Green Century Funds

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

For information on the Green Century Funds^®, call 1-800-93-GREEN. For information on how to open an account and account services, call 1-800-221-5519 8:00 am to 6:00 pm Eastern Time, Monday through Friday. For share price and account information, visit www.greencentury.com.

Whether you are a new or longtime investor with Green Century, you are part of a growing movement of individuals choosing to invest in a manner that reflects your values. Thank you for choosing Green Century as your partner.

While responsible investing is increasingly common, Green Century remains unique. Our three-pronged approach offers investors an unparalleled opportunity to make an environmental impact while seeking competitive financial returns.

As the first family of fossil fuel free, diversified, and responsible mutual funds in the United States, Green Century believes that responsible investors do not want to support the most environmentally reckless industries on the planet.

Green Century is proud of our leadership role in the divestment movement, having championed fossil fuel free investing since before the movement’s founding in 2012. As interest in fossil fuel free investing has grown, we have been at the forefront of the effort to demonstrate its potential financial benefits, including better performance, lower volatility, and avoidance of stranded assets.

Green Century screens out more than just fossil fuel companies. We also do not invest in producers of nuclear energy, nuclear weapons, conventional firearms, GMOs (Genetically Modified Organisms), or tobacco.

Since Green Century was founded in 1991, we have sought to invest in sustainable companies, environmental leaders, and other companies that outperform their peers in addressing the most relevant environmental, supply chain, and corporate governance factors to their industries.

The use of ESG performance ratings may reduce risk and may offer financial advantages as well. It also grants investors the peace of mind to know that they’re only supporting corporate leaders in the effort to address the climate crisis, improve supply chain practices, and implement strong governance structures.

While new ESG products continue to launch, our decades of experience provides investors with an authentic and time-tested approach.

Green Century leverages its status as an investor to produce improved corporate environmental practices

Green Century believes that even corporate sustainability leaders have room for improvement, which is why we pressure dozens of companies every year to adopt stronger environmental practices throughout their operations and supply chains. We believe that companies that protect the environment and public health may avoid brand and reputational damage, which can protect shareholder interests.

Green Century’s shareholder advocacy program directly presses corporations to reduce potential investment risks and deliver tangible results.

Green Century is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations. This means that 100 percent of the profits Green Century Capital Management earns managing our Funds can be used to support their critical work.

This one-of-a-kind ownership structure is integral to our mission and an important way that we help our investors align their investments with their values.

Green Century’s many environmental victories are only possible because of our investors. Thank you for choosing to make an impact with Green Century. We appreciate your support and are always here to answer any questions.

I also encourage you to subscribe to our free, online newsletter. You can sign up by visiting www.GreenCentury.com, emailing us at info@greencentury.com, or calling us at 1-800-934-7336.

E-News. For more regular updates on the Green Century Funds and on our advocacy efforts, please consider signing up for our e-newsletter. Call 1-800-934-7336, visit www.greencentury.com, or email info@greencentury.com.

Online Access. Information on your account is available on our website at www.greencentury.com. From the home page, click on Access My Account. Shareholders may also perform online transactions on the site. While there, please consider registering for e-delivery of your statements and other Fund documents.

Twitter. Green Century is on Twitter. Follow us at Twitter.com/Green__Century for a sustainable investor’s perspective on critical issues.

The Green Century Funds’ proxy voting guidelines and a record of the Funds’ proxy votes for the year ended June 30, 2019 are available without charge, upon request, (i) at www.greencentury.com, (ii) by calling 1-800-934-7336, (iii) by sending an e-mail to info@greencentury.com, and (iv) on the Securities and Exchange Commission’s website at www.sec.gov.

The Green Century Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of the year on Form N-Q. The Green Century Funds’ Forms N-Q are available on the EDGAR database on the SEC’s website at www.sec.gov. These Forms may also be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information about the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The information on Form N-Q may also be obtained by calling us at 1-800-934-7336, or by e-mailing a request to info@greencentury.com.

Investment Objective The Green Century Balanced Fund seeks capital growth and income from a diversified portfolio of stocks and bonds that meet Green Century’s standards for corporate environmental responsibility.

Portfolio Orientation As of the fiscal year ended July 31, 2019; the Green Century Balanced Fund (the Balanced Fund or the Fund) was diversified in a number of ways. Equity holdings represented 65.5% and

bonds constituted 31.5% of the Fund’s net asset value. The Fund also held 0.1% of its net assets in community investment certificates of deposit and had 2.9% invested in cash, cash equivalents, and other assets, less liabilities. The portfolio managers view equities as the primary source of potential long-term growth, while emphasizing the importance of diversification in seeking to lower volatility. The Fund’s equity holdings were diversified across 75 equity holdings at fiscal year-end, none of which represented more than 2.8% of total net assets. Generally, larger, less-volatile companies constitute larger positions in the Fund’s portfolio than smaller companies. The portfolio managers seek to mitigate risk by investing primarily in companies they believe have demonstrated records of profitability, above-average growth prospects, and reasonable valuations.

As of July 31, the stocks held by the Balanced Fund were also diversified by sector, with (as a percent of total net assets) Technology (14.4%), Healthcare (10.2%), and Financial Services (8.6%) as the largest sectors.

In line with its environmental mandate, the Fund had exposure to what Green Century considers environmental leaders in a number of industries including Healthy Living, Capital Goods, and Transportation. Green Century’s environmental screens keep the Fund out of traditional Energy and Utility companies, while the Fund has broad exposure to Information Technology, Health Care, Financial, Consumer, and Industrial companies.

In addition to its equity exposure to environmental leaders, the Fund invests in designated Green Bonds and designated Social Impact Bonds. The issuers of Green Bonds have indicated that the proceeds from the bonds will be used for environmentally positive goals such as greenhouse gas reduction, climate adaptation, and climate change mitigation. Issuers of designated Social Impact Bonds have indicated that the proceeds from the bonds will be used for projects supporting such issues as poverty alleviation, low-income housing, fair trade, and community development. As of July 31, 20.5% of the total portfolio and 65.4% of the market value of the bonds held in the Fund were designated Green / Sustainable or Social Impact Bonds.

Higher quality, intermediate maturity bonds can typically lower volatility and provide a stable source of income. At fiscal year end, the Balanced Fund held 51 bonds diversified across corporate and government agency issuers. In an effort to dampen volatility, the weighted average maturity (5.33 years) and modified duration (4.02 years) remain in the intermediate-range. The weighted average yield to maturity was 2.47%. All fixed income holdings were investment grade at the time of purchase and remained investment grade through the end of the fiscal year.

Economic Environment. According to the Fund’s subadvisor, financial markets performed well since the beginning of the year, albeit with a few sharp reversals, such as a 6% decline starting in May when investors turned their attention from first quarter earnings reports to growing risks from an accelerating set of trade disputes. Nonetheless, a June and July rally pushed major indices to new highs, as President Trump indicated that he would postpone imposing additional tariffs on China. As another record-breaking hot summer unfolds, investors are attempting to weigh a dovish turn in monetary policy in both the U.S. and Europe, against the impacts of decelerating global economic growth, fading fiscal stimulus, ongoing spats in trade policy that have spread beyond the U.S. and China, and prolonged geopolitical risks. At current equity valuations, investors do not appear to have reconciled the benefit of an interest rate cut with the negative conditions that would generate one.

Investment Strategy and Performance. Green Century believes that strong environmental, social, and governance practices may enhance corporate profitability and reduce certain types of risks. We specifically avoid risks associated with investments in fossil fuels. Green Century and the Fund’s subadvisor believe that companies with strong balance sheets, strategic leadership in their products and markets, and strong environmental, social, and governance policies will have the financial flexibility and leadership wisdom to navigate choppy and volatile economic conditions.

The Balanced Fund holds a number of stocks which the portfolio managers believe have attractive environmental, social, and financial characteristics. New holdings over the reporting period include American Tower Corporation¹ and Ingevity.¹ American Tower creates wireless infrastructure by building and maintaining cell phone towers, with a big push into many emerging economies, including India and Ghana. Ingevity, a spin off from the company that was originally MeadWestvaco,¹ makes specialty chemical

products, including some from recycled pine dust. This additive has many applications, including helping asphalt paving to dry quicker with fewer carbon emissions.

The Fund holds over $56 million in Green / Sustainability or Social Impact Bonds and Notes, including notes issued by The Korea Development Bank,¹ International Finance Corp.,¹ International Bank for Reconstruction and Development (World Bank),¹ Overseas Private Investment Corp.,¹ Starbucks,¹ and Enterprise Community Loan Fund.¹

For the year ended July 31, 2019, the Balanced Fund’s returns were 10.04%, outperforming the 7.45% return for its Custom Balanced Index,² an index comprised of the S&P Supercomposite 1500 Index³ (60% weighting) and of the BofA Merrill Lynch 1-10 Year US Corporate and Government Index⁴ (40% weighting).

The outperformance of the Fund during this time period is primarily reflective of strong equity performance, especially in stock selection. For example, the Fund’s exposure to payments companies Mastercard¹ and PayPal¹ helped provide strong relative returns in Technology, as did semiconductor exposure from Xilinx¹ and Analog Devices.¹ In Consumer Staples, we saw above market performance from spice company McCormick,¹ household products company Church & Dwight,¹ and retailer Costco.¹ The Fund’s regional bank exposure somewhat detracted from relative performance over the year, including KeyCorp¹ and East West Bancorp.¹ The Fund’s high quality fixed income exposure performed in-line with the benchmark as designed, particularly as the Fund’s portfolio managers moved duration closer in line with the benchmark over the period.

The Fund’s portfolio managers do not anticipate any significant changes in investment strategy for the Fund, believing that the investment environment may be favorable to the Fund’s core holdings in what the portfolio managers consider high-quality, environmentally responsible companies with strong growth prospects and reasonable valuations.

The Balanced Fund consistently includes stocks and bonds of what Green Century believes to be environmentally responsible corporations of various sizes, including small, medium, and large companies. The value of the stocks held in the Balanced Fund will fluctuate in response to factors that may affect the

single issuer, industry, or sector of the economy or may affect the market as a whole. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. The Funds’ environmental criteria limit the investments available to the Funds compared to mutual funds that do not use environmental criteria.

The S&P 500^® Index⁵ and the S&P Supercomposite 1500 Index (the S&P 1500 Index) are unmanaged indexes of 500 and 1500 stocks, respectively. The Custom Balanced Index is comprised of a 60% weighting in the S&P 1500 Index and a 40% weighting in the BofA Merrill Lynch 1-10 Year US Corporate & Government Index (the BofA Merrill Lynch Index). The BofA Merrill Lynch Index tracks the performance of U.S. dollar-denominated investment grade government and corporate public debt issued in the U.S. domestic bond market with at least 1 year and less than 10 years remaining maturity, including U.S. Treasury, U.S. Agency, foreign government, supranational and corporate securities. Similar to the Balanced Fund, the performance of the S&P 500^® Index, the S&P 1500 Index, the Custom Balanced Index and the BofA Merrill Lynch Index reflect reinvestment of dividends and distributions. Unlike the Fund, however, the performance of the S&P 500^® Index, the S&P 1500 Index, the Custom Balanced Index and the BofA Merrill Lynch Index does not include management and other operating expenses. It is not possible to invest directly in an index.

Investment Objective The Green Century Equity Fund (the Equity Fund or the Fund) seeks to achieve long-term total return that matches the performance of an index comprised of the stocks of companies selected based on environmental, social and governance criteria.

Portfolio Orientation The Fund seeks to achieve its objective by investing in the stocks which make up the MSCI KLD 400 Social ex Fossil Fuels Index⁶ (the KLD400 ex Fossil Fuels Index or the Index), a custom index calculated by MSCI, Inc. The KLD400 ex Fossil Fuels Index is comprised of the common stocks of the approximately 400 companies in the MSCI KLD 400 Social Index (the KLD400 Index), minus the stocks of the companies that explore for, extract, produce, manufacture, or refine coal, oil or gas that are included in

the KLD400 Index. The Index also does not include companies that produce or transmit electricity derived from fossil fuels, transmit natural gas, or own carbon reserves.

The KLD400 Index, formerly named the Domini 400 Social Index, is the longest-running socially responsible index. Like other index funds, the Equity Fund is not actively managed in the traditional investment sense, but rather seeks to be nearly fully invested at all times in a broad and diverse portfolio of stocks which meet certain environmental, social and governance (ESG) criteria. The Equity Fund, like many other mutual funds invested primarily in stocks, carries the risk of investing in the stock market. The large companies in which the Equity Fund is invested may perform worse than the stock market as a whole. The Fund’s environmental criteria limit the investments available to the Fund compared to mutual funds that do not use environmental criteria.

The Fund invests in the stocks of companies selected for inclusion in the Index based on a thorough review of environmental, social, and

governance factors and includes those companies believed to have the best overall sustainability records. Green Century believes that certain industries impose unique and onerous risks and/or costs on society. Companies involved in these industries are evaluated based on their level of involvement as well as the impact of that involvement on society. Therefore, companies that derive significant revenues from the manufacture of tobacco products, alcoholic beverages, genetically modified organisms (GMOs), or the operation of gambling enterprises; or have a significant direct ownership share in, operate or design nuclear power plants are not eligible for the Index. Major military contractors and firearms manufacturers are also ineligible. The Index excludes all companies that explore for, extract, produce, manufacture, or refine coal, oil or gas. The Index also does not include companies that produce or transmit electricity derived from fossil fuels, transmit natural gas, or own carbon reserves.

Investment Strategy and Performance Green Century believes that companies that minimize their negative social and environmental impact and follow governance standards could enjoy competitive advantages and be less likely to incur certain legal liabilities that may be assessed when a product or service is determined to be harmful. Green Century also believes that such investments may, over the long term, provide investors with a return that is competitive with enterprises that do not exhibit such social and environmental awareness.

The Equity Fund’s total return for the latest quarter ended July 31, 2019 was 2.06% for the individual share class and 2.12% for the institutional share class, while the S&P 500^® Index returned 1.69% for the same period. Additional results for various time periods are below:*

* The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain Fund prices and performance information as of the most recent month-end, call 1-800-93-GREEN/1-800-934-7336. Performance includes the reinvestment of income dividends and capital gains distributions. Performance shown does not reflect the deduction of taxes that a shareholder might pay on Fund distributions or the redemption of Fund shares. A redemption fee of 2.00% may be imposed on redemptions or exchanges of shares you have owned for 60 days or less. Please see the prospectus for more information. As of April 1, 2014, the Equity Fund invests in the common stocks which make up the MSCI KLD 400 Social ex Fossil Fuels Index; prior to April 1, 2014, the Fund invested in the common stocks which made up the MSCI KLD 400 Social Index. Institutional shares were offered as of April 30, 2018. The Institutional Share Class performance for periods prior to April 30, 2018 reflects the performance of the Fund’s Individual Investor Class.

For the year ended July 31, 2019, the Equity Fund institutional and investor share classes returned 9.65% and 9.33%, respectively, outperforming the S&P 500^® Index which returned 7.99%. As the MSCI KLD 400 Social ex Fossil Fuels Index does not include all of the stocks in the S&P 500^® Index and includes some stocks not included in the S&P 500 Index, the performance of the Fund can be expected to differ from the performance of the broader benchmark.

The performance of the Fund, relative to the MSCI Index, was boosted by the positive impact of stock selection in the Information Technology and Industrials sectors. The relative performance of the Fund was negatively impacted by stock selection in the Telecommunication Services and Financials sectors.

The strongest performing sectors in the Equity Fund were Utilities, Information Technology and Consumer Staples which returned 30.72%, 19.08% and 18.49%, respectively. The worst performing sectors were Health Care and Industrials, which returned –1.25% and 3.28%, respectively, for the year. Within the S&P 500 Index, Information Technology, Real Estate and Utilities were the strongest performing sectors, gaining 18.03%, 16.41%, and 15.16%, respectively. The worst performing sectors were Energy and Materials, which returned –16.72% and –0.82%, respectively, for the year.

Despite a sharp decline of more than 16% in the fourth quarter, the S&P 500 Index was up nearly 8% in the year—reaching all-time highs in July. Much of the increased volatility stemmed from investor sentiment around global trade wars, predominantly with China. A fluctuating interest rate policy from the U.S. Federal Reserve also caused uncertainty, with rate hikes in September and December and a cut the last week in July. Energy was the worst-performing sector in the index for the year, as crude oil prices ended down about 13%. All other sectors were flat or positive, led by Utilities which held up well all year, doubling market performance.

The S&P 500^® Index is an unmanaged index of 500 stocks. Similar to the Equity Fund, the S&P 500^® Index’s performance reflects reinvestment of dividends and distributions. Unlike the Fund, however, the S&P 500^® Index’s performance does not include management and other operating expenses. It is not possible to invest directly in an index.

Investment Objective The Green Century MSCI International Index Fund (the International Fund or the Fund) seeks to achieve long-term total return that matches the performance of an index comprised of the stocks of foreign companies selected based on environmental, social and governance criteria.

Portfolio Orientation The Fund seeks to achieve its objective by investing in the stocks included in the MSCI World ex USA SRI ex Fossil Fuels Index⁷ (the Index), a custom index calculated by MSCI, Inc. The Index is comprised of the common stocks of the approximately 240 companies in the MSCI World ex USA SRI Index,⁸ minus the stocks of the companies that explore for, extract, process, refine or distribute coal, oil or gas. The Index also does not include companies that produce or transmit electricity derived from fossil fuels, transmit natural gas, or own carbon reserves.

The International Fund is the only responsible, diversified fossil fuel free international index fund available in the U.S. The Fund is also broadly diversified and responsibly screened. Like other index funds, the International Fund is not actively managed in the traditional investment sense, but rather seeks to be nearly fully invested at all times in a broad and diverse portfolio of stocks which meet certain environmental, social and governance (ESG) criteria.

The Fund invests in the stocks of companies selected for inclusion in the Index based on a thorough review of environmental, social, and governance factors and includes those companies believed to have the best overall sustainability records. Green Century believes that certain industries impose unique and onerous risks and/or costs on society. Companies involved in these industries are evaluated based on their level of involvement as well as the impact of that involvement on society. Therefore, companies that

derive significant revenues from the manufacture of tobacco products, alcoholic beverages, genetically modified organisms (GMOs), or the operation of gambling enterprises; or have a significant direct ownership share in, operate or design nuclear power plants are not eligible for the Index. Major military contractors and firearms manufacturers are also ineligible. The Index excludes all companies that explore for, extract, produce, manufacture, or refine coal, oil or gas. The Index also does not include companies that produce or transmit electricity derived from fossil fuels, transmit natural gas, or own carbon reserves.

While the international markets have dipped recently, the International Fund outperformed its benchmark for the latest quarter ended July 31, 2019. The Fund’s total return was –0.17% for the individual share class and 0.01% for the institutional share class for this period, while the MSCI World ex USA Index returned –0.29% for the same period. Additional results for various time periods are below:*

For the year ended July 31, 2019, the institutional and investor share classes of the Green Century MSCI International Index Fund (International Fund), which closely tracks the MSCI World ex USA SRI ex Fossil Fuels Index, returned –1.43% and –1.82%, respectively, while the MSCI World ex USA Index (Index), returned –2.33% during the same period. The difference in performance of the International Fund relative to the Index was largely due to differences in sector allocation and stock selection criteria between the International Fund and the Index.

The strongest performing sectors in the International Fund were Utilities, Consumer Staples and Information Technology which returned 10.54%, 5.45% and 4.43%, respectively. The worst performing sectors were Materials and Real Estate, which returned –9.07% and –3.48%, respectively, for the year. Within

the MSCI World ex USA Index, Utilities, Consumer Staples and Information Technology were the strongest performing sectors, gaining 7.98%, 4.49%, and 4.11%, respectively. The worst performing sectors were Energy and Financials, which returned –11.61% and –6.42%, respectively, for the year.

International equities were down more than 2% for the year ended July 31, 2019. The largest detractors from return in the MSCI World ex-US Index on a country basis were Japan, Germany, and the United Kingdom. Countries around the world were plagued by unresolved issues surrounding global trade policies, Brexit, and political uncertainty in Italy in the second half of 2018. With a more dovish stance out of the U.S. Federal Reserve in 2019, the Fund’s portfolio managers expect interest rates to remain low and supportive of future economic growth for the foreseeable future. This development contributed to positive returns across the board in 2019, with Technology stocks leading the way.

The MSCI World ex USA Index is a custom index calculated by MSCI Inc. The MSCI World ex USA Index includes large and mid-cap stocks across 22 of 23 Developed Markets (DM) countries and excludes the United States. With 1,023 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI World ex USA Index is a free float-adjusted market capitalization index. Unlike the Fund, the MSCI World ex USA Index’s performance does not include management and other operating expenses. It is not possible to invest directly in an index.

The International Fund, like many other mutual funds invested primarily in stocks, carries the risk of investing in the stock market. The large companies in which the International Fund is invested may perform worse than the stock market as a whole. The developed market ex-U.S. equities in which the International Fund is invested may also perform worse than the stock market as a whole. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. The International Fund will not shift concentration from one industry to another or from stocks to bonds or cash, in order to defend against a falling stock market. The Fund’s environmental criteria limit the investments available to the Fund compared to mutual funds that do not use environmental criteria.

¹ As of July 31, 2019, the following companies comprised the listed percentages of each of the Green Century Funds:


Portfolio Holdings	GREEN CENTURY BALANCED FUND			GREEN CENTURY EQUITY FUND			GREEN CENTURY INTERNATIONAL INDEX FUND
Aramark		0.00	%		0.07	%		0.00	%
Verizon Communications, Inc.		1.54	%		1.81	%		0.00	%
Darden Restaurants, Inc.		0.00	%		0.12	%		0.00	%
Royal Caribbean Cruises, Ltd.		0.00	%		0.16	%		0.00	%
The Kroger Co.		0.00	%		0.13	%		0.00	%
Vertex Pharmaceuticals, Inc.		0.00	%		0.34	%		0.00	%
McDonald’s Corporation		0.00	%		1.28	%		0.00	%
American Tower Corporation		0.79	%		0.74	%		0.00	%
Ingevity Corporation		0.34	%		0.00	%		0.00	%
The Korea Development Bank		0.46	%		0.00	%		0.00	%
International Finance Corporation		0.18	%		0.00	%		0.00	%
International Bank for Reconstruction & Development		0.73	%		0.00	%		0.00	%


Portfolio Holdings	GREEN CENTURY BALANCED FUND			GREEN CENTURY EQUITY FUND			GREEN CENTURY INTERNATIONAL INDEX FUND
Overseas Private Investment		2.13	%		0.00	%		0.00	%
Starbucks Corporation		1.81	%		0.93	%		0.00	%
Enterprise Community Loan Fund, Inc.		1.13	%		0.00	%		0.00	%
Mastercard, Inc., Class A		2.36	%		1.97	%		0.00	%
PayPal Holdings, Inc.		1.40	%		0.00	%		0.00	%
Xilinx, Inc.		0.57	%		0.00	%		0.00	%
Analog Devices, Inc.		1.02	%		0.34	%		0.00	%
McCormick & Company, Inc.		0.86	%		0.15	%		0.00	%
Church & Dwight Company, Inc.		0.79	%		0.00	%		0.00	%
Costco Wholesale Corporation		1.37	%		0.00	%		0.00	%
KeyCorp		0.89	%		0.15	%		0.00	%
East West Bancorp		0.39	%		0.00	%		0.00	%

Portfolio composition will change due to ongoing management of the Funds. Please refer to the Green Century Funds website for current information regarding the Funds’ portfolio holdings. Note that some of the holdings discussed above may not have been held by any Fund during the fiscal year ended July 31, 2019, or may have been held by a Fund for a portion of the fiscal year, or may have been held by a Fund for the entire fiscal year. These holdings are subject to risk as described in the Funds’ prospectus. References to specific investments should not be construed as a recommendation of the securities by the Funds, their administrator, or their distributor.

²The Custom Balanced Index is comprised of a 60% weighting in the S&P 1500 Index and a 40% weighting in the BofA Merrill Lynch 1-10 Year US Corporate & Government Index (the BofA Merrill Lynch Index). It is not possible to invest directly in the Custom Balanced Index.

³The S&P Supercomposite 1500 Index is an unmanaged broad-based capitalization-weighted index comprising 1500 stocks of large-cap, mid-cap, and small-cap U.S. companies. It is not possible to invest directly in the S&P Supercomposite 1500 Index.

⁴The BofA Merrill Lynch Index tracks the performance of U.S. dollar-denominated investment grade government and corporate public debt issued in the U.S. domestic bond market with at least 1 year and less than 10 years remaining maturity, including U.S. treasury, U.S. agency, foreign government, supranational and corporate securities. It is not possible to invest directly in the BofA Merrill Lynch Index.

⁵The S&P 500^® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The S&P 500^® Index is heavily weighted toward stocks with large market capitalization and represents approximately two-thirds of the total market value of all domestic stocks. It is not possible to invest directly in the S&P 500^® Index.

⁶ The MSCI KLD 400 Social ex Fossil Fuels Index (the KLD400 ex Fossil Fuels Index) is a custom index calculated by MSCI Inc. The KLD400 ex Fossil Fuels Index is comprised of the common stocks of the approximately 400 companies in the MSCI KLD 400 Social Index (the KLD400 Index), minus the stocks of the companies that explore for, extract, produce, manufacture, or refine coal, oil or gas or produce or transmit electricity derived from fossil fuels or transmit natural gas or have carbon reserves that are included in the KLD400 Index. The KLD400 Index is a free float-adjusted market capitalization index designed to provide exposure to U.S. companies that have positive ESG characteristics and consists of approximately 400 companies selected from the MSCI USA Investable Market Index. It is not possible to invest directly in an index.

⁷ The World ex USA SRI ex Fossil Fuels Index is a custom index calculated by MSCI Inc. The World ex USA SRI ex Fossil Fuels Index is comprised of the common stocks of the companies in the MSCI World ex USA SRI Index (the World ex USA SRI Index), minus the stocks of the companies that explore for, extract, produce, manufacture or refine coal, oil or gas or produce or transmit electricity derived from fossil fuels or transmit natural gas or have carbon reserves that are included in the World ex USA SRI (Socially Responsible Investment) Index. The World ex USA SRI Index includes large and mid-cap stocks from approximately 22 Developed Markets countries (excluding the U.S.). The World ex USA SRI Index is a capitalization weighted index that provides exposure to companies with what MSCI calculates to have outstanding ESG ratings and excludes companies whose products have negative social or environmental impacts. It is not possible to invest directly in an index.

⁸ The MSCI World ex USA Index is a custom index calculated by MSCI Inc. The MSCI World ex USA Index includes large and mid-cap stocks across 22 of 23 Developed Markets countries and excludes the United States. With 1,023 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI World ex USA Index is a free float-adjusted market capitalization index. It is not possible to invest directly in the MSCI World ex USA Index.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

Neither the Green Century Equity Fund nor the Green Century MSCI International Index Fund (each a “Fund” and together the “Funds”) is sponsored, endorsed, or promoted by MSCI, its affiliates, information providers or any other third party involved in, or related to, compiling, computing or creating the MSCI indices (the “MSCI Parties”), and the MSCI Parties bear no liability with respect to a Fund or any index on which a Fund is based. The MSCI Parties are not sponsors of either of the Funds and are not affiliated with the Funds in any way. The Statement of Additional Information contains a more detailed description of the limited relationship the MSCI Parties have with Green Century Capital Management and the Funds.

As a shareholder of the Green Century Funds (the “Funds”), you incur two types of costs: (1) transaction costs, including redemption fees on certain redemptions; and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 1, 2019 to July 31, 2019 (the “period”).

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

Hypothetical Example for Comparison Purposes The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the actual return of any of the Funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees on shares held for 60 days or less. Therefore, the second line of the table is useful in comparing the ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs could have been higher.

¹ Expenses are equal to the Funds’ annualized expense ratios (1.48% for the Balanced Fund, 1.25% for the Equity Fund Individual Investor Class, 0.95% for the Equity Fund Institutional Class, 1.28% for the International Index Fund Individual Investor Class and 0.98% for the International Index Fund Institutional Class), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


COMMON STOCKS — 65.5%
	SHARES		VALUE
Software & Services — 8.5%
Adobe, Inc. (a)		6,573	$	1,964,407
Autodesk, Inc. (a)		11,965		1,868,574
Blackbaud, Inc.		16,690		1,518,790
Mastercard, Inc., Class A		23,949		6,520,594
Microsoft Corporation		57,484		7,833,345
PayPal Holdings, Inc. (a)		35,015		3,865,656

				23,571,366

Pharmaceuticals & Biotechnology — 5.3%
Celgene Corporation (a)		27,219		2,500,337
Gilead Sciences, Inc.		25,627		1,679,081
Illumina, Inc. (a)		6,759		2,023,510
IQVIA Holdings, Inc. (a)		15,895		2,530,007
Merck & Company, Inc.		55,816		4,632,170
Waters Corporation (a)		5,791		1,219,353

				14,584,458

Capital Goods — 5.2%
A.O. Smith Corporation		36,108		1,641,109
Hexcel Corporation		37,314		3,050,793
Illinois Tool Works, Inc.		11,220		1,730,460
Ingersoll-Rand PLC		26,748		3,307,658
Middleby Corporation (The) (a)		10,569		1,420,262
Wabtec Corporation		19,403		1,507,225
Xylem, Inc.		21,084		1,692,834

				14,350,341

Healthcare Equipment & Services — 4.9%
Baxter International, Inc.		28,987		2,434,039
Cigna Corporation		22,049		3,746,566
CVS Health Corp.		31,621		1,766,665
Medtronic PLC (b)		22,868		2,331,164
Quest Diagnostics, Inc.		13,466		1,374,609
Stryker Corporation		8,950		1,877,531

				13,530,574

Insurance — 4.3%
Aflac, Inc.		56,782		2,989,005
Lincoln National Corporation		40,366		2,637,515
Reinsurance Group of America, Inc.		16,034		2,500,021
Travelers Companies, Inc. (The)		25,349		3,716,670

				11,843,211


	SHARES		VALUE
Retailing — 4.3%
Booking Holdings, Inc. (a)		968	$	1,826,238
Home Depot, Inc. (The)		13,443		2,872,635
Target Corporation		26,125		2,257,200
TJX Companies, Inc. (The)		47,508		2,592,037
Tractor Supply Company		20,224		2,200,573

				11,748,683

Media & Entertainment — 4.1%
Alphabet, Inc., Class A (a)		6,261		7,627,150
Facebook, Inc., Class A (a)		13,120		2,548,298
Omnicom Group, Inc.		15,070		1,208,915

				11,384,363

Banks — 3.2%
East West Bancorp, Inc.		22,236		1,067,551
First Republic Bank		22,973		2,282,597
KeyCorp.		133,909		2,459,908
PNC Financial Services Group, Inc. (The)		21,808		3,116,363

				8,926,419

Technology Hardware & Equipment — 2.9%
Apple, Inc.		17,962		3,826,624
Cisco Systems, Inc.		41,256		2,285,582
Palo Alto Networks, Inc. (a)		8,640		1,957,306

				8,069,512

Real Estate — 2.7%
American Tower Corporation		10,311		2,182,014
AvalonBay Communities, Inc.		10,785		2,251,800
Boston Properties, Inc.		12,467		1,657,488
HCP, Inc.		43,157		1,378,003

				7,469,305

Food & Beverage — 2.7%
General Mills, Inc.		33,567		1,782,744
McCormick & Company, Inc.		14,991		2,376,673
Unilever NV (b)		56,418		3,257,575

				7,416,992

Semiconductors — 2.3%
Analog Devices, Inc.		24,092		2,829,846
ASML Holding NV (b)		8,209		1,829,047
Xilinx, Inc.		13,861		1,583,065

				6,241,958


	SHARES		VALUE
Materials — 2.2%
Ball Corporation		38,017	$	2,717,455
Ingevity Corporation (a)		9,403		926,572
International Flavors & Fragrances, Inc.		16,689		2,403,049

				6,047,076

Food & Staples Retailing — 1.8%
Costco Wholesale Corporation		13,777		3,797,355
Sysco Corporation		18,023		1,235,837

				5,033,192

Renewable Energy & Energy Efficiency — 1.8%
First Solar, Inc. (a)		30,177		1,946,115
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		33,225		912,026
Ormat Technologies, Inc.		31,517		2,065,939

				4,924,080

Telecommunication Services — 1.5%
Verizon Communications, Inc.		77,199		4,266,789

Household & Personal Products — 1.5%
Church & Dwight Company, Inc.		28,772		2,170,560
Procter & Gamble Company (The)		17,374		2,050,827

				4,221,387

Consumer Durables & Apparel — 1.4%
NIKE, Inc., Class B		24,970		2,148,169
VF Corporation		19,571		1,710,310

				3,858,479

Utilities — 1.2%
American Water Works Company, Inc.		28,536		3,275,362

Diversified Financials — 1.1%
Bank of New York Mellon Corporation (The)		29,888		1,402,345
Charles Schwab Corporation (The)		38,304		1,655,499

				3,057,844

Transportation — 1.0%
J.B. Hunt Transport Services, Inc.		9,336		955,726
United Parcel Service, Inc., Class B		14,085		1,682,735

				2,638,461


	SHARES		VALUE
Consumer Services — 0.7%
Starbucks Corporation		21,537	$	2,039,338

Commercial & Professional Services — 0.5%
Verisk Analytics, Inc.		9,081		1,377,769

Automobiles & Components — 0.4%
BorgWarner, Inc.		29,100		1,099,980

Total Common Stocks (Cost $116,859,902)				180,976,939

	PRINCIPAL AMOUNT

BONDS & NOTES — 31.3%
Green and Sustainability Bonds, Renewable Energy & Energy Efficiency — 17.4%
Apple, Inc. 2.85%, due 2/23/23 (c)	$	3,000,000		3,071,409
Apple, Inc. 3.00%, due 6/20/27 (c)		1,000,000		1,031,919
Asian Development Bank 2.125%, due 3/19/25 (b)		1,000,000		1,009,691
Bank of America Corporation 2.151%, due 11/9/20 (c)		1,750,000		1,746,153
Boston Properties LP 4.50%, due 12/1/28 (c)		3,000,000		3,365,838
City & County of San Francisco CA Community Facilities District No. 2014-1 2.75%, due 9/1/23		650,000		660,407
City of San Francisco CA Public Utilities Commission Water Revenue 2.806%, due 11/1/23		2,000,000		2,051,540
Digital Realty Trust LP 3.95%, due 7/1/22 (c)		2,000,000		2,078,946
European Investment Bank 2.50%, due 10/15/24 (b)		2,000,000		2,058,286
European Investment Bank 2.125%, due 4/13/26 (b)		500,000		505,330
International Bank for Reconstruction & Development 2.125%, due 3/3/25 (b)		2,000,000		2,025,052
International Finance Corporation 2.125%, due 4/7/26 (b)		500,000		504,659


	PRINCIPAL AMOUNT		VALUE
Green and Sustainability Bonds, Renewable Energy & Energy Efficiency — (continued)
Kommunalbanken AS 1.375%, due 10/26/20 (b)(d)	$	2,000,000	$	1,982,044
Korea Development Bank (The) 3.028% (LIBOR 3 Month+72.50 basis points), due 7/6/22 (b)(e)		1,250,000		1,259,626
Kreditanstalt fuer Wiederaufbau 1.75%, due 10/15/19 (b)		3,000,000		2,997,180
Kreditanstalt fuer Wiederaufbau 2.00%, due 11/30/21 (b)		1,000,000		1,001,893
National Australia Bank Ltd./New York 3.625%, due 6/20/23 (b)		2,000,000		2,092,900
Nederlandse Waterschapsbank NV 2.375%, due 3/24/26 (b)(d)		1,000,000		1,018,198
Nordic Investment Bank 2.25%, due 9/30/21 (b)		1,500,000		1,509,051
Overseas Private Investment Corporation 3.28%, due 9/15/29		753,497		789,982
Overseas Private Investment Corporation 3.05%, due 6/15/35		1,500,000		1,570,017
Overseas Private Investment Corporation 2.58%, due 7/15/38		3,000,000		3,038,706
Regency Centers LP 3.75%, due 6/15/24 (c)		2,000,000		2,080,156
San Francisco Bay Area Rapid Transit District 2.622%, due 8/1/29		2,000,000		2,022,260
Starbucks Corporation 2.45%, due 6/15/26 (c)		3,000,000		2,965,992
Sumitomo Mitsui Banking Corporation 2.45%, due 10/20/20 (b)		2,000,000		2,000,088
Svensk Exportkredit AB 1.875%, due 6/23/20 (b)		1,500,000		1,495,596

				47,932,919

U.S. Government Agencies — 5.4%
Federal Farm Credit Banks 1.80%, due 6/15/20		200,000		199,389


	PRINCIPAL AMOUNT		VALUE
U.S. Government Agencies — (continued)
Federal Farm Credit Banks 2.23%, due 11/15/22 (c)	$	1,500,000	$	1,500,025
Federal Farm Credit Banks 2.26%, due 11/13/24		500,000		505,874
Federal Farm Credit Banks 2.80%, due 11/12/27		3,000,000		3,109,209
Federal Farm Credit Banks 2.33%, due 9/14/29 (c)		3,000,000		2,931,849
Federal Home Loan Banks 3.89%, due 5/3/28 (c)		3,000,000		3,000,195
Federal Home Loan Mortgage Corporation 0.00%, due 11/29/19 (a)		200,000		198,462
Federal National Mortgage Association 1.70%, due 1/27/20 (c)		3,000,000		2,992,419
Overseas Private Investment Corporation 3.33%, due 5/15/33		231,856		245,096
Overseas Private Investment Corporation 3.43%, due 6/1/33		221,957		238,513

				14,921,031

Community Development Financial Institutions — 3.1%
Capital Impact Partners 2.60%, due 12/15/22		2,000,000		1,987,674
Enterprise Community Loan Fund, Inc. 4.152%, due 11/1/28 (c)		3,000,000		3,112,182
Local Initiatives Support Corporation 3.782%, due 3/1/27 (c)		2,000,000		2,062,482
Reinvestment Fund, Inc. (The) 3.78%, due 2/15/26		1,400,000		1,443,760

				8,606,098

Media & Entertainment — 1.6%
International Business Machines Corporation 8.375%, due 11/1/19		500,000		507,349
Microsoft Corporation 1.10%, due 8/8/19		3,000,000		2,999,292
Oracle Corporation 2.50%, due 5/15/22 (c)		1,000,000		1,006,345

				4,512,986


	PRINCIPAL AMOUNT		VALUE
Software & Services — 1.2%
salesforce.com, Inc. 3.70%, due 4/11/28 (c)	$	3,000,000	$	3,249,180

Diversified Financials — 1.1%
Bank of New York Mellon Corporation (The) 3.55%, due 9/23/21 (c)		1,000,000		1,024,478
State Street Corporation 3.10%, due 5/15/23		2,000,000		2,049,040

				3,073,518

Banks — 0.9%
HSBC Holdings PLC 5.10%, due 4/5/21 (b)		1,500,000		1,565,927
JPMorgan Chase & Company 4.40%, due 7/22/20		1,000,000		1,019,921

				2,585,848

Real Estate — 0.4%
HCP, Inc. 3.875%, due 8/15/24 (c)		1,000,000		1,060,020

Healthy Living — 0.2%
Whole Foods Market, Inc. 5.20%, due 12/3/25 (c)(d)		500,000		571,310

Total Bonds & Notes (Cost $84,577,905)				86,512,910


CERTIFICATES OF DEPOSIT — 0.1%
Self-Help Federal Credit Union 1.40%, due 3/17/20		240,000		239,131

Total Certificates Of Deposit (Cost $240,000)				239,131


SHORT-TERM INVESTMENTS — 3.6%
	VALUE
UMB Money Market Fiduciary Account, 0.25% (f) (Cost $10,085,031)	$	10,085,031

Total Short-term Investments (Cost $10,085,031)		10,085,031

TOTAL INVESTMENTS (g) — 100.5%
(Cost $211,762,838)		277,814,011
Liabilities Less Other Assets — (0.5)%		(1,327,038	)

NET ASSETS — 100.0%	$	276,486,973

(a)	Non-income producing security.

(b)	Securities whose value are determined or significantly influenced by trading in markets other than the United States or Canada.

(c)

Callable

(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $3,571,552.

(e)	Floating rate bond. Rate shown is currently in effect at July 31, 2019.

(f)	The rate quoted is the annualized seven-day yield of the fund at the period end.

(g)	The cost of investments for federal income tax purposes is $211,626,666 resulting in gross unrealized appreciation and depreciation of $67,303,363 and $1,116,018 respectively, or net unrealized appreciation of $66,187,345.


COMMON STOCKS — 99.8%
	SHARES		VALUE
Software & Services — 20.5%
Accenture PLC, Class A (a)		15,110	$	2,909,884
Adobe, Inc. (b)		11,571		3,458,109
ANSYS, Inc. (b)		1,960		398,115
Autodesk, Inc. (b)		5,208		813,333
Automatic Data Processing, Inc.		10,329		1,719,985
Cadence Design Systems, Inc. (b)		6,655		491,871
Citrix Systems, Inc.		3,137		295,631
Cognizant Technology Solutions Corporation, Class A		13,637		888,314
FleetCor Technologies, Inc. (b)		2,025		575,444
Fortinet, Inc. (b)		3,448		276,909
International Business Machines Corporation		21,101		3,128,012
Intuit, Inc.		6,142		1,703,238
Mastercard, Inc., Class A		21,656		5,896,279
Microsoft Corporation		172,951		23,568,033
Oracle Corporation		59,620		3,356,606
salesforce.com, Inc. (b)		18,133		2,801,549
Symantec Corporation		15,224		328,229
Teradata Corporation (b)		2,856		104,587
Visa, Inc., Class A		41,583		7,401,774
VMware, Inc., Class A (b)		1,976		344,792
Western Union Company (The)		10,435		219,135
Workday, Inc., Class A (b)		3,572		714,329

				61,394,158

Media & Entertainment — 12.1%
Alphabet, Inc., Class A (b)		7,105		8,655,311
Alphabet, Inc., Class C (b)		7,460		9,076,433
Discovery, Inc., Class A (b)		3,784		114,693
Discovery, Inc., Class C (b)		8,570		242,017
Facebook, Inc., Class A (b)		56,604		10,994,195
John Wiley & Sons, Inc., Class A		1,061		48,286
Liberty Global PLC, Class A (a)(b)		4,431		118,175
Liberty Global PLC, Series C (a)(b)		11,909		310,110
New York Times Company (The), Class A		3,534		126,093
Omnicom Group, Inc.		5,258		421,797
Scholastic Corporation		689		23,543
Walt Disney Company (The)		42,702		6,106,813

				36,237,466

Pharmaceuticals & Biotechnology — 7.2%
AbbVie, Inc.		35,040		2,334,365
Agilent Technologies, Inc.		7,513		521,477


	SHARES		VALUE
Pharmaceuticals & Biotechnology — (continued)
Amgen, Inc.		14,782	$	2,758,026
Biogen, Inc. (b)		4,680		1,112,998
BioMarin Pharmaceutical, Inc. (b)		4,261		337,982
Bio-Techne Corporation		893		187,664
Bristol-Myers Squibb Company		38,741		1,720,488
Celgene Corporation (b)		16,636		1,528,183
Gilead Sciences, Inc.		30,220		1,980,014
IQVIA Holdings, Inc. (b)		4,001		636,839
Jazz Pharmaceuticals PLC (a)(b)		1,357		189,139
Merck & Company, Inc.		61,204		5,079,320
Mettler-Toledo International, Inc. (b)		590		446,482
Vertex Pharmaceuticals, Inc. (b)		6,081		1,013,216
Waters Corporation (b)		1,702		358,373
Zoetis, Inc.		11,375		1,306,874

				21,511,440

Capital Goods — 5.9%
3M Company		13,646		2,384,229
A.O. Smith Corporation		3,403		154,666
AGCO Corporation		1,531		117,887
Air Lease Corporation		2,517		105,185
Allegion PLC (a)		2,241		232,033
Applied Industrial Technologies, Inc.		898		54,634
Builders FirstSource, Inc. (b)		2,906		49,925
Caterpillar, Inc.		13,662		1,798,876
Cummins, Inc.		3,560		583,840
Deere & Company		7,186		1,190,361
Dover Corporation		3,459		335,004
Eaton Corporation PLC		10,051		826,092
EMCOR Group, Inc.		1,323		111,648
Fastenal Company		13,551		417,371
Flowserve Corporation		3,117		155,943
Fortive Corporation		7,184		546,343
Fortune Brands Home & Security, Inc.		3,355		184,324
Graco, Inc.		3,932		189,051
Granite Construction, Inc.		1,102		39,121
H&E Equipment Services, Inc.		741		22,682
HD Supply Holdings, Inc. (b)		4,237		171,641
Illinois Tool Works, Inc.		7,794		1,202,069
Ingersoll-Rand PLC		5,719		707,212
Lennox International, Inc.		853		218,777
Lincoln Electric Holdings, Inc.		1,411		119,258
Masco Corporation		6,994		285,145


	SHARES		VALUE
Capital Goods — (continued)
Meritor, Inc. (b)		1,748	$	43,228
Middleby Corporation (The) (b)		1,339		179,935
Owens Corning		2,618		151,844
PACCAR, Inc.		8,186		574,166
Parker-Hannifin Corporation		3,058		535,395
Quanta Services, Inc.		3,347		125,245
Rockwell Automation, Inc.		2,845		457,419
Roper Technologies, Inc.		2,459		894,215
Sensata Technologies Holding NV (b)		3,931		186,447
Snap-on, Inc.		1,323		201,903
Spirit AeroSystems Holdings, Inc.		2,517		193,406
Stanley Black & Decker, Inc.		3,533		521,435
Tennant Company		380		28,922
Timken Company (The)		1,626		74,324
United Rentals, Inc. (b)		1,907		241,331
W.W. Grainger, Inc.		1,120		325,954
WABCO Holdings, Inc. (b)		1,238		163,924
Wabtec Corporation		3,688		286,484
Wesco Aircraft Holdings, Inc. (b)		1,261		13,278
Xylem, Inc.		4,264		342,357

				17,744,529

Retailing — 5.3%
AutoNation, Inc. (b)		1,309		63,722
Best Buy Company, Inc.		5,739		439,206
Booking Holdings, Inc. (b)		1,066		2,011,126
Buckle, Inc. (The)		624		12,698
Caleres, Inc.		934		17,541
CarMax, Inc. (b)		4,047		355,165
Foot Locker, Inc.		2,723		111,806
GameStop Corporation, Class A		2,386		9,592
Gap, Inc. (The)		5,453		106,334
Home Depot, Inc. (The)		26,795		5,725,824
Kohl’s Corporation		3,907		210,431
LKQ Corporation (b)		7,486		201,598
Lowe’s Companies, Inc.		19,036		1,930,250
Netflix, Inc. (b)		10,361		3,346,499
Nordstrom, Inc.		2,865		94,860
Office Depot, Inc.		11,823		24,119
Pool Corporation		929		175,925
Shutterfly, Inc. (b)		755		38,271
Signet Jewelers Ltd.		1,194		21,659
Tiffany & Company		2,623		246,352
Tractor Supply Company		2,841		309,129


	SHARES		VALUE
Retailing — (continued)
Ulta Beauty, Inc. (b)		1,328	$	463,804

				15,915,911

Semiconductors — 5.0%
Advanced Micro Devices, Inc. (b)		22,583		687,652
Analog Devices, Inc.		8,721		1,024,369
Applied Materials, Inc.		22,547		1,113,146
Intel Corporation		106,781		5,397,780
Lam Research Corporation		3,602		751,413
Microchip Technology, Inc.		5,639		532,434
NVIDIA Corporation		13,642		2,301,678
Skyworks Solutions, Inc.		4,125		351,780
Texas Instruments, Inc.		22,282		2,785,473

				14,945,725

Diversified Financials — 4.8%
Ally Financial, Inc.		9,580		315,278
American Express Company		16,982		2,112,051
Ameriprise Financial, Inc.		3,237		471,016
Bank of New York Mellon Corporation (The)		20,272		951,162
BlackRock, Inc.		2,820		1,318,858
Charles Schwab Corporation (The)		28,498		1,231,684
CME Group, Inc.		8,485		1,649,654
FactSet Research Systems, Inc.		911		252,620
Franklin Resources, Inc.		7,230		235,915
Intercontinental Exchange, Inc.		13,483		1,184,616
Invesco Ltd.		9,449		181,326
Legg Mason, Inc.		2,044		76,977
Moody’s Corporation		4,079		874,293
Northern Trust Corporation		4,940		484,120
S&P Global, Inc.		5,884		1,441,286
State Street Corporation		8,974		521,300
T. Rowe Price Group, Inc.		5,575		632,149
TD Ameritrade Holding Corporation		6,700		342,370
Voya Financial, Inc.		3,470		194,910

				14,471,585

Healthcare Equipment & Services — 3.9%
ABIOMED, Inc. (b)		1,073		298,895
Align Technology, Inc. (b)		1,809		378,226
AmerisourceBergen Corporation		3,782		329,601
Becton, Dickinson and Company		6,391		1,615,645
Cardinal Health, Inc.		7,108		325,049
Centene Corporation (b)		9,706		505,586


	SHARES		VALUE
Healthcare Equipment & Services — (continued)
Cerner Corporation		7,654	$	548,409
Cigna Corporation		9,008		1,530,639
Cooper Cos., Inc. (The)		1,173		395,770
DENTSPLY SIRONA, Inc.		5,307		288,966
Edwards Lifesciences Corporation (b)		4,940		1,051,479
HCA Healthcare, Inc.		6,498		867,548
Henry Schein, Inc. (b)		3,627		241,341
Hologic, Inc. (b)		6,369		326,411
Humana, Inc.		3,216		954,348
IDEXX Laboratories, Inc. (b)		2,048		577,638
Laboratory Corporation of America Holdings (b)		2,351		393,840
MEDNAX, Inc. (b)		2,055		50,491
Patterson Companies, Inc.		2,040		40,392
Quest Diagnostics, Inc.		3,206		327,268
ResMed, Inc.		3,393		436,679
Select Medical Holdings Corporation (b)		2,694		45,098
Varian Medical Systems, Inc. (b)		2,170		254,693

				11,784,012

Real Estate — 3.9%
American Tower Corporation		10,467		2,215,027
AvalonBay Communities, Inc.		3,283		685,458
Boston Properties, Inc.		3,656		486,065
CBRE Group, Inc., Class A (b)		7,644		405,208
Corporate Office Properties Trust		2,560		71,475
Digital Realty Trust, Inc.		4,905		560,936
Duke Realty Corporation		8,562		285,371
Equinix, Inc.		1,912		960,015
Equity Residential		8,756		690,761
Federal Realty Investment Trust		1,772		233,922
HCP, Inc.		11,393		363,779
Host Hotels & Resorts, Inc.		17,714		308,047
Iron Mountain, Inc.		6,823		200,664
Jones Lang LaSalle, Inc.		1,230		179,199
Liberty Property Trust		3,497		182,893
Macerich Company (The)		2,698		89,169
PotlatchDeltic Corporation		1,561		57,476
Prologis, Inc.		14,920		1,202,701
Realogy Holdings Corporation		2,621		13,655
SBA Communications Corporation, Class A (b)		2,662		653,281
Simon Property Group, Inc.		7,310		1,185,682
UDR, Inc.		6,588		303,443


	SHARES		VALUE
Real Estate — (continued)
Vornado Realty Trust		4,091	$	263,133

				11,597,360

Household & Personal Products — 3.7%
Avon Products, Inc. (a)(b)		11,191		47,562
Clorox Company (The)		3,015		490,239
Colgate-Palmolive Company		19,449		1,395,271
Estee Lauder Cos., Inc. (The), Class A		5,165		951,341
Kimberly-Clark Corporation		8,193		1,111,380
Procter & Gamble Company (The)		59,364		7,007,327

				11,003,120

Food & Beverage — 3.6%
Archer-Daniels-Midland Company		13,299		546,323
Bunge Ltd.		3,384		197,727
Campbell Soup Company		3,939		162,839
Coca-Cola Company (The)		96,332		5,069,953
Darling Ingredients, Inc. (b)		4,034		82,011
General Mills, Inc.		14,115		749,648
Hormel Foods Corporation		6,980		286,110
Ingredion, Inc.		1,587		122,659
JM Smucker Company (The)		2,699		300,102
Kellogg Company		6,101		355,200
Kraft Heinz Company (The)		15,810		506,078
Lamb Weston Holdings, Inc.		3,515		235,927
McCormick & Company, Inc.		2,917		462,461
Mondelez International, Inc., Class A		34,231		1,831,016

				10,908,054

Technology Hardware & Equipment — 3.5%
Cisco Systems, Inc.		104,381		5,782,707
Cognex Corporation		4,057		178,549
CommScope Holding Company, Inc. (b)		4,685		66,902
Corning, Inc.		18,543		570,197
Dell Technologies, Inc., Class C (b)		3,680		212,483
F5 Networks, Inc. (b)		1,425		209,076
Flex Ltd. (b)		12,567		140,122
Hewlett Packard Enterprise Company		32,904		472,831
HP, Inc.		36,240		762,490
Keysight Technologies, Inc. (b)		4,406		394,425
Motorola Solutions, Inc.		3,879		643,759
Plantronics, Inc.		821		31,526


	SHARES		VALUE
Technology Hardware & Equipment — (continued)
TE Connectivity Ltd. (a)		8,013	$	740,401
Trimble, Inc. (b)		6,024		254,574
Xerox Corporation		4,911		157,643

				10,617,685

Consumer Services — 3.3%
Aramark		5,717		206,898
Choice Hotels International, Inc.		837		71,823
Darden Restaurants, Inc.		2,897		352,159
Domino’s Pizza, Inc.		929		227,169
Hilton Worldwide Holdings, Inc.		6,569		634,237
Jack in the Box, Inc.		531		38,142
Marriott International, Inc., Class A		6,900		959,514
McDonald’s Corporation		18,161		3,826,886
Royal Caribbean Cruises Ltd.		4,233		492,467
Starbucks Corporation		29,535		2,796,669
Vail Resorts, Inc.		964		237,645

				9,843,609

Materials — 3.2%
Air Products & Chemicals, Inc.		5,226		1,192,939
Albemarle Corporation		2,500		182,400
Avery Dennison Corporation		1,988		228,362
Axalta Coating Systems Ltd. (b)		5,124		151,824
Ball Corporation		7,557		540,174
Compass Minerals International, Inc.		794		44,345
Domtar Corporation		1,450		61,553
Ecolab, Inc.		6,186		1,247,902
H.B. Fuller Company		1,174		56,129
International Flavors & Fragrances, Inc.		2,410		347,016
Linde PLC (a)		13,082		2,502,325
Minerals Technologies, Inc.		819		43,612
Mosaic Company (The)		8,500		214,115
Newmont Goldcorp Corporation		19,350		706,662
PPG Industries, Inc.		5,570		653,862
Schnitzer Steel Industries, Inc., Class A		746		19,866
Sealed Air Corporation		3,717		155,333
Sherwin-Williams Company (The)		1,978		1,014,793
Sonoco Products Company		2,373		142,451

				9,505,663


	SHARES		VALUE
Insurance — 3.0%
Allstate Corporation (The)		7,849	$	842,983
Arthur J. Gallagher & Co.		4,404		398,254
Chubb Ltd. (a)		10,863		1,660,301
Hartford Financial Services Group, Inc. (The)		8,556		493,082
Loews Corporation		6,667		356,951
Marsh & McLennan Companies, Inc.		12,012		1,186,786
Principal Financial Group, Inc.		6,626		384,573
Progressive Corporation (The)		13,885		1,124,407
Prudential Financial, Inc.		9,667		979,364
Travelers Companies, Inc. (The)		6,220		911,976
Willis Towers Watson PLC (a)		3,048		595,030

				8,933,707

Transportation — 2.7%
AMERCO		208		80,496
ArcBest Corporation		542		16,222
Avis Budget Group, Inc. (b)		1,577		57,387
C.H. Robinson Worldwide, Inc.		3,282		274,802
CSX Corporation		18,339		1,291,065
Delta Air Lines, Inc.		4,072		248,555
Echo Global Logistics, Inc. (b)		579		12,194
Expeditors International of Washington, Inc.		4,105		313,417
Genesee & Wyoming, Inc.,
Class A (b)		1,335		146,596
Hertz Global Holdings, Inc. (b)		1,783		27,674
Kansas City Southern		2,379		294,377
Ryder System, Inc.		1,311		69,824
Southwest Airlines Company		3,328		171,492
Union Pacific Corporation		17,163		3,088,482
United Parcel Service, Inc., Class B		16,457		1,966,118

				8,058,701

Banks — 2.1%
Bank of Hawaii Corporation		987		84,142
BB&T Corp.		18,058		930,529
Cathay General Bancorp		1,769		65,842
CIT Group, Inc.		2,399		121,269
Citizens Financial Group, Inc.		10,965		408,556
Comerica, Inc.		3,781		276,769
First Republic Bank		3,924		389,889
Heartland Financial USA, Inc.		746		35,875
International Bancshares Corporation		1,312		49,371


	SHARES		VALUE
Banks — (continued)
KeyCorp.		23,906	$	439,153
M&T Bank Corporation		3,140		515,745
New York Community Bancorp, Inc.		11,199		129,124
Old National Bancorp		3,624		63,819
People’s United Financial, Inc.		9,373		153,905
PNC Financial Services Group, Inc. (The)		10,841		1,549,179
Regions Financial Corporation		24,228		385,952
Signature Bank		1,330		169,522
SVB Financial Group (b)		1,257		291,586
Umpqua Holdings Corporation		5,349		93,393
Zions Bancorp NA		4,409		198,714

				6,352,334

Telecommunication Services — 2.0%
CenturyLink, Inc.		23,262		281,238
Cincinnati Bell, Inc. (b)		853		3,258
Sprint Corporation (b)		19,610		143,741
Verizon Communications, Inc.		98,015		5,417,289

				5,845,526

Consumer Durables & Apparel — 1.9%
Callaway Golf Company		2,170		39,798
Capri Holdings Ltd. (a)(b)		3,554		126,487
Columbia Sportswear Company		712		75,458
Deckers Outdoor Corporation (b)		693		108,302
Ethan Allen Interiors, Inc.		540		11,113
Garmin Ltd. (a)		3,160		248,344
Hanesbrands, Inc.		8,572		137,924
Hasbro, Inc.		2,801		339,369
La-Z-Boy, Inc.		1,083		35,728
Mattel, Inc. (b)		8,399		122,625
Meritage Homes Corporation (b)		916		57,534
Mohawk Industries, Inc. (b)		1,450		180,801
Newell Brands, Inc.		10,566		149,932
NIKE, Inc., Class B		29,836		2,566,791
PVH Corporation		1,809		160,856
Tupperware Brands Corporation		1,119		17,132
Under Armour, Inc., Class A (b)		4,427		102,131
Under Armour, Inc., Class C (b)		4,606		93,686
VF Corporation		8,002		699,295
Whirlpool Corporation		1,503		218,656
Wolverine World Wide, Inc.		2,179		59,160

				5,551,122


	SHARES		VALUE
Commercial & Professional Services — 0.7%
ACCO Brands Corporation		2,208	$	21,594
ASGN, Inc. (b)		1,257		79,254
Copart, Inc. (b)		4,891		379,199
Deluxe Corporation		1,005		44,843
Exponent, Inc.		1,266		87,101
Heidrick & Struggles International, Inc.		502		14,910
HNI Corporation		1,054		36,089
ICF International, Inc.		433		36,887
IHS Markit, Ltd. (a)(b)		9,031		581,777
Interface, Inc.		1,437		19,917
Kelly Services, Inc., Class A		787		21,902
Knoll, Inc.		1,273		30,870
ManpowerGroup, Inc.		1,425		130,174
Navigant Consulting, Inc.		1,017		24,774
R.R. Donnelley & Sons Company		1,494		3,018
Resources Connection, Inc.		605		10,648
Robert Half International, Inc.		2,874		173,618
Steelcase, Inc., Class A		2,219		37,523
Team, Inc. (b)		585		9,688
Tetra Tech, Inc.		1,315		104,148
TransUnion		4,417		365,684
TrueBlue, Inc. (b)		978		19,335

				2,232,953

Renewable Energy & Energy Efficiency — 0.6%
Acuity Brands, Inc.		959		128,717
Itron, Inc. (b)		880		54,560
Johnson Controls International, PLC		18,878		801,182
Ormat Technologies, Inc.		872		57,160
Tesla, Inc. (b)		3,063		740,051

				1,781,670

Food & Staples Retailing — 0.4%
Kroger Co./(The)		19,035		402,780
Sysco Corporation		11,552		792,121

				1,194,901

Automobiles & Components — 0.3%
Aptiv PLC (a)		6,207		544,043
Autoliv, Inc. (a)		1,961		141,486
BorgWarner, Inc.		4,922		186,052
Harley-Davidson, Inc.		3,870		138,469

				1,010,050


	SHARES		VALUE
Utilities — 0.2%
American Water Works Company, Inc.		4,319	$	495,735

Healthy Living — 0.0%
Hain Celestial Group, Inc. (The) (b)		2,251		49,004
United Natural Foods, Inc. (b)		1,194		11,773

				60,777

Total Common Stocks (Cost $182,434,795)				298,997,793


SHORT-TERM INVESTMENTS — 0.1%
UMB Money Market Fiduciary Account, 0.25% (c) (Cost $282,468)				282,468

Total Short-term Investments (Cost $282,468)				282,468

TOTAL INVESTMENTS (d) — 99.9%
(Cost $182,717,263)				299,280,261
Other Assets Less Liabilities — 0.1%				276,114

NET ASSETS — 100.0%			$	299,556,375


COMMON STOCKS — 99.2%
	SHARES		VALUE
Japan — 20.3%
Aeon Company, Ltd.		11,300	$	195,538
Ajinomoto Company, Inc.		7,700		137,972
Asahi Kasei Corporation		21,900		222,786
Astellas Pharma, Inc.		33,000		467,673
Benesse Holdings, Inc.		1,200		28,086
Daifuku Co., Ltd.		1,800		98,448
Daikin Industries Ltd.		4,400		546,114
Daiwa House Industry Company, Ltd.		9,800		278,631
Denso Corporation		7,500		318,341
Eisai Company, Ltd.		4,400		237,810
Fujitsu Ltd.		3,400		265,331
Hankyu Hanshin Holdings, Inc.		4,000		140,433
Hirose Electric Company Ltd.		600		62,863
Hitachi Chemical Company Ltd.		1,900		51,956
Hitachi Metals Ltd.		3,600		37,848
Honda Motor Company, Ltd.		28,500		709,095
Kaneka Corporation		800		29,702
Kansai Paint Company Ltd.		3,000		59,240
Kao Corp.		8,500		620,337
KDDI Corp.		30,900		806,227
Keio Corporation		1,800		111,380
Kikkoman Corporation		2,500		113,657
Komatsu Ltd.		16,000		357,767
Konica Minolta, Inc.		7,600		62,982
Kubota Corporation		18,400		283,830
Kyushu Railway Company		2,700		76,929
Murata Manufacturing Company, Ltd.		10,100		462,491
Nabtesco Corporation		1,900		51,185
NGK Insulators Ltd.		4,400		65,440
Nikon Corporation		5,400		72,909
Nintendo Company, Ltd.		2,000		735,786
Nippon Express Company, Ltd.		1,400		78,905
Nissin Foods Holdings Company Ltd.		1,100		68,278
Nitto Denko Corporation		2,700		132,975
NTT DOCOMO, Inc.		23,400		561,071
Obayashi Corporation		11,400		107,970
Omron Corporation		3,400		161,760
Panasonic Corporation		38,900		328,011
Rakuten, Inc.		14,900		151,968
Sekisui Chemical Company, Ltd.		6,200		91,642
Sekisui House Ltd.		10,800		181,585
Shimizu Corporation		10,500		84,497


	SHARES		VALUE
Japan — (continued)
Sohgo Security Services Company Ltd.		1,200	$	58,172
Sompo Holdings, Inc.		5,800		240,195
Sony Corporation		22,100		1,256,913
Stanley Electric Company Ltd.		2,200		54,553
Sumitomo Chemical Company, Ltd.		26,000		118,566
Sumitomo Metal Mining Company, Ltd.		4,100		116,456
Sumitomo Mitsui Trust Holdings, Inc.		5,700		194,817
Suntory Beverage & Food Ltd.		2,400		95,228
Teijin Ltd.		3,000		51,902
Tokyo Electron Ltd.		2,700		457,306
Tokyu Corp.		8,600		150,593
Toray Industries, Inc.		23,900		164,420
Toyo Suisan Kaisha Ltd.		1,500		60,320
Yamaha Corporation		2,500		117,856
Yaskawa Electric Corporation		4,200		138,986
Yokogawa Electric Corporation		3,800		68,008

				13,001,740

Germany — 13.1%
adidas AG		3,141		1,001,219
Allianz SE		7,386		1,713,699
Beiersdorf AG		1,740		201,654
Deutsche Boerse AG		3,324		461,467
Henkel AG & Company KGaA		1,831		172,033
Henkel AG & Company KGaA (a)		3,090		318,640
Merck KGaA		2,266		231,129
METRO AG		3,017		46,409
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,595		618,437
SAP SE		17,117		2,092,413
Sartorius AG (a)		611		123,599
Siemens AG		13,313		1,448,967

				8,429,666

France — 9.9%
AXA SA		33,824		852,007
Casino Guichard Perrachon SA		919		33,980
Cie Generale des Etablissements Michelin SCA		2,997		331,326
CNP Assurances		2,878		59,486
Danone SA		10,752		933,197
EssilorLuxottica SA		4,913		665,086


	SHARES		VALUE
France — (continued)
Gecina SA		800	$	122,750
Imerys SA		599		25,093
JCDecaux SA		1,252		36,048
L’Oreal SA		4,382		1,172,521
Natixis SA		15,824		63,462
Orange SA		34,623		513,224
Schneider Electric SE		9,612		829,324
Societe BIC SA		424		29,549
Teleperformance		995		208,848
Unibail-Rodamco-Westfield		2,435		326,176
Valeo SA		4,244		132,260

				6,334,337

Switzerland — 8.7%
Alcon, Inc. (b)		7,520		435,458
Coca-Cola HBC AG (b)		3,499		120,398
Givaudan SA		162		430,832
Kuehne + Nagel International AG		943		138,844
Lonza Group AG (b)		1,301		445,640
Roche Holding AG		11,880		3,179,703
Swiss Re AG		5,279		511,176
Swisscom AG		465		225,347
Vifor Pharma AG		799		118,251

				5,605,649

Australia — 8.7%
ASX Ltd.		3,336		201,799
BlueScope Steel Ltd.		9,466		83,549
Boral Ltd.		20,898		73,239
Brambles Ltd.		27,668		247,489
Coca-Cola Amatil Ltd.		8,492		61,463
Coles Group Ltd. (b)		19,549		189,806
CSL Ltd.		7,894		1,231,806
Dexus		18,837		168,478
Goodman Group		28,334		286,558
GPT Group (The)		33,499		142,195
Insurance Australia Group Ltd.		40,971		241,310
LendLease Group		10,010		99,216
Mirvac Group		68,398		150,290
Newcrest Mining Ltd.		13,280		320,517
Orica Ltd.		6,708		99,937
SEEK Ltd.		5,594		79,640
Stockland		41,909		130,826
Sydney Airport		19,420		110,848
Transurban Group		46,942		497,518


	SHARES		VALUE
Australia — (continued)
Westpac Banking Corporation		60,003	$	1,177,262

				5,593,746

Canada — 8.2%
Agnico Eagle Mines Ltd.		4,150		216,808
Bank of Montreal		11,142		834,088
Bank of Nova Scotia (The)		21,371		1,140,931
Canadian Imperial Bank of Commerce		7,695		605,373
Canadian National Railway Company		12,613		1,193,829
Canadian Tire Corp. Ltd., Class A		1,043		113,886
CGI, Inc. (b)		4,253		327,337
Cronos Group, Inc. (b)		3,067		42,224
First Capital Realty, Inc.		2,919		48,326
Gildan Activewear, Inc.		3,595		141,588
Metro, Inc.		4,418		172,797
Rogers Communications, Inc., Class B		6,267		325,316
WSP Global, Inc.		1,843		103,950

				5,266,453

United Kingdom — 8.0%
Barratt Developments PLC		17,849		139,351
Berkeley Group Holdings PLC		2,160		101,591
Burberry Group PLC		7,122		196,381
Coca-Cola European Partners PLC		4,201		232,231
Croda International PLC		2,231		126,730
easyJet PLC		2,782		32,602
InterContinental Hotels Group PLC		2,963		205,854
Intertek Group PLC		2,782		192,582
Investec PLC		11,439		65,085
ITV PLC		63,597		85,422
J Sainsbury PLC		31,491		75,145
Johnson Matthey PLC		3,371		131,442
Kingfisher PLC		36,226		97,805
London Stock Exchange Group PLC		5,510		442,519
Marks & Spencer Group PLC		34,575		86,902
Mondi PLC		8,547		186,204
RELX PLC		34,213		811,476
Schroders PLC		2,084		75,178
Segro PLC		18,748		173,951
Standard Chartered PLC		48,837		401,915
Unilever PLC		19,329		1,162,876


	SHARES		VALUE
United Kingdom — (continued)
Wm Morrison Supermarkets PLC		41,626	$	98,292

				5,121,534

Netherlands — 4.1%
Akzo Nobel NV		3,983		375,831
ASML Holding NV		7,406		1,650,313
CNH Industrial NV		17,610		178,319
Koninklijke DSM NV		3,166		392,248

				2,596,711

Denmark — 3.4%
Coloplast A/S, Class B		2,088		243,869
Novo Nordisk A/S, Class B		29,969		1,439,092
Novozymes A/S		3,770		174,345
Pandora A/S		1,830		70,148
Vestas Wind Systems A/S		3,395		278,599

				2,206,053

Hong Kong — 2.7%
ASM Pacific Technology Ltd.		5,100		59,645
BOC Hong Kong Holdings Ltd.		64,000		243,864
Hang Seng Bank Ltd.		13,417		318,891
Hong Kong Exchanges & Clearing Ltd.		20,720		696,319
Hysan Development Company, Ltd.		11,000		52,404
MTR Corporation Ltd.		27,167		178,282
Swire Pacific Ltd. A Shares		8,500		96,883
Swire Properties Ltd.		19,600		70,773

				1,717,061

Spain — 2.2%
Banco Bilbao Vizcaya Argentaria SA		116,921		595,361
Ferrovial SA		8,443		219,644
Industria de Diseno Textil SA		18,906		565,738

				1,380,743

Sweden — 1.9%
Boliden AB		4,758		107,898
Electrolux AB		3,983		92,036
Essity AB, Class B		10,695		317,673
ICA Gruppen AB		1,517		67,392
Skandinaviska Enskilda Banken AB, Class A		28,336		266,415
Tele2 AB B Shares		8,700		124,317


	SHARES		VALUE
Sweden — (continued)
Telia Company AB		48,310	$	214,913

				1,190,644

Singapore — 1.6%
Ascendas Real Estate Investment Trust		41,700		92,583
CapitaLand Ltd.		44,800		117,368
City Developments Ltd.		7,600		53,332
DBS Group Holdings Ltd.		31,349		597,725
Singapore Airlines Ltd.		9,000		63,011
Singapore Exchange Ltd.		14,200		81,473

				1,005,492

Ireland — 1.5%
CRH PLC (c)		51		1,700
CRH PLC (d)		14,007		466,181
DCC PLC		1,705		143,781
Kerry Group PLC, Class A		2,790		325,546

				937,208

Norway — 0.9%
Mowi ASA		7,562		181,737
Orkla ASA		13,375		113,763
Schibsted ASA B Shares		1,646		42,522
Telenor ASA		12,797		259,305

				597,327

Italy — 0.9%
Intesa Sanpaolo SpA		260,450		564,928

Jersey — 0.9%
Ferguson PLC		4,012		298,545
WPP PLC		21,871		257,627

				556,172

Belgium — 0.8%
KBC Group NV		4,412		283,695
Solvay SA		1,291		132,198
Umicore SA		3,471		108,660

				524,553

Finland — 0.7%
Metso OYJ		1,758		67,555
Orion Oyj, Class B		1,744		59,665
UPM-Kymmene OYJ		9,243		249,157
Wartsila OYJ Abp		7,590		95,363

				471,740


	SHARES		VALUE
New Zealand — 0.4%
Auckland International Airport Ltd.		17,033	$	103,766
Fletcher Building Ltd.		14,261		46,352
Meridian Energy Ltd.		21,454		66,034
Ryman Healthcare Ltd.		6,717		56,636

				272,788

Israel — 0.2%
Bank Hapoalim BM		19,996		151,219

Portugal — 0.1%
Jeronimo Martins SGPS SA		4,218		68,065

Total Common Stocks (Cost $61,701,551)				63,593,829


SHORT-TERM INVESTMENTS — 0.4%
UMB Money Market Fiduciary Account, 0.25% (e) (Cost $275,911)				275,911

Total Short-term Investments (Cost $275,911)				275,911

TOTAL INVESTMENTS (f) — 99.6%
(Cost $61,977,462)				63,869,740
Other Assets Less Liabilities — 0.4%				252,763

NET ASSETS — 100.0%			$	64,122,503


Green Century Balanced Fund Total expense ratio: 1.48%		CUMULATIVE RETURN*		AVERAGE ANNUAL RETURN*
		Latest Quarter		One Year		Five Years		Ten Years
June 30, 2019	Green Century Balanced Fund		4.25%		11.42%		6.37%		9.37%
	Custom Balanced Index		3.66%		8.85%		7.38%		10.27%
July 31, 2019	Green Century Balanced Fund		2.88%		10.04%		7.01%		8.87%
	Custom Balanced Index		1.99%		7.45%		7.82%		9.81%


Green Century Equity Fund Total expense ratio: 1.25% for Individual Share Class and 0.95% for Institutional Share Class		CUMULATIVE RETURN*		AVERAGE ANNUAL RETURN*
		Latest Quarter		One Year		Five Years		Ten Years
June 30, 2019	Green Century Equity Index Fund — Individual Share Class		4.18%		10.66%		10.19%		13.56%
June 30, 2019	Green Century Equity Fund — Institutional Share Class		4.27%		11.01%		10.27%		13.60%
	S&P 500^® Index		4.30%		10.42%		10.71%		14.70%
July 31, 2019	Green Century Equity Index Fund — Individual Share Class		2.06%		9.33%		10.86%		12.89%
	Green Century Equity Fund — Institutional Share Class		2.12%		9.65%		10.94%		12.93%
	S&P 500^® Index		1.69%		7.99%		11.34%		14.03%


	BEGINNING ACCOUNT VALUE FEBRUARY 1, 2019		ENDING ACCOUNT VALUE JULY 31, 2019		EXPENSES PAID DURING THE PERIOD¹
Balanced Fund
Actual Expenses	$	1,000.00	$	1,098.70	$	7.70
Hypothetical Example, assuming a 5% return before expenses		1,000.00		1,017.67		7.40


	BEGINNING ACCOUNT VALUE FEBRUARY 1, 2019		ENDING ACCOUNT VALUE JULY 31, 2019		EXPENSES PAID DURING THE PERIOD
Equity Fund
Actual Expenses — Individual Investor Class¹	$	1,000.00	$	1,119.90	$	6.57
Actual Expenses — Institutional Class¹		1,000.00		1,121.60		5.00
Hypothetical Example, assuming a 5% return before expenses — Individual Investor Class		1,000.00		1,018.80		6.26
Hypothetical Example, assuming a 5% return before expenses — Institutional Class		1,000.00		1,020.29		4.76

	BEGINNING ACCOUNT VALUE FEBRUARY 1, 2019		ENDING ACCOUNT VALUE JULY 31, 2019		EXPENSES PAID DURING THE PERIOD¹
International Index Fund
Actual Expenses — Individual Investor Class	$	1,000.00	$	1,060.70	$	6.54
Actual Expenses — Institutional Class		1,000.00		1,063.50		5.01
Hypothetical Example, assuming a 5% return before expenses — Individual Investor Class		1,000.00		1,018.65		6.41
Hypothetical Example, assuming a 5% return before expenses — Institutional Class		1,000.00		1,020.14		4.91


	BALANCED FUND		EQUITY FUND		INTERNATIONAL INDEX FUND
ASSETS:
Investments, at value (cost $211,762,838, $182,717,263 and $61,977,462, respectively)	$	277,814,011	$	299,280,261	$	63,869,740
Foreign cash, at value (cost $7,448)		—		—		7,285
Receivables for:
Capital stock sold		293,375		329,472		151,718
Interest		574,082		45		38
Dividends		167,336		292,809		195,110

Total assets		278,848,804		299,902,587		64,223,891

LIABILITIES:
Payable for investment securities purchased		2,000,000		—		—
Payable for capital stock repurchased		15,431		40,305		41,764
Accrued expenses		346,400		305,907		59,624