Background
Boston Trust Walden Inc. (the “Adviser”) is a Massachusetts corporation that was organized in 2001
and has been registered with the SEC as an investment adviser under the Investment Advisers Act of
1940 since April 11, 2001. Boston Trust Walden Inc. is a wholly owned subsidiary of Boston Trust
Walden Company (the “Bank”), which in turn is wholly-owned by Boston Trust Walden Corporation (the
“Holding Corp.”). Boston Trust Walden Corporation, the parent company of Boston Trust Walden
Company, is a Delaware corporation incorporated in 2004 and is wholly owned by current and retired
employees of Boston Trust Walden Company. As of December 31, 2023, Boston Trust Walden Inc.
managed $4,785,710,449 in assets managed on a discretionary basis and $0 managed on a non-
discretionary basis.
References to “us,” “we,” and “our” in this document refers to Boston Trust Walden Inc. and where
appropriate to the joint activities of Boston Trust Walden Inc. and Boston Trust Walden Company under
an Intercompany Agreement described below.
Boston Trust Walden Inc.’s Parent Company
Boston Trust Walden Company, the parent company of Boston Trust Walden Inc., is a Massachusetts
state-chartered bank and trust company that provides trust, fiduciary services, and investment
management services to: corporations, endowments, public funds, labor plans (Taft-Hartley), collective
investment trusts, pension plans, trusts, high net worth individuals, third party sponsored wrap
programs, and model delivery programs. To achieve administrative and operational efficiencies,
Boston Trust Walden Company provides services to the Adviser, under an Intercompany Agreement,
including: trading, investment research, environmental social and governance (“ESG”) research,
investment control, operations support, finance, IT support, business continuity planning, and human
resource support.
As part of the Intercompany Agreement, Boston Trust Walden Inc. utilizes Boston Trust Walden
Company for ESG related research and services for clients that self-identify as sustainable,
responsible, or impact-oriented investors. For all investment strategies, Boston Trust Walden Inc.
evaluates how financially material ESG risks and opportunities may affect a company’s revenues,
expenses, assets, liabilities, and overall risk and considers their corporate and financial impact as part
of the investment decision-making process. Boston Trust Walden Inc.’s clients who further select ESG
strategies and criteria receive additional custom values, mission-based ESG screening or, if
appropriate, such ESG screening as is provided to the affiliated Boston Trust Walden ESG screened
funds. Boston Trust Walden Inc.’s ESG designated accounts and strategies undergo additional values-
based ESG screening criteria, including the Boston Trust Walden ESG screened funds.
On behalf of clients, we utilize active ownership to strengthen the sustainability policies, practices, and
public reporting of companies in which we invest client assets. Active ownership strategies include
proxy voting, company engagement, shareholder resolutions, and public policy advocacy.
Advisory Services
Boston Trust Walden Inc. provides investment management to separate accounts, and funds.
Additionally, we provide investment recommendations in the form of a model portfolio to third parties
(“Model Delivery” or “Model Delivery Programs”). With the exception of Model Delivery, investment
management is furnished on a fully discretionary basis where the client authorizes us to make all
investment decisions for the account in accordance with their investment objective or specific
investment guidelines, including if appropriate, investment in our proprietary mutual funds. Client
guidelines may include, for example, restrictions on investing in certain securities, such as security
types, issuers, or securities with certain credit ratings. All separate account advisory services are
provided under the terms of an investment management agreement between us and the client. The
agreement permits either party to terminate the agreement at any time upon written notice to the
other party. Under the terms of our agreement,
and in accordance with the Investment Advisers Act of
1940, Boston Trust Walden Inc. may not assign client agreements or any of its contractual obligations
without the prior written consent of the client.
For Model Delivery, we are retained by financial services firms, such as banks, broker-dealers, and
other investment advisers (“Program Sponsors”) to provide a model portfolio and update the model
portfolio as Boston Trust Walden Inc. makes changes to its portfolios. In Model Delivery programs, we
do not exercise investment discretion or trade the account. Rather, the Program Sponsor maintains
investment discretion for the account and may or may not elect to execute any or all of the purchase
or sale transactions that we recommend through the model. Furthermore, in Model Delivery
arrangements, the Program Sponsor is responsible for determining the timing of transactions,
execution venue, and other decisions relating to the trade execution. Additionally, Program Sponsors
may accept individualized client investment guidelines and restrictions on the management of the
account. As a result, there is expected to be material performance differences between account
performance in Model Delivery programs and Boston Trust Walden Inc. discretionary portfolios
(separate accounts, funds, and sub-advised funds). We will provide a copy of the firm’s ADV Part 2A
and 2B to every client and a copy will be provided to any prospective client upon request.
Affiliated and Other Funds
Boston Trust Walden Inc. provides investment advisory services to open-end registered investment
companies (commonly known as “mutual funds”). Boston Trust Walden Inc. is the adviser of the Boston
Trust Walden Funds (the “Funds”). For additional information, including a description of advisory fees
and services provided by Boston Trust Walden Inc. to the Funds please see the Summary Prospectus,
Statutory Prospectus, or Statement of Additional Information for the Funds, available by calling 1-800-
282-8782 ext. 7050, or visiting the website:
www.bostontrustwalden.com/investment-
services/mutual-funds. Boston Trust Walden Inc. sub-advises unaffiliated funds.
Other Services
Active Ownership: We encourage the companies in which we invest client assets to adopt better ESG
policies and practices, because we believe companies that effectively manage sustainability risks are
better positioned for success. Company engagement focus areas include climate risk, equality, and
governance. We focus on issues that we believe have financially material implications for the company.
Proxy Voting: Proxy voting is part of our fiduciary duty to clients and has economic value. Our objective
is to represent and vote proxies in the long-term interest of our clients. Proxy votes reinforce dialogues
with management teams. Proxy voting policies and guidelines generally support greater corporate
accountability and improved policies and performance on key ESG parameters.
Public Policy Advocacy: We engage in public policy advocacy on issues that may strengthen corporate
responsibility and support shareholder access to material and decision-useful corporate information.
We have provided legislative testimony and commentary (directly and in collaboration with partners)
on matters of public policy, including issues related to climate risk, human capital management,
Indigenous People's Rights, corporate governance reform, and disclosure-related regulation.
Litigation, Class Action and Bankruptcies
When we serve as investment adviser, we may be asked to decide whether to participate in litigation,
including by filing claims in class actions, or bankruptcy proceedings for assets held in your account(s).
As a general matter, we cannot exercise any rights you have in participating in, commencing, or
defending suits or legal proceedings such as class actions for assets held or previously held in your
account, although we do so for the Boston Trust Walden Funds.