UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06351

Green Century Funds

114 State Street

Suite 200

Boston, MA 02109

(Address of principal executive offices)

Green Century Capital Management, Inc.

114 State Street

Suite 200

Boston, MA 02109

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 482-0800

Date of fiscal year end: July 31

Date of reporting period: January 31, 2025

Item 1. Reports to Stockholders.

(a) 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).

GREEN CENTURY FUNDS
January 31, 2025

GREEN CENTURY BALANCED FUND

(INDIVIDUAL INVESTOR CLASS/GCBLX)

Semi-Annual Shareholder Report

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 daily share price information twenty-four hours a day, visit www.greencentury.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment1
GREEN CENTURY BALANCED FUND (INDIVIDUAL INVESTOR CLASS/GCBLX)	$	74		1.46%

1  Annualized

Fund Performance

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

1 The S&P 500 Index is an unmanaged index of 500 stocks

2 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

Average annual total returns:	6-Month Total Returns		1 Year		5 Years		10 Years
GREEN CENTURY BALANCED FUND (INDIVIDUAL INVESTOR CLASS/GCBLX)		1.80%		10.26%		7.11%		7.09%
REGULATORY INDEX3
S&P 500 INDEX BENCHMARK		10.12%		26.38%		15.17%		13.76%
PERFORMANCE INDEX3
CUSTOM BALANCED INDEX		6.25%		16.51%		9.35%		8.86%

3 The Regulatory Index is provided as a broad measure of market performance. The Performance Index is provided because the advisor believes it is more reflective of the fund’s investment strategy. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Visit www.greencentury.com/balanced-fund/ for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key Fund Statistics

The following table outlines key fund statistic that you should pay attention to

Fund’s net assets	$	399 mil.
Total number of portfolio holdings		109
Total advisory fees paid	$	1.3 mil.
Portfolio turnover rate as of the end of the reporting period		14%

Graphical Representation of Holdings

The tables below show the investment make up of the Fund, representing percentage of total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks of the Fund.

Top Ten Holdings

Microsoft Corporation	4.35%
NVIDIA Corporation	3.71%
Apple, Inc.	3.56%
Alphabet, Inc., Class A	3.18%
Mastercard, Inc., Class A	2.06%
Costco Wholesale Corporation	1.78%
TJX Companies, Inc. (The)	1.55%
PNC Financial Services Group, Inc. (The)	1.43%
ServiceNow, Inc.	1.31%
AstraZeneca PLC ADR	1.30%

Sector Allocation

Asset Allocation

Availability of Additional Information

You can find additional information on the Fund’s website:

• www.greencentury.com/regulatory-filings/

You can also request this information by contacting us at 1-800-221-5519.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at 1-800-221-5519.

GREEN CENTURY FUNDS For additional information please scan the code for hosted material at www.greencentury.com

GREEN CENTURY FUNDS
January 31, 2025

GREEN CENTURY BALANCED FUND

(INSTITUTIONAL CLASS/GCBUX)

Semi-Annual Shareholder Report

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 daily share price information twenty-four hours a day, visit www.greencentury.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment1
GREEN CENTURY BALANCED FUND (INSTITUTIONAL CLASS/GCBUX)	$	59		1.16%

1  Annualized

Fund Performance

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $250,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

* Institutional Shares were offered as of November 28, 2020. The Institutional Share Class performance prior to November 28, 2020 reflects the performance of the Fund’s Individual Investor Class.

1 The S&P 500 Index is an unmanaged index of 500 stocks

2 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

Average annual total returns:	6-Month Total Returns		1 Year		5 Years		10 Years
GREEN CENTURY BALANCED FUND (INSTITUTIONAL CLASS/GCBUX)		1.95%		10.59%		7.38%		7.22%
REGULATORY INDEX3
S&P 500 INDEX BENCHMARK		10.12%		26.38%		15.17%		13.76%
PERFORMANCE INDEX3
CUSTOM BALANCED INDEX		6.25%		16.51%		9.35%		8.86%

3 The Regulatory Index is provided as a broad measure of market performance. The Performance Index is provided because the advisor believes it is more reflective of the fund’s investment strategy. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Visit www.greencentury.com/balanced-fund-institutional/ for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key Fund Statistics

The following table outlines key fund statistic that you should pay attention to

Fund’s net assets	$	399 mil.
Total number of portfolio holdings		109
Total advisory fees paid	$	1.3 mil.
Portfolio turnover rate as of the end of the reporting period		14%

Graphical Representation of Holdings

The tables below show the investment make up of the Fund, representing percentage of total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks of the Fund.

Top Ten Holdings

Microsoft Corporation	4.35%
NVIDIA Corporation	3.71%
Apple, Inc.	3.56%
Alphabet, Inc., Class A	3.18%
Mastercard, Inc., Class A	2.06%
Costco Wholesale Corporation	1.78%
TJX Companies, Inc. (The)	1.55%
PNC Financial Services Group, Inc. (The)	1.43%
ServiceNow, Inc.	1.31%
AstraZeneca PLC ADR	1.30%

Sector Allocation

Asset Allocation

Availability of Additional Information

You can find additional information on the Fund’s website:

• www.greencentury.com/regulatory-filings/

You can also request this information by contacting us at 1-800-221-5519.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at 1-800-221-5519.

GREEN CENTURY FUNDS For additional information please scan the code for hosted material at www.greencentury.com

GREEN CENTURY FUNDS
January 31, 2025

GREEN CENTURY EQUITY FUND

(INDIVIDUAL INVESTOR CLASS/GCEQX)

Semi-Annual Shareholder Report

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 daily share price information twenty-four hours a day, visit www.greencentury.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment1
GREEN CENTURY EQUITY FUND (INDIVIDUAL INVESTOR CLASS/GCEQX)	$	63		1.20%

1  Annualized

Fund Performance

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

1 The S&P 500 Index is an unmanaged index of 500 stocks

Average annual total returns:	6-Month Total Returns		1 Year		5 Years		10 Years
GREEN CENTURY EQUITY FUND (INDIVIDUAL INVESTOR CLASS/GCEQX)		7.09%		20.95%		13.78%		12.76%
S&P 500 INDEX BENCHMARK		10.12%		26.38%		15.17%		13.76%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Visit www.greencentury.com/equity-fund/ for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost.

Key Fund Statistics

The following table outlines key fund statistic that you should pay attention to

Fund’s net assets	$	698 mil.
Total number of portfolio holdings		358
Total advisory fees paid	$	732 k.
Portfolio turnover rate as of the end of the reporting period		3%

Graphical Representation of Holdings

The tables below show the investment make up of the Fund, representing percentage of total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks of the Fund.

Top Ten Holdings

NVIDIA Corporation	11.43%
Microsoft Corporation	11.34%
Alphabet, Inc., Class A	4.64%
Tesla, Inc.	4.52%
Alphabet, Inc., Class C	4.01%
Visa, Inc., Class A	2.22%
Mastercard, Inc., Class A	1.77%
Home Depot, Inc. (The)	1.59%
Procter & Gamble Company (The)	1.51%
Salesforce, Inc.	1.27%

Sector Allocation

Asset Allocation

Availability of Additional Information

You can find additional information on the Fund’s website:

• www.greencentury.com/regulatory-filings/

You can also request this information by contacting us at 1-800-221-5519.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at 1-800-221-5519.

GREEN CENTURY FUNDS For additional information please scan the code for hosted material at www.greencentury.com

GREEN CENTURY FUNDS
January 31, 2025

GREEN CENTURY EQUITY FUND

(INSTITUTIONAL CLASS/GCEUX)

Semi-Annual Shareholder Report

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 daily share price information twenty-four hours a day, visit www.greencentury.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment1
GREEN CENTURY EQUITY FUND (INSTITUTIONAL CLASS/GCEUX)	$	47		0.90%

1  Annualized

Fund Performance

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $250,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

* The Institutional Share Class performance for periods prior to April 30, 2018 reflects the performance of the Fund’s Individual Investor Class.

1 The S&P 500 Index is an unmanaged index of 500 stocks

Average annual total returns:	6-Month Total Returns		1 Year		5 Years		10 Years
GREEN CENTURY EQUITY FUND (INSTITUTIONAL CLASS/GCEUX)		7.25%		21.31%		14.12%		12.99%
S&P 500 INDEX BENCHMARK		10.12%		26.38%		15.17%		13.76%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Visit www.greencentury.com/equity-fund-institutional/ for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost.

Key Fund Statistics

The following table outlines key fund statistic that you should pay attention to

Fund’s net assets	$	698 mil.
Total number of portfolio holdings		358
Total advisory fees paid	$	732k
Portfolio turnover rate as of the end of the reporting period		3%

Graphical Representation of Holdings

The tables below show the investment make up of the Fund, representing percentage of total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks of the Fund.

Top Ten Holdings

NVIDIA Corporation	11.43%
Microsoft Corporation	11.34%
Alphabet, Inc., Class A	4.64%
Tesla, Inc.	4.52%
Alphabet, Inc., Class C	4.01%
Visa, Inc., Class A	2.22%
Mastercard, Inc., Class A	1.77%
Home Depot, Inc. (The)	1.59%
Procter & Gamble Company (The)	1.51%
Salesforce, Inc.	1.27%

Sector Allocation

Asset Allocation

Availability of Additional Information

You can find additional information on the Fund’s website:

• www.greencentury.com/regulatory-filings/

You can also request this information by contacting us at 1-800-221-5519.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at 1-800-221-5519.

GREEN CENTURY FUNDS For additional information please scan the code for hosted material at www.greencentury.com

GREEN CENTURY FUNDS
January 31, 2025

GREEN CENTURY MSCI INTERNATIONAL INDEX FUND

(INDIVIDUAL INVESTOR CLASS/GCINX)

Semi-Annual Shareholder Report

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 daily share price information twenty-four hours a day, visit www.greencentury.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment1
GREEN CENTURY MSCI INTERNATIONAL INDEX FUND (INDIVIDUAL INVESTOR CLASS/GCINX)	$	64		1.28%

1  Annualized

Fund Performance

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

1 The MSCI World EX USA Index is a custom index calculated by MSCI Inc. The index includes large and mid-cap stocks across 22 of 23 Developed Markets countries and excludes the United States

Average annual total returns:	6-Month Total Returns		1 Year		5 Years		Since Inception2
GREEN CENTURY MSCI INTERNATIONAL INDEX FUND (INDIVIDUAL INVESTOR CLASS/GCINX)		-0.28%		7.56%		4.93%		5.86%
MSCI WORLD EX USA INDEX		1.53%		9.44%		6.54%		6.97%

2 Inception Date September 30, 2016

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Visit www.greencentury.com/international-index-fund/ for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost.

Key Fund Statistics

The following table outlines key fund statistic that you should pay attention to

Fund’s net assets	$	172 mil.
Total number of portfolio holdings		187
Total advisory fees paid	$	260k
Portfolio turnover rate as of the end of the reporting period		3%

Graphical Representation of Holdings

The tables below show the investment make up of the Fund, representing percentage of total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks of the Fund.

Top Ten Holdings

ASML Holding NV	5.42%
Novo Nordisk A/S, Class B	3.83%
Unilever PLC	3.20%
Shopify, Inc.	3.19%
Schneider Electric SE	3.12%
Sony Group Corporation	3.10%
Hitachi Ltd.	2.63%
Toronto-Dominion Bank (The)	2.24%
RELX PLC	2.08%
Sumitomo Mitsui Financial Group, Inc.	2.07%

Top Ten Country Allocation

Asset Allocation

Availability of Additional Information

You can find additional information on the Fund’s website:

• www.greencentury.com/regulatory-filings/

You can also request this information by contacting us at 1-800-221-5519.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at 1-800-221-5519.

GREEN CENTURY FUNDS For additional information please scan the code for hosted material at www.greencentury.com

GREEN CENTURY FUNDS
January 31, 2025

GREEN CENTURY MSCI INTERNATIONAL INDEX FUND

(INSTITUTIONAL CLASS/GCIFX)

Semi-Annual Shareholder Report

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 daily share price information twenty-four hours a day, visit www.greencentury.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment1
GREEN CENTURY MSCI INTERNATIONAL INDEX FUND (INSTITUTIONAL CLASS/GCIFX)	$	49		0.98%

1  Annualized

Fund Performance

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $250,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

1 The MSCI World EX USA Index is a custom index calculated by MSCI Inc. The index includes large and mid-cap stocks across 22 of 23 Developed Markets countries and excludes the United States

Average annual total returns:	6-Month Total Returns		1 Year		5 Years		Since Inception2
GREEN CENTURY MSCI INTERNATIONAL INDEX FUND (INSTITUTIONAL CLASS/GCIFX)		-0.14%		7.91%		5.26%		6.17%
MSCI WORLD EX USA INDEX		1.53%		9.44%		6.54%		6.97%

2 Inception Date September 30, 2016

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Visit www.greencentury.com/international-index-fund-institutional/ for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost.

Key Fund Statistics

The following table outlines key fund statistic that you should pay attention to

Fund’s net assets	$	172 mil.
Total number of portfolio holdings		187
Total advisory fees paid	$	260k
Portfolio turnover rate as of the end of the reporting period		3%

Graphical Representation of Holdings

The tables below show the investment make up of the Fund, representing percentage of total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks of the Fund.

Top Ten Holdings

ASML Holding NV	5.42%
Novo Nordisk A/S, Class B	3.83%
Unilever PLC	3.20%
Shopify, Inc.	3.19%
Schneider Electric SE	3.12%
Sony Group Corporation	3.10%
Hitachi Ltd.	2.63%
Toronto-Dominion Bank (The)	2.24%
RELX PLC	2.08%
Sumitomo Mitsui Financial Group, Inc.	2.07%

Top Ten Country Allocation

Asset Allocation

Availability of Additional Information

You can find additional information on the Fund’s website:

• www.greencentury.com/regulatory-filings/

You can also request this information by contacting us at 1-800-221-5519.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at 1-800-221-5519.

GREEN CENTURY FUNDS For additional information please scan the code for hosted material at www.greencentury.com

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable to semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Included as part of the report to shareholders filed under Item 7(a) of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a) Copy of the most recent financial statements:

	SEMI-ANNUAL REPORT Green Century Balanced Fund Green Century Equity Fund Green Century MSCI International Index Fund January 31, 2025
Invest in a Green Future.®	114 State Street, Boston, Massachusetts 02109

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 daily share price information twenty-four hours a day, visit www.greencentury.com.

Dear Green Century Funds Shareholder:

Thank you for investing in the Green Century Funds. I look forward to writing this letter every year to communicate directly with you about our exciting developments.

The heightened attention on sustainable investing has provided us with another opportunity to explain how we pursue competitive returns while working together for clean air, clean water, clean energy, wildlife, and open spaces.

Green Century° has been helping people save without compromising their values for more than 30 years, and we highlight our accomplishments on our new website www.greencentury.com. These include:

• Our investment strategy aims that keeps your money out of the most environmentally dangerous industries

• Our award-winning shareholder advocacy program works with corporations to use less plastic, source more renewable energy, and protect your Right to Repair the products you purchase.

• Our unique non-profit ownership means that our profits don’t go to some Wall Street bank but instead support state and national programs that help protect wildlife, preserve forests, and keep life-saving medicines effective.

We also put a premium on serving you, our shareholders. An easy way to stay in touch is to join our email list. Just drop us a note at info@greencentury.com with the subject line JOIN or sign up at this quick link.

Through our emails, you will never miss stories such as:

• How our advocacy team helps protect the Amazon by stopping deforestation by agribusiness giants and secured another 26 environmental changes from companies around the world.

• The work our nonprofit owners are doing to help protect pollinators and our food supply from Massachusetts to California.

• The Top Ten Highlights of the Year, and details about our 2024 awards from Forbes 50 over 50, Barron’s 100 Most Influential Women in Finance, and Investment News.

It is simple to get these short emails and stay up to date on how together we are making a difference.

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.

Thank you for saving for your future with Green Century. Together, we are building a greener future.

Sincerely,

Leslie Samuelrich

President, Green Century Funds

P.S. If you have questions about our Funds or advocacy, please contact us at 1-800-934-7336 in our Boston office.

If you have questions about an existing account, please contact our shareholder services department at 1-800-221-5519.

°Green Century Capital Management, Inc. (Green Century) is the investment advisor to the Green Century Funds (the Funds).

The Green Century Funds are a family of fossil fuel-free, environmentally responsible mutual funds. Green Century Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please visit www.greencentury.com, email info@greencentury.com, or call 1-800-934-7336. Please read the Prospectus carefully before investing.

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.

This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.

The Green Century Funds are distributed by Distribution Services, LLC. 2/25. Distribution Services and Green Century are not affiliated.

2

Green Century on the Web

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.

LinkedIn. Green Century is on LinkedIn. Follow us on LinkedIn at www.linkedin.com/company/green-century-capital-management/.

The Green Century Funds’ proxy voting guidelines and a record of the Funds’ proxy votes for the year ended June 30, 2024 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-PORT, Part F. The Green Century Funds’ Forms N-PORT, Part F are available on the EDGAR database on the SEC’s website at www.sec.gov. Copies may be obtained upon payment of a duplicating fee, by writing the SEC’s Public Reference Section, Washington DC 20549-0102 or by electronic request at the following e-mail address: publicinfo@sec.gov. The information on Form N-PORT, Part F may also be obtained by calling us at 1-800-934-7336, or by e-mailing a request to info@greencentury.com

3

GREEN CENTURY BALANCED FUND PORTFOLIO OF INVESTMENTS

January 31, 2025

(unaudited)

COMMON STOCKS — 66.8%
	SHARES		VALUE
Software & Services — 8.6%
Adobe, Inc. (a)		6,586	$	2,881,046
Cadence Design Systems, Inc. (a)		8,732		2,598,818
Intuit, Inc.		4,716		2,836,721
Microsoft Corporation		41,806		17,351,998
Palo Alto Networks, Inc. (a)		18,476		3,407,344
ServiceNow, Inc. (a)		5,144		5,238,547
				34,314,474
Capital Goods — 5.7%
Eaton Corporation PLC		10,408		3,397,587
Ferguson Enterprises, Inc.		15,607		2,826,740
MYR Group, Inc. (a)		14,633		2,071,594
Rockwell Automation, Inc.		7,827		2,179,272
Trane Technologies PLC		9,501		3,446,488
United Rentals, Inc.		3,116		2,362,115
Westinghouse Air Brake Technologies Corporation		18,706		3,889,351
Xylem, Inc.		19,149		2,375,242
				22,548,389
Semiconductors & Semiconductor Equipment — 5.5%
Analog Devices, Inc.		11,600		2,457,924
ASML Holding NV (b)		3,740		2,765,020
NVIDIA Corporation		123,183		14,790,583
NXP Semiconductors NV (b)		9,455		1,971,840
				21,985,367
Media & Entertainment — 5.1%
Alphabet, Inc., Class A		62,283		12,706,978
Netflix, Inc. (a)		5,000		4,883,800
Spotify Technology SA (a)		5,107		2,801,445
				20,392,223
Pharmaceuticals, Biotechnology & Life Sciences — 4.5%
AstraZeneca PLC ADR (b)		73,287		5,185,788
Gilead Sciences, Inc.		28,375		2,758,050
IQVIA Holdings, Inc. (a)		9,197		1,851,908
Merck & Company, Inc.		27,300		2,697,786
Novo Nordisk A/S ADR (b)		22,500		1,900,125
Thermo Fisher Scientific, Inc.		5,889		3,520,150
				17,913,807

	SHARES		VALUE
Banks — 3.8%
Bank of America Corporation		100,000	$	4,630,000
East West Bancorp, Inc.		48,032		4,945,855
PNC Financial Services Group, Inc. (The)		28,515		5,730,089
				15,305,944
Technology Hardware & Equipment — 3.6%
Apple, Inc.		60,169		14,199,884
Healthcare Equipment & Services — 3.5%
Alcon, Inc.		35,019		3,189,881
Elevance Health, Inc.		7,489		2,963,397
Stryker Corporation		10,759		4,209,889
UnitedHealth Group, Inc.		6,970		3,781,155
				14,144,322
Financial Services — 3.5%
Intercontinental Exchange, Inc.		17,678		2,825,475
Mastercard, Inc., Class A		14,830		8,237,027
Visa, Inc., Class A		8,317		2,842,750
				13,905,252
Consumer Staples Distribution & Retail — 3.4%
Costco Wholesale Corporation		7,236		7,090,412
Sysco Corporation		30,845		2,249,217
Target Corporation		31,755		4,379,332
				13,718,961
Consumer Discretionary Distribution & Retail — 3.2%
Home Depot, Inc. (The)		9,892		4,075,306
MercadoLibre, Inc. (a)(b)		1,324		2,544,979
TJX Companies, Inc. (The)		49,595		6,188,960
Tractor Supply Company		1,310		71,212
				12,880,457
Consumer Services — 2.6%
Booking Holdings, Inc.		510		2,416,156
Bright Horizons Family Solutions, Inc. (a)		20,925		2,565,405
Chipotle Mexican Grill, Inc. (a)		45,286		2,642,438
Marriott International, Inc., Class A		9,124		2,651,343
				10,275,342

4

GREEN CENTURY BALANCED FUND PORTFOLIO OF INVESTMENTS January 31, 2025 (unaudited) continued

	SHARES		VALUE
Insurance — 2.6%
Aflac, Inc.		28,265	$	3,035,096
Progressive Corporation (The)		15,121		3,726,419
Travelers Companies, Inc. (The)		13,908		3,409,963
				10,171,478
Equity Real Estate Investment Trusts (REITs) — 1.7%
American Tower Corporation REIT		17,274		3,194,826
Equinix, Inc. REIT		2,596		2,371,861
Prologis, Inc. REIT		10,930		1,303,403
				6,870,090
Materials — 1.6%
Avery Dennison Corporation		11,233		2,086,305
Ball Corporation		38,581		2,148,962
International Flavors & Fragrances, Inc.		25,779		2,245,093
				6,480,360
Household & Personal Products — 1.4%
Procter & Gamble Company (The)		17,374		2,883,911
Unilever PLC ADR (b)		49,477		2,838,990
				5,722,901
Consumer Durables & Apparel — 1.4%
Deckers Outdoor Corporation (a)		14,495		2,570,833
Lululemon Athletica, Inc. (a)		7,160		2,965,672
				5,536,505
Transportation — 1.3%
J.B. Hunt Transport Services, Inc.		14,910		2,552,890
Union Pacific Corporation		10,254		2,540,839
				5,093,729
Renewable Energy & Energy Efficiency — 1.2%
First Solar, Inc. (a)		15,473		2,592,037
Ormat Technologies, Inc.		35,154		2,255,129
				4,847,166
Commercial & Professional Services — 0.8%
Verisk Analytics, Inc.		10,870		3,124,473
Real Estate Management & Development — 0.7%
Jones Lang LaSalle, Inc. (a)		9,787		2,767,764

	SHARES		VALUE
Utilities — 0.6%
American Water Works Company, Inc.		19,443	$	2,423,376
Food & Beverage — 0.5%
McCormick & Company, Inc.		23,732		1,832,822
Total Common Stocks (Cost $134,560,582)				266,455,086
	PRINCIPAL AMOUNT
BONDS & NOTES — 32.3%
Green and Sustainability Bonds — 24.3%
Alphabet, Inc. 1.10%, due 8/15/30 (c)	$	6,000,000		5,002,116
Apple, Inc. 3.00%, due 6/20/27 (c)		5,000,000		4,851,440
Asian Development Bank 3.125%, due 9/26/28 (b)		4,000,000		3,839,020
AvalonBay Communities, Inc. 2.05%, due 1/15/32 (c)		6,000,000		4,983,012
Boston Properties LP 4.50%, due 12/1/28 (c)		5,000,000		4,869,220
Bridge Housing Corporation 3.25%, due 7/15/30 (c)		4,500,000		3,877,938
Century Housing Corporation 5.40%, due 8/15/25		4,500,000		4,505,382
European Investment Bank 2.125%, due 4/13/26 (b)		500,000		487,522
European Investment Bank 3.75%, due 2/14/33 (b)		5,000,000		4,730,015
Export Development Canada 4.75%, due 6/5/34		5,000,000		5,031,660
International Bank for Reconstruction & Development 4.00%, due 7/25/30 (b)		4,000,000		3,911,728
International Finance Corporation 2.125%, due 4/7/26 (b)		2,885,000		2,811,877
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, due 9/15/30 (b)(c)		3,000,000		2,526,753

5

GREEN CENTURY BALANCED FUND PORTFOLIO OF INVESTMENTS January 31, 2025 (unaudited) continued

	PRINCIPAL AMOUNT		VALUE
Green and Sustainability Bonds — (continued)
Kreditanstalt fuer Wiederaufbau 4.375%, due 2/28/34 (b)	$	4,000,000	$	3,926,752
Mastercard, Inc. 1.90%, due 3/15/31 (c)		5,000,000		4,250,910
Nederlandse Waterschapsbank NV 2.375%, due 3/24/26 (b)(d)		3,500,000		3,421,201
New Jersey Infrastructure Bank 3.00%, due 9/1/31		2,500,000		2,268,465
NXP BV / NXP Funding LLC / NXP USA, Inc. 5.00%, due 1/15/33 (b)(c)		4,500,000		4,392,099
Prologis LP 1.25%, due 10/15/30 (c)		4,500,000		3,700,809
Public Finance Authority 5.292%, due 7/1/29		3,000,000		2,998,656
Salesforce, Inc. 1.50%, due 7/15/28 (c)		2,500,000		2,255,253
San Francisco Bay Area Rapid Transit District 2.622%, due 8/1/29		2,000,000		1,847,706
Starbucks Corporation 2.45%, due 6/15/26 (c)		4,500,000		4,372,879
United States International Development Finance Corporation 2.58%, due 7/15/38		2,560,697		2,183,071
Verizon Communications, Inc. 3.875%, due 2/8/29 (c)		3,000,000		2,895,411
Visa, Inc. 0.75%, due 8/15/27 (c)		3,500,000		3,199,399
Xylem, Inc. 2.25%, due 1/30/31 (c)		4,500,000		3,860,658
				97,000,952
Community Development Financial Institutions — 3.5%
Capital Impact Partners 1.00%, due 9/15/25 (c)		1,500,000		1,408,233
Capital Impact Partners 5.50%, due 3/15/27		3,750,000		3,743,696

	PRINCIPAL AMOUNT		VALUE
Community Development Financial Institutions — (continued)
Local Initiatives Support Corporation 1.00%, due 11/15/25	$	2,000,000	$	1,920,914
Local Initiatives Support Corporation 3.782%, due 3/1/27 (c)		2,000,000		1,964,420
National Community Renaissance of California 3.27%, due 12/1/32 (c)		4,000,000		3,349,876
Reinvestment Fund, Inc. (The) 3.78%, due 2/15/26		1,400,000		1,374,397
				13,761,536
U.S. Government Agencies — 3.3%
Federal Farm Credit Banks Funding Corporation 3.875%, due 8/15/28		4,000,000		3,939,676
Federal Farm Credit Banks Funding Corporation 1.14%, due 8/20/29 (c)		5,500,000		4,743,502
Federal Home Loan Banks 3.315%, due 11/13/35		5,000,000		4,371,735
				13,054,913
Capital Goods — 0.8%
Trane Technologies Financing Ltd. 3.80%, due 3/21/29 (b)(c)		3,500,000		3,362,814
Municipal — 0.4%
Commonwealth of Massachusetts 4.11%, due 7/15/31 (c)		1,652,678		1,616,385
Total Bonds & Notes (Cost $135,136,743)				128,796,600

6

GREEN CENTURY BALANCED FUND PORTFOLIO OF INVESTMENTS January 31, 2025 (unaudited) concluded

SHORT-TERM INVESTMENTS — 0.6%
	PRINCIPAL AMOUNT	VALUE
UMB Money Market Fiduciary Account, 0.01% (e) (Cost $2,564,262)		$	2,564,262
Total Short-term Investments (Cost $2,564,262)			2,564,262
TOTAL INVESTMENTS (f) — 99.7%
(Cost $272,261,587)			397,815,948
Other Assets Less Liabilities — 0.3%			1,303,038
NET ASSETS — 100.0%		$	399,118,986

PLC – Public Limited Company

ADR – American Depository Receipt

REIT – Real Estate Investment Trusts

LP – Limited Partnership

LLC – Limited Liability Company

(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 may be resold in transactions exempt from registration to qualified institutional buyers. The total value of these securities is $3,421,201.

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

(f) The cost of investments for federal income tax purposes is $272,263,589 resulting in gross unrealized appreciation and depreciation of $134,833,173 and $9,280,814 respectively, or net unrealized appreciation of $125,552,359.

 

See Notes to Financial Statements

7

GREEN CENTURY EQUITY FUND PORTFOLIO OF INVESTMENTS

January 31, 2025

(unaudited)

COMMON STOCKS — 99.9%
	SHARES		VALUE
Software & Services — 19.3%
Accenture PLC, Class A (a)		17,005	$	6,546,075
Adobe, Inc. (b)		11,975		5,238,464
ANSYS, Inc. (b)		2,473		866,786
Autodesk, Inc. (b)		5,791		1,802,970
Automatic Data Processing, Inc.		11,161		3,381,895
Cadence Design Systems, Inc. (b)		7,425		2,209,828
Cognizant Technology Solutions Corporation, Class A		13,875		1,146,214
Fidelity National Information Services, Inc.		14,708		1,198,261
Fortinet, Inc. (b)		17,591		1,774,580
Gen Digital, Inc.		15,913		428,219
International Business Machines Corporation		24,840		6,351,588
Intuit, Inc.		7,654		4,603,958
Microsoft Corporation		190,687		79,146,546
Okta, Inc., Class A (b)		4,375		412,212
Paycom Software, Inc.		1,448		300,547
PayPal Holdings, Inc. (b)		26,495		2,346,927
PTC, Inc. (b)		3,459		669,247
Salesforce, Inc.		25,906		8,852,080
ServiceNow, Inc. (b)		5,597		5,699,873
Teradata Corporation (b)		2,334		74,478
Western Union Company (The)		7,023		72,477
Workday, Inc., Class A (b)		5,884		1,541,961
ZoomInfo Technologies, Inc. (b)		5,168		53,179
				134,718,365
Semiconductors & Semiconductor Equipment — 15.0%
Advanced Micro Devices, Inc. (b)		43,696		5,066,551
Analog Devices, Inc.		13,232		2,803,729
Applied Materials, Inc.		22,064		3,979,243
Intel Corporation		116,831		2,270,026
Lam Research Corporation		35,179		2,851,258
Microchip Technology, Inc.		14,608		793,214
NVIDIA Corporation		664,358		79,769,465
NXP Semiconductors NV (a)		6,917		1,442,540
ON Semiconductor Corporation (b)		11,955		625,725
Skyworks Solutions, Inc.		4,591		407,497
Texas Instruments, Inc.		24,823		4,582,574
				104,591,822
Media & Entertainment — 9.8%
Alphabet, Inc., Class A		158,535		32,344,311
Alphabet, Inc., Class C		136,120		27,986,272

	SHARES		VALUE
Media & Entertainment — (continued)
Electronic Arts, Inc.		6,683	$	821,408
John Wiley & Sons, Inc., Class A		1,195		48,911
New York Times Company (The), Class A		4,528		245,871
Omnicom Group, Inc.		5,443		472,398
Scholastic Corporation		537		10,423
Walt Disney Company (The)		49,323		5,576,458
Warner Bros Discovery, Inc. (b)		63,455		662,470
				68,168,522
Financial Services — 9.5%
Ally Financial, Inc.		7,840		305,525
American Express Company		15,471		4,911,269
Ameriprise Financial, Inc.		2,630		1,429,037
Bank of New York Mellon Corporation (The)		20,481		1,759,932
BlackRock, Inc.		4,060		4,366,530
Charles Schwab Corporation (The)		43,647		3,610,480
CME Group, Inc.		9,769		2,310,564
Equitable Holdings, Inc.		7,976		434,054
FactSet Research Systems, Inc.		1,018		482,949
Franklin Resources, Inc.		7,424		165,110
Intercontinental Exchange, Inc.		15,648		2,501,020
Invesco Ltd.		8,529		164,013
Mastercard, Inc., Class A		22,263		12,365,538
Moody’s Corporation		4,485		2,239,988
Morgan Stanley		33,179		4,592,969
Nasdaq, Inc.		11,724		965,354
Northern Trust Corporation		5,441		610,970
Raymond James Financial, Inc.		5,342		900,020
S&P Global, Inc.		8,499		4,431,464
State Street Corporation		8,035		816,517
Synchrony Financial		11,126		767,471
T. Rowe Price Group, Inc.		6,057		708,184
Visa, Inc., Class A		45,232		15,460,298
Voya Financial, Inc.		2,477		175,842
				66,475,098
Pharmaceuticals, Biotechnology & Life Sciences — 5.9%
AbbVie, Inc.		47,440		8,724,216
Agilent Technologies, Inc.		7,990		1,210,645
Amgen, Inc.		14,632		4,176,265
Biogen, Inc. (b)		3,886		559,312
BioMarin Pharmaceutical, Inc. (b)		5,079		321,805
Bio-Techne Corporation		4,230		311,117
Bristol-Myers Squibb Company		55,015		3,243,134
Danaher Corporation		17,736		3,950,517

8

GREEN CENTURY EQUITY FUND PORTFOLIO OF INVESTMENTS January 31, 2025 (unaudited) continued

	SHARES		VALUE
Pharmaceuticals, Biotechnology & Life Sciences — (continued)
Gilead Sciences, Inc.		33,964	$	3,301,301
Illumina, Inc. (b)		4,266		566,269
IQVIA Holdings, Inc. (b)		4,923		991,295
Jazz Pharmaceuticals PLC (a)(b)		1,421		176,730
Merck & Company, Inc.		68,605		6,779,546
Mettler-Toledo International, Inc. (b)		589		803,655
Vertex Pharmaceuticals, Inc. (b)		7,003		3,233,145
Waters Corporation (b)		1,617		671,831
Zoetis, Inc.		12,329		2,107,026
				41,127,809
Capital Goods — 5.4%
3M Company		14,955		2,276,151
A.O. Smith Corporation		3,506		235,954
AGCO Corporation		1,602		167,297
Air Lease Corporation, Class A		2,574		118,919
Allegion PLC (a)		2,360		313,243
Applied Industrial Technologies, Inc.		1,079		280,572
Builders FirstSource, Inc. (b)		3,184		532,619
Carrier Global Corporation		22,322		1,459,412
CNH Industrial NV (a)		22,472		289,439
Cummins, Inc.		3,759		1,339,144
Deere & Company		7,067		3,367,849
Dover Corporation		3,631		739,562
Eaton Corporation PLC		10,803		3,526,531
EMCOR Group, Inc.		1,267		567,692
Fastenal Company		15,750		1,153,530
Ferguson Enterprises, Inc.		5,625		1,018,800
Flowserve Corporation		3,157		197,691
Fortive Corporation		9,308		757,020
Fortune Brands Innovations, Inc.		3,216		230,491
Graco, Inc.		4,541		382,216
Granite Construction, Inc.		1,230		108,412
Hubbell, Inc.		1,459		617,172
IDEX Corporation		1,893		424,619
Illinois Tool Works, Inc.		8,086		2,095,568
Lennox International, Inc.		889		526,661
Lincoln Electric Holdings, Inc.		1,521		302,344
Masco Corporation		5,851		463,867
Middleby Corporation (The) (b)		1,312		224,536
Owens Corning		2,421		446,796
PACCAR, Inc.		14,334		1,589,354

	SHARES		VALUE
Capital Goods — (continued)
Pentair PLC (a)		4,190	$	434,419
Quanta Services, Inc.		4,042		1,243,360
Rockwell Automation, Inc.		3,054		850,325
Roper Technologies, Inc.		2,985		1,718,315
Sensata Technologies Holding PLC		3,742		101,633
Snap-on, Inc.		1,409		500,406
Stanley Black & Decker, Inc.		4,110		361,968
Tennant Company		298		25,485
Timken Company (The)		1,617		129,797
Trane Technologies PLC		5,665		2,054,979
United Rentals, Inc.		1,810		1,372,089
W.W. Grainger, Inc.		1,215		1,291,144
Westinghouse Air Brake Technologies Corporation		4,878		1,014,234
Xylem, Inc.		6,711		832,432
				37,684,047
Renewable Energy & Energy Efficiency — 4.9%
Acuity Brands, Inc.		831		276,216
First Solar, Inc. (b)		2,782		466,041
Itron, Inc. (b)		1,302		139,783
Johnson Controls International, PLC (a)		17,789		1,387,542
Ormat Technologies, Inc.		1,343		86,153
Tesla, Inc. (b)		77,970		31,546,662
				33,902,397
Healthcare Equipment & Services — 3.3%
Align Technology, Inc. (b)		1,976		432,961
Becton, Dickinson & Company		7,844		1,942,174
Cardinal Health, Inc.		6,605		816,774
Cencora, Inc.		4,876		1,239,528
Centene Corporation (b)		14,466		926,258
Cigna Group (The)		7,611		2,239,232
Cooper Cos., Inc. (The) (b)		5,312		512,874
DaVita, Inc. (b)		1,208		212,850
DENTSPLY SIRONA, Inc.		5,127		101,310
Dexcom, Inc. (b)		10,935		949,486
Edwards Lifesciences Corporation (b)		16,481		1,194,049
Elevance Health, Inc.		6,345		2,510,717
HCA Healthcare, Inc.		5,152		1,699,696
Henry Schein, Inc. (b)		3,231		258,480
Hologic, Inc. (b)		6,056		436,880
Humana, Inc.		3,272		959,449
IDEXX Laboratories, Inc. (b)		2,314		976,624

9

GREEN CENTURY EQUITY FUND PORTFOLIO OF INVESTMENTS January 31, 2025 (unaudited) continued

	SHARES		VALUE
Healthcare Equipment & Services — (continued)
Insulet Corporation (b)		1,908	$	531,149
Labcorp Holdings, Inc.		2,185		545,813
Patterson Companies, Inc.		1,973		61,064
Pediatrix Medical Group, Inc. (b)		2,069		28,925
Quest Diagnostics, Inc.		2,942		479,840
ResMed, Inc.		4,030		951,805
Select Medical Holdings Corporation		2,866		56,374
STERIS PLC		2,650		584,723
Teladoc Health, Inc. (b)		4,457		45,283
Veeva Systems, Inc., Class A (b)		4,239		988,789
West Pharmaceutical Services, Inc.		1,993		680,709
Zimmer Biomet Holdings, Inc.		5,355		586,265
				22,950,081
Consumer Discretionary Distribution & Retail — 3.0%
AutoNation, Inc. (b)		664		125,197
Best Buy Company, Inc.		5,640		484,250
Buckle, Inc. (The)		889		42,325
CarMax, Inc. (b)		4,278		366,368
Foot Locker, Inc. (b)		2,330		46,717
GameStop Corporation, Class A (b)		11,551		310,722
Gap, Inc. (The)		6,246		150,341
Home Depot, Inc. (The)		26,983		11,116,456
Kohl’s Corporation		2,823		37,292
LKQ Corporation		6,472		241,988
Lowe’s Companies, Inc.		15,128		3,933,885
Nordstrom, Inc.		2,841		68,752
ODP Corporation (The) (b)		814		18,396
Pool Corporation		1,013		348,725
Signet Jewelers Ltd.		1,194		70,721
Target Corporation		12,577		1,734,494
Tractor Supply Company		14,955		812,954
Ulta Beauty, Inc. (b)		1,331		548,572
Williams-Sonoma, Inc.		3,453		729,861
				21,188,016
Food & Beverage — 3.0%
Archer-Daniels-Midland Company		13,608		697,138
Bunge Global SA		3,809		289,979
Campbell Soup Company (The)		4,724		183,149
Coca-Cola Company (The)		110,683		7,026,157
Conagra Brands, Inc.		11,850		306,797
Darling Ingredients, Inc. (b)		4,102		153,661

	SHARES		VALUE
Food & Beverage — (continued)
General Mills, Inc.		14,829	$	891,816
Hormel Foods Corporation		7,838		234,983
Ingredion, Inc.		1,693		230,993
JM Smucker Company (The)		2,700		288,603
Kellanova		7,459		609,624
Keurig Dr Pepper, Inc.		31,365		1,006,817
Kraft Heinz Company (The)		24,667		736,063
Lamb Weston Holdings, Inc.		3,918		234,845
McCormick & Company, Inc.		6,635		512,421
Mondelez International, Inc., Class A		36,579		2,121,216
PepsiCo, Inc.		37,533		5,655,848
				21,180,110
Equity Real Estate Investment Trusts (REITs) — 3.0%
American Tower Corporation REIT		12,797		2,366,805
Anywhere Real Estate, Inc. (b)		2,732		9,863
AvalonBay Communities, Inc. REIT		3,835		849,491
BXP, Inc. REIT		3,850		281,589
CBRE Group, Inc., Class A (b)		8,320		1,204,237
COPT Defense Properties REIT		2,665		78,458
Crown Castle, Inc. REIT		11,754		1,049,397
Digital Realty Trust, Inc. REIT		8,971		1,469,988
Equinix, Inc. REIT		2,593		2,369,120
Equity Residential REIT		9,228		651,774
Federal Realty Investment Trust REIT		1,735		188,473
Healthpeak Properties, Inc.		18,872		389,895
Host Hotels & Resorts, Inc. REIT		18,939		316,471
Iron Mountain, Inc. REIT		7,869		799,254
Jones Lang LaSalle, Inc. (b)		1,351		382,063
Macerich Company (The) REIT		6,763		140,535
Prologis, Inc. REIT		25,339		3,021,676
SBA Communications Corporation, Class A REIT		2,809		554,946
Simon Property Group, Inc. REIT		9,084		1,579,344
UDR, Inc. REIT		8,127		339,221
Ventas, Inc. REIT		11,353		685,948
Welltower, Inc. REIT		16,749		2,285,903
				21,014,451
Consumer Services — 2.9%
Aramark		6,506		253,148
Booking Holdings, Inc.		909		4,306,442
Choice Hotels International, Inc.		653		96,206
Darden Restaurants, Inc.		3,240		632,578

10

GREEN CENTURY EQUITY FUND PORTFOLIO OF INVESTMENTS January 31, 2025 (unaudited) continued

	SHARES		VALUE
Consumer Services — (continued)
Domino’s Pizza, Inc.		924	$	414,987
Hilton Worldwide Holdings, Inc.		6,727		1,722,583
Jack in the Box, Inc.		266		10,424
Marriott International, Inc., Class A		6,588		1,914,407
McDonald’s Corporation		19,519		5,635,135
Royal Caribbean Cruises Ltd.		6,631		1,767,825
Starbucks Corporation		30,879		3,325,051
Vail Resorts, Inc.		922		156,851
				20,235,637
Insurance — 2.7%
Allstate Corporation (The)		7,232		1,390,931
Arthur J. Gallagher & Company		6,718		2,027,627
Chubb Ltd. (a)		10,467		2,845,768
Hartford Financial Services Group, Inc. (The)		8,164		910,694
Lincoln National Corporation		4,685		164,725
Loews Corporation		5,003		427,506
Marsh & McLennan Companies, Inc.		13,374		2,900,553
Principal Financial Group, Inc.		6,410		528,504
Progressive Corporation (The)		15,855		3,907,306
Prudential Financial, Inc.		9,697		1,171,010
Travelers Companies, Inc. (The)		6,292		1,542,673
Willis Towers Watson PLC (a)		2,705		891,473
				18,708,770
Materials — 2.4%
Albemarle Corporation		3,144		264,693
Amcor PLC (a)		38,678		375,950
Avery Dennison Corporation		2,263		420,307
Axalta Coating Systems Ltd. (b)		5,095		183,114
Ball Corporation		8,340		464,538
Compass Minerals International, Inc.		775		9,037
CRH PLC		18,868		1,868,498
Ecolab, Inc.		7,168		1,793,362
H.B. Fuller Company		1,079		68,117
International Flavors & Fragrances, Inc.		6,938		604,231
Linde PLC (a)		12,939		5,772,347
Minerals Technologies, Inc.		887		68,024
Mosaic Company (The)		8,443		235,475
Newmont Corporation		31,368		1,340,041
PPG Industries, Inc.		6,139		708,318
Radius Recycling, Inc.		721		8,659

	SHARES		VALUE
Materials — (continued)
Sealed Air Corporation		3,582	$	124,761
Sherwin-Williams Company (The)		6,526		2,337,352
Sonoco Products Company		2,267		108,000
				16,754,824
Technology Hardware & Equipment — 2.4%
Cisco Systems, Inc.		108,392		6,568,555
Cognex Corporation		4,685		186,932
Corning, Inc.		22,413		1,167,269
Dell Technologies, Inc., Class C		8,705		901,838
F5, Inc. (b)		1,575		468,185
Flex Ltd. (b)		11,256		468,812
Hewlett Packard Enterprise Company		36,305		769,303
HP, Inc.		27,037		878,703
Keysight Technologies, Inc. (b)		4,751		847,341
Motorola Solutions, Inc.		4,518		2,120,071
TE Connectivity PLC (a)		8,347		1,235,106
Trimble, Inc. (b)		6,663		499,458
Xerox Holdings Corporation		3,436		29,343
Zebra Technologies Corporation, Class A (b)		1,416		554,987
				16,695,903
Household & Personal Products — 2.1%
Clorox Company (The)		3,262		517,614
Colgate-Palmolive Company		21,289		1,845,756
Estee Lauder Companies, Inc. (The), Class A		6,306		526,110
Kimberly-Clark Corporation		9,226		1,199,103
Procter & Gamble Company (The)		63,497		10,539,867
				14,628,450
Transportation — 1.4%
ArcBest Corporation		692		66,162
Avis Budget Group, Inc. (b)		493		44,222
C.H. Robinson Worldwide, Inc.		3,164		314,786
CSX Corporation		53,561		1,760,550
Delta Air Lines, Inc.		4,348		292,490
Expeditors International of Washington, Inc.		3,868		439,328
J.B. Hunt Transport Services, Inc.		2,250		385,245
Ryder System, Inc.		1,202		191,611
U-Haul Holding Company		2,436		157,707
Union Pacific Corporation		16,582		4,108,854
United Parcel Service, Inc., Class B		20,075		2,293,167
				10,054,122

11

GREEN CENTURY EQUITY FUND PORTFOLIO OF INVESTMENTS January 31, 2025 (unaudited) continued

	SHARES		VALUE
Banks — 1.2%
Bank of Hawaii Corporation		927	$	69,071
Cathay General Bancorp		1,232		58,508
Citizens Financial Group, Inc.		12,780		607,945
Comerica, Inc.		3,480		234,274
Huntington Bancshares, Inc.		40,066		689,135
International Bancshares Corporation		1,407		92,707
KeyCorp		25,746		462,913
M&T Bank Corporation		4,641		933,955
Old National Bancorp		7,198		171,672
PNC Financial Services Group, Inc. (The)		10,668		2,143,734
Regions Financial Corporation		24,522		604,222
Truist Financial Corporation		36,358		1,731,368
Zions Bancorp NA		3,956		228,894
				8,028,398
Consumer Durables & Apparel — 0.8%
Capri Holdings Ltd. (a)(b)		3,074		76,174
Columbia Sportswear Company		791		69,845
Deckers Outdoor Corporation (b)		4,217		747,927
Ethan Allen Interiors, Inc.		161		4,994
Garmin Ltd. (a)		4,207		908,081
Hanesbrands, Inc. (b)		9,129		74,128
Hasbro, Inc.		3,419		197,755
La-Z-Boy, Inc.		1,152		54,374
Mattel, Inc. (b)		8,275		154,246
Meritage Homes Corporation		1,958		152,469
Mohawk Industries, Inc. (b)		1,488		181,982
Newell Brands, Inc.		10,704		106,612
NIKE, Inc., Class B		32,547		2,502,864
PVH Corporation		1,260		112,896
Topgolf Callaway Brands Corporation (b)		3,717		29,216
Under Armour, Inc., Class A (b)		7,885		65,840
Under Armour, Inc., Class C (b)		276		2,078
VF Corporation		8,794		228,380
Whirlpool Corporation		1,452		152,475
Wolverine World Wide, Inc.		2,136		47,697
				5,870,033
Telecommunication Services — 0.7%
Lumen Technologies Inc. (b)		26,703		131,913
Verizon Communications, Inc.		115,025		4,530,835
				4,662,748

	SHARES		VALUE
Commercial & Professional Services — 0.6%
ACCO Brands Corporation		2,001	$	10,525
ASGN, Inc. (b)		1,165		102,765
Broadridge Financial Solutions, Inc.		3,124		744,199
Copart, Inc. (b)		23,455		1,358,748
Deluxe Corporation		1,064		24,674
Exponent, Inc.		1,449		132,830
Heidrick & Struggles International, Inc.		562		26,128
HNI Corporation		1,540		76,769
ICF International, Inc.		500		58,355
Interface, Inc.		1,599		39,591
Kelly Services, Inc., Class A		1,229		17,304
ManpowerGroup, Inc.		1,245		74,974
Robert Half, Inc.		2,752		178,302
Steelcase, Inc., Class A		2,858		32,810
Tetra Tech, Inc.		7,358		270,775
TransUnion		5,305		526,521
Veralto Corporation		6,841		707,291
				4,382,561
Consumer Staples Distribution & Retail — 0.3%
Kroger Co. (The)		18,882		1,163,886
Sysco Corporation		13,300		969,836
				2,133,722
Automobiles & Components — 0.2%
Aptiv PLC (b)		7,235		451,609
Autoliv, Inc. (a)		2,063		199,410
BorgWarner, Inc.		5,871		187,285
Harley-Davidson, Inc.		3,202		86,646
Rivian Automotive, Inc., Class A (b)		20,472		257,128
				1,182,078
Utilities — 0.1%
American Water Works Company, Inc.		5,370		669,317
Essential Utilities, Inc.		6,573		233,210
				902,527
Healthy Living — 0.0%
Hain Celestial Group, Inc. (The) (b)		2,185		11,056
United Natural Foods, Inc. (b)		1,542		45,859
				56,915
Total Common Stocks (Cost $252,286,098)				697,297,406

12

GREEN CENTURY EQUITY FUND PORTFOLIO OF INVESTMENTS January 31, 2025 (unaudited) concluded

	SHARES	VALUE
SHORT-TERM INVESTMENTS — 0.2%
UMB Money Market Fiduciary Account, 0.01% (c) (Cost $1,142,635)		$	1,142,635
Total Short-term Investments (Cost $1,142,635)			1,142,635
TOTAL INVESTMENTS (d) — 100.1%
(Cost $253,428,733)			698,440,041
Liabilites Less Other Assets —(0.1)%			(566,969	)
NET ASSETS — 100.0%		$	697,873,072

PLC – Public Limited Company

REIT – Real Estate Investment Trusts

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

(b) Non-income producing security.

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

(d) The cost of investments for federal income tax purposes is $259,894,001 resulting in gross unrealized appreciation and depreciation of $453,043,797 and $14,497,757 respectively, or net unrealized appreciation of $438,546,040.

 

See Notes to Financial Statements

13

GREEN CENTURY MSCI INTERNATIONAL INDEX FUND PORTFOLIO OF INVESTMENTS

January 31, 2025

(unaudited)

COMMON STOCKS — 99.2%
	SHARES		VALUE
Japan — 24.6%
Ajinomoto Company, Inc.		18,100	$	725,582
ANA Holdings, Inc.		6,000		112,554
Asahi Kasei Corporation		48,500		329,395
Bridgestone Corporation		22,100		792,747
Brother Industries Ltd.		9,100		160,342
Concordia Financial Group Ltd.		40,300		233,999
Daikin Industries Ltd.		10,200		1,198,105
Daiwa Securities Group, Inc.		51,700		374,265
FANUC Corporation		36,631		1,091,305
Fuji Electric Company Ltd.		5,300		252,518
Fujitsu Ltd.		64,400		1,245,481
Hankyu Hanshin Holdings, Inc.		9,100		231,546
Hitachi Ltd.		180,015		4,525,656
Hoya Corporation		13,501		1,812,995
JFE Holdings, Inc.		22,700		262,513
Kao Corp.		18,200		721,673
KDDI Corp.		59,517		1,982,869
Kubota Corporation		36,300		455,323
LY Corporation		110,800		323,639
MatsukiyoCocokara & Company		12,700		187,974
Mitsubishi Chemical Group Corporation		52,300		267,131
Mitsubishi Estate Company Ltd.		42,200		613,208
Mitsui Chemicals, Inc.		6,500		142,541
NEC Corporation		9,500		942,199
Nitto Denko Corporation		27,500		487,828
Nomura Research Institute Ltd.		14,714		497,146
Omron Corporation		6,700		221,030
Oriental Land Company Ltd.		42,200		948,407
Pan Pacific International Holdings Corporation		14,800		412,052
Rakuten Group, Inc. (a)		58,300		366,075
Renesas Electronics Corporation (a)		65,100		871,981
Ricoh Company Ltd.		20,300		232,807
Secom Company Ltd.		16,400		551,879
Seiko Epson Corporation		11,389		205,814
Sekisui House Ltd.		23,000		528,608
SG Holdings Company Ltd.		12,000		113,093
Shimadzu Corporation		9,100		263,982
Shiseido Company Ltd.		15,600		261,977
SoftBank Corporation		1,111,970		1,430,285
Sompo Holdings, Inc.		34,484		961,623
Sony Group Corporation		242,380		5,349,167

	SHARES		VALUE
Japan — (continued)
Sumitomo Metal Mining Company, Ltd.		9,600	$	219,226
Sumitomo Mitsui Financial Group, Inc.		144,773		3,567,656
Sysmex Corporation		19,500		372,750
T&D Holdings, Inc.		18,900		359,569
TDK Corporation		75,300		910,174
TIS, Inc.		8,400		185,735
Tokio Marine Holdings, Inc.		73,000		2,407,786
Tokyu Corp.		20,500		233,953
Toray Industries, Inc.		53,500		371,235
Unicharm Corporation		43,300		338,165
Yamaha Motor Company Ltd.		35,800		299,489
Yokogawa Electric Corporation		9,000		197,560
ZOZO, Inc.		5,400		177,133
				42,329,745
Canada — 13.5%
Agnico Eagle Mines Ltd.		19,481		1,810,578
Bank of Nova Scotia (The)		47,982		2,454,893
CGI, Inc.		7,915		933,038
Dollarama, Inc.		10,910		1,032,374
Element Fleet Management Corporation		15,708		308,562
FirstService Corporation		1,569		285,333
Gildan Activewear, Inc.		5,498		283,525
iA Financial Corporation, Inc.		3,636		335,756
Metro, Inc.		8,176		510,845
National Bank of Canada		13,198		1,171,329
Nutrien Ltd.		19,187		990,241
Open Text Corporation		10,292		302,797
RB Global, Inc.		7,173		641,345
Saputo, Inc.		9,720		161,509
Shopify, Inc. (a)		47,048		5,490,444
Sun Life Financial, Inc.		22,403		1,291,864
TELUS Corporation		19,268		279,462
Toronto-Dominion Bank (The)		67,809		3,868,202
West Fraser Timber Company Ltd.		2,130		184,671
WSP Global, Inc.		5,065		859,489
				23,196,257
United Kingdom — 9.5%
3i Group PLC		37,798		1,815,982
Admiral Group PLC		10,012		334,512
Associated British Foods PLC		12,907		302,864

14

GREEN CENTURY MSCI INTERNATIONAL INDEX FUND PORTFOLIO OF INVESTMENTS January 31, 2025 (unaudited) continued

	SHARES		VALUE
United Kingdom — (continued)
Barratt Redrow PLC		53,291	$	298,529
Berkeley Group Holdings PLC		3,896		186,407
Croda International PLC		5,185		213,570
Informa PLC		51,273		547,118
Intertek Group PLC		6,257		394,629
Kingfisher PLC		71,835		218,239
Land Securities Group PLC REIT		26,932		194,234
Legal & General Group PLC		229,696		685,927
M&G PLC		86,930		223,948
Mondi PLC		16,967		264,109
Pearson PLC		23,061		382,607
Phoenix Group Holdings PLC		27,738		178,775
RELX PLC		72,357		3,593,070
Schroders PLC		31,470		137,434
Segro PLC REIT		49,669		439,163
Taylor Wimpey PLC		137,858		204,180
Unilever PLC		96,385		5,520,763
Whitbread PLC		7,077		245,482
				16,381,542
France — 9.3%
AXA SA		68,290		2,590,593
Cie Generale des Etablissements Michelin SCA		25,872		899,704
Credit Agricole SA		41,467		624,229
Danone SA		25,021		1,752,501
Eurazeo SE		1,659		136,948
Hermes International SCA		1,229		3,456,574
Publicis Groupe SA		8,872		943,504
Rexel SA		8,542		226,128
Schneider Electric SE		21,221		5,381,883
				16,012,064
Switzerland — 9.0%
ABB Ltd.		61,376		3,341,886
Banque Cantonale Vaudoise		1,199		120,991
Coca-Cola HBC AG (a)		8,391		291,294
DSM-Firmenich AG		7,249		740,006
Givaudan SA		358		1,567,134
Julius Baer Group Ltd.		8,019		563,419
Kuehne + Nagel International AG		1,865		423,766
Lonza Group AG		2,803		1,777,264
SGS SA		5,920		575,028
SIG Group AG (a)		11,676		254,622
Sonova Holding AG		1,957		682,728

	SHARES		VALUE
Switzerland — (continued)
Swiss Re AG		11,708	$	1,787,330
Zurich Insurance Group AG		5,678		3,440,479
				15,565,947
Netherlands — 8.1%
Akzo Nobel NV		6,595		374,563
ASML Holding NV		12,634		9,345,662
Koninklijke KPN NV		151,564		548,413
Prosus NV		53,036		2,025,739
Wolters Kluwer NV		9,256		1,681,374
				13,975,751
Australia — 5.9%
ASX Ltd.		7,542		295,717
BlueScope Steel Ltd.		17,266		225,464
Brambles Ltd.		54,241		662,850
Cochlear Ltd.		2,542		500,319
CSL Ltd.		18,796		3,244,981
Goodman Group		66,653		1,486,368
GPT Group (The) REIT		73,380		208,315
Northern Star Resources Ltd.		44,504		471,015
Orica Ltd.		19,145		207,531
QBE Insurance Group Ltd.		58,141		750,465
Suncorp Group Ltd.		49,530		635,022
Transurban Group		120,207		990,151
WiseTech Global Ltd.		7,095		537,108
				10,215,306
Denmark — 5.0%
Novo Nordisk A/S, Class B		78,265		6,607,497
Novonesis (Novozymes) B		13,646		782,367
Pandora A/S		3,183		608,966
Vestas Wind Systems A/S (a)		39,290		540,420
				8,539,250
Germany — 3.6%
adidas AG		6,281		1,655,958
Deutsche Boerse AG		7,300		1,803,280
GEA Group AG		6,009		317,120
Henkel AG & Company KGaA		4,064		313,916
Henkel AG & Company KGaA (b)		6,534		570,844
LEG Immobilien SE		2,935		241,855
Merck KGaA		5,038		760,458
Puma SE		4,102		128,715
Zalando SE (a)(c)		8,681		323,506
				6,115,652

15

GREEN CENTURY MSCI INTERNATIONAL INDEX FUND PORTFOLIO OF INVESTMENTS January 31, 2025 (unaudited) continued

	SHARES		VALUE
Hong Kong — 2.2%
AIA Group Ltd.		428,249	$	3,010,653
Hang Seng Bank Ltd.		29,217		366,106
MTR Corporation Ltd.		61,167		191,754
Sino Land Company Ltd.		155,793		149,411
Swire Pacific Ltd. A Shares		15,500		134,613
				3,852,537
Finland — 1.6%
Elisa Oyj		5,605		241,527
Kesko Oyj B Shares		10,544		202,238
Kone Oyj, Class B		13,182		682,277
Metso OYJ		24,211		240,299
Sampo Oyj A Shares		19,102		788,494
Stora Enso Oyj R Shares		22,819		252,713
Wartsila OYJ Abp		19,454		367,471
				2,775,019
Italy — 1.6%
FinecoBank Banca Fineco SpA		23,760		451,063
Generali		36,560		1,157,556
Mediobanca Banca di Credito Finanziario SpA		19,321		315,830
Moncler SpA		9,114		576,912
Poste Italiane SpA (c)		17,649		267,820
				2,769,181
Sweden — 1.4%
Boliden AB		10,641		319,606
Essity AB, Class B		23,577		597,106
Svenska Cellulosa AB SCA, Class B		23,787		327,602
Svenska Handelsbanken AB A Shares		56,597		626,171
Tele2 AB B Shares		20,933		232,876
Telia Company AB		92,925		273,467
				2,376,828
Spain — 1.1%
Amadeus IT Group SA		17,480		1,279,075
Cellnex Telecom SA (c)		20,641		691,296
				1,970,371
Norway — 1.0%
DNB Bank ASA		34,869		740,641
Gjensidige Forsikring ASA		7,668		157,307
Mowi ASA		18,109		363,662

	SHARES		VALUE
Norway — (continued)
Orkla ASA		26,811	$	248,968
Telenor ASA		23,667		289,389
				1,799,967
Ireland — 0.7%
James Hardie Industries PLC (a)		16,687		560,866
Kerry Group PLC, Class A		5,958		611,804
				1,172,670
Belgium — 0.6%
Ageas SA		6,214		320,088
KBC Group NV		8,889		681,819
				1,001,907
Singapore — 0.4%
CapitaLand Ascendas REIT		143,700		272,438
CapitaLand Integrated Commercial Trust REIT		226,200		322,888
CapitaLand Investment Ltd.		89,111		160,426
				755,752
New Zealand — 0.1%
Meridian Energy Ltd.		49,672		165,331
Total Common Stocks (Cost $135,718,231)				170,971,077
SHORT-TERM INVESTMENTS — 0.0%
UMB Money Market Fiduciary Account, 0.01% (d) (Cost $14,641)				14,641
Total Short-term Investments (Cost $14,641)				14,641
TOTAL INVESTMENTS (e) — 99.2%
(Cost $135,732,872)				170,985,718
Other Assets Less Liabilities — 0.8%				1,447,957
NET ASSETS — 100.0%			$	172,433,675

PLC – Public Limited Company

REIT – Real Estate Investment Trusts

(a) Non-income producing security.

(b) Preference shares.

16

GREEN CENTURY MSCI INTERNATIONAL INDEX FUND PORTFOLIO OF INVESTMENTS January 31, 2025 (unaudited) concluded

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. The total value of these securities is $1,282,622.

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

(e) The cost of investments for federal income tax purposes is $140,585,275 resulting in gross unrealized appreciation and depreciation of $42,279,629 and $11,879,186 respectively, or net unrealized appreciation of $30,400,443.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Purchase Contracts	Counterparty	Currency Exchange		Settlement Date		Currency Amount Purchased			Value At Settlement Date			Value At January 31, 2025			Unrealized Appreciation (Depreciation)
Australian Dollar	JP Morgan		AUD per USD		3/19/2025		110,000		$	70,318		$	68,402		$	(1,916	)
British Pound	Bank of Montreal		GBP per USD		3/19/2025		60,000			76,071			74,382			(1,689	)
Canadian Dollar	Bank of Montreal		CAD per USD		3/19/2025		280,000			197,940			193,039			(4,901	)
Euro	Bank of Montreal		EUR per USD		3/19/2025		90,000			94,775			93,572			(1,203	)
Japanese Yen	Toronto Dominion		JPY per USD		3/19/2025		47,290,000			313,022			306,524			(6,498	)
									$	752,126		$	735,919		$	(16,207	)
Sale Contracts	Counterparty	Currency Exchange		Settlement Date		Currency Amount Sold			Value At Settlement Date			Value At January 31, 2025			Unrealized Appreciation (Depreciation)
Canadian Dollar	TD Securities		CAD per USD		3/19/2025		(95,000	)	$	(66,084	)	$	(65,495	)	$	589
Switzerland Franc	Citibank		CHF per USD		3/19/2025		(230,000	)		(261,228	)		(253,861	)		7,367
									$	(327,312	)	$	(319,356	)	$	7,956
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS									$	424,814		$	416,563		$	(8,251	)

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Switzerland Franc

EUR – Euro

GBP – British Pound

JPY – Japanese Yen

See Notes to Financial Statements

17

GREEN CENTURY FUNDS STATEMENTS OF ASSETS AND LIABILITIES

January 31, 2025

(unaudited)

	BALANCED FUND		EQUITY FUND		MSCI INTERNATIONAL INDEX FUND
ASSETS:
Investments, at value (cost $272,261,587, $253,428,733 and $135,732,872, respectively)	$	397,815,948	$	698,440,041	$	170,985,718
Foreign cash, at value (cost $0, $0 and $477,048, respectively)		—		—		476,095
Receivables for:
Securities sold		—		—		330,936
Capital stock sold		972,501		171,930		139,960
Interest		980,084		5		1
Dividends		146,417		532,796		843,660
Unrealized appreciation on forward foreign currency exchange contracts		—		—		7,956
Total assets		399,914,950		699,144,772		172,784,326
LIABILITIES:
Payable for capital stock repurchased		335,196		637,691		179,710
Accrued expenses		460,768		634,009		154,734
Unrealized depreciation on forward foreign currency exchange contracts		—		—		16,207
Total liabilities		795,964		1,271,700		350,651
NET ASSETS	$	399,118,986	$	697,873,072	$	172,433,675
NET ASSETS CONSIST OF:
Paid-in capital (par value of $0.01 per share with unlimited number of shares authorized)	$	274,740,975	$	253,354,076	$	141,605,420
Net distributable earnings		124,378,011		444,518,996		30,828,255
NET ASSETS	$	399,118,986	$	697,873,072	$	172,433,675
NET ASSET VALUE PER SHARE PER CLASS:
Individual Investor Class Shares:
Net assets applicable to shares outstanding	$	271,312,166	$	388,988,154	$	50,802,824
Shares of beneficial interest issued and outstanding		7,834,576		4,237,277		3,567,098
Net asset value per share	$	34.63	$	91.80	$	14.24
Institutional Class Shares:
Net assets applicable to shares outstanding	$	127,806,820	$	308,884,918	$	121,630,851
Shares of beneficial interest issued and outstanding		3,677,020		3,383,440		8,576,668
Net asset value per share	$	34.76	$	91.29	$	14.18

See Notes to Financial Statements

18

GREEN CENTURY FUNDS STATEMENTS OF OPERATIONS

For the six months ended January 31, 2025

(unaudited)

	BALANCED FUND		EQUITY FUND		MSCI INTERNATIONAL INDEX FUND
INVESTMENT INCOME:
Interest income	$	2,544,740	$	53	$	9
Dividend and other income (net of $5,542, $2,155 and $128,412 foreign withholding taxes, respectively)		1,421,450		4,491,272		1,336,476
Total investment income		3,966,190		4,491,325		1,336,485
EXPENSES:
Administrative services fee		1,512,403		2,977,780		735,086
Investment advisory fee		1,295,538		731,827		260,427
Total expenses		2,807,941		3,709,607		995,513
NET INVESTMENT INCOME		1,158,249		781,718		340,972
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		5,164,877		12,088,589		955,437
Foreign currency transactions		—		—		(9,131	)
Forward foreign currency exchange contracts		—		—		(22	)
Change in net unrealized appreciation (depreciation) on:
Investments		1,118,222		34,377,872		(1,853,824	)
Foreign currency translations		—		—		(32,766	)
Forward foreign currency exchange contracts		—		—		(20,503	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		6,283,099		46,466,461		(960,809	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	7,441,348	$	47,248,179	$	(619,837	)

See Notes to Financial Statements

19

GREEN CENTURY FUNDS STATEMENTS OF CHANGES IN NET ASSETS

	BALANCED FUND						EQUITY FUND						MSCI INTERNATIONAL INDEX FUND
	FOR THE SIX MONTHS ENDED JANUARY 31, 2025 (UNAUDITED)			FOR THE YEAR ENDED JULY 31, 2024			FOR THE SIX MONTHS ENDED JANUARY 31, 2025 (UNAUDITED)			FOR THE YEAR ENDED JULY 31, 2024			FOR THE SIX MONTHS ENDED JANUARY 31, 2025 (UNAUDITED)			FOR THE YEAR ENDED JULY 31, 2024
INCREASE (DECREASE) IN NET ASSETS:
From operations:
Net investment income	$	1,158,249		$	2,319,344		$	781,718		$	1,771,017		$	340,972		$	2,632,753
Net realized gain on investments, foreign currency transactions, and forward foreign currency exchange contracts		5,164,877			18,057,161			12,088,589			1,791,902			946,284			4,361,978
Change in net unrealized appreciation (depreciation) on investments, foreign currency translations, and forward foreign currency exchange contracts		1,118,222			23,038,445			34,377,872			109,762,461			(1,907,093	)		14,915,925
Net increase (decrease) in net assets resulting from operations		7,441,348			43,414,950			47,248,179			113,325,380			(619,837	)		21,910,656
Dividends and distributions to shareholders:
Distributions
Individual Investor Class		(17,337,311	)		(8,227,012	)		(3,793,802	)		(549,959	)		(283,071	)		(639,922	)
Institutional Class		(8,234,449	)		(3,609,310	)		(3,417,264	)		(1,138,050	)		(838,229	)		(2,048,738	)
Total dividends and distributions		(25,571,760	)		(11,836,322	)		(7,211,066	)		(1,688,009	)		(1,121,300	)		(2,688,660	)
Capital share transactions:
Proceeds from sales of shares
Individual Investor Class		8,922,261			17,299,282			17,083,619			34,307,961			4,371,096			8,440,202
Institutional Class		10,610,553			22,294,622			18,342,633			41,817,824			6,055,481			20,418,761
Reinvestment of dividends and distributions
Individual Investor Class		16,789,101			7,973,126			3,691,116			534,875			279,565			632,980
Institutional Class		8,101,685			3,548,005			3,041,299			1,013,383			835,966			2,046,659
Payments for shares redeemed
Individual Investor Class1		(22,757,741	)		(46,487,264	)		(25,962,679	)		(40,518,479	)		(12,135,570	)		(7,807,554	)
Institutional Class2		(9,390,450	)		(25,821,729	)		(23,154,431	)		(41,886,673	)		(16,876,615	)		(39,097,119	)
Net increase (decrease) in net assets resulting from capital share transactions		12,275,409			(21,193,958	)		(6,958,443	)		(4,731,109	)		(17,470,077	)		(15,366,071	)
Total increase (decrease) in net assets		(5,855,003	)		10,384,670			33,078,670			106,906,262			(19,211,214	)		3,855,925
NET ASSETS:
Beginning of period		404,973,989			394,589,319			664,794,402			557,888,140			191,644,889			187,788,964
End of period	$	399,118,986		$	404,973,989		$	697,873,072		$	664,794,402		$	172,433,675		$	191,644,889

¹  Net of redemption fee received of $357, $3,419, $2,504, $13,514, $3,452 and $3,388, respectively.

²  Net of redemption fee received of $2,606, $843, $6,442, $562, $2,762 and $26,591, respectively.

See Notes to Financial Statements

20

GREEN CENTURY BALANCED FUND INDIVIDUAL INVESTOR CLASS FINANCIAL HIGHLIGHTS

	FOR THE SIX MONTHS ENDED JANUARY 31, 2025			FOR THE YEARS ENDED JULY 31,
	(UNAUDITED)			2024			2023			2022			2021			2020
Net Asset Value, beginning of period	$	36.32		$	33.46		$	32.93		$	37.21		$	30.83		$	29.05
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.17			0.11			(0.01	)		0.02			0.11
Net realized and unrealized gain (loss) on investments		0.54			3.72			1.05			(2.78	)		7.51			2.25
Total increase (decrease) from investment operations		0.63			3.89			1.16			(2.79	)		7.53			2.36
Less dividends:
Dividends from net investment income		(0.10	)		(0.18	)		(0.09	)		—			(0.02	)		(0.11	)
Distributions from net realized gains		(2.22	)		(0.85	)		(0.54	)		(1.49	)		(1.13	)		(0.47	)
Total decrease from dividends		(2.32	)		(1.03	)		(0.63	)		(1.49	)		(1.15	)		(0.58	)
Net Asset Value, end of period	$	34.63		$	36.32		$	33.46		$	32.93		$	37.21		$	30.83
Total return		1.80	%(a)		11.89	%		3.67	%		(7.97	)%		24.86	%		8.19	%
Ratios/Supplemental data:
Net assets, end of period (in 000’s)	$	271,312		$	280,643		$	279,640		$	296,605		$	323,991		$	309,871
Ratio of expenses to average net assets		1.46	%(b)		1.46	%		1.46	%		1.46	%		1.46	%		1.47	%
Ratio of net investment income to average net assets		0.47	%(b)		0.52	%		0.35	%		(0.03	)%		0.07	%		0.37	%
Portfolio turnover(c)		14	%(a)		13	%		21	%		9	%		17	%		25	%

(a) Not annualized.

(b) Annualized.

(c) Calculated at Fund level.

GREEN CENTURY BALANCED FUND INSTITUTIONAL CLASS FINANCIAL HIGHLIGHTS

	FOR THE SIX MONTHS ENDED JANUARY 31, 2025			FOR THE YEARS ENDED JULY 31,									FOR THE PERIOD NOVEMBER 30, 2020 (COMMENCEMENT OF OPERATIONS) TO JULY 31,
	(UNAUDITED)			2024			2023			2022			2021
Net Asset Value, beginning of period	$	36.44		$	33.56		$	33.06		$	37.27		$	33.58
Income (loss) from investment operations:
Net investment income		0.13			0.29			0.20			0.08			0.08
Net realized and unrealized gain (loss) on investments		0.55			3.72			1.07			(2.78	)		4.78
Total increase (decrease) from investment operations		0.68			4.01			1.27			(2.70	)		4.86
Less dividends:
Dividends from net investment income		(0.14	)		(0.28	)		(0.23	)		(0.02	)		(0.04	)
Distributions from net realized gains		(2.22	)		(0.85	)		(0.54	)		(1.49	)		(1.13	)
Total decrease from dividends		(2.36	)		(1.13	)		(0.77	)		(1.51	)		(1.17	)
Net Asset Value, end of period	$	34.76		$	36.44		$	33.56		$	33.06		$	37.27
Total return		1.95	%(a)		12.21	%		4.01	%		(7.72	)%		14.89	%(a)
Ratios/Supplemental data:
Net assets, end of period (in 000’s)	$	127,807		$	124,331		$	114,950		$	101,317		$	86,347
Ratio of expenses to average net assets		1.16	%(b)		1.16	%		1.16	%		1.16	%		1.16	%(b)
Ratio of net investment income to average net assets		0.77	%(b)		0.82	%		0.65	%		0.27	%		0.33	%(b)
Portfolio turnover(c)		14	%(a)		13	%		21	%		9	%		17	%(a)

(a) Not annualized.

(b) Annualized.

(c) Calculated at Fund level.

See Notes to Financial Statements

21

GREEN CENTURY EQUITY FUND INDIVIDUAL INVESTOR CLASS FINANCIAL HIGHLIGHTS

	FOR THE SIX MONTHS ENDED JANUARY 31, 2025			FOR THE YEARS ENDED JULY 31,
	(UNAUDITED)			2024			2023			2022			2021			2020
Net Asset Value, beginning of period	$	86.57		$	72.03		$	64.46		$	71.35		$	52.23		$	46.17
Income from investment operations:
Net investment income		0.05			0.14			0.23			0.09			0.09			0.25
Net realized and unrealized gain (loss) on investments		6.08			14.53			7.68			(6.11	)		19.60			6.16
Total increase (decrease) from investment operations		6.13			14.67			7.91			(6.02	)		19.69			6.41
Less dividends:
Dividends from net investment income		(0.04	)		(0.13	)		(0.18	)		(0.02	)		(0.06	)		(0.22	)
Distributions from net realized gains		(0.86	)		—			(0.16	)		(0.85	)		(0.51	)		(0.13	)
Total decrease from dividends		(0.90	)		(0.13	)		(0.34	)		(0.87	)		(0.57	)		(0.35	)
Net Asset Value, end of period	$	91.80		$	86.57		$	72.03		$	64.46		$	71.35		$	52.23
Total return		7.09	%(a)		20.37	%		12.37	%		(8.64	)%		37.90	%		13.95	%
Ratios/Supplemental data:
Net assets, end of period (in 000’s)	$	388,988		$	371,751		$	314,349		$	301,668		$	338,094		$	265,946
Ratio of expenses to average net assets		1.20	%(b)		1.23	%(c)		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of net investment income to average net assets		0.09	%(b)		0.17	%		0.35	%		0.11	%		0.14	%		0.52	%
Portfolio turnover(d)		3	%(a)		5	%		4	%		5	%		9	%		10	%

(a) Not annualized.

(b) Annualized.

(c) Effective March 1, 2024, the Adviser has contractually agreed to lower the total annual operating expenses to 1.20%. Prior to March 1, 2024, the Adviser had contractually agreed to annual operating expenses of 1.25%.

(d) Calculated at Fund level.

GREEN CENTURY EQUITY FUND INSTITUTIONAL CLASS FINANCIAL HIGHLIGHTS

	FOR THE SIX MONTHS ENDED JANUARY 31, 2025			FOR THE YEARS ENDED JULY 31,
	(UNAUDITED)			2024			2023			2022			2021			2020
Net Asset Value, beginning of period	$	86.07		$	71.59		$	64.13		$	71.12		$	52.10		$	46.11
Income from investment operations:
Net investment income		0.18			0.36			0.42			0.31			0.30			0.39
Net realized and unrealized gain (loss) on investments		6.05			14.46			7.65			(6.13	)		19.54			6.16
Total increase (decrease) from investment operations		6.23			14.82			8.07			(5.82	)		19.84			6.55
Less dividends:
Dividends from net investment income		(0.15	)		(0.34	)		(0.45	)		(0.32	)		(0.31	)		(0.43	)
Distributions from net realized gains		(0.86	)		—			(0.16	)		(0.85	)		(0.51	)		(0.13	)
Total decrease from dividends		(1.01	)		(0.34	)		(0.61	)		(1.17	)		(0.82	)		(0.56	)
Net Asset Value, end of period	$	91.29		$	86.07		$	71.59		$	64.13		$	71.12		$	52.10
Total return		7.25	%(a)		20.72	%		12.72	%		(8.38	)%		38.33	%		14.28	%
Ratios/Supplemental data:
Net assets, end of period (in 000’s)	$	308,885		$	293,044		$	243,539		$	213,705		$	178,038		$	94,039
Ratio of expenses to average net assets		0.90	%(b)		0.93	%(c)		0.95	%		0.95	%		0.95	%		0.95	%
Ratio of net investment income to average net assets		0.39	%(b)		0.47	%		0.65	%		0.41	%		0.44	%		0.82	%
Portfolio turnover(d)		3	%(a)		5	%		4	%		5	%		9	%		10	%

(a) Not annualized.

(b) Annualized.

(c) Effective March 1, 2024, the Adviser has contractually agreed to lower the total annual operating expenses to 0.90%. Prior to March 1, 2024, the Adviser had contractually agreed to annual operating expenses of 0.95%.

(d) Calculated at Fund level.

See Notes to Financial Statements

22

GREEN CENTURY MSCI INTERNATIONAL INDEX FUND INDIVIDUAL INVESTOR CLASS FINANCIAL HIGHLIGHTS

	FOR THE SIX MONTHS ENDED JANUARY 31, 2025			FOR THE YEARS ENDED JULY 31,
	(UNAUDITED)			2024			2023			2022			2021			2020
Net Asset Value, beginning of period	$	14.36		$	13.07		$	11.82		$	14.94		$	11.68		$	11.07
Income (loss) from investment operations:
Net investment income		0.02			0.15			0.16			0.19			0.09			0.10
Net realized and unrealized gain (loss) on investments		(0.06	)		1.30			1.23			(2.87	)		3.27			0.59
Total increase (decrease) from investment operations		(0.04	)		1.45			1.39			(2.68	)		3.36			0.69
Less dividends:
Dividends from net investment income		(0.08	)		(0.16	)		(0.14	)		(0.18	)		(0.10	)		(0.08	)
Distributions from net realized gains		—			—			—			(0.26	)		—			—
Total decrease from dividends		(0.08	)		(0.16	)		(0.14	)		(0.44	)		(0.10	)		(0.08	)
Net Asset Value, end of period	$	14.24		$	14.36		$	13.07		$	11.82		$	14.94		$	11.68
Total return		(0.28	)%(a)		11.11	%		11.83	%		(18.36	)%		28.76	%		6.28	%
Ratios/Supplemental data:
Net assets, end of period (in 000’s)	$	50,803		$	58,855		$	52,275		$	47,435		$	46,508		$	29,073
Ratio of expenses to average net assets		1.28	%(b)		1.28	%		1.28	%		1.28	%		1.28	%		1.28	%
Ratio of net investment income to average net assets		0.16	%(b)		1.15	%		1.34	%		1.55	%		0.77	%		0.98	%
Portfolio turnover(c)		3	%(a)		29	%		42	%		29	%		31	%		20	%

(a) Not annualized.

(b) Annualized.

(c) Calculated at Fund level.

GREEN CENTURY MSCI INTERNATIONAL INDEX FUND INSTITUTIONAL CLASS FINANCIAL HIGHLIGHTS

	FOR THE SIX MONTHS ENDED JANUARY 31, 2025			FOR THE YEARS ENDED JULY 31,
	(UNAUDITED)			2024			2023			2022			2021			2020
Net Asset Value, beginning of period	$	14.30		$	13.01		$	11.78		$	14.90		$	11.66		$	11.07
Income (loss) from investment operations:
Net investment income		0.04			0.18			0.19			0.24			0.13			0.13
Net realized and unrealized gain (loss) on investments		(0.06	)		1.30			1.23			(2.86	)		3.26			0.59
Total increase (decrease) from investment operations		(0.02	)		1.48			1.42			(2.62	)		3.39			0.72
Less dividends:
Dividends from net investment income		(0.10	)		(0.19	)		(0.19	)		(0.24	)		(0.15	)		(0.13	)
Distributions from net realized gains		—			—			—			(0.26	)		—			—
Total decrease from dividends		(0.10	)		(0.19	)		(0.19	)		(0.50	)		(0.15	)		(0.13	)
Net Asset Value, end of period	$	14.18		$	14.30		$	13.01		$	11.78		$	14.90		$	11.66
Total return		(0.14	)%(a)		11.46	%		12.15	%		(18.05	)%		29.09	%		6.51	%
Ratios/Supplemental data:
Net assets, end of period (in 000’s)	$	121,631		$	132,790		$	135,514		$	115,620		$	112,002		$	61,608
Ratio of expenses to average net assets		0.98	%(b)		0.98	%		0.98	%		0.98	%		0.98	%		0.98	%
Ratio of net investment income to average net assets		0.46	%(b)		1.45	%		1.64	%		1.85	%		1.07	%		1.28	%
Portfolio turnover(c)		3	%(a)		29	%		42	%		29	%		31	%		20	%

(a) Not annualized.

(b) Annualized.

(c) Calculated at Fund level.

See Notes to Financial Statements

23

GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS

(unaudited)

NOTE 1 — Organization and Significant Accounting Policies

Green Century Funds (the “Trust”) is a Massachusetts business trust which offers three separate series, the Green Century Balanced Fund (the “Balanced Fund”), the Green Century Equity Fund (the “Equity Fund”) and the Green Century MSCI International Index Fund (the “MSCI International Index Fund”), each a “Fund” and collectively, the “Funds”. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end, diversified management investment company. The Trust accounts separately for the assets, liabilities and operations of each series. The Balanced Fund Investor Share Class commenced operations on March 18, 1992, the Balanced Fund Institutional Share Class commenced operations on November 30, 2020, the Equity Fund Individual Investor Share Class commenced operations on September 13, 1995, the Equity Fund Institutional Share Class commenced operations on April 30, 2018, and the Individual Investor Share Class and Institutional Share Class of the MSCI International Index Fund commenced operations on September 30, 2016.

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (the “FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies”.

The following is a summary of the Funds’ significant accounting policies:

(A) Investment Valuation: Equity securities listed on U.S. national securities exchanges other than NASDAQ are valued at last sale price. If a last sale price is not available, securities listed on U.S. national exchanges other than NASDAQ are valued at the mean between the closing bid and closing ask prices. NASDAQ National Market^® and SmallCap^SM securities are valued at the NASDAQ Official Closing Price (“NOCP”). The NOCP is based on the last traded price if it falls within the concurrent best bid and ask prices and is normalized pursuant to NASDAQ’s published procedures if it falls outside this range. If a NOCP is not available for any such security, the security is valued at the last sale price, or, if there have been no sales that day, at the mean between the closing bid and closing ask prices. Unlisted U.S. equity securities are valued at last sale price, or when last sale prices are not available, at the last quoted bid price. Debt securities (other than certificates of deposit and short-term obligations maturing in sixty days or less) are valued on the basis of valuations furnished by an independent pricing service which takes into account appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, and other market data, without exclusive reliance on quoted prices, exchange or over-the-counter prices. Certificates of deposit are valued at cost plus accrued interest, and short-term obligations maturing in sixty days or less are valued at amortized cost, both of which approximate fair value. Securities, if any, for which there are no such valuations or quotations available, or for which the market quotation or valuation provided by a pricing service is deemed not reliable, are valued at fair value by management as determined in good faith under guidelines established by the Trustees. Effective September 8, 2022, pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated Green Century Capital Management, Inc. (“GCCM”) as a valuation designee (the “Valuation Designee”) to determine the fair value, in good faith, of securities and other instruments for which no readily available market quotation exists. As Valuation Designee, GCCM is

24

GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) continued

responsible for the supervision and implementation of the valuation process with respect to the Funds, subject to the Board’s oversight. GCCM will, among other things, (1) assess and manage material risks associated with fair value determinations; (2) select, apply and test fair value methodologies; and (3) oversee and evaluate pricing services used.

For non-U.S. securities traded in foreign markets, the MSCI International Index Fund uses a fair value model developed by an independent pricing service to assist in valuing those securities. If an event occurs after the time at which the market for foreign securities held by the Fund closes but before the time that the Fund’s next NAV is calculated, such event may cause the closing price on the foreign exchange to not represent the readily available reliable market value quotation for such securities at the time the Fund determines its NAV. In such a case, the Fund will use the fair value of such securities as determined under the Fund’s valuation procedures. Events after the close of trading on a foreign market that could require a Fund to fair value some or all of its foreign securities include, among others, securities trading in the U.S. and other markets, corporate announcements, natural and other disasters, and political and other events. Among other elements of analysis in the determination of a security’s fair value, the Board has authorized the use of one or more independent research services to assist with such determinations. An independent research service may use statistical analyses and quantitative models to help determine fair value as of the time the Fund calculates its NAV. There can be no assurance that such models accurately reflect the behavior of the applicable markets or the effect of the behavior of such markets on the fair value of securities, or that such markets will continue to behave in a fashion that is consistent with such models. Unlike the closing price of a security on an exchange, fair value determinations employ elements of judgment. Consequently, the fair value assigned to a security may not represent the actual value that the Fund could obtain if it were to sell the security at the time of the close of the NYSE. Pursuant to procedures adopted by the Board, the Fund is not obligated to use the fair valuations suggested by any research service, and valuation recommendations provided by such research services may be overridden if other events have occurred or if other fair valuations are determined in good faith to be more accurate. Unless an event is such that it causes the Fund to determine that the closing prices for one or more securities do not represent readily available reliable market value quotations at the time the Fund determines its NAV, events that occur between the time of the close of the foreign market on which they are traded and the close of regular trading on the NYSE will not be reflected in the Fund’s NAV.

In accordance with U.S. GAAP, fair value is defined as the price that each Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices for active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Examples of level 2 inputs include 1) quoted prices for identical or similar assets in markets that are not active 2) investments valued at amortized cost and 3) investments valued with inputs that are derived principally from or corroborated by observable market data. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement.

Level 3 — significant unobservable inputs, including the Funds’ own assumptions in determining the fair value of investments.

25

GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) continued

In some cases, the inputs used to measure the fair value of an asset or a liability might be categorized within different levels of the fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Balanced Fund’s net assets as of January 31, 2025:

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
COMMON STOCKS		$266,455,086		$       —		$     —		$266,455,086
BONDS & NOTES		—		128,796,600		—		128,796,600
SHORT-TERM OBLIGATIONS		2,564,262		—		—		2,564,262
TOTAL		$269,019,348		$128,796,600		$     —		$397,815,948

The following is a summary of the inputs used to value the Equity Fund’s net assets as of January 31, 2025:

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
COMMON STOCKS		$697,297,406		$     —		$     —		$697,297,406
SHORT-TERM OBLIGATIONS		1,142,635		—		—		1,142,635
TOTAL		$698,400,041		$     —		$     —		$698,400,041

26

GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) continued

The following is a summary of the inputs used to value the MSCI International Index Fund’s net assets as of January 31, 2025:

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
COMMON STOCKS
JAPAN		$      —		$42,329,745		$    —		$42,329,745
CANADA		23,196,257		—		—		23,196,257
UNITED KINGDOM		—		16,381,542		—		16,381,542
FRANCE		—		16,012,064		—		16,012,064
SWITZERLAND		1,567,134		13,998,813		—		15,565,947
NETHERLANDS		—		13,975,751		—		13,975,751
AUSTRALIA		—		10,215,306		—		10,215,306
DENMARK		—		8,539,250		—		8,539,250
GERMANY		570,844		5,544,808		—		6,115,652
HONG KONG		—		3,852,537		—		3,852,537
FINLAND		241,527		2,533,492		—		2,775,019
ITALY		—		2,769,181		—		2,769,181
SWEDEN		506,343		1,870,485		—		2,376,828
SPAIN		—		1,970,371		—		1,970,371
NORWAY		810,358		989,609		—		1,799,967
IRELAND		—		1,172,670		—		1,172,670
BELGIUM		—		1,001,907		—		1,001,907
SINGAPORE		—		755,752		—		755,752
NEW ZEALAND		165,331		—		—		165,331
TOTAL COMMON STOCKS		27,057,794		143,913,283		—		170,971,077
SHORT-TERM OBLIGATIONS		14,641		—		—		14,641
TOTAL		$27,072,435		$143,913,283		$    —		$170,985,718
LIABILITIES OTHER FINANCIAL INSTRUMENTS*
FORWARD CONTRACTS		$      —		$     (8,251)		$    —		$     (8,251)
TOTAL OTHER FINANCIAL INSTRUMENTS		$      —		$     (8,251)		$    —		$     (8,251)

* Other financial instruments are derivative instruments such as forward contracts. Forward contracts are valued at the unrealized appreciation (depreciation) on the instrument.

There were no transfers into or out of Level 3 during the reporting period.

(B) Securities Transactions and Investment Income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are determined using the identified cost basis. Interest income, including amortization of premiums and accretion of discounts on bonds, is recognized on the accrual basis and dividend income is recorded on ex-dividend date. Income, expenses and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative shares outstanding.

(C) Currency Translations and Contracts: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts on the date of valuation. Purchases and sales of securities, and income and expense items denominated in foreign currencies, are translated into U.S. dollar amounts on

27

GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) continued

the respective dates of such transactions. Occasionally, events impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at fair value using procedures established and approved by the Board of Trustees. The Funds do not separately report the effect of fluctuations in foreign exchange rates from changes in market prices on securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in fair value of assets and liabilities other than investments in securities held at the end of the reporting period, resulting from changes in exchange rates. When a Fund purchases or sells foreign securities, it enters into foreign exchange contracts to minimize foreign exchange risk from the trade date to the settlement date of the transactions. A foreign exchange contract is an agreement between two parties to exchange different currencies at an agreed-upon exchange rate on a specified date. The MSCI International Index Fund held open foreign currency spot contracts outstanding as of January 31, 2025 that are not considered investments. The MSCI International Index Fund held forward foreign currency exchange contracts (“Forward Contracts”) as of January 31, 2025 displayed in the Portfolio of Investments.

Cash, including cash denominated in foreign currencies, represents cash on hand held at major financial institutions and is subject to credit risk to the extent the balance exceeds applicable Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) limitations.

(D) Distributions: Distributions to shareholders are recorded on the ex-dividend date. The Funds declare and pay dividends of net investment income, if any, semi-annually and distribute net realized capital gains, if any, annually. The amount and character of income and net realized gains to be distributed are determined in accordance with Federal income tax rules and regulations, which may differ from U.S. GAAP. To the extent that these differences are attributable to permanent book and tax accounting differences, the components of net assets have been adjusted.

(E) Federal Taxes: Each series of the Trust is treated as a separate entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies (“RICs”). Accordingly, no provisions for Federal income or excise tax are necessary.

U.S. GAAP requires that all entities, including pass-through entities such as the Funds, establish a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction). The Funds recognize tax benefits only if it is more likely than not that a tax position (including the Funds’ assertion that their income is exempt from tax) will be sustained upon examination. The Funds had no material uncertain tax positions and have not recorded a liability for unrecognized tax benefits as of January 31, 2025. Also, the Funds had recognized no interest and penalties related to uncertain tax benefits through January 31, 2025. At January 31, 2025, the tax years 2021 through 2024 remain open to examination by the Internal Revenue Service.

(F) Redemption Fee: A 2.00% redemption fee is retained by the Funds to offset the effect of transaction costs and other expenses associated with short-term investing. The fee is imposed on redemptions or exchanges of shares held 60 days or less from their purchase date. For the six months ended January 31, 2025, the Balanced Fund, Equity Fund and MSCI International Index Fund received $2,963, $8,946, and $6,214 respectively, in redemption fees. Redemption fees are recorded as an adjustment to paid-in capital.

28

GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) continued

(G) Indemnification: The Funds’ organizational documents provide that trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote. As of January 31, 2025, no liability has been accrued.

(H) Offsetting of Assets and Liabilities: As of January 31, 2025, there are no master netting arrangements related to the Funds. The Funds’ Statements of Assets and Liabilities present derivative instruments on a gross basis, if applicable. As of January 31, 2025, no derivative instruments with master netting arrangements were held by the Funds.

NOTE 2 — Transactions With Affiliates

(A) Investment Adviser: GCCM is the adviser (“the Adviser”) for the Funds. Green Century is owned by Paradigm Partners. Green Century oversees the portfolio management of the Funds on a day-to-day basis. Green Century’s investment advisory fee paid by the Balanced Fund shall be equal on an annual basis to 0.65% of the average daily net assets of the Fund up to $250 million and 0.60% of the value of the average daily net assets of the Fund in excess of $250 million, accrued daily and paid monthly. The Equity Fund pays Green Century a fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Equity Fund’s average daily net assets up to but not including $100 million, 0.22% of average daily net assets including $100 million up to but not including $500 million, 0.17% of average daily net assets including $500 million up to but not including $1 billion and 0.12% of average daily net assets equal to or in excess of $1 billion. The MSCI International Index Fund pays Green Century a fee, accrued daily and paid monthly, at an annual rate of 0.28% of the MSCI International Index Fund’s average daily net assets.

(B) Subadvisers: Trillium Asset Management, LLC (“Trillium”) is the subadviser for the Balanced Fund. Trillium’s investment subadvisory fee with respect to the Fund shall be equal on an annual basis to 0.40% of the value of the average daily net assets of the Fund up to $30 million, 0.35% of the value of the average daily net assets of the Fund in excess of $30 million up to $250 million, and 0.30% of the value of the average daily net assets of the Fund in excess of $250 million. For the six months ended January 31, 2025, Green Century accrued fees of $686,810 to Trillium. Northern Trust Investments, Inc. (“Northern Trust”) is the subadviser for the Equity Fund and MSCI International Index Fund. For the Equity Fund, Northern Trust is paid a fee by the Adviser based on Northern Trust’s fee schedule of the greater of $75,000 or 0.10% of the value of the average daily net assets of the Fund up to but not including $50 million, 0.05% of the average daily net assets of the Fund from and including $50 million up to but not including $100 million and 0.03% of the average daily net assets of the Fund equal to or in excess of $100 million for its services. For the MSCI International Index Fund, Northern Trust is paid a fee by the Adviser based on Northern Trust’s fee schedule of the greater of $100,000 or 0.17% of the value of the average daily net assets of the Fund up to but not including $50 million, 0.12% of the average daily net assets of the Fund from and including $50 million up to but not including $100 million and 0.08% of the average daily net assets of the Fund equal to or in excess of $100 million for its services. For the six months ended January 31, 2025, Green Century accrued fees of $126,917 and $107,171 to Northern Trust for the Equity Fund and the MSCI International Index Fund, respectively.

(C) Administrator: Green Century is the administrator (“the Administrator”) of the Green Century Funds. Pursuant to the Administrative Services Agreement, Green Century pays all the expenses of each Fund other than the investment advisory fees; interest; taxes; brokerage costs and other capital expenses; expenses of

29

GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) continued

non-interested trustees (including counsel fees) and any extraordinary expenses. The Balanced Fund pays Green Century a fee at a rate such that immediately following any payment to the Administrator, the total operating expenses of the Fund, on an annual basis, do not exceed 1.48% of the Fund’s Individual Investor Class average daily net assets up to and including $250 million and 1.43% of the Fund’s Individual Investor Class average daily net assets in excess of $250 million, and 1.18% of the Fund’s Institutional Class average daily net assets up to and including $250 million and 1.13% of the Fund’s Institutional Class average daily net assets in excess of $250 million. The Equity Fund pays Green Century a fee at a rate such that immediately following any payment to the Administrator, the total operating expenses of the Fund, on an annual basis, do not exceed 1.20% of the Fund’s Individual Investor Class average daily net assets, and 0.90% of the Fund’s Institutional Class average daily net assets. Prior to March 1, 2024, the Equity Fund paid Green Century a fee at a rate such that immediately following any payment to the Administrator, the total operating expenses of the Fund, on an annual basis, did not exceed 1.25% of the Fund’s Individual Investor Class average daily net assets, and 0.95% of the Fund’s Institutional Class average daily net assets. The MSCI International Index Fund pays Green Century a fee at a rate such that immediately following any payment to the Administrator, the total operating expenses of the Fund, on an annual basis, do not exceed 1.28% of the Fund’s Individual Investor Class average daily net assets, and 0.98% of the Fund’s Institutional Class average daily net assets.

(D) Subadministrator: Pursuant to a Subadministrative and Fund Accounting Services Agreement with the Administrator, UMB Fund Services, Inc. (“UMBFS”) as Subadministrator and Fund Accountant, is responsible for conducting fund accounting and certain day-to-day administration of the Trust subject to the supervision and direction of the Administrator. For the six months ended January 31, 2025, Green Century accrued fees of $134,708, $205,723, and $76,182 to UMBFS related to services performed on behalf of the Balanced Fund, the Equity Fund, and the MSCI International Index Fund, respectively.

(E) Index Agreements: The Equity Fund invests in the securities of the companies included in the MSCI KLD 400 Social ex Fossil Fuels Index (the “KLD Index”). The Index is owned and maintained by MSCI ESG Research (“MSCI”). For the use of the KLD Index for the Equity Fund, MSCI is paid by the Adviser an annual license fee of $29,913, plus the greater of $26,000 or at an annual rate of 0.05% on the first $100 million of average daily net assets, 0.04% on the next $100 million of average daily net assets, and 0.03% on average daily net assets in excess of $200 million. The MSCI International Index Fund invests in the securities included in the MSCI World ex USA SRI ex Fossil Fuels Index (the “World Index”). The Index is owned and maintained by MSCI. For the use of the World Index for the MSCI International Index Fund, MSCI is paid by the Adviser an annual license fee of $31,094, plus the greater of $25,000 or at an annual rate of 0.05% on the first $100 million of average daily net assets, 0.04% on the next $100 million of average daily net assets, and 0.03% on average daily net assets in excess of $200 million. For the six months ended January 31, 2025, Green Century accrued fees of $134,289 and $57,442 to MSCI for the Equity Fund and MSCI International Index Fund, respectively.

NOTE 3 — Investment Transactions

For the six months ended January 31, 2025, the Balanced Fund’s cost of purchases and proceeds from sales of securities, other than short-term securities, aggregated $56,550,807 and $65,488,261 respectively. The Equity Fund’s cost of purchases and proceeds from sales of securities, other than short-term securities, aggregated $18,479,468 and $29,638,178, respectively. The MSCI International Index Fund’s cost of purchases and proceeds from sales of securities, other than short-term securities, aggregated $6,384,326 and $24,186,046, respectively.

30

GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) continued

NOTE 4 — Federal Income Tax Information

The tax basis of the components of distributable net earnings (deficit) at July 31, 2024 were as follows:

	BALANCED FUND		EQUITY FUND		MSCI INTERNATIONAL INDEX FUND
Undistributed ordinary income	$	754,958	$	37,307	$	729,173
Undistributed long-term capital gains		17,319,329		604,489		—
Tax accumulated earnings		18,074,287		641,796		729,173
Accumulated capital and other losses		—				(387,129	)
Unrealized appreciation (depreciation)		124,434,137		403,840,087		32,218,716
Foreign currency translations		—		—		8,632
Distributable net earnings (deficit)	$	142,508,424	$	404,481,883	$	32,569,392

As of July 31, 2024, the Funds had net capital loss carryovers as follows:

	BALANCED FUND		EQUITY FUND		MSCI INTERNATIONAL INDEX FUND
Not subject to expiration
Short Term	$	—	$	—	$	259,480
Long Term		—		—		127,649
	$	—	$	—	$	387,129

To the extent that the Fund realizes future net capital gains, those gains will be offset by any unused capital loss carryforwards.

The tax character of distributions paid during the fiscal year ended July 31, 2024 and the year ended July 31, 2023 were as follows:

	BALANCED FUND				EQUITY FUND
	YEAR ENDED JULY 31, 2024		YEAR ENDED JULY 31, 2023		YEAR ENDED July 31, 2024		YEAR ENDED JULY 31, 2023
Ordinary income	$	3,113,789	$	1,829,536	$	1,688,009	$	2,391,471
Long-term capital gains		8,722,533		6,110,122		—		1,235,177
	MSCI INTERNATIONAL INDEX FUND
	YEAR ENDED JULY 31, 2024		YEAR ENDED JULY 31, 2023
Ordinary income	$	2,688,660	$	2,583,158
Long-term capital gains		—		—

31

GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) continued

NOTE 5 — Capital Share Transactions

Capital Share transactions for the Balanced Fund, the Equity Fund and the MSCI International Index Fund were as follows:

	BALANCED FUND INDIVIDUAL INVESTOR CLASS			BALANCED FUND INDIVIDUAL INVESTOR CLASS
	SIX MONTHS ENDED JANUARY 31, 2025			YEAR ENDED JULY 31, 2024
Shares sold		244,670			510,635
Reinvestment of dividends		489,764			237,628
Shares redeemed		(626,294	)		(1,378,980	)
		108,140			(630,717	)
	BALANCED FUND INSTITUTIONAL CLASS			BALANCED FUND INSTITUTIONAL CLASS
	SIX MONTHS ENDED JANUARY 31, 2025			YEAR ENDED JULY 31, 2024
Shares sold		289,354			647,509
Reinvestment of dividends		235,514			105,049
Shares redeemed		(259,755	)		(766,329	)
		265,113			(13,771	)
	EQUITY FUND INDIVIDUAL INVESTOR CLASS			EQUITY FUND INDIVIDUAL INVESTOR CLASS
	SIX MONTHS ENDED JANUARY 31, 2025			YEAR ENDED JULY 31, 2024
Shares sold		187,807			443,726
Reinvestment of dividends		40,486			6,359
Shares redeemed		(285,449	)		(519,947	)
		(57,156	)		(69,862	)
	EQUITY FUND INSTITUTIONAL CLASS			EQUITY FUND INSTITUTIONAL CLASS
	SIX MONTHS ENDED JANUARY 31, 2025			YEAR ENDED JULY 31, 2024
Shares sold		202,877			546,578
Reinvestment of dividends		33,554			12,357
Shares redeemed		(257,817	)		(556,153	)
		(21,386	)		2,782

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GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) continued

	MSCI INTERNATIONAL INDEX INDIVIDUAL INVESTOR CLASS			MSCI INTERNATIONAL INDEX INDIVIDUAL INVESTOR CLASS
	SIX MONTHS ENDED JANUARY 31, 2025			YEAR ENDED JULY 31, 2024
Shares sold		305,411			641,629
Reinvestment of dividends		20,288			45,497
Shares redeemed		(856,274	)		(589,765	)
		(530,575	)		97,361
	MSCI INTERNATIONAL INDEX INSTITUTIONAL CLASS			MSCI INTERNATIONAL INDEX INSTITUTIONAL CLASS
	SIX MONTHS ENDED JANUARY 31, 2025			YEAR ENDED JULY 31, 2024
Shares sold		425,286			1,560,326
Reinvestment of dividends		60,930			148,184
Shares redeemed		(1,194,669	)		(2,842,556	)
		(708,453	)		(1,134,046	)

Note 6 — Derivative and Hedging Disclosure

Derivatives and Hedging requires enhanced disclosures about the Funds’ derivative and hedging activities, including how such activities are accounted for and their effects on the Funds’ financial position and performance. The MSCI International Index Fund invested in forward foreign currency exchange contracts during the six months ended January 31, 2025.

The effects of these derivative instruments on the Fund’s financial position and financial performance as reflected in the Statements of Assets and Liabilities and Statements of Operations are presented in the tables below. The fair values of derivative instruments, as of January 31, 2025, by risk category are as follows:

MSCI INTERNATIONAL INDEX
	Asset Derivatives			Liability Derivatives
Derivatives designated as hedging instruments	Statements of Assets    and Liabilities	Value		Statements of Assets    and Liabilities	Value
Foreign Exchange Contract	Unrealized appreciation on forward foreign currency exchange contracts	$	7,956	Unrealized depreciation on forward foreign currency exchange contracts	$	16,207

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GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) continued

The effects of derivative instruments on the Statements of Operations for the six months ended January 31, 2025, are as follows:

MSCI INTERNATIONAL INDEX
Amount of Realized Gain or (Loss) on Derivatives Recognized in the Statements of Operations
Derivatives not designated as hedging instruments	Forward Contracts
Foreign exchange contracts		$(22	)
MSCI INTERNATIONAL INDEX
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statements of Operations
Derivatives not designated as hedging instruments	Forward Contracts
Foreign exchange contracts	$	(20,503	)

The average quarterly volume of derivative instruments held by the Funds during the six months ended January 31, 2025 are as follows:

MSCI INTERNATIONAL INDEX
		Forward Contracts
Foreign exchange purchase contracts	Notional Value	$	851,662
Foreign exchange sale contracts	Notional Value	$	(408,609	)

NOTE 7 — Segment Reporting

Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker (“CODM”) when assessing segment performance and making decisions about segment resources. Officers of the Advisor act as the Funds’ CODM. The Funds’ operations are managed to a single investment objective, as detailed in its prospectus, through the execution of the Funds’ investment strategies. The Funds’ portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Funds’ Financial Statements. The accompanying Financial Statements detail the Funds’ segment assets, liabilities, income, and expenses.

The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The financial statements include all details of the segment assets, segment revenue and expenses; and reflect the financial results of the segment.

NOTE 8 — Market Risks and Geopolitical Risks

Certain local, regional, or global events such as war, acts of terrorism, the spread of infectious illness and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as “Market Disruptions and Geopolitical Risks” and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and

34

GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) concluded

unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Funds’ performance, the performance of the securities in which the Funds invest and may lead to losses on your investment. The ultimate impact of “Market Disruptions and Geopolitical Risks” on the financial performance of the Funds’ investments is not reasonably estimable at this time. Management is actively monitoring these events.

NOTE 9 — Subsequent Events

Subsequent to January 31, 2025 and through the date on which the financial statements were available for issuance, management has evaluated subsequent events requiring disclosure.

There were no other events requiring accrual or disclosure.

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REPORT OF TRUSTEES REGARDING 2024 CONTRACT APPROVAL

The Board of Trustees of the Green Century Funds (the “Board” or the “Trustees”) considered and approved the continuation of the Funds’ advisory and subadvisory agreements.

INVESTMENT ADVISORY AGREEMENTS

The Trustees, including the Trustees who are not “interested persons” (as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) (the “Independent Trustees”), voted to approve the continuance of the Investment Advisory Agreements, as amended (the “Advisory Agreements”) between the Trust, on behalf of each of the Balanced Fund, the Equity Fund, and the International Fund and Green Century Capital Management (“Green Century” or the “Adviser”) at the November 14, 2024 meeting. The Trustees considered, among other things, information provided by Green Century regarding the investment performance of each Fund; the expenses of each Fund and the advisory fee paid to Green Century by each Fund; and the profitability to Green Century of its advisory relationship with each Fund. The Independent Trustees were assisted by independent counsel in considering these materials and the approval and continuance of the Advisory Agreements. The Trustees considered all of the information provided to them by Green Century, including information provided at Board meetings throughout the year and in connection with other communications and discussions with Green Century. The Independent Trustees also received a memorandum from independent legal counsel advising them of their duties and responsibilities in connection with the review of the Advisory Agreements. The Trustees met with representatives of Green Century at the Trustees’ November 14, 2024 meeting to discuss matters related to the continuation of the Advisory Agreements. Prior to voting, the Independent Trustees met with their independent counsel in private sessions at which no representatives of management were present. In approving the Advisory Agreements, the Independent Trustees did not identify any single factor as determinative. Matters considered in connection with their approval of the Advisory Agreements included the following.

Nature, Quality, and Extent of Services Performed. The Trustees considered the scope and quality of the services performed for each of the Funds by the Adviser, including the resources dedicated by the Adviser.

With respect to the Balanced Fund, the services performed include the oversight and monitoring of the portfolio management and performance of the Balanced Fund; monitoring the implementation of the Balanced Fund’s environmental screens; implementing the environmental and other policies of the Trust by voting the Balanced Fund’s shareholder proxies independently and without reliance on third-party proxy advisory firms; and overall compliance oversight provided by the Adviser. The Trustees also considered the Adviser’s supervision of Trillium Asset Management, LLC (“Trillium”), the subadviser of the Balanced Fund, which performs the day-to-day portfolio management for the Fund.

With respect to the Equity Fund and the International Fund, these services include monitoring the Equity Fund’s performance and tracking error relative to the MSCI KLD 400 Social ex Fossil Fuels Index (the “MSCI KLD Index”); monitoring the International Fund’s performance and tracking error relative to the MSCI World ex USA SRI ex Fossil Fuels Index (the “MSCI World Index”); implementing the environmental and other policies of the Trust by voting the Equity Fund’s and the International Fund’s shareholder proxies independently and without reliance on third-party proxy advisory firms; and overall compliance oversight provided by the Adviser. The Trustees also considered the Adviser’s supervision of Northern Trust Investments, Inc. (“Northern Trust”), the subadviser of the Equity Fund and the International Fund, which performs day-to-day portfolio management for those two Funds.

In addition, the Trustees considered the Adviser’s mission to promote corporate environmental responsibility and to foster a sustainable economy, implemented in part by its commitment with respect to shareholder advocacy for more environmentally responsible policies and practices at major corporations. They took into account the not-for-profit ownership of the Adviser’s business, including its history of making grants to non-profit organizations out of its own

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resources and the fact that any distribution of profits by the Adviser are paid to its 100% owner, Paradigm Partners, which is comprised entirely of nonprofit environmental and public interest advocacy organizations so that no for-profit corporations directly benefit from the distributed earned profits of the Adviser. The Trustees noted that the organizations under Paradigm Partners advocate for critical public health and environmental campaigns. The Trustees considered the Adviser’s distribution of profits in recent years and acknowledged the long-term commitment from Paradigm Partners over the 30+ years since the Trust was created. The Trustees also acknowledged their appreciation of the Funds’ new chief compliance officer and the effort undertaken by management to engage the new chief compliance officer. They also evaluated the administrative services provided by Green Century to the Funds under a separate agreement, including the coordination of the activities of the Funds’ other service providers. Based on its review of all of the services provided, the Trustees concluded that the nature, quality, and extent of services provided by the Adviser supported the continuance of the Advisory Agreements with respect to each Fund.

Investment Performance. With respect to the Balanced Fund, the Trustees reviewed and considered information regarding the investment performance of the Balanced Fund and comparative data with respect to the performance of other funds designated by Morningstar to have similar investment objectives as well as the Balanced Fund’s performance measured against the Lipper Balanced Fund Index (“Lipper Index”), which is a broad-based balanced fund market index, and against a custom balanced index (“Custom Index”) 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 and Government Index. In addition, the Trustees took into account the performance information they had been provided throughout the year. After weighing all the factors deemed appropriate, including the environmental screens applied to the Fund’s investment process, the Trustees concluded that the performance of the Balanced Fund supported the continuance of the Advisory Agreement with respect to the Balanced Fund.

With respect to the Equity Fund and the International Fund, the Trustees considered that due to each Fund’s passive investment strategy, the principal concern with regard to investment performance was the extent to which each Fund tracked its respective index. After considering all the factors deemed appropriate, the Trustees concluded that the performance of the Equity Fund and the International Fund supported the continuance of the respective Advisory Agreement.

The Costs of Services Provided and Profitability. The Trustees considered the costs of the services provided to the Funds and the profitability to the Adviser from its arrangements with the Funds.

The Trustees reviewed and considered an analysis of the advisory fees and total expenses ratios of each Fund and comparative data for multiple categories of mutual funds included in and as defined by Morningstar’s mutual fund database of thousands of mutual funds. In addition, the Trustees considered comparative advisory fee and expense ratio information provided by Green Century relating to a smaller set of peer funds identified by Green Century. The Trustees took into account, among other things, the distinct nature of the Funds as compared with peer funds, particularly with respect to the Funds’ social investing, the non-profit ownership of the Adviser, and the Adviser’s advocacy efforts and how those characteristics distinguished the Funds from their peers. The Trustees considered the size of Green Century and that Green Century was not at the same operational scale as most competitors, The Trustees also noted that, based on information provided by Green Century, competitors to the Equity Fund include actively managed funds in addition to index funds.

With respect to the Morningstar peer groups, for the Balanced Fund, the Trustees observed that, based on the information provided, the Fund’s advisory fee for the Individual Investor Class was higher than the average advisory fee for sustainable investment funds (by 11 basis points), sustainable investment balanced funds (by 15 basis points), all balanced funds (by 16 basis points) and balanced funds with assets between $300 million and $400 million (by 9 basis points). The Trustees also noted that the total expense ratio for the Individual Investor Class of the Balanced Fund was

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effectively capped at 1.46% through the application of a “unitary administrative fee” paid to Green Century, and that the total expense ratio was higher than that of the average of sustainable investment funds (by 55 basis points), sustainable investment balanced funds (by 39 basis points), all balanced funds (by 53 basis points) and balanced funds with assets between $300 million and $400 million (by 45 basis points).

For the Equity Fund, the Trustees observed that, based on the information provided, the Fund’s advisory fee for the Individual Investor Class was lower than the average advisory fee for sustainable investment funds (by 30 basis points), sustainable investment large growth funds (by 36 basis points), all large growth funds (by 44 basis points), large growth funds with assets between $600 million and $700 million (by 31 basis points) and large growth index funds (by 28 basis points). The Trustees also noted that the total expense ratio of Individual Investor Class of the Equity Fund was effectively capped at 1.20% through the application of a “unitary administrative fee” paid to Green Century, and that effective March 1, 2024, Green Century had contractually reduced the administrative fee for each share class of the Equity Fund by five basis points. The Trustees noted that the total expense ratio was higher than the average of sustainable investment funds (by 29 basis points), sustainable investment large growth funds (by 17 basis points) and all large growth funds (by 3 basis points) and large growth funds with assets between $600 million and $700 million (by 18 basis points), and was lower than the average of large growth index funds (by 3 basis points).

For the International Fund, the Trustees noted that, based on the information provided, the Fund’s advisory fee for the Individual Investor Class was lower than that of the average advisory fee for sustainable investment funds (by 24 basis points), sustainable investment foreign large blend funds (by 32 basis points), all foreign large blend funds (by 33 basis points) and foreign large blend funds with assets between $100 million and $200 million (by 40 basis points) and was higher than the average advisory fee for foreign large blend index funds (by 13 basis points). The Trustees also noted that the total expense ratio of Individual Investor Class shares of the International Fund was effectively capped at 1.28% through the application of a “unitary administrative fee” paid to Green Century, and that the total expense ratio was higher than that of the average of sustainable investment funds (by 37 basis points), sustainable investment foreign large blend funds (by 31 basis points), all foreign large blend funds (by 23 basis points), foreign large blend index funds (by 90 basis points) and was lower than the average of foreign large blend funds with assets between $100 million and $200 million (by 9 basis points).

Green Century provided the Trustees with information relating to the profitability to Green Century of its advisory relationships to the Funds. The Trustees noted that, based on information provided by Green Century, the relationships to the Funds had been unprofitable for the earlier years of the Trust, though recent growth in Fund assets resulted in a profit for the Adviser’s fiscal year ended June 30, 2015 and increasing levels of profit for subsequent periods through the Adviser’s fiscal year ended June 30, 2024. The Trustees considered an analysis of the estimated Fund-by-Fund profitability for Green Century from the investment management and administrative service it provides to the Trust, which showed that the Adviser had made a profit from managing each Fund for the fiscal year ended June 30, 2024. In this regard, the Independent Trustees considered the subadvisory fees and the other expenses incurred by the Adviser in providing advisory services to the Funds and the amount retained by Green Century out of the advisory fees. The Trustees also considered the fees received by Green Century for providing administrative services to the Funds and the expenses incurred in providing those services. In considering the cost allocation methodology used by Green Century, the Trustees took into consideration that the Adviser derives all of its revenues from the Funds and does not provide advisory or administrative services to other mutual funds or to non-mutual fund clients. The Trustees considered the costs and entrepreneurial risks assumed by the Adviser in connection with launching, branding and maintaining publicly-offered mutual funds and that the Adviser had been unprofitable for nine of the last twenty fiscal years. The Trustees took into account the operational enhancements that Green Century had indicated it would need to undertake in connection with the growth of Fund assets, the addition of new share classes, and the expansion into different types of assets. The Trustees also considered Green Century’s non-profit ownership structure, its cost structure and personnel needs, and its investment in shareholder advocacy that aligns with the Funds’ stated intention to promote greater

38

corporate environmental accountability. The Trustees also took into account that, as disclosed in the Funds’ prospectus, Green Century may provide grants and other funding to non-profit advocacy organizations to support their campaign work on wilderness protection, environmental protection, clean energy and other public benefit issues. After reviewing the information described above, the Trustees concluded that the fees specified in the Advisory Agreements, taking into account the costs of the services provided by the Adviser and the profitability to the Adviser of its relationships with the Funds, supported the continuance of the Advisory Agreements with respect to the Funds.

Other Benefits. With respect to fall-out benefits from the Adviser’s arrangements with the Funds, the Trustees considered that neither Green Century nor any affiliate of Green Century receives any brokerage fees, soft dollar benefits, liquidity rebates from electronic communications networks or payments for order flow from the trades executed for each Fund. The Trustees noted that Green Century does potentially benefit from its relationship with the Funds due to the Funds’ reputation as the first family of no-load environmentally responsible mutual funds and, more recently, as a pioneer in responsible and diversified fossil fuel free mutual funds. The Trustees considered that the association with the Funds supports Green Century’s own stated mission of advocating for corporate environmental responsibility. Further, pursuant to the Advisory Agreements, Green Century has reserved for itself the rights to the names “Green Century Funds” and any similar names; thus, Green Century may benefit in the future from developing other funds or investment products with the Green Century brand. The Trustees considered these fall-out benefits in context of the Adviser’s non-profit ownership structure and its history of providing grants and other funding to non-profit advocacy organizations. The Trustees concluded that the fall-out benefits to be realized by Green Century were appropriate.

Economies of Scale. The Trustees also considered whether economies of scale could be realized by the Adviser as the Funds grow in asset size and the extent to which such economies of scale were reflected in the level of fees charged. They noted the relatively small size of each Fund and the resultant difficulty of achieving meaningful economies of scale, though they took into account the effects of significant increases in Fund and Trust assets over the past few years, building upon what had historically been a very small base. They considered that if the assets were to increase further, the Funds could have the opportunity to experience economies of scale as fixed costs would become a smaller percentage of the Funds’ assets and some of the Funds’ service providers’ fees, as a percentage of the Funds’ assets, could decrease. The Trustees noted that the advisory fee structure for each of the Equity Fund and the Balanced Fund includes breakpoints that would cause the advisory fee to decrease as a percentage of net assets as the Fund increased in size, though under certain circumstances the structure of the Equity Fund’s unitary administrative fee arrangement with the Adviser offsets the effects of any advisory fee reduction on the total expense ratio. The Trustees noted that, effective March 1, 2024, Green Century had contractually reduced the administrative fee for each share class of the Equity Fund by five basis points. The Trustees also considered information provided by Green Century regarding how it seeks to reinvest its higher fee revenues from economies of scale into augmenting the quality and sophistication of its business in support of the Funds. The Trustees concluded that, in light of all of the facts and circumstances, breakpoints were not warranted at this time, and that if assets increased significantly the Trustees would have opportunities to negotiate further breakpoints or other decreases in fees with the Adviser.

Based on a review of all factors deemed relevant the Trustees, including the Independent Trustees, concluded that the Advisory Agreements with respect to all of the Funds should be continued for an additional one-year period.

INVESTMENT SUBADVISORY AGREEMENTS

The Trustees, including the Independent Trustees voted to approve the continuance of the subadvisory agreement between the Trust, on behalf of the Balanced Fund, Green Century, and Trillium, as amended (the “Balanced Fund Subadvisory Agreement”), the continuance of the subadvisory agreements among Green Century, Northern Trust and the Trust, on behalf of the Equity Fund (the “Equity Fund Subadvisory Agreement”) and the International Fund (the “International Fund Subadvisory Agreement” and together with the Balanced Fund Subadvisory Agreement and the

39

Equity Fund Subadvisory Agreement, the “Subadvisory Agreements”) at the November 14, 2024 meeting. In connection with their deliberations at the meetings, the Trustees considered, among other things, information provided by Trillium regarding the investment performance of the Balanced Fund, and information provided by Northern Trust regarding the investment performance of the Equity Fund (including the success with which the Equity Fund tracked the MSCI KLD Index) and the International Fund (including the success with which the International Fund tracked the MSCI World Index), the subadvisory fees paid to Trillium and Northern Trust, the profitability to Trillium of its subadvisory relationship to the Balanced Fund and financial information about Northern Trust. The Independent Trustees were assisted by independent counsel in considering these materials and the continuance of the Subadvisory Agreements. The Trustees considered all of the information provided to them by Trillium and Northern Trust, including information provided throughout the year. The Independent Trustees also received a memorandum from independent legal counsel advising them of their duties and responsibilities in connection with the contract review. The Trustees met with representatives of Trillium and Northern Trust at the Trustees’ November 14, 2024 meeting to discuss matters related to the continuation of the Subadvisory Agreements. Prior to voting, the Independent Trustees met with their independent counsel in private sessions at which no representatives of management were present. In approving the continuance of the Subadvisory Agreements the Trustees did not identify any single factor as determinative. Matters considered in connection with their approval of the Subadvisory Agreements included the following.

Nature, Quality, and Extent of Services Performed. The Trustees noted that under the terms of the Balanced Fund Subadvisory Agreement, Trillium provided the day-to-day portfolio management of the Balanced Fund, including determining asset and sector allocation; conducting securities selection and discovery; researching and analyzing environmental policies and practices of companies and implementing the Balanced Fund’s environmental screening criteria; managing the volatility, liquidity, risk, and turnover of the portfolio; and investing the portfolio consistent with the Balanced Fund’s investment objective and policies. The Trustees considered the professional expertise, tenure, and qualifications of the portfolio management team and noted that Trillium was devoted exclusively to environmentally and socially responsible investing and managed over $4 billion in assets. The Trustees also noted the recent staff turnover at Trillium and Trillium’s efforts to address the turnover as well as recent public announcements of potential corporate activity at Trillium’s Australian parent company. The Trustees also considered Trillium’s compliance record as well as the professional experience and responsiveness of Trillium’s compliance staff, as reported to them by the Trust’s chief compliance officer. The Trustees also considered Trillium’s leadership in social and environmental responsibility, including its shareholder advocacy efforts.

The Trustees noted that under the terms of the Equity Fund Subadvisory Agreement and the International Fund Subadvisory Agreement, Northern Trust provided the day-to-day portfolio management of each of the Equity Fund and the International Fund, making purchases and sales of portfolio securities consistent with each such Fund’s investment objective and policies and with changes to the applicable index. The Trustees considered the professional expertise, tenure, and qualifications of the portfolio management team as well as the team’s experience in passive management. The Trustees also considered Northern Trust’s handling of daily inflows and outflows, transaction costs, tracking error, and the portfolio turnover rates for each of the Equity Fund and the International Fund. The Trustees also considered Northern Trust’s compliance record as well as the professional experience and responsiveness of Northern Trust’s compliance staff, as reported to them by the Trust’s chief compliance officer.

Based on its review of all of the services provided and to be provided, the Trustees concluded that the nature, quality, and extent of services provided by Trillium and Northern Trust, respectively, supported the continuance of the Subadvisory Agreements.

Investment Performance. The Trustees reviewed and considered information regarding the investment performance of the Individual Investor Class of the Balanced Fund and comparative data with respect to the performance of mutual funds with similar investment objectives as well as other broad-based market indexes. The Trustees noted that as of

40

periods ended July 31, 2024, the Balanced Fund’s five- and ten-year average annual returns outperformed the Lipper Index and its one-and three-year average annual returns underperformed the Lipper Index. The Trustees also noted that as of periods ended July 31, 2024, the Balanced Fund’s one-, three-, five- and ten-year average annual returns underperformed the Custom Index. After considering all the factors deemed appropriate, the Trustees concluded that the performance of the Balanced Fund together with Trillium’s investment process, philosophies and experience in environmental and sustainable investing, supported the continuance of the Balanced Fund Subadvisory Agreement.

With respect to the Equity Fund and the International Fund, the Trustees considered that due to each Fund’s passive investment strategy, the principal concern with regard to investment performance was the extent to which the Fund tracked its respective index. The Trustees reviewed the performance of the Individual Investor Class shares of the Equity Fund as compared to that of the MSCI KLD Index for the twelve-month period ended July 31, 2024, and noted that the Equity Fund’s performance underperformed that of the MSCI KLD Index. In particular, they observed that, after taking into consideration the fees and expenses of the Individual Investor Class shares, for the one-year period the Equity Fund’s performance was in line with that of the MSCI KLD Index. After considering all the factors deemed appropriate, the Trustees concluded that the performance of the Equity Fund together with Northern Trust’s investment process and experience in passive portfolio management supported the continuance of the Equity Fund Subadvisory Agreement. The Trustees reviewed the performance of the Individual Investor Class shares of the International Fund, exclusive of the expenses of the class, as compared to that of the MSCI World Index for the twelve-month period ended July 31, 2024, and noted that the Fund’s performance underperformed that of the MSCI World Index. The Trustees took into account that the non-U.S. nature of the securities in which the International Fund invests and the Fund’s fees and expenses have an impact on the Fund’s tracking error. After considering all the factors they deemed appropriate, the Trustees concluded that the performance of the International Fund together with Northern Trust’s investment process and experience in passive portfolio management supported the continuance of the International Fund Subadvisory Agreement.

Costs of Services Provided and Profitability. The Trustees considered that the subadvisory fees paid by Green Century to Trillium under the Balanced Fund Subadvisory Agreement were 0.40% of the value of the average daily net assets of the Balanced Fund up to $30 million, 0.35% of the value of the average daily net assets of the Balanced Fund in excess of $30 million up to $250 million, and 0.30% of the value of the average daily net assets of the Balanced Fund in excess of $250 million.

In evaluating the profitability of the Subadvisory Agreement to Trillium, the Trustees noted that based on information provided by Trillium, the relationship was profitable. The Trustees considered the financial resources Trillium dedicated and the other expenses Trillium incurred in providing subadvisory services to the Balanced Fund, including startup costs relating to the relationship, and additional personnel, legal, trading analysis and compliance costs required in the context of providing subadvisory services to a mutual fund. The Trustees took into account that Trillium is the investment adviser or sub-adviser to other mutual funds and to non-fund clients.

The Trustees considered that the subadvisory fees paid by Green Century to Northern Trust under the Equity Fund Subadvisory Agreement were effectively an annual fee equal to 0.10% of the value of the average daily net assets of the Equity Fund up to but not including $50 million, 0.05% of the value of the average daily net assets of the Equity Fund from and including $50 million up to but not including $100 million, and 0.03% of the value of the average daily net assets of the Equity Fund equal to or in excess of $100 million.

The Trustees considered that that the subadvisory fees paid by Green Century to Northern Trust under the International Fund Subadvisory Agreement were effectively an annual fee equal to 0.17% of the value of the average daily net assets of the Fund up to but not including $50 million, 0.12% of the average daily net assets of the Fund from and including $50 million up to but not including $100 million, and 0.08% of the average daily net assets of the Fund equal to or in excess of $100 million.

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The Trustees reviewed and considered an analysis of the subadvisory fees for the Equity Fund and the International Fund against comparative data for mutual funds subadvised by Northern Trust with a similar investment strategy and asset size. The Trustees noted that each Fund paid subadvisory fees at effective rates comparable to those paid to Northern Trust by funds having similar strategies that Northern Trust manages with similar levels of net assets. In evaluating the profitability of each of the Equity Fund Subadvisory Agreement and International Fund Subadvisory Agreement to Northern Trust, the Trustees noted that Northern Trust does not calculate earnings at the subadvisory client level.

The Trustees also considered that the subadvisory fees are paid by Green Century, and are not in addition to the advisory fees paid to Green Century by the Funds.

After reviewing the information described above, the Trustees concluded that the fees specified in the Subadvisory Agreements, taking into account the nature and quality of services provided and the costs of the services provided by Trillium and Northern Trust as applicable, supported the continuance of the Subadvisory Agreements.

Other Benefits. The Trustees evaluated potential other benefits that each of Trillium and Northern Trust may realize from its relationship with the applicable Fund(s). The Trustees considered the brokerage practices of Trillium, including the soft dollar commissions that were generated with respect to the Balanced Fund’s portfolio transactions. The Trustees considered that Trillium was not affiliated with a broker/dealer and therefore no benefit would be realized by Trillium through transactions with affiliated brokers. The Trustees also considered the brokerage practices of Northern Trust, including that Northern Trust does not trade for the Equity Fund or the International Fund through its affiliated broker. The Trustees also considered that no soft dollars have been paid in connection with Northern Trust’s management of the Equity Fund and the International Fund.

The Trustees further considered the reputational and other advantages that each of Trillium and Northern Trust may gain from its relationship with the applicable Fund(s), including that Northern Trust’s management of the Equity Fund and the International Fund will broaden its exposure to the socially responsible mutual fund market. The Trustees concluded that the benefits received by each of Trillium and Northern Trust were reasonable in the context of its relationship with the applicable Fund(s).

Economies of Scale. The Trustees also considered whether economies of scale would be realized by each of Trillium and Northern Trust as the Funds grow in asset size and the extent to which such economies of scale might be reflected in the subadvisory fees. They noted the relatively small size of each Fund (compared with similar funds in the industry) and the resultant difficulty of achieving meaningful economies of scale, despite the effects of significant increases in Fund and Trust assets over the past few years. They considered that if the assets were to increase further, Trillium and Northern Trust could have the opportunity to experience economies of scale. They also noted that, pursuant to the Balanced Fund Subadvisory Agreement, the overall subadvisory fees paid to Trillium by Green Century (out of the advisory fee that Green Century receives from the Fund, which is subject to a breakpoint) include breakpoints at $30 million and $250 million, so that fees as a percentage of net assets decrease modestly (from 40 basis points towards 30 basis points) as assets in the Balanced Fund increase. They also noted that pursuant to the Equity Fund Subadvisory Agreement and the International Fund Subadvisory Agreement, the overall subadvisory fees paid to Northern Trust by Green Century (out of the advisory fee that Green Century receives from the applicable Fund, which, for the Equity Fund, is subject to breakpoints) include breakpoints at $50 million and $100 million, so that fees as a percentage of net assets decrease as assets in the Equity Fund and the International Fund increase. The Trustees concluded that economies of scale could be realized as the Funds grow, and that the fee schedules as specified were appropriate, and supported the continuance of the Subadvisory Agreements.

Based on a review of all factors deemed relevant, the Trustees, including the Independent Trustees, concluded that all of the Subadvisory Agreements should be continued for an additional one-year period.

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YOUR NOTES

Semi-Annual Report

INVESTMENT ADVISER AND ADMINISTRATOR

Green Century Capital Management, Inc.

114 State Street

Boston, MA 02109

1-800-93-GREEN

www.greencentury.com

info@greencentury.com

INVESTMENT SUBADVISER (Balanced Fund)

Trillium Asset Management, LLC

Two Financial Center

60 South Street, Suite 1100

Boston, MA 02111

INVESTMENT SUBADVISER (Equity Fund and International Fund)

Northern Trust Investments, Inc.

50 South LaSalle Street

Chicago, IL 60603

DISTRIBUTOR

Distributor Services, LLC (an affiliate of ACA Group)

140 E. 45th Street, 29th Floor

(2 Grand Central Tower)

New York, NY 10017

SUBADMINISTRATOR

UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

CUSTODIAN

UMB Bank, n.a.

928 Grand Blvd

Kansas City, MO 64106

TRANSFER AGENT

Atlantic Shareholder Services, LLC

Three Canal Plaza

Portland, ME 04101

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

KPMG LLP

Two Financial Center

60 South Street

Boston, MA 02111

January 31, 2025

Balanced

Fund

Equity Fund

International Fund

Invest in a Green Future.

Printed on recycled paper with soy-based ink.

(b) The information required by Item 13 of Form N-1A is included as part of the financial statements filed under Item 7(a) of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The aggregate remuneration paid by the company during the period covered by the report is as follows:

(1) All directors and all members of any advisory board for regular compensation: $0 which is paid by the investment adviser.

(2) Each director and each member of an advisory board for special compensation: Not Applicable

(3) All officers: Not Applicable

(4) Each person of whom any officer or director of the Fund is an affiliated person: Investment adviser compensation included under Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

REPORT OF TRUSTEES REGARDING 2024 CONTRACT APPROVAL

The Board of Trustees of the Green Century Funds (the “Board” or the “Trustees”) considered and approved the continuation of the Funds’ advisory and subadvisory agreements.

INVESTMENT ADVISORY AGREEMENTS

The Trustees, including the Trustees who are not “interested persons” (as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) (the “Independent Trustees”), voted to approve the continuance of the Investment Advisory Agreements, as amended (the “Advisory Agreements”) between the Trust, on behalf of each of the Balanced Fund, the Equity Fund, and the International Fund and Green Century Capital Management (“Green Century” or the “Adviser”) at the November 14, 2024 meeting. The Trustees considered, among other things, information provided by Green Century regarding the investment performance of each Fund; the expenses of each Fund and the advisory fee paid to Green Century by each Fund; and the profitability to Green Century of its advisory relationship with each Fund. The Independent Trustees were assisted by independent counsel in considering these materials and the approval and continuance of the Advisory Agreements. The Trustees considered all of the information provided to them by Green Century, including information provided at Board meetings throughout the year and in connection with other communications and discussions with Green Century. The Independent Trustees also received a memorandum from independent legal counsel advising them of their duties and responsibilities in connection with the review of the Advisory Agreements. The Trustees met with representatives of Green Century at the Trustees’ November 14, 2024 meeting to discuss matters related to the continuation of the Advisory Agreements. Prior to voting, the Independent Trustees met with their independent counsel in private sessions at which no representatives of management were present. In approving the Advisory Agreements, the Independent Trustees did not identify any single factor as determinative. Matters considered in connection with their approval of the Advisory Agreements included the following.

Nature, Quality, and Extent of Services Performed. The Trustees considered the scope and quality of the services performed for each of the Funds by the Adviser, including the resources dedicated by the Adviser.

With respect to the Balanced Fund, the services performed include the oversight and monitoring of the portfolio management and performance of the Balanced Fund; monitoring the implementation of the Balanced Fund’s environmental screens; implementing the environmental and other policies of the Trust by voting the Balanced Fund’s shareholder proxies independently and without reliance on third-party proxy advisory firms; and overall compliance oversight provided by the Adviser. The Trustees also considered the Adviser’s supervision of Trillium Asset Management, LLC (“Trillium”), the subadviser of the Balanced Fund, which performs the day-to-day portfolio management for the Fund.

With respect to the Equity Fund and the International Fund, these services include monitoring the Equity Fund’s performance and tracking error relative to the MSCI KLD 400 Social ex Fossil Fuels Index (the “MSCI KLD Index”); monitoring the International Fund’s performance and tracking error relative to the MSCI World ex USA SRI ex Fossil Fuels Index (the “MSCI World Index”); implementing the environmental and other policies of the Trust by voting the Equity Fund’s and the International Fund’s shareholder proxies independently and without reliance on third-party proxy advisory firms; and overall compliance oversight provided by the Adviser. The Trustees also considered the Adviser’s supervision of Northern Trust Investments, Inc. (“Northern Trust”), the subadviser of the Equity Fund and the International Fund, which performs day-to-day portfolio management for those two Funds.

In addition, the Trustees considered the Adviser’s mission to promote corporate environmental responsibility and to foster a sustainable economy, implemented in part by its commitment with respect to shareholder advocacy for more environmentally responsible policies and practices at major corporations. They took into account the not-for-profit ownership of the Adviser’s business, including its history of making grants to non-profit organizations out of its own

resources and the fact that any distribution of profits by the Adviser are paid to its 100% owner, Paradigm Partners, which is comprised entirely of nonprofit environmental and public interest advocacy organizations so that no for-profit corporations directly benefit from the distributed earned profits of the Adviser. The Trustees noted that the organizations under Paradigm Partners advocate for critical public health and environmental campaigns. The Trustees considered the Adviser’s distribution of profits in recent years and acknowledged the long-term commitment from Paradigm Partners over the 30+ years since the Trust was created. The Trustees also acknowledged their appreciation of the Funds’ new chief compliance officer and the effort undertaken by management to engage the new chief compliance officer. They also evaluated the administrative services provided by Green Century to the Funds under a separate agreement, including the coordination of the activities of the Funds’ other service providers. Based on its review of all of the services provided, the Trustees concluded that the nature, quality, and extent of services provided by the Adviser supported the continuance of the Advisory Agreements with respect to each Fund.

Investment Performance. With respect to the Balanced Fund, the Trustees reviewed and considered information regarding the investment performance of the Balanced Fund and comparative data with respect to the performance of other funds designated by Morningstar to have similar investment objectives as well as the Balanced Fund’s performance measured against the Lipper Balanced Fund Index (“Lipper Index”), which is a broad-based balanced fund market index, and against a custom balanced index (“Custom Index”) 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 and Government Index. In addition, the Trustees took into account the performance information they had been provided throughout the year. After weighing all the factors deemed appropriate, including the environmental screens applied to the Fund’s investment process, the Trustees concluded that the performance of the Balanced Fund supported the continuance of the Advisory Agreement with respect to the Balanced Fund.

With respect to the Equity Fund and the International Fund, the Trustees considered that due to each Fund’s passive investment strategy, the principal concern with regard to investment performance was the extent to which each Fund tracked its respective index. After considering all the factors deemed appropriate, the Trustees concluded that the performance of the Equity Fund and the International Fund supported the continuance of the respective Advisory Agreement.

The Costs of Services Provided and Profitability. The Trustees considered the costs of the services provided to the Funds and the profitability to the Adviser from its arrangements with the Funds.

The Trustees reviewed and considered an analysis of the advisory fees and total expenses ratios of each Fund and comparative data for multiple categories of mutual funds included in and as defined by Morningstar’s mutual fund database of thousands of mutual funds. In addition, the Trustees considered comparative advisory fee and expense ratio information provided by Green Century relating to a smaller set of peer funds identified by Green Century. The Trustees took into account, among other things, the distinct nature of the Funds as compared with peer funds, particularly with respect to the Funds’ social investing, the non-profit ownership of the Adviser, and the Adviser’s advocacy efforts and how those characteristics distinguished the Funds from their peers. The Trustees considered the size of Green Century and that Green Century was not at the same operational scale as most competitors, The Trustees also noted that, based on information provided by Green Century, competitors to the Equity Fund include actively managed funds in addition to index funds.

With respect to the Morningstar peer groups, for the Balanced Fund, the Trustees observed that, based on the information provided, the Fund’s advisory fee for the Individual Investor Class was higher than the average advisory fee for sustainable investment funds (by 11 basis points), sustainable investment balanced funds (by 15 basis points), all balanced funds (by 16 basis points) and balanced funds with assets between $300 million and $400 million (by 9 basis points). The Trustees also noted that the total expense ratio for the Individual Investor Class of the Balanced Fund was

effectively capped at 1.46% through the application of a “unitary administrative fee” paid to Green Century, and that the total expense ratio was higher than that of the average of sustainable investment funds (by 55 basis points), sustainable investment balanced funds (by 39 basis points), all balanced funds (by 53 basis points) and balanced funds with assets between $300 million and $400 million (by 45 basis points).

For the Equity Fund, the Trustees observed that, based on the information provided, the Fund’s advisory fee for the Individual Investor Class was lower than the average advisory fee for sustainable investment funds (by 30 basis points), sustainable investment large growth funds (by 36 basis points), all large growth funds (by 44 basis points), large growth funds with assets between $600 million and $700 million (by 31 basis points) and large growth index funds (by 28 basis points). The Trustees also noted that the total expense ratio of Individual Investor Class of the Equity Fund was effectively capped at 1.20% through the application of a “unitary administrative fee” paid to Green Century, and that effective March 1, 2024, Green Century had contractually reduced the administrative fee for each share class of the Equity Fund by five basis points. The Trustees noted that the total expense ratio was higher than the average of sustainable investment funds (by 29 basis points), sustainable investment large growth funds (by 17 basis points) and all large growth funds (by 3 basis points) and large growth funds with assets between $600 million and $700 million (by 18 basis points), and was lower than the average of large growth index funds (by 3 basis points).

For the International Fund, the Trustees noted that, based on the information provided, the Fund’s advisory fee for the Individual Investor Class was lower than that of the average advisory fee for sustainable investment funds (by 24 basis points), sustainable investment foreign large blend funds (by 32 basis points), all foreign large blend funds (by 33 basis points) and foreign large blend funds with assets between $100 million and $200 million (by 40 basis points) and was higher than the average advisory fee for foreign large blend index funds (by 13 basis points). The Trustees also noted that the total expense ratio of Individual Investor Class shares of the International Fund was effectively capped at 1.28% through the application of a “unitary administrative fee” paid to Green Century, and that the total expense ratio was higher than that of the average of sustainable investment funds (by 37 basis points), sustainable investment foreign large blend funds (by 31 basis points), all foreign large blend funds (by 23 basis points), foreign large blend index funds (by 90 basis points) and was lower than the average of foreign large blend funds with assets between $100 million and $200 million (by 9 basis points).

Green Century provided the Trustees with information relating to the profitability to Green Century of its advisory relationships to the Funds. The Trustees noted that, based on information provided by Green Century, the relationships to the Funds had been unprofitable for the earlier years of the Trust, though recent growth in Fund assets resulted in a profit for the Adviser’s fiscal year ended June 30, 2015 and increasing levels of profit for subsequent periods through the Adviser’s fiscal year ended June 30, 2024. The Trustees considered an analysis of the estimated Fund-by-Fund profitability for Green Century from the investment management and administrative service it provides to the Trust, which showed that the Adviser had made a profit from managing each Fund for the fiscal year ended June 30, 2024. In this regard, the Independent Trustees considered the subadvisory fees and the other expenses incurred by the Adviser in providing advisory services to the Funds and the amount retained by Green Century out of the advisory fees. The Trustees also considered the fees received by Green Century for providing administrative services to the Funds and the expenses incurred in providing those services. In considering the cost allocation methodology used by Green Century, the Trustees took into consideration that the Adviser derives all of its revenues from the Funds and does not provide advisory or administrative services to other mutual funds or to non-mutual fund clients. The Trustees considered the costs and entrepreneurial risks assumed by the Adviser in connection with launching, branding and maintaining publicly-offered mutual funds and that the Adviser had been unprofitable for nine of the last twenty fiscal years. The Trustees took into account the operational enhancements that Green Century had indicated it would need to undertake in connection with the growth of Fund assets, the addition of new share classes, and the expansion into different types of assets. The Trustees also considered Green Century’s non-profit ownership structure, its cost structure and personnel needs, and its investment in shareholder advocacy that aligns with the Funds’ stated intention to promote greater

corporate environmental accountability. The Trustees also took into account that, as disclosed in the Funds’ prospectus, Green Century may provide grants and other funding to non-profit advocacy organizations to support their campaign work on wilderness protection, environmental protection, clean energy and other public benefit issues. After reviewing the information described above, the Trustees concluded that the fees specified in the Advisory Agreements, taking into account the costs of the services provided by the Adviser and the profitability to the Adviser of its relationships with the Funds, supported the continuance of the Advisory Agreements with respect to the Funds.

Other Benefits. With respect to fall-out benefits from the Adviser’s arrangements with the Funds, the Trustees considered that neither Green Century nor any affiliate of Green Century receives any brokerage fees, soft dollar benefits, liquidity rebates from electronic communications networks or payments for order flow from the trades executed for each Fund. The Trustees noted that Green Century does potentially benefit from its relationship with the Funds due to the Funds’ reputation as the first family of no-load environmentally responsible mutual funds and, more recently, as a pioneer in responsible and diversified fossil fuel free mutual funds. The Trustees considered that the association with the Funds supports Green Century’s own stated mission of advocating for corporate environmental responsibility. Further, pursuant to the Advisory Agreements, Green Century has reserved for itself the rights to the names “Green Century Funds” and any similar names; thus, Green Century may benefit in the future from developing other funds or investment products with the Green Century brand. The Trustees considered these fall-out benefits in context of the Adviser’s non-profit ownership structure and its history of providing grants and other funding to non-profit advocacy organizations. The Trustees concluded that the fall-out benefits to be realized by Green Century were appropriate.

Economies of Scale. The Trustees also considered whether economies of scale could be realized by the Adviser as the Funds grow in asset size and the extent to which such economies of scale were reflected in the level of fees charged. They noted the relatively small size of each Fund and the resultant difficulty of achieving meaningful economies of scale, though they took into account the effects of significant increases in Fund and Trust assets over the past few years, building upon what had historically been a very small base. They considered that if the assets were to increase further, the Funds could have the opportunity to experience economies of scale as fixed costs would become a smaller percentage of the Funds’ assets and some of the Funds’ service providers’ fees, as a percentage of the Funds’ assets, could decrease. The Trustees noted that the advisory fee structure for each of the Equity Fund and the Balanced Fund includes breakpoints that would cause the advisory fee to decrease as a percentage of net assets as the Fund increased in size, though under certain circumstances the structure of the Equity Fund’s unitary administrative fee arrangement with the Adviser offsets the effects of any advisory fee reduction on the total expense ratio. The Trustees noted that, effective March 1, 2024, Green Century had contractually reduced the administrative fee for each share class of the Equity Fund by five basis points. The Trustees also considered information provided by Green Century regarding how it seeks to reinvest its higher fee revenues from economies of scale into augmenting the quality and sophistication of its business in support of the Funds. The Trustees concluded that, in light of all of the facts and circumstances, breakpoints were not warranted at this time, and that if assets increased significantly the Trustees would have opportunities to negotiate further breakpoints or other decreases in fees with the Adviser.

Based on a review of all factors deemed relevant the Trustees, including the Independent Trustees, concluded that the Advisory Agreements with respect to all of the Funds should be continued for an additional one-year period.

INVESTMENT SUBADVISORY AGREEMENTS

The Trustees, including the Independent Trustees voted to approve the continuance of the subadvisory agreement between the Trust, on behalf of the Balanced Fund, Green Century, and Trillium, as amended (the “Balanced Fund Subadvisory Agreement”), the continuance of the subadvisory agreements among Green Century, Northern Trust and the Trust, on behalf of the Equity Fund (the “Equity Fund Subadvisory Agreement”) and the International Fund (the “International Fund Subadvisory Agreement” and together with the Balanced Fund Subadvisory Agreement and the

Equity Fund Subadvisory Agreement, the “Subadvisory Agreements”) at the November 14, 2024 meeting. In connection with their deliberations at the meetings, the Trustees considered, among other things, information provided by Trillium regarding the investment performance of the Balanced Fund, and information provided by Northern Trust regarding the investment performance of the Equity Fund (including the success with which the Equity Fund tracked the MSCI KLD Index) and the International Fund (including the success with which the International Fund tracked the MSCI World Index), the subadvisory fees paid to Trillium and Northern Trust, the profitability to Trillium of its subadvisory relationship to the Balanced Fund and financial information about Northern Trust. The Independent Trustees were assisted by independent counsel in considering these materials and the continuance of the Subadvisory Agreements. The Trustees considered all of the information provided to them by Trillium and Northern Trust, including information provided throughout the year. The Independent Trustees also received a memorandum from independent legal counsel advising them of their duties and responsibilities in connection with the contract review. The Trustees met with representatives of Trillium and Northern Trust at the Trustees’ November 14, 2024 meeting to discuss matters related to the continuation of the Subadvisory Agreements. Prior to voting, the Independent Trustees met with their independent counsel in private sessions at which no representatives of management were present. In approving the continuance of the Subadvisory Agreements the Trustees did not identify any single factor as determinative. Matters considered in connection with their approval of the Subadvisory Agreements included the following.

Nature, Quality, and Extent of Services Performed. The Trustees noted that under the terms of the Balanced Fund Subadvisory Agreement, Trillium provided the day-to-day portfolio management of the Balanced Fund, including determining asset and sector allocation; conducting securities selection and discovery; researching and analyzing environmental policies and practices of companies and implementing the Balanced Fund’s environmental screening criteria; managing the volatility, liquidity, risk, and turnover of the portfolio; and investing the portfolio consistent with the Balanced Fund’s investment objective and policies. The Trustees considered the professional expertise, tenure, and qualifications of the portfolio management team and noted that Trillium was devoted exclusively to environmentally and socially responsible investing and managed over $4 billion in assets. The Trustees also noted the recent staff turnover at Trillium and Trillium’s efforts to address the turnover as well as recent public announcements of potential corporate activity at Trillium’s Australian parent company. The Trustees also considered Trillium’s compliance record as well as the professional experience and responsiveness of Trillium’s compliance staff, as reported to them by the Trust’s chief compliance officer. The Trustees also considered Trillium’s leadership in social and environmental responsibility, including its shareholder advocacy efforts.

The Trustees noted that under the terms of the Equity Fund Subadvisory Agreement and the International Fund Subadvisory Agreement, Northern Trust provided the day-to-day portfolio management of each of the Equity Fund and the International Fund, making purchases and sales of portfolio securities consistent with each such Fund’s investment objective and policies and with changes to the applicable index. The Trustees considered the professional expertise, tenure, and qualifications of the portfolio management team as well as the team’s experience in passive management. The Trustees also considered Northern Trust’s handling of daily inflows and outflows, transaction costs, tracking error, and the portfolio turnover rates for each of the Equity Fund and the International Fund. The Trustees also considered Northern Trust’s compliance record as well as the professional experience and responsiveness of Northern Trust’s compliance staff, as reported to them by the Trust’s chief compliance officer.

Based on its review of all of the services provided and to be provided, the Trustees concluded that the nature, quality, and extent of services provided by Trillium and Northern Trust, respectively, supported the continuance of the Subadvisory Agreements.

Investment Performance. The Trustees reviewed and considered information regarding the investment performance of the Individual Investor Class of the Balanced Fund and comparative data with respect to the performance of mutual funds with similar investment objectives as well as other broad-based market indexes. The Trustees noted that as of

periods ended July 31, 2024, the Balanced Fund’s five- and ten-year average annual returns outperformed the Lipper Index and its one-and three-year average annual returns underperformed the Lipper Index. The Trustees also noted that as of periods ended July 31, 2024, the Balanced Fund’s one-, three-, five- and ten-year average annual returns underperformed the Custom Index. After considering all the factors deemed appropriate, the Trustees concluded that the performance of the Balanced Fund together with Trillium’s investment process, philosophies and experience in environmental and sustainable investing, supported the continuance of the Balanced Fund Subadvisory Agreement.

With respect to the Equity Fund and the International Fund, the Trustees considered that due to each Fund’s passive investment strategy, the principal concern with regard to investment performance was the extent to which the Fund tracked its respective index. The Trustees reviewed the performance of the Individual Investor Class shares of the Equity Fund as compared to that of the MSCI KLD Index for the twelve-month period ended July 31, 2024, and noted that the Equity Fund’s performance underperformed that of the MSCI KLD Index. In particular, they observed that, after taking into consideration the fees and expenses of the Individual Investor Class shares, for the one-year period the Equity Fund’s performance was in line with that of the MSCI KLD Index. After considering all the factors deemed appropriate, the Trustees concluded that the performance of the Equity Fund together with Northern Trust’s investment process and experience in passive portfolio management supported the continuance of the Equity Fund Subadvisory Agreement. The Trustees reviewed the performance of the Individual Investor Class shares of the International Fund, exclusive of the expenses of the class, as compared to that of the MSCI World Index for the twelve-month period ended July 31, 2024, and noted that the Fund’s performance underperformed that of the MSCI World Index. The Trustees took into account that the non-U.S. nature of the securities in which the International Fund invests and the Fund’s fees and expenses have an impact on the Fund’s tracking error. After considering all the factors they deemed appropriate, the Trustees concluded that the performance of the International Fund together with Northern Trust’s investment process and experience in passive portfolio management supported the continuance of the International Fund Subadvisory Agreement.

Costs of Services Provided and Profitability. The Trustees considered that the subadvisory fees paid by Green Century to Trillium under the Balanced Fund Subadvisory Agreement were 0.40% of the value of the average daily net assets of the Balanced Fund up to $30 million, 0.35% of the value of the average daily net assets of the Balanced Fund in excess of $30 million up to $250 million, and 0.30% of the value of the average daily net assets of the Balanced Fund in excess of $250 million.

In evaluating the profitability of the Subadvisory Agreement to Trillium, the Trustees noted that based on information provided by Trillium, the relationship was profitable. The Trustees considered the financial resources Trillium dedicated and the other expenses Trillium incurred in providing subadvisory services to the Balanced Fund, including startup costs relating to the relationship, and additional personnel, legal, trading analysis and compliance costs required in the context of providing subadvisory services to a mutual fund. The Trustees took into account that Trillium is the investment adviser or sub-adviser to other mutual funds and to non-fund clients.

The Trustees considered that the subadvisory fees paid by Green Century to Northern Trust under the Equity Fund Subadvisory Agreement were effectively an annual fee equal to 0.10% of the value of the average daily net assets of the Equity Fund up to but not including $50 million, 0.05% of the value of the average daily net assets of the Equity Fund from and including $50 million up to but not including $100 million, and 0.03% of the value of the average daily net assets of the Equity Fund equal to or in excess of $100 million.

The Trustees considered that that the subadvisory fees paid by Green Century to Northern Trust under the International Fund Subadvisory Agreement were effectively an annual fee equal to 0.17% of the value of the average daily net assets of the Fund up to but not including $50 million, 0.12% of the average daily net assets of the Fund from and including $50 million up to but not including $100 million, and 0.08% of the average daily net assets of the Fund equal to or in excess of $100 million.

The Trustees reviewed and considered an analysis of the subadvisory fees for the Equity Fund and the International Fund against comparative data for mutual funds subadvised by Northern Trust with a similar investment strategy and asset size. The Trustees noted that each Fund paid subadvisory fees at effective rates comparable to those paid to Northern Trust by funds having similar strategies that Northern Trust manages with similar levels of net assets. In evaluating the profitability of each of the Equity Fund Subadvisory Agreement and International Fund Subadvisory Agreement to Northern Trust, the Trustees noted that Northern Trust does not calculate earnings at the subadvisory client level.

The Trustees also considered that the subadvisory fees are paid by Green Century, and are not in addition to the advisory fees paid to Green Century by the Funds.

After reviewing the information described above, the Trustees concluded that the fees specified in the Subadvisory Agreements, taking into account the nature and quality of services provided and the costs of the services provided by Trillium and Northern Trust as applicable, supported the continuance of the Subadvisory Agreements.

Other Benefits. The Trustees evaluated potential other benefits that each of Trillium and Northern Trust may realize from its relationship with the applicable Fund(s). The Trustees considered the brokerage practices of Trillium, including the soft dollar commissions that were generated with respect to the Balanced Fund’s portfolio transactions. The Trustees considered that Trillium was not affiliated with a broker/dealer and therefore no benefit would be realized by Trillium through transactions with affiliated brokers. The Trustees also considered the brokerage practices of Northern Trust, including that Northern Trust does not trade for the Equity Fund or the International Fund through its affiliated broker. The Trustees also considered that no soft dollars have been paid in connection with Northern Trust’s management of the Equity Fund and the International Fund.

The Trustees further considered the reputational and other advantages that each of Trillium and Northern Trust may gain from its relationship with the applicable Fund(s), including that Northern Trust’s management of the Equity Fund and the International Fund will broaden its exposure to the socially responsible mutual fund market. The Trustees concluded that the benefits received by each of Trillium and Northern Trust were reasonable in the context of its relationship with the applicable Fund(s).

Economies of Scale. The Trustees also considered whether economies of scale would be realized by each of Trillium and Northern Trust as the Funds grow in asset size and the extent to which such economies of scale might be reflected in the subadvisory fees. They noted the relatively small size of each Fund (compared with similar funds in the industry) and the resultant difficulty of achieving meaningful economies of scale, despite the effects of significant increases in Fund and Trust assets over the past few years. They considered that if the assets were to increase further, Trillium and Northern Trust could have the opportunity to experience economies of scale. They also noted that, pursuant to the Balanced Fund Subadvisory Agreement, the overall subadvisory fees paid to Trillium by Green Century (out of the advisory fee that Green Century receives from the Fund, which is subject to a breakpoint) include breakpoints at $30 million and $250 million, so that fees as a percentage of net assets decrease modestly (from 40 basis points towards 30 basis points) as assets in the Balanced Fund increase. They also noted that pursuant to the Equity Fund Subadvisory Agreement and the International Fund Subadvisory Agreement, the overall subadvisory fees paid to Northern Trust by Green Century (out of the advisory fee that Green Century receives from the applicable Fund, which, for the Equity Fund, is subject to breakpoints) include breakpoints at $50 million and $100 million, so that fees as a percentage of net assets decrease as assets in the Equity Fund and the International Fund increase. The Trustees concluded that economies of scale could be realized as the Funds grow, and that the fee schedules as specified were appropriate, and supported the continuance of the Subadvisory Agreements.

Based on a review of all factors deemed relevant, the Trustees, including the Independent Trustees, concluded that all of the Subadvisory Agreements should be continued for an additional one-year period.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 16. Controls and Procedures.

(a) Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, the “Disclosure Controls”) as of a date within 90 days of the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), the registrant’s principal executive officer and principal financial officer have concluded that the Disclosure Controls are effectively designed to ensure that information that is required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant’s management, including the registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures.

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the fiscal period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits

(a) (1) Code of Ethics: Incorporated by reference to the Registrant’s Form N-CSR filed on October 7, 2013.

(2) Not applicable.

(3) Certifications for each principal executive and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(a)) are filed herewith.

(4) Not applicable.

(5) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(b)) are filed herewith.

SIGNATURES

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

Green Century Funds

/s/ Leslie Samuelrich

Leslie Samuelrich

President and Principal Executive Officer

April 3, 2025

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

/s/ Leslie Samuelrich

Leslie Samuelrich

President and Principal Executive Officer

April 3, 2025

/s/ Matthew Dunlap

Matthew Dunlap

Treasurer and Principal Financial Officer

April 3, 2025