy		6.3	%
Utilities		5.1	%
Consumer Staples		3.0	%
Investment Companies		0.7	%
Liabilities in excess of other assets		(0.2	)%
Total		100.0	%
Walden Small Cap Innovations Fund
	Percentage of Total
Security Allocation for the Schedule of Portfolio Investments	Net Assets
Financials		20.2	%
Information Technology		18.4	%
Industrials		15.0	%
Health Care		13.8	%
Consumer Discretionary		12.4	%
Energy		5.6	%
Materials		4.5	%
Consumer Staples		3.8	%
Utilities		3.3	%
Investment Companies		3.2	%
Liabilities in excess of other assets		(0.2	)%
Total		100.0	%

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

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling 1-800-282-8782 ext. 7050, (ii) on the Boston Trust & Investment Management, Inc. website at http://www.btim.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Funds file complete schedules of portfolio holdings for each Fund with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the Commission’s website at http://www.sec.gov. The Funds’ Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

67

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Investment Adviser

Boston Trust Investment Management, Inc.

One Beacon Street

Boston, MA 02108

Custodian and Transfer Agent

Boston Trust & Investment Management Company

One Beacon Street

Boston, MA 02108

Administrator

Citi Fund Services Ohio, Inc.

3435 Stelzer Road

Columbus, OH 43219

Distributor

BHIL Distributors, Inc.

4041 N. High Street, Suite 402

Columbus, OH 43214

Independent Registered Public Accounting Firm

Cohen Fund Audit Services, Ltd.

800 Westpoint Parkway, Suite 1100

Westlake, OH 44145

Legal Counsel

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, OH 43215

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

Past performance results shown should not be considered a representation of future performance. Share price and returns will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are dated and subject to change.

11/12

Item 2.  Code of Ethics.

Not applicable – only for annual reports.

Item 3.  Audit Committee Financial Expert.

Not applicable – only for annual reports.

Item 4.  Principal Accountant Fees and Services.

Not applicable.

Item 5.  Audit Committee of Listed Registrants.

Not applicable.

Item 6.  Investments.

(a) Included as part of the report to shareholders filed under Item 1.
(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11.  Controls and Procedures.

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

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

Item 12.  Exhibits.

(a)(1)  Not applicable - Only effective for annual reports.

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

(a)(3)  Not applicable.

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

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)           The Boston Trust & Walden Funds

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

Date      November 27, 2012

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date      November 27, 2012

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

Date      November 27, 2012