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: July 31, 2022
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). |
| (b) | Not applicable. |
 | ANNUAL REPORT Green Century Balanced Fund Green Century Equity Fund Green Century MSCI International Index Fund July 31, 2022 | |
| An investment for your 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 share price and account information, visit www.greencentury.com.
Dear Shareholder,
More than 30 years ago, the group of environmental and public health nonprofits that founded Green Centuryo decided to help people save for their future without compromising their values. It was a simple concept, but one that was only being used by a handful of pioneers in the socially and environmentally responsible investing space. Since then, Green Century has grown into a leader in the environmentally and socially responsible investing field with more than $1B in Assets Under Management, providing mutual funds for individuals and institutions to keep their money out of the most irresponsible industries.
As we finish celebrating our 30th year of providing individuals a way to align their investments with their values, I wanted to share some Green Century milestones we have been able to accomplish with your support. Green Century has followed a three-pronged approach of values-based investing, shareholder advocacy, and non-profit ownership that work together in a way that lets you align your investments with your values and helps protect the planet at the same time.
Thank you for your investments and support over the last three decades. As we look back, here are a few of our noteworthy accomplishments
Investment Strategy:
| • | In 1992, we created the Green Century Equity Fund and the Green Century Balanced Fund as no-load funds to make them more accessible to everyday investors in an era when funds with “loads” or purchase fees were common. |
| • | In 2009, the Green Century Balanced Fund published the first known carbon footprint report for a U.S. mutual fund, setting the stage for the current focus on how the companies in a portfolio measure and manage their greenhouse gas emissions. |
| • | In 2014, Green Century became the first family of fossil fuel free mutual funds that are environmentally friendly and diversified. |
| • | In 2016, the Green Century MSCI International Fund was launched and became the first environmentally friendly and diversified fossil fuel free international mutual index fund in the U.S. |
| • | In 2022, Green Century joined the Tobacco Free Pledge to encourage other asset owners to stop investing in companies that produce tobacco products responsible for preventable loss of life and environmental damage. |
Shareholder Advocacy:
Throughout the years, Green Century has led an award-winning shareholder advocacy program that has helped persuade hundreds of companies to make changes to their environmental policies and practices. Some of our achievements include:
| • | Securing an agreement in 2006 with Whole Foods1 to stop selling polycarbonate baby bottles and children’s sippy cups containing the toxic chemical bisphenol A, more commonly known as BPA |
| • | Winning an Outstanding Achievement award in 2014 for our work that has protected Indonesian tropical forests and endangered species such as the orangutan. |
| • | Convincing Amazon1 to commit to carbon neutrality for half of its package delivery by 2030 in a new “Shipment Zero” program |
| • | Securing an agreement with Royal Caribbean1 to address the growing problem of food waste in 2019 |
| • | Filing the highest number of shareholder proposals on environmental issues in 2021 and winning the most majority proxy votes, including one at Costco1, of any firm in the U.S. in 2022. |
Non-profit Ownership:
Green Century was founded by environmental and public health organizations. Because of this unique ownership structure, Green Century’s profits belong to our non-profit owners who can use the funds for their critical work. The achievements of these nine Public Interest Research Groups (PIRGs) that work at the state and national level include:
| • | The Stop the Overuse of Antibiotics Campaign helped California and Maryland pass laws banning the routine use of medically important antibiotics on farms operating within those states. The campaign organizes medical professionals to help decision-makers understand the grave public health consequences of antibiotic resistance |
| • | The No Bees, No Food Campaign is working to restore bee populations to healthy levels and save our food supply by working to ban the sale of bee-killing pesticides for our homes, parks, and gardens in 21 states around the country. |
| • | The Beyond Plastic Campaign helped convince Maine, Maryland, Vermont, and Oregon to ban polystyrene foam, a non recyclable product made from fossil fuels that takes hundreds of years to fully degrade. |
Thank you for investing in the Green Century Funds.
Sincerely,
Leslie Samuelrich, President
Green Century Funds
° Green Century Capital Management, Inc. (Green Century) is the investment advisor to the Green Century Funds (The Funds).
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.
Twitter. Green Century is on Twitter. Follow us at Twitter.com/Green_Century for a sustainable investor’s perspective on critical issues.
The Green Century Funds’ proxy voting guidelines and a record of the Funds’ proxy votes for the year ended June 30, 2022 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
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
GREEN CENTURY BALANCED FUND
Investment Objective The Green Century Balanced Fund seeks capital growth and income from a diversified portfolio of stocks and bonds that meet Green Century’s standards for corporate environmental responsibility.
Portfolio Orientation As of the fiscal year ended July 31, 2022 the Green Century Balanced Fund (the Balanced Fund or the Fund) was diversified in a number of ways. Equity holdings represented 64.5% and
bonds constituted 33.7% of the Fund’s net asset value. The Fund had 1.8% invested in cash, cash equivalents, and other assets, less liabilities. The portfolio managers view equities as the primary source of potential long-term growth, while emphasizing the importance of diversification in seeking to lower volatility. The Fund’s equity holdings were diversified across 71 equity holdings at fiscal year-end, none of which represented more than 4.4% of total net assets. Generally, larger, more established companies constitute larger positions in the Fund’s portfolio than smaller companies. The portfolio managers seek to mitigate risk by investing primarily in companies they believe have demonstrated records of profitability, above-average growth prospects, and reasonable valuations.
As of July 31st , the stocks held by the Balanced Fund were also diversified by sector, with (as a percent of total net assets) Technology (19.1%), Health Care (8.7%), and Consumer Discretionary (8.0%) as the largest sectors.
In line with its environmental mandate, the Fund had exposure to what Green Century considers environmental leaders in a number of industries
GREEN CENTURY BALANCED FUND
INVESTMENT BY INDUSTRY (unaudited)
4
including Healthy Living, Capital Goods, and Transportation. Green Century’s environmental screens prohibit traditional energy and utility companies from being owned, while the Fund has broad exposure to information technology, health care, financial, consumer, and industrial companies.
In addition to its equity exposure to environmental leaders, the Fund invests in designated Green Bonds and designated Social Impact Bonds. The issuers of Green Bonds have indicated that the proceeds from the bonds will be used for environmentally positive goals such as greenhouse gas reduction, climate adaptation, and climate change mitigation. Issuers of designated Social Impact Bonds have indicated that the proceeds from the bonds will be used for projects supporting such issues as poverty alleviation, low-income housing, fair trade, and community development. As of July 31st, 26.3% of the total portfolio and 78.1% of the market value of the bonds held in the Fund were designated Green / Sustainable or Social Impact Bonds.
Higher quality, intermediate maturity bonds can typically lower volatility and provide a stable source of income. At fiscal year end, the Balanced Fund held 55 bonds diversified across corporate and government agency issuers. In an effort to dampen volatility, the weighted average maturity (4.98 years) and modified duration (4.15 years) remain in the intermediate-range. The weighted average yield to maturity was 1.08%. All fixed income holdings were investment grade at time of purchase and remain investment grade at July 31, 2022.
Economic Environment. Equity markets witnessed considerable volatility over the last 12-months, with a major pullback in valuation as marked by P/E (Price/Earnings) contraction. During the period, investors grappled with conflicting economic data and signals about the direction of global bank tightening in the face of persistent inflation increases. The portfolio managers now anticipate that a recession is increasingly likely at the end of 2022 or the beginning of 2023. Normally, fiscal and monetary policy tightening act with a significant lag, only leading to declines in demand after 12-18 months. However, the Fed’s interest rate increases in this cycle have been very aggressive. Further, the Fed’s rate hikes are following, rather than leading, other global central bank rate increases, likely shortening that time frame. Leading indicators, such as consumer and business sentiment and surveys of new orders from manufacturers, are falling, predicting declines in economic activity. Immediate, co-incident economic indicators do not yet show declines. The portfolio managers see some slight softening in the labor market, but so far businesses continue to add jobs, and layoffs have only ticked up slightly. Yet, inflation measures continue to be stubbornly high, creating consumer discomfort, and non-food, non-energy consumer spending is softening.
While the portfolio managers now anticipate a recession, and also do not see the obvious economic and financial imbalances that preceded either the Great Financial Crisis or the dot.com collapse, they are concerned about growing labor market inconsistencies, including rapid readjustments in pay scales and changes in labor market participation. In addition, the slow underlying growth of the economy, and the low neutral rate of interest, limit the Fed’s scope for policy, raising the possibility that the Fed may need to push the economy into a deep and persistent recession before inflationary forces recede. This is not the base case, but such a recession would entail a much more tumultuous market. Whilewaiting for, hopefully, a mild recession, both bond and equity markets already show distress, with a significant amount of economic decline already priced in. The S&P 500 dropped more than 20% from its high on January 3, beginning a bear market. Equity market declines have resulted from declines in valuation, or price-to-earnings (P/E) compression in response to higher interest rates. As economic activity slows, the portfolio managers expect
5
that corporate earnings will decline. They have already seen some early signs of this, with retailers such as Target and Wal-Mart reporting unexpectedly soft consumer spending for more discretionary items. Wider credit spreads, especially for below-investment grade debt, will constrain spending by more leveraged companies. There has already been significant compression in valuation; declines in corporate earnings from here will have a muted effect because the valuation multiples are already reduced.
Deliberately slowing economic growth may ease supply chain disruptions, but it can be a painful remedy. While the Fed intends to slow growth without causing a recession, it has limited control; consumers and businesses make their own decisions about spending and investing based on the information that they have. That information now includes the knowledge that the Fed is determined to raise interest rates to a restrictive level, and that the Fed views the risks to economic growth as skewed to the downside. With rapidly declining consumer and business confidence, there is expectation both consumers and businesses will curtail spending; this will likely translate into reduced corporate earnings, and could reasonably initiate another downturn for equity markets. However, neither a recession nor a bear market means the end of the world, and the underlying strength of the economy means that recovery will happen when the Fed stops raising rates.The portfolio managers also note that recovery from bear markets is usually sudden and sharp, so that attempts to time the market are usually unsuccessful. While they have become more cautious, they believe that they are adequately positioned for more risk-off markets. As always, they will be carefully monitoring economic data and our positioning as these higher interest rates begin to affect economic activity. In a slowing growth environment, the expectation is that focusing on quality, lower-leverage, profitable companies with steadier earnings and revenues will be protective. The portfolio managers continue to avoid positioning for extremes and acknowledge that an environment of high uncertainty means an increased likelihood of rapid rotation, as market participants grasp at informational straws. In such a period, thoughtful analysis of company management, strategies, and prospects assumes added importance.
They remain committed to a long-term focus and investment in high-quality and sustainability centered companies seeking to meet the challenges of this year of recovery and transition, and beyond. In addition, they are seeking out companies that acknowledge the ongoing climate crisis and which are setting their own targets for greenhouse gas reduction. In such challenging and difficult times as these, companies will be increasingly distinguished by the quality and integrity of their management, and by management’s attention to evolving social and environmental considerations. This is all the more true as regulatory frameworks continue to be dismantled. The growing environmental, social, and policy challenges facing the world make it increasingly imperative that we, as shareholders, engage our companies in creating the transition to a lower-carbon economy and recognizing the human rights and dignity of their workers. We expect our companies to act with integrity and purpose, and to take leading roles in creating alternative mechanisms, through legislation or internal policies, to protect the needs and concerns of their employees, communities, and planet.
Investment Strategy and Performance. The portfolio managers believe that strong environmental, social, and governance practices may enhance corporate profitability and reduce certain types of risks. The Fund specifically avoid risks associated with exposure to fossil fuels. Companies with strong balance sheets, strategic leadership in their products and markets, and strong environmental, social, and governance policies will have the financial flexibility and leadership wisdom to navigate choppy and volatile economic conditions.
6
The Balanced Fund holds a number of stocks that the portfolio managers believe have attractive environmental, social, and financial characteristics. New holdings over the reporting period include Levi Strauss1, Paycom Software1, Sunrun1, West Pharmaceuticals1, and Wolfspeed1.
At July 31, 2022, the Fund held over $104 million in Green / Sustainability or Social Impact Bonds and Notes. Some holdings include notes issued by Johnson Controls Intl1, NXPI1, and National Community Renaissance Cal1, and POAH1.
For the year ending July 31, 2022, the Balanced Fund’s Institutional Share Class returns were –7.72%, versus –5.10% return for its Custom Balanced Index,2 an index comprised of the S&P 1500 Index3 (60% weighting) and of the BofA Merrill Lynch 1-10 Year US Corporate and Government Index4 (40% weighting).* The Lipper Balanced Index5 returned –8.08% for the same twelve-month period.
The lack of exposure to traditional energy was a primary reason for underperformance in the period, as well as the Fund’s overweight to equities.
The Fund’s high-quality fixed income exposure performed relatively in-line with the benchmark as intentioned, with slight underperformance in the period. The Fund’s portfolio managers do not anticipate any significant changes in investment strategy for the Fund, believing that the investment environment may be favorable to the Fund’s core holdings in what the portfolio managers consider high-quality, environmentally responsible companies with strong growth prospects and reasonable valuations.
Green Century Balanced Fund Total expense ratio: 1.46% for Individual Share Class and 1.16% for | CUMULATIVE RETURN* | AVERAGE ANNUAL RETURN* | ||||||||||||||||
| Latest Quarter | One Year | Five Years | Ten Years | |||||||||||||||
| June 30, 2022 | Green Century Balanced Fund — Individual Share Class | –12.43% | –12.11% | 6.69% | 7.95% | |||||||||||||
| Green Century Balanced Fund — Institutional Share Class** | –12.39% | –11.88% | 6.79% | 8.00% | ||||||||||||||
| Custom Balanced Index | –10.65% | –9.25% | 7.28% | 8.39% | ||||||||||||||
| July 31, 2022 | Green Century Balanced Fund — Individual Share Class | 0.73% | –7.97% | 7.98% | 8.76% | |||||||||||||
| Green Century Balanced Fund — Institutional Share Class** | 0.82% | –7.72% | 8.09% | 8.82% | ||||||||||||||
| Custom Balanced Index | 0.87% | –5.10% | 8.29% | 8.92% | ||||||||||||||
* The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain Fund prices and performance information as of the most recent month-end, call 1-800-93-GREEN/1-800-934-7336. Performance includes the reinvestment of income dividends and capital gain distributions. Performance shown does not reflect the deduction of taxes that a shareholder might pay on Fund distributions or the redemption of Fund shares. A redemption fee of 2.00% may be imposed on redemptions or exchanges of shares you have owned for 60 days or less. Please see the prospectus for more information.
**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.
7
The Balanced Fund consistently includes stocks and bonds of what Green Century believes to be environmentally responsible corporations of various sizes, including small, medium, and large companies. The value of the stocks held in the Balanced Fund will fluctuate in response to factors that may affect the single issuer, industry, or sector of the economy or may affect the market as a whole. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. The Funds’ environmental criteria limit the investments available to the Funds compared to mutual funds that do not use environmental criteria.
The S&P 500® Index6 and the S&P Supercomposite 1500 Index (the S&P 1500 Index) are unmanaged indexes of 500 and 1500 stocks, respectively. The Custom Balanced Index is comprised of a 60% weighting in the S&P 1500 Index and a 40% weighting in the BofA Merrill Lynch 1-10 Year US Corporate & Government Index (the BofA Merrill Lynch Index). The BofA Merrill Lynch Index tracks the performance of U.S. dollar-denominated investment grade government and corporate public debt issued in the U.S. domestic bond market with at least 1 year and less than 10 years remaining maturity, including U.S. Treasury, U.S. Agency, foreign government, supranational and corporate securities. Similar to the Balanced Fund, the performance of the S&P 500® Index, the S&P 1500 Index, the Custom Balanced Index and the BofA Merrill Lynch Index reflect reinvestment of dividends and distributions. Unlike the Fund, however, the performance of the S&P 500® Index, the S&P 1500 Index, the Custom Balanced Index and the BofA Merrill Lynch Index does not include management and other operating expenses. It is not possible to invest directly in an index.
8
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
GREEN CENTURY EQUITY FUND
Investment Objective The Green Century Equity Fund (the Equity Fund or the Fund) seeks to achieve long-term total return that matches the performance of an index comprised of the stocks of companies selected based on environmental, social and governance criteria.
Portfolio Orientation The Fund seeks to achieve its objective by investing in the stocks which make up the MSCI KLD 400 Social ex Fossil Fuels Index7 (the KLD400 ex Fossil Fuels Index or the Index), a custom index calculated by MSCI, Inc. The KLD400 ex Fossil Fuels Index is comprised of the common stocks of the approximately 400 companies in the MSCI KLD 400 Social Index (the KLD400 Index), minus the stocks of the companies that explore for, extract, produce, manufacture, or refine coal, oil or gas that are included in the KLD400 Index. The Index also does not include companies that produce or transmit electricity derived from fossil fuels, transmit natural gas, or own carbon reserves.
The KLD400 Index, formerly named the Domini 400 Social Index, is the longest-running socially responsible index. Like other index funds, the Equity Fund is not actively managed in the traditional investment sense, but rather seeks to be nearly fully invested at all times in a broad and diverse portfolio of stocks which meet certain environmental, social and governance (ESG) criteria. The Equity Fund, like many other mutual funds invested primarily in stocks, carries the risk of investing in the stock market. The large companies in which the Equity Fund is invested may perform worse than the stock market as a whole. The Fund’s environmental criteria limit the investments available to the Fund compared to mutual funds that do not use environmental criteria.
The Fund invests in the stocks of companies selected for inclusion in the Index based on a thorough review of environmental, social, and governance factors and includes
GREEN CENTURY EQUITY FUND
INVESTMENT BY INDUSTRY (unaudited)
9
those companies believed to have the best overall sustainability records. Green Century believes that certain industries impose unique and onerous risks and/or costs on society. Companies involved in these industries are evaluated based on their level of involvement as well as the impact of that involvement on society. Therefore, companies that derive significant revenues from the manufacture of tobacco products, alcoholic beverages, genetically modified organisms (GMOs), or the operation of gambling enterprises; or have a significant direct ownership share in, operate or design nuclear power plants are not eligible for the Index. Major military contractors and firearms manufacturers are also ineligible. The Index excludes all companies that explore for, extract, produce, manufacture, or refine coal, oil or gas. The Index also does not include companies that produce or transmit electricity derived from fossil fuels, transmit natural gas, or own carbon reserves.
Investment Strategy and Performance Green Century believes that companies that minimize their negative social and environmental impact and follow governance standards could enjoy competitive advantages and be less likely to incur certain legal liabilities that may be assessed when a product or service is determined to be harmful. Green Century also believes that such investments may, over the long term, provide investors with a return that is competitive with enterprises that do not exhibit such social and environmental awareness.
The Equity Fund’s total return for the latest quarter ended July 31, 2022 was –0.63% for the individual share class and –0.58% for the institutional share class, underperforming the S&P 500® Index that returned 0.39% for the same period. Additional results for various time periods are below:*
Green Century Equity Fund Total expense ratio: 1.25% for Individual Share Class and 0.95% for | CUMULATIVE RETURN* | AVERAGE ANNUAL RETURN* | ||||||||||||||||
| Latest Quarter | One Year | Five Years | Ten Years | |||||||||||||||
| June 30, 2022 | Green Century Equity Index Fund — Individual Share Class | –17.02% | –13.35% | 11.09% | 12.58% | |||||||||||||
| Green Century Equity Fund — Institutional Share Class | –16.95% | –13.09% | 11.36% | 12.72% | ||||||||||||||
| S&P 500® Index | –16.10% | –10.62% | 11.31% | 12.96% | ||||||||||||||
| July 31, 2022 | Green Century Equity Index Fund — Individual Share Class | –0.63% | –8.64% | 12.44% | 13.44% | |||||||||||||
| Green Century Equity Fund — Institutional Share Class | –0.58% | –8.38% | 12.72% | 13.58% | ||||||||||||||
| S&P 500® Index | 0.39% | –4.64% | 12.83% | 13.80% | ||||||||||||||
* The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain Fund prices and performance information as of the most recent month-end, call 1-800-93-GREEN/1-800-934-7336. Performance includes the reinvestment of income dividends and capital gains distributions. Performance shown does not reflect the deduction of taxes that a shareholder might pay on Fund distributions or the redemption of Fund shares. A redemption fee of 2.00% may be imposed on redemptions or exchanges of shares you have owned for 60 days or less. Please see the prospectus for more information. As of April 1, 2014, the Equity Fund invests in the common stocks which make up the MSCI KLD 400 Social ex Fossil Fuels Index; prior to April 1, 2014, the Fund invested in the common stocks which made up the MSCI KLD 400 Social Index. Institutional shares were offered as of April 30, 2018. The Institutional Share Class performance for periods prior to April 30, 2018 reflects the performance of the Fund’s Individual Investor Class.
10
For the year ended July 31, 2022, the Equity Fund Institutional and Investor share classes returned –8.38% and –8.64%, respectively, underperforming the S&P 500 Index which returned –4.64%. As the MSCI KLD 400 Social ex Fossil Fuels Index does not include all of the stocks in the S&P 500® Index and includes some stocks not included in the S&P 500® Index, the performance of the Fund can be expected to differ from the performance of the broader benchmark.
The strongest performing sectors in the Equity Fund were Consumer Staples, Utilities, and Health Care which returned 7.58%, –1.05% and –1.89%, respectively. The worst performing sectors were Communication Services and Information Technology, which returned –17.86% and –11.89%, respectively, for the year. Within the
S&P 500 Index, Energy, Utilities and Consumer Staples were the strongest performing sectors, gaining 67.44%, 15.55%, and 7.43%, respectively. The worst performing sectors were Communication Services and Consumer Discretionary, which returned –28.98% and –10.29%, respectively, for the year.
U.S. equities performed exceptionally well and finished 2021 near all-time highs. For the third consecutive year, U.S. equities posted double-digit gains. U.S. equities were flat in the third quarter of 2021 due to concerns on peak growth, inflation, and unwinding stimulus building a wall of worry in September. U.S. equities finished the fourth quarter strong. Investors focused on solid consumer spending and employment data, while digesting stubbornly high inflation figures. The first quarter of 2022 saw the S&P 500 realize its first quarterly decline since the beginning of 2020. Continued high inflation compounded by Russia’s invasion of Ukraine led to a pullback in investor risk appetite. Headwinds for global
The S&P 500® Index is an unmanaged index of 500 stocks. Similar to the Equity Fund, the S&P 500® Index’s performance reflects reinvestment of dividends and distributions. Unlike the Fund, however, the S&P 500® Index’s performance does not include management and other operating expenses. It is not possible to invest directly in an index.
11
financial markets continued in the second quarter of 2022, with negative returns in most major asset classes outside of cash. US equities outperformed non-US developed equities as measured by the S&P 500 and MSCI World Ex USA indices8, with 1 year returns of –4.64% and –13.20% respectively.
12
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
GREEN CENTURY MSCI INTERNATIONAL INDEX FUND
Investment Objective The Green Century MSCI International Index Fund (the International Fund or the Fund) seeks to achieve long-term total return that matches the performance of an index comprised of the stocks of foreign companies selected based on environmental, social and governance criteria.
Portfolio Orientation The Fund seeks to achieve its objective by investing in the stocks included in the MSCI World ex USA SRI ex Fossil Fuels Index9 (the Index), a custom index calculated by MSCI, Inc. The Index is comprised of the common stocks of the approximately 240 companies in the MSCI World ex USA SRI Index, minus the stocks of the companies that explore for, extract, process, refine or distribute coal, oil or gas. The Index also does not include companies that produce or transmit electricity derived from fossil fuels, transmit natural gas, or own carbon reserves.
The International Fund is the only responsible, diversified fossil fuel free international index fund available in the U.S. The Fund is also broadly diversified and responsibly screened. Like other index funds, the International Fund is not actively managed in the traditional investment sense, but rather seeks to be nearly fully invested at all times in a broad and diverse portfolio of stocks which meet certain environmental, social and governance (ESG) criteria.
The Fund invests in the stocks of companies selected for inclusion in the Index based on a thorough review of environmental, social, and governance factors and includes those companies believed to have the best overall sustainability records. Green Century believes that certain industries impose unique and onerous risks and/or costs on society. Companies involved in these industries are evaluated based on their level of involvement as well as the impact of that involvement on society. Therefore, companies that
GREEN CENTURY MSCI INTERNATIONAL INDEX FUND
INVESTMENT BY COUNTRY (unaudited)
13
derive significant revenues from the manufacture of tobacco products, alcoholic beverages, genetically modified organisms (GMOs), or the operation of gambling enterprises; or have a significant direct ownership share in, operate or design nuclear power plants are not eligible for the Index. Major military contractors and firearms manufacturers are also ineligible. The Index excludes all companies that explore for, extract, produce, manufacture, or refine coal, oil or gas. The Index also does not include companies that produce or transmit electricity derived from fossil fuels, transmit natural gas, or own carbon reserves.
Investment Strategy and Performance Green Century believes that companies that minimize their negative social and environmental impact and follow governance standards could enjoy competitive advantages and be less likely to incur certain legal liabilities that may be assessed when a product or service is determined to be harmful. Green Century also believes that such investments may, over the long term, provide investors with a return that is competitive with enterprises that do not exhibit such social and environmental awareness.
Both share classes of the International Fund underperformed its benchmark for the latest quarter ended July 31, 2022. The Fund’s total return was –3.52% for the individual share class and –3.46% for the institutional share class for this period, while the MSCI World ex USA Index returned –4.12% for the same period. Additional results for various time periods are below:*
Green Century MSCI International Fund Total expense ratio: 1.28% for Individual Share Class and 0.98% for | CUMULATIVE RETURN* | AVERAGE ANNUAL RETURN* | ||||||||||||||||
Inception Date: September 30, 2016 | ||||||||||||||||||
| Latest Quarter | One Year | Five Years | Since Inception | |||||||||||||||
| June 30, 2022 | Green Century MSCI International Index Fund — Individual Share Class | –15.57% | –21.24% | 2.12% | 3.65% | |||||||||||||
| Green Century MSCI International Index Fund — Institutional Share Class | –15.54% | –21.07% | 2.40% | 3.93% | ||||||||||||||
| MSCI World ex USA Index | –14.66% | –16.76% | 2.66% | 4.42% | ||||||||||||||
| July 31, 2022 | Green Century MSCI International Index Fund — Individual Share Class | –3.52% | –18.36% | 2.59% | 4.57% | |||||||||||||
| Green Century MSCI International Index Fund — Institutional Share Class | –3.46% | –18.05% | 2.91% | 4.87% | ||||||||||||||
| MSCI World ex USA Index | –4.12% | –13.20% | 3.06% | 5.22% | ||||||||||||||
* The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain Fund prices and performance information as of the most recent month-end, call 1-800-93-GREEN/1-800-934-7336. Performance includes the reinvestment of income dividends and capital gains distributions. Performance shown does not reflect the deduction of taxes that a shareholder might pay on Fund distributions or the redemption of Fund shares. A redemption fee of 2.00% may be imposed on redemptions or exchanges of shares you have owned for 60 days or less. Please see the prospectus for more information.
14
The Institutional and Investor share classes of the Green Century MSCI International Index Fund, which closely tracks the MSCI World ex USA SRI ex Fossil Fuels Index, returned –18.05% and –18.36%, respectively, for the one year period ended July 31, 2022, while the MSCI World ex USA Index (Index), returned –13.20% during the same period.
The difference in performance of the International Fund relative to the Index was largely due to differences in sector allocation and stock selection criteria between the International Fund and the Index.
The strongest performing sectors in the International Fund were Communication Services, Health Care, and Financials which returned –3.83%, –7.41% and –10.58%, respectively. The worst performing sectors were Information Technology and Materials, which returned –36.71% and –26.01%, respectively, for the year. Within the MSCI World ex USA Index, Energy, Utilities, and Financials were the strongest performing sectors, returning 33.25%, –7.45%, and –7.90%, respectively. The worst performing sectors were Information Technology and Consumer Discretionary which returned –29.21% and –21.52%, respectively, for the year.
U.S. equities performed exceptionally well and finished 2021 near all-time highs. For the third consecutive year, U.S. equities posted double-digit gains. U.S. equities were flat in the third quarter of 2021 due to concerns on peak growth, inflation, and unwinding stimulus building a wall of worry in September. U.S. equities finished the fourth quarter strong. Investors focused on solid consumer
The MSCI World ex USA Index is a custom index calculated by MSCI Inc. The MSCI World ex USA Index includes large and mid-cap stocks across 22 of 23 Developed Markets (DM) countries and excludes the United States. With 1,023 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI World ex USA Index is a free float-adjusted market capitalization index. Unlike the Fund, the MSCI World ex USA Index’s performance does not include management and other operating expenses. It is not possible to invest directly in an index.
15
spending and employment data, while digesting stubbornly high inflation figures. The first quarter of 2022 saw the S&P 500 realize its first quarterly decline since the beginning of 2020. Continued high inflation compounded by Russia’s invasion of Ukraine led to a pullback in investor risk appetite. Headwinds for global financial markets continued in the second quarter of 2022, with negative returns in most major asset classes outside of cash. US equities outperformed non-US developed equities as measured by the S&P 500 and MSCI World Ex USA indices, with 1 year returns of –4.64% and –13.20% respectively.
1 As of July 31, 2022, the following companies comprised the listed percentages of each of the Green Century Funds:
| Portfolio Holdings | GREEN CENTURY BALANCED FUND | GREEN CENTURY EQUITY FUND | GREEN CENTURY INTERNATIONAL INDEX FUND | |||||||||
Whole Foods | 0.13 | % | 0.00 | % | 0.00 | % | ||||||
Amazon | 0.00 | % | 0.00 | % | 0.00 | % | ||||||
Royal Caribbean | 0.00 | % | 0.05 | % | 0.00 | % | ||||||
Costco | 1.43 | % | 0.00 | % | 0.00 | % | ||||||
Levi Strauss | 0.62 | % | 0.00 | % | 0.00 | % | ||||||
Paycom Software | 0.58 | % | 0.09 | % | 0.00 | % | ||||||
Sunrun | 0.94 | % | 0.00 | % | 0.00 | % | ||||||
West Pharmaceuticals | 0.41 | % | 0.14 | % | 0.00 | % | ||||||
Wolfspeed | 0.60 | % | 0.00 | % | 0.00 | % | ||||||
| Portfolio Holdings | GREEN CENTURY BALANCED FUND | GREEN CENTURY EQUITY FUND | GREEN CENTURY INTERNATIONAL INDEX FUND | |||||||||
Johnson Controls International | 0.43 | % | 0.21 | % | 0.00 | % | ||||||
NXPI | 1.15 | % | 0.00 | % | 0.00 | % | ||||||
National Community Renaissance | 0.88 | % | 0.00 | % | 0.00 | % | ||||||
Preservation of Affordable Housing Inc (POAH) | 0.76 | % | 0.00 | % | 0.00 | % | ||||||
Portfolio composition will change due to ongoing management of the Funds. Please refer to the Green Century Funds website for current information regarding the Funds’ portfolio holdings. Note that some of the holdings discussed above may not have been held by any Fund during the fiscal year ended July 31, 2022, or may have been held by a Fund for a portion of the fiscal year, or may have been held by a Fund for the entire fiscal year. These holdings are subject to risk as described in the Funds’ prospectus. References to specific investments should not be construed as a recommendation of the securities by the Funds, their administrator, or their distributor.
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 (the BofA Merrill Lynch Index). It is not possible to invest directly in the Custom Balanced Index.
3 The S&P Supercomposite 1500 Index is an unmanaged broad-based capitalization-weighted index comprising 1500 stocks of large-cap, mid-cap, and small-cap U.S. companies. It is not possible to invest directly in the S&P Supercomposite 1500 Index.
4 The BofA Merrill Lynch Index tracks the performance of U.S. dollar-denominated investment grade government and corporate public debt issued in the U.S. domestic bond market with at least 1 year and less than 10 years remaining maturity, including U.S. treasury, U.S. agency, foreign government, supranational and corporate securities. It is not possible to invest directly in the BofA Merrill Lynch Index.
5 The Lipper Balanced Fund Index includes the 30 largest funds whose primary objective is to conserve principal by maintaining at all times a balanced portfolio of both stocks and bonds. Typically the stock/bond ratio ranges around 60%/40%. It is not possible to invest directly in the Lipper Balanced Fund Index.
6 The S&P 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The S&P 500® Index is heavily weighted toward stocks with large market capitalization and represents approximately two-thirds of the total market value of all domestic stocks. It is not possible to invest directly in the S&P 500® Index.
7 The MSCI KLD 400 Social ex Fossil Fuels Index (the KLD400 ex Fossil Fuels Index) is a custom index calculated by MSCI Inc. The KLD400 ex Fossil Fuels Index is comprised of the common stocks of the approximately 400 companies in the MSCI KLD 400 Social Index (the KLD400 Index), minus the stocks of the companies that explore for, extract, produce, manufacture, or refine coal, oil or gas or produce or transmit electricity derived from fossil fuels or transmit natural gas or have carbon reserves that are included in the KLD400 Index. The KLD400 Index is a free float-adjusted market capitalization index designed to provide exposure to U.S. companies that have positive ESG characteristics and consists of approximately 400 companies selected from the MSCI USA Investable Market Index. It is not possible to invest directly in an index.
8 The MSCI World ex USA Index is a custom index calculated by MSCI Inc. The MSCI World ex USA Index includes large and mid-cap stocks across 22 of 23 Developed Markets countries and excludes the United States. With 1,023 constituents, the index covers
16
approximately 85% of the free float-adjusted market capitalization in each country. The MSCI World ex USA Index is a free float-adjusted market capitalization index. It is not possible to invest directly in the MSCI World ex USA Index.
9 The World ex USA SRI ex Fossil Fuels Index is a custom index calculated by MSCI Inc. The World ex USA SRI ex Fossil Fuels Index is comprised of the common stocks of the companies in the MSCI World ex USA SRI Index (the World ex USA SRI Index), minus the stocks of the companies that explore for, extract, produce, manufacture or refine coal, oil or gas or produce or transmit electricity derived from fossil fuels or transmit natural gas or have carbon reserves that are included in the World ex USA SRI (Socially Responsible Investment) Index. The World ex USA SRI Index includes large and mid-cap stocks from approximately 22 Developed Markets countries (excluding the U.S.). The World ex USA SRI Index is a capitalization weighted index that provides exposure to companies with what MSCI calculates to have outstanding ESG ratings and excludes companies whose products have negative social or environmental impacts. It is not possible to invest directly in an index.
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 material must be preceded or accompanied by a current prospectus.
Distributor: UMB Distribution Services, LLC 9/22
Neither the Green Century Equity Fund nor the Green Century MSCI International Index Fund (each a “Fund” and together the “Funds”) is sponsored, endorsed, or promoted by MSCI, its affiliates, information providers or any other third party involved in, or related to, compiling, computing or creating the MSCI indices (the “MSCI Parties”), and the MSCI Parties bear no liability with respect to a Fund or any index on which a Fund is based. The MSCI Parties are not sponsors of either of the Funds and are not affiliated with the Funds in any way. The Statement of Additional Information contains a more detailed description of the limited relationship the MSCI Parties have with Green Century Capital Management and the Funds.
17
GREEN CENTURY FUNDS EXPENSE EXAMPLE
For the six months ended July 31, 2022 (unaudited)
As a shareholder of the Green Century Funds (the “Funds”), you incur two types of costs: (1) transaction costs, including redemption fees on certain redemptions; and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 1, 2022 to July 31, 2022 (the “period”).
Actual Expenses The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 equals 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the actual return of either of the Funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5%hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees on shares held for 60 days or less. Therefore, the second line of the table is useful in comparing the ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs could have been higher.
| BEGINNING ACCOUNT VALUE FEBRUARY 1, 2022 | ENDING ACCOUNT VALUE JULY 31, 2022 | EXPENSES PAID DURING THE PERIOD1 | ||||||||||
Balanced Fund | ||||||||||||
Actual Expenses — Individual Investor Class | $ | 1,000.00 | $ | 926.00 | $ | 6.98 | ||||||
Actual Expenses — Institutional Class | 1,000.00 | 927.30 | 5.55 | |||||||||
Hypothetical Example, assuming a 5% return before expenses —Individual Investor Class | 1,000.00 | 1,017.75 | 7.31 | |||||||||
Hypothetical Example, assuming a 5% return before expenses — Institutional Class | 1,000.00 | 1,019.24 | 5.81 | |||||||||
18
| BEGINNING ACCOUNT VALUE FEBRUARY 1, 2022 | ENDING ACCOUNT VALUE JULY 31, 2022 | EXPENSES PAID DURING THE PERIOD1 | ||||||||||
Equity Fund | ||||||||||||
Actual Expenses — Individual Investor Class | $ | 1,000.00 | $ | 895.40 | $ | 5.87 | ||||||
Actual Expenses — Institutional Class | 1,000.00 | 896.70 | 4.47 | |||||||||
Hypothetical Example, assuming a 5% return before expenses —Individual Investor Class | 1,000.00 | 1,018.80 | 6.26 | |||||||||
Hypothetical Example, assuming a 5% return before expenses —Institutional Class | 1,000.00 | 1,020.29 | 4.76 | |||||||||
| BEGINNING ACCOUNT VALUE FEBRUARY 1, 2022 | ENDING ACCOUNT VALUE JULY 31, 2022 | EXPENSES PAID DURING THE PERIOD1 | ||||||||||
MSCI International Index Fund | ||||||||||||
Actual Expenses — Individual Investor Class | $ | 1,000.00 | $ | 855.40 | $ | 5.89 | ||||||
Actual Expenses — Institutional Class | 1,000.00 | 856.50 | 4.51 | |||||||||
Hypothetical Example, assuming a 5% return before expenses —Individual Investor Class | 1,000.00 | 1,018.65 | 6.41 | |||||||||
Hypothetical Example, assuming a 5% return before expenses —Institutional Class | 1,000.00 | 1,020.14 | 4.91 | |||||||||
1 Expenses are equal to the Funds’ annualized expense ratios (1.46% for the Balanced Fund Individual Investor Class, 1.16% for the Balanced Fund Institutional Class, 1.25% for the Equity Fund Individual Investor Class, 0.95% for the Equity Fund Institutional Class, 1.28% for the International Index Fund Individual Investor Class and 0.98% for the International Index Fund Institutional Class), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
19
GREEN CENTURY BALANCED FUND PORTFOLIO OF INVESTMENTS July 31, 2022 |
COMMON STOCKS — 64.5% |
| |||||||
| SHARES | VALUE | |||||||
Software & Services — 8.0% | ||||||||
Adobe, Inc. (a) | 6,480 | $ | 2,657,578 | |||||
Autodesk, Inc. (a) | 11,965 | 2,588,269 | ||||||
Mastercard, Inc., Class A | 20,267 | 7,170,262 | ||||||
Microsoft Corporation | 53,091 | 14,904,767 | ||||||
Paycom Software, Inc. (a) | 7,024 | 2,321,362 | ||||||
PayPal Holdings, Inc. (a) | 25,725 | 2,225,984 | ||||||
|
| |||||||
| 31,868,222 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 5.3% |
| |||||||
Apple, Inc | 108,052 | 17,559,531 | ||||||
Palo Alto Networks, Inc. (a) | 6,983 | 3,485,215 | ||||||
|
| |||||||
| 21,044,746 | ||||||||
|
| |||||||
Capital Goods — 4.8% | ||||||||
Deere & Company | 8,719 | 2,992,187 | ||||||
Eaton Corporation PLC | 21,989 | 3,262,948 | ||||||
Illinois Tool Works, Inc. | 11,220 | 2,331,067 | ||||||
Rockwell Automation, Inc. | 8,926 | 2,278,629 | ||||||
Trane Technologies PLC | 20,961 | 3,081,057 | ||||||
Westinghouse Air Brake Technologies Corporation | 33,630 | 3,143,396 | ||||||
Xylem, Inc. | 21,084 | 1,940,361 | ||||||
|
| |||||||
| 19,029,645 | ||||||||
|
| |||||||
Healthcare Equipment & Services — 4.5% |
| |||||||
Baxter International, Inc. | 28,987 | 1,700,378 | ||||||
CVS Health Corp | 31,621 | 3,025,497 | ||||||
Elevance Health, Inc. | 14,251 | 6,799,152 | ||||||
Medtronic PLC | 22,868 | 2,115,747 | ||||||
Stryker Corporation | 12,760 | 2,740,210 | ||||||
West Pharmaceutical Services, Inc. | 4,741 | 1,628,818 | ||||||
|
| |||||||
| 18,009,802 | ||||||||
|
| |||||||
Renewable Energy & Energy Efficiency — 4.3% |
| |||||||
First Solar, Inc. (a) | 38,872 | 3,854,936 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 88,127 | 3,180,503 | ||||||
Ormat Technologies, Inc. | 19,664 | 1,701,723 | ||||||
SolarEdge Technologies, Inc. (a) | 13,202 | 4,754,436 | ||||||
Sunrun, Inc. (a) | 114,058 | 3,728,556 | ||||||
|
| |||||||
| 17,220,154 | ||||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 4.2% |
| |||||||
AstraZeneca PLC ADR (b) | 69,516 | 4,604,045 | ||||||
IQVIA Holdings, Inc. (a) | 15,895 | 3,819,092 | ||||||
Merck & Company, Inc. | 27,300 | 2,438,982 | ||||||
| SHARES | VALUE | |||||||
Pharmaceuticals & Biotechnology — (continued) |
| |||||||
Roche Holding AG ADR (b) | 55,382 | $ | 2,296,691 | |||||
Thermo Fisher Scientific, Inc. | 5,889 | 3,524,036 | ||||||
|
| |||||||
| 16,682,846 | ||||||||
|
| |||||||
Banks — 4.1% |
| |||||||
East West Bancorp, Inc. | 43,189 | 3,100,106 | ||||||
First Republic Bank | 23,150 | 3,766,736 | ||||||
KeyCorp | 161,925 | 2,963,228 | ||||||
PNC Financial Services Group, Inc. (The) | 22,699 | 3,766,672 | ||||||
SVB Financial Group (a) | 6,707 | 2,706,610 | ||||||
|
| |||||||
| 16,303,352 | ||||||||
|
| |||||||
Media & Entertainment — 4.0% | ||||||||
Alphabet, Inc., Class A (a) | 105,940 | 12,322,941 | ||||||
Walt Disney Company (The) (a) | 32,150 | 3,411,115 | ||||||
|
| |||||||
| 15,734,056 | ||||||||
|
| |||||||
Retailing — 3.7% | ||||||||
Home Depot, Inc. (The) | 11,443 | 3,443,656 | ||||||
Target Corporation | 26,209 | 4,282,027 | ||||||
TJX Companies, Inc. (The) | 69,602 | 4,256,858 | ||||||
Tractor Supply Company | 14,712 | 2,817,054 | ||||||
|
| |||||||
| 14,799,595 | ||||||||
|
| |||||||
Semiconductors — 3.6% | ||||||||
Analog Devices, Inc. | 19,593 | 3,369,212 | ||||||
ASML Holding NV (b) | 5,655 | 3,248,458 | ||||||
NVIDIA Corporation | 30,001 | 5,449,082 | ||||||
Wolfspeed, Inc. (a) | 28,718 | 2,392,210 | ||||||
|
| |||||||
| 14,458,962 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 2.5% |
| |||||||
Levi Strauss & Company, Class A | 129,446 | 2,449,118 | ||||||
Lululemon Athletica, Inc. (a) | 7,754 | 2,407,695 | ||||||
NIKE, Inc., Class B | 26,195 | 3,010,329 | ||||||
VF Corporation | 44,341 | 1,981,156 | ||||||
|
| |||||||
| 9,848,298 | ||||||||
|
| |||||||
Real Estate — 2.4% |
| |||||||
American Tower Corporation REIT | 10,311 | 2,792,528 | ||||||
AvalonBay Communities, Inc. REIT | 10,785 | 2,307,343 | ||||||
Jones Lang LaSalle, Inc. (a) | 9,787 | 1,866,087 | ||||||
Prologis, Inc. REIT | 18,865 | 2,500,745 | ||||||
|
| |||||||
| 9,466,703 | ||||||||
|
| |||||||
20
GREEN CENTURY BALANCED FUND PORTFOLIO OF INVESTMENTS July 31, 2022 | continued |
| SHARES | VALUE | |||||||
Food & Staples Retailing — 2.1% |
| |||||||
Costco Wholesale Corporation | 10,528 | $ | 5,698,806 | |||||
Sysco Corporation | 30,845 | 2,618,741 | ||||||
|
| |||||||
| 8,317,547 | ||||||||
|
| |||||||
Insurance — 1.8% |
| |||||||
Aflac, Inc. | 56,782 | 3,253,609 | ||||||
Travelers Companies, Inc. (The) | 25,349 | 4,022,886 | ||||||
|
| |||||||
| 7,276,495 | ||||||||
|
| |||||||
Materials — 1.6% |
| |||||||
Ball Corporation | 28,637 | 2,102,529 | ||||||
Ingevity Corporation (a) | 30,562 | 2,050,710 | ||||||
International Flavors & Fragrances, Inc. | 17,903 | 2,220,867 | ||||||
|
| |||||||
| 6,374,106 | ||||||||
|
| |||||||
Household & Personal Products — 1.5% |
| |||||||
Procter & Gamble Company (The) | 17,374 | 2,413,422 | ||||||
Unilever PLC ADR (b) | 74,953 | 3,647,213 | ||||||
|
| |||||||
| 6,060,635 | ||||||||
|
| |||||||
Consumer Services — 1.4% |
| |||||||
Bright Horizons Family Solutions, Inc. (a) | 25,343 | 2,373,879 | ||||||
Starbucks Corporation | 39,204 | 3,323,715 | ||||||
|
| |||||||
| 5,697,594 | ||||||||
|
| |||||||
Transportation — 1.4% |
| |||||||
J.B. Hunt Transport Services, Inc. | 15,948 | 2,922,790 | ||||||
United Parcel Service, Inc., Class B | 14,085 | 2,745,026 | ||||||
|
| |||||||
| 5,667,816 | ||||||||
|
| |||||||
Utilities — 1.0% |
| |||||||
American Water Works Company, Inc. | 24,572 | 3,819,472 | ||||||
|
| |||||||
Diversified Financials — 1.0% |
| |||||||
LPL Financial Holdings, Inc. | 18,194 | 3,819,284 | ||||||
|
| |||||||
Food & Beverage — 0.9% |
| |||||||
McCormick & Company, Inc. | 39,734 | 3,470,765 | ||||||
|
| |||||||
Automobiles & Components — 0.4% |
| |||||||
Aptiv PLC (a) | 15,823 | 1,659,674 | ||||||
|
| |||||||
Total Common Stocks | 256,629,769 | |||||||
|
| |||||||
| PRINCIPAL AMOUNT | VALUE | |||||||
BONDS & NOTES — 33.7% |
| |||||||
Green and Sustainability Bonds — 22.5% |
| |||||||
Apple, Inc. | $ | 3,000,000 | $ | 2,996,736 | ||||
Apple, Inc. | 2,000,000 | 1,998,484 | ||||||
Asian Development Bank | 1,000,000 | 980,569 | ||||||
Asian Development Bank | 4,000,000 | 4,061,312 | ||||||
Bank of America Corporation | 4,000,000 | 3,845,836 | ||||||
Bank of Nova Scotia (The) | 1,845,000 | 1,840,596 | ||||||
BlueHub Loan Fund, Inc. | 2,000,000 | 1,795,510 | ||||||
Boston Properties LP | 5,000,000 | 4,984,680 | ||||||
Bridge Housing Corporation | 4,500,000 | 4,110,102 | ||||||
Century Housing Corporation | 2,500,000 | 2,389,750 | ||||||
Citigroup, Inc. | 5,000,000 | 4,921,925 | ||||||
City & County of San Francisco CA Community Facilities District No. 2014-1 | 650,000 | 644,628 | ||||||
City of San Francisco CA Public Utilities Commission Water Revenue | 2,000,000 | 1,988,728 | ||||||
European Investment Bank | 2,000,000 | 1,981,092 | ||||||
European Investment Bank | 500,000 | 486,720 | ||||||
International Bank for Reconstruction & Development | 2,000,000 | 1,964,174 | ||||||
International Finance Corporation | 500,000 | 486,879 | ||||||
21
GREEN CENTURY BALANCED FUND PORTFOLIO OF INVESTMENTS July 31, 2022 | continued |
| PRINCIPAL AMOUNT | VALUE | |||||||
Green and Sustainability Bonds — (continued) |
| |||||||
Johnson Controls International plc / Tyco Fire & Security Finance SCA | $ | 2,000,000 | $ | 1,691,280 | ||||
National Australia Bank Ltd. | 2,000,000 | 2,008,810 | ||||||
Nederlandse Waterschapsbank NV | 1,000,000 | 978,810 | ||||||
New Jersey Infrastructure Bank | 2,500,000 | 2,354,558 | ||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. | 4,500,000 | 4,592,524 | ||||||
PNC Financial Services Group, Inc. (The) | 5,000,000 | 4,869,310 | ||||||
Preservation Of Affordable Housing, Inc. | 3,000,000 | 3,008,880 | ||||||
Prologis LP | 4,500,000 | 3,716,491 | ||||||
Regency Centers LP | 2,000,000 | 1,988,120 | ||||||
San Francisco Bay Area Rapid Transit District | 2,000,000 | 1,896,832 | ||||||
Starbucks Corporation | 4,500,000 | 4,354,542 | ||||||
United States International Development Finance Corporation | 599,311 | 595,958 | ||||||
United States International Development Finance Corporation | 197,413 | 195,554 | ||||||
United States International Development Finance Corporation | 199,394 | 197,100 | ||||||
United States International Development Finance Corporation | 1,270,950 | 1,229,597 | ||||||
| PRINCIPAL AMOUNT | VALUE | |||||||
Green and Sustainability Bonds — (continued) |
| |||||||
United States International Development Finance Corporation | $ | 2,882,115 | $ | 2,674,516 | ||||
Verizon Communications, Inc. | 3,500,000 | 3,497,399 | ||||||
Visa, Inc. | 5,000,000 | 4,457,535 | ||||||
Xylem, Inc. | 4,500,000 | 3,880,116 | ||||||
|
| |||||||
| 89,665,653 | ||||||||
|
| |||||||
U.S. Government Agencies — 3.1% |
| |||||||
Federal Farm Credit Banks Funding Corporation | 500,000 | 493,424 | ||||||
Federal Farm Credit Banks Funding Corporation | 3,000,000 | 2,903,049 | ||||||
Federal Farm Credit Banks Funding Corporation | 3,000,000 | 3,001,107 | ||||||
Federal Home Loan Banks | 3,000,000 | 2,989,869 | ||||||
Federal Home Loan Banks | 3,000,000 | 2,917,998 | ||||||
|
| |||||||
| 12,305,447 | ||||||||
|
| |||||||
Community Development Financial Institutions — 2.9% |
| |||||||
Capital Impact Partners | 2,000,000 | 1,976,306 | ||||||
Capital Impact Partners | 1,500,000 | 1,372,837 | ||||||
Enterprise Community Loan Fund, Inc. | 3,000,000 | 2,932,836 | ||||||
Local Initiatives Support Corporation | 2,000,000 | 1,840,372 | ||||||
Local Initiatives Support Corporation | 2,000,000 | 1,980,692 | ||||||
Reinvestment Fund, Inc. (The) | 1,400,000 | 1,377,550 | ||||||
|
| |||||||
| 11,480,593 | ||||||||
|
| |||||||
22
GREEN CENTURY BALANCED FUND PORTFOLIO OF INVESTMENTS July 31, 2022 | concluded |
| PRINCIPAL AMOUNT | VALUE | |||||||
Software & Services — 1.7% |
| |||||||
Adobe, Inc. | $ | 3,500,000 | $ | 3,516,065 | ||||
Salesforce, Inc. | 3,000,000 | 3,074,532 | ||||||
|
| |||||||
| 6,590,597 | ||||||||
|
| |||||||
Real Estate — 0.9% | ||||||||
National Community Renaissance of California | 4,000,000 | 3,509,432 | ||||||
|
| |||||||
Capital Goods — 0.9% | ||||||||
Trane Technologies Luxembourg Finance SA | 3,500,000 | 3,385,994 | ||||||
|
| |||||||
Media & Entertainment — 0.8% |
| |||||||
Alphabet, Inc. | 3,500,000 | 3,377,294 | ||||||
|
| |||||||
Diversified Financials — 0.5% | ||||||||
State Street Corporation | 2,000,000 | 2,004,066 | ||||||
|
| |||||||
Insurance — 0.3% | ||||||||
Travelers Property Casualty Corporation | 1,000,000 | 1,145,891 | ||||||
|
| |||||||
Healthy Living — 0.1% | ||||||||
Whole Foods Market, Inc. | 500,000 | 532,234 | ||||||
|
| |||||||
Total Bonds & Notes | 133,997,201 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 1.6% |
| |||||||
| VALUE | ||||||||
UMB Money Market Fiduciary Account, 0.01% (e) | $ | 6,629,153 | ||||||
|
| |||||||
Total Short-term Investments | 6,629,153 | |||||||
|
| |||||||
TOTAL INVESTMENTS (f) — 99.8% |
| |||||||
(Cost $298,529,356) | 397,256,123 | |||||||
Other Assets Less Liabilities — 0.2% | 666,092 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 397,922,215 | ||||||
|
| |||||||
PLC – Public Limited Company
REIT – Real Estate Investment Trusts
ADR – American Depository Receipt
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 $1,511,044. |
| (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 $298,192,787 resulting in gross unrealized appreciation and depreciation of $113,359,366 and $14,296,030 respectively, or net unrealized appreciation of $99,063,336. |
See Notes to Financial Statements
23
GREEN CENTURY EQUITY FUND PORTFOLIO OF INVESTMENTS July 31, 2022 |
COMMON STOCKS — 99.5% | ||||||||
| SHARES | VALUE | |||||||
Software & Services — 23.0% | ||||||||
Accenture PLC, Class A (a) | 17,727 | $ | 5,429,071 | |||||
Adobe, Inc. (b) | 13,232 | 5,426,708 | ||||||
ANSYS, Inc. (b) | 2,434 | 679,062 | ||||||
Autodesk, Inc. (b) | 6,196 | 1,340,319 | ||||||
Automatic Data Processing, Inc. | 11,786 | 2,841,840 | ||||||
Cadence Design Systems, Inc. (b). | 7,776 | 1,446,958 | ||||||
Citrix Systems, Inc. | 3,504 | 355,340 | ||||||
Cognizant Technology Solutions Corporation, Class A | 14,783 | 1,004,653 | ||||||
Fortinet, Inc. (b) | 19,255 | 1,148,561 | ||||||
International Business Machines Corporation | 25,262 | 3,304,017 | ||||||
Intuit, Inc. | 7,559 | 3,448,189 | ||||||
Mastercard, Inc., Class A | 24,472 | 8,657,949 | ||||||
Microsoft Corporation | 199,759 | 56,080,342 | ||||||
NortonLifeLock, Inc | 16,249 | 398,588 | ||||||
Okta, Inc., Class A (b) | 4,143 | 407,878 | ||||||
Oracle Corporation | 44,900 | 3,495,016 | ||||||
Paycom Software, Inc. (b) | 1,426 | 471,279 | ||||||
PayPal Holdings, Inc. (b) | 31,106 | 2,691,602 | ||||||
salesforce, Inc. (b) | 27,657 | 5,089,441 | ||||||
ServiceNow, Inc. (b) | 5,618 | 2,509,336 | ||||||
Splunk, Inc. (b) | 4,431 | 460,425 | ||||||
Teradata Corporation (b) | 2,946 | 112,802 | ||||||
Visa, Inc., Class A | 46,507 | 9,864,600 | ||||||
VMware, Inc., Class A | 5,846 | 679,305 | ||||||
Western Union Company (The) | 11,037 | 187,850 | ||||||
Workday, Inc., Class A (b) | 5,471 | 848,552 | ||||||
ZoomInfo Technologies, Inc. (b) | 7,315 | 277,165 | ||||||
|
| |||||||
| 118,656,848 | ||||||||
|
| |||||||
Media & Entertainment — 9.0% | ||||||||
Alphabet, Inc., Class A (b) | 168,700 | 19,623,184 | ||||||
Alphabet, Inc., Class C (b) | 159,420 | 18,594,749 | ||||||
Electronic Arts, Inc. | 7,922 | 1,039,604 | ||||||
John Wiley & Sons, Inc., Class A . | 1,232 | 64,335 | ||||||
Liberty Global PLC, Series A (a)(b) | 4,367 | 95,026 | ||||||
Liberty Global PLC, Series C (a)(b) | 8,909 | 203,927 | ||||||
New York Times Company (The), Class A | 4,670 | 149,207 | ||||||
Omnicom Group, Inc. | 5,831 | 407,237 | ||||||
Scholastic Corporation | 806 | 37,938 | ||||||
Walt Disney Company (The) (b) | 51,119 | 5,423,726 | ||||||
Warner Bros Discovery, Inc. (b) | 62,162 | 932,430 | ||||||
|
| |||||||
| 46,571,363 | ||||||||
|
| |||||||
| SHARES | VALUE | |||||||
Semiconductors — 7.1% | ||||||||
Advanced Micro Devices, Inc. (b) | 45,880 | $ | 4,334,284 | |||||
Analog Devices, Inc. | 14,693 | 2,526,608 | ||||||
Applied Materials, Inc. | 24,827 | 2,631,165 | ||||||
Intel Corporation | 114,346 | 4,151,903 | ||||||
Lam Research Corporation | 3,923 | 1,963,501 | ||||||
Microchip Technology, Inc. | 15,671 | 1,079,105 | ||||||
NVIDIA Corporation | 70,127 | 12,737,167 | ||||||
NXP Semiconductors NV (a) | 7,391 | 1,359,057 | ||||||
ON Semiconductor Corporation (b) | 12,055 | 805,033 | ||||||
Skyworks Solutions, Inc. | 4,580 | 498,670 | ||||||
Texas Instruments, Inc. | 25,876 | 4,628,958 | ||||||
|
| |||||||
| 36,715,451 | ||||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 6.8% |
| |||||||
AbbVie, Inc. | 49,615 | 7,120,249 | ||||||
Agilent Technologies, Inc. | 8,466 | 1,135,291 | ||||||
Amgen, Inc. | 15,614 | 3,863,997 | ||||||
Biogen, Inc. (b) | 4,102 | 882,176 | ||||||
BioMarin Pharmaceutical, Inc. (b) | 5,136 | 441,953 | ||||||
Bio-Techne Corporation | 1,096 | 422,267 | ||||||
Bristol-Myers Squibb Company | 61,207 | 4,515,852 | ||||||
Gilead Sciences, Inc. | 35,252 | 2,106,307 | ||||||
Illumina, Inc. (b) | 4,383 | 949,708 | ||||||
IQVIA Holdings, Inc. (b) | 5,379 | 1,292,412 | ||||||
Jazz Pharmaceuticals PLC (a)(b) | 1,719 | 268,267 | ||||||
Merck & Company, Inc. | 70,877 | 6,332,151 | ||||||
Mettler-Toledo International, Inc. (b) | 637 | 859,778 | ||||||
Vertex Pharmaceuticals, Inc. (b) | 7,141 | 2,002,408 | ||||||
Waters Corporation (b) | 1,690 | 615,211 | ||||||
Zoetis, Inc. | 13,269 | 2,422,256 | ||||||
|
| |||||||
| 35,230,283 | ||||||||
|
| |||||||
Capital Goods — 5.6% | ||||||||
3M Company | 16,055 | 2,299,718 | ||||||
A.O. Smith Corporation | 3,644 | 230,556 | ||||||
AGCO Corporation | 1,768 | 192,571 | ||||||
Air Lease Corporation, Class A | 3,044 | 112,963 | ||||||
Allegion PLC (a) | 2,462 | 260,233 | ||||||
Applied Industrial Technologies, Inc. | 1,075 | 108,134 | ||||||
Builders FirstSource, Inc. (b) | 5,345 | 363,460 | ||||||
Carrier Global Corporation | 24,127 | 977,867 | ||||||
Caterpillar, Inc. | 15,055 | 2,984,654 | ||||||
Cummins, Inc. | 4,019 | 889,445 | ||||||
24
GREEN CENTURY EQUITY FUND PORTFOLIO OF INVESTMENTS July 31, 2022 | continued |
| SHARES | VALUE | |||||||
Capital Goods — (continued) | ||||||||
Deere & Company | 8,190 | $ | 2,810,644 | |||||
Dover Corporation | 4,022 | 537,661 | ||||||
Eaton Corporation PLC | 11,222 | 1,665,233 | ||||||
EMCOR Group, Inc. | 1,462 | 170,133 | ||||||
Fastenal Company | 16,238 | 833,984 | ||||||
Flowserve Corporation | 3,670 | 124,193 | ||||||
Fortive Corporation | 9,507 | 612,726 | ||||||
Fortune Brands Home & Security, Inc. | 3,743 | 260,812 | ||||||
Graco, Inc. | 4,763 | 319,883 | ||||||
Granite Construction, Inc. | 1,318 | 39,408 | ||||||
IDEX Corporation | 2,130 | 444,637 | ||||||
Illinois Tool Works, Inc. | 8,802 | 1,828,703 | ||||||
Lennox International, Inc. | 924 | 221,326 | ||||||
Lincoln Electric Holdings, Inc. | 1,548 | 218,949 | ||||||
Masco Corporation | 6,694 | 370,714 | ||||||
MDU Resources Group, Inc. | 5,730 | 163,706 | ||||||
Meritor, Inc. (b) | 1,877 | 68,360 | ||||||
Middleby Corporation (The) (b) | 1,473 | 213,128 | ||||||
Owens Corning | 2,778 | 257,632 | ||||||
PACCAR, Inc. | 9,702 | 887,927 | ||||||
Parker-Hannifin Corporation | 3,622 | 1,047,084 | ||||||
Quanta Services, Inc. | 4,009 | 556,169 | ||||||
Rockwell Automation, Inc. | 3,245 | 828,384 | ||||||
Roper Technologies, Inc. | 2,963 | 1,293,853 | ||||||
Sensata Technologies Holding NV | 4,396 | 195,490 | ||||||
Snap-on, Inc. | 1,491 | 334,059 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 2,932 | 96,228 | ||||||
Stanley Black & Decker, Inc. | 4,558 | 443,630 | ||||||
Tennant Company | 501 | 33,582 | ||||||
Timken Company (The) | 1,903 | 124,418 | ||||||
Trane Technologies PLC (a) | 6,518 | 958,081 | ||||||
United Rentals, Inc. (b) | 2,027 | 654,052 | ||||||
W.W. Grainger, Inc. | 1,283 | 697,349 | ||||||
Westinghouse Air Brake Technologies Corporation | 4,912 | 459,125 | ||||||
Xylem, Inc. | 5,019 | 461,899 | ||||||
|
| |||||||
| 28,652,763 | ||||||||
|
| |||||||
Diversified Financials — 5.0% | ||||||||
Ally Financial, Inc. | 9,298 | 307,485 | ||||||
American Express Company | 18,137 | 2,793,461 | ||||||
Ameriprise Financial, Inc. | 3,093 | 834,863 | ||||||
Bank of New York Mellon Corporation (The) | 21,336 | 927,263 | ||||||
| SHARES | VALUE | |||||||
Diversified Financials — (continued) |
| |||||||
BlackRock, Inc. | 4,273 | $ | 2,859,406 | |||||
Charles Schwab Corporation (The) | 40,725 | 2,812,061 | ||||||
CME Group, Inc. | 10,106 | 2,015,945 | ||||||
Equitable Holdings, Inc. | 10,867 | 308,949 | ||||||
FactSet Research Systems, Inc. | 1,059 | 455,031 | ||||||
Franklin Resources, Inc. | 8,373 | 229,839 | ||||||
Intercontinental Exchange, Inc. | 15,810 | 1,612,462 | ||||||
Invesco Ltd. | 9,639 | 170,996 | ||||||
Moody’s Corporation | 4,693 | 1,456,003 | ||||||
Morgan Stanley | 37,538 | 3,164,453 | ||||||
Northern Trust Corporation | 5,514 | 550,187 | ||||||
S&P Global, Inc. | 9,950 | 3,750,453 | ||||||
State Street Corporation | 10,219 | 725,958 | ||||||
T. Rowe Price Group, Inc. | 6,368 | 786,257 | ||||||
Voya Financial, Inc. | 2,958 | 177,953 | ||||||
|
| |||||||
| 25,939,025 | ||||||||
|
| |||||||
Food & Beverage — 4.8% | ||||||||
Archer-Daniels-Midland Company | 15,826 | 1,309,918 | ||||||
Bunge Ltd. | 3,937 | 363,503 | ||||||
Campbell Soup Company | 5,894 | 290,869 | ||||||
Coca-Cola Company (The) | 115,611 | 7,418,758 | ||||||
Conagra Brands, Inc. | 13,385 | 457,901 | ||||||
Darling Ingredients, Inc. (b) | 4,510 | 312,453 | ||||||
General Mills, Inc. | 16,991 | 1,270,757 | ||||||
Hormel Foods Corporation | 8,329 | 410,953 | ||||||
Ingredion, Inc. | 1,861 | 169,314 | ||||||
JM Smucker Company (The) | 3,035 | 401,591 | ||||||
Kellogg Company | 7,171 | 530,080 | ||||||
Keurig Dr Pepper, Inc. | 21,770 | 843,370 | ||||||
Kraft Heinz Company (The) | 20,495 | 754,831 | ||||||
Lamb Weston Holdings, Inc. | 4,052 | 322,782 | ||||||
McCormick & Company, Inc. | 6,978 | 609,528 | ||||||
Mondelez International, Inc., Class A | 39,023 | 2,499,033 | ||||||
PepsiCo, Inc. | 38,834 | 6,794,396 | ||||||
|
| |||||||
| 24,760,037 | ||||||||
|
| |||||||
Healthcare Equipment & Services — 4.7% |
| |||||||
ABIOMED, Inc. (b) | 1,269 | 371,830 | ||||||
Align Technology, Inc. (b) | 2,090 | 587,227 | ||||||
AmerisourceBergen Corporation . | 4,381 | 639,319 | ||||||
Becton, Dickinson and Company . | 8,007 | 1,956,190 | ||||||
Cardinal Health, Inc. | 7,731 | 460,458 | ||||||
Centene Corporation (b) | 16,411 | 1,525,731 | ||||||
25
GREEN CENTURY EQUITY FUND PORTFOLIO OF INVESTMENTS July 31, 2022 | continued |
| SHARES | VALUE | |||||||
Healthcare Equipment & Services — (continued) |
| |||||||
Cigna Corporation | 9,022 | $ | 2,484,298 | |||||
Cooper Cos., Inc. (The) | 1,378 | 450,606 | ||||||
DaVita, Inc. (b) | 1,612 | 135,666 | ||||||
DENTSPLY SIRONA, Inc. | 6,103 | 220,684 | ||||||
DexCom, Inc. (b) | 10,957 | 899,351 | ||||||
Edwards Lifesciences Corporation (b) | 17,533 | 1,762,768 | ||||||
Elevance Health, Inc. | 6,769 | 3,229,490 | ||||||
HCA Healthcare, Inc. | 6,838 | 1,452,528 | ||||||
Henry Schein, Inc. (b) | 3,822 | 301,288 | ||||||
Hologic, Inc. (b) | 6,981 | 498,304 | ||||||
Humana, Inc. | 3,563 | 1,717,366 | ||||||
IDEXX Laboratories, Inc. (b) | 2,352 | 938,871 | ||||||
Insulet Corporation (b) | 1,938 | 480,236 | ||||||
Laboratory Corporation of America Holdings | 2,608 | 683,792 | ||||||
Patterson Companies, Inc. | 2,424 | 75,289 | ||||||
Pediatrix Medical Group, Inc. (b) . | 2,237 | 50,690 | ||||||
Quest Diagnostics, Inc. | 3,336 | 455,598 | ||||||
ResMed, Inc. | 4,083 | 982,043 | ||||||
Select Medical Holdings Corporation | 3,174 | 94,014 | ||||||
STERIS PLC | 2,790 | 629,564 | ||||||
Teladoc Health, Inc. (b) | 4,472 | 164,793 | ||||||
West Pharmaceutical Services, Inc. | 2,069 | 710,826 | ||||||
|
| |||||||
| 23,958,820 | ||||||||
|
| |||||||
Renewable Energy & Energy Efficiency — 4.6% |
| |||||||
Acuity Brands, Inc. | 982 | 179,117 | ||||||
Itron, Inc. (b) | 1,270 | 74,168 | ||||||
Johnson Controls International, PLC | 19,802 | 1,067,526 | ||||||
Ormat Technologies, Inc. | 1,263 | 109,300 | ||||||
Tesla, Inc. (b) | 24,649 | 21,973,351 | ||||||
|
| |||||||
| 23,403,462 | ||||||||
|
| |||||||
Retailing — 4.0% |
| |||||||
AutoNation, Inc. (b) | 1,118 | 132,751 | ||||||
Best Buy Company, Inc. | 6,043 | 465,251 | ||||||
Booking Holdings, Inc. (b) | 1,149 | 2,224,108 | ||||||
Buckle, Inc. (The) | 813 | 24,553 | ||||||
CarMax, Inc. (b) | 4,513 | 449,224 | ||||||
Foot Locker, Inc. | 2,518 | 71,436 | ||||||
GameStop Corporation, Class A (b) | 7,256 | 246,777 | ||||||
Gap, Inc. (The) | 5,660 | 54,449 | ||||||
| SHARES | VALUE | |||||||
Retailing — (continued) |
| |||||||
Home Depot, Inc. (The) | 29,308 | $ | 8,819,949 | |||||
Kohl’s Corporation | 3,882 | 113,121 | ||||||
LKQ Corporation | 7,555 | 414,316 | ||||||
Lowe’s Companies, Inc. | 18,820 | 3,604,595 | ||||||
Nordstrom, Inc. | 3,112 | 73,163 | ||||||
ODP Corporation (The) (b) | 1,210 | 43,923 | ||||||
Pool Corporation | 1,123 | 401,697 | ||||||
Signet Jewelers Ltd. | 1,467 | 89,428 | ||||||
Target Corporation | 13,472 | 2,201,055 | ||||||
Tractor Supply Company | 3,147 | 602,588 | ||||||
Ulta Beauty, Inc. (b) | 1,510 | 587,254 | ||||||
|
| |||||||
| 20,619,638 | ||||||||
|
| |||||||
Real Estate — 3.6% |
| |||||||
American Tower Corporation REIT | 12,807 | 3,468,520 | ||||||
Anywhere Real Estate, Inc. (b) | 3,345 | 33,216 | ||||||
AvalonBay Communities, Inc. REIT | 3,899 | 834,152 | ||||||
Boston Properties, Inc. REIT | 4,152 | 378,496 | ||||||
CBRE Group, Inc., Class A (b) | 9,342 | 799,862 | ||||||
Corporate Office Properties Trust REIT | 3,124 | 87,941 | ||||||
Digital Realty Trust, Inc. REIT | 7,945 | 1,052,315 | ||||||
Duke Realty Corporation REIT | 10,669 | 667,453 | ||||||
Equinix, Inc. REIT | 2,552 | 1,795,944 | ||||||
Equity Residential REIT | 9,966 | 781,235 | ||||||
Federal Realty Investment Trust REIT | 1,988 | 209,953 | ||||||
Healthpeak Properties, Inc. REIT . | 15,085 | 416,798 | ||||||
Host Hotels & Resorts, Inc. REIT . | 19,905 | 354,508 | ||||||
Iron Mountain, Inc. REIT | 8,091 | 392,333 | ||||||
Jones Lang LaSalle, Inc. (b) | 1,392 | 265,413 | ||||||
Macerich Company (The) REIT | 5,961 | 63,246 | ||||||
PotlatchDeltic Corporation REIT . | 1,936 | 94,922 | ||||||
Prologis, Inc. REIT | 20,799 | 2,757,115 | ||||||
SBA Communications Corporation, Class A REIT | 3,066 | 1,029,532 | ||||||
Simon Property Group, Inc. REIT | 9,265 | 1,006,550 | ||||||
UDR, Inc. REIT | 8,873 | 429,453 | ||||||
Ventas, Inc. REIT | 11,150 | 599,647 | ||||||
Welltower, Inc. REIT | 12,605 | 1,088,316 | ||||||
|
| |||||||
| 18,606,920 | ||||||||
|
| |||||||
Materials — 3.0% |
| |||||||
Air Products & Chemicals, Inc. | 6,239 | 1,548,707 | ||||||
26
GREEN CENTURY EQUITY FUND PORTFOLIO OF INVESTMENTS July 31, 2022 | continued |
| SHARES | VALUE | |||||||
Materials — (continued) |
| |||||||
Albemarle Corporation | 3,267 | $ | 798,161 | |||||
Amcor PLC (a) | 42,249 | 547,125 | ||||||
Avery Dennison Corporation | 2,300 | 438,058 | ||||||
Axalta Coating Systems Ltd. (b) | 6,255 | 157,751 | ||||||
Ball Corporation | 8,971 | 658,651 | ||||||
Compass Minerals International, Inc. | 974 | 36,262 | ||||||
Ecolab, Inc. | 7,270 | 1,200,786 | ||||||
H.B. Fuller Company | 1,473 | 94,567 | ||||||
International Flavors & Fragrances, Inc. | 7,110 | 881,995 | ||||||
Linde PLC (a) | 14,393 | 4,346,686 | ||||||
Minerals Technologies, Inc. | 934 | 62,401 | ||||||
Mosaic Company (The) | 10,281 | 541,397 | ||||||
Newmont Corporation | 22,441 | 1,016,128 | ||||||
PPG Industries, Inc. | 6,587 | 851,633 | ||||||
Schnitzer Steel Industries, Inc., Class A | 743 | 26,421 | ||||||
Sealed Air Corporation | 4,140 | 253,037 | ||||||
Sherwin-Williams Company (The) | 6,958 | 1,683,418 | ||||||
Sonoco Products Company | 2,761 | 175,296 | ||||||
|
| |||||||
| 15,318,480 | ||||||||
|
| |||||||
Household & Personal Products — 2.8% |
| |||||||
Clorox Company (The) | 3,438 | 487,646 | ||||||
Colgate-Palmolive Company | 22,393 | 1,763,225 | ||||||
Estee Lauder Companies, Inc. (The), Class A | 6,539 | 1,785,801 | ||||||
Kimberly-Clark Corporation | 9,473 | 1,248,447 | ||||||
Procter & Gamble Company (The) | 67,205 | 9,335,446 | ||||||
|
| |||||||
| 14,620,565 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 2.6% |
| |||||||
Cisco Systems, Inc. | 116,639 | 5,291,911 | ||||||
Cognex Corporation | 4,854 | 247,457 | ||||||
CommScope Holding Company, Inc. (b) | 5,684 | 51,326 | ||||||
Corning, Inc. | 22,433 | 824,637 | ||||||
Dell Technologies, Inc., Class C | 8,124 | 366,067 | ||||||
F5, Inc. (b) | 1,694 | 283,508 | ||||||
Flex Ltd. (b) | 12,990 | 218,232 | ||||||
Hewlett Packard Enterprise Company | 36,297 | 516,869 | ||||||
HP, Inc. | 29,685 | 991,182 | ||||||
Keysight Technologies, Inc. (b) | 5,102 | 829,585 | ||||||
Motorola Solutions, Inc. | 4,696 | 1,120,419 | ||||||
| SHARES | VALUE | |||||||
Technology Hardware & Equipment — (continued) |
| |||||||
Plantronics, Inc. (b) | 1,192 | $ | 47,430 | |||||
TE Connectivity Ltd. (a) | 9,172 | 1,226,572 | ||||||
Trimble, Inc. (b) | 7,011 | 486,774 | ||||||
Xerox Holdings Corporation | 3,252 | 55,707 | ||||||
Zebra Technologies Corporation, Class A (b) | 1,482 | 530,097 | ||||||
|
| |||||||
| 13,087,773 | ||||||||
|
| |||||||
Insurance — 2.5% | ||||||||
Allstate Corporation (The) | 7,771 | 908,974 | ||||||
Arthur J. Gallagher & Company . | 5,822 | 1,042,080 | ||||||
Chubb Ltd. (a) | 11,980 | 2,259,907 | ||||||
Hartford Financial Services Group, Inc. (The) | 9,257 | 596,799 | ||||||
Lincoln National Corporation | 4,568 | 234,521 | ||||||
Loews Corporation | 5,876 | 342,277 | ||||||
Marsh & McLennan Companies, Inc. | 14,135 | 2,317,574 | ||||||
Principal Financial Group, Inc. | 7,290 | 487,993 | ||||||
Progressive Corporation (The) | 16,435 | 1,891,011 | ||||||
Prudential Financial, Inc. | 10,596 | 1,059,494 | ||||||
Travelers Companies, Inc. (The) | 6,803 | 1,079,636 | ||||||
Willis Towers Watson PLC (a) | 3,287 | 680,212 | ||||||
|
| |||||||
| 12,900,478 | ||||||||
|
| |||||||
Consumer Services — 2.4% | ||||||||
Aramark | 6,456 | 215,630 | ||||||
Choice Hotels International, Inc. | 1,001 | 120,991 | ||||||
Darden Restaurants, Inc. | 3,563 | 443,558 | ||||||
Domino’s Pizza, Inc. | 1,016 | 398,384 | ||||||
Hilton Worldwide Holdings, Inc. | 7,802 | 999,202 | ||||||
Jack in the Box, Inc. | 604 | 41,761 | ||||||
Marriott International, Inc., Class A | 7,811 | 1,240,543 | ||||||
McDonald’s Corporation | 20,878 | 5,498,639 | ||||||
Royal Caribbean Cruises Ltd. (b) . | 6,412 | 248,208 | ||||||
Starbucks Corporation | 32,331 | 2,741,022 | ||||||
Vail Resorts, Inc. | 1,129 | 267,720 | ||||||
|
| |||||||
| 12,215,658 | ||||||||
|
| |||||||
Transportation — 2.3% | ||||||||
AMERCO. | 272 | 146,086 | ||||||
ArcBest Corporation | 682 | 60,425 | ||||||
Avis Budget Group, Inc. (b) | 903 | 164,373 | ||||||
C.H. Robinson Worldwide, Inc. | 3,592 | 397,634 | ||||||
CSX Corporation | 61,686 | 1,994,308 | ||||||
27
GREEN CENTURY EQUITY FUND PORTFOLIO OF INVESTMENTS July 31, 2022 | continued |
| SHARES | VALUE | |||||||
Transportation — (continued) | ||||||||
Delta Air Lines, Inc. (b) | 4,480 | $ | 142,464 | |||||
Expeditors International of Washington, Inc. | 4,732 | 502,775 | ||||||
Ryder System, Inc. | 1,502 | 117,637 | ||||||
Southwest Airlines Company (b) | 4,100 | 156,292 | ||||||
Union Pacific Corporation | 17,888 | 4,065,942 | ||||||
United Parcel Service, Inc., Class B | 20,577 | 4,010,252 | ||||||
|
| |||||||
| 11,758,188 | ||||||||
|
| |||||||
Banks — 1.8% | ||||||||
Bank of Hawaii Corporation | 1,143 | 91,566 | ||||||
Cathay General Bancorp | 2,023 | 84,359 | ||||||
Citizens Financial Group, Inc. | 13,832 | 525,201 | ||||||
Comerica, Inc. | 3,662 | 284,794 | ||||||
First Republic Bank | 4,930 | 802,160 | ||||||
Heartland Financial USA, Inc. | 1,213 | 54,464 | ||||||
Huntington Bancshares, Inc. | 40,138 | 533,434 | ||||||
International Bancshares Corporation | 1,580 | 69,299 | ||||||
KeyCorp | 25,877 | 473,549 | ||||||
M&T Bank Corporation | 5,018 | 890,444 | ||||||
New York Community Bancorp, Inc. | 12,946 | 137,486 | ||||||
Old National Bancorp | 8,187 | 142,536 | ||||||
PNC Financial Services Group, Inc. (The) | 11,769 | 1,952,948 | ||||||
Regions Financial Corporation | 26,155 | 553,963 | ||||||
SVB Financial Group (b) | 1,640 | 661,822 | ||||||
Truist Financial Corporation | 37,360 | 1,885,559 | ||||||
Umpqua Holdings Corporation | 5,980 | 105,308 | ||||||
Zions Bancorp NA | 4,228 | 230,637 | ||||||
|
| |||||||
| 9,479,529 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 1.4% |
| |||||||
Callaway Golf Company (b) | 3,876 | 88,954 | ||||||
Capri Holdings Ltd. (a)(b) | 4,152 | 202,119 | ||||||
Columbia Sportswear Company | 1,004 | 74,306 | ||||||
Deckers Outdoor Corporation (b) | 765 | 239,606 | ||||||
Ethan Allen Interiors, Inc. | 674 | 15,495 | ||||||
Garmin Ltd. (a) | 4,309 | 420,645 | ||||||
Hanesbrands, Inc. | 9,732 | 108,804 | ||||||
Hasbro, Inc. | 3,672 | 289,060 | ||||||
La-Z-Boy, Inc. | 1,160 | 32,329 | ||||||
Mattel, Inc. (b) | 9,824 | 227,917 | ||||||
Meritage Homes Corporation (b) . | 1,027 | 90,684 | ||||||
Mohawk Industries, Inc. (b) | 1,451 | 186,424 | ||||||
| SHARES | VALUE | |||||||
Consumer Durables & Apparel — (continued) |
| |||||||
Newell Brands, Inc. | 11,264 | $ | 227,645 | |||||
NIKE, Inc., Class B | 35,843 | 4,119,078 | ||||||
PVH Corporation | 1,971 | 122,044 | ||||||
Under Armour, Inc., Class A (b) | 5,187 | 48,032 | ||||||
Under Armour, Inc., Class C (b) | 6,115 | 50,510 | ||||||
VF Corporation | 9,216 | 411,771 | ||||||
Whirlpool Corporation | 1,634 | 282,470 | ||||||
Wolverine World Wide, Inc. | 2,352 | 52,849 | ||||||
|
| |||||||
| 7,290,742 | ||||||||
|
| |||||||
Telecommunication Services — 1.1% |
| |||||||
Lumen Technologies Inc. | 25,707 | 279,949 | ||||||
Verizon Communications, Inc. | 117,847 | 5,443,353 | ||||||
|
| |||||||
| 5,723,302 | ||||||||
|
| |||||||
Commercial & Professional Services — 0.5% |
| |||||||
ACCO Brands Corporation | 2,855 | 20,470 | ||||||
ASGN, Inc. (b) | 1,453 | 150,763 | ||||||
Copart, Inc. (b) | 5,952 | 762,451 | ||||||
Deluxe Corporation | 1,142 | 28,710 | ||||||
Exponent, Inc. | 1,460 | 146,715 | ||||||
Heidrick & Struggles International, Inc. | 506 | 15,757 | ||||||
HNI Corporation | 1,237 | 43,691 | ||||||
ICF International, Inc. | 513 | 48,402 | ||||||
Interface, Inc. | 1,695 | 24,561 | ||||||
Kelly Services, Inc., Class A | 951 | 20,618 | ||||||
ManpowerGroup, Inc. | 1,483 | 116,282 | ||||||
Resources Connection, Inc. | 932 | 20,001 | ||||||
Robert Half International, Inc | 3,100 | 245,334 | ||||||
Steelcase, Inc., Class A | 2,304 | 25,643 | ||||||
Tetra Tech, Inc. | 1,506 | 230,825 | ||||||
TransUnion | 5,355 | 424,277 | ||||||
TrueBlue, Inc. (b) | 1,021 | 22,094 | ||||||
|
| |||||||
| 2,346,594 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.4% |
| |||||||
Kroger Co. (The) | 19,688 | 914,311 | ||||||
Sysco Corporation | 14,293 | 1,213,475 | ||||||
|
| |||||||
| 2,127,786 | ||||||||
|
| |||||||
Automobiles & Components — 0.3% |
| |||||||
Aptiv PLC (a)(b) | 7,636 | 800,940 | ||||||
Autoliv, Inc. (a) | 2,320 | 199,520 | ||||||
BorgWarner, Inc | 6,719 | 258,413 | ||||||
Harley-Davidson, Inc. | 4,076 | 154,113 | ||||||
28
GREEN CENTURY EQUITY FUND PORTFOLIO OF INVESTMENTS July 31, 2022 | concluded |
| SHARES | VALUE | |||||||
Automobiles & Components — (continued) |
| |||||||
Rivian Automotive, Inc., Class A (b) | 5,030 | $ | 172,529 | |||||
|
| |||||||
| 1,585,515 | ||||||||
|
| |||||||
Utilities — 0.2% |
| |||||||
American Water Works Company, Inc. | 5,071 | 788,236 | ||||||
Essential Utilities, Inc. | 6,717 | 348,881 | ||||||
|
| |||||||
| 1,137,117 | ||||||||
|
| |||||||
Healthy Living — 0.0% |
| |||||||
Hain Celestial Group, Inc. (The) (b) | 2,491 | 56,670 | ||||||
United Natural Foods, Inc. (b) | 1,633 | 69,419 | ||||||
|
| |||||||
| 126,089 | ||||||||
|
| |||||||
Total Common Stocks | 512,832,426 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.5% |
| |||||||
| VALUE | ||||||||
UMB Money Market Fiduciary Account, 0.01% (c) | $ | 2,329,087 | ||||||
|
| |||||||
Total Short-term Investments | 2,329,087 | |||||||
|
| |||||||
TOTAL INVESTMENTS (d) — 100.0% |
| |||||||
(Cost $276,464,500) | 515,161,513 | |||||||
Other Assets Less Liabilities — 0.0% | 210,709 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 515,372,222 | ||||||
|
| |||||||
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 $282,243,899 resulting in gross unrealized appreciation and depreciation of $249,637,835 and $16,720,221 respectively, or net unrealized appreciation of $232,917,614. |
See Notes to Financial Statements
29
GREEN CENTURY MSCI INTERNATIONAL INDEX FUND PORTFOLIO OF INVESTMENTS July 31, 2022 |
COMMON STOCKS — 99.0% | ||||||||
| SHARES | VALUE | |||||||
Japan — 20.0% | ||||||||
Aeon Company, Ltd. | 26,200 | $ | 528,374 | |||||
Ajinomoto Company, Inc. | 18,700 | 492,109 | ||||||
Asahi Kasei Corporation | 51,200 | 410,747 | ||||||
Astellas Pharma, Inc. | 75,200 | 1,177,737 | ||||||
Azbil Corporation | 4,500 | 135,464 | ||||||
Daifuku Co., Ltd. | 4,100 | 261,443 | ||||||
Dai-ichi Life Holdings, Inc. | 40,700 | 707,972 | ||||||
Daiichi Sankyo Company Ltd. | 70,600 | 1,871,939 | ||||||
Daikin Industries Ltd. | 10,000 | 1,753,783 | ||||||
FANUC Corporation | 7,700 | 1,327,947 | ||||||
Fast Retailing Company Ltd. | 2,300 | 1,392,859 | ||||||
Fujitsu Ltd. | 7,900 | 1,059,093 | ||||||
Hankyu Hanshin Holdings, Inc. | 9,200 | 266,862 | ||||||
Hitachi Construction Machinery Company Ltd. | 4,400 | 97,072 | ||||||
Hulic Company Ltd. | 15,900 | 127,520 | ||||||
Ibiden Company Ltd. | 4,600 | 135,753 | ||||||
JFE Holdings, Inc. | 20,200 | 227,752 | ||||||
Kao Corp. | 19,000 | 826,394 | ||||||
KDDI Corp. | 65,000 | 2,084,052 | ||||||
Kikkoman Corporation | 6,000 | 355,769 | ||||||
Kubota Corporation | 40,900 | 679,077 | ||||||
Kurita Water Industries Ltd. | 4,300 | 174,406 | ||||||
Mitsubishi Chemical Group Corporation | 51,300 | 288,487 | ||||||
Nitto Denko Corporation | 5,700 | 367,053 | ||||||
Nomura Research Institute Ltd. | 13,500 | 405,598 | ||||||
Omron Corporation | 7,500 | 419,460 | ||||||
Panasonic Holdings Corporation . | 88,500 | 730,668 | ||||||
Recruit Holdings Company Ltd. | 58,100 | 2,171,375 | ||||||
Sekisui House Ltd. | 24,400 | 432,158 | ||||||
SG Holdings Company Ltd. | 11,700 | 223,289 | ||||||
SoftBank Corporation | 115,100 | 1,330,816 | ||||||
Sompo Holdings, Inc. | 12,400 | 553,427 | ||||||
Sony Group Corporation | 50,800 | 4,309,260 | ||||||
Sumitomo Chemical Company, Ltd. | 60,400 | 237,368 | ||||||
Suntory Beverage & Food Ltd. | 5,900 | 232,799 | ||||||
Sysmex Corporation | 6,700 | 469,079 | ||||||
Terumo Corporation | 25,800 | 880,905 | ||||||
Tokyo Electron Ltd. | 6,000 | 2,065,161 | ||||||
Tokyu Corp. | 21,000 | 257,493 | ||||||
Toray Industries, Inc. | 55,900 | 306,183 | ||||||
Yamaha Corporation | 5,800 | 247,394 | ||||||
Yamaha Motor Company Ltd. | 12,300 | 237,601 | ||||||
| SHARES | VALUE | |||||||
Japan — (continued) | ||||||||
Z Holdings Corporation | 107,900 | $ | 381,344 | |||||
|
| |||||||
| 32,641,042 | ||||||||
|
| |||||||
Canada — 10.7% | ||||||||
Agnico Eagle Mines Ltd. | 18,191 | 782,131 | ||||||
Bank of Nova Scotia (The) | 48,737 | 2,968,900 | ||||||
FirstService Corporation | 1,580 | 211,362 | ||||||
Gildan Activewear, Inc. | 7,494 | 219,623 | ||||||
Intact Financial Corporation | 7,088 | 1,054,953 | ||||||
Magna International, Inc. | 11,435 | 730,158 | ||||||
Metro, Inc. | 9,768 | 540,878 | ||||||
National Bank of Canada | 13,628 | 956,173 | ||||||
Nutrien Ltd. | 22,241 | 1,903,841 | ||||||
Ritchie Bros Auctioneers, Inc. | 4,413 | 318,070 | ||||||
Rogers Communications, Inc., Class B | 14,383 | 661,196 | ||||||
Shopify, Inc. (a) | 45,794 | 1,595,245 | ||||||
TELUS Corporation | 18,538 | 426,753 | ||||||
Toromont Industries Ltd. | 3,369 | 283,731 | ||||||
Toronto-Dominion Bank (The) | 73,306 | 4,761,513 | ||||||
|
| |||||||
| 17,414,527 | ||||||||
|
| |||||||
United Kingdom — 9.9% | ||||||||
abrdn plc | 88,845 | 180,113 | ||||||
Ashtead Group PLC | 17,944 | 1,010,005 | ||||||
Barratt Developments PLC | 40,624 | 249,082 | ||||||
Berkeley Group Holdings PLC (a) | 4,459 | 231,068 | ||||||
British Land Company PLC (The) REIT | 35,294 | 212,202 | ||||||
BT Group PLC | 278,154 | 549,127 | ||||||
Bunzl PLC | 13,590 | 510,012 | ||||||
Burberry Group PLC | 16,200 | 356,114 | ||||||
Coca-Cola Europacific Partners PLC | 8,269 | 447,518 | ||||||
Croda International PLC | 5,514 | 504,227 | ||||||
Informa PLC (a) | 59,504 | 432,730 | ||||||
InterContinental Hotels Group PLC | 7,442 | 441,100 | ||||||
Intertek Group PLC | 6,549 | 349,993 | ||||||
J Sainsbury PLC | 69,677 | 187,946 | ||||||
Kingfisher PLC | 81,215 | 256,937 | ||||||
Legal & General Group PLC | 241,238 | 770,364 | ||||||
Mondi PLC | 19,256 | 365,404 | ||||||
Pearson PLC | 27,764 | 256,949 | ||||||
RELX PLC | 77,873 | 2,305,646 | ||||||
Schroders PLC | 5,336 | 193,535 | ||||||
30
GREEN CENTURY MSCI INTERNATIONAL INDEX FUND PORTFOLIO OF INVESTMENTS July 31, 2022 | continued |
| SHARES | VALUE | |||||||
United Kingdom — (continued) | ||||||||
Segro PLC REIT | 48,747 | $ | 652,101 | |||||
Severn Trent PLC | 10,227 | 367,659 | ||||||
St. James’s Place PLC | 21,544 | 323,595 | ||||||
Unilever PLC | 103,033 | 5,017,715 | ||||||
|
| |||||||
| 16,171,142 | ||||||||
|
| |||||||
Switzerland — 9.4% | ||||||||
Coca-Cola HBC AG (a) | 8,084 | 198,949 | ||||||
Givaudan SA | 368 | 1,286,298 | ||||||
Kuehne + Nagel International AG | 2,187 | 588,975 | ||||||
Lonza Group AG | 2,988 | 1,815,867 | ||||||
Roche Holding AG | 24,571 | 8,157,254 | ||||||
SGS SA | 261 | 636,929 | ||||||
Sonova Holding AG | 2,167 | 780,473 | ||||||
Swiss Life Holding AG | 1,280 | 678,027 | ||||||
Swiss Re AG | 12,132 | 910,299 | ||||||
Vifor Pharma AG | 1,798 | 314,116 | ||||||
|
| |||||||
| 15,367,187 | ||||||||
|
| |||||||
Netherlands — 9.2% | ||||||||
Akzo Nobel NV | 7,296 | 491,038 | ||||||
ASML Holding NV | 15,044 | 8,646,893 | ||||||
CNH Industrial NV | 41,024 | 528,511 | ||||||
IMCD NV | 2,305 | 369,153 | ||||||
Koninklijke DSM NV | 7,019 | 1,124,117 | ||||||
NN Group NV | 11,469 | 538,167 | ||||||
Prosus NV (a) | 33,389 | 2,178,188 | ||||||
Wolters Kluwer NV | 10,537 | 1,144,373 | ||||||
|
| |||||||
| 15,020,440 | ||||||||
|
| |||||||
France — 8.7% | ||||||||
AXA SA | 77,951 | 1,796,235 | ||||||
BioMerieux | 1,655 | 179,138 | ||||||
Bureau Veritas SA | 11,680 | 322,150 | ||||||
Cie Generale des Etablissements Michelin SCA | 27,410 | 767,077 | ||||||
Covivio REIT | 1,837 | 116,182 | ||||||
Danone SA | 26,183 | 1,443,747 | ||||||
EssilorLuxottica SA | 11,578 | 1,815,275 | ||||||
Klepierre SA REIT (a) | 8,586 | 190,787 | ||||||
L’Oreal SA | 9,698 | 3,666,497 | ||||||
Publicis Groupe SA | 9,165 | 487,732 | ||||||
Schneider Electric SE | 21,752 | 3,008,468 | ||||||
Valeo SA | 8,212 | 176,398 | ||||||
Vivendi SA | 28,437 | 269,968 | ||||||
|
| |||||||
| 14,239,654 | ||||||||
|
| |||||||
| SHARES | VALUE | |||||||
Denmark — 7.4% | ||||||||
AP Moller - Maersk A/S, Class A | 127 | $ | 340,230 | |||||
AP Moller - Maersk A/S, Class B | 214 | 584,292 | ||||||
Coloplast A/S, Class B | 4,763 | 557,456 | ||||||
Demant A/S (a) | 4,055 | 154,478 | ||||||
Genmab A/S (a) | 2,646 | 941,500 | ||||||
GN Store Nord A/S | 5,210 | 181,434 | ||||||
Novo Nordisk A/S, Class B | 67,746 | 7,890,638 | ||||||
Pandora A/S | 3,883 | 288,475 | ||||||
Vestas Wind Systems A/S | 40,230 | 1,057,395 | ||||||
|
| |||||||
| 11,995,898 | ||||||||
|
| |||||||
Australia — 5.8% | ||||||||
ASX Ltd. | 7,811 | 485,501 | ||||||
BlueScope Steel Ltd. | 19,422 | 228,143 | ||||||
Brambles Ltd. | 56,674 | 456,160 | ||||||
Cochlear Ltd. | 2,603 | 392,350 | ||||||
Coles Group Ltd. | 54,182 | 713,611 | ||||||
Computershare Ltd. | 21,983 | 388,381 | ||||||
Dexus REIT | 43,150 | 289,975 | ||||||
Evolution Mining Ltd. | 72,371 | 133,693 | ||||||
Fortescue Metals Group Ltd. | 67,582 | 869,703 | ||||||
Goodman Group | 67,050 | 981,300 | ||||||
GPT Group (The) REIT | 80,590 | 259,282 | ||||||
Lendlease Corporation Ltd. | 27,168 | 196,826 | ||||||
Mineral Resources Ltd. | 6,717 | 255,951 | ||||||
Mirvac Group REIT | 162,875 | 246,759 | ||||||
Newcrest Mining Ltd. | 36,197 | 487,810 | ||||||
Orica Ltd. | 16,640 | 197,226 | ||||||
QBE Insurance Group Ltd. | 59,780 | 483,373 | ||||||
REA Group Ltd. | 2,203 | 194,362 | ||||||
Stockland REIT | 95,373 | 258,437 | ||||||
Suncorp Group Ltd. | 51,102 | 403,574 | ||||||
Transurban Group | 124,066 | 1,268,192 | ||||||
Vicinity Centres REIT | 156,537 | 229,052 | ||||||
|
| |||||||
| 9,419,661 | ||||||||
|
| |||||||
Germany — 4.7% | ||||||||
adidas AG | 7,011 | 1,212,876 | ||||||
Allianz SE | 16,428 | 2,983,505 | ||||||
Carl Zeiss Meditec AG | 1,590 | 232,051 | ||||||
Deutsche Boerse AG | 7,633 | 1,332,492 | ||||||
GEA Group AG | 6,059 | 226,174 | ||||||
Merck KGaA | 5,154 | 981,661 | ||||||
Puma SE | 4,214 | 284,553 | ||||||
Telefonica Deutschland Holding AG | 41,847 | 111,260 | ||||||
31
GREEN CENTURY MSCI INTERNATIONAL INDEX FUND PORTFOLIO OF INVESTMENTS July 31, 2022 | continued |
| SHARES | VALUE | |||||||
Germany — (continued) | ||||||||
Zalando SE (a)(b) | 9,071 | $ | 255,383 | |||||
|
| |||||||
| 7,619,955 | ||||||||
|
| |||||||
Hong Kong — 3.9% | ||||||||
AIA Group Ltd. | 486,000 | 4,882,672 | ||||||
BOC Hong Kong Holdings Ltd. | 148,000 | 535,363 | ||||||
Hang Seng Bank Ltd. | 30,917 | 498,711 | ||||||
MTR Corporation Ltd. | 63,667 | 337,149 | ||||||
Swire Properties Ltd. | 47,000 | 111,988 | ||||||
|
| |||||||
| 6,365,883 | ||||||||
|
| |||||||
Ireland — 1.4% | ||||||||
CRH PLC. | 31,133 | 1,194,735 | ||||||
James Hardie Industries PLC | 17,601 | 434,696 | ||||||
Kerry Group PLC, Class A | 6,364 | 671,746 | ||||||
|
| |||||||
| 2,301,177 | ||||||||
|
| |||||||
Spain — 1.4% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 267,468 | 1,212,108 | ||||||
Industria de Diseno Textil SA | 43,935 | 1,067,076 | ||||||
|
| |||||||
| 2,279,184 | ||||||||
|
| |||||||
Sweden — 1.4% | ||||||||
Boliden AB | 11,377 | 380,207 | ||||||
Electrolux AB | 9,249 | 133,406 | ||||||
Essity AB, Class B | 24,410 | 621,359 | ||||||
Husqvarna AB B Shares | 16,304 | 129,938 | ||||||
Svenska Cellulosa AB SCA, Class B | 24,533 | 358,662 | ||||||
Tele2 AB B Shares | 22,520 | 257,260 | ||||||
Telia Company AB | 105,496 | 389,739 | ||||||
|
| |||||||
| 2,270,571 | ||||||||
|
| |||||||
Italy — 1.0% | ||||||||
Amplifon SpA | 4,959 | 163,989 | ||||||
Intesa Sanpaolo SpA | 665,286 | 1,181,454 | ||||||
Prysmian SpA | 10,349 | 329,075 | ||||||
|
| |||||||
| 1,674,518 | ||||||||
|
| |||||||
Norway — 0.8% | ||||||||
DNB Bank ASA | 37,635 | 742,379 | ||||||
Orkla ASA | 29,879 | 257,924 | ||||||
Telenor ASA | 27,848 | 338,190 | ||||||
|
| |||||||
| 1,338,493 | ||||||||
|
| |||||||
| SHARES | VALUE | |||||||
Singapore — 0.8% | ||||||||
Capitaland Investment Ltd. | 103,511 | $ | 294,520 | |||||
City Developments Ltd. | 17,400 | 97,757 | ||||||
United Overseas Bank Ltd. | 47,300 | 943,699 | ||||||
|
| |||||||
| 1,335,976 | ||||||||
|
| |||||||
Finland — 0.8% | ||||||||
Elisa Oyj | 5,690 | 314,695 | ||||||
Kesko Oyj B Shares | 10,984 | 271,677 | ||||||
Orion Oyj, Class B | 4,393 | 209,716 | ||||||
Stora Enso Oyj R Shares | 22,808 | 352,750 | ||||||
Wartsila OYJ Abp | 19,184 | 168,566 | ||||||
|
| |||||||
| 1,317,404 | ||||||||
|
| |||||||
Jersey — 0.7% | ||||||||
Ferguson PLC | 8,717 | 1,096,525 | ||||||
|
| |||||||
Belgium — 0.5% | ||||||||
KBC Group NV | 10,032 | 525,460 | ||||||
Umicore SA | 8,506 | 308,115 | ||||||
|
| |||||||
| 833,575 | ||||||||
|
| |||||||
Israel — 0.4% | ||||||||
Bank Leumi Le-Israel BM | 61,869 | 601,581 | ||||||
|
| |||||||
New Zealand — 0.1% | ||||||||
Meridian Energy Ltd. | 52,789 | 165,664 | ||||||
|
| |||||||
Total Common Stocks | 161,470,057 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.3% |
| |||||||
UMB Money Market Fiduciary Account, 0.01% (c) | 473,689 | |||||||
|
| |||||||
Total Short-term Investments | 473,689 | |||||||
|
| |||||||
TOTAL INVESTMENTS (d) — 99.3% |
| |||||||
(Cost $161,194,918) | 161,943,746 | |||||||
Other Assets Less Liabilities — 0.7% | 1,111,221 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 163,054,967 | ||||||
|
| |||||||
PLC – Public Limited Company
REIT – Real Estate Investment Trusts
| (a) | Non-income producing security. |
32
GREEN CENTURY MSCI INTERNATIONAL INDEX FUND PORTFOLIO OF INVESTMENTS July 31, 2022 | concluded |
| (b) | 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 $255,383. |
| (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 $163,900,237 resulting in gross unrealized appreciation and depreciation of $19,393,532 and $21,350,023 respectively, or net unrealized depreciation of $1,956,491. |
See Notes to Financial Statements
33
GREEN CENTURY FUNDS STATEMENTS OF ASSETS AND LIABILITIES
July 31, 2022
| BALANCED FUND | EQUITY FUND | MSCI INTERNATIONAL INDEX FUND | ||||||||||
ASSETS: | ||||||||||||
Investments, at value (cost $298,529,356, $276,464,500 and $161,194,918, respectively) | $ | 397,256,123 | $ | 515,161,513 | $ | 161,943,746 | ||||||
Foreign cash, at value (cost $316,909) | — | — | 322,481 | |||||||||
| Receivables for: | ||||||||||||
Capital stock sold | 224,843 | 353,889 | 281,138 | |||||||||
Interest | 1,011,702 | 14 | 4 | |||||||||
Dividends | 136,479 | 492,613 | 660,588 | |||||||||
|
|
|
|
|
| |||||||
Total assets | 398,629,147 | 516,008,029 | 163,207,957 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: | ||||||||||||
Payable for capital stock repurchased | 259,264 | 168,238 | 12,487 | |||||||||
Accrued expenses | 447,668 | 467,569 | 140,503 | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 706,932 | 635,807 | 152,990 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 397,922,215 | $ | 515,372,222 | $ | 163,054,967 | ||||||
|
|
|
|
|
| |||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid-in capital (par value of $0.01 per share with unlimited number of shares authorized) | $ | 293,150,376 | $ | 281,125,437 | $ | 167,839,548 | ||||||
Net distributable earnings (accumulated deficit) | 104,771,839 | 234,246,785 | (4,784,581 | ) | ||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 397,922,215 | $ | 515,372,222 | $ | 163,054,967 | ||||||
|
|
|
|
|
| |||||||
NET ASSET VALUE PER SHARE PER CLASS: | ||||||||||||
| Individual Investor Class Shares: | ||||||||||||
Net assets applicable to shares outstanding | $ | 296,604,788 | $ | 301,667,706 | $ | 47,434,557 | ||||||
Shares of beneficial interest issued and outstanding | 9,007,692 | 4,680,231 | 4,011,562 | |||||||||
Net asset value per share | $ | 32.93 | $ | 64.46 | $ | 11.82 | ||||||
|
|
|
|
|
| |||||||
| Institutional Class Shares: | ||||||||||||
Net assets applicable to shares outstanding | $ | 101,317,427 | $ | 213,704,516 | $ | 115,620,410 | ||||||
Shares of beneficial interest issued and outstanding | 3,064,515 | 3,332,172 | 9,814,607 | |||||||||
Net asset value per share | $ | 33.06 | $ | 64.13 | $ | 11.78 | ||||||
|
|
|
|
|
| |||||||
See Notes to Financial Statements
34
GREEN CENTURY FUNDS STATEMENTS OF OPERATIONS
For the year ended July 31, 2022
| BALANCED FUND | EQUITY FUND | MSCI INTERNATIONAL INDEX FUND | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Interest income | $ | 2,880,366 | $ | 152 | $ | 72 | ||||||
Dividend and other income (net of $20,070, $1,862 and $588,141 foreign withholding taxes, respectively) | 2,987,863 | 7,248,710 | 4,642,671 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 5,868,229 | 7,248,862 | 4,642,743 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: | ||||||||||||
Administrative services fee | 3,120,279 | 4,850,415 | 1,293,292 | |||||||||
Investment advisory fee | 2,591,275 | 1,183,035 | 458,878 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 5,711,554 | 6,033,450 | 1,752,170 | |||||||||
|
|
|
|
|
| |||||||
NET INVESTMENT INCOME | 156,675 | 1,215,412 | 2,890,573 | |||||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||
Investments | 9,290,056 | 443,916 | (2,334,970 | ) | ||||||||
Foreign currency transactions | — | — | (120,600 | ) | ||||||||
| Change in net unrealized depreciation on: | ||||||||||||
Investments | (43,567,306 | ) | (49,526,394 | ) | (33,385,027 | ) | ||||||
Foreign currency translations | — | — | (48,578 | ) | ||||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS | (34,277,250 | ) | (49,082,478 | ) | (35,889,175 | ) | ||||||
|
|
|
|
|
| |||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (34,120,575 | ) | $ | (47,867,066 | ) | $ | (32,998,602 | ) | |||
|
|
|
|
|
| |||||||
See Notes to Financial Statements
35
GREEN CENTURY FUNDS STATEMENTS OF CHANGES IN NET ASSETS
| BALANCED FUND | EQUITY FUND | MSCI INTERNATIONAL INDEX FUND | ||||||||||||||||||||||
| FOR THE YEAR ENDED JULY 31, 2022 | FOR THE YEAR ENDED JULY 31, 2021 | FOR THE YEAR ENDED JULY 31, 2022 | FOR THE YEAR ENDED JULY 31, 2021 | FOR THE YEAR ENDED JULY 31, 2022 | FOR THE YEAR ENDED JULY 31, 2021 | |||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||
| From operations: | ||||||||||||||||||||||||
Net investment income | $ | 156,675 | $ | 359,758 | $ | 1,215,412 | $ | 987,174 | $ | 2,890,573 | $ | 1,220,471 | ||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | 9,290,056 | 16,446,802 | 443,916 | 7,041,775 | (2,455,570 | ) | 2,727,492 | |||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments and foreign currency translations | (43,567,306 | ) | 62,893,208 | (49,526,394 | ) | 130,962,212 | (33,433,605 | ) | 26,484,075 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (34,120,575 | ) | 79,699,768 | (47,867,066 | ) | 138,991,161 | (32,998,602 | ) | 30,432,038 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Dividends and distributions to shareholders: | ||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||
Individual Investor Class | (12,975,872 | ) | (11,234,235 | ) | (4,047,069 | ) | (2,745,220 | ) | (1,563,064 | ) | (298,641 | ) | ||||||||||||
Institutional Class | (3,990,285 | ) | (638,469 | ) | (3,269,110 | ) | (1,738,639 | ) | (4,167,887 | ) | (1,087,148 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions | (16,966,157 | ) | (11,872,704 | ) | (7,316,179 | ) | (4,483,859 | ) | (5,730,951 | ) | (1,385,789 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Capital share transactions: | ||||||||||||||||||||||||
Proceeds from sales of shares | ||||||||||||||||||||||||
Individual Investor Class | 44,688,812 | 51,309,687 | 37,859,054 | 36,027,217 | 17,714,015 | 14,842,998 | ||||||||||||||||||
Institutional Class | 30,572,580 | 82,462,305 | 87,698,497 | 57,870,103 | 45,355,351 | 44,720,506 | ||||||||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||||||||||
Individual Investor Class | 12,593,808 | 10,913,432 | 3,952,832 | 2,678,258 | 1,547,300 | 290,831 | ||||||||||||||||||
Institutional Class | 3,935,619 | 638,022 | 2,995,483 | 1,566,618 | 4,167,068 | 1,084,325 | ||||||||||||||||||
Payments for shares redeemed | ||||||||||||||||||||||||
Individual Investor Class1 | (45,973,093 | ) | (108,845,151 | ) | (45,915,443 | ) | (59,974,244 | ) | (6,831,449 | ) | (6,654,168 | ) | ||||||||||||
Institutional Class2 | (7,146,977 | ) | (3,838,475 | ) | (32,166,633 | ) | (16,528,661 | ) | (18,677,941 | ) | (15,500,979 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from capital share transactions | 38,670,749 | 32,639,820 | 54,423,790 | 21,639,291 | 43,274,344 | 38,783,513 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total increase (decrease) in net assets | (12,415,983 | ) | 100,466,884 | (759,455 | ) | 156,146,593 | 4,544,791 | 67,829,762 | ||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||
Beginning of period | 410,338,198 | 309,871,314 | 516,131,677 | 359,985,084 | 158,510,176 | 90,680,414 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 397,922,215 | $ | 410,338,198 | $ | 515,372,222 | $ | 516,131,677 | $ | 163,054,967 | $ | 158,510,176 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| 1 | Net of redemption fee received of $9,068, $12,080, $11,556, $8,985, $5,503 and $4,165, respectively. |
| 2 | Net of redemption fee received of $127, $250, $3,488, $960, $3,704 and $1,159, respectively. |
See Notes to Financial Statements
36
GREEN CENTURY BALANCED FUND INDIVIDUAL INVESTOR CLASS FINANCIAL HIGHLIGHTS
| FOR THE YEARS ENDED JULY 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net Asset Value, beginning of year | $ | 37.21 | $ | 30.83 | $ | 29.05 | $ | 27.05 | $ | 25.55 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.01 | ) | 0.02 | 0.11 | 0.12 | 0.07 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.78 | ) | 7.51 | 2.25 | 2.50 | 1.79 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total increase (decrease) from investment operations | (2.79 | ) | 7.53 | 2.36 | 2.62 | 1.86 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| Less dividends: | ||||||||||||||||||||
Dividends from net investment income | — | (0.02 | ) | (0.11 | ) | (0.11 | ) | (0.05 | ) | |||||||||||
Distributions from net realized gains | (1.49 | ) | (1.13 | ) | (0.47 | ) | (0.51 | ) | (0.31 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total decrease from dividends | (1.49 | ) | (1.15 | ) | (0.58 | ) | (0.62 | ) | (0.36 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of year | $ | 32.93 | $ | 37.21 | $ | 30.83 | $ | 29.05 | $ | 27.05 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return | (7.97 | )% | 24.86 | % | 8.19 | % | 10.04 | % | 7.32 | % | ||||||||||
| Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 296,605 | $ | 323,991 | $ | 309,871 | $ | 276,487 | $ | 247,066 | ||||||||||
Ratio of expenses to average net assets | 1.46 | % | 1.46 | % | 1.47 | % | 1.48 | % | 1.48 | % | ||||||||||
Ratio of net investment income to average net assets | (0.03 | )% | 0.07 | % | 0.37 | % | 0.44 | % | 0.25 | % | ||||||||||
Portfolio turnover(a) | 9 | % | 17 | % | 25 | % | 19 | % | 18 | % | ||||||||||
| (a) | Calculated at Fund level. |
GREEN CENTURY BALANCED FUND INSTITUTIONAL CLASS FINANCIAL HIGHLIGHTS
| FOR THE YEARS ENDED JULY 31, 2022 | FOR THE PERIOD NOVEMBER 30, 2020 (COMMENCEMENT OF OPERATIONS) TO JULY 31, 2021 | |||||||
Net Asset Value, beginning of period | $ | 37.27 | $ | 33.58 | ||||
|
|
|
| |||||
| Income (loss) from investment operations: | ||||||||
Net investment income | 0.08 | 0.08 | ||||||
Net realized and unrealized gain (loss) on investments . | (2.78 | ) | 4.78 | |||||
|
|
|
| |||||
Total increase (decrease) from investment operations | (2.70 | ) | 4.86 | |||||
|
|
|
| |||||
| Less dividends: | ||||||||
Dividends from net investment income | (0.02 | ) | (0.04 | ) | ||||
Distributions from net realized gains | (1.49 | ) | (1.13 | ) | ||||
|
|
|
| |||||
Total decrease from dividends | (1.51 | ) | (1.17 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 33.06 | $ | 37.27 | ||||
|
|
|
| |||||
Total return | (7.72 | )% | 14.89 | %(a) | ||||
| Ratios/Supplemental data: | ||||||||
Net assets, end of period (in 000’s) | $ | 101,317 | $ | 86,347 | ||||
Ratio of expenses to average net assets | 1.16 | % | 1.16 | %(b) | ||||
Ratio of net investment income to average net assets | 0.27 | % | 0.33 | %(b) | ||||
Portfolio turnover(c) | 9 | % | 17 | %(a) | ||||
| (a) | Not annualized. |
| (b) | Annualized. |
| (c) | Calculated at Fund level. |
See Notes to Financial Statements
37
GREEN CENTURY EQUITY FUND INDIVIDUAL INVESTOR CLASS FINANCIAL HIGHLIGHTS
| FOR THE YEARS ENDED JULY 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net Asset Value, beginning of year | $ | 71.35 | $ | 52.23 | $ | 46.17 | $ | 43.16 | $ | 38.05 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.09 | 0.09 | 0.25 | 0.25 | 0.22 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (6.11 | ) | 19.60 | 6.16 | 3.61 | 5.28 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total increase (decrease) from investment operations | (6.02 | ) | 19.69 | 6.41 | 3.86 | 5.50 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| Less dividends: | ||||||||||||||||||||
Dividends from net investment income | (0.02 | ) | (0.06 | ) | (0.22 | ) | (0.21 | ) | (0.20 | ) | ||||||||||
Distributions from net realized gains | (0.85 | ) | (0.51 | ) | (0.13 | ) | (0.64 | ) | (0.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total decrease from dividends | (0.87 | ) | (0.57 | ) | (0.35 | ) | (0.85 | ) | (0.39 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of year | $ | 64.46 | $ | 71.35 | $ | 52.23 | $ | 46.17 | $ | 43.16 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return | (8.64 | )% | 37.90 | % | 13.95 | % | 9.33 | % | 14.52 | % | ||||||||||
| Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 301,668 | $ | 338,094 | $ | 265,946 | $ | 244,706 | $ | 232,609 | ||||||||||
Ratio of expenses to average net assets | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | ||||||||||
Ratio of net investment income to average net assets | 0.11 | % | 0.14 | % | 0.52 | % | 0.58 | % | 0.53 | % | ||||||||||
Portfolio turnover(a) | 5 | % | 9 | % | 10 | % | 14 | % | 18 | % | ||||||||||
| (a) | Calculated at Fund level. |
GREEN CENTURY EQUITY FUND INSTITUTIONAL CLASS FINANCIAL HIGHLIGHTS
| FOR THE YEARS ENDED JULY 31, | FOR THE PERIOD APRIL 30, 2018 (COMMENCEMENT OF OPERATIONS) TO JULY 31, 2018 | |||||||||||||||||||
| 2022 | 2021 | 2020 | 2019 | |||||||||||||||||
Net Asset Value, beginning of period | $ | 71.12 | $ | 52.10 | $ | 46.11 | $ | 43.16 | $ | 40.86 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.31 | 0.30 | 0.39 | 0.39 | 0.09 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (6.13 | ) | 19.54 | 6.16 | 3.59 | 2.35 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total increase (decrease) from investment operations | (5.82 | ) | 19.84 | 6.55 | 3.98 | 2.44 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| Less dividends: | ||||||||||||||||||||
Dividends from net investment income | (0.32 | ) | (0.31 | ) | (0.43 | ) | (0.39 | ) | (0.14 | ) | ||||||||||
Distributions from net realized gains | (0.85 | ) | (0.51 | ) | (0.13 | ) | (0.64 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total decrease from dividends | (1.17 | ) | (0.82 | ) | (0.56 | ) | (1.03 | ) | (0.14 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 64.13 | $ | 71.12 | $ | 52.10 | $ | 46.11 | $ | 43.16 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return | (8.38 | )% | 38.33 | % | 14.28 | % | 9.65 | % | 6.50 | %(a) | ||||||||||
| Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 213,705 | $ | 178,038 | $ | 94,039 | $ | 54,850 | $ | 29,978 | ||||||||||
Ratio of expenses to average net assets | 0.95 | % | 0.95 | % | 0.95 | % | 0.95 | % | 0.95 | %(b) | ||||||||||
Ratio of net investment income to average net assets | 0.41 | % | 0.44 | % | 0.82 | % | 0.88 | % | 0.83 | %(b) | ||||||||||
Portfolio turnover(c) | 5 | % | 9 | % | 10 | % | 14 | % | 18 | %(a) | ||||||||||
| (a) | Not annualized. |
| (b) | Annualized. |
| (c) | Calculated at Fund level. |
See Notes to Financial Statements
38
GREEN CENTURY MSCI INTERNATIONAL INDEX FUND INDIVIDUAL INVESTOR CLASS FINANCIAL HIGHLIGHTS
| FOR THE YEARS ENDED JULY 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net Asset Value, beginning of period | $ | 14.94 | $ | 11.68 | $ | 11.07 | $ | 11.50 | $ | 11.31 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income | 0.19 | 0.09 | 0.10 | 0.18 | 0.17 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.87 | ) | 3.27 | 0.59 | (0.40 | ) | 0.24 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total increase (decrease) from investment operations | (2.68 | ) | 3.36 | 0.69 | (0.22 | ) | 0.41 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| Less dividends: | ||||||||||||||||||||
Dividends from net investment income | (0.18 | ) | (0.10 | ) | (0.08 | ) | (0.16 | ) | (0.19 | ) | ||||||||||
Distributions from net realized gains | (0.26 | ) | — | — | (0.05 | ) | (0.03 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total decrease from dividends | (0.44 | ) | (0.10 | ) | (0.08 | ) | (0.21 | ) | (0.22 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 11.82 | $ | 14.94 | $ | 11.68 | $ | 11.07 | $ | 11.50 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return | (18.36 | )% | 28.76 | % | 6.28 | % | (1.82 | )% | 3.62 | % | ||||||||||
| Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 47,435 | $ | 46,508 | $ | 29,073 | $ | 22,110 | $ | 18,744 | ||||||||||
Ratio of expenses to average net assets | 1.28 | % | 1.28 | % | 1.28 | % | 1.28 | % | 1.28 | % | ||||||||||
Ratio of net investment income to average net assets | 1.55 | % | 0.77 | % | 0.98 | % | 1.79 | % | 1.71 | % | ||||||||||
Portfolio turnover(a) | 29 | % | 31 | % | 20 | % | 23 | % | 28 | % | ||||||||||
| (a) | Calculated at Fund level. |
GREEN CENTURY MSCI INTERNATIONAL INDEX FUND INSTITUTIONAL CLASS FINANCIAL HIGHLIGHTS
| FOR THE YEARS ENDED JULY 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net Asset Value, beginning of period | $ | 14.90 | $ | 11.66 | $ | 11.07 | $ | 11.50 | $ | 11.31 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income | 0.24 | 0.13 | 0.13 | 0.21 | 0.21 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.86 | ) | 3.26 | 0.59 | (0.38 | ) | 0.23 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total increase (decrease) from investment operations | (2.62 | ) | 3.39 | 0.72 | (0.17 | ) | 0.44 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| Less dividends: | ||||||||||||||||||||
Dividends from net investment income | (0.24 | ) | (0.15 | ) | (0.13 | ) | (0.21 | ) | (0.22 | ) | ||||||||||
Distributions from net realized gains | (0.26 | ) | — | — | (0.05 | ) | (0.03 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total decrease from dividends | (0.50 | ) | (0.15 | ) | (0.13 | ) | (0.26 | ) | (0.25 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 11.78 | $ | 14.90 | $ | 11.66 | $ | 11.07 | $ | 11.50 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return | (18.05 | )% | 29.09 | % | 6.51 | % | (1.43 | )% | 3.90 | % | ||||||||||
| Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 115,620 | $ | 112,002 | $ | 61,608 | $ | 42,012 | $ | 31,808 | ||||||||||
Ratio of expenses to average net assets | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | ||||||||||
Ratio of net investment income to average net assets | 1.85 | % | 1.07 | % | 1.28 | % | 2.09 | % | 2.01 | % | ||||||||||
Portfolio turnover(a) | 29 | % | 31 | % | 20 | % | 23 | % | 28 | % | ||||||||||
| (a) | Calculated at Fund level. |
See Notes to Financial Statements
39
GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS |
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 SmallCapSM 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 or exchange or over-the-counter prices. 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. 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 market value. |
40
GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS | continued |
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.
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.
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.
41
GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS | continued |
The following is a summary of the inputs used to value the Balanced Fund’s net assets as of July 31, 2022:
| LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | |||||||||||||
COMMON STOCKS | $256,629,769 | $ — | $ — | $256,629,769 | ||||||||||||
BONDS & NOTES | — | 133,997,201 | — | 133,997,201 | ||||||||||||
SHORT-TERM OBLIGATIONS | 6,629,153 | — | — | 6,629,153 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $263,258,922 | $133,997,201 | $ — | $397,256,123 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
The following is a summary of the inputs used to value the Equity Fund’s net assets as of July 31, 2022:
| LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | |||||||||||||
COMMON STOCKS | $512,832,426 | $ — | $ — | $512,832,426 | ||||||||||||
SHORT-TERM OBLIGATIONS | 2,329,087 | — | — | 2,329,087 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $515,161,513 | $ — | $ — | $515,161,513 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
The following is a summary of the inputs used to value the MSCI International Index Fund’s net assets as of July 31, 2022:
| LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | |||||||||||||
| COMMON STOCKS | ||||||||||||||||
JAPAN | $ — | $ 32,641,042 | $ — | $ 32,641,042 | ||||||||||||
CANADA | 17,414,527 | — | — | 17,414,527 | ||||||||||||
UNITED KINGDOM | 447,518 | 15,723,624 | — | 16,171,142 | ||||||||||||
SWITZERLAND | 314,116 | 15,053,071 | — | 15,367,187 | ||||||||||||
NETHERLANDS | — | 15,020,440 | — | 15,020,440 | ||||||||||||
FRANCE | — | 14,239,654 | — | 14,239,654 | ||||||||||||
DENMARK | — | 11,995,898 | — | 11,995,898 | ||||||||||||
AUSTRALIA | — | 9,419,661 | — | 9,419,661 | ||||||||||||
GERMANY | — | 7,619,955 | — | 7,619,955 | ||||||||||||
HONG KONG | — | 6,365,883 | — | 6,365,883 | ||||||||||||
IRELAND | — | 2,301,177 | — | 2,301,177 | ||||||||||||
SPAIN | — | 2,279,184 | — | 2,279,184 | ||||||||||||
SWEDEN | — | 2,270,571 | — | 2,270,571 | ||||||||||||
ITALY | — | 1,674,518 | — | 1,674,518 | ||||||||||||
NORWAY | — | 1,338,493 | — | 1,338,493 | ||||||||||||
SINGAPORE | — | 1,335,976 | — | 1,335,976 | ||||||||||||
FINLAND | — | 1,317,404 | — | 1,317,404 | ||||||||||||
JERSEY | — | 1,096,525 | — | 1,096,525 | ||||||||||||
BELGIUM | — | 833,575 | — | 833,575 | ||||||||||||
ISRAEL | — | 601,581 | — | 601,581 | ||||||||||||
NEW ZEALAND | — | 165,664 | — | 165,664 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL COMMON STOCKS | 18,176,161 | 143,293,896 | — | 161,470,057 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
SHORT-TERM OBLIGATIONS | 473,689 | — | — | 473,689 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $18,649,850 | $143,293,896 | $ — | $161,943,746 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
42
GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS | continued |
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 Translation 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 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 had no open foreign currency spot contracts outstanding as of July 31, 2022. |
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 July 31, 2022. Also, the Funds had recognized no interest and penalties related to uncertain tax benefits through July 31, 2022. At July 31, 2022, the tax years 2019 through 2022 remain open to examination by the Internal Revenue Service. |
43
GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS | continued |
| (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 year ended July 31, 2022, the Balanced Fund, Equity Fund and MSCI International Index Fund received $9,195, $15,044, and $9,207 respectively, in redemption fees. Redemption fees are recorded as an adjustment to paid-in capital. |
| (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 July 31, 2022, no liability has been accrued. |
| (H) | Offsetting of Assets and Liabilities: As of July 31, 2022, 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 July 31, 2022, no derivative instruments were held by the Funds. |
NOTE 2 — Transactions With Affiliates
| (A) | Investment Adviser: Green Century Capital Management, Inc. (“Green Century”) 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 with respect to the 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 year ended July 31, 2022, Green Century accrued fees of $1,373,278. 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 year ended July 31, 2022, Green Century accrued fees of $204,384 and $196,120 to Northern Trust for the Equity Fund and the MSCI International Index Fund, respectively. |
44
GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS | continued |
| (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 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 1.25% 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 year ended July 31, 2022, Green Century accrued fees of $264,461, $324,554, and $133,693 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 $27,370, 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 $27,820, 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 year ended July 31, 2022, Green Century accrued fees of $216,754 and $103,380 to MSCI for the Equity Fund and MSCI International Index Fund, respectively. |
NOTE 3 — Investment Transactions
For the year ended July 31, 2022, the Balanced Fund’s cost of purchases and proceeds from sales of securities, other than short-term securities, aggregated $58,221,362 and $36,535,412 respectively. The Equity Fund’s cost of purchases and proceeds from sales of securities, other than short-term securities, aggregated $74,336,824 and $27,148,662, respectively. The MSCI International Index Fund’s cost of purchases and proceeds from sales of securities, other than short-term securities, aggregated $87,966,280 and $47,510,608, respectively.
45
GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS | continued |
NOTE 4 — Federal Income Tax Information
The tax basis of the components of distributable net earnings (deficit) at July 31, 2022 were as follows:
| BALANCED FUND | EQUITY FUND | MSCI INTERNATIONAL INDEX FUND | ||||||||||
Undistributed ordinary income | $ | — | $ | 38,797 | $ | — | ||||||
Undistributed long-term capital gains | 5,708,503 | 1,290,374 | — | |||||||||
|
|
|
|
|
| |||||||
Tax accumulated earnings | 5,708,503 | 1,329,171 | — | |||||||||
|
|
|
|
|
| |||||||
Accumulated capital and other losses | — | — | (2,799,944 | ) | ||||||||
Unrealized appreciation (depreciation) | 99,063,336 | 232,917,614 | (1,956,491 | ) | ||||||||
Foreign currency translations | — | — | (28,146 | ) | ||||||||
|
|
|
|
|
| |||||||
Distributable net earnings (deficit) | $ | 104,771,839 | $ | 234,246,785 | $ | (4,784,581 | ) | |||||
|
|
|
|
|
| |||||||
Losses incurred after October 31 (“post-October” losses) within the taxable year are deemed to arise on the first day of the Fund’s next taxable year. As of July 31, 2022, the MSCI International Index had $2,799,944 of post-October capital losses which are deferred until August 1, 2022 for tax purposes.
The tax character of distributions paid during the fiscal year ended July 31, 2022 and the year ended July 31, 2021 were as follows:
| BALANCED FUND | EQUITY FUND | |||||||||||||||
| YEAR ENDED JULY 31, 2022 | YEAR ENDED JULY 31, 2021 | YEAR ENDED JULY 31, 2022 | YEAR ENDED JULY 31, 2021 | |||||||||||||
Ordinary income | $ | 2,224,717 | $ | 670,021 | $ | 1,971,818 | $ | 1,620,123 | ||||||||
Long-term capital gains | 14,741,440 | 11,202,683 | 5,344,361 | 2,863,736 | ||||||||||||
| MSCI INTERNATIONAL INDEX FUND | ||||||||||||||||
| YEAR ENDED JULY 31, 2022 | YEAR ENDED JULY 31, 2021 | |||||||||||||||
Ordinary income | $ | 3,753,140 | $ | 1,385,789 | ||||||||||||
Long-term capital gains | 1,977,811 | — | ||||||||||||||
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 | |||||||
YEAR ENDED JULY 31, 2022 | YEAR ENDED JULY 31, 2021 | |||||||
Shares sold | 1,261,887 | 1,522,668 | ||||||
Reinvestment of dividends | 336,823 | 328,224 | ||||||
Shares redeemed | (1,297,432 | ) | (3,196,079 | ) | ||||
|
|
|
| |||||
| 301,278 | (1,345,187 | ) | ||||||
|
|
|
| |||||
46
GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS | continued |
| BALANCED FUND INSTITUTIONAL CLASS | BALANCED FUND INSTITUTIONAL CLASS | |||||||
YEAR ENDED JULY 31, 2022 | PERIOD ENDED JULY 31, 2021 | |||||||
Shares sold | 848,497 | 2,406,989 | ||||||
Reinvestment of dividends | 105,258 | 19,108 | ||||||
Shares redeemed | (206,135 | ) | (109,202 | ) | ||||
|
|
|
| |||||
| 747,620 | 2,316,895 | |||||||
|
|
|
| |||||
| EQUITY FUND INDIVIDUAL INVESTOR CLASS | EQUITY FUND INDIVIDUAL INVESTOR CLASS | |||||||
YEAR ENDED JULY 31, 2022 | YEAR ENDED JULY 31, 2021 | |||||||
Shares sold | 538,236 | 584,672 | ||||||
Reinvestment of dividends | 51,303 | 44,915 | ||||||
Shares redeemed | (647,575 | ) | (983,440 | ) | ||||
|
|
|
| |||||
| (58,036 | ) | (353,853 | ) | |||||
|
|
|
| |||||
| EQUITY FUND INSTITUTIONAL CLASS | EQUITY FUND INSTITUTIONAL CLASS | |||||||
YEAR ENDED JULY 31, 2022 | YEAR ENDED JULY 31, 2021 | |||||||
Shares sold | 1,249,076 | 941,642 | ||||||
Reinvestment of dividends | 41,391 | 25,403 | ||||||
Shares redeemed | (461,512 | ) | (268,728 | ) | ||||
|
|
|
| |||||
| 828,955 | 698,317 | |||||||
|
|
|
| |||||
| MSCI INTERNATIONAL INDEX INDIVIDUAL INVESTOR CLASS | MSCI INTERNATIONAL INDEX INDIVIDUAL INVESTOR CLASS | |||||||
YEAR ENDED JULY 31, 2022 | YEAR ENDED JULY 31, 2021 | |||||||
Shares sold | 1,282,266 | 1,098,251 | ||||||
Reinvestment of dividends | 112,334 | 19,664 | ||||||
Shares redeemed | (496,937 | ) | (494,063 | ) | ||||
|
|
|
| |||||
| 897,663 | 623,852 | |||||||
|
|
|
| |||||
47
GREEN CENTURY FUNDS NOTES TO FINANCIAL STATEMENTS | concluded |
| MSCI INTERNATIONAL INDEX INSTITUTIONAL CLASS | MSCI INTERNATIONAL INDEX INSTITUTIONAL CLASS | |||||||
YEAR ENDED JULY 31, 2022 | YEAR ENDED JULY 31, 2021 | |||||||
Shares sold | 3,386,081 | 3,286,981 | ||||||
Reinvestment of dividends | 309,058 | 73,909 | ||||||
Shares redeemed | (1,395,350 | ) | (1,130,521 | ) | ||||
|
|
|
| |||||
| 2,299,789 | 2,230,369 | |||||||
|
|
|
| |||||
NOTE 6 — Market Risks and Geopolitical Risks
Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a security or instrument. In March 2020, a pandemic related to COVID-19 was declared. The pandemic represents a market risk factor including uncertainty in the financial markets. Following Russia’s large-scale invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia and Executive Orders in March 2022 prohibiting U.S. persons from importing oil and gas from Russia as well as other popular Russian exports, such as diamonds, seafood and vodka. There may also be restrictions on investments in Chinese companies. For example, the President of the United States of America signed an Executive Order in June 2021 affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as “Chinese Military-Industrial Complex Companies.” The list of such companies can change from time to time, and as a result of forced selling or an inability to participate in an investment the Adviser otherwise believes is attractive, the Funds may incur losses. The duration of the coronavirus outbreak and the Russian-Ukraine conflict could adversely affect the Funds’ performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of COVID-19 and Russia Invasion on the financial performance of the Funds’ investments is not reasonably estimable at this time. Green Century will continue to monitor market conditions as information is available and evaluate the potential impacts, if any, on the value of its investments.
NOTE 7 — Subsequent Events
Subsequent to July 31, 2022 and through the date on which the financial statements were available for issuance, management has evaluated subsequent events requiring disclosure.
There were no events requiring accrual or disclosure.
48
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 | KPMG LLP Two Financial Center 60 South Street Boston, MA 02111 |
To the Shareholders and Board of Trustees
Green Century Funds:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Green Century Balanced Fund, Green Century Equity Fund and Green Century MSCI International Index Fund, each a series of Green Century Funds (the Funds), including the portfolios of investments, as of July 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of July 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2022, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Green Century investment companies since 1995.
Boston, Massachusetts
September 19, 2022
KPMG LLP, a Delaware limited liability partnership and a member firm of
the KPMG global organization of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee.
49
TAX INFORMATION
For the year ended July 31, 2022, the Balanced Fund, Equity Fund and MSCI International Fund, respectively, had 100%, 100% and 0.00% of dividends paid from net investment income qualified for the 70% dividends received deduction available to corporate shareholders.
For the year ended July 31, 2022, the Balanced Fund, Equity Fund and MSCI International Fund, respectively, had 100%, 100% and 100% of dividends paid from net investment income, designated as qualified dividend income.
GREEN CENTURY FUNDS TRUSTEES AND OFFICERS
The following table presents information about each Trustee and each Officer of the Trust as of July 31, 2022. Each Trustee and each Officer of the Trust noted as an “interested person” (as defined in the 1940 Act), and noted with an asterisk, is interested by virtue of his or her position with Green Century as described below. The Trust does not hold annual shareholder meetings for the purpose of electing Trustees, and Trustees are not elected for fixed terms. This means that each Trustee will be elected to hold office until his or her successor is elected or until he or she retires, resigns, dies, or is removed from office.
The Trust’s Registration Statement includes additional information about the Trustees and is available, without charge, upon request by calling the following toll-free number: 1-800-93-GREEN.
| NAME, ADDRESS AND AGE | POSITION(S) HELD WITH THE TRUST AND LENGTH OF TIME SERVED | PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND OTHER DIRECTORSHIPS HELD | NUMBER OF PORTFOLIOS OVERSEEN BY TRUSTEE | |||||
| Independent Trustees: | ||||||||
Jonathan Darnell 114 State Street Suite 200 Boston, MA 02109 Age: 62 | Trustee since 2014 | Chief Financial Officer, AltEnergy Acquisition Corp. (since 2021); Member, AltEnergy Acquisition Sponsor (since 2021); Managing Director, AltEnergy, LLC, an investment firm, (since 2016); Managing Director, Pickwick Capital Partners (since 2014); President/Founder, Patolan Partners, an advisory and investment firm (since 2011). | 3 | |||||
Daniel S. Kern 114 State Street Suite 200 Boston, MA 02109 Age: 61 | Trustee since 2015 | Chief Investment Officer, TFC Financial Management (since 2015); President and Chief Investment Officer, Advisor Partners LLC (2011 to 2015); Board member, Wealthramp (since 2015). | 3 | |||||
Peter D. Kinder 114 State Street Suite 200 Boston, MA 02109 Age: 75 | Trustee since 2015 | Retired; Director, Trillium Asset Management (2013 to 2014). | 3 | |||||
50
| NAME, ADDRESS AND AGE | POSITION(S) HELD WITH THE TRUST AND LENGTH OF TIME SERVED | PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND OTHER DIRECTORSHIPS HELD | NUMBER OF PORTFOLIOS OVERSEEN BY TRUSTEE | |||||
Sanford Pooler 114 State Street Suite 200 Boston, MA 02109 Age: 65 | Trustee since 2021 | Deputy Town Manager/Finance Director, Town of Arlington, MA (since 2016); Finance Director, Town of Amherst, MA (2011-2016). | 3 | |||||
Mary Raftery 114 State Street Suite 200 Boston, MA 02109 Age: 57 | Trustee since 2009 | Senior Advisor, Funder Collaborations, ClimateWorks Foundation (since 2014); Organizational Development Consultant, Self-employed (since 2007). | 3 | |||||
James H. Starr 114 State Street Suite 200 Boston, MA 02109 Age: 74 | Chairperson since 2009; Trustee since 1991 | Retired (since 2018); Consultant, Rainville Petito, PLLC (2016 to 2018); Consultant, Danielson Rainville Attorneys, PLLC (2015); Director and President, Gunnison Valley Housing Foundation (since 2010); Director (since 2011) and President (2015-2018), Coal Creek Watershed Coalition. | 3 | |||||
Thomas Subak 114 State Street Suite 200 Boston, MA 02109 Age: 58 | Trustee since 2021 | Independent Consultant, Tom Subak LLC (since 2020); Independent Consultant and Chief Partnership Officer, Catchafire, a nonprofit organization (2019-2020); Chief Strategy Officer and Assistant to the President, Planned Parenthood Federation of America (2016-2018). | 3 | |||||
| Interested Trustees: | ||||||||
Douglas H. Phelps* 114 State Street Suite 200 Boston, MA 02109 Age: 75 | Trustee since 1997 | President and Chief Executive Officer, The Public Interest Network (since 1982); Director, Green Century Capital Management, Inc. (since 1996). | 3 | |||||
Wendy Wendlandt* 114 State Street Suite 200 Boston, MA 02109 Age: 60 | Trustee since 1991 | Director, Green Century Capital Management, Inc. (since 2006); Senior Vice President and Political Director, The Public Interest Network (since 1989); Senior Staff, Fund for Public Interest (since 1989); Acting President, Environment America (since 2020). | 3 | |||||
51
| NAME, ADDRESS AND AGE | POSITION(S) HELD WITH THE TRUST AND LENGTH OF TIME SERVED | PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND OTHER DIRECTORSHIPS HELD | NUMBER OF PORTFOLIOS OVERSEEN BY TRUSTEE | |||||
| Officers: | ||||||||
Leslie Samuelrich* 114 State Street Suite 200 Boston, MA 02109 Age 58 | President since 2021 | President (since 2021), Green Century Capital Management, Inc. | | Not applicable | | |||
Matthew Dunlap* 114 State Street Suite 200 Boston, MA 02109 Age: 49 | Treasurer since 2021 | Senior Finance Manager (since 2020) and Treasurer (since 2021), Green Century Capital Management, Inc.; Assistant Vice President, State Street Corporation (2005-2019). | | Not applicable | | |||
Jessica Rubinstein* 114 State Street Suite 200 Boston, MA02109 Age: 46 | Chief Compliance Officer since 2022; Secretary and Assistant Treasurer since 2022 | Chief Compliance Officer and Clerk (since 2022), Green Century Capital Management, Inc., Compliance Officer (since 2021), Green Century Capital Management Inc.; Senior Associate (since 2017) Mercer Investments | | Not applicable | | |||
52
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
SUBADMINISTRATOR and DISTRIBUTOR
UMB Fund Services, Inc. (Subadministrator)
UMB Distribution Services, LLC (Distributor)
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
Annual Report
Beginning in March 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Green Century Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from Green Century or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Green Century Funds electronically by contacting your financial intermediary or, if you invest directly with the Funds, by contacting Shareholder Services at 1-800-221-5519 or by visiting https://www.greencentury.com/access-my-account/.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Funds, you can inform Green Century that you wish to continue receiving paper copies of your shareholder reports by contacting Green Century at 1-800-221-5519 or via email at info@greencentury.com. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all accounts held in the Green Century Funds.
July 31, 2022
Balanced
Fund
Equity
Fund
International
Fund
An investment for your future.
Printed on recycled paper with soy-based ink.
Item 2. Code of Ethics
| (a) | The registrant has adopted a Code of Ethics applicable to the registrant’s principal executive officer, principal financial officer and principal accounting officer or controller. |
| (c) | During the period covered by this report, there were no amendments to the provisions of the Code of Ethics referred to in Item 2(a) above. |
| (d) | During the period covered by this report, there were no implicit or explicit waivers to the provisions of the Code of Ethics referred to in Item 2(a) above. |
| (e) | Not applicable. |
| (f) | The Code of Ethics is filed as an exhibit to this Form N-CSR. |
Item 3. Audit Committee Financial Expert
The Board of Trustees of the registrant has determined that Sanford Pooler, a member of the Board’s audit committee, qualifies as an “audit committee financial expert” as that term is defined in the instructions to Item 3 of Form N-CSR. Mr. Pooler is “independent” as that term is defined in the instructions to Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services
| (a) | Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows. |
For the fiscal year ended 7/31/22: $91,850
For the fiscal year ended 7/31/21: $86,500
| (b) | Audit-Related Fees. No fees were billed in either of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this item. |
| (c) | Tax Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning are as follows. The services comprising the fees disclosed under this category are tax compliance monitoring and tax filing preparation. |
For the fiscal year ended 7/31/22: $20,445
For the fiscal year ended 7/31/21: $19,290
| (d) | All Other Fees. No fees were billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this item. |
| (e)(1) | The Charter of the Audit Committee of the Board requires that the Committee approve (a) all audit and permissible non-audit services to be provided to the Funds and (b) all permissible non-audit services to be provided by the Funds’ independent auditors to the Funds’ investment adviser or administrator or any entity controlling, controlled by, or under common control with the investment adviser or administrator that provides ongoing services to the Funds, if the engagement relates directly to the operations and financial reporting of the Funds. The Audit Committee has the duty to consider whether the non-audit services provided by the Funds’ auditor to the Funds’ investment adviser, administrator, or any adviser affiliate that provides ongoing services to the Funds, which services were not pre-approved by the Audit Committee, are compatible with maintaining the auditor’s independence and to review and approve the fees proposed to be charged to the Funds by the auditors for each audit and non-audit service. |
| (e)(2) | Zero percent of the services described in each of paragraphs (b) through (d) of this Item were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant were the tax compliance, tax advice and tax planning fees listed in paragraph (c) of this Item and are as follows. No non-audit fees were billed by the registrant’s accountant for services rendered to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant. |
For the fiscal year ended 7/31/22: $20,445
For the fiscal year ended 7/31/21: $19,290
| (h) | Not applicable. |
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Included as part of the report to shareholders filed under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. 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 11. 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 12. Disclosure of securities lending activities for closed-end management investment companies.
Not applicable.
Item 13. Exhibits
| (a)(1) | Code of Ethics: Incorporated by reference to the Registrant’s Form N-CSR filed on October 7, 2013. |
| (2) |
| (3) | Not applicable. |
| (4) | There was no change in the registrant’s independent public accountant for the period covered by this report. |
| (b) |
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 |
| September 30, 2022 |
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 |
| September 30, 2022 |
/s/ Matthew Dunlap |
| Matthew Dunlap |
| Treasurer and Principal Financial Officer |
| September 30, 2022 |