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

29 Temple Place
Suite 200
Boston, MA 02111
--------------------------------------
(Address of principal executive offices)

Green Century Capital Management, Inc.
29 Temple Place
Suite 200
Boston, MA 02111
--------------------------------------
(Name and address of agent for service)

Registrant's telephone number, including area code: (617) 482-0800
--------------
Date of fiscal year end: July 31
-------
Date of reporting period: January 31, 2005
----------------

ITEM 1. REPORTS TO STOCKHOLDERS

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).

SEMI-ANNUAL REPORT
[LOGO] GREEN Green Century Balanced Fund
CENTURY Green Century Equity Fund
FUNDS January 31, 2005

An Investment For Your Future.(R) 29 Temple Place, Boston,
Massachusetts 02111

For information on the Green Century Funds(R), call
1-800-93-GREEN. For information on how to open an account and account services,
call 1-800-221-5519 9:00 am to 5:00 pm Eastern Time, Monday through Friday. For
share price and account information, call 1-800-221-5519, twenty-four hours a
day.
- --------------------------------------------------------------------------------
Dear Green Century Funds Shareholder:

As 2005 begins, we are more convinced than ever that the mission
of Green Century Capital Management ("Green Century")--to advocate for
corporate environmental responsibility, and create opportunities to invest in
sustainable businesses--is one of critical importance. Leaders throughout the
world are recognizing the increased importance of addressing environmental
issues. Participants at the 2005 World Economic Forum's annual meeting in
Switzerland prioritized measurable reductions in greenhouse gas emissions.
Announcements such as these and the recent enactment of the Kyoto Protocol
demonstrate that the international community acknowledges the significance of
the environmental challenges we all face. In our view, lack of leadership and
engagement on these issues by the U.S. federal government means that
businesses, communities, organizations, and individuals must do more to achieve
environmental progress. Green Century contributes to these efforts by providing
the rigorous environmental screening and support of shareholder activity that
the Funds' shareholders have come to expect. We thank you for joining us in
this essential mission.
Both the Green Century Balanced Fund (the "Balanced Fund") and the
Green Century Equity Fund (the "Equity Fund") produced solid returns above 10%
for the ten-year periods ended December 31, 2004 and January 31, 2005. For the
six months ended January 31, 2005, the Balanced Fund produced a cumulative
return of 10.94% and the Equity Fund produced a cumulative return of 5.90%. The
short-term positive performance of both Green Century Funds was aided by a
number of market forces including the general improvement in market conditions
after the conclusion of the presidential election and the gradual tightening of
interest rates by the Federal Reserve, which helped control inflation
throughout 2004. These and other factors were more than enough to offset the
continuation of trends which tend to depress market performance, including the
on-going U.S. military engagements abroad, the rising price of oil, and
mounting trade and budget deficits.

The Green Century Balanced Fund invests primarily in the stocks
and bonds of environmentally responsible companies, many of which also make
positive environmental contributions. The Balanced Fund's portfolio manager
also seeks out innovative companies that may contribute to a safer, cleaner,
and more sustainable environment. The Balanced Fund was up 10.94% for the six
months ended January 31, 2005, compared to the Lipper Balanced Fund Index
performance of 7.23%, primarily due to the strong performance of the equity
portion of the portfolio contributing to the Fund's strong returns.

- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL
RETURN
- --------------------------------------------------------------------------------
Green Century One Five Ten
Balanced Fund Year Years Years
- --------------------------------------------------------------------------------
For the periods
ended December 31,
2004:.............. Green Century Balanced Fund 1.54% 0.43% 11.04%
Lipper Balanced Fund Index/1/ 8.99% 2.95% 9.44%
- --------------------------------------------------------------------------------
For the periods
ended January 31,
2005:.............. Green Century Balanced Fund -4.12% -1.97% 10.46%
Lipper Balanced Fund Index/1/ 6.00% 3.21% 9.16%
- --------------------------------------------------------------------------------

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. 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.

During the latter half of 2004, the Balanced Fund's portfolio
manager sought to broaden the pool of companies he would consider for the Fund
by researching mid- and large-cap companies that displayed leadership in
environmental and financial performance. The inclusion of such companies in the
portfolio allows for greater exposure to larger firms that have a significant
impact on the environment and therefore might do more to address environmental
problems. It also increases Green Century's opportunities to engage in dialogue
and shareholder advocacy work on behalf of the Balanced Fund's shareholders.
Examples of companies that were added to the Balanced Fund include:

. Toyota Motor Corporation (Toyota)/2/--A company that continues its
tradition of innovation, Toyota is displaying leadership in developing
alternative fuel technology for the automotive industry. By demonstrating
successful execution of hybrid electric, fuel cell, and cleaner diesel
power sources in vehicles, Toyota is strengthening its long-term
competitiveness and position as an environmental leader. Its strong
commitment to alternative fuel technologies, however, is offset by its
behavior as a "traditional" auto company, which is exemplified by its
truck- and SUV-heavy fleet mix and its continued support of lobbying
efforts to weaken emissions standards in several U.S. states including
California. We have sought to engage Toyota in dialogue on both of these
topics.
. Starbucks Corporation (Starbucks)/2/--Starbucks is currently one of the
world's largest purchasers of Fair Trade-certified and certified organic
coffee. It has recently begun implementing a comprehensive preferred
supplier program in conjunction with Conservation International, a leading
non-profit organization. Under this program, coffee growers who meet
environmental and social criteria are offered preferential buying status.
We are pleased with Starbucks' ambitious goal of purchasing 60% of its
coffee from "preferred suppliers" by 2007; however, its program is
designed as a substitute for existing, independent certification programs
that certify coffee as organic, Fair Trade, or both. Green Century has
initiated dialogue with Starbucks to discuss options for independent
verification within its program, and to ensure that its standards for
certification are at least as stringent as the independent certification
standards already in place and accepted within the coffee industry.
. East Japan Railway Company (East Japan Railway)/2/--One of the largest
passenger railway companies in the world and a market leader in Japan,
East Japan Railway serves approximately 16 million people each day. As a
passenger rail company, East Japan Railways provides a superior
environmental alternative to automobile travel and offers large reductions
in carbon dioxide emissions, one of the leading causes of global warming,
compared to private automobiles. The company has also pioneered the
development of energy-efficient railcars, which now account for 72% of its
overall fleet.

In addition to these larger-capitalized companies, the Balanced
Fund continued to hold a core of companies with smaller market capitalizations.
Two of the stronger performers in the Balanced Fund during the last six months
were Audible, Inc./2/, a company that provides electronic delivery of audible
books and other material, and Ionics, Incorporated/2/, which is a water
filtration company. These gains have outweighed losses from Staar Surgical
Company/3/ and Intraware, Inc./2/.
As of January 31, 2005, the bond portion of the Balanced Fund
portfolio represented 30.40% of its net assets. The portfolio manager continues
to execute his strategy of increasing the credit quality and decreasing the
overall duration of the bond holdings, in response to an environment of rising
interest rates.
The Balanced Fund's portfolio manager believes that continued
budgetary deficit concerns, rising interest rates, and the costs of fighting
terrorism will be challenges for the U.S. capital markets in the coming year.
He expects companies that are able to exceed their earnings estimates and reach
other milestones to perform better under these circumstances.
Like other funds heavily invested in stocks, the Balanced Fund's
share price will fluctuate daily depending on the performance of the companies
that comprise the Balanced Fund's investments, the general market and the
economy overall. Furthermore, the Balanced Fund's investments may be more
focused in small- and mid-cap companies, which involve greater risk than
investing in the stocks of larger, more established companies. These greater
risks may cause the share prices of small- and mid-cap companies to be more
volatile than the share prices of larger companies. Finally, the bond portion
of the Balanced Fund's investments is weighted toward high-yield,
below-investment-grade bonds, which also involve greater risk than investing in
more highly rated bonds. As a result of the Balanced Fund's holdings of small-
and mid-cap companies and high-yield bonds, the value of investments in the
Balanced Fund have, in the past, fluctuated more widely than the value of most
other balanced funds.

The Green Century Equity Fund invests substantially all of its
assets in a portfolio of 400 companies that comprise the Domini 400 Social
Index (the "Social Index"), a broadly diversified portfolio that screens
companies based on environmental and social criteria. The Equity Fund seeks to
provide shareholders with a long-term total return that matches that of the
Social Index. The Social Index is comprised primarily of large capitalization
U.S. companies.
The Green Century Equity Fund was up 5.90% for the six months
ended January 31, 2005, while the Standard & Poor's 500(R) Index (S&P 500(R)
Index) returned 8.16%.

- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL
RETURN
- -------------------------------------------------------------------------------
Green Century Equity
Fund One Year Five Years Ten Years/4/
- -------------------------------------------------------------------------------

For the periods
ended December 31,
2004:.............. Green Century Equity Fund 8.67% -4.52% 11.03%
S&P 500(R) Index/5/ 10.88% -2.30% 12.07%
- -------------------------------------------------------------------------------
For the periods
ended January 31,
2005:.............. Green Century Equity Fund 3.29% -4.03% 10.35%
S&P 500(R) Index/5/ 6.23% -1.77% 11.51%
- -------------------------------------------------------------------------------

The performance of the Equity Fund relative to the S&P 500(R)
Index was helped in part by higher exposure to the well-performing consumer
discretionary sector, in which The Walt Disney Company/2/ posted strong gains
for the six month period. Conversely, the Equity Fund's performance relative to
the

S&P 500(R) Index was helped by lower exposure to the health care sector, which
faced multiple drug recalls and increased questioning from regulatory agencies
and the general public. The Equity Fund's performance was bolstered by
screening out Pfizer Inc./3/ and by investing in Johnson & Johnson/2/.
The performance of the Equity Fund relative to the S&P 500(R)
Index was hurt in part by lower exposure to energy and utilities, which were
the top performing sectors for the six month period. The biggest contributors
in the energy sector were stocks not held by the Equity Fund but included in
the S&P 500(R) Index: Exxon Mobil Corporation/3/, ChevronTexaco Corporation/3/,
and ConocoPhillips/3/. Another stock that hurt the Equity Fund's relative
performance was excluded utility stock TXU Corporation/3/.
As with other equity funds, the share price of the Equity Fund
will fluctuate and may fall if the market as a whole declines or if the value
of the companies in which it invests falls. Also, the large companies in which
the Equity Fund's portfolio is invested may perform worse than the stock market
as a whole.

Shareholder Advocacy--Green Century believes that investors have
not only the right but also the duty to demand that the companies they invest
in behave in an environmentally responsible manner. We act on this belief by
engaging select companies in dialogue on their environmental practices and ways
in which improving their environmental practices can benefit their business as
well. Many of the firms that we have discussions with do not qualify for
inclusion in the Green Century Funds (the "Funds") due to their poor
environmental records. Thus, Green Century Capital Management (the company
which administers the Funds) invests small amounts of its own money in these
companies, thereby allowing it to act as a shareholder and file resolutions
with the companies. During 2004, Green Century continued its engagements with
numerous companies and industries in an effort to improve their environmental
performance. These efforts centered on the following campaign areas:

. Wilderness Protection: Green Century seeks to protect the remaining
critical wildlife habitat and open spaces. Our most recent success came in
December 2004, when ConocoPhillips/3/ informed us that it had withdrawn
from Arctic Power, an industry-funded lobbying group that seeks to open
the Arctic National Wildlife Refuge (the "Refuge") to oil drilling. This
action followed a year of dialogue, including Green Century's attendance
at the company's 2004 annual meeting to present a shareholder resolution
fighting for protection of the Refuge, which received a 9.25% approval
vote by shareholders.
. Global Warming: Climate change is an unprecedented risk for businesses as
well as the environment. Green Century believes that companies must act
quickly and decisively to combat this threat, both through operational and
product improvements. Toward this end, Green Century filed a shareholder
resolution with Ford Motor Company/3/ ("Ford") asking for more
transparency on the company's lobbying efforts to block increased fuel
economy standards. Green Century is also participating in a coalition of
environmental groups working to improve the fuel economy of Ford's fleet.
In particular, we are engaging the Hertz Corporation ("Hertz"), Ford's
auto-rental subsidiary, in a campaign to increase Hertz's purchasing of
hybrid vehicles and other more fuel efficient cars, thereby improving the
overall rental fleet's fuel efficiency and reducing its greenhouse gas
emissions.
. Food Safety: The issues surrounding food products that potentially contain
genetically engineered ("GE") ingredients are of paramount importance to
Green Century. We believe that genetically engineered foods entail
unwarranted corporate liabilities because of their potential risks to the

environment and human health. For this reason we support required labeling
of GE ingredients, stronger testing regimes, and we discourage companies
from using GE ingredients. In 2004, Green Century attended Kraft Foods,
Inc.'s/3/ ("Kraft") annual meeting, joined a coalition that met with
company representatives to discuss their policies and procedures on GE
foods, and filed a shareholder resolution requesting a review of Kraft's
policies for monitoring GE products.
. Waste Reduction and Toxics: This work encourages companies to minimize
waste and toxic pollution throughout the product lifecycle, from
production through use and disposal (or reuse) of products. By doing so,
companies can often reduce costs and improve their products while
protecting the environment. Green Century continued ongoing dialogue with
Dell Inc./2/ ("Dell") on its progress on electronic waste (e-waste)
management, including consumer recycling programs and the reduction of the
use of toxic materials in computer components. In June of 2004, Green
Century met with Dell's CEO, Michael Dell, and other senior executives to
discuss the company's progress in dealing with e-waste. Following this
meeting, Dell introduced a pilot program providing free recycling to new
Dell customers.

New Initiatives for Investors--Green Century will be launching a
series of new programs this spring designed to assist current shareholders in
finding information about the Funds electronically, receiving data about their
Green Century Funds investments electronically, and performing shareholder
transactions on-line.
We plan to launch a new website with up-to-date information about
our Funds, the stories behind companies in their portfolios, and background
information about Green Century's advocacy campaigns as well as updates on the
progress of those campaigns. In conjunction with the Funds' new website, we are
also launching an e-mail newsletter for shareholders and other interested
parties, which will contain information on companies recently added to the
Funds' portfolios, updates on Green Century's advocacy work, and general
information of interest about socially and environmentally responsible
investing. Finally, we are very pleased to be launching a shareholder services
feature on the Funds' website, where Green Century Funds shareholders will be
able to access their account information, perform transactions relating to the
Funds, and sign-up for electronic delivery of their account statements and
other documents.
These efforts are aimed at improving the quality of service that
the Funds provide to their shareholders; we also believe that promoting
electronic communication has the environmental benefit of lessening the use and
disposal of paper products. We encourage shareholders to consider signing up
for electronic document delivery and helping us reduce the amount of paper we
use in our communications with you. We hope you take advantage of these new
services and we look forward to continuing to improve your Green Century
experience.
In closing, Green Century wishes to thank you for your investment
in the Funds and for your continued support of our work to help protect the
environment and build a sustainable economy.

Respectfully yours,

Green Century Capital Management, Inc.

The Green Century Funds' proxy voting guidelines and a record of the Funds'
proxy votes for the year ended June 30, 2004 are available without charge,
upon request, (i) at www.greencentury.com, (ii) by calling 1-800-93-GREEN,
(iii) sending an email 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 each fiscal year on Form N-Q.
The Green Century Funds' Forms N-Q are available on the EDGAR database on the
SEC's website at www.sec.gov. These Forms may also be reviewed and copied at
the SEC's Public Reference Room in Washington D.C. Information about the
operation of the Public Reference Room may be obtained by calling
1-800-SEC-0330. The information on Form N-Q may also be obtained by calling
1-800-93-GREEN, or by emailing a request to info@greencentury.com.
/1/ Lipper Analytic Services, Inc. ("Lipper") is a respected mutual fund
reporting service. The Lipper Balanced Fund Index includes the 30 largest funds
whose primary objective is to conserve principal by remaining at all times a
balanced portfolio of both stocks and bonds. Typically the stock/bond ratio
ranges around 60%/40%.
/2/ As of January 31, 2005, Toyota Motor Corporation comprised 3.74%, Starbucks
Corporation comprised 1.73%, East Japan Railway Company comprised 2.47%,
Audible, Inc. comprised 3.19%, Ionics Inc. comprised 0.00%, and Intraware, Inc.
comprised 1.34% of the Green Century Balanced Fund. As of January 31, 2005,
Starbucks Corporation comprised 0.37%, Ionics Inc. comprised 0.02%, The Walt
Disney Company comprised 1.01%, Johnson & Johnson comprised 3.30%, and Dell,
Inc. comprised 1.81% of the Green Century Equity Fund. Holdings may change due
to ongoing management of the Funds. References to specific investments should
not be construed as a recommendation of the security by the Funds, their
administrator or the distributor.
/3/ Neither of the Green Century Funds held Staar Surgical Company, Pfizer Inc,
Exxon Mobil Corporation, ChevronTexaco Corporation, ConocoPhillips, TXU
Corporation, Ford Motor Company or Kraft Foods, Inc. as of January 31, 2005.
/4/ The Green Century Equity Fund, which commenced investment operations in
September 1995, invests substantially all of its investable assets in an
existing separate registered investment company which has the same investment
objective as the Fund (the "Index Portfolio"). Consistent with regulatory
guidance, the performance for the period prior to the Fund's inception reflects
the performance of the Index Portfolio adjusted to reflect the deduction of the
charges and expenses of the Fund.
/5/ The S&P 500(R) 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(R) Index
is heavily weighted toward stocks with large market capitalizations 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(R) Index.
This material must be preceded or accompanied by a current prospectus.
Distributor: UMB Distribution Services, LLC 3/05

GREEN CENTURY FUNDS
EXPENSE EXAMPLE

For the six months ended January 31, 2005

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;
distribution (12b-1) fees (for the Green Century Balanced Fund only); 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 August 1, 2004 to
January 31, 2005 (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. 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.

Expenses Paid During the Period

BALANCED FUND EQUITY FUND
------------------------------------- ---------------------------------------
EXPENSES EXPENSES
BEGINNING ENDING PAID DURING BEGINNING ENDING PAID DURING
ACCOUNT ACCOUNT THE PERIOD ACCOUNT ACCOUNT THE PERIOD
VALUE VALUE ENDED VALUE VALUE ENDED
AUGUST 1, JANUARY 31, JANUARY 31, AUGUST 1, JANUARY 31, JANUARY 31,
2004 2005 2005/1/ 2004 2005 2005/1,2/

Actual Example....... $1,000.00 $1,109.40 $7.78 $1,000.00 $1,059.00 $12.64
Hypothetical Example,
assuming a 5% return
before expenses..... 1,000.00 1,013.01 7.63 1,000.00 1,017.44 12.07

/1/ Expenses are equal to the Funds' annualized expense ratios (2.38% for the
Balanced Fund and 1.50% for the Equity Fund), multiplied by the average account
value over the period, multiplied by 184/365 (to reflect the one-half year
period).
/2/The Example reflects the expenses of both the Index Portfolio and the
Equity Fund.

[CHART]

Green Century Balanced Fund Investments by Industry as a percentage of net
assets, as of January 31, 2005

Medical Products 13.7%
Internet Products & Services 13.6%
Other* 12.9%
Alternative/Renewable Energy 8.7%
Food & Beverage 7.4%
Telecommunications 6.5%
Technology 6.2%
Healthy Living 6.1%
Office Equipment 4.1%
Diversified Manufacturing 4.1%
Auto Manufacturing 3.8%
Financials 3.4%
Consumer Goods & Services 3.3%
Advertising 3.2%
Entertainment 3.0%

*Other includes: Transportation, 2.5%; Apparel, 2.2%; Semi-Conductors,
1.8%; Healthcare, 1.6%; Cash and Cash Equivalents, 1.6%; Machinery, 1.3%;
Banks, 1.0%; and Forest Products & Paper, 0.9%.

[CHART]

Green Century Equity Fund Investments by Industry as a percentage of net
assets, as of January 31, 2005

Financials 23.5%
Information Technology 20.7%
Consumer Discretionary 15.0%
Health Care 12.9%
Consumer Staples 12.6%
Industrials 6.2%
Telecommunication Services 4.9%
Other* 4.2%

*Other includes: Energy, 1.8%; Materials, 1.7%; Utilities, 0.7%; and,
Cash and Cash Equivalents, 0.3%.

GREEN CENTURY BALANCED FUND
SCHEDULE OF INVESTMENTS

January 31, 2005
(unaudited)

COMMON STOCKS -- 68.0%
SHARES VALUE
Medical Products -- 13.7%
Amgen, Inc. (b).................. 15,000 $ 933,600
Durect Corp. (b)................. 432,000 1,196,640
Intermagnetics General Corp. (b). 50,000 1,264,500
Novozymes A/S (c)................ 40,000 1,912,937
PolyMedica Corp.................. 20,000 748,600
SurModics, Inc. (b).............. 100,000 2,937,000
-----------
8,993,277
-----------
Internet Products & Services -- 10.5%
Adobe Systems, Inc............... 23,000 1,308,700
Aptimus, Inc. (b)................ 110,000 2,585,000
Audible, Inc. (b)................ 75,000 2,090,250
Intraware, Inc. (b).............. 1,000,000 880,000
-----------
6,863,950
-----------
Alternative/Renewable Energy -- 6.4%
Fuel-Tech N.V. (b)............... 250,000 1,300,000
Gamesa Corp.
Technologica, S.A. (c).......... 100,000 1,429,994
Quantum Fuel Systems Technologies
Worldwide, Inc. (b)............. 275,000 1,449,250
-----------
4,179,244
-----------
Technology -- 6.2%
Apple Computer, Inc. (b)......... 15,000 1,153,500
Avid Technology, Inc. (b)(f)..... 14,000 882,700
Redback Networks, Inc. (b)....... 125,000 852,500
ThermoGenesis Corp. (b).......... 200,000 1,150,000
-----------
4,038,700
-----------
Healthy Living -- 4.9%
Martek Biosciences Corp. (b)..... 10,000 528,200
Whole Foods Market, Inc.......... 30,000 2,682,600
-----------
3,210,800
-----------
Diversified Manufacturing -- 4.1%
Illinois Tool Works, Inc......... 20,000 1,739,600
Nam Tai Electronics, Inc. (c).... 50,000 943,500
-----------
2,683,100
-----------
Advertising -- 3.2%
Getty Images, Inc. (b)........... 30,000 2,091,000
-----------

SHARES VALUE

Entertainment -- 3.0%
Lions Gate Entertainment
Corp. (b)..................... 200,000 $ 1,996,000
-----------
Auto Manufacturing -- 3.0%
Toyota Motor Corp. American
Depository Receipt (c)........ 25,000 1,954,750
-----------
Transportation -- 2.5%
East Japan Railway Co. (c)..... 300 1,620,995
-----------
Apparel -- 2.2%
The Timberland Co. (b)......... 22,000 1,446,280
-----------
Food & Beverage -- 2.1%
Green Mountain Coffee
Roasters, Inc. (b)............ 10,000 244,500
Starbucks Corp. (b)............ 21,000 1,134,000
-----------
1,378,500
-----------
Semi-Conductors -- 1.8%
STMicroelectronics N.V. (c).... 70,000 1,171,100
-----------
Machinery -- 1.3%
Presstek, Inc. (b)............. 100,000 833,000
-----------
Telecommunications -- 1.2%
Corning, Inc. (b).............. 75,000 820,500
-----------
Banks -- 1.0%
Wainwright Bank & Trust Co..... 55,000 675,950
-----------
Forest Products & Paper -- 0.9%
Mercer International, Inc. (b). 60,000 576,000
-----------
Total Common Stocks
(Cost $40,818,873)............ 44,533,146
-----------
CORPORATE BONDS & NOTES -- 30.4%
PRINCIPAL
AMOUNT
Telecommunications -- 5.3%
AT&T Corp.
9.75%, due 11/15/31 (e)....... $1,000,000 1,278,750
Nextel Communications, Inc.
7.375%, due 8/1/15............ 2,000,000 2,215,000
-----------
3,493,750
-----------

GREEN CENTURY BALANCED FUND
SCHEDULE OF INVESTMENTS -- (concluded)

January 31, 2005
(unaudited)

PRINCIPAL
AMOUNT VALUE

Food & Beverage -- 5.3%
Chiquita Brands International, Inc.
7.50%, due 11/1/14 (g)............ $1,000,000 $ 1,020,000
Dean Foods Co.
8.15%, due 8/1/07................. 1,300,000 1,410,500
Dean Foods Co.
6.90%, due 10/15/17............... 1,000,000 1,030,000
-----------
3,460,500
-----------
Office Equipment -- 4.1%
Xerox Corp.
7.625%, due 6/15/13............... 2,500,000 2,706,250
-----------
Financials -- 3.4%
SLM Corp.
4%, due 7/25/14 (d)............... 2,235,000 2,221,478
-----------
Consumer Goods & Services -- 3.3%
Kindercare Learning Centers
9.50%, due 2/15/09................ 1,151,000 1,155,316
Nebraska Book Co.
8.625%, due 3/15/12............... 1,000,000 1,020,000
-----------
2,175,316
-----------
Internet Products & Services -- 3.1%
Akamai Technologies, Inc.
5.50%, due 7/1/07................. 2,000,000 2,027,500
-----------
Alternative/Renewable Energy -- 2.3%
Calpine Corp.
8.75%, due 7/15/13 (g)............ 2,000,000 1,530,000
-----------
Healthcare -- 1.6%
HCA, Inc.
7.69%, due 6/15/25................ 1,000,000 1,044,912
-----------
Healthy Living -- 1.2%
NBTY, Inc.
8.625%, due 9/15/07............... 750,000 761,250
-----------
Auto Manufacturing -- 0.8%
Toyota Motor Credit Corp.
4.125%, due 7/25/17 (e)........... 500,000 496,965
-----------
Total Corporate Bonds and Notes
(Cost $19,501,731)................ 19,917,921
-----------

VALUE

TOTAL INVESTMENTS (a) -- 98.4%
(Cost $60,320,604)................... $64,451,067
Other Assets less Liabilities -- 1.6%.... 1,060,558
-----------
NET ASSETS -- 100.0%................... $65,511,625
===========
NUMBER OF
CONTRACTS
CALL OPTIONS WRITTEN --
Avid Technology, Inc., expiring
3/19/05, exercise price $75.00 50 $ 1,750
-----------
Total Call Options Written
(Premiums received $3,658).... $ 1,750
===========

- --------
(a)The cost of investments, including call options written, for federal income
tax purposes is $60,354,251 resulting in gross unrealized appreciation and
depreciation of $6,569,628 and $2,474,562 respectively, or net unrealized
appreciation of $4,095,066.
(b)Non-income producing security.
(c)Securities whose values are determined or significantly influenced by
trading on exchanges not in the United States or Canada.
(d)Floating rate bond. Rate shown is currently in effect at January 31, 2005.
(e)Step rate bond. Rate shown is currently in effect at January 31, 2005.
(f)All or a portion of this security has been segregated as collateral to cover
call options written.
(g)The following securities were purchased under Rule 144A of the Securities
Act of 1933:

Acquisition
Description Date Cost Value
------------------------------------------------------

Calpine Corp.
8.75%, due 7/15/13. 6/10/2003 $2,002,240 $1,530,000
Chiquita Brands
International, Inc.
7.50%, due 11/1/14. 9/23/2004 1,020,743 1,020,000

See Notes to Financial Statements

GREEN CENTURY BALANCED FUND
STATEMENT OF ASSETS AND LIABILITIES
January 31, 2005
(unaudited)

ASSETS:
Investments, at value (cost $60,320,604)...................... $ 64,451,067
Receivables for:
Capital stock sold........................................... 68,815
Securities sold.............................................. 2,233,173
Interest..................................................... 349,615
------------
Total assets............................................... 67,102,670
------------
LIABILITIES:
Due to custodian.............................................. 917,639
Payable for capital stock repurchased......................... 537,036
Accrued expenses.............................................. 134,620
Written options (premiums received $3,658).................... 1,750
------------
Total liabilities.......................................... 1,591,045
------------
NET ASSETS.................................................... $ 65,511,625
============
NET ASSETS CONSIST OF:
Paid-in capital............................................... $ 81,687,283
Undistributed net investment income........................... 14,669
Undistributed net realized loss on investments................ (20,322,698)
Net unrealized appreciation on investments.................... 4,132,371
------------
NET ASSETS.................................................... $ 65,511,625
============
SHARES OUTSTANDING............................................ 4,188,114
============
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $ 15.64
============

GREEN CENTURY BALANCED FUND
STATEMENT OF OPERATIONS
For the six months ended January 31, 2005
(unaudited)

INVESTMENT INCOME:
Interest income.......................................... $ 734,399
Dividend income (net of $2,665 foreign withholding taxes) 69,847
----------
Total investment income............................... 804,246
----------
EXPENSES:
Administrative services fee.............................. 407,282
Investment advisory fee.................................. 221,681
Distribution fee......................................... 73,894
----------
Total expenses........................................ 702,857
----------
NET INVESTMENT INCOME.................................... 101,389
----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on:
Investments............................................. 1,042,484
Options written......................................... 191,244
----------
1,233,728
Change in net unrealized appreciation/depreciation on:
Investments............................................. 4,275,647
Options written......................................... (6,452)
----------
4,269,195
----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS.......... 5,502,923
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS..... $5,604,312
==========

See Notes to Financial Statements

GREEN CENTURY BALANCED FUND
STATEMENTS OF CHANGES IN NET ASSETS

FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2005 JULY 31, 2004
(UNAUDITED) (AUDITED)
INCREASE (DECREASE) IN NET ASSETS:
From operations:
Net investment income.................... $ 101,389 $ 455,786
Net realized gain on investments
and options written.................... 1,233,728 14,424,232
Change in net unrealized
appreciation/depreciation on
investments and options written........ 4,269,195 (10,213,153)
----------- -----------
Net increase in net assets
resulting from operations.............. 5,604,312 4,666,865
----------- -----------
Dividends and distributions to shareholders:
From net investment income............... (111,527) (480,216)
----------- -----------
Capital share transactions:
Proceeds from sales of shares............ 16,781,459 38,252,325
Reinvestment of dividends and
distributions.......................... 107,961 466,205
Payments for shares redeemed............. (7,268,104) (63,813,770)
----------- -----------
Net increase (decrease) in net assets
resulting from capital share
transactions........................... 9,621,316 (25,095,240)
----------- -----------
Total increase (decrease) in net assets..... 15,114,101 (20,908,591)
NET ASSETS:
Beginning of period...................... 50,397,524 71,306,115
----------- -----------
End of period............................ $65,511,625 $50,397,524
=========== ===========

GREEN CENTURY BALANCED FUND
FINANCIAL HIGHLIGHTS

FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED JULY 31,
JANUARY 31, 2005 ------------------------------------------------
(UNAUDITED) 2004 2003 2002 2001 2000

Net Asset Value, beginning of period............ $ 14.11 $13.88 $ 10.30 $ 15.94 $ 23.56 $ 12.21
------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income......................... 0.02 0.12 0.16 0.14 0.10 0.07
Net realized and unrealized gain (loss) on
investments.................................. 1.54 0.23 3.59 (5.66) (4.10) 11.35
------- ------- ------- ------- ------- -------
Total increase (decrease) from investment
operations..................................... 1.56 0.35 3.75 (5.52) (4.00) 11.42
------- ------- ------- ------- ------- -------
Less dividends and distributions:
Dividends from net investment income.......... (0.03) (0.12) (0.17) (0.12) (0.11) (0.07)
Distributions from net realized gains......... -- -- -- -- (3.51) --
------- ------- ------- ------- ------- -------
Total decrease from dividends and distributions. (0.03) (0.12) (0.17) (0.12) (3.62) (0.07)
------- ------- ------- ------- ------- -------
Net Asset Value, end of period.................. $ 15.64 $ 14.11 $ 13.88 $ 10.30 $ 15.94 $ 23.56
======= ======= ======= ======= ======= =======
Total return.................................... 10.94%(a) 2.49% 36.83% (34.80)% (19.19)% 93.54%
Ratios/Supplemental data:
Net assets, end of period (in 000's).......... $65,512 $50,398 $71,306 $36,225 $63,654 $55,081
Ratio of expenses to average net assets....... 2.38%(b) 2.37% 2.44% 2.39% 2.35% 2.48%
Ratio of net investment income to average net
assets....................................... 0.34%(b) 0.71% 1.51% 0.95% 0.60% 0.50%
Portfolio turnover............................ 43%(a) 81% 94% 70% 91% 116%

(a)Not annualized.
(b)Annualized.

See Notes to Financial Statements

GREEN CENTURY EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES

January 31, 2005
(unaudited)

ASSETS:
Investment in Domini Social Index Portfolio, at value......... $34,489,996
Receivable for capital stock sold............................. 52,611
-----------
Total assets............................................... 34,542,607
-----------
LIABILITIES:
Payable for capital stock redeemed............................ 13,121
Accrued expenses.............................................. 37,428
-----------
Total liabilities.......................................... 50,549
-----------
NET ASSETS.................................................... $34,492,058
===========
NET ASSETS CONSIST OF:
Paid-in capital............................................... $36,777,735
Undistributed net investment income........................... 14,782
Undistributed net realized loss on investment................. (6,185,501)
Net unrealized appreciation on investment..................... 3,885,042
-----------
NET ASSETS.................................................... $34,492,058
===========
SHARES OUTSTANDING............................................ 1,801,082
===========
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $ 19.15
===========

GREEN CENTURY EQUITY FUND
STATEMENT OF OPERATIONS

For the six months ended January 31, 2005
(unaudited)

NET INVESTMENT INCOME FROM INDEX PORTFOLIO:
Investment income from Index
Portfolio....................................................... $463,140
Expenses from Index
Portfolio....................................................... (39,780)
-----------
Net investment income from Index Portfolio.................. 423,360
-----------
EXPENSES:
Administrative services fee..................................... 217,801
-----------
NET INVESTMENT INCOME........................................... 205,559
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT:
Net realized loss on investment allocated from Index Portfolio.. (53,126)
Change in net unrealized appreciation/depreciation
on investment allocated from Index Portfolio.................. 1,808,872
-----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENT.................. 1,755,746
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,961,305
===========

See Notes to Financial Statements

GREEN CENTURY EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS

FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
JANUARY 31, 2005 JULY 31, 2004
(UNAUDITED) (AUDITED)

INCREASE (DECREASE) IN NET ASSETS:
From operations:
Net investment income (loss)........... $ 205,559 $ (3,132)
Net realized loss on investment
allocated from Index Portfolio....... (53,126) (494,368)
Change in net unrealized
appreciation/depreciation on
investment allocated from Index
Portfolio............................ 1,808,872 3,588,747
----------- -----------
Net increase in net assets resulting
from operations...................... 1,961,305 3,091,247
----------- -----------
Dividends and distributions to shareholders:
From net investment income............. (190,777) (26,089)
----------- -----------
Capital share transactions:
Proceeds from sales of shares.......... 1,545,367 4,410,893
Reinvestment of dividends and
distributions........................ 184,203 25,478
Payments for shares redeemed........... (2,160,526) (3,696,092)
----------- -----------
Net increase (decrease) in net assets
resulting from capital share
transactions......................... (430,956) 740,279
----------- -----------
Total increase in net assets.............. 1,339,572 3,805,437
NET ASSETS:
Beginning of period.................... 33,152,486 29,347,049
----------- -----------
End of period.......................... $34,492,058 $33,152,486
=========== ===========

GREEN CENTURY EQUITY FUND
FINANCIAL HIGHLIGHTS

FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED JULY 31,
JANUARY 31,
2005 ----------------------------------------------
(UNAUDITED) 2004 2003 2002 2001 2000

Net Asset Value, beginning of period.................... $ 18.18 $ 16.45 $ 14.85 $ 20.84 $ 26.42 $ 24.62
------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income (loss).......................... 0.11 -- 0.01 (0.05) (0.11) (0.14)
Net realized and unrealized gain
(loss) on investment................................ 0.97 1.74 1.59 (4.62) (4.66) 2.02
------- ------- ------- ------- ------- -------
Total increase (decrease) from investment operations.... 1.08 1.74 1.60 (4.67) (4.77) 1.88
------- ------- ------- ------- ------- -------
Less dividends and distributions:
Dividends from net investment income.................. (0.11) (0.01) -- -- -- --
Distributions from net realized gains................. -- -- -- (1.32) (0.81) (0.08)
------- ------- ------- ------- ------- -------
Total decrease from dividends and distributions......... (0.11) (0.01) -- (1.32) (0.81) (0.08)
------- ------- ------- ------- ------- -------
Net Asset Value, end of period.......................... $ 19.15 $ 18.18 $ 16.45 $ 14.85 $ 20.84 $ 26.42
======= ======= ======= ======= ======= =======
Total return............................................ 5.90%(b) 10.61% 10.77% (23.67)% (18.34)% 7.62%
Ratios/Supplemental data:
Net assets, end of period (in 000's)................. $34,492 $33,152 $29,347 $27,387 $35,037 $40,931
Ratio of expenses to average net assets.............. 1.50%(c) 1.50% 1.50% 1.50% 1.50% 1.50%
Ratio of net investment income (loss) to average net
assets.............................................. 1.20%(c) (0.01)% 0.05% (0.26)% (0.51)% (0.59)%
Portfolio turnover (a)................................ 3%(b) 8% 8% 13% 19% 9%

(a)Represents portfolio turnover for the Index Portfolio.
(b)Not annualized.
(c)Annualized.

See Notes to Financial Statements

GREEN CENTURY BALANCED FUND
GREEN CENTURY EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
(unaudited)

NOTE 1 -- Organization and Significant Accounting Policies
Green Century Funds (the "Trust") is a Massachusetts business trust which
offers two separate series, the Green Century Balanced Fund (the "Balanced
Fund") and the Green Century Equity Fund (the "Equity Fund"). The Trust is
registered under the Investment Company Act of 1940, as amended (the "Act"), as
an open-end management investment company. The Trust accounts separately for
the assets, liabilities and operations of each series. The Balanced Fund
commenced operations on March 18, 1992 and the Equity Fund commenced operations
on September 13, 1995.
The Equity Fund invests substantially all of its assets in the Domini Social
Index Portfolio (the "Index Portfolio"), an open-end, diversified management
investment company having the same investment objective as the Fund. The Equity
Fund accounts for its investment in the Index Portfolio as a partnership
investment and records its share of the Index Portfolio's income, expenses and
realized and unrealized gains and losses daily. The value of such investment
reflects the Fund's proportionate interest in the net assets of the Index
Portfolio (2.12% at January 31, 2005). The financial statements of the Index
Portfolio are included elsewhere in this report and should be read in
conjunction with the Equity Fund's financial statements.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America 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. The following is a summary of the Trust's significant
accounting policies:
(A)Balanced Fund Investment Valuation: Equity securities listed on
national securities exchanges other than NASDAQ are valued at last sale
price. If a last sale price is not available, securities listed on
national exchanges other than NASDAQ are valued at the mean between the
closing bid and closing ask prices. NASDAQ National Market(R) and
SmallCap/SM/ securities are valued at the NASDAQ Official Closing Price
("NOCP"). The NOCP is based on the last traded price if it falls within
the concurrent best bid and ask prices and is normalized pursuant to
NASDAQ's published procedures if it falls outside this range. If an 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 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
short-term obligations maturing in sixty days or less) are valued on the
basis of valuations furnished by a 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, since such valuations are
believed to reflect more accurately the fair value of the securities.
Securities, if any, for which there are no such valuations or quotations
available, or for which the market quotation is not reliable, are valued
at fair value by management as determined in good faith under guidelines
established by the Trustees. Short-term obligations maturing in sixty
days or less are valued at amortized cost, which approximates market
value.

GREEN CENTURY BALANCED FUND
GREEN CENTURY EQUITY FUND
NOTES TO FINANCIAL STATEMENTS -- (continued)

Equity Fund Investment Valuation: The Equity Fund records its
investment in the Index Portfolio at fair value. Valuation of securities
held by the Index Portfolio is discussed in Note 1 of the Index
Portfolio's Notes to Financial Statements which are included elsewhere
in this report.
(B)Balanced Fund 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.
Equity Fund Securities Transactions, Investment Income and
Expenses: The Equity Fund records daily its proportionate share of the
Index Portfolio's income, expenses and realized and unrealized gains and
losses. In addition, the Fund accrues its own expenses.
(C)Options Transactions: The Balanced Fund may utilize options to hedge or
protect from adverse movements in the market values of its portfolio
securities and to enhance return. The use of options may involve risks
such as the possibility of illiquid markets or imperfect correlation
between the value of the option and the underlying securities.
The Balanced Fund may write put or call options. Premiums received upon
writing put or call options are recorded as an asset with a
corresponding liability which is subsequently adjusted to the current
market value of the option. Changes between the initial premiums
received and the current market value of the options are recorded as
unrealized gains or losses. When an option is closed, expired or
exercised, a gain or loss is realized and the liability is eliminated.
The Balanced Fund continues to bear the risk of adverse movements in the
price of the underlying assets during the period of the option, although
any potential loss during the period would be reduced by the amount of
the option premium received. As required by the Act, liquid securities
are designated as collateral in an amount equal to the market value of
open options contracts.
(D)Repurchase Agreements: The Balanced Fund may enter into repurchase
agreements with selected banks or broker-dealers that are deemed by the
Balanced Fund's adviser to be creditworthy pursuant to guidelines
established by the Board of Trustees. Each repurchase agreement is
recorded at cost, which approximates fair value. The Balanced Fund
requires that the market value of collateral, represented by securities
(primarily U.S. Government securities), be sufficient to cover payments
of interest and principal and that the collateral be maintained in a
segregated account with a custodian bank in a manner sufficient to
enable the Balanced Fund to obtain those securities in the event of a
default of the counterparty. In the event of default or bankruptcy by
the counterparty to the repurchase agreement, retention of the
collateral may be subject to legal proceedings.
(E)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 accounting principles
generally accepted in the United States of America.

GREEN CENTURY BALANCED FUND
GREEN CENTURY EQUITY FUND
NOTES TO FINANCIAL STATEMENTS -- (continued)

To the extent that these differences are attributable to permanent book
and tax accounting differences, the components of net assets have been
adjusted.
(F)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. Accordingly, no provisions for Federal income or
excise tax are necessary.
(G)Redemption Fee: A 2.00% redemption fee is retained by the Funds to
offset the effect of transaction costs and other expenses associated
with short-term investing. The fee is imposed on redemptions or
exchanges of shares held 60 days or less from their purchase date. For
the six months ended January 31, 2005, the Balanced Fund and Equity Fund
received $1,775 and $246, respectively, in redemption fees.

NOTE 2 -- Transactions With Affiliates
(A)Investment Adviser: Green Century Capital Management, Inc. ("Green
Century") is the adviser ("the Adviser") for the Balanced Fund and
oversees the portfolio management of the Balanced Fund on a day-to-day
basis. For these services, Green Century receives a fee, accrued daily
and paid monthly, at an annual rate equal to 0.75% of the Balanced
Fund's average daily net assets.
(B)Subadviser: Winslow Management Company ("Winslow"), a wholly owned
subsidiary of Adams Harkness Asset Management, Inc., and formerly a
division of Adams, Harkness & Hill, Inc., is the subadviser for the
Balanced Fund. For its services, Winslow is paid a fee by the Adviser at
an annual rate equal to 0.40% of the average daily net assets of the
Balanced Fund, subject to an adjustment up or down of 0.20% annually
based on performance. For the six months ended January 31, 2005, Green
Century accrued fees of $59,813 to Winslow.
(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, fees under the Distribution Plan,
interest, taxes, brokerage costs and other capital expenses, expenses of
non-interested trustees (including counsel fees) and any extraordinary
expenses. For these services, Green Century receives a fee from the
Balanced Fund at a rate such that immediately following any payment to
the Administrator, total operating expenses, on an annual basis, are
limited to 2.50% of the Fund's average daily net assets up to $30
million, 2.25% of the Fund's average daily net assets from $30 million
to $100 million, and 1.75% of the Fund's average daily net assets in
excess of $100 million, and receives a fee from the Equity Fund at a
rate such that immediately following any payment to the Administrator,
the combined total operating expenses of the Fund and the Index
Portfolio (including investment advisory and distribution fees), on an
annual basis, do not exceed 1.50% of the Fund's average daily
net assets.
(D)Subadministrator: Pursuant to a Subadministrative Services Agreement
with the Administrator, UMB Fund Services, Inc. ("UMBFS") as
Subadministrator, is responsible for conducting certain day-to-day
administration of the Trust subject to the supervision and direction of
the Administrator. For the six months ended January 31, 2005, Green
Century accrued fees of $42,505 and $37,419 to UMBFS related to services
performed on behalf of the Balanced Fund and the Equity Fund,
respectively.

GREEN CENTURY BALANCED FUND
GREEN CENTURY EQUITY FUND
NOTES TO FINANCIAL STATEMENTS -- (continued)

(E)Distribution Plan: The Trust has adopted a Distribution Plan (the
"Plan") with respect to the Balanced Fund in accordance with Rule 12b-1
under the Act. The Plan provides that the Balanced Fund pay a fee to UMB
Distribution Services, LLC as distributor of shares of the Balanced
Fund, at an annual rate not to exceed 0.25% of the Balanced Fund's
average daily net assets. The fee is reimbursement for, or in
anticipation of, expenses incurred for distribution-related activities.
For the six months ended January 31, 2005, the Balanced Fund accrued and
paid $73,894 to UMB Distribution Services, LLC for services provided
pursuant to the Plan.

NOTE 3 -- Investment Transactions
The Balanced Fund's cost of purchases and proceeds from sales of securities,
other than short-term securities, aggregated $33,324,899 and $24,812,611,
respectively, for the six months ended January 31, 2005.
The Balanced Fund's activity in written options for the six months ended
January 31, 2005 was as follows:

PREMIUM CONTRACTS
--------- ---------
Options outstanding at July 31, 2004... $ 20,360 200
Options written........................ 174,542 989
Options exercised...................... -- --
Options expired........................ (104,205) (500)
Options closed......................... (87,039) (639)
--------- ----
Options outstanding at January 31, 2005 $ 3,658 50
========= ====

Additions and reductions in the Equity Fund's investment in the Index
Portfolio aggregated $1,504,633 and $2,370,421, respectively, for the six
months ended January 31, 2005.
The tax basis of the components of distributable net earnings (deficit) at
July 31, 2004 were as follows:

BALANCED FUND EQUITY FUND
------------- -----------
Undistributed ordinary income........................ $ 24,807 $ --
Accumulated loss carryforwards....................... (21,493,064) (4,236,393)
Unrealized appreciation (depreciation) on investments (200,186) 180,188
------------ -----------
Distributable net deficit............................ $(21,668,443) $(4,056,205)
============ ===========

The Balanced and Equity Funds have accumulated capital loss carryforwards of
$21,493,064 and $4,236,393, respectively, of which $12,122,834 and $0,
respectively, expire in the year 2010, $9,370,230 and $3,849,815, respectively,
expire in the year 2011 and $0 and $386,578, respectively, expire in the year
2012. To the extent that either Fund realizes future net capital gains, those
gains will be offset by any unused capital loss carryforwards. The Balanced
Fund utilized $6,708,180 of its capital loss carryforwards during the year
ended July 31, 2004.

GREEN CENTURY BALANCED FUND
GREEN CENTURY EQUITY FUND
NOTES TO FINANCIAL STATEMENTS -- (concluded)

The tax character of distributions paid during the fiscal years ended July
31, 2004 and 2003 were as follows:

BALANCED FUND EQUITY FUND
--------------------------- ---------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
JULY 31, 2004 JULY 31, 2003 JULY 31, 2004 JULY 31, 2003

Ordinary income........ $480,216 $590,425 $26,089 --
Long-term capital gains -- -- -- --

NOTE 4 -- Capital Share Transactions
Capital share transactions for the Balanced Fund and the Equity Fund were as
follows:

BALANCED FUND EQUITY FUND
------------------------------ ---------------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JANUARY 31, 2005 JULY 31, 2004 JANUARY 31, 2005 JULY 31, 2004

Shares sold.............. 1,088,232 2,504,710 82,457 243,172
Reinvestment of dividends 6,673 29,281 9,303 1,396
Shares redeemed.......... (477,396) (4,100,707) (114,364) (205,364)
--------- ---------- -------- --------
617,509 (1,566,716) (22,604) 39,204
========= ========== ======== ========

DOMINI SOCIAL INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS

January 31, 2005
(unaudited)

SHARES VALUE

Consumer Discretionary -- 14.9%
American Greetings Corporation,
Class A........................ 19,100 $ 461,074
AutoZone, Inc. (a).............. 23,331 2,082,292
Bandag, Inc..................... 2,400 116,160
Bassett Furniture Industries.... 3,000 56,550
Black & Decker Corp............. 22,400 1,845,760
Bed Bath & Beyond Inc. (a)...... 81,900 3,299,751
Bob Evans Farms, Inc............ 9,300 226,548
Centex Corporation.............. 35,200 2,158,112
Champion Enterprises, Inc. (a).. 23,300 251,407
Charming Shoppes, Inc. (a)...... 29,400 244,020
Circuit City Stores, Inc........ 60,900 872,088
Claire's Stores, Inc............ 27,000 557,010
Comcast Corporation, Class A (a) 374,958 12,069,898
Cooper Tire and Rubber
Company........................ 22,500 486,225
Dana Corporation................ 39,500 626,865
Darden Restaurants, Inc......... 44,200 1,306,552
Delphi Automotive Systems
Corporation....................152,500 1,157,475
Disney (Walt) Company (The)..... 571,900 16,373,497
Dollar General Corporation...... 94,451 1,908,855
Dow Jones & Company............. 17,400 663,288
eBay Inc. (a)................... 184,486 15,035,609
Emmis Communications
Corporation, Class A (a)....... 15,200 267,064
Family Dollar Stores Inc........ 47,000 1,572,150
Fleetwood Enterprises, Inc. (a). 17,400 152,772
Foot Locker, Inc................ 39,200 1,055,264
Gaiam, Inc. (a)................. 2,200 12,166
Gap Inc......................... 251,587 5,537,430
Genuine Parts Company........... 49,600 2,099,568
Harley-Davidson, Inc............ 83,200 5,001,152
Harman International Industries,
Inc............................ 18,620 2,265,123
Hartmarx Corporation (a)........ 8,500 72,675
Home Depot, Inc. (The).......... 620,006 25,581,448
Horton (D.R.), Inc.............. 66,200 2,633,436
Interface, Inc., Class A (a).... 11,400 107,502
Johnson Controls, Inc........... 52,700 3,117,732
KB Home......................... 13,300 1,445,045
Lee Enterprises, Inc............ 11,000 490,050
Leggett & Platt, Incorporated... 54,700 1,558,950
Limited Brands.................. 109,530 2,595,861
Liz Claiborne, Inc.............. 30,000 1,258,200

SHARES VALUE

Consumer Discretionary -- (continued)
Lowe's Companies, Inc................ 217,300 $ 12,383,927
Mattel, Inc.......................... 114,385 2,224,788
May Department Stores Company........ 80,800 2,739,120
Maytag Corporation................... 22,600 355,046
McDonald's Corporation............... 348,000 11,271,720
McGraw-Hill Companies................ 54,000 4,887,000
Media General, Inc., Class A......... 6,800 434,996
Men's Wearhouse, Inc. (a)............ 10,600 352,662
Meredith Corporation................. 11,700 561,951
Modine Manufacturing Company......... 8,700 274,311
New York Times Company,
Class A............................. 41,800 1,625,184
Newell Rubbermaid, Inc............... 77,178 1,660,871
Nordstrom, Inc....................... 38,700 1,867,275
Omnicom Group, Inc................... 52,700 4,473,703
Oshkosh B'Gosh, Inc., Class A........ 2,700 52,515
Penney (J.C.) Company, Inc........... 78,700 3,362,064
Pep Boys -- Manny, Moe &Jack......... 14,000 241,080
Phillips-Van Heusen Corporation...... 7,200 195,912
Pixar (a)............................ 15,700 1,368,569
Pulte Homes, Inc..................... 35,000 2,312,800
Radio One, Inc. (a).................. 5,800 90,480
RadioShack Corporation............... 44,300 1,467,216
Reebok International Ltd............. 15,800 703,574
Ruby Tuesday, Inc.................... 19,200 488,448
Russell Corporation.................. 8,300 149,400
Scholastic Corporation (a)........... 9,700 332,225
Scripps (E.W.) Company (The),
Class A............................. 35,200 1,631,872
Sears, Roebuck and Co................ 58,800 2,954,700
Snap-On Incorporated................. 15,050 498,306
Spartan Motors, Inc.................. 3,100 34,286
Stanley Works........................ 23,600 1,122,416
Staples, Inc......................... 140,323 4,594,175
Starbucks Corporation (a)............ 111,200 6,004,800
Stride Rite Corporation.............. 10,800 132,192
Target Corporation................... 252,500 12,819,425
Timberland Company (The) (a)......... 8,800 578,512
Time Warner, Inc. (a)................ 1,227,900 22,102,200
TJX Companies, Inc................... 142,300 3,563,192
Toys 'R' Us, Inc. (a)................ 60,520 1,298,154
Tribune Company...................... 88,656 3,544,467
Tupperware Corporation............... 15,000 301,650
Univision Communications, Inc.,
Class A (a)......................... 71,000 1,939,010

PORTFOLIO OF INVESTMENTS -- (continued)

January 31, 2005
(unaudited)

SHARES VALUE

Consumer Discretionary -- (continued)
Valassis Communications Inc. (a)..... 13,600 $ 461,720
Value Line, Inc...................... 2,600 108,576
Visteon Corporation.................. 34,000 252,280
Washington Post Company,
Class B............................. 2,200 2,011,900
Wendy's International, Inc........... 32,100 1,258,961
Whirlpool Corporation................ 18,500 1,262,809
--------------
242,975,064
--------------
Consumer Staples -- 12.6%
Alberto-Culver Company, Class B...... 26,050 1,413,213
Albertson's, Inc..................... 102,700 2,349,776
Avon Products, Inc................... 133,200 5,623,704
Campbell Soup Company................ 114,100 3,345,412
Church & Dwight Co., Inc............. 17,700 609,411
Clorox Company....................... 60,000 3,565,200
Coca-Cola Company.................... 682,000 28,296,180
Colgate-Palmolive Company............ 148,200 7,786,428
Costco Wholesale Corporation......... 128,730 6,085,067
CVS Corporation...................... 111,100 5,149,485
Estee Lauder Companies, Inc. (The),
Class A............................. 34,400 1,552,816
General Mills Incorporated........... 106,300 5,632,837
Gillette Company..................... 277,238 14,061,511
Green Mountain Coffee, Inc. (a)...... 1,800 44,010
Hain Celestial Group, Inc.
(The) (a)........................... 8,700 175,044
Heinz (H.J.) Company................. 97,600 3,690,256
Hershey Foods Corporation............ 55,800 3,263,742
Kellogg Company...................... 115,400 5,151,456
Kimberly-Clark Corporation........... 134,664 8,821,839
Kroger Company (a)................... 206,100 3,524,310
Longs Drug Stores Corporation........ 9,900 259,974
McCormick & Company, Inc............. 33,800 1,256,346
Nature's Sunshine Products, Inc...... 4,200 84,210
PepsiAmericas, Inc................... 39,000 828,750
PepsiCo, Inc......................... 472,570 25,377,009
Procter & Gamble Company............. 708,800 37,729,424
Safeway Inc. (a)..................... 123,000 2,318,550
Smucker (J.M.) Company............... 16,805 783,953
SUPERVALU, Inc....................... 36,900 1,166,409
Sysco Corporation.................... 178,600 6,245,642
Tootsie Roll Industries, Inc......... 9,649 310,408
United Natural Foods, Inc. (a)....... 10,000 316,100
Walgreen Company..................... 283,100 12,062,891
Whole Foods Market, Inc.............. 17,200 1,538,024

SHARES VALUE

Consumer Staples -- (continued)
Wild Oats Markets, Inc. (a)...... 6,550 $ 47,488
Wrigley (Wm.) Jr. Company........ 51,300 3,611,007
--------------
204,077,882
--------------
Energy -- 1.8%
Anadarko Petroleum Corporation... 69,885 4,627,086
Apache Corporation............... 91,924 5,002,504
Cooper Cameron Corp. (a)......... 15,600 879,996
Devon Energy Corporation......... 134,344 5,463,770
EOG Resources, Inc............... 32,800 2,435,400
Helmerich & Payne, Inc........... 13,000 492,700
Kinder Morgan, Inc............... 34,400 2,581,376
Noble Energy, Inc................ 16,300 964,471
Pioneer Natural Resources
Company......................... 40,100 1,539,439
Rowan Companies, Inc. (a)........ 29,200 822,272
Sunoco, Inc...................... 21,100 1,846,039
Williams Companies, Inc.......... 147,500 2,479,475
--------------
29,134,528
--------------
Financials -- 23.4%
AFLAC, Inc....................... 141,300 5,582,763
Allied Capital Corporation....... 36,100 924,521
AMBAC Financial Group, Inc....... 29,900 2,298,712
American Express Company......... 353,800 18,875,230
American International Group,
Inc.............................726,376 48,151,465
AmSouth Bancorporation........... 97,800 2,439,132
BB&T Corporation................. 152,900 6,034,963
Capital One Financial Corporation 67,500 5,283,900
Cathay General Bancorp........... 12,990 471,927
Chittenden Corporation........... 13,220 358,394
Chubb Corporation................ 53,600 3,992,128
Cincinnati Financial Corporation. 47,274 2,085,729
Comerica Incorporated............ 48,500 2,806,210
Edwards (A.G.), Inc.............. 22,887 976,359
Fannie Mae....................... 270,165 17,447,256
Fifth Third Bancorp.............. 162,411 7,547,239
First Horizon National
Corporation..................... 34,400 1,464,408
FirstFed Financial Corp. (a)..... 4,500 239,400
Franklin Resources, Inc.......... 69,500 4,716,270
Freddie Mac...................... 190,400 12,431,216
GATX Corporation................. 12,600 375,228
General Growth Properties, Inc... 61,900 1,966,563

PORTFOLIO OF INVESTMENTS -- (continued)

January 31, 2005
(unaudited)

SHARES VALUE

Financials -- (continued)
Golden West Financial............. 85,600 $ 5,531,472
Hartford Financial Services Group
(The)............................ 81,700 5,497,593
Heartland Financial USA, Inc...... 4,200 88,494
Janus Capital Group Inc........... 68,026 1,008,826
Jefferson-Pilot Corporation....... 39,325 1,962,318
KeyCorp........................... 113,400 3,789,828
Lincoln National Corporation...... 49,800 2,297,772
Marsh & McLennan Companies,
Inc............................. 144,700 4,702,750
MBIA, Inc......................... 40,600 2,425,444
MBNA Corporation.................. 356,675 9,480,422
Medallion Financial Corp.......... 4,300 39,861
Mellon Financial Corporation...... 118,600 3,480,910
Merrill Lynch & Co., Inc.......... 259,060 15,561,734
MGIC Investment Corporation....... 27,600 1,763,640
Moody's Corporation............... 41,300 3,460,114
Morgan (J.P.) Chase & Co.......... 993,212 37,076,604
National City Corporation......... 182,800 6,498,540
Northern Trust Corporation........ 61,200 2,670,768
PNC Financial Services Group...... 78,700 4,239,569
Progressive Corporation (The)..... 56,000 4,684,400
Providian Financial
Corporation (a).................. 82,200 1,371,096
SAFECO Corporation................ 39,500 1,828,850
Schwab (Charles) Corporation...... 384,400 4,320,656
SLM Corporation................... 121,400 6,093,066
Sovereign Bancorp, Inc............ 96,000 2,183,040
St. Paul Travelers Companies, Inc.
(The)............................186,764 7,011,121
State Street Corporation.......... 94,300 4,225,583
SunTrust Banks, Inc............... 100,100 7,209,202
Synovus Financial Corporation..... 87,450 2,372,519
U.S. Bancorp...................... 523,721 15,737,816
UnumProvident Corporation......... 80,900 1,389,053
Wachovia Corporation.............. 447,943 24,569,674
Wainwright Bank & Trust
Company.......................... 2,500 30,725
Washington Mutual, Inc............ 243,904 9,841,525
Wells Fargo & Company............. 470,706 28,854,277
Wesco Financial Corporation....... 1,900 722,000
---------------
380,490,275
---------------

SHARES VALUE

Health Care -- 12.9%
Affymetrix, Inc. (a).............. 16,700 $ 687,372
Allergan, Inc..................... 36,105 2,742,175
Amgen, Inc. (a)................... 353,200 21,983,168
Bard (C.R.), Inc.................. 28,400 1,925,520
Bausch &Lomb Incorporated......... 15,300 1,115,217
Baxter International, Inc......... 171,800 5,799,968
Becton Dickinson and Company...... 70,100 3,971,165
Biogen Idec Inc. (a).............. 93,250 6,057,520
Biomet, Inc....................... 71,100 3,020,328
Boston Scientific Corporation (a). 232,500 7,686,450
CIGNA Corporation................. 39,300 3,153,825
Cross Country Healthcare, Inc. (a) 8,600 142,416
Forest Laboratories, Inc. (a)..... 103,600 4,302,508
Genzyme Corporation (a)........... 63,500 3,696,335
Guidant Corporation............... 88,538 6,418,120
Hillenbrand Industries, Inc....... 17,000 923,610
Humana, Inc. (a).................. 42,900 1,470,183
IMS Health, Inc................... 66,813 1,562,088
Invacare Corporation.............. 7,700 358,358
Invitrogen Corporation (a)........ 14,500 996,295
Johnson & Johnson................. 827,370 53,530,839
King Pharmaceuticals Inc. (a)..... 66,200 695,762
Manor Care, Inc................... 24,700 853,385
McKesson HBOC, Inc................ 81,320 2,804,727
MedImmune, Inc. (a)............... 69,800 1,651,119
Medtronic, Inc.................... 337,100 17,694,379
Merck & Co., Inc.................. 619,100 17,365,755
Millipore Corporation (a)......... 13,700 596,361
Mylan Laboratories, Inc........... 75,475 1,255,149
St. Jude Medical, Inc. (a)........ 98,400 3,865,152
Stryker Corporation............... 112,800 5,542,992
Synovis Life Technologies,
Inc. (a)......................... 2,600 26,494
Thermo Electron Corporation (a)... 47,100 1,410,174
UnitedHealth Group Incorporated... 185,230 16,466,947
Waters Corporation (a)............ 33,400 1,639,272
Watson Pharmaceuticals (a)........ 29,200 871,035
Zimmer Holdings, Inc. (a)......... 68,200 5,377,570
--------------
209,659,733
--------------
Industrials -- 6.2%
3M Company........................ 218,700 18,449,532
Alaska Air Group, Inc. (a)........ 6,900 205,551

PORTFOLIO OF INVESTMENTS -- (continued)

January 31, 2005
(unaudited)

SHARES VALUE

Industrials -- (continued)
American Power Conversion........ 57,700 $ 1,227,279
AMR Corporation (a).............. 44,400 381,840
Apogee Enterprises, Inc.......... 7,400 98,938
Ault, Inc. (a)................... 1,200 3,252
Avery Dennison Corporation....... 31,500 1,892,835
Baldor Electric Company.......... 8,800 246,664
Banta Corporation................ 6,550 283,681
Brady Corporation, Class A....... 11,000 312,290
Bright Horizons Family Solutions,
Inc. (a)........................ 3,200 187,520
CLARCOR, Inc..................... 6,450 351,332
Cooper Industries, Inc., Class A. 26,300 1,827,850
Cross (A.T.) Company (a)......... 3,800 19,798
Cummins, Inc..................... 12,100 939,807
Deere & Company.................. 69,400 4,818,442
Delta Air Lines, Inc. (a)........ 32,000 172,480
Deluxe Corporation............... 13,100 501,337
DeVry, Inc. (a).................. 18,100 321,094
Donaldson Company, Inc........... 25,400 791,972
Donnelley (R.R.) & Sons Company.. 61,500 2,057,175
Emerson Electric Company......... 118,000 7,934,320
Fastenal Company................. 21,400 1,286,782
FedEx Corporation................ 83,700 8,005,905
Graco, Inc....................... 18,552 661,379
Grainger (W.W.), Inc............. 26,000 1,591,460
Granite Construction
Incorporated.................... 10,625 264,563
Harland (John H.) Company........ 7,600 276,640
Herman Miller, Inc............... 19,300 515,696
HNI Corporation.................. 17,100 689,985
Hubbell Incorporated, Class B.... 15,160 750,723
Ikon Office Solutions............ 38,800 417,100
Illinois Tool Works, Inc......... 83,400 7,254,132
Ionics, Inc. (a)................. 6,200 271,932
JetBlue Airways Corporation (a).. 27,300 540,267
Kadant Inc. (a).................. 3,700 71,410
Kansas City Southern Industries,
Inc. (a)........................ 15,700 274,122
Kelly Services, Inc.............. 8,475 246,623
Lawson Products, Inc............. 2,500 124,650
Lincoln Electric Holdings, Inc... 11,000 353,650
Masco Corporation................ 124,300 4,574,240
Milacron, Inc. (a)............... 12,633 40,047
Monster Worldwide, Inc. (a)...... 32,900 1,029,441
Nordson Corporation.............. 10,500 395,115

SHARES VALUE

Industrials -- (continued)
Norfolk Southern Corporation........ 109,200 $ 3,813,264
Pitney Bowes, Inc................... 64,900 2,903,626
Robert Half International, Inc...... 48,400 1,468,456
Ryder System, Inc................... 18,000 819,900
Smith (A.O.) Corporation............ 5,200 140,972
Southwest Airlines Co............... 219,162 3,173,466
SPX Corporation..................... 20,830 872,777
Standard Register Company........... 6,000 74,940
Steelcase, Inc...................... 15,500 211,110
Tennant Company..................... 2,300 89,033
Thomas & Betts Corporation (a)...... 15,100 441,071
Thomas Industries, Inc.............. 4,000 155,960
Toro Company........................ 6,400 532,800
Trex Company, Inc. (a).............. 3,700 181,484
United Parcel Service, Inc., Class B 159,233 11,891,519
Yellow Roadway Corporation (a)...... 14,180 802,871
--------------
100,234,100
--------------
Information Technology -- 20.7%
3Com Corporation (a)................ 103,000 378,010
Adaptec, Inc. (a)................... 27,400 164,400
ADC Telecommunications, Inc. (a).... 234,000 601,380
Advanced Micro Devices, Inc. (a).... 98,300 1,553,140
Advent Software, Inc. (a)........... 8,500 163,625
Analog Devices, Inc................. 105,500 3,786,395
Andrew Corporation (a).............. 43,800 572,028
Apple Computer, Inc. (a)............ 106,100 8,159,090
Applied Materials, Inc. (a)......... 472,400 7,511,160
Arrow Electronics, Inc. (a)......... 31,600 746,076
Autodesk, Inc....................... 64,000 1,879,680
Automatic Data Processing, Inc...... 165,074 7,177,418
BMC Software, Inc. (a).............. 60,800 1,023,264
Borland Software Corporation (a).... 21,100 181,038
CDW Corporation..................... 23,400 1,368,900
Ceridian Corporation (a)............ 39,700 702,690
Cisco Systems, Inc. (a)............. 1,885,430 34,013,157
Coherent, Inc. (a).................. 7,700 231,000
Compuware Corporation (a)........... 109,800 757,620
Convergys Corporation (a)........... 42,000 600,180
Dell Inc. (a)....................... 703,700 29,386,512
Dionex Corporation (a).............. 5,600 331,464
Electronic Arts Inc. (a)............ 84,400 5,430,296
Electronic Data Systems
Corporation........................ 142,100 3,043,782
EMC Corporation (a)................. 675,800 8,852,980

PORTFOLIO OF INVESTMENTS -- (continued)

January 31, 2005
(unaudited)

SHARES VALUE

Information Technology -- (continued)
Entegris, Inc. (a)................... 19,000 $ 168,910
Gerber Scientific, Inc. (a).......... 5,700 41,154
Hewlett-Packard Company.............. 851,110 16,673,245
Hutchinson Technology
Incorporated (a).................... 6,500 229,450
Imation Corporation.................. 9,100 313,859
Intel Corporation.................... 1,788,600 40,154,070
Lexmark International Group, Inc. (a) 35,600 2,967,260
LSI Logic Corporation (a)............ 104,200 636,662
Lucent Technologies, Inc. (a)........ 1,206,292 3,932,512
Merix Corporation (a)................ 3,750 34,575
Micron Technology, Inc. (a).......... 169,400 1,763,454
Microsoft Corporation................ 3,030,000 79,628,400
Molex Incorporated................... 27,646 793,993
National Semiconductor
Corporation......................... 99,400 1,682,842
Novell, Inc. (a)..................... 108,100 623,737
Novellus Systems, Inc. (a)........... 38,300 1,001,545
palmOne, Inc. (a).................... 13,904 359,766
Paychex, Inc......................... 104,600 3,189,254
Plantronics Inc...................... 13,400 498,614
Polycom, Inc. (a).................... 29,400 508,032
Qualcomm, Inc........................ 454,300 16,918,132
Red Hat, Inc. (a).................... 53,700 582,645
Sapient Corporation (a).............. 32,800 258,464
Scientific-Atlanta, Inc.............. 42,900 1,300,299
Solectron Corporation (a)............ 262,000 1,302,140
Sun Microsystems, Inc. (a)........... 931,700 4,062,212
Symantec Corporation (a)............. 176,200 4,114,270
Tektronix, Inc....................... 26,900 775,258
Tellabs, Inc. (a).................... 132,700 944,824
Texas Instruments, Inc............... 478,400 11,103,664
Xerox Corporation (a)................ 266,200 4,227,256
Xilinx, Inc.......................... 98,200 2,866,458
Yahoo! Inc. (a)...................... 379,060 13,346,703
--------------
335,618,944
--------------
Materials -- 1.7%
Air Products & Chemicals, Inc........ 63,100 3,717,221
Airgas, Inc.......................... 21,600 508,032
Aleris International, Inc. (a)....... 3,800 63,764
Bemis Company, Inc................... 30,400 881,600
Cabot Corporation.................... 17,900 626,500
Calgon Carbon Corporation............ 10,100 92,920
Caraustar Industries, Inc. (a)....... 7,200 97,200

SHARES VALUE

Materials -- (continued)
Crown Holdings, Inc. (a).......... 48,900 $ 659,661
Ecolab, Inc....................... 71,900 2,419,435
Engelhard Corporation............. 33,500 1,006,675
Fuller (H.B.) Company............. 7,300 194,691
Lubrizol Corporation.............. 18,100 652,143
MeadWestvaco Corp................. 56,712 1,638,410
Minerals Technologies, Inc........ 5,300 331,144
Nucor Corporation................. 44,900 2,521,584
Praxair, Inc...................... 90,200 3,892,130
Rock-Tenn Company, Class A........ 9,000 124,830
Rohm &Haas Company................ 62,787 2,777,697
Schnitzer Steel Industries, Inc.,
Class A.......................... 5,800 199,810
Sealed Air Corporation (a)........ 23,000 1,179,900
Sigma-Aldrich Corporation......... 19,900 1,250,715
Sonoco Products Company........... 28,745 746,220
Valspar Corporation............... 15,000 735,000
Wausau-Mosinee Paper
Corporation...................... 15,700 232,674
Wellman, Inc...................... 8,200 86,100
Worthington Industries, Inc....... 22,200 454,656
--------------
27,090,712
--------------
Telecommunication Services -- 4.8%
AT&T Corporation.................. 219,216 4,206,755
BellSouth Corporation............. 506,200 13,282,688
Citizens Communications
Company.......................... 83,867 1,131,366
SBC Communications, Inc........... 923,928 21,952,529
Sprint Corp. -- FON Group......... 393,600 9,379,488
Telephone and Data Systems, Inc... 14,500 1,193,640
Verizon Communications............ 772,122 27,479,822
--------------
78,626,288
--------------
Utilities -- 0.7%
AGL Resources, Inc................ 19,300 668,745
Cascade Natural Gas Corporation... 2,900 59,276
Cleco Corporation................. 12,200 240,706
Energen Corporation............... 9,700 568,808
Equitable Resources, Inc.......... 17,900 1,021,016
IDACORP, Inc...................... 9,700 293,813
KeySpan Corporation............... 45,200 1,784,044
MGE Energy, Inc................... 4,400 158,004
National Fuel Gas Company......... 21,800 614,760
NICOR, Inc........................ 11,400 420,888

PORTFOLIO OF INVESTMENTS -- (concluded)

January 31, 2005
(unaudited)

SHARES VALUE

Utilities -- (continued)
NiSource, Inc................ 73,647 $ 1,686,516
Northwest Natural Gas Company 6,500 220,675
OGE Energy Corporation....... 22,900 598,835
Peoples Energy Corporation... 10,900 466,847
Pepco Holdings, Inc.......... 47,500 1,037,875
Questar Corporation.......... 23,100 1,173,480
Southern Union Company (a)... 20,206 471,204
WGL Holdings................. 12,600 382,536
--------------
11,868,028
--------------
TOTAL INVESTMENTS -- 99.7%
(Cost $1,478,253,796) (b).. $1,619,775,554
Other Assets, Less
Liabilities -- 0.3%......... 4,809,083
--------------
NET ASSETS -- 100.0%......... $1,624,584,637
==============

- --------
(a)Non-income producing security.
(b)The aggregate cost for federal income tax purposes is $1,575,062,602, the
aggregate gross unrealized appreciation is $300,611,847, and the aggregate
gross unrealized depreciation is $255,898,895, resulting in net unrealized
appreciation of $44,712,952.

Copyright in the Domini 400 Social Index/SM/ is owned by KLD Research &
Analytics, Inc., and the Index is reproduced here by permission. No portion of
the Index may be reproduced or distributed by any means or in any medium
without the express written consent of the copyright owner.

See Notes to Financial Statements

DOMINI SOCIAL INDEX PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES

January 31, 2005
(unaudited)

ASSETS:
Investments at value (Cost $1,478,253,796).............. $1,619,775,554
Cash.................................................... 3,226,984
Dividends receivable.................................... 2,124,827
--------------
Total assets......................................... 1,625,127,365
--------------
LIABILITIES:
Management fee payable (Note 2)......................... 281,013
Other accrued expenses.................................. 261,715
--------------
Total liabilities.................................... 542,728
--------------
NET ASSETS APPLICABLE TO INVESTORS' BENEFICIAL INTERESTS $1,624,584,637
==============

STATEMENT OF OPERATIONS

For the six months ended January 31, 2005
(unaudited)

INVESTMENT INCOME:
Dividends............................................. $ 21,539,516
EXPENSES:
Management fee (Note 2)............................... $ 1,598,166
Custody fees (Note 3)................................. 116,811
Professional fees..................................... 22,227
Trustees fees......................................... 51,397
Miscellaneous......................................... 104,533
-------------
Total expenses........................................ 1,893,134
Fees paid indirectly (Note 3)..................... (42,627)
-------------
Net expenses................................... 1,850,507
-------------
NET INVESTMENT INCOME................................. 19,689,009
NET REALIZED LOSS ON INVESTMENTS:
Proceeds from sales................................... $ 50,152,058
Cost of securities sold............................... (52,657,409)
-------------
Net realized loss on investments...................... (2,505,351)
NET CHANGES IN UNREALIZED APPRECIATION OF INVESTMENTS:
Beginning of period................................ $57,948,649
End of period...................................... 141,521,758
-------------
Net change in unrealized appreciation........... 83,573,109
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.. $100,756,767
=============

See Notes to Financial Statements

DOMINI SOCIAL INDEX PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS

FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2005 JULY 31, 2004

INCREASE IN NET ASSETS
From Operations:
Net investment income............. $ 19,689,009 $ 18,456,783
Net realized loss on investments.. (2,505,351) (22,378,148)
Net change in unrealized
appreciation of investments..... 83,573,109 162,852,493
-------------- --------------
Net Increase in Net Assets
Resulting from Operations....... 100,756,767 158,931,128
-------------- --------------
Transactions in Investors' Beneficial Interest:

Additions............................ 137,927,127 318,907,730

Reductions........................... (141,012,928) (269,267,844)
-------------- --------------
Net Increase/(Decrease) in
Net Assets from Transactions
in Investors' Beneficial
Interests....................... (3,085,801) 49,639,886
-------------- --------------
Total Increase in Net Assets......... 97,670,966 208,571,014
NET ASSETS:
Beginning of period............... 1,526,913,671 1,318,342,657
-------------- --------------
End of period..................... $1,624,584,637 $1,526,913,671
============== ==============

FINANCIAL HIGHLIGHTS

FOR THE SIX
MONTHS ENDED
JANUARY 31, FOR THE YEARS ENDED JULY 31,
2005 ------------------------------------------------------
(UNAUDITED) 2004 2003 2002 2001 2000

Net assets (in millions)......... $1,625 $1,527 $1,318 $ 1,239 $ 1,729 $1,974
Total return..................... 6.56% 12.01% 12.13% (22.71)% (17.28)% 8.94%
Ratio of net investment income to
average net assets
(annualized).................... 2.46% 1.25% 1.32% 1.02% 0.78% 0.70%
Ratio of expenses to average net
assets (annualized)............. 0.23%(2) 0.24%(2) 0.23%(1)(2) 0.22%(2) 0.22%(2) 0.24%(1)(2)
Portfolio turnover rate.......... 3% 8% 8% 13% 19% 9%

(1)Reflects an expense reimbursement and fee waiver by the Manager of 0.01% and
0.002% for the years ended July 31, 2003 and 2000, respectively. Had the
Manager not waived its fee and reimbursed expenses, the ratio of expenses to
average net assets would have been 0.24% and 0.24% for the years ended July
31, 2003 and 2000, respectively.
(2)Ratio of expenses to average net assets includes indirectly paid expenses.
Excluding indirectly paid expenses, the expense ratios would have been
0.24%, 0.24%, 0.23%, 0.22%, 0.21%, and 0.21%, for the six months ended
January 31, 2005, and for the years ended July 31, 2004, 2003, 2002, 2001,
and 2000, respectively.

See Notes to Financial Statements

DOMINI SOCIAL INDEX PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
JANUARY 31, 2005
(UNAUDITED)

1. Organization and Significant Accounting Policies
Domini Social Index Portfolio is registered under the Investment Company Act
of 1940 as a diversified, open-end management investment company that was
organized as a trust under the laws of the State of New York on June 7, 1989.
The Portfolio intends to correlate its investment portfolio as closely as is
practicable with the Domini 400 Social Index,SM which is a common stock index
developed and maintained by KLD Research & Analytics, Inc. The Declaration of
Trust permits the Trustees to issue an unlimited number of beneficial interests
in the Portfolio. The Portfolio commenced operations effective on August 10,
1990, and began investment operations on June 3, 1991.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America 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. The following is a summary of the Portfolio's significant
accounting policies.
(A)Valuation of Investments. The Portfolio values securities listed or
traded on national securities exchanges at the last sale price or, if
there have been no sales that day, at the mean of the current bid and
ask price which represents the current value of the security. Securities
listed on the NASDAQ National Market System are valued using the NASDAQ
Official Closing Price (NOCP). If an NOCP is not available for a
security listed on the NASDAQ National Market System, the security will
be valued at the last sale price or, if there have been no sales that
day, at the mean of the current bid and ask price. Portfolio securities
for which there are no such quotations or valuations are valued at fair
value as determined in good faith by or at the direction of the
Portfolio's Board of Trustees.
(B)Dividend Income. Dividend income is recorded on the ex-dividend date.
(C)Federal Taxes. The Portfolio will be treated as a partnership for U.S.
federal income tax purposes and is therefore not subject to U.S. federal
income tax. As such, each investor in the Portfolio will be taxed on its
share of the Portfolio's ordinary income and capital gains. It is
intended that the Portfolio will be managed in such a way that an
investor will be able to satisfy the requirements of the Internal
Revenue Code applicable to regulated investment companies.
(D)Other. Investment transactions are accounted for on the trade date.
Gains and losses are determined on the basis of identified cost.

2. Transactions With Affiliates
(A)Manager. Domini Social Investments LLC (Domini) is registered as an
investment adviser under the Investment Advisers Act of 1940. The
services provided by Domini consist of investment supervisory services,
overall operational support, and administrative services. The
administrative services include the provision of general office
facilities and supervising the overall administration of the Portfolio.
For its services under the Management Agreement, Domini receives from
the Portfolio a fee accrued daily and paid monthly at an annual rate
equal to 0.20% of the Portfolio's average daily net assets.

(B)Submanager. SSgA Funds Management, Inc. (SSgA) provides investment
submanagement services to the Portfolio on a day-to-day basis pursuant
to a Submanagement Agreement with Domini. SSgA does not determine the
composition of the Domini 400 Social Index.SM The Index's composition is
determined by KLD Research & Analytics, Inc.

3. Investment Transactions
For the six months ended January 31, 2005, cost of purchases and proceeds
from sales of investments, other than U.S. government securities and short-term
obligations, aggregated $68,589,159 and $50,152,058, respectively. For the six
months ended January 31, 2005, custody fees of the Portfolio were reduced by
$42,627, which was compensation for uninvested cash left on deposit with the
custodian.

Semi-Annual Report

INVESTMENT ADVISER (Balanced Fund) AND ADMINISTRATOR
Green Century Capital Management, Inc.
29 Temple Place
Boston, MA 02111
1-800-93-GREEN
www.greencentury.com
email: info@greencentury.com

INVESTMENT SUBADVISER (Balanced Fund)
Winslow Management Company
99 High Street
Boston, MA 02110

INVESTMENT MANAGER (Index Portfolio)
Domini Social Investments LLC
536 Broadway
New York, NY 10012

INVESTMENT SUBMANAGER (Index Portfolio)
SSgA Funds Management, Inc.
State Street Financial Center
One Lincoln street
Boston, MA 02111

COUNSEL TO INDEPENDENT TRUSTEES OF THE FUNDS
Debevoise & Plimpton
555 13th Street, N.W.
Washington, DC 20004

SUBADMINISTRATOR and DISTRIBUTOR
UMB Fund Services, Inc. (Subadministrator)
UMB Distribution Services, LLC (Distributor)
803 West Michigan Street, Suite A
Milwaukee, WI 53233

CUSTODIAN
Investors Bank & Trust Company
200 Clarendon Street
Boston, MA 02116

TRANSFER AGENT
Unified Fund Services, Inc.
431 North Pennsylvania Street
Indianapolis, IN 46204-1806

COUNSEL TO GREEN CENTURY CAPITAL MANAGEMENT, INC.
Goulston & Storrs
400 Atlantic Avenue
Boston, MA 02110

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
KPMG LLP
99 High Street
Boston, MA 02110
[LOGO]
January 31, 2005

Balanced Fund
- --------------------------------------------------------------------------------
Equity Fund
[LOGO] GREEN
CENTURY
FUNDS
An investment for your future.

Printed on recycled paper with soy-based ink.

ITEM 2. CODE OF ETHICS

Not applicable to semi-annual reports.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable to semi-annual reports.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable to semi-annual reports.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. 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, 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 30 a-3(d) under the Investment Company Act of
1940) that occurred during the registrant's second fiscal quarter of the
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. EXHIBITS

(a)(1) Not applicable.

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

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

SIGNATURES

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

Green Century Funds

/s/ Kristina A. Curtis
- ----------------------------
Kristina A. Curtis
Chief Executive Officer
April 7, 2005

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/ Kristina A. Curtis
- --------------------------
Kristina A. Curtis
Principal Executive Officer
April 7, 2005

/s/ Kristina A. Curtis
- -------------------------
Kristina A. Curtis
Treasurer and Principal Financial Officer
April 7, 2005