| Schedule ofPortfolio Investments | Boston Trust Asset Management Fund |
| September 30, 2019 (Unaudited) |
| COMMON STOCKS (79.4%) | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Communication Services (7.7%) | ||||||||
| Alphabet, Inc., Class A (a) | 2,000 | 2,442,280 | ||||||
| Alphabet, Inc., Class C (a) | 15,000 | 18,285,000 | ||||||
| Comcast Corp., Class A | 275,000 | 12,397,000 | ||||||
| Omnicom Group, Inc. | 35,000 | 2,740,500 | ||||||
| Verizon Communications, Inc. | 100,000 | 6,036,000 | ||||||
| 41,900,780 | ||||||||
| Consumer Discretionary (4.9%) | ||||||||
| Autoliv, Inc. | 35,000 | 2,760,800 | ||||||
| NIKE, Inc., Class B | 115,000 | 10,800,800 | ||||||
| Ross Stores, Inc. | 30,000 | 3,295,500 | ||||||
| Starbucks Corp. | 110,000 | 9,726,200 | ||||||
| 26,583,300 | ||||||||
| Consumer Staples (7.3%) | ||||||||
| Church & Dwight Co., Inc. | 75,000 | 5,643,000 | ||||||
| Costco Wholesale Corp. | 45,000 | 12,964,950 | ||||||
| Diageo PLC, Sponsored ADR | 25,000 | 4,088,000 | ||||||
| McCormick & Co., Inc. | 25,000 | 3,907,500 | ||||||
| PepsiCo, Inc. | 30,000 | 4,113,000 | ||||||
| Procter & Gamble Co. | 25,000 | 3,109,500 | ||||||
| Sysco Corp. | 50,000 | 3,970,000 | ||||||
| The Hershey Co. | 10,000 | 1,549,900 | ||||||
| 39,345,850 | ||||||||
| Energy (2.1%) | ||||||||
| Chevron Corp. | 27,500 | 3,261,500 | ||||||
| ConocoPhillips | 50,000 | 2,849,000 | ||||||
| Exxon Mobil Corp. | 75,000 | 5,295,750 | ||||||
| 11,406,250 | ||||||||
| Financials (14.3%) | ||||||||
| American Express Co. | 55,000 | 6,505,400 | ||||||
| BB&T Corp. | 100,000 | 5,337,000 | ||||||
| Berkshire Hathaway, Inc., Class B (a) | 60,000 | 12,481,200 | ||||||
| Chubb Ltd. | 35,000 | 5,650,400 | ||||||
| Cincinnati Financial Corp. | 60,000 | 7,000,200 | ||||||
| Comerica, Inc. | 30,000 | 1,979,700 | ||||||
| Commerce Bancshares, Inc. | 33,501 | 2,031,836 | ||||||
| JPMorgan Chase & Co. | 100,000 | 11,769,000 | ||||||
| M&T Bank Corp. | 17,500 | 2,764,475 | ||||||
| Northern Trust Corp. | 50,000 | 4,666,000 | ||||||
| PNC Financial Services Group, Inc. | 45,000 | 6,307,200 | ||||||
| State Street Corp. | 20,000 | 1,183,800 | ||||||
| T. Rowe Price Group, Inc. | 40,000 | 4,570,000 | ||||||
| U.S. Bancorp | 100,000 | 5,534,000 | ||||||
| 77,780,211 | ||||||||
| Health Care (11.2%) | ||||||||
| Becton, Dickinson & Co. | 50,000 | 12,648,000 | ||||||
| Dentsply Sirona, Inc. | 50,000 | 2,665,500 | ||||||
| Edwards Lifesciences Corp. (a) | 45,000 | 9,895,950 | ||||||
| Henry Schein, Inc. (a) | 50,000 | 3,175,000 | ||||||
| Johnson & Johnson, Inc. | 50,000 | 6,469,000 | ||||||
| Medtronic PLC | 20,000 | 2,172,400 | ||||||
| Merck & Co., Inc. | 40,000 | 3,367,200 | ||||||
| Mettler-Toledo International, Inc. (a) | 7,500 | 5,283,000 | ||||||
| Stryker Corp. | 25,000 | 5,407,500 | ||||||
| UnitedHealth Group, Inc. | 32,500 | 7,062,900 | ||||||
| Varian Medical Systems, Inc. (a) | 20,000 | 2,381,800 | ||||||
| 60,528,250 | ||||||||
| Industrials (9.3%) | ||||||||
| 3M Co. | 45,000 | 7,398,000 | ||||||
| Deere & Co. | 5,000 | 843,400 | ||||||
| Donaldson Co., Inc. | 75,000 | 3,906,000 | ||||||
| Emerson Electric Co. | 25,000 | 1,671,500 | ||||||
| COMMON STOCKS, CONTINUED | ||||||||
| Security Description | Shares or Principal Amount ($) | Fair Value ($) | ||||||
| Industrials, continued | ||||||||
| Expeditors International of Washington, Inc. | 35,000 | 2,600,150 | ||||||
| Honeywell International, Inc. | 25,000 | 4,230,000 | ||||||
| Hubbell, Inc. | 40,000 | 5,256,000 | ||||||
| Illinois Tool Works, Inc. | 35,000 | 5,477,150 | ||||||
| Union Pacific Corp. | 50,000 | 8,099,000 | ||||||
| United Parcel Service, Inc., Class B | 50,000 | 5,991,000 | ||||||
| W.W. Grainger, Inc. | 17,500 | 5,200,125 | ||||||
| 50,672,325 | ||||||||
| Information Technology (18.2%) | ||||||||
| Accenture PLC, Class A | 70,000 | 13,464,499 | ||||||
| Apple, Inc. | 100,000 | 22,397,000 | ||||||
| Automatic Data Processing, Inc. | 70,000 | 11,299,400 | ||||||
| Cisco Systems, Inc. | 175,000 | 8,646,750 | ||||||
| Microsoft Corp. | 155,000 | 21,549,650 | ||||||
| Oracle Corp. | 150,000 | 8,254,500 | ||||||
| Visa, Inc., Class A | 75,000 | 12,900,750 | ||||||
| 98,512,549 | ||||||||
| Materials (2.3%) | ||||||||
| Air Products & Chemicals, Inc. | 20,000 | 4,437,200 | ||||||
| AptarGroup, Inc. | 30,000 | 3,553,500 | ||||||
| PPG Industries, Inc. | 40,000 | 4,740,400 | ||||||
| 12,731,100 | ||||||||
| Utilities (2.1%) | ||||||||
| Consolidated Edison, Inc. | 50,000 | 4,723,500 | ||||||
| Eversource Energy | 75,000 | 6,410,250 | ||||||
| 11,133,750 | ||||||||
| TOTAL COMMON STOCKS (Cost $189,082,154) | 430,594,365 | |||||||
| CORPORATE BONDS (2.6%) | ||||||||
| Financials (1.4%) | ||||||||
| American Express Co., 2.65%, 12/2/22 | 1,926,000 | 1,957,344 | ||||||
| Berkshire Hathaway, Inc., 3.13%, 3/15/26, Callable 12/15/25 @ 100 | 2,000,000 | 2,112,216 | ||||||
| Cincinnati Financial Corp., 6.92%, 5/15/28 | 500,000 | 656,811 | ||||||
| JPMorgan Chase & Co., 3.90%, 7/15/25, Callable 4/15/25 @ 100 | 1,000,000 | 1,078,975 | ||||||
| Wells Fargo & Co., 3.55%, 9/29/25, MTN | 2,000,000 | 2,115,463 | ||||||
| 7,920,809 | ||||||||
| Health Care (0.2%) | ||||||||
| Becton, Dickinson & Co., 3.13%, 11/8/21 | 1,000,000 | 1,016,911 | ||||||
| Industrials (0.1%) | ||||||||
| Hubbell, Inc., 3.50%, 2/15/28, Callable 11/15/27 @ 100 | 500,000 | 521,452 | ||||||
| Information Technology (0.9%) | ||||||||
| Apple, Inc., 3.25%, 2/23/26, Callable 11/23/25 @ 100 | 2,500,000 | 2,651,702 | ||||||
| Visa, Inc., 3.15%, 12/14/25, Callable 9/14/25 @ 100 | 2,000,000 | 2,133,370 | ||||||
| 4,785,072 | ||||||||
| TOTAL CORPORATE BONDS (Cost $13,626,628) | 14,244,244 |
| Schedule ofPortfolio Investments | Boston Trust Asset Management Fund |
| September 30, 2019 (Unaudited) |
| MUNICIPAL BONDS (3.5%) | ||||||||
| Security Description | Shares or Principal Amount ($) | Fair Value ($) | ||||||
| Massachusetts (3.5%): | ||||||||
| Commonwealth of Massachusetts, Series D, 3.00%, 5/1/35, Callable 5/1/29 @ 100 | 7,400,000 | 7,802,190 | ||||||
| Commonwealth of Massachusetts, Series D, 3.00%, 5/1/36, Callable 5/1/29 @ 100 | 5,000,000 | 5,234,050 | ||||||
| Commonwealth of Massachusetts, 5.00%, 5/1/46, Callable 5/1/29 @ 100 | 2,000,000 | 2,474,900 | ||||||
| Massachusetts State, Series E, GO, 4.00%, 9/1/37, Callable 9/1/25 @ 100 | 1,000,000 | 1,109,760 | ||||||
| Massachusetts State, Series E, GO, 5.00%, 7/1/38, Callable 7/1/26 @ 100 | 260,000 | 311,555 | ||||||
| Massachusetts State Development Finance Agency Revenue, Series R-2, 5.00%, 7/1/28, Callable 7/1/20 @ 100 | 460,000 | 472,291 | ||||||
| Massachusetts State Health & Educational Facilities Authority Revenue, Series A, 5.00%, 12/15/26, Prerefunded 12/15/19 @ 100 | 1,500,000 | 1,511,416 | ||||||
| 18,916,162 | ||||||||
| TOTAL MUNICIPAL BONDS (Cost $18,915,428) | 18,916,162 | |||||||
| U.S. GOVERNMENT & U.S. GOVERNMENT AGENCY OBLIGATIONS (12.6%) | ||||||||
| Federal Farm Credit Bank (2.3%) | ||||||||
| 2.85%, 3/2/28 | 2,000,000 | 2,158,324 | ||||||
| 2.95%, 1/27/25 | 2,000,000 | 2,130,561 | ||||||
| 3.14%, 12/5/29 | 2,500,000 | 2,777,128 | ||||||
| 3.39%, 2/1/28 | 2,000,000 | 2,240,646 | ||||||
| 3.85%, 12/26/25 | 2,770,000 | 3,118,880 | ||||||
| 12,425,539 | ||||||||
| Federal Home Loan Bank (2.6%) | ||||||||
| 2.38%, 3/13/26 | 6,000,000 | 6,216,697 | ||||||
| 2.50%, 12/10/27 | 1,500,000 | 1,560,373 | ||||||
| 2.63%, 6/11/27 | 1,500,000 | 1,579,123 | ||||||
| 2.88%, 9/13/24 | 2,500,000 | 2,644,249 | ||||||
| 3.50%, 9/24/29 | 2,000,000 | 2,265,030 | ||||||
| 14,265,472 | ||||||||
| U.S. Treasury Note (7.7%) | ||||||||
| 1.63%, 8/15/29 | 5,000,000 | 4,977,539 | ||||||
| 2.75%, 2/15/24 | 35,000,000 | 36,745,898 | ||||||
| 41,723,437 | ||||||||
| TOTAL U.S. GOVERNMENT & U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $65,499,456) | 68,414,448 | |||||||
| INVESTMENT COMPANIES (1.8%) | ||||||||
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 1.82% (b) | 9,637,583 | 9,637,583 | ||||||
| TOTAL INVESTMENT COMPANIES (Cost $9,637,583) | 9,637,583 | |||||||
| Total Investments (Cost $296,761,249) — 99.9% | 541,806,802 | |||||||
| Other assets in excess of liabilities — 0.1% | 403,735 | |||||||
| NET ASSETS — 100.0% | $ | 542,210,537 | ||||||
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day yield as of September 30, 2019. |
| ADR | American Depositary Receipt | |
| GO | General Obligation | |
| MTN | Medium Term Note | |
| PLC | Public Limited Company |
| Schedule ofPortfolio Investments | Boston Trust Equity Fund |
| September 30, 2019 (Unaudited) |
| COMMON STOCKS (99.6%) | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Communication Services (9.1%) | ||||||||
| Alphabet, Inc., Class A (a) | 750 | 915,855 | ||||||
| Alphabet, Inc., Class C (a) | 5,500 | 6,704,500 | ||||||
| Comcast Corp., Class A | 90,000 | 4,057,200 | ||||||
| Omnicom Group, Inc. | 15,000 | 1,174,500 | ||||||
| Verizon Communications, Inc. | 12,500 | 754,500 | ||||||
| 13,606,555 | ||||||||
| Consumer Discretionary (5.7%) | ||||||||
| Autoliv, Inc. | 12,500 | 986,000 | ||||||
| NIKE, Inc., Class B | 30,000 | 2,817,600 | ||||||
| Ross Stores, Inc. | 10,000 | 1,098,500 | ||||||
| Starbucks Corp. | 40,000 | 3,536,800 | ||||||
| 8,438,900 | ||||||||
| Consumer Staples (9.6%) | ||||||||
| Church & Dwight Co., Inc. | 20,000 | 1,504,800 | ||||||
| Colgate-Palmolive Co. | 2,500 | 183,775 | ||||||
| Costco Wholesale Corp. | 17,000 | 4,897,870 | ||||||
| Diageo PLC, Sponsored ADR | 7,500 | 1,226,400 | ||||||
| McCormick & Co., Inc. | 7,000 | 1,094,100 | ||||||
| PepsiCo, Inc. | 10,000 | 1,371,000 | ||||||
| Procter & Gamble Co. | 10,000 | 1,243,800 | ||||||
| Sysco Corp. | 25,000 | 1,985,000 | ||||||
| The Hershey Co. | 5,000 | 774,950 | ||||||
| 14,281,695 | ||||||||
| Energy (2.2%) | ||||||||
| Chevron Corp. | 12,500 | 1,482,500 | ||||||
| ConocoPhillips | 7,500 | 427,350 | ||||||
| Exxon Mobil Corp. | 20,000 | 1,412,200 | ||||||
| 3,322,050 | ||||||||
| Financials (18.5%) | ||||||||
| American Express Co. | 25,000 | 2,957,000 | ||||||
| BB&T Corp. | 30,000 | 1,601,100 | ||||||
| Berkshire Hathaway, Inc., Class B (a) | 20,000 | 4,160,400 | ||||||
| Chubb Ltd. | 12,500 | 2,018,000 | ||||||
| Cincinnati Financial Corp. | 25,000 | 2,916,750 | ||||||
| Commerce Bancshares, Inc. | 10,048 | 609,411 | ||||||
| JPMorgan Chase & Co. | 35,000 | 4,119,150 | ||||||
| M&T Bank Corp. | 5,000 | 789,850 | ||||||
| Northern Trust Corp. | 15,000 | 1,399,800 | ||||||
| PNC Financial Services Group, Inc. | 20,000 | 2,803,200 | ||||||
| State Street Corp. | 5,000 | 295,950 | ||||||
| T. Rowe Price Group, Inc. | 15,000 | 1,713,750 | ||||||
| U.S. Bancorp | 40,000 | 2,213,600 | ||||||
| 27,597,961 | ||||||||
| Health Care (13.9%) | ||||||||
| Becton, Dickinson & Co. | 16,000 | 4,047,360 | ||||||
| Dentsply Sirona, Inc. | 25,000 | 1,332,750 | ||||||
| Edwards Lifesciences Corp. (a) | 7,500 | 1,649,325 | ||||||
| Henry Schein, Inc. (a) | 17,500 | 1,111,250 | ||||||
| Johnson & Johnson, Inc. | 20,000 | 2,587,600 | ||||||
| Medtronic PLC | 10,000 | 1,086,200 | ||||||
| Merck & Co., Inc. | 15,000 | 1,262,700 | ||||||
| Mettler-Toledo International, Inc. (a) | 1,500 | 1,056,600 | ||||||
| Stryker Corp. | 12,000 | 2,595,600 | ||||||
| UnitedHealth Group, Inc. | 14,000 | 3,042,480 | ||||||
| Varian Medical Systems, Inc. (a) | 7,500 | 893,175 | ||||||
| 20,665,040 | ||||||||
| Industrials (12.8%) | ||||||||
| 3M Co. | 14,500 | 2,383,800 | ||||||
| Deere & Co. | 7,500 | 1,265,100 | ||||||
| COMMON STOCKS, CONTINUED | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Industrials, continued | ||||||||
| Donaldson Co., Inc. | 15,000 | 781,200 | ||||||
| Expeditors International of Washington, Inc. | 15,000 | 1,114,350 | ||||||
| Honeywell International, Inc. | 10,000 | 1,692,000 | ||||||
| Hubbell, Inc. | 15,000 | 1,971,000 | ||||||
| Illinois Tool Works, Inc. | 15,000 | 2,347,350 | ||||||
| Union Pacific Corp. | 22,500 | 3,644,550 | ||||||
| United Parcel Service, Inc., Class B | 15,000 | 1,797,300 | ||||||
| W.W. Grainger, Inc. | 7,000 | 2,080,050 | ||||||
| 19,076,700 | ||||||||
| Information Technology (22.1%) | ||||||||
| Accenture PLC, Class A | 25,000 | 4,808,750 | ||||||
| Apple, Inc. | 30,000 | 6,719,100 | ||||||
| Automatic Data Processing, Inc. | 20,000 | 3,228,400 | ||||||
| Cisco Systems, Inc. | 50,000 | 2,470,500 | ||||||
| Microsoft Corp. | 55,000 | 7,646,650 | ||||||
| Oracle Corp. | 45,000 | 2,476,350 | ||||||
| Visa, Inc., Class A | 32,500 | 5,590,325 | ||||||
| 32,940,075 | ||||||||
| Materials (3.3%) | ||||||||
| Air Products & Chemicals, Inc. | 6,000 | 1,331,160 | ||||||
| AptarGroup, Inc. | 10,000 | 1,184,500 | ||||||
| PPG Industries, Inc. | 20,000 | 2,370,200 | ||||||
| 4,885,860 | ||||||||
| Utilities (2.4%) | ||||||||
| Consolidated Edison, Inc. | 15,000 | 1,417,050 | ||||||
| Eversource Energy | 25,000 | 2,136,750 | ||||||
| 3,553,800 | ||||||||
| TOTAL COMMON STOCKS (Cost $60,974,835) | 148,368,636 | |||||||
| INVESTMENT COMPANIES (0.4%) | ||||||||
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 1.82% (b) | 655,658 | 655,658 | ||||||
| TOTAL INVESTMENT COMPANIES (Cost $655,658) | 655,658 | |||||||
| Total Investments (Cost $61,630,493) — 100.0% | 149,024,294 | |||||||
| Other assets in excess of liabilities — 0.0% | 26,494 | |||||||
| NET ASSETS — 100.0% | $ | 149,050,788 | ||||||
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day yield as of September 30, 2019. |
| ADR | American Depositary Receipt | |
| PLC | Public Limited Company |
| Schedule ofPortfolio Investments | Boston Trust Midcap Fund |
| September 30, 2019 (Unaudited) |
| COMMON STOCKS (98.4%) | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Communication Services (1.2%) | ||||||||
| Omnicom Group, Inc. | 19,675 | 1,540,553 | ||||||
| 1,540,553 | ||||||||
| Consumer Discretionary (11.9%) | ||||||||
| Dollar General Corp. | 9,675 | 1,537,745 | ||||||
| Dunkin’ Brands Group, Inc. | 17,100 | 1,357,056 | ||||||
| eBay, Inc. | 32,000 | 1,247,360 | ||||||
| Expedia, Inc. | 10,275 | 1,381,063 | ||||||
| Hyatt Hotels Corp., Class A | 26,275 | 1,935,679 | ||||||
| Nordstrom, Inc. | 32,000 | 1,077,440 | ||||||
| O’Reilly Automotive, Inc. (a) | 3,925 | 1,564,151 | ||||||
| Polaris Industries, Inc. | 13,950 | 1,227,740 | ||||||
| Ross Stores, Inc. | 21,350 | 2,345,297 | ||||||
| Service Corporation International | 29,575 | 1,413,981 | ||||||
| 15,087,512 | ||||||||
| Consumer Staples (6.3%) | ||||||||
| Brown-Forman Corp., Class B | 22,925 | 1,439,232 | ||||||
| Church & Dwight Co., Inc. | 16,725 | 1,258,389 | ||||||
| McCormick & Co., Inc. | 5,575 | 871,372 | ||||||
| Sysco Corp. | 19,000 | 1,508,600 | ||||||
| The Clorox Co. | 8,150 | 1,237,741 | ||||||
| The Hershey Co. | 10,750 | 1,666,142 | ||||||
| 7,981,476 | ||||||||
| Energy (2.5%) | ||||||||
| Apache Corp. | 47,000 | 1,203,200 | ||||||
| Dril-Quip, Inc. (a) | 24,950 | 1,251,991 | ||||||
| Helmerich & Payne, Inc. | 18,550 | 743,299 | ||||||
| 3,198,490 | ||||||||
| Financials (14.2%) | ||||||||
| Brown & Brown, Inc. | 35,225 | 1,270,214 | ||||||
| Commerce Bancshares, Inc. | 27,325 | 1,657,261 | ||||||
| Discover Financial Services | 20,750 | 1,682,618 | ||||||
| East West Bancorp, Inc. | 22,850 | 1,012,027 | ||||||
| Eaton Vance Corp. | 27,575 | 1,238,945 | ||||||
| FactSet Research Systems, Inc. | 9,625 | 2,338,585 | ||||||
| M&T Bank Corp. | 9,100 | 1,437,527 | ||||||
| Northern Trust Corp. | 20,575 | 1,920,058 | ||||||
| SEI Investments Co. | 23,975 | 1,420,639 | ||||||
| Signature Bank | 10,000 | 1,192,200 | ||||||
| State Street Corp. | 23,825 | 1,410,202 | ||||||
| T. Rowe Price Group, Inc. | 12,500 | 1,428,125 | ||||||
| 18,008,401 | ||||||||
| Health Care (11.0%) | ||||||||
| Agilent Technologies, Inc. | 21,125 | 1,618,809 | ||||||
| Cerner Corp. | 18,100 | 1,233,877 | ||||||
| Henry Schein, Inc. (a) | 20,000 | 1,270,000 | ||||||
| Laboratory Corp. of America Holdings (a) | 6,750 | 1,134,000 | ||||||
| Mettler-Toledo International, Inc. (a) | 1,750 | 1,232,700 | ||||||
| Steris PLC | 10,225 | 1,477,410 | ||||||
| The Cooper Companies, Inc. | 5,225 | 1,551,825 | ||||||
| Varian Medical Systems, Inc. (a) | 12,550 | 1,494,580 | ||||||
| Waters Corp. (a) | 6,925 | 1,545,868 | ||||||
| Zimmer Biomet Holdings, Inc. | 10,375 | 1,424,176 | ||||||
| 13,983,245 | ||||||||
| Industrials (15.8%) | ||||||||
| AMETEK, Inc. | 20,675 | 1,898,378 | ||||||
| AO Smith Corp. | 26,200 | 1,250,002 | ||||||
| Cummins, Inc. | 7,800 | 1,268,826 | ||||||
| Donaldson Co., Inc. | 38,750 | 2,018,099 | ||||||
| COMMON STOCKS, CONTINUED | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Industrials, continued | ||||||||
| Expeditors International of Washington, Inc. | 19,450 | 1,444,941 | ||||||
| Hubbell, Inc. | 11,800 | 1,550,520 | ||||||
| IDEX Corp. | 5,525 | 905,437 | ||||||
| Lincoln Electric Holdings, Inc. | 12,600 | 1,093,176 | ||||||
| Masco Corp. | 32,150 | 1,340,012 | ||||||
| Nordson Corp. | 12,025 | 1,758,776 | ||||||
| Roper Technologies, Inc. | 5,100 | 1,818,660 | ||||||
| Sensata Technologies Holding PLC (a) | 25,400 | 1,271,524 | ||||||
| The Middleby Corp. (a) | 9,325 | 1,090,093 | ||||||
| Verisk Analytics, Inc. | 7,375 | 1,166,283 | ||||||
| 19,874,727 | ||||||||
| Information Technology (16.0%) | ||||||||
| Akamai Technologies, Inc. (a) | 14,450 | 1,320,441 | ||||||
| Amdocs Ltd. | 20,850 | 1,378,394 | ||||||
| Amphenol Corp., Class A | 16,550 | 1,597,075 | ||||||
| ANSYS, Inc. (a) | 6,450 | 1,427,771 | ||||||
| Aspen Technology, Inc. (a) | 10,750 | 1,323,110 | ||||||
| CDK Global, Inc. | 26,000 | 1,250,340 | ||||||
| Check Point Software Technologies Ltd. (a) | 11,450 | 1,253,775 | ||||||
| Citrix Systems, Inc. | 14,775 | 1,426,083 | ||||||
| F5 Networks, Inc. (a) | 11,850 | 1,663,977 | ||||||
| IPG Photonics Corp. (a) | 9,400 | 1,274,640 | ||||||
| Juniper Networks, Inc. | 55,675 | 1,377,956 | ||||||
| Paychex, Inc. | 36,500 | 3,021,104 | ||||||
| TE Connectivity Ltd. | 20,125 | 1,875,248 | ||||||
| 20,189,914 | ||||||||
| Materials (6.9%) | ||||||||
| AptarGroup, Inc. | 14,650 | 1,735,293 | ||||||
| Avery Dennison Corp. | 16,800 | 1,907,975 | ||||||
| International Flavors & Fragrances, Inc. | 12,425 | 1,524,423 | ||||||
| Packaging Corporation of America | 15,575 | 1,652,508 | ||||||
| RPM International, Inc. | 28,225 | 1,942,163 | ||||||
| 8,762,362 | ||||||||
| Real Estate (6.7%) | ||||||||
| Alexandria Real Estate Equities, Inc. | 9,000 | 1,386,360 | ||||||
| Digital Realty Trust, Inc. | 9,150 | 1,187,762 | ||||||
| Host Hotels & Resorts, Inc. | 84,875 | 1,467,489 | ||||||
| Jones Lang LaSalle, Inc. | 9,125 | 1,268,923 | ||||||
| Lamar Advertising Co., Class A | 14,225 | 1,165,454 | ||||||
| Realty Income Corp. | 25,500 | 1,955,339 | ||||||
| 8,431,327 | ||||||||
| Utilities (5.9%) | ||||||||
| American Water Works Co., Inc. | 9,200 | 1,142,916 | ||||||
| Consolidated Edison, Inc. | 18,625 | 1,759,504 | ||||||
| Eversource Energy | 38,225 | 3,267,091 | ||||||
| ONE Gas, Inc. | 14,000 | 1,345,540 | ||||||
| 7,515,051 | ||||||||
| TOTAL COMMON STOCKS (Cost $94,684,502) | 124,573,058 |
| INVESTMENT COMPANIES (1.5%) | ||||||||
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 1.82% (b) | 1,926,611 | 1,926,611 | ||||||
| TOTAL INVESTMENT COMPANIES (Cost $1,926,611) | 1,926,611 | |||||||
| Total Investments (Cost $96,611,113) — 99.9% | 126,499,669 | |||||||
| Other assets in excess of liabilities — 0.1% | 99,620 | |||||||
| NET ASSETS — 100.0% | $ | 126,599,289 | ||||||
| Schedule ofPortfolio Investments | Boston Trust Midcap Fund |
| September 30, 2019 (Unaudited) |
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day yield as of September 30, 2019. |
| PLC | Public Limited Company |
| Schedule ofPortfolio Investments | Boston Trust SMID Cap Fund |
| September 30, 2019 (Unaudited) |
| COMMON STOCKS (99.2%) | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Communication Services (1.1%) | ||||||||
| Interpublic Group of Cos., Inc. | 44,825 | 966,427 | ||||||
| 966,427 | ||||||||
| Consumer Discretionary (10.5%) | ||||||||
| Cheesecake Factory, Inc. | 18,050 | 752,324 | ||||||
| Choice Hotels International, Inc. | 12,600 | 1,120,896 | ||||||
| Dorman Products, Inc. (a) | 11,100 | 882,894 | ||||||
| Dunkin’ Brands Group, Inc. | 11,100 | 880,896 | ||||||
| Nordstrom, Inc. | 29,650 | 998,316 | ||||||
| Polaris Industries, Inc. | 7,625 | 671,076 | ||||||
| Service Corporation International | 30,950 | 1,479,720 | ||||||
| Texas Roadhouse, Inc. | 12,600 | 661,752 | ||||||
| Tiffany & Co. | 9,225 | 854,512 | ||||||
| Williams Sonoma, Inc. | 14,975 | 1,018,000 | ||||||
| 9,320,386 | ||||||||
| Consumer Staples (3.3%) | ||||||||
| Flowers Foods, Inc. | 40,175 | 929,247 | ||||||
| Lancaster Colony Corp. | 4,475 | 620,459 | ||||||
| Performance Food Group Co. (a) | 17,150 | 789,072 | ||||||
| Tootsie Roll Industries, Inc. | 14,775 | 548,744 | ||||||
| 2,887,522 | ||||||||
| Energy (2.7%) | ||||||||
| Apache Corp. | 16,950 | 433,920 | ||||||
| Dril-Quip, Inc. (a) | 14,175 | 711,302 | ||||||
| Helmerich & Payne, Inc. | 14,875 | 596,041 | ||||||
| National Oilwell Varco, Inc. | 31,150 | 660,380 | ||||||
| 2,401,643 | ||||||||
| Financials (14.7%) | ||||||||
| American Financial Group, Inc. | 5,950 | 641,708 | ||||||
| Bank of Hawaii Corp. | 11,000 | 945,230 | ||||||
| Brown & Brown, Inc. | 32,425 | 1,169,245 | ||||||
| Cohen & Steers, Inc. | 14,075 | 773,140 | ||||||
| Commerce Bancshares, Inc. | 14,375 | 871,844 | ||||||
| East West Bancorp, Inc. | 21,825 | 966,629 | ||||||
| Eaton Vance Corp. | 26,375 | 1,185,029 | ||||||
| FactSet Research Systems, Inc. | 5,250 | 1,275,593 | ||||||
| First Hawaiian, Inc. | 23,300 | 622,110 | ||||||
| SEI Investments Co. | 24,300 | 1,439,896 | ||||||
| Signature Bank | 9,925 | 1,183,258 | ||||||
| SVB Financial Group (a) | 5,400 | 1,128,330 | ||||||
| UMB Financial Corp. | 12,500 | 807,250 | ||||||
| 13,009,262 | ||||||||
| Health Care (12.4%) | ||||||||
| Chemed Corp. | 3,175 | 1,325,784 | ||||||
| Dentsply Sirona, Inc. | 14,075 | 750,338 | ||||||
| Henry Schein, Inc. (a) | 13,875 | 881,063 | ||||||
| Masimo Corp. (a) | 11,300 | 1,681,328 | ||||||
| PerkinElmer, Inc. | 13,775 | 1,173,217 | ||||||
| Steris PLC | 8,625 | 1,246,226 | ||||||
| The Cooper Companies, Inc. | 4,075 | 1,210,275 | ||||||
| Varian Medical Systems, Inc. (a) | 11,500 | 1,369,535 | ||||||
| Waters Corp. (a) | 6,150 | 1,372,864 | ||||||
| 11,010,630 | ||||||||
| Industrials (17.0%) | ||||||||
| AO Smith Corp. | 17,850 | 851,624 | ||||||
| Applied Industrial Technologies, Inc. | 15,975 | 907,380 | ||||||
| C.H. Robinson Worldwide, Inc. | 8,425 | 714,272 | ||||||
| Donaldson Co., Inc. | 27,775 | 1,446,521 | ||||||
| Expeditors International of Washington, Inc. | 16,750 | 1,244,357 | ||||||
| COMMON STOCKS, CONTINUED | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Industrials, continued | ||||||||
| Hexcel Corp. | 13,350 | 1,096,436 | ||||||
| Hubbell, Inc. | 11,100 | 1,458,540 | ||||||
| IDEX Corp. | 5,450 | 893,146 | ||||||
| Lincoln Electric Holdings, Inc. | 11,100 | 963,036 | ||||||
| Masco Corp. | 22,225 | 926,338 | ||||||
| Nordson Corp. | 9,525 | 1,393,126 | ||||||
| Sensata Technologies Holding PLC (a) | 16,950 | 848,517 | ||||||
| The Middleby Corp. (a) | 8,125 | 949,813 | ||||||
| UniFirst Corp. | 6,850 | 1,336,572 | ||||||
| 15,029,678 | ||||||||
| Information Technology (17.6%) | ||||||||
| Akamai Technologies, Inc. (a) | 14,675 | 1,341,001 | ||||||
| Amdocs Ltd. | 15,975 | 1,056,107 | ||||||
| ANSYS, Inc. (a) | 5,050 | 1,117,868 | ||||||
| Aspen Technology, Inc. (a) | 12,900 | 1,587,731 | ||||||
| CDK Global, Inc. | 18,275 | 878,845 | ||||||
| Coherent, Inc. (a) | 5,000 | 768,600 | ||||||
| F5 Networks, Inc. (a) | 7,925 | 1,112,828 | ||||||
| IPG Photonics Corp. (a) | 8,325 | 1,128,870 | ||||||
| Jack Henry & Associates, Inc. | 7,050 | 1,029,089 | ||||||
| Juniper Networks, Inc. | 35,200 | 871,200 | ||||||
| Manhattan Associates, Inc. (a) | 15,275 | 1,232,234 | ||||||
| NetApp, Inc. | 12,100 | 635,371 | ||||||
| NETGEAR, Inc. (a) | 21,425 | 690,314 | ||||||
| Progress Software Corp. | 16,850 | 641,311 | ||||||
| Tech Data Corp. (a) | 6,450 | 672,348 | ||||||
| Teradata Corp. (a) | 23,600 | 731,600 | ||||||
| 15,495,317 | ||||||||
| Materials (6.9%) | ||||||||
| AptarGroup, Inc. | 10,700 | 1,267,414 | ||||||
| Avery Dennison Corp. | 8,425 | 956,827 | ||||||
| International Flavors & Fragrances, Inc. | 7,250 | 889,503 | ||||||
| Packaging Corporation of America | 8,825 | 936,333 | ||||||
| RPM International, Inc. | 19,925 | 1,371,039 | ||||||
| Silgan Holdings, Inc. | 22,425 | 673,535 | ||||||
| 6,094,651 | ||||||||
| Real Estate (9.1%) | ||||||||
| American Campus Communities, Inc. | 14,075 | 676,726 | ||||||
| Camden Property Trust | 11,200 | 1,243,312 | ||||||
| CoreSite Realty Corp. | 10,525 | 1,282,470 | ||||||
| CubeSmart | 22,125 | 772,163 | ||||||
| Highwoods Properties, Inc. | 19,525 | 877,454 | ||||||
| Host Hotels & Resorts, Inc. | 65,275 | 1,128,605 | ||||||
| Jones Lang LaSalle, Inc. | 7,450 | 1,035,997 | ||||||
| Lamar Advertising Co., Class A | 12,500 | 1,024,125 | ||||||
| 8,040,852 | ||||||||
| Utilities (3.9%) | ||||||||
| Atmos Energy Corp. | 11,900 | 1,355,291 | ||||||
| New Jersey Resources Corp. | 17,450 | 789,089 | ||||||
| ONE Gas, Inc. | 13,875 | 1,333,526 | ||||||
| 3,477,906 | ||||||||
| TOTAL COMMON STOCKS (Cost $76,328,132) | 87,734,274 | |||||||
| INVESTMENT COMPANIES (0.7%) | ||||||||
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 1.82% (b) | 650,097 | 650,097 | ||||||
| TOTAL INVESTMENT COMPANIES (Cost $650,097) | 650,097 | |||||||
| Total Investments (Cost $76,978,229) — 99.9% | 88,384,371 | |||||||
| Schedule ofPortfolio Investments | Boston Trust SMID Cap Fund |
| September 30, 2019 (Unaudited) |
| INVESTMENT COMPANIES, CONTINUED | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Other assets in excess of liabilities — 0.1% | 84,490 | |||||||
| NET ASSETS — 100.0% | $ | 88,468,861 | ||||||
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day yield as of September 30, 2019. |
| PLC | Public Limited Company |
| Schedule ofPortfolio Investments | Boston Trust Small Cap Fund |
| September 30, 2019 (Unaudited) |
| COMMON STOCKS (98.9%) | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Communication Services (1.0%) | ||||||||
| Cable One, Inc. | 1,896 | 2,378,911 | ||||||
| 2,378,911 | ||||||||
| Consumer Discretionary (11.3%) | ||||||||
| Carter’s, Inc. | 21,822 | 1,990,385 | ||||||
| Cheesecake Factory, Inc. | 44,448 | 1,852,593 | ||||||
| Choice Hotels International, Inc. | 48,136 | 4,282,178 | ||||||
| Dorman Products, Inc. (a) | 29,924 | 2,380,155 | ||||||
| Dunkin’ Brands Group, Inc. | 42,900 | 3,404,544 | ||||||
| Gentherm, Inc. (a) | 40,652 | 1,670,187 | ||||||
| Monro, Inc. | 38,314 | 3,027,189 | ||||||
| Nordstrom, Inc. | 68,385 | 2,302,523 | ||||||
| Texas Roadhouse, Inc. | 45,935 | 2,412,506 | ||||||
| Williams Sonoma, Inc. | 47,409 | 3,222,864 | ||||||
| 26,545,124 | ||||||||
| Consumer Staples (4.6%) | ||||||||
| Flowers Foods, Inc. | 136,195 | 3,150,190 | ||||||
| Lancaster Colony Corp. | 12,314 | 1,707,336 | ||||||
| Performance Food Group Co. (a) | 44,613 | 2,052,644 | ||||||
| The Boston Beer Co., Inc., Class A (a) | 6,908 | 2,515,065 | ||||||
| Tootsie Roll Industries, Inc. | 39,336 | 1,460,939 | ||||||
| 10,886,174 | ||||||||
| Energy (2.3%) | ||||||||
| Dril-Quip, Inc. (a) | 48,045 | 2,410,898 | ||||||
| Helmerich & Payne, Inc. | 39,275 | 1,573,749 | ||||||
| Newpark Resources, Inc. (a) | 170,432 | 1,298,692 | ||||||
| 5,283,339 | ||||||||
| Financials (17.1%) | ||||||||
| 1st Source Corp. | 38,461 | 1,758,822 | ||||||
| Artisan Partners Asset Management, Inc., Class A | 43,282 | 1,222,284 | ||||||
| Bank of Hawaii Corp. | 39,456 | 3,390,453 | ||||||
| Bank of Marin BanCorp | 15,650 | 649,319 | ||||||
| Bridge BanCorp, Inc. | 29,293 | 865,901 | ||||||
| Bryn Mawr Bank Corp. | 35,689 | 1,303,005 | ||||||
| Camden National Corp. | 28,251 | 1,223,833 | ||||||
| Cohen & Steers, Inc. | 58,000 | 3,185,940 | ||||||
| Commerce Bancshares, Inc. | 44,318 | 2,687,887 | ||||||
| CVB Financial Corp. | 66,617 | 1,390,297 | ||||||
| Eaton Vance Corp. | 81,296 | 3,652,629 | ||||||
| First Hawaiian, Inc. | 83,414 | 2,227,154 | ||||||
| German American BanCorp | 29,330 | 940,027 | ||||||
| Independent Bank Corp. | 19,938 | 1,488,372 | ||||||
| Lakeland Financial Corp. | 58,303 | 2,564,166 | ||||||
| Morningstar, Inc. | 21,302 | 3,113,074 | ||||||
| Tompkins Financial Corp. | 25,466 | 2,066,057 | ||||||
| UMB Financial Corp. | 39,746 | 2,566,797 | ||||||
| Washington Federal, Inc. | 52,432 | 1,939,460 | ||||||
| Washington Trust BanCorp, Inc. | 34,708 | 1,676,743 | ||||||
| 39,912,220 | ||||||||
| Health Care (16.1%) | ||||||||
| Anika Therapeutics, Inc. (a) | 58,800 | 3,227,532 | ||||||
| Atrion Corp. | 1,886 | 1,469,515 | ||||||
| Bruker Corp. | 79,876 | 3,508,953 | ||||||
| Cantel Medical Corp. | 36,903 | 2,760,344 | ||||||
| Charles River Laboratories International, Inc. (a) | 27,921 | 3,695,902 | ||||||
| Chemed Corp. | 12,600 | 5,261,383 | ||||||
| CorVel Corp. (a) | 27,900 | 2,112,030 | ||||||
| Ensign Group, Inc. | 32,554 | 1,544,036 | ||||||
| Globus Medical, Inc., Class A (a) | 66,434 | 3,396,106 | ||||||
| COMMON STOCKS, CONTINUED | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Health Care, continued | ||||||||
| Haemonetics Corp. (a) | 18,994 | 2,395,903 | ||||||
| Hill-Rom Holdings, Inc. | 39,426 | 4,148,798 | ||||||
| Premier, Inc. (a) | 67,064 | 1,939,491 | ||||||
| U.S. Physical Therapy, Inc. | 18,399 | 2,401,989 | ||||||
| 37,861,982 | ||||||||
| Industrials (16.7%) | ||||||||
| Applied Industrial Technologies, Inc. | 45,134 | 2,563,611 | ||||||
| Donaldson Co., Inc. | 79,941 | 4,163,328 | ||||||
| Forward Air Corp. | 48,264 | 3,075,382 | ||||||
| Franklin Electric Co., Inc. | 68,895 | 3,293,870 | ||||||
| Herman Miller, Inc. | 55,621 | 2,563,572 | ||||||
| Hub Group, Inc., Class A (a) | 63,245 | 2,940,893 | ||||||
| Kadant, Inc. | 20,436 | 1,794,076 | ||||||
| Landstar System, Inc. | 32,136 | 3,617,871 | ||||||
| Lincoln Electric Holdings, Inc. | 41,448 | 3,596,028 | ||||||
| Tennant Co. | 22,825 | 1,613,728 | ||||||
| UniFirst Corp. | 22,471 | 4,384,541 | ||||||
| Valmont Industries, Inc. | 16,390 | 2,269,032 | ||||||
| Watts Water Technologies, Inc., Class A | 35,505 | 3,327,884 | ||||||
| 39,203,816 | ||||||||
| Information Technology (15.4%) | ||||||||
| Badger Meter, Inc. | 32,825 | 1,762,703 | ||||||
| Coherent, Inc. (a) | 19,388 | 2,980,323 | ||||||
| CSG Systems International, Inc. | 84,182 | 4,350,526 | ||||||
| ExlService Holdings, Inc. (a) | 40,150 | 2,688,444 | ||||||
| InterDigital, Inc. | 36,750 | 1,928,273 | ||||||
| Manhattan Associates, Inc. (a) | 56,689 | 4,573,101 | ||||||
| NETGEAR, Inc. (a) | 58,420 | 1,882,292 | ||||||
| NIC, Inc. | 181,562 | 3,749,255 | ||||||
| Power Integrations, Inc. | 28,728 | 2,597,873 | ||||||
| Progress Software Corp. | 87,275 | 3,321,687 | ||||||
| Tech Data Corp. (a) | 32,014 | 3,337,139 | ||||||
| Teradata Corp. (a) | 98,470 | 3,052,570 | ||||||
| 36,224,186 | ||||||||
| Materials (3.3%) | ||||||||
| Minerals Technologies, Inc. | 38,273 | 2,031,914 | ||||||
| Sensient Technologies Corp. | 31,744 | 2,179,226 | ||||||
| Silgan Holdings, Inc. | 115,125 | 3,457,779 | ||||||
| 7,668,919 | ||||||||
| Real Estate (6.3%) | ||||||||
| American Campus Communities, Inc. | 39,346 | 1,891,756 | ||||||
| CoreSite Realty Corp. | 34,486 | 4,202,118 | ||||||
| CubeSmart | 74,281 | 2,592,407 | ||||||
| Highwoods Properties, Inc. | 68,474 | 3,077,222 | ||||||
| Jones Lang LaSalle, Inc. | 5,368 | 746,474 | ||||||
| Ryman Hospitality Properties, Inc. | 27,348 | 2,237,340 | ||||||
| 14,747,317 | ||||||||
| Utilities (4.8%) | ||||||||
| Chesapeake Utilities Corp. | 25,748 | 2,454,299 | ||||||
| Hawaiian Electric Industries, Inc. | 53,358 | 2,433,658 | ||||||
| New Jersey Resources Corp. | 57,278 | 2,590,111 | ||||||
| ONE Gas, Inc. | 39,783 | 3,823,545 | ||||||
| 11,301,613 | ||||||||
| TOTAL COMMON STOCKS (Cost $173,752,806) | 232,013,601 | |||||||
| Schedule ofPortfolio Investments | Boston Trust Small Cap Fund |
| September 30, 2019 (Unaudited) |
| INVESTMENT COMPANIES (1.1%) | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 1.82% (b) | 2,541,696 | 2,541,696 | ||||||
| TOTAL INVESTMENT COMPANIES (Cost $2,541,696) | 2,541,696 | |||||||
| Total Investments (Cost $176,294,502) — 100.0% | 234,555,297 | |||||||
| Liabilities in excess of other assets — 0.0% | (41,157 | ) | ||||||
| NET ASSETS — 100.0% | $ | 234,514,140 | ||||||
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day yield as of September 30, 2019. |
| Schedule ofPortfolio Investments | Walden Balanced Fund |
| September 30, 2019 (Unaudited) |
| COMMON STOCKS (73.1%) | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Communication Services (6.0%) | ||||||||
| Alphabet, Inc., Class A (a) | 1,000 | 1,221,140 | ||||||
| Alphabet, Inc., Class C (a) | 2,800 | 3,413,200 | ||||||
| Charter Communications, Inc., Class A (a) | 2,445 | 1,007,633 | ||||||
| Comcast Corp., Class A | 33,000 | 1,487,640 | ||||||
| Omnicom Group, Inc. | 14,000 | 1,096,200 | ||||||
| Verizon Communications, Inc. | 12,000 | 724,320 | ||||||
| 8,950,133 | ||||||||
| Consumer Discretionary (6.1%) | ||||||||
| Advance Auto Parts, Inc. | 2,500 | 413,500 | ||||||
| Autoliv, Inc. | 3,000 | 236,640 | ||||||
| Booking Holdings, Inc. (a) | 475 | 932,240 | ||||||
| Dollar General Corp. | 10,000 | 1,589,400 | ||||||
| McDonald’s Corp. | 2,000 | 429,420 | ||||||
| NIKE, Inc., Class B | 18,000 | 1,690,560 | ||||||
| Ross Stores, Inc. | 14,500 | 1,592,825 | ||||||
| Starbucks Corp. | 19,500 | 1,724,190 | ||||||
| The Home Depot, Inc. | 2,000 | 464,040 | ||||||
| 9,072,815 | ||||||||
| Consumer Staples (8.1%) | ||||||||
| Church & Dwight Co., Inc. | 13,000 | 978,120 | ||||||
| Colgate-Palmolive Co. | 16,000 | 1,176,160 | ||||||
| Costco Wholesale Corp. | 8,600 | 2,477,746 | ||||||
| Estee Lauder Cos., Inc. | 8,000 | 1,591,600 | ||||||
| PepsiCo, Inc. | 14,500 | 1,987,950 | ||||||
| Sysco Corp. | 17,000 | 1,349,800 | ||||||
| The Clorox Co. | 8,000 | 1,214,960 | ||||||
| The Hershey Co. | 8,000 | 1,239,920 | ||||||
| 12,016,256 | ||||||||
| Energy (1.8%) | ||||||||
| Apache Corp. | 24,000 | 614,400 | ||||||
| ConocoPhillips | 37,000 | 2,108,260 | ||||||
| 2,722,660 | ||||||||
| Financials (11.9%) | ||||||||
| American Express Co. | 11,000 | 1,301,080 | ||||||
| BB&T Corp. | 13,000 | 693,810 | ||||||
| Cincinnati Financial Corp. | 15,000 | 1,750,050 | ||||||
| Comerica, Inc. | 9,000 | 593,910 | ||||||
| Commerce Bancshares, Inc. | 13,891 | 842,489 | ||||||
| Discover Financial Services | 14,000 | 1,135,260 | ||||||
| JPMorgan Chase & Co. | 22,000 | 2,589,180 | ||||||
| M&T Bank Corp. | 4,000 | 631,880 | ||||||
| Northern Trust Corp. | 16,000 | 1,493,120 | ||||||
| PNC Financial Services Group, Inc. | 11,500 | 1,611,840 | ||||||
| State Street Corp. | 14,500 | 858,255 | ||||||
| SunTrust Banks, Inc. | 20,000 | 1,376,000 | ||||||
| T. Rowe Price Group, Inc. | 10,000 | 1,142,500 | ||||||
| U.S. Bancorp | 31,500 | 1,743,210 | ||||||
| 17,762,584 | ||||||||
| Health Care (11.4%) | ||||||||
| Becton, Dickinson & Co. | 9,600 | 2,428,416 | ||||||
| Danaher Corp. | 11,000 | 1,588,730 | ||||||
| Henry Schein, Inc. (a) | 16,000 | 1,016,000 | ||||||
| Johnson & Johnson, Inc. | 16,000 | 2,070,080 | ||||||
| Medtronic PLC | 11,500 | 1,249,130 | ||||||
| Merck & Co., Inc. | 17,600 | 1,481,568 | ||||||
| Mettler-Toledo International, Inc. (a) | 1,700 | 1,197,480 | ||||||
| Stryker Corp. | 8,500 | 1,838,550 | ||||||
| UnitedHealth Group, Inc. | 9,200 | 1,999,344 | ||||||
| Varian Medical Systems, Inc. (a) | 7,000 | 833,630 | ||||||
| COMMON STOCKS, CONTINUED | ||||||||
| Security Description | Shares or Principal Amount ($) | Fair Value ($) | ||||||
| Health Care, continued | ||||||||
| Waters Corp. (a) | 5,800 | 1,294,734 | ||||||
| 16,997,662 | ||||||||
| Industrials (7.9%) | ||||||||
| 3M Co. | 9,000 | 1,479,600 | ||||||
| Deere & Co. | 6,000 | 1,012,080 | ||||||
| Donaldson Co., Inc. | 20,000 | 1,041,600 | ||||||
| Emerson Electric Co. | 15,100 | 1,009,586 | ||||||
| Hubbell, Inc. | 8,500 | 1,116,900 | ||||||
| Illinois Tool Works, Inc. | 8,000 | 1,251,920 | ||||||
| Lincoln Electric Holdings, Inc. | 7,000 | 607,320 | ||||||
| Union Pacific Corp. | 12,500 | 2,024,750 | ||||||
| United Parcel Service, Inc., Class B | 10,500 | 1,258,110 | ||||||
| W.W. Grainger, Inc. | 3,000 | 891,450 | ||||||
| 11,693,316 | ||||||||
| Information Technology (15.0%) | ||||||||
| Accenture PLC, Class A | 13,000 | 2,500,550 | ||||||
| Apple, Inc. | 22,500 | 5,039,325 | ||||||
| Automatic Data Processing, Inc. | 13,000 | 2,098,460 | ||||||
| Cisco Systems, Inc. | 30,000 | 1,482,300 | ||||||
| Microsoft Corp. | 37,000 | 5,144,111 | ||||||
| Oracle Corp. | 42,500 | 2,338,775 | ||||||
| TE Connectivity Ltd. | 10,000 | 931,800 | ||||||
| Visa, Inc., Class A | 15,000 | 2,580,150 | ||||||
| 22,115,471 | ||||||||
| Materials (2.7%) | ||||||||
| AptarGroup, Inc. | 12,500 | 1,480,625 | ||||||
| Linde PLC | 7,000 | 1,356,040 | ||||||
| PPG Industries, Inc. | 10,000 | 1,185,100 | ||||||
| 4,021,765 | ||||||||
| Utilities (2.2%) | ||||||||
| Consolidated Edison, Inc. | 15,500 | 1,464,285 | ||||||
| Eversource Energy | 21,000 | 1,794,870 | ||||||
| 3,259,155 | ||||||||
| TOTAL COMMON STOCKS (Cost $55,775,397) | 108,611,817 | |||||||
| CORPORATE BONDS (2.9%) | ||||||||
| Consumer Discretionary (0.2%) | ||||||||
| Starbucks Corp., 2.45%, 6/15/26, Callable 3/15/26 @ 100 | 350,000 | 352,850 | ||||||
| Financials (0.9%) | ||||||||
| American Express Co., 2.65%, 12/2/22 | 287,000 | 291,671 | ||||||
| John Deere Capital Corp., 2.80%, 7/18/29 | 350,000 | 359,830 | ||||||
| KFW, 1.88%, 11/30/20 | 250,000 | 250,213 | ||||||
| North American Development Bank, 4.38%, 2/11/20 | 100,000 | 100,594 | ||||||
| The Toronto-Dominion Bank, 3.50%, 7/19/23, MTN | 350,000 | 369,320 | ||||||
| 1,371,628 | ||||||||
| Health Care (0.4%) | ||||||||
| Abbott Laboratories, 2.95%, 3/15/25, Callable 12/15/24 @ 100 | 100,000 | 103,844 | ||||||
| Kaiser Foundation Hospitals, 3.15%, 5/1/27, Callable 2/1/27 @ 100 | 250,000 | 263,559 | ||||||
| Merck & Co., Inc., 3.88%, 1/15/21, Callable 10/15/20 @ 100 | 150,000 | 153,119 | ||||||
| 520,522 | ||||||||
| Schedule ofPortfolio Investments | Walden Balanced Fund |
| September 30, 2019 (Unaudited) |
| CORPORATE BONDS, CONTINUED | ||||||||
| Security Description | Shares or Principal Amount ($) | Fair Value ($) | ||||||
| Industrials (0.4%) | ||||||||
| Emerson Electric Co., 2.63%, 2/15/23, Callable 11/15/22 @ 100 | 200,000 | 205,749 | ||||||
| Hubbell, Inc., 3.35%, 3/1/26, Callable 12/1/25 @ 100 | 145,000 | 148,567 | ||||||
| Hubbell, Inc., 3.50%, 2/15/28, Callable 11/15/27 @ 100 | 150,000 | 156,436 | ||||||
| Hubbell, Inc., 3.63%, 11/15/22 | 75,000 | 77,609 | ||||||
| 588,361 | ||||||||
| Information Technology (0.9%) | ||||||||
| Apple, Inc., 2.85%, 5/6/21 | 350,000 | 355,577 | ||||||
| Apple, Inc., 2.85%, 2/23/23, Callable 12/23/22 @ 100 | 150,000 | 154,512 | ||||||
| Apple, Inc., 3.00%, 6/20/27, Callable 3/20/27 @ 100 | 200,000 | 210,473 | ||||||
| Oracle Corp., 3.40%, 7/8/24, Callable 4/8/24 @ 100 | 300,000 | 316,543 | ||||||
| Visa, Inc., 3.15%, 12/14/25, Callable 9/14/25 @ 100 | 275,000 | 293,338 | ||||||
| 1,330,443 | ||||||||
| Utilities (0.1%) | ||||||||
| Midamerican Energy Co., 3.10%, 5/1/27, Callable 2/1/27 @ 100 | 200,000 | 210,780 | ||||||
| TOTAL CORPORATE BONDS (Cost $4,233,485) | 4,374,584 | |||||||
| MUNICIPAL BONDS (2.2%) | ||||||||
| Massachusetts (1.9%): | ||||||||
| Commonwealth of Massachusetts, Series D, 3.00%, 5/1/35, Callable 5/1/29 @ 100 | 1,150,000 | 1,212,503 | ||||||
| Commonwealth of Massachusetts, Series D, 3.00%, 5/1/36, Callable 5/1/29 @ 100 | 1,500,000 | 1,570,215 | ||||||
| 2,782,718 | ||||||||
| New York (0.1%): | ||||||||
| New York State Environmental Facilities Corp., Series C, 1.89%, 7/15/22 | 190,000 | 189,730 | ||||||
| Wisconsin (0.2%): | ||||||||
| Wisconsin State, Build America Bonds, GO, 4.60%, 5/1/26, Callable 5/1/21 @ 100 | 250,000 | 260,950 | ||||||
| TOTAL MUNICIPAL BONDS (Cost $3,181,424) | 3,233,398 | |||||||
| U.S. GOVERNMENT & U.S. GOVERNMENT AGENCY OBLIGATIONS (20.9%) | ||||||||
| Federal Farm Credit Bank (0.9%) | ||||||||
| 2.60%, 10/6/22 | 250,000 | 257,334 | ||||||
| 2.75%, 7/16/27 | 250,000 | 267,239 | ||||||
| 2.85%, 3/2/28 | 750,000 | 809,372 | ||||||
| 1,333,945 | ||||||||
| Federal Home Loan Bank (4.2%) | ||||||||
| 2.13%, 3/10/23 | 1,000,000 | 1,017,783 | ||||||
| 2.50%, 3/11/22 | 200,000 | 204,169 | ||||||
| 2.88%, 6/14/24 | 1,000,000 | 1,056,285 | ||||||
| 2.88%, 9/13/24 | 1,000,000 | 1,057,700 | ||||||
| 3.25%, 6/9/23 | 850,000 | 897,954 | ||||||
| U.S. GOVERNMENT & U.S. GOVERNMENT AGENCY OBLIGATIONS, CONTINUED | ||||||||
| Security Description | Shares or Principal Amount ($) | Fair Value ($) | ||||||
| Federal Home Loan Bank (4.2%), continued | ||||||||
| 5.25%, 8/15/22 | 1,000,000 | 1,101,282 | ||||||
| 5.50%, 7/15/36 | 700,000 | 1,019,014 | ||||||
| 6,354,187 | ||||||||
| Federal National Mortgage Association (3.8%) | ||||||||
| 1.88%, 9/24/26 | 1,000,000 | 1,013,074 | ||||||
| 2.13%, 4/24/26 | 1,250,000 | 1,286,415 | ||||||
| 2.63%, 9/6/24 | 3,250,000 | 3,406,617 | ||||||
| 5,706,106 | ||||||||
| Government National Mortgage Association (0.1%) | ||||||||
| 4.00%, 9/15/40 | 31,856 | 34,015 | ||||||
| 4.00%, 9/15/41 | 140,063 | 149,507 | ||||||
| 6.50%, 5/15/32 | 3,552 | 3,932 | ||||||
| 187,454 | ||||||||
| Housing & Urban Development (0.3%) | ||||||||
| 2.70%, 8/1/22 | 491,000 | 497,248 | ||||||
| U.S. Treasury Inflation Index Note (1.5%) | ||||||||
| 0.25%, 7/15/29 | 1,002,980 | 1,011,588 | ||||||
| 0.50%, 1/15/28 | 520,050 | 531,968 | ||||||
| 0.75%, 7/15/28 | 511,035 | 536,539 | ||||||
| 2,080,095 | ||||||||
| U.S. Treasury Note (10.1%) | ||||||||
| 1.63%, 8/15/29 | 5,000,000 | 4,977,539 | ||||||
| 1.88%, 1/31/22 | 250,000 | 251,431 | ||||||
| 2.50%, 2/28/26 | 750,000 | 790,342 | ||||||
| 2.63%, 12/31/23 | 1,000,000 | 1,043,262 | ||||||
| 2.75%, 8/31/23 | 1,500,000 | 1,567,031 | ||||||
| 2.75%, 11/15/23 | 1,500,000 | 1,570,488 | ||||||
| 2.75%, 2/28/25 | 3,500,000 | 3,711,025 | ||||||
| 2.88%, 9/30/23 | 1,000,000 | 1,050,410 | ||||||
| 14,961,528 | ||||||||
| TOTAL U.S. GOVERNMENT & U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $29,924,296) | 31,120,563 | |||||||
| INVESTMENT COMPANIES (0.8%) | ||||||||
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 1.82% (b) | 1,144,661 | 1,144,661 | ||||||
| TOTAL INVESTMENT COMPANIES (Cost $1,144,661) | 1,144,661 | |||||||
| Total Investments (Cost $94,259,263) — 99.9% | 148,485,023 | |||||||
| Other assets in excess of liabilities — 0.1% | 189,847 | |||||||
| NET ASSETS — 100.0% | $ | 148,674,870 | ||||||
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day yield as of September 30, 2019. |
| GO | General Obligation | |
| MTN | Medium Term Note | |
| PLC | Public Limited Company |
| Schedule ofPortfolio Investments | Walden Equity Fund |
| September 30, 2019 (Unaudited) |
| COMMON STOCKS (99.0%) | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Communication Services (7.9%) | ||||||||
| Alphabet, Inc., Class A (a) | 2,700 | 3,297,078 | ||||||
| Alphabet, Inc., Class C (a) | 5,050 | 6,155,950 | ||||||
| Charter Communications, Inc., Class A (a) | 4,879 | 2,010,733 | ||||||
| Comcast Corp., Class A | 69,725 | 3,143,203 | ||||||
| Omnicom Group, Inc. | 26,000 | 2,035,800 | ||||||
| Verizon Communications, Inc. | 25,000 | 1,509,000 | ||||||
| 18,151,764 | ||||||||
| Consumer Discretionary (9.0%) | ||||||||
| Advance Auto Parts, Inc. | 7,000 | 1,157,800 | ||||||
| Booking Holdings, Inc. (a) | 1,000 | 1,962,610 | ||||||
| Dollar General Corp. | 20,475 | 3,254,297 | ||||||
| McDonald’s Corp. | 10,250 | 2,200,778 | ||||||
| NIKE, Inc., Class B | 43,500 | 4,085,520 | ||||||
| Ross Stores, Inc. | 39,500 | 4,339,074 | ||||||
| Starbucks Corp. | 39,000 | 3,448,380 | ||||||
| The TJX Cos., Inc. | 6,000 | 334,440 | ||||||
| 20,782,899 | ||||||||
| Consumer Staples (10.9%) | ||||||||
| Church & Dwight Co., Inc. | 28,000 | 2,106,720 | ||||||
| Colgate-Palmolive Co. | 30,000 | 2,205,300 | ||||||
| Costco Wholesale Corp. | 18,725 | 5,394,860 | ||||||
| Estee Lauder Cos., Inc. | 16,000 | 3,183,200 | ||||||
| PepsiCo, Inc. | 31,000 | 4,250,100 | ||||||
| Procter & Gamble Co. | 5,000 | 621,900 | ||||||
| Sysco Corp. | 34,800 | 2,763,120 | ||||||
| The Clorox Co. | 16,000 | 2,429,920 | ||||||
| The Hershey Co. | 15,000 | 2,324,850 | ||||||
| 25,279,970 | ||||||||
| Energy (2.2%) | ||||||||
| Apache Corp. | 40,000 | 1,024,000 | ||||||
| ConocoPhillips | 73,150 | 4,168,087 | ||||||
| 5,192,087 | ||||||||
| Financials (16.1%) | ||||||||
| American Express Co. | 24,375 | 2,883,075 | ||||||
| BB&T Corp. | 44,500 | 2,374,965 | ||||||
| Cincinnati Financial Corp. | 17,550 | 2,047,559 | ||||||
| Comerica, Inc. | 22,425 | 1,479,826 | ||||||
| Discover Financial Services | 32,175 | 2,609,071 | ||||||
| JPMorgan Chase & Co. | 52,000 | 6,119,879 | ||||||
| M&T Bank Corp. | 12,000 | 1,895,640 | ||||||
| Northern Trust Corp. | 27,300 | 2,547,636 | ||||||
| PNC Financial Services Group, Inc. | 29,500 | 4,134,720 | ||||||
| State Street Corp. | 25,350 | 1,500,467 | ||||||
| SunTrust Banks, Inc. | 41,000 | 2,820,800 | ||||||
| T. Rowe Price Group, Inc. | 21,500 | 2,456,375 | ||||||
| U.S. Bancorp | 78,025 | 4,317,903 | ||||||
| 37,187,916 | ||||||||
| Health Care (15.3%) | ||||||||
| Becton, Dickinson & Co. | 18,500 | 4,679,760 | ||||||
| Danaher Corp. | 21,450 | 3,098,024 | ||||||
| Dentsply Sirona, Inc. | 17,000 | 906,270 | ||||||
| Henry Schein, Inc. (a) | 30,000 | 1,905,000 | ||||||
| Johnson & Johnson, Inc. | 26,500 | 3,428,570 | ||||||
| Medtronic PLC | 27,000 | 2,932,740 | ||||||
| Merck & Co., Inc. | 34,000 | 2,862,120 | ||||||
| Mettler-Toledo International, Inc. (a) | 3,750 | 2,641,500 | ||||||
| Stryker Corp. | 20,500 | 4,434,150 | ||||||
| UnitedHealth Group, Inc. | 17,500 | 3,803,100 | ||||||
| Varian Medical Systems, Inc. (a) | 16,000 | 1,905,440 | ||||||
| COMMON STOCKS, CONTINUED | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Health Care, continued | ||||||||
| Waters Corp. (a) | 12,200 | 2,723,406 | ||||||
| 35,320,080 | ||||||||
| Industrials (10.7%) | ||||||||
| 3M Co. | 19,500 | 3,205,800 | ||||||
| Deere & Co. | 13,650 | 2,302,482 | ||||||
| Donaldson Co., Inc. | 41,450 | 2,158,716 | ||||||
| Emerson Electric Co. | 28,275 | 1,890,467 | ||||||
| Hubbell, Inc. | 20,475 | 2,690,415 | ||||||
| Illinois Tool Works, Inc. | 17,550 | 2,746,399 | ||||||
| Union Pacific Corp. | 29,750 | 4,818,905 | ||||||
| United Parcel Service, Inc., Class B | 23,400 | 2,803,788 | ||||||
| W.W. Grainger, Inc. | 7,000 | 2,080,050 | ||||||
| 24,697,022 | ||||||||
| Information Technology (20.5%) | ||||||||
| Accenture PLC, Class A | 28,500 | 5,481,975 | ||||||
| Analog Devices, Inc. | 17,075 | 1,907,790 | ||||||
| Apple, Inc. | 47,300 | 10,593,781 | ||||||
| Automatic Data Processing, Inc. | 25,850 | 4,172,707 | ||||||
| Cisco Systems, Inc. | 59,475 | 2,938,660 | ||||||
| Microsoft Corp. | 77,000 | 10,705,309 | ||||||
| Oracle Corp. | 80,000 | 4,402,400 | ||||||
| TE Connectivity Ltd. | 18,525 | 1,726,160 | ||||||
| Visa, Inc., Class A | 32,675 | 5,620,426 | ||||||
| 47,549,208 | ||||||||
| Materials (3.1%) | ||||||||
| AptarGroup, Inc. | 26,000 | 3,079,700 | ||||||
| Linde PLC | 9,000 | 1,743,480 | ||||||
| PPG Industries, Inc. | 19,500 | 2,310,945 | ||||||
| 7,134,125 | ||||||||
| Utilities (3.3%) | ||||||||
| Consolidated Edison, Inc. | 34,500 | 3,259,215 | ||||||
| Eversource Energy | 51,200 | 4,376,064 | ||||||
| 7,635,279 | ||||||||
| TOTAL COMMON STOCKS (Cost $108,352,596) | 228,930,350 | |||||||
| INVESTMENT COMPANIES (1.0%) | ||||||||
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 1.82% (b) | 2,275,019 | 2,275,019 | ||||||
| TOTAL INVESTMENT COMPANIES (Cost $2,275,019) | 2,275,019 | |||||||
| Total Investments (Cost $110,627,615) — 100.0% | 231,205,369 | |||||||
| Liabilities in excess of other assets — 0.0% | (36,008 | ) | ||||||
| NET ASSETS — 100.0% | $ | 231,169,361 | ||||||
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day yield as of September 30, 2019. |
| PLC | Public Limited Company |
| Schedule ofPortfolio Investments | Walden Midcap Fund |
| September 30, 2019 (Unaudited) |
| COMMON STOCKS (98.7%) | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Communication Services (1.3%) | ||||||||
| Omnicom Group, Inc. | 9,500 | 743,850 | ||||||
| 743,850 | ||||||||
| Consumer Discretionary (11.1%) | ||||||||
| Dollar General Corp. | 3,925 | 623,839 | ||||||
| Dunkin’ Brands Group, Inc. | 8,325 | 660,672 | ||||||
| eBay, Inc. | 15,000 | 584,700 | ||||||
| Expedia, Inc. | 4,850 | 651,889 | ||||||
| Hyatt Hotels Corp., Class A | 12,475 | 919,033 | ||||||
| Nordstrom, Inc. | 14,350 | 483,165 | ||||||
| O’Reilly Automotive, Inc. (a) | 1,925 | 767,132 | ||||||
| Polaris Industries, Inc. | 6,925 | 609,469 | ||||||
| Ross Stores, Inc. | 10,850 | 1,191,872 | ||||||
| 6,491,771 | ||||||||
| Consumer Staples (5.6%) | ||||||||
| Church & Dwight Co., Inc. | 7,025 | 528,561 | ||||||
| McCormick & Co., Inc. | 3,950 | 617,385 | ||||||
| Sysco Corp. | 9,425 | 748,345 | ||||||
| The Clorox Co. | 3,950 | 599,887 | ||||||
| The Hershey Co. | 4,825 | 747,826 | ||||||
| 3,242,004 | ||||||||
| Energy (2.7%) | ||||||||
| Apache Corp. | 23,125 | 592,000 | ||||||
| Dril-Quip, Inc. (a) | 11,600 | 582,088 | ||||||
| Helmerich & Payne, Inc. | 9,350 | 374,655 | ||||||
| 1,548,743 | ||||||||
| Financials (15.4%) | ||||||||
| Brown & Brown, Inc. | 17,775 | 640,967 | ||||||
| Commerce Bancshares, Inc. | 13,501 | 818,836 | ||||||
| Discover Financial Services | 10,450 | 847,391 | ||||||
| East West Bancorp, Inc. | 11,175 | 494,941 | ||||||
| Eaton Vance Corp. | 14,000 | 629,020 | ||||||
| FactSet Research Systems, Inc. | 4,825 | 1,172,330 | ||||||
| M&T Bank Corp. | 5,275 | 833,291 | ||||||
| Northern Trust Corp. | 9,850 | 919,202 | ||||||
| SEI Investments Co. | 11,625 | 688,839 | ||||||
| Signature Bank | 4,600 | 548,412 | ||||||
| State Street Corp. | 11,075 | 655,529 | ||||||
| T. Rowe Price Group, Inc. | 6,375 | 728,344 | ||||||
| 8,977,102 | ||||||||
| Health Care (10.6%) | ||||||||
| Agilent Technologies, Inc. | 9,950 | 762,468 | ||||||
| Cerner Corp. | 9,075 | 618,643 | ||||||
| Henry Schein, Inc. (a) | 9,500 | 603,250 | ||||||
| Mettler-Toledo International, Inc. (a) | 800 | 563,520 | ||||||
| Steris PLC | 5,125 | 740,511 | ||||||
| The Cooper Companies, Inc. | 2,575 | 764,776 | ||||||
| Varian Medical Systems, Inc. (a) | 5,825 | 693,699 | ||||||
| Waters Corp. (a) | 3,225 | 719,917 | ||||||
| Zimmer Biomet Holdings, Inc. | 5,075 | 696,645 | ||||||
| 6,163,429 | ||||||||
| Industrials (16.3%) | ||||||||
| AMETEK, Inc. | 11,225 | 1,030,680 | ||||||
| AO Smith Corp. | 12,200 | 582,062 | ||||||
| Cummins, Inc. | 3,600 | 585,612 | ||||||
| Donaldson Co., Inc. | 17,125 | 891,869 | ||||||
| Expeditors International of Washington, Inc. | 9,175 | 681,611 | ||||||
| Hubbell, Inc. | 5,475 | 719,415 | ||||||
| IDEX Corp. | 2,575 | 421,991 | ||||||
| COMMON STOCKS, CONTINUED | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Industrials, continued | ||||||||
| Lincoln Electric Holdings, Inc. | 7,275 | 631,179 | ||||||
| Masco Corp. | 15,525 | 647,082 | ||||||
| Nordson Corp. | 5,625 | 822,712 | ||||||
| Roper Technologies, Inc. | 2,350 | 838,010 | ||||||
| Sensata Technologies Holding PLC (a) | 12,000 | 600,720 | ||||||
| The Middleby Corp. (a) | 4,425 | 517,283 | ||||||
| Verisk Analytics, Inc. | 3,425 | 541,630 | ||||||
| 9,511,856 | ||||||||
| Information Technology (15.3%) | ||||||||
| Akamai Technologies, Inc. (a) | 6,800 | 621,384 | ||||||
| Amdocs Ltd. | 9,700 | 641,267 | ||||||
| ANSYS, Inc. (a) | 3,075 | 680,682 | ||||||
| Aspen Technology, Inc. (a) | 5,350 | 658,478 | ||||||
| CDK Global, Inc. | 11,950 | 574,676 | ||||||
| Check Point Software Technologies Ltd. (a) | 6,250 | 684,375 | ||||||
| Citrix Systems, Inc. | 7,350 | 709,421 | ||||||
| F5 Networks, Inc. (a) | 5,650 | 793,373 | ||||||
| IPG Photonics Corp. (a) | 4,750 | 644,100 | ||||||
| Juniper Networks, Inc. | 26,650 | 659,588 | ||||||
| Paychex, Inc. | 16,825 | 1,392,605 | ||||||
| TE Connectivity Ltd. | 9,500 | 885,210 | ||||||
| 8,945,159 | ||||||||
| Materials (7.1%) | ||||||||
| AptarGroup, Inc. | 6,975 | 826,189 | ||||||
| Avery Dennison Corp. | 7,950 | 902,881 | ||||||
| International Flavors & Fragrances, Inc. | 5,600 | 687,064 | ||||||
| Packaging Corporation of America | 7,300 | 774,530 | ||||||
| RPM International, Inc. | 13,950 | 959,900 | ||||||
| 4,150,564 | ||||||||
| Real Estate (6.8%) | ||||||||
| Alexandria Real Estate Equities, Inc. | 4,025 | 620,011 | ||||||
| Digital Realty Trust, Inc. | 4,475 | 580,900 | ||||||
| Host Hotels & Resorts, Inc. | 41,000 | 708,890 | ||||||
| Jones Lang LaSalle, Inc. | 4,225 | 587,529 | ||||||
| Lamar Advertising Co., Class A | 6,500 | 532,545 | ||||||
| Realty Income Corp. | 12,250 | 939,329 | ||||||
| 3,969,204 | ||||||||
| Utilities (6.5%) | ||||||||
| American Water Works Co., Inc. | 5,300 | 658,419 | ||||||
| Consolidated Edison, Inc. | 8,875 | 838,421 | ||||||
| Eversource Energy | 18,780 | 1,605,126 | ||||||
| ONE Gas, Inc. | 7,150 | 687,187 | ||||||
| 3,789,153 | ||||||||
| TOTAL COMMON STOCKS (Cost $40,232,339) | 57,532,835 | |||||||
| INVESTMENT COMPANIES (1.3%) | ||||||||
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 1.82% (b) | 756,835 | 756,835 | ||||||
| TOTAL INVESTMENT COMPANIES (Cost $756,835) | 756,835 | |||||||
| Total Investments (Cost $40,989,174) — 100.0% | 58,289,670 | |||||||
| Other assets in excess of liabilities — 0.0% | 22,789 | |||||||
| NET ASSETS — 100.0% | $ | 58,312,459 | ||||||
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day yield as of September 30, 2019. |
| Schedule ofPortfolio Investments | Walden Midcap Fund |
| September 30, 2019 (Unaudited) |
| PLC | Public Limited Company |
| Schedule ofPortfolio Investments | Walden SMID Cap Fund |
| September 30, 2019 (Unaudited) |
| COMMON STOCKS (99.1%) | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Communication Services (1.1%) | ||||||||
| Interpublic Group of Cos., Inc. | 29,225 | 630,091 | ||||||
| 630,091 | ||||||||
| Consumer Discretionary (10.1%) | ||||||||
| Cheesecake Factory, Inc. | 15,825 | 659,586 | ||||||
| Choice Hotels International, Inc. | 8,200 | 729,472 | ||||||
| Dorman Products, Inc. (a) | 9,100 | 723,814 | ||||||
| Dunkin’ Brands Group, Inc. | 8,900 | 706,304 | ||||||
| Nordstrom, Inc. | 19,225 | 647,306 | ||||||
| Polaris Industries, Inc. | 4,850 | 426,849 | ||||||
| Texas Roadhouse, Inc. | 13,050 | 685,386 | ||||||
| Tiffany & Co. | 5,875 | 544,201 | ||||||
| Williams Sonoma, Inc. | 9,600 | 652,608 | ||||||
| 5,775,526 | ||||||||
| Consumer Staples (2.5%) | ||||||||
| Flowers Foods, Inc. | 27,425 | 634,341 | ||||||
| Lancaster Colony Corp. | 2,925 | 405,551 | ||||||
| Tootsie Roll Industries, Inc. | 9,700 | 360,258 | ||||||
| 1,400,150 | ||||||||
| Energy (2.0%) | ||||||||
| Apache Corp. | 11,125 | 284,800 | ||||||
| Dril-Quip, Inc. (a) | 8,500 | 426,530 | ||||||
| Helmerich & Payne, Inc. | 11,125 | 445,779 | ||||||
| 1,157,109 | ||||||||
| Financials (15.0%) | ||||||||
| American Financial Group, Inc. | 5,250 | 566,213 | ||||||
| Bank of Hawaii Corp. | 7,075 | 607,955 | ||||||
| Brown & Brown, Inc. | 20,850 | 751,851 | ||||||
| Cohen & Steers, Inc. | 9,300 | 510,849 | ||||||
| Commerce Bancshares, Inc. | 9,825 | 595,886 | ||||||
| East West Bancorp, Inc. | 14,050 | 622,274 | ||||||
| Eaton Vance Corp. | 16,800 | 754,824 | ||||||
| FactSet Research Systems, Inc. | 3,450 | 838,247 | ||||||
| First Hawaiian, Inc. | 15,175 | 405,173 | ||||||
| SEI Investments Co. | 15,475 | 916,970 | ||||||
| Signature Bank | 6,175 | 736,183 | ||||||
| SVB Financial Group (a) | 3,525 | 736,548 | ||||||
| UMB Financial Corp. | 8,200 | 529,556 | ||||||
| 8,572,529 | ||||||||
| Health Care (13.4%) | ||||||||
| Chemed Corp. | 2,125 | 887,336 | ||||||
| Dentsply Sirona, Inc. | 12,350 | 658,379 | ||||||
| Henry Schein, Inc. (a) | 9,100 | 577,850 | ||||||
| Masimo Corp. (a) | 7,700 | 1,145,682 | ||||||
| PerkinElmer, Inc. | 10,000 | 851,700 | ||||||
| Steris PLC | 5,875 | 848,879 | ||||||
| The Cooper Companies, Inc. | 2,525 | 749,925 | ||||||
| Varian Medical Systems, Inc. (a) | 7,350 | 875,312 | ||||||
| Waters Corp. (a) | 4,650 | 1,038,020 | ||||||
| 7,633,083 | ||||||||
| Industrials (17.1%) | ||||||||
| AO Smith Corp. | 11,900 | 567,749 | ||||||
| Applied Industrial Technologies, Inc. | 10,125 | 575,100 | ||||||
| C.H. Robinson Worldwide, Inc. | 5,350 | 453,573 | ||||||
| Donaldson Co., Inc. | 17,500 | 911,399 | ||||||
| Expeditors International of Washington, Inc. | 10,725 | 796,760 | ||||||
| Hexcel Corp. | 8,700 | 714,531 | ||||||
| Hubbell, Inc. | 6,975 | 916,515 | ||||||
| IDEX Corp. | 3,550 | 581,774 | ||||||
| COMMON STOCKS, CONTINUED | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Industrials, continued | ||||||||
| Lincoln Electric Holdings, Inc. | 7,075 | 613,827 | ||||||
| Masco Corp. | 14,475 | 603,318 | ||||||
| Nordson Corp. | 5,900 | 862,934 | ||||||
| Sensata Technologies Holding PLC (a) | 11,025 | 551,912 | ||||||
| The Middleby Corp. (a) | 5,250 | 613,725 | ||||||
| UniFirst Corp. | 5,150 | 1,004,868 | ||||||
| 9,767,985 | ||||||||
| Information Technology (17.9%) | ||||||||
| Akamai Technologies, Inc. (a) | 9,300 | 849,833 | ||||||
| Amdocs Ltd. | 10,325 | 682,586 | ||||||
| ANSYS, Inc. (a) | 3,650 | 807,964 | ||||||
| Aspen Technology, Inc. (a) | 8,200 | 1,009,255 | ||||||
| CDK Global, Inc. | 11,725 | 563,855 | ||||||
| Coherent, Inc. (a) | 3,225 | 495,747 | ||||||
| F5 Networks, Inc. (a) | 5,775 | 810,926 | ||||||
| IPG Photonics Corp. (a) | 5,250 | 711,900 | ||||||
| Jack Henry & Associates, Inc. | 4,650 | 678,761 | ||||||
| Juniper Networks, Inc. | 23,375 | 578,531 | ||||||
| Manhattan Associates, Inc. (a) | 9,925 | 800,650 | ||||||
| NetApp, Inc. | 7,825 | 410,891 | ||||||
| NETGEAR, Inc. (a) | 13,850 | 446,247 | ||||||
| Progress Software Corp. | 10,900 | 414,854 | ||||||
| Tech Data Corp. (a) | 4,700 | 489,928 | ||||||
| Teradata Corp. (a) | 15,075 | 467,325 | ||||||
| 10,219,253 | ||||||||
| Materials (6.9%) | ||||||||
| AptarGroup, Inc. | 6,775 | 802,498 | ||||||
| Avery Dennison Corp. | 5,575 | 633,153 | ||||||
| International Flavors & Fragrances, Inc. | 4,650 | 570,509 | ||||||
| Packaging Corporation of America | 5,675 | 602,118 | ||||||
| RPM International, Inc. | 12,750 | 877,327 | ||||||
| Silgan Holdings, Inc. | 15,275 | 458,785 | ||||||
| 3,944,390 | ||||||||
| Real Estate (9.1%) | ||||||||
| American Campus Communities, Inc. | 9,200 | 442,336 | ||||||
| Camden Property Trust | 6,975 | 774,295 | ||||||
| CoreSite Realty Corp. | 6,775 | 825,533 | ||||||
| CubeSmart | 14,475 | 505,178 | ||||||
| Highwoods Properties, Inc. | 12,600 | 566,244 | ||||||
| Host Hotels & Resorts, Inc. | 42,050 | 727,045 | ||||||
| Jones Lang LaSalle, Inc. | 4,850 | 674,441 | ||||||
| Lamar Advertising Co., Class A | 8,000 | 655,440 | ||||||
| 5,170,512 | ||||||||
| Utilities (4.0%) | ||||||||
| Atmos Energy Corp. | 7,650 | 871,259 | ||||||
| New Jersey Resources Corp. | 11,225 | 507,595 | ||||||
| ONE Gas, Inc. | 9,400 | 903,433 | ||||||
| 2,282,287 | ||||||||
| TOTAL COMMON STOCKS (Cost $42,811,124) | 56,552,915 | |||||||
| INVESTMENT COMPANIES (0.9%) | ||||||||
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 1.82% (b) | 491,686 | 491,686 | ||||||
| TOTAL INVESTMENT COMPANIES (Cost $491,686) | 491,686 | |||||||
| Total Investments (Cost $43,302,810) — 100.0% | 57,044,601 | |||||||
| Other assets in excess of liabilities — 0.0% | 17,419 | |||||||
| NET ASSETS — 100.0% | $ | 57,062,020 | ||||||
| Schedule ofPortfolio Investments | Walden SMID Cap Fund |
| September 30, 2019 (Unaudited) |
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day yield as of September 30, 2019. |
| PLC | Public Limited Company |
| Schedule ofPortfolio Investments | Walden Small Cap Fund |
| September 30, 2019 (Unaudited) |
| COMMON STOCKS (98.7%) | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Communication Services (1.1%) | ||||||||
| Cable One, Inc. | 965 | 1,210,786 | ||||||
| 1,210,786 | ||||||||
| Consumer Discretionary (11.4%) | ||||||||
| Carter’s, Inc. | 10,375 | 946,304 | ||||||
| Cheesecake Factory, Inc. | 21,400 | 891,952 | ||||||
| Choice Hotels International, Inc. | 22,925 | 2,039,408 | ||||||
| Dorman Products, Inc. (a) | 14,075 | 1,119,525 | ||||||
| Dunkin’ Brands Group, Inc. | 20,025 | 1,589,184 | ||||||
| Gentherm, Inc. (a) | 19,175 | 787,805 | ||||||
| Monro, Inc. | 18,450 | 1,457,735 | ||||||
| Nordstrom, Inc. | 32,450 | 1,092,592 | ||||||
| Texas Roadhouse, Inc. | 21,775 | 1,143,623 | ||||||
| Williams Sonoma, Inc. | 22,275 | 1,514,254 | ||||||
| 12,582,382 | ||||||||
| Consumer Staples (3.9%) | ||||||||
| Flowers Foods, Inc. | 78,050 | 1,805,296 | ||||||
| Lancaster Colony Corp. | 9,200 | 1,275,580 | ||||||
| Tootsie Roll Industries, Inc. | 31,925 | 1,185,695 | ||||||
| 4,266,571 | ||||||||
| Energy (2.2%) | ||||||||
| Dril-Quip, Inc. (a) | 22,350 | 1,121,523 | ||||||
| Helmerich & Payne, Inc. | 18,375 | 736,286 | ||||||
| Newpark Resources, Inc. (a) | 81,350 | 619,887 | ||||||
| 2,477,696 | ||||||||
| Financials (17.3%) | ||||||||
| 1st Source Corp. | 18,550 | 848,292 | ||||||
| Artisan Partners Asset Management, Inc., Class A | 21,550 | 608,572 | ||||||
| Bank of Hawaii Corp. | 18,675 | 1,604,742 | ||||||
| Bank of Marin BanCorp | 7,450 | 309,101 | ||||||
| Bridge BanCorp, Inc. | 14,200 | 419,752 | ||||||
| Bryn Mawr Bank Corp. | 16,875 | 616,106 | ||||||
| Camden National Corp. | 13,875 | 601,065 | ||||||
| Cohen & Steers, Inc. | 27,325 | 1,500,962 | ||||||
| Commerce Bancshares, Inc. | 22,275 | 1,350,979 | ||||||
| CVB Financial Corp. | 31,675 | 661,057 | ||||||
| Eaton Vance Corp. | 38,675 | 1,737,668 | ||||||
| First Hawaiian, Inc. | 39,700 | 1,059,990 | ||||||
| German American BanCorp | 14,325 | 459,116 | ||||||
| Independent Bank Corp. | 9,525 | 711,041 | ||||||
| Lakeland Financial Corp. | 27,700 | 1,218,246 | ||||||
| Morningstar, Inc. | 10,075 | 1,472,361 | ||||||
| Tompkins Financial Corp. | 12,075 | 979,645 | ||||||
| UMB Financial Corp. | 18,850 | 1,217,333 | ||||||
| Washington Federal, Inc. | 24,900 | 921,051 | ||||||
| Washington Trust BanCorp, Inc. | 16,375 | 791,076 | ||||||
| 19,088,155 | ||||||||
| Health Care (14.9%) | ||||||||
| Anika Therapeutics, Inc. (a) | 27,900 | 1,531,431 | ||||||
| Atrion Corp. | 1,000 | 779,170 | ||||||
| Bruker Corp. | 37,850 | 1,662,751 | ||||||
| Cantel Medical Corp. | 17,200 | 1,286,560 | ||||||
| Chemed Corp. | 5,975 | 2,494,981 | ||||||
| CorVel Corp. (a) | 16,350 | 1,237,695 | ||||||
| Ensign Group, Inc. | 15,325 | 726,865 | ||||||
| Globus Medical, Inc., Class A (a) | 31,475 | 1,609,001 | ||||||
| Haemonetics Corp. (a) | 9,075 | 1,144,721 | ||||||
| Hill-Rom Holdings, Inc. | 18,650 | 1,962,539 | ||||||
| Premier, Inc. (a) | 31,925 | 923,271 | ||||||
| COMMON STOCKS, CONTINUED | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Health Care, continued | ||||||||
| U.S. Physical Therapy, Inc. | 8,775 | 1,145,576 | ||||||
| 16,504,561 | ||||||||
| Industrials (17.3%) | ||||||||
| Applied Industrial Technologies, Inc. | 21,875 | 1,242,500 | ||||||
| Donaldson Co., Inc. | 38,150 | 1,986,851 | ||||||
| Forward Air Corp. | 22,725 | 1,448,037 | ||||||
| Franklin Electric Co., Inc. | 33,600 | 1,606,416 | ||||||
| Herman Miller, Inc. | 26,875 | 1,238,669 | ||||||
| Hub Group, Inc., Class A (a) | 30,250 | 1,406,625 | ||||||
| Kadant, Inc. | 9,850 | 864,732 | ||||||
| Landstar System, Inc. | 15,250 | 1,716,845 | ||||||
| Lincoln Electric Holdings, Inc. | 19,525 | 1,693,989 | ||||||
| Tennant Co. | 16,250 | 1,148,875 | ||||||
| UniFirst Corp. | 11,200 | 2,185,343 | ||||||
| Valmont Industries, Inc. | 7,575 | 1,048,683 | ||||||
| Watts Water Technologies, Inc., Class A | 16,900 | 1,584,037 | ||||||
| 19,171,602 | ||||||||
| Information Technology (16.2%) | ||||||||
| Badger Meter, Inc. | 15,325 | 822,953 | ||||||
| Coherent, Inc. (a) | 9,375 | 1,441,125 | ||||||
| CSG Systems International, Inc. | 39,700 | 2,051,695 | ||||||
| ExlService Holdings, Inc. (a) | 18,775 | 1,257,174 | ||||||
| InterDigital, Inc. | 22,425 | 1,176,640 | ||||||
| Manhattan Associates, Inc. (a) | 26,500 | 2,137,755 | ||||||
| NETGEAR, Inc. (a) | 27,600 | 889,272 | ||||||
| NIC, Inc. | 87,975 | 1,816,684 | ||||||
| Power Integrations, Inc. | 18,950 | 1,713,649 | ||||||
| Progress Software Corp. | 41,325 | 1,572,830 | ||||||
| Tech Data Corp. (a) | 15,325 | 1,597,477 | ||||||
| Teradata Corp. (a) | 46,600 | 1,444,600 | ||||||
| 17,921,854 | ||||||||
| Materials (3.2%) | ||||||||
| Minerals Technologies, Inc. | 18,150 | 963,584 | ||||||
| Sensient Technologies Corp. | 15,050 | 1,033,182 | ||||||
| Silgan Holdings, Inc. | 52,425 | 1,574,585 | ||||||
| 3,571,351 | ||||||||
| Real Estate (6.4%) | ||||||||
| American Campus Communities, Inc. | 18,925 | 909,914 | ||||||
| CoreSite Realty Corp. | 16,200 | 1,973,970 | ||||||
| CubeSmart | 36,475 | 1,272,978 | ||||||
| Highwoods Properties, Inc. | 33,050 | 1,485,267 | ||||||
| Jones Lang LaSalle, Inc. | 2,505 | 348,345 | ||||||
| Ryman Hospitality Properties, Inc. | 12,800 | 1,047,168 | ||||||
| 7,037,642 | ||||||||
| Utilities (4.8%) | ||||||||
| Chesapeake Utilities Corp. | 12,125 | 1,155,755 | ||||||
| Hawaiian Electric Industries, Inc. | 25,725 | 1,173,317 | ||||||
| New Jersey Resources Corp. | 27,175 | 1,228,854 | ||||||
| ONE Gas, Inc. | 18,775 | 1,804,465 | ||||||
| 5,362,391 | ||||||||
| TOTAL COMMON STOCKS (Cost $82,292,852) | 109,194,991 | |||||||
| INVESTMENT COMPANIES (1.2%) | ||||||||
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 1.82% (b) | 1,313,848 | 1,313,848 | ||||||
| TOTAL INVESTMENT COMPANIES (Cost $1,313,848) | 1,313,848 | |||||||
| Schedule ofPortfolio Investments | Walden Small Cap Fund |
| September 30, 2019 (Unaudited) |
| INVESTMENT COMPANIES, CONTINUED | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Total Investments (Cost $83,606,700) — 99.9% | 110,508,839 | |||||||
| Other assets in excess of liabilities — 0.1% | 78,998 | |||||||
| NET ASSETS — 100.0% | $ | 110,587,837 | ||||||
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day yield as of September 30, 2019. |
| Schedule ofPortfolio Investments | Walden International Equity Fund |
| September 30, 2019 (Unaudited) |
| COMMON STOCKS (98.5%) | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Australia (6.9%) | ||||||||
| Australia & New Zealand Banking Group Ltd. | 27,799 | 535,000 | ||||||
| Brambles Ltd. | 34,113 | 262,422 | ||||||
| Commonwealth Bank of Australia | 8,745 | 476,988 | ||||||
| CSL Ltd. | 4,058 | 639,923 | ||||||
| Origin Energy Ltd. | 76,481 | 411,327 | ||||||
| Telstra Corp. Ltd. | 142,600 | 337,755 | ||||||
| Westpac Banking Corp. | 24,925 | 498,527 | ||||||
| Woodside Petroleum Ltd. | 19,197 | 419,455 | ||||||
| 3,581,397 | ||||||||
| Belgium (0.6%) | ||||||||
| Colruyt SA | 5,856 | 320,880 | ||||||
| 320,880 | ||||||||
| Canada (7.9%) | ||||||||
| ARC Resources Ltd. | 84,286 | 401,483 | ||||||
| Bank of Montreal | 6,130 | 451,548 | ||||||
| Canadian National Railway Co. | 5,074 | 455,653 | ||||||
| Great-West Lifeco, Inc. | 12,649 | 303,740 | ||||||
| Intact Financial Corp. | 3,270 | 329,148 | ||||||
| Magna International, Inc. | 6,817 | 363,416 | ||||||
| Metro, Inc. | 8,519 | 375,114 | ||||||
| Royal Bank of Canada | 6,484 | 526,032 | ||||||
| The Bank of Nova Scotia | 6,900 | 391,957 | ||||||
| The Toronto-Dominion Bank | 9,285 | 541,455 | ||||||
| 4,139,546 | ||||||||
| Denmark (1.5%) | ||||||||
| Novo Nordisk A/S | 9,858 | 506,884 | ||||||
| Novozymes A/S | 7,036 | 295,876 | ||||||
| 802,760 | ||||||||
| Finland (1.3%) | ||||||||
| Kone OYJ | 7,661 | 436,149 | ||||||
| Nordea Bank AB | 32,843 | 232,977 | ||||||
| 669,126 | ||||||||
| France (9.3%) | ||||||||
| Air Liquide SA | 4,199 | 597,634 | ||||||
| Danone SA | 6,900 | 607,735 | ||||||
| Dassault Systemes | 2,927 | 417,072 | ||||||
| Essilor International SA | 2,907 | 418,974 | ||||||
| Imerys SA | 9,983 | 401,235 | ||||||
| Legrand SA | 6,214 | 443,431 | ||||||
| L’Oreal SA | 2,350 | 657,928 | ||||||
| Publicis Groupe SA | 9,053 | 445,152 | ||||||
| Schneider Electric SE | 6,500 | 570,239 | ||||||
| Societe BIC SA | 4,300 | 288,666 | ||||||
| 4,848,066 | ||||||||
| Germany (8.1%) | ||||||||
| Allianz SE | 1,845 | 429,984 | ||||||
| Beiersdorf AG | 2,649 | 312,360 | ||||||
| Deutsche Boerse AG | 3,056 | 477,583 | ||||||
| Fresenius SE & Co. KGaA | 7,758 | 362,663 | ||||||
| Fuchs Petrolub SE | 5,992 | 225,027 | ||||||
| Hannover Rueck SE | 1,789 | 302,391 | ||||||
| Henkel AG & Co. KGaA | 4,900 | 448,561 | ||||||
| Hugo Boss AG | 3,893 | 208,523 | ||||||
| Merck KGaA | 3,586 | 403,894 | ||||||
| Muenchener Rueckversicherungs-Gesellschaft AG | 1,202 | 310,980 | ||||||
| SAP AG | 6,410 | 753,608 | ||||||
| 4,235,574 | ||||||||
| Hong Kong (2.6%) | ||||||||
| Hang Lung Properties Ltd. | 155,400 | 352,933 | ||||||
| Hang Seng Bank Ltd. | 17,220 | 371,315 | ||||||
| COMMON STOCKS, CONTINUED | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Hong Kong, continued | ||||||||
| Hysan Development Co. Ltd. | 72,000 | 290,297 | ||||||
| MTR Corp. Ltd. | 64,900 | 364,351 | ||||||
| 1,378,896 | ||||||||
| Ireland (1.6%) | ||||||||
| Experian PLC | 14,071 | 449,562 | ||||||
| Kerry Group PLC | 3,467 | 405,415 | ||||||
| 854,977 | ||||||||
| Israel (0.6%) | ||||||||
| Nice Systems Ltd.(a) | 2,355 | 339,139 | ||||||
| 339,139 | ||||||||
| Italy (1.5%) | ||||||||
| Snam SpA | 78,869 | 398,299 | ||||||
| Terna Rete Elettrica Nazionale SpA | 62,748 | 403,048 | ||||||
| 801,347 | ||||||||
| Japan (23.9%) | ||||||||
| Astellas Pharma, Inc. | 20,850 | 296,714 | ||||||
| Benesse Holdings, Inc. | 12,560 | 325,995 | ||||||
| Canon, Inc. | 16,175 | 431,269 | ||||||
| Central Japan Railway Co. | 2,115 | 434,699 | ||||||
| Chugai Pharmaceutical Co. Ltd. | 5,300 | 411,803 | ||||||
| Daiwa House Industry Co. Ltd. | 16,390 | 531,526 | ||||||
| Denso Corp. | 7,000 | 307,492 | ||||||
| East Japan Railway Co. | 3,025 | 288,482 | ||||||
| Fast Retailing Co. Ltd. | 805 | 478,115 | ||||||
| INPEX Corp. | 49,200 | 451,042 | ||||||
| JSR Corp. | 17,200 | 275,079 | ||||||
| Kao Corp. | 3,900 | 288,018 | ||||||
| KDDI Corp. | 12,600 | 329,248 | ||||||
| Kurita Water Industries Ltd. | 10,900 | 291,682 | ||||||
| Mitsubishi Estate Co. Ltd. | 25,500 | 491,555 | ||||||
| Nippon Telegraph & Telephone Corp. | 7,632 | 363,987 | ||||||
| Nitto Denko Corp. | 7,200 | 346,580 | ||||||
| Nomura Research Institute Ltd. | 23,364 | 464,860 | ||||||
| NTT DOCOMO, Inc. | 14,310 | 364,401 | ||||||
| Oracle Corporation Japan | 3,700 | 320,683 | ||||||
| Oriental Land Co. Ltd. | 3,765 | 572,534 | ||||||
| Secom Co. Ltd. | 3,935 | 358,813 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 14,850 | 507,546 | ||||||
| Sysmex Corp. | 4,300 | 287,648 | ||||||
| Terumo Corp. | 13,600 | 437,776 | ||||||
| The Chiba Bank Ltd. | 51,945 | 267,148 | ||||||
| The Hachijuni Bank Ltd. | 65,140 | 265,115 | ||||||
| The Shizuoka Bank Ltd. | 33,180 | 247,062 | ||||||
| Tokio Marine Holdings, Inc. | 9,250 | 494,457 | ||||||
| Tokyo Gas Co. Ltd. | 15,500 | 390,618 | ||||||
| Toyota Motor Corp. | 9,340 | 623,415 | ||||||
| Yahoo Japan Corp. | 94,835 | 266,671 | ||||||
| Yamato Holdings Co. Ltd. | 13,075 | 196,651 | ||||||
| 12,408,684 | ||||||||
| Luxembourg (0.6%) | ||||||||
| Tenaris SA | 31,976 | 339,205 | ||||||
| 339,205 | ||||||||
| Netherlands (3.5%) | ||||||||
| AKZO Nobel NV | 4,979 | 443,802 | ||||||
| Koninklijke Ahold Delhaize NV | 18,813 | 470,632 | ||||||
| Koninklijke Vopak NV | 8,600 | 441,997 | ||||||
| Wolters Kluwer NV | 6,754 | 493,006 | ||||||
| 1,849,437 | ||||||||
| Norway (0.9%) | ||||||||
| Statoil ASA | 23,542 | 447,957 | ||||||
| 447,957 | ||||||||
| Schedule ofPortfolio Investments | Walden International Equity Fund |
| September 30, 2019 (Unaudited) |
| COMMON STOCKS, CONTINUED | ||||||||
| Security Description | Shares | Fair Value ($) | ||||||
| Singapore (1.3%) | ||||||||
| ComfortDelGro Corp. Ltd. | 209,350 | 363,613 | ||||||
| Singapore Exchange Ltd. | 50,600 | 310,162 | ||||||
| 673,775 | ||||||||
| Spain (2.2%) | ||||||||
| Enagas SA | 13,235 | 306,644 | ||||||
| Gas Natural SDG SA | 13,947 | 369,954 | ||||||
| Inditex SA | 15,243 | 471,775 | ||||||
| 1,148,373 | ||||||||
| Sweden (2.1%) | ||||||||
| Atlas Copco AB, Class A | 10,300 | 317,335 | ||||||
| Hennes & Mauritz AB | 19,766 | 383,301 | ||||||
| Svenska Handelsbanken AB | 44,986 | 421,373 | ||||||
| 1,122,009 | ||||||||
| Switzerland (8.6%) | ||||||||
| ABB Ltd. | 18,018 | 354,112 | ||||||
| Cie Financiere Richemont SA | 3,966 | 291,031 | ||||||
| Givaudan SA | 181 | 505,015 | ||||||
| Nestle SA | 8,100 | 879,002 | ||||||
| Roche Holding AG | 3,698 | 1,076,452 | ||||||
| SGS SA | 134 | 332,247 | ||||||
| Sonova Holding AG-REG | 1,830 | 425,496 | ||||||
| Zurich Insurance Group AG | 1,658 | 634,752 | ||||||
| 4,498,107 | ||||||||
| United Kingdom (13.5%) | ||||||||
| Admiral Group PLC | 9,911 | 258,049 | ||||||
| Burberry Group PLC | 12,989 | 347,131 | ||||||
| Compass Group PLC | 19,897 | 511,936 | ||||||
| Croda International PLC | 5,575 | 333,074 | ||||||
| Investec PLC | 60,916 | 313,540 | ||||||
| ITV PLC | 155,179 | 240,169 | ||||||
| Johnson Matthey PLC | 8,313 | 312,400 | ||||||
| London Stock Exchange Group PLC | 6,576 | 590,770 | ||||||
| Marks & Spencer Group PLC | 102,306 | 231,973 | ||||||
| National Grid PLC | 47,157 | 511,239 | ||||||
| Next PLC | 3,982 | 302,810 | ||||||
| Reckitt Benckiser Group PLC | 5,600 | 436,727 | ||||||
| RELX PLC | 14,529 | 345,155 | ||||||
| Sage Group PLC | 41,182 | 350,022 | ||||||
| Schroders PLC | 6,790 | 256,669 | ||||||
| Smith & Nephew PLC | 22,159 | 533,633 | ||||||
| Smiths Group PLC | 13,800 | 266,340 | ||||||
| Unilever PLC | 9,200 | 553,038 | ||||||
| WPP PLC | 22,392 | 280,220 | ||||||
| 6,974,895 | ||||||||
| TOTAL COMMON STOCKS (Cost $48,017,459) | 51,434,150 | |||||||
| INVESTMENT COMPANIES (1.1%) | ||||||||
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 1.82% (b) | 571,375 | 571,375 | ||||||
| TOTAL INVESTMENT COMPANIES (Cost $571,375) | 571,375 | |||||||
| Total Investments (Cost $48,588,834) — 99.6% | 52,005,525 | |||||||
| Other assets in excess of liabilities — 0.4% | 189,774 | |||||||
| NET ASSETS — 100.0% | $ | 52,195,299 | ||||||
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day yield as of September 30, 2019. |
| PLC | Public Limited Company |
| The Fund invested, as a percentage of net assets at value, in the following industries as of September 30, 2019: | ||
| Industry | Percentage of Total Net Assets (%) | |
| Financials | 20.6 | |
| Industrials | 14.0 | |
| Health Care | 11.1 | |
| Consumer Staples | 11.0 | |
| Consumer Discretionary | 10.4 | |
| Materials | 7.2 | |
| Energy | 6.9 | |
| Information Technology | 5.9 | |
| Communication Services | 5.0 | |
| Real Estate | 3.2 | |
| Utilities | 3.2 | |
| Investment Companies | 1.1 | |
| Other net assets | 0.4 | |
| Total | 100.0% | |
