BOSTON TRUST & WALDEN FUNDS (Form: 485BPOS, Received: 04/24/2018 15:48:26)

As filed with the Securities and Exchange Commission on April 24, 2018

Securities Act No. 33-44964

Investment Company Act File No. 811-06526

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933		x

	Pre-Effective Amendment No.	o


	Post-Effective Amendment No. 160		x


	and/or


REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940		x


	Amendment No. 163		x

THE BOSTON TRUST & WALDEN FUNDS

(Exact Name of Registrant as Specified in Charter)

4400 Easton Commons, Suite 200, Columbus, Ohio 43219
(Address of Principal Executive Offices)

Registrant’s Telephone Number: (614) 470-8000

Michael V. Wible

Thompson Hine LLP

41 S. High Street,
Suite 1700

Columbus, Ohio 43215

(Address of Agent for Service)

With Copies to:

Jennifer Hankins
Citi Fund Services Ohio, Inc.
4400 Easton Commons, Suite 200
Columbus, Ohio 43219

It is proposed that this filing will become effective (check appropriate box)

o immediately upon filing pursuant to paragraph (b)

x on (May 1, 2018) pursuant to paragraph (b)

o 60 days after filing pursuant to paragraph (a)(1)

o on (date) pursuant to paragraph (a)(1)

o on 75 days after filing pursuant to paragraph (a)(2)

o on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

o this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

PROSPECTUS
Boston Trust Asset Management Fund (BTBFX)
Boston Trust Equity Fund (BTEFX)
Boston Trust Midcap Fund (BTMFX)
Boston Trust SMID Cap Fund (BTSMX)
Boston Trust Small Cap Fund (BOSOX)
Walden Asset Management Fund (WSBFX)
Walden Equity Fund (WSEFX)
Walden Midcap Fund (WAMFX)
Walden SMID Cap Fund (WASMX)
Walden Small Cap Fund (WASOX)
Walden International Equity Fund (WIEFX)

Prospectus dated May 1, 2018

Neither the Securities and Exchange Commission nor any other regulatory body has approved the securities being offered
by this prospectus or determined whether this prospectus is accurate and complete. It is unlawful for anyone to make any representation to the contrary.

Table of Contents

Fund Summary
1	Boston Trust Asset Management Fund
3	Boston Trust Equity Fund
5	Boston Trust Midcap Fund
7	Boston Trust SMID Cap Fund
9	Boston Trust Small Cap Fund
11	Walden Asset Management Fund
13	Walden Equity Fund
15	Walden Midcap Fund
17	Walden SMID Cap Fund
19	Walden Small Cap Fund
21	Walden International Equity Fund

More About Investment Objectives, Strategies and Risks
23	Investment Process
23	Buy Discipline
23	Sell Discipline
27	Temporary Defense Program
27	Investment Risks
29	Disclosure of Portfolio Holdings
29	Environmental, Social and Governance Guidelines
29	Active Ownership Guildines

Shareholder Information
30	Pricing of Fund Shares
30	Purchasing and Adding to Your Shares
32	Selling Your Shares
33	Exchanging Your Shares
34	Dividends, Distributions and Taxes

Fund Management
35	The Investment Adviser
36	Portfolio Managers
36	The Distributor and Administrator

Financial Highlights
38	Boston Trust Asset Management Fund
39	Boston Trust Equity Fund
40	Boston Trust Midcap Fund
41	Boston Trust SMID Cap Fund
42	Boston Trust Small Cap Fund
43	Walden Asset Management Fund
44	Walden Equity Fund
45	Walden Midcap Fund
46	Walden SMID Cap Fund
47	Walden Small Cap Fund
48	Walden International Equity Fund

May 1, 2018

Boston Trust Asset Management Fund

Fund Summary

Investment Goals

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Boston Trust Asset Management Fund.

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (load) Imposed on Purchases		None
Maximum Deferred Sales Charge (load)		None
Redemption Fee (as a percentage of amount redeemed, if applicable)		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.75	%
Distribution (Rule 12b-1) Fees	None
Other Expenses	0.17	%
Total Annual Fund Operating Expenses	0.92	%

Example: The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes a $10,000 investment, a 5% annual return, redemption at the end of each period and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

1 Year		3 Years		5 Years		10 Years

$	94	$	293	$	509	$	1,131

Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended December 31, 2017, the Fund’s portfolio turnover rate was 6.96% of the average value of its portfolio.

Principal Investment Strategies

The Fund will invest in a diversified portfolio of stocks, bonds and money market instruments, with at least 20% of the Fund’s assets invested in each of the following categories: (i) domestic and foreign equity securities, such as common stock and (ii) fixed-income securities, such as U.S. government and agency securities, corporate bonds, money market funds, and cash. The Fund may invest in companies of any size, but generally focuses on large capitalization companies. The portion of the Fund invested in equity and fixed income securities will vary based on Boston Trust Investment Management, Inc.’s (the “Adviser’s”) assessment of the economic and market outlook and the relative attractiveness of stocks, bonds, and money market instruments. “Assets” means net assets, plus the amount of borrowing for investment purposes. The Fund will purchase fixed income securities that are primarily rated investment grade. The Fund may invest up to 25% of its assets in foreign equity and fixed income securities.

Principal Investment Risks

All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund’s investments will fluctuate with market conditions and interest rates and the value of your investment in the Fund will also vary. You could lose money on your investment in the Fund, or the Fund could underperform other investments. Investments in the Fund are not deposits of the Adviser or Boston Trust & Investment Management Company and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are the main risks of investing in the Fund.

Market Risk: Market risk refers to the risk related to investments in securities in general and the daily fluctuations in the securities markets.

Equity Risk: The value of the equity securities held by the Fund, and thus the value of a Fund’s shares, can fluctuate — at times dramatically.

Small and Mid Cap Company Risk: These companies may be subject to greater market risks and fluctuations in value than large capitalization companies and may not correspond to changes in the stock market in general.

Interest Rate Risk: Interest rate risk refers to the risk that the value of the Fund’s fixed-income securities can change in response to changes in prevailing interest rates causing volatility and possible loss of value as rates increase. Given the historically low interest rate environment, risks associated with rising interest rates are heightened. Securities with greater interest rate sensitivity, and longer maturities tend to produce higher yields, but are subject to greater fluctuations in value.

Credit Risk: Credit risk refers to the risk related to the credit quality of the issuer of a security held in a Fund’s portfolio.

Government Risk: The U.S. government’s guarantee of ultimate payment of principal and timely payment of interest on certain U.S. government securities owned by the Fund do not imply that the Fund’s shares are guaranteed or that the price of the Funds’ shares will not fluctuate.

Foreign Investment Risk: Foreign investing involves risks not typically associated with U.S. investments, including adverse political, regulatory, social and economic developments and differing auditing and legal standards.

Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that the Adviser’s judgment will produce the desired results.

www.btim.com

www.waldenassetmgmt.com

Performance

The bar chart and performance table below illustrate the variability of the returns of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns over time compare with those of a broad measure of market performance. The Fund’s past performance is not an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.btim.com or by calling 1-800-282-8782, extension 7050.

Average Total Returns (Years ended December 31)

Best quarter:		Worst quarter:
3Q2009		4Q2008
8.56%		(9.61)%

For the period January 1, 2018 through March 31, 2018, the aggregate (non-annualized) total return for the Fund was (1.26)%.

							Since
Average Annual Total Returns	1		5		10		Inception
(as of December 31, 2017)	Year		Years		Years		(12/1/95)
Boston Trust Asset Management Fund
Before Taxes	16.23	%	10.87	%	7.19	%	8.16	%
After Taxes on Distributions	15.56	%	9.90	%	6.47	%	7.15	%
After Taxes on Distributions and Sale of Fund Shares	9.73	%	8.52	%	5.68	%	6.56	%
S&P 500 ® Index (reflects no deduction for fees, expenses or taxes)	21.83	%	15.79	%	8.50	%	8.99	%
Bloomberg Barclays U.S. Government/Credit Bond Index (reflects no deduction for fees, expenses or taxes)	4.00	%	2.13	%	4.08	%	5.19	%
Citigroup 90-Day U.S. Treasury Bill Index (reflects no deduction for fees, expenses or taxes)	0.84	%	0.24	%	0.34	%	2.28	%

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”).

Portfolio Management

Investment Adviser:	Boston Trust Investment Management, Inc.
Portfolio Manager:	Domenic Colasacco, CFA, Since 1995

Buying and Selling Fund Shares

Minimum Initial Investment:		$	100,000
Minimum Additional Investment:		$	1,000

To Place Orders:

Boston Trust & Walden Funds

c/o Boston Trust & Investment Management Company

One Beacon Street, Boston, MA 02108

Transaction Policies

You can buy or sell shares of the Fund on any business day by mail (Boston Trust & Walden Funds, One Beacon Street, Boston, MA 02108), by telephone (1-800-282-8782, ext 7050), or through your investment representative. You can pay for shares by check or wire transfer.

Dividends, Capital Gains and Taxes

The Fund’s distributions are taxable as ordinary income and/or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Such tax deferred arrangements may be taxed later upon withdrawal of monies from these arrangements.

Potential Conflicts of Interest — Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary an ongoing fee for providing administrative and related shareholder services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s web site for more information.

May 1, 2018

Boston Trust Equity Fund

Fund Summary

Investment Goals

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Boston Trust Equity Fund.

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (load) Imposed on Purchases		None
Maximum Deferred Sales Charge (load)		None
Redemption Fee (as a percentage of amount redeemed, if applicable)		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.75	%
Distribution (Rule 12b-1) Fees	None
Other Expenses	0.18	%
Total Annual Fund Operating Expenses	0.93	%

1 Year		3 Years		5 Years		10 Years
$	95	$	296	$	515	$	1,143

Principal Investment Strategies

The Fund invests, under normal circumstances, at least 80% of its assets in a diversified portfolio of domestic equity securities, such as common stock. The Fund may invest in companies of any size, but generally focuses on large capitalization companies. “Assets” means net assets, plus the amount of borrowing for investment purposes. Shareholders will be given 60 days’ advance notice of any change to this policy.

Principal Investment Risks

All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund’s investments will fluctuate with market conditions and interest rates and the value of your investment in the Fund will also vary. You could lose money on your investment in the Fund, or the Fund could underperform other investments. Investments in the Fund are not deposits of Boston Trust Investment Management, Inc. (the “Adviser”) or Boston Trust & Investment Management Company and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are the main risks of investing in the Fund.

Market Risk: Market risk refers to the risk related to investments in securities in general and the daily fluctuations in the securities markets.

Equity Risk: The value of the equity securities held by the Fund, and thus the value of the Fund’s shares, can fluctuate — at times dramatically.

Performance

Average Total Returns (Years ended December 31)

Best quarter:		Worst quarter:
2Q2009		4Q2008
14.14%		(18.50)%

For the period January 1, 2018 through March 31, 2018, the aggregate (non-annualized) total return for the Fund was (1.40)%.

							Since
Average Annual Total Returns	1		5		10		Inception
(as of December 31, 2017)	Year		Years		Years		(10/1/03)
Boston Trust Equity Fund
Before Taxes	20.67	%	13.33	%	7.74	%	8.65	%
After Taxes on Distributions	19.94	%	12.28	%	7.16	%	8.12	%
After Taxes on Distributions and Sale of Fund Shares	12.30	%	10.53	%	6.21	%	7.17	%
S&P 500 ® Index (reflects no deduction for fees, expenses or taxes)	21.83	%	15.79	%	8.50	%	9.24	%

Portfolio Management

Investment Adviser:	Boston Trust Investment Management, Inc.
Portfolio Manager:	Domenic Colasacco, CFA, Since 2003

Buying and Selling Fund Shares

Minimum Initial Investment:		$	100,000
Minimum Additional Investment:		$	1,000

To Place Orders:

Boston Trust & Walden Funds

c/o Boston Trust & Investment Management Company

One Beacon Street, Boston, MA 02108

Transaction Policies

Dividends, Capital Gains and Taxes

Potential Conflicts of Interest — Payments to Broker-Dealers and Other Financial Intermediaries

May 1, 2018

Boston Trust Midcap Fund

Fund Summary

Investment Goals

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Boston Trust Midcap Fund.

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (load) Imposed on Purchases		None
Maximum Deferred Sales Charge (load)		None
Redemption Fee (as a percentage of amount redeemed, if applicable)		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.75	%
Distribution (Rule 12b-1) Fees	None
Other Expenses Recoupment(1)	0.02	%
Other Operating Expenses	0.23	%
Total Annual Fund Operating Expenses	1.00	%

(1) Boston Trust Investment Management, Inc. (the “Adviser”) has entered into an expense limitation agreement with the Fund to reduce fees payable to the Adviser and/or reimburse the Fund to limit the Total Fund Operating Expenses of the Fund to 1.00% of its average daily net assets through May 1, 2019 (exclusive of brokerage costs, interest, taxes, dividends, litigation expenses, indemnification, expenses associated with the investments in underlying investment companies and extraordinary expenses (as determined under generally accepted accounting principles)). The Adviser may seek recoupment of fees waived and expenses reimbursed within three fiscal years following the fiscal year in which the expenses occurred if the Fund is able to make the repayment without exceeding the current limitation on Total Fund Operating Expenses, or the limitation in place at the time of initial waiver/reimbursement. The expense limitation agreement may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Investment Management Agreement.

1 Year		3 Years		5 Years		10 Years
$	102	$	314	$	544	$	1,203

Principal Investment Strategies

The Fund invests, under normal circumstances, at least 80% of its assets in a diversified portfolio of domestic equity securities of mid cap companies. Equity securities include common stock. “Assets” means net assets, plus the amount of borrowings for investment purposes. Shareholders will be given 60 days’ advance notice of any change to this policy. For these purposes, the Adviser defines mid cap companies as those with market capitalizations within the range encompassed by the Russell Midcap ® Index at the time of purchase. The size of companies in the Russell Midcap ® Index may change with market conditions. In addition, changes to the composition of the Russell Midcap ® Index can change the market capitalization range of the companies included in the index. As of December 31, 2017, the market capitalization range of the Russell Midcap ® Index was between $1.1 billion and $62.5 billion.

Principal Investment Risks

Market Risk: Market risk refers to the risk related to investments in securities in general and the daily fluctuations in the securities markets.

Equity Risk: The value of the equity securities held by the Fund, and thus the value of the Fund’s shares, can fluctuate — at times dramatically.

Mid Cap Company Risk: These companies may be subject to greater market risks and fluctuations in value than large capitalization companies and may not correspond to changes in the stock market in general.

Performance

Average Total Returns (Years ended December 31)

Best quarter:		Worst quarter:
2Q2009		4Q2008
18.26%		(21.85)%

For the period January 1, 2018 through March 31, 2018, the aggregate (non-annualized) total return for the Fund was (0.23)%.

							Since
Average Annual Total Returns					10		Inception
(as of December 31, 2017)	1 Year		5 Years		Years		(9/24/07)
Boston Trust Midcap Fund
Before Taxes	20.01	%	14.07	%	9.46	%	9.50	%
After Taxes on Distributions	18.23	%	12.64	%	8.60	%	8.65	%
After Taxes on Distributions and
Sale of Fund Shares	12.78	%	11.10	%	7.66	%	7.71	%
Russell Midcap ® Index (reflects no deduction for fees, expenses or taxes)	18.52	%	14.96	%	9.11	%	8.59	%

Portfolio Management

Investment Adviser:	Boston Trust Investment Management, Inc.
Lead Portfolio Manager:	Stephen Amyouny, CFA, Since 2007
Portfolio Managers:	Belinda Cavazos, CFA, Since 2017
	Richard Q. Williams, CFA, Since 2017

Buying and Selling Fund Shares

Minimum Initial Investment:		$	100,000
Minimum Additional Investment:		$	1,000

To Place Orders:

Boston Trust & Walden Funds

c/o Boston Trust & Investment Management Company

One Beacon Street, Boston, MA 02108

Transaction Policies

Dividends, Capital Gains and Taxes

Potential Conflicts of Interest — Payments to Broker-Dealers and Other Financial Intermediaries

May 1, 2018

Boston Trust SMID Cap Fund

Fund Summary

Investment Goals

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Boston Trust SMID Cap Fund.

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (load) Imposed on Purchases		None
Maximum Deferred Sales Charge (load)		None
Redemption Fee (as a percentage of amount redeemed, if applicable)		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.75	%
Distribution (Rule 12b-1) Fees	None
Other Expenses	0.29	%
Total Annual Fund Operating Expenses	1.04	%
Fee Waiver and/or Expense Reimbursement(1)	(0.29	)%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.75	%

(1) Boston Trust Investment Management, Inc. (the “Adviser”) has entered into an expense limitation agreement with the Fund to reduce fees payable to the Adviser and/or reimburse the Fund to limit the Total Fund Operating Expenses of the Fund to 0.75% of its average daily net assets through May 1, 2019 (exclusive of brokerage costs, interest, taxes, dividends, litigation expenses, indemnification, expenses associated with the investments in underlying investment companies and extraordinary expenses (as determined under generally accepted accounting principles)). The Adviser may seek recoupment of fees waived and expenses reimbursed within three fiscal years following the fiscal year in which the expenses occurred if the Fund is able to make the repayment without exceeding the current limitation on Total Fund Operating Expenses, or the limitation in place at the time of initial waiver/reimbursement. The expense limitation agreement may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Investment Management Agreement.

1 Year		3 Years		5 Years		10 Years
$	77	$	302	$	546	$	1,245

Principal Investment Strategies

The Fund invests, under normal circumstances, at least 80% of its assets in a diversified portfolio of domestic equity securities of small and mid cap companies. Equity securities include common stock. “ Assets” means net assets, plus the amount of borrowing for investment purposes. Shareholders will be given 60 days advance notice of any change to this policy. For these purposes, the Adviser defines small and mid cap issuers as those with market capitalizations within the range encompassed by the Russell 2500 TM Index at the time of purchase. The size of companies in the Russell 2500 TM Index may change with market conditions. In addition, changes to the composition of the Russell 2500 TM Index can change the market capitalization range of the companies included in the index. As of December 31, 2017, the market capitalization range of the Russell 2500 TM Index was between $22.7 million and $21.7 billion. However, the Fund generally excludes securities with market capitalizations less than $500 million at time of purchase.

Principal Investment Risks

Market Risk: Market risk refers to the risk related to investments in securities in general and the daily fluctuations in the securities markets.

Equity Risk: The value of the equity securities held by the Fund, and thus the value of a Fund’s shares, can fluctuate — at times dramatically.

Performance

Average Total Returns (Years ended December 31)

Best quarter:		Worst quarter:
1Q2012		3Q2015
11.12%		(9.16)%

For the period January 1, 2018 through March 31, 2018, the aggregate (non-annualized) total return for the Fund was 0.38%.

					Since
Average Annual Total Returns					Inception
(as of December 31, 2017)	1 Year		5 Years		(11/30/11)
Boston Trust SMID Cap Fund
Before Taxes	18.39	%	13.55	%	12.90	%
After Taxes on Distributions	18.02	%	12.12	%	11.68	%
After Taxes on Distributions and Sale of Fund Shares	10.58	%	10.56	%	10.19	%
Russell 2500 TM Index (reflects no deduction for fees, expenses or taxes)	16.81	%	14.33	%	14.74	%

Portfolio Management

Investment Adviser:	Boston Trust Investment Management, Inc.
Lead Portfolio Manager:	Kenneth Scott, CFA, since 2011
Portfolio Managers:	Belinda Cavazos, CFA, Since 2017
	Richard Q. Williams, CFA, Since 2017

Buying and Selling Fund Shares

Minimum Initial Investment:		$	1,000,000
Minimum Additional Investment:		$	1,000

To Place Orders:

Boston Trust & Walden Funds

c/o Boston Trust & Investment Management Company

One Beacon Street, Boston, MA 02108

Transaction Policies

Dividends, Capital Gains and Taxes

Potential Conflicts of Interest — Payments to Broker-Dealers and Other Financial Intermediaries

May 1, 2018

Boston Trust Small Cap Fund

Fund Summary

Investment Goals

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Boston Trust Small Cap Fund.

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (load) Imposed on Purchases		None
Maximum Deferred Sales Charge (load)		None
Redemption Fee (as a percentage of amount redeemed, if applicable)		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.75	%
Distribution (Rule 12b-1) Fees	None
Other Expenses	0.27	%
Total Annual Fund Operating Expenses	1.02	%
Fee Waiver and/or Expense Reimbursement(1)	(0.02	)%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.00	%

1 Year		3 Years		5 Years		10 Years
$	102	$	323	$	561	$	1,246

Principal Investment Strategies

The Fund invests, under normal circumstances, at least 80% of its assets in a diversified portfolio of domestic equity securities of small cap companies. Equity securities include common stock. “Assets” means net assets, plus the amount of borrowing for investment purposes. Shareholders will be given 60 days’ advance notice of any change to this policy. For these purposes, the Adviser defines small cap issuers as those with market capitalizations within the range encompassed by the Russell 2000 ® Index at the time of purchase. The size of companies in the Russell 2000 ® Index may change with market conditions. In addition, changes to the composition of the Russell 2000 ® Index can change the market capitalization range of the companies included in the index. As of December 31, 2017, the market capitalization range of the Russell 2000 ® Index was between $22.7 million and $9.4 billion.

Principal Investment Risks

Market Risk: Market risk refers to the risk related to investments in securities in general and the daily fluctuations in the securities markets.

Equity Risk: The value of the equity securities held by the Fund, and thus the value of the Fund’s shares, can fluctuate — at times dramatically.

Small Cap Company Risk: These companies may be subject to greater market risks and fluctuations in value than large capitalization companies and may not correspond to changes in the stock market in general.

Performance

Average Total Returns (Years ended December 31)

Best quarter:		Worst quarter:
2Q2009		4Q2008
20.53%		(21.72)%

For the period January 1, 2018 through March 31, 2018, the aggregate (non-annualized) total return for the Fund was (1.43)%.

Average Annual Total Returns (as of December 31, 2017)	1 Year		5 Years		10 Years		Since Inception (12/31/94)
Boston Trust Small Cap Fund
Before Taxes	12.26	%	11.76	%	8.66	%	11.05	%
After Taxes on Distributions	10.00	%	9.50	%	7.22	%	N/A
After Taxes on Distributions and Sale of Fund Shares	8.76	%	8.96	%	6.79	%	N/A
Russell 2000 ® Index (reflects no deduction for fees, expenses or taxes)	14.65	%	14.12	%	8.71	%	9.68	%

Portfolio Management

Investment Adviser:		Boston Trust Investment Management, Inc.
Lead Portfolio Manager:		Kenneth Scott, CFA, Since 2005
Portfolio Managers:		Belinda Cavazos, CFA, Since 2017
		Richard Q. Williams, CFA, Since 2017

Buying and Selling Fund Shares

Minimum Initial Investment:		$	100,000
Minimum Additional Investment:		$	1,000

To Place Orders:

Boston Trust & Walden Funds

c/o Boston Trust & Investment Management Company

One Beacon Street, Boston, MA 02108

Transaction Policies

Dividends, Capital Gains and Taxes

Potential Conflicts of Interest — Payments to Broker-Dealers and Other Financial Intermediaries

May 1, 2018

Walden Asset Management Fund

Fund Summary

Investment Goals

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Walden Asset Management Fund.

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (load) Imposed on Purchases		None
Maximum Deferred Sales Charge (load)		None
Redemption Fee (as a percentage of amount redeemed, if applicable)		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.75	%
Distribution (Rule 12b-1) Fees	None
Other Expenses	0.28	%
Total Annual Fund Operating Expenses	1.03	%
Fee Waiver and/or Expense Reimbursement(1)	(0.03	)%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.00	%

1 Year		3 Years		5 Years		10 Years
$	102	$	325	$	566	$	1,257

PortfolioTurnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended December 31, 2017, the Fund’s portfolio turnover rate was 8.40% of the average value of its portfolio.

Principal Investment Strategies

The Fund will invest in a diversified portfolio of stocks, bonds and money market instruments, with at least 20% of the Fund’s assets invested in each of the following categories: (i) domestic and foreign equity securities, such as common stock and (ii) fixed-income securities, such as U.S. government and agency securities, corporate bonds, money market funds, and cash. The Fund may invest in companies of any size, but generally focuses on large capitalization companies. The portion of the Fund invested in equity and fixed income securities will vary based on the Adviser’s assessment of the economic and market outlook and the relative attractiveness of stocks, bonds and money market instruments. “Assets” means net assets, plus the amount of borrowing for investment purposes. The Fund will purchase fixed income securities that are primarily rated investment grade. The Fund may invest up to 25% of its assets in foreign equity and fixed income securities.

The Adviser evaluates financially material environmental, social, and governance (ESG) factors as part of the investment decision-making process for the Fund. The Fund is subject to screening criteria in which the Adviser excludes companies with significant exposure in specific products or services, considering their revenue dependence, market share, and severity. In addition, the Adviser utilizes active ownership to encourage more sustainable business policies and practices and greater ESG transparency.

Principal Investment Risks

Market Risk: Market risk refers to the risk related to investments in securities in general and the daily fluctuations in the securities markets.

Equity Risk: The value of the equity securities held by the Fund, and thus the value of the Fund’s shares, can fluctuate — at times dramatically.

Credit Risk: Credit risk refers to the risk related to the credit quality of the issuer of a security held in the Fund’s portfolio.

ESG Criteria Risk: Because the Fund’s criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not use these criteria.

Performance

The bar chart and performance table below illustrate the variability of the returns of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns over time compare with those of a broad measure of market performance. The Fund’s past performance is not an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.waldenassetmgmt.com or by calling 1-800-282-8782, extension 7050.

Average Total Returns (Years ended December 31)

Best quarter:		Worst quarter:
1Q2012		4Q2008
9.29%		(12.90)%

For the period January 1, 2018 through March 31, 2018, the aggregate (non-annualized) total return for the Fund was (0.84)%.

Average Annual Total Returns (as of December 31, 2017)	1 Year		5 Years		10 Years		Since Inception (6/18/99)
Walden Asset Management Fund
Before Taxes	14.88	%	10.33	%	6.14	%	5.45	%
After Taxes on Distributions	14.39	%	9.56	%	5.58	%	4.88	%
After Taxes on Distributions and Sale of Fund Shares	8.82	%	8.10	%	4.83	%	4.33	%
S&P 500 ® Index (reflects no deduction for fees, expenses or taxes)	21.83	%	15.79	%	8.50	%	5.79	%
Bloomberg Barclays U.S. Government/Credit Bond Index (reflects no deduction for fees, expenses or taxes)	4.00	%	2.13	%	4.08	%	5.09	%
Citigroup 90-Day U.S. Treasury Bill Index (reflects no deduction for fees, expenses or taxes)	0.84	%	0.24	%	0.34	%	1.75	%

Portfolio Management

Investment Adviser:	Boston Trust Investment Management, Inc.
Portfolio Manager:	William H. Apfel, CFA, Since 2012

Buying and Selling Fund Shares

Minimum Initial Investment:		$	100,000
Minimum Additional Investment:		$	1,000

To Place Orders:

Boston Trust & Walden Funds

c/o Boston Trust & Investment Management Company

One Beacon Street, Boston, MA 02108

Transaction Policies

Dividends, Capital Gains and Taxes

Potential Conflicts of Interest — Payments to Broker-Dealers and Other Financial Intermediaries

May 1, 2018

Walden Equity Fund

Fund Summary

Investment Goals

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Walden Equity Fund.

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (load) Imposed on Purchases		None
Maximum Deferred Sales Charge (load)		None
Redemption Fee (as a percentage of amount redeemed, if applicable)		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.75	%
Distribution (Rule 12b-1) Fees	None
Other Expenses	0.32	%
Total Annual Fund Operating Expenses	1.07	%
Fee Waiver and/or Expense Reimbursement(1)	(0.07	)%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.00	%

Example: The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes a $10,000 investment, a 5% annual return, redemption at the end of each period and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

1 Year		3 Years		5 Years		10 Years

$	102	$	333	$	583	$	1,299

Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended December 31, 2017, the Fund’s portfolio turnover rate was 9.88% of the average value of its portfolio.

Principal Investment Strategies

Principal Investment Risks

Market Risk: Market risk refers to the risk related to investments in securities in general and the daily fluctuations in the securities markets.

Equity Risk: The value of the equity securities held by the Fund, and thus the value of the Fund’s shares, can fluctuate — at times dramatically.

Small and Mid Cap Company Risk: These companies may be subject to greater market risks and fluctuations in value than large capitalization companies and may not correspond to changes in the stock market in general.

Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that the Adviser’s judgment will produce the desired results.

ESG Criteria Risk: Because the Fund’s criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not use these criteria.

Performance

The bar chart and performance table below illustrate the variability of the returns of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns over time compare with those of a broad measure of market performance. The Fund’s past performance is not an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.waldenassetmgmt.com or by calling 1-800-282-8782, extension 7050.

Average Total Returns (Years ended December 31)

Best quarter:		Worst quarter:
3Q2009		4Q2008
14.02%		(21.00)%

For the period January 1, 2018 through March 31, 2018, the aggregate (non-annualized) total return for the Fund was (0.74)%.

Average Annual Total Returns (as of December 31, 2017)	1 Year		5 Years		10 Years		Since Inception (6/18/99)
Walden Equity Fund
Before Taxes	20.77	%	13.97	%	8.02	%	6.46	%
After Taxes on Distributions	19.35	%	12.80	%	7.36	%	5.98	%
After Taxes on Distributions and Sale of Fund Shares	12.91	%	11.05	%	6.43	%	5.31	%
S&P 500 ® Index (reflects no deduction for fees, expenses or taxes)	21.83	%	15.79	%	8.50	%	5.79	%

Portfolio Management

Investment Adviser:		Boston Trust Investment Management, Inc.
Portfolio Manager:		William H. Apfel, CFA, Since 2010

Buying and Selling Fund Shares

Minimum Initial Investment:		$	100,000
Minimum Additional Investment:		$	1,000

To Place Orders:

Boston Trust & Walden Funds

c/o Boston Trust & Investment Management Company

One Beacon Street, Boston, MA 02108

Transaction Policies

Dividends, Capital Gains and Taxes

Potential Conflicts of Interest — Payments to Broker-Dealers and Other Financial Intermediaries

Walden Midcap Fund

Fund Summary

Investment Goals

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Walden Midcap Fund.

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (load) Imposed on Purchases		None
Maximum Deferred Sales Charge (load)		None
Redemption Fee (as a percentage of amount redeemed, if applicable)		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.75	%
Distribution (Rule 12b-1) Fees	None
Other Expenses	0.26	%
Total Annual Fund Operating Expenses	1.01	%
Fee Waiver and/or Expense Reimbursement(1)	(0.01	)%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.00	%

1 Year		3 Years		5 Years		10 Years
$	102	$	321	$	557	$	1,235

PortfolioTurnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended December 31, 2017, the Fund’s portfolio turnover rate was 24.85% of the average value of the portfolio.

Principal Investment Strategies

Principal Investment Risks

Market Risk: Market risk refers to the risk related to investments in securities in general and the daily fluctuations in the securities markets.

Equity Risk: The value of the equity securities held by the Fund, and thus the value of the Fund’s shares, can fluctuate — at times dramatically.

Performance

The bar chart and performance table below illustrate the variability of the returns of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns over time compare with those of a broad measure of market performance. The Fund’s past performance is not an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.waldenassetmgmt.com or by calling 1-800-282-8782, extension 7050.

Average Total Returns (Years ended December 31)

Best quarter:		Worst quarter:
1Q2012		3Q2015
13.14%		(5.87)%

For the period January 1, 2018 through March 31, 2018, the aggregate (non-annualized) total return for the Fund was (0.35)%.

Average Annual Total Returns (as of December 31, 2017)	1 Year		5 Years		Since Inception (8/1/11)
Walden Midcap Fund
Before Taxes	19.62	%	13.95	%	12.14	%
After Taxes on Distributions	18.69	%	12.98	%	11.38	%
After Taxes on Distributions and Sale of Fund Shares	11.86	%	11.07	%	9.74	%
Russell Midcap ® Index (reflects no deduction for fees, expenses or taxes)	18.52	%	14.96	%	13.43	%

Portfolio Management

Investment Adviser:		Boston Trust Investment Management, Inc.
Lead Portfolio Manager:		Stephen Amyouny, CFA, Since 2011
Portfolio Managers:		Belinda Cavazos, CFA, Since 2017
		Richard Q. Williams, CFA, Since 2017

Buying and Selling Fund Shares

Minimum Initial Investment:		$	100,000
Minimum Additional Investment:		$	1,000

To Place Orders:

Boston Trust & Walden Funds

c/o Boston Trust & Investment Management Company

One Beacon Street, Boston, MA 02108

Transaction Policies

Dividends, Capital Gains and Taxes

Potential Conflicts of Interest — Payments to Broker- Dealers and Other Financial Intermediaries

Walden SMID Cap Fund

Fund Summary

Investment Goals

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy

and hold shares of the Walden SMID Cap Fund.

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (load) Imposed on Purchases		None
Maximum Deferred Sales Charge (load)		None
Redemption Fee (as a percentage of amount redeemed, if applicable)		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.75	%
Distribution (Rule 12b-1) Fees	None
Other Expenses	0.33	%
Total Annual Fund Operating Expenses	1.08	%
Fee Waiver and/or Expense Reimbursement(1)	(0.08	)%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.00	%

1 Year		3 Years		5 Years		10 Years
$	102	$	336	$	588	$	1,310

Principal Investment Strategies

The Fund invests, under normal circumstances, at least 80% of its assets in a diversified portfolio of domestic equity securities of small and mid cap companies. Equity securities include common stock. “Assets” means net assets, plus the amount of borrowing for investment purposes. Shareholders will be given 60 days advance notice of any change to this policy. For these purposes, the Adviser defines small and mid cap issuers as those with market capitalizations within the range encompassed by the Russell 2500 TM Index at the time of purchase. The size of companies in the Russell 2500 TM Index may change with market conditions. In addition, changes to the composition of the Russell 2500 TM Index can change the market capitalization range of the companies included in the index. As of December 31, 2017, the market capitalization range of the Russell 2500 TM Index was between $22.7 million and $21.7 billion. However, the Fund generally excludes securities with market capitalizations less than $500 million at time of purchase.

Principal Investment Risks

Market Risk: Market risk refers to the risk related to investments in securities in general and the daily fluctuations in the securities markets.

Equity Risk: The value of the equity securities held by the Fund, and thus the value of a Fund’s shares, can fluctuate — at times dramatically.

Performance

The bar chart and performance table below illustrate the variability of the returns of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns over time compare with those of a broad measure of market performance. The Fund’s past performance is not an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.waldenassetmgmt.com or by calling 1-800-282-8782, extension 7050.

Average Total Returns (Years ended December 31)

Best quarter:		Worst quarter:
1Q2013		3Q2015
9.71%		(9.05)%

For the period January 1, 2018 through March 31, 2018, the aggregate (non-annualized) total return for the Fund was 0.30%.

Average Annual Total Returns (as of December 31, 2017)	1 Year		5 Years		Since Inception (6/28/12)
Walden SMID Cap Fund
Before Taxes	16.94	%	13.08	%	13.85	%
After Taxes on Distributions	16.29	%	11.88	%	12.75	%
After Taxes on Distributions and Sale of Fund Shares	10.07	%	10.15	%	10.89	%
Russell 2500 TM Index (reflects no deduction for fees, expenses or taxes)	16.81	%	14.33	%	15.27	%

Portfolio Management

Investment Adviser:		Boston Trust Investment Management, Inc.
Lead Portfolio Manager:		Kenneth Scott, CFA, since 2012
Portfolio Managers:		Belinda Cavazos, CFA, Since 2017
		Richard Q. Williams, CFA, Since 2017

Buying and Selling Fund Shares

Minimum Initial Investment:		$	100,000
Minimum Additional Investment:		$	1,000

To Place Orders:

Boston Trust & Walden Funds

c/o Boston Trust & Investment Management Company

One Beacon Street, Boston, MA 02108

Transaction Policies

Dividends, Capital Gains and Taxes

Potential Conflicts of Interest — Payments to Broker-Dealers and Other Financial Intermediaries

Walden Small Cap Fund

Fund Summary

Investment Goals

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Walden Small Cap Fund.

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (load) Imposed on Purchases		None
Maximum Deferred Sales Charge (load)		None
Redemption Fee (as a percentage of amount redeemed, if applicable)		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.75	%
Distribution (Rule 12b-1) Fees	None
Other Expenses	0.28	%
Total Annual Fund Operating Expenses	1.03	%
Fee Waiver and/or Expense Reimbursement(1)	(0.03	)%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.00	%

(1) Boston Trust Investment Management, Inc. (the “Adviser”) has entered into an expense limitation agreement with the Fund to reduce fees payable to the Adviser and/or reimburse the Fund to limit the Total Fund Operating Expenses of the Fund to 1.00% of its average daily net assets through May 1, 2019 (exclusive of brokerage costs, interest, taxes, dividends, litigation expenses, indemnification, expenses associated with the investments in underlying investment companies and extraordinary expenses (as determined under generally accepted accounting principles)). The Adviser may seek recoupment of fees waived and expenses reimbursed within three fiscal years following the fiscal year in which the expenses occurred if the Fund is able to make the repayment without exceeding the current limitation on Total Fund Operating Expenses, or the limitation in place at the time of initial waiver/reimbursement.The expense limitation agreement may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Investment Management Agreement.

1 Year		3 Years		5 Years		10 Years
$	102	$	325	$	566	$	1,257

Principal Investment Strategies

Principal Investment Risks

Market Risk: Market risk refers to the risk related to investments in securities in general and the daily fluctuations in the securities markets.

Equity Risk: The value of the equity securities held by the Fund, and thus the value of the Fund’s shares, can fluctuate — at times dramatically.

Small Cap Company Risk: These companies may be subject to greater market risks and fluctuations in value than large capitalization companies and may not correspond to changes in the stock market in general.

Performance

The bar chart and performance table below illustrate the variability of the returns of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns over time compare with those of a broad measure of market performance. The Fund’s past performance is not an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.waldenassetmgmt.com or by calling 1-800-282-8782, extension 7050.

Average Total Returns (Years ended December 31)

Best quarter:		Worst quarter:
2Q2009		3Q2011
21.55%		(19.74)%

For the period January 1, 2018 through March 31, 2018, the aggregate (non-annualized) total return for the Fund was (1.55)%.

					Since
Average Annual Total Returns					Inception
(as of December 31, 2017)	1 Year		5 Years		(10/24/08)
Walden Small Cap Fund
Before Taxes	11.50	%	11.64	%	14.19	%
After Taxes on Distributions	9.98	%	9.52	%	12.64	%
After Taxes on Distributions and Sale of Fund Shares	7.73	%	8.90	%	11.57	%
Russell 2000 ® Index (reflects no deduction for fees, expenses or taxes)	14.65	%	14.12	%	15.33	%

Portfolio Management

Investment Adviser:	Boston Trust Investment Management, Inc.
Lead Portfolio Manager:	Kenneth Scott, CFA, Since 2008
Portfolio Managers:	Belinda Cavazos, CFA, Since 2017
	Richard Q.Williams, CFA, Since 2017

Buying and Selling Fund Shares

Minimum Initial Investment:		$	100,000
Minimum Additional Investment:		$	1,000

To Place Orders:

Boston Trust & Walden Funds

c/o Boston Trust & Investment Management Company

One Beacon Street, Boston, MA 02108

Transaction Policies

Dividends, Capital Gains and Taxes

Potential Conflicts of Interest — Payments to Broker-Dealers and Other Financial Intermediaries

Walden International Equity Fund

Fund Summary

Investment Goals

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Walden International Equity Fund.

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (load) Imposed on Purchases		None
Maximum Deferred Sales Charge (load)		None
Redemption Fee (as a percentage of amount redeemed, if applicable)		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.75	%
Distribution (Rule 12b-1) Fees	None
Other Expenses	0.56	%
Total Annual Fund Operating Expenses	1.31	%
Fee Waiver and/or Expense Reimbursement(1)	(0.16	)%
Total Annual Fund Operating Expenses After Fee
Waiver and/or Expense Reimbursement	1.15	%

(1) Boston Trust Investment Management, Inc. (the “Adviser”) has entered into an expense limitation agreement with the Fund to reduce fees payable to the Adviser and/or reimburse the Fund to limit the Total Fund Operating Expenses of the Fund to 1.15% of its average daily net assets through May 1, 2019 (exclusive of brokerage costs, interest, taxes, dividends, litigation expenses, indemnification, expenses associated with the investments in underlying investment companies and extraordinary expenses (as determined under generally accepted accounting principles). The Adviser may seek recoupment of fees waived and expenses reimbursed within three fiscal years following the fiscal year in which the expenses occurred if the Fund is able to make the repayment without exceeding the current limitation on Total Fund Operating Expenses, or the limitation in place at the time of initial waiver/reimbursement. The expense limitation agreement may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Investment Management Agreement.

1 Year		3 Years		5 Years		10 Years
$	117	$	399	$	703	$	1,565

Principal Investment Strategies

The Fund invests, under normal circumstances, at least 80% of its assets in a diversified portfolio of equity securities of large and middle capitalization companies located in developed countries. Equity securities, including ordinary shares, are also known as common stock. The Fund expects to purchase securities of companies whose market capitalization at the time of purchase are encompassed by the range of an index which is a proxy for the international developed markets. Market capitalization ranges may vary from country to country. As of December 31, 2017, the range of the Russell Developed ex-US Large Cap Index would encompass firms with market capitalizations from $13.1 million to $281.3 billion. “Assets” means net assets, plus the amount of borrowing for investment purposes. Shareholders will be given 60 days advance notice of any change to this policy.

Principal Investment Risks

Market Risk: Market risk refers to the risk related to investments in securities in general and the daily fluctuations in the securities markets. Equity Risk: The value of the equity securities held by the Fund, and thus the value of a Fund’s shares, can fluctuate — at times dramatically.

Currency Risk: A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency and can result in a loss to the Fund.

Management Risk: The ability of the Fund to meet its investment objective is directly related to the allocation of the Fund’s assets. The Adviser may allocate the Fund’s investments so as to under-emphasize or over-emphasize investments under the wrong market conditions, in which case the Fund’s value may be adversely affected.

ESG Criteria Risk: Because the Fund’s criteria exclude securities of certain issuers for nonfinancial reasons, therefore, the Fund may forgo some market opportunities available to funds that do not use these criteria.

Performance

The bar chart and performance table below illustrate the variability of the returns of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns over time compare with those of a broad measure of market performance. The Fund’s past performance is not an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.waldenassetmgmt.com or by calling 1-800-282-8782, extension 7050.

Average Total Returns (Years ended December 31)

Best quarter:		Worst quarter:
1Q2017		4Q2016
6.21%		(2.97)%

For the period January 1, 2018 through March 31, 2018, the aggregate (non-annualized) total return for the Fund was (1.45)%.

			Since
Average Annual Total Returns			Inception
(as of December 31, 2017)	1 Year		(6/9/15)
Walden International Equity Fund
Before Taxes	19.92	%	5.44	%
After Taxes on Distributions	19.68	%	5.14	%
After Taxes on Distributions and Sale of Fund Shares	11.64	%	4.19	%
MSCI World ex-USA Index (net) (reflects deduction for withholding taxes)	24.21	%	6.50	%
Russell Developed ex-US Large Cap Index (net) (reflects deduction for withholding taxes)	24.85	%	6.70	%

Portfolio Management

Investment Adviser:	Boston Trust Investment Management, Inc.
Lead Portfolio Manager:	William Apfel, CFA, Since 2015
Portfolio Managers:	Nathaniel J. Riley, CFA, Since 2017
	David A. Sandell, CFA, Since 2017

Buying and Selling Fund Shares

Minimum Initial Investment:		$	1,000,000
Minimum Additional Investment:		$	1,000

To Place Orders:

Boston Trust & Walden Funds

c/o Boston Trust & Investment Management Company

One Beacon Street, Boston, MA 02108

Transaction Policies

You can buy or sell shares of the Fund on any business day by mail (Boston Trust & Walden Funds, c/o Boston Trust & Investment Management Company, One Beacon Street, Boston, MA 02108), or by telephone (1-800-282-8782, ext 7050). You can pay for shares by check or wire transfer.

Dividends, Capital Gains and Taxes

Potential Conflicts of Interest — Payments to Broker-Dealers and Other Financial Intermediaries

More About Investment Objectives, Strategies And Risks

INVESTMENT PROCESS

The Adviser employs a consistent investment approach across the Boston Trust and Walden Funds as it seeks to meet each Fund’s objective. The Adviser’s strategy consists of constructing actively managed, broadly diversified portfolios of reasonably valued securities of higher quality companies and issuers. The Boston Trust and Walden Funds are subject to environmental, social, and governance (ESG) guidelines. Please see “Environmental, Social, and Governance (ESG) Guidelines” for more information.

The Adviser’s investment process for all Funds includes Security Selection and Portfolio Construction. The Adviser also manages Asset Allocation for the Boston Trust Asset Management Fund and Walden Asset Management Fund, which hold stocks, bonds, and money market instruments.

Asset Allocation

Asset allocation is frequently the most important determinant of total portfolio return and return variability. Using quantitative and qualitative inputs, the Adviser forecasts potential asset class returns over a range of domestic and global economic scenarios. The Adviser then manages asset allocation in the applicable Asset Management Funds with the objective of achieving a prudent risk-return profile.

Security Selection

Buy Discipline

Equity: Through a comprehensive research process, the Adviser seeks to identify and invest in stocks of higher quality companies at reasonable prices. Higher quality companies are those judged to have strong and stable returns on capital and cash flow generation, effective and disciplined capital management, prudent capital structure, and financial statements that indicate economic success. High quality companies generally have more sustainable business models. Among the indicators of business models judged to be more sustainable are distinct products or services, strong competitive position, and market leadership. The Adviser also evaluates a company’s environmental, social, and governance (ESG) performance and assesses its materiality with respect to a range of possible financial outcomes. The Adviser assesses valuation relative to fundamentals, history, peers, and prospects, and seeks to avoid investments in companies that cannot be reasonably expected to grow at the rate of growth implied by their stock prices.

Fixed Income: Fixed income holdings are generally those issued by either the US government and its agencies, or investment-grade securities of higher quality US corporations. The Adviser seeks to add value through duration management, yield curve strategies, segment composition, and individual security selection.

Sell Discipline

The Adviser regularly monitors the Funds’ holdings, evaluating new information relative to the original investment thesis. The Adviser may sell a security when circumstances prompting the initial investment have changed significantly, including the company’s fundamentals, valuation, or ESG performance, or when the Adviser determines that there are more attractive alternatives.

Portfolio Construction:

Each Fund’s portfolio is constructed in accordance with its own investment objective; however, all Funds adhere to the following guidelines:

· Each Fund’s equity holdings are broadly diversified across economic sectors, and when applicable, geographies;

· In the aggregate, each Fund’s equity holdings have financial characteristics the Adviser judges to be higher quality than its investment universe;

· In the aggregate, each Fund’s equity holdings have valuation characteristics the Adviser judges to be comparable or more attractive than its investment universe.

Boston Trust Asset Management Fund

Investment Objective

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

Policies and Strategies

Consistent with the Fund’s investment objective, the Fund:

· maintains an actively managed portfolio of stocks, bonds and money market instruments

· will generally invest at least 20% of its assets in each category: (i) fixed-income securities and (ii) domestic and foreign equity securities

· will invest in one or more of the following types of equity securities: common stocks, and any rights to purchase common stocks

· may invest in fixed-income securities consisting of corporate notes, bonds and debentures that are rated investment grade at the time of purchase, money market funds, cash and accrued income

· may invest in obligations issued or guaranteed by agencies or instrumentalities of the U.S. Government including U.S. Treasury instruments

· will purchase fixed income securities that are primarily investment grade

· may invest up to 25% of its assets in foreign equity and fixed income securities

While not part of its principal investment strategy, the Fund also:

· may invest a portion of its assets in fixed-income securities that are considered non-investment grade, such as those rated “BB” or lower by Standard & Poor’s

· may invest in the securities of foreign issuers, including issuers in emerging markets, and may acquire sponsored and unsponsored American Depositary Receipts and European Depositary Receipts

· may invest in cash, cash equivalents, repurchase agreements and money market funds for liquidity and cash management purposes

· may invest in other investment companies

· may invest in preferred stocks, securities convertible or exchangeable into common stocks, and warrants

· may invest in taxable municipal bonds

· may invest in securities of multilateral agencies

Boston Trust Equity Fund

Investment Objective

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

Policies and Strategies

Consistent with the Fund’s investment objective, the Fund:

· will invest primarily (at least 80% of its assets) in domestic equity securities under normal circumstances

· will invest in one or more of the following types of equity securities: common stocks, and any rights to purchase common stocks

While not part of its principal investment strategy, the Fund also:

· may invest in fixed-income securities consisting of corporate notes, bonds and debentures that are rated investment grade at the time of purchase

· may invest in obligations issued or guaranteed by agencies or instrumentalities of the U.S. Government including U.S. Treasury instruments

· may invest in the securities of foreign issuers, including issuers in emerging markets, and may acquire sponsored and unsponsored American Depositary Receipts and European Depositary Receipts

· may invest in cash, cash equivalents, repurchase agreements and money market funds for liquidity and cash management purposes

· may invest in other investment companies

· may invest in preferred stocks, securities convertible or exchangeable into common stocks and warrants

Boston Trust Midcap Fund

Investment Objective

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

Policies and Strategies

The Adviser pursues the Fund’s investment objective by investing primarily (at least 80% of its assets) in a diversified portfolio of domestic equity securities of mid cap companies. For these purposes, the Adviser defines mid cap issuers as those with market capitalizations within the range encompassed by the Russell Midcap ® Index at the time of purchase. As of December 31, 2017, the market capitalization range of the Russell Midcap ® Index was between $1.1 billion and $62.5 billion.

Consistent with the Fund’s investment objective, the Fund:

· invests in domestic equity securities of mid cap companies

· will invest in one or more of the following types of equity securities: common stocks, and any rights to purchase common stocks

While not part of its principal investment strategy, the Fund also:

· may invest in fixed-income securities consisting of corporate notes, bonds and debentures that are rated investment grade at the time of purchase

· may invest in obligations issued or guaranteed by agencies or instrumentalities of the U.S. Government including U.S. Treasury instruments

· may invest in the securities of foreign issuers, including issuers in emerging markets, and may acquire sponsored and unsponsored American Depositary Receipts and European Depositary Receipts

· may invest in cash, cash equivalents, repurchase agreements and money market funds for liquidity and cash management purposes

· may invest in other investment companies

· may invest in preferred stocks, securities convertible or exchangeable into common stocks, and warrants.

Boston Trust SMID Cap Fund Investment Objective

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

Policies and Strategies

The Adviser pursues the Fund’s investment objective by investing primarily (at least 80% of its assets) in a diversified portfolio of domestic equity securities of small and mid cap companies. For these purposes, the Adviser defines small and mid cap issuers as those with market capitalizations within the range encompassed by the Russell 2500 TM Index at the time of purchase. As of December 31, 2017, the market capitalization range of the Russell 2500 TM Index was between $22.7 million and $21.7 billion. However, the Fund generally excludes securities with market capitalizations less than $500 million at the time of purchase.

Consistent with the Fund’s investment objective, the Fund:

· invests in domestic equity securities of small and mid cap companies

· will invest in the following types of equity securities: common stocks, and any rights to purchase common stocks.

While not part of its principal investment strategy, the Fund also:

· may invest in fixed-income securities consisting of corporate notes, bonds and debentures that are rated investment grade at the time of purchase

· may invest in obligations issued or guaranteed by agencies or instrumentalities of the U.S. Government including U.S. Treasury instruments

· may invest in the securities of foreign issuers, including issuers in emerging markets, and may acquire sponsored and unsponsored American Depositary Receipts and European Depositary Receipts

· may invest in cash, cash equivalents, repurchase agreements and money market funds for liquidity and cash management purposes

· may invest in other investment companies

· may invest in preferred stocks, securities convertible or exchangeable into common stocks, and warrants

Boston Trust Small Cap Fund Investment Objective

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

Policies and Strategies

Adviser defines small cap issuers as those with market capitalizations within the range encompassed by the Russell 2000 ® Index at the time of purchase. As of December 31, 2017, the market capitalization range of the Russell 2000 ® Index was between $22.7 million and $9.4 billion.

Consistent with the Fund’s investment objective, the Fund:

· invests in domestic equity securities of small cap companies

· will invest in one or more of the following types of equity securities: common stocks, and any rights to purchase common stocks

While not part of its principal investment strategy, the Fund also:

· may invest in fixed-income securities consisting of corporate notes, bonds and debentures that are rated investment grade at the time of purchase

· may invest in obligations issued or guaranteed by agencies or instrumentalities of the U.S. Government including U.S. Treasury instruments

· may invest in the securities of foreign issuers, including issuers in emerging markets, and may acquire sponsored and unsponsored American Depositary Receipts and European Depositary Receipts

· may invest in cash, cash equivalents, repurchase agreements and money market funds for liquidity and cash management purposes

· may invest in other investment companies

· may invest in preferred stocks, securities convertible or exchangeable into common stocks and warrants

Walden Asset Management Fund

Investment Objective

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

Policies and Strategies

Consistent with the Fund’s investment objective, the Fund:

· maintains an actively managed portfolio of stocks, bonds and money market instruments

· will invest at least 20% of its assets in each category: (i) fixed-income securities and (ii) domestic and foreign equity securities