Green Century Shifts Subadvisers, Cuts Fees, and Refines ESG Focus

TL;DR

**Green Century is swapping subadvisers to Northern Trust, cutting fees, and tightening its ESG screens – a clear win for investors seeking lower costs and stronger environmental alignment.**

AI Summary

Green Century Balanced Fund is seeking shareholder approval for a new investment subadvisory agreement with Northern Trust Investments, Inc., effective December 1, 2025, replacing Trillium Asset Management LLC. This change is crucial for uninterrupted subadvisory services, as the interim agreement with Northern Trust will terminate on April 29, 2026, if not approved. Northern Trust, managing over $230 billion in sustainable portfolios and over $1 trillion in total assets, was approved by the Board of Trustees on October 9, 2025. The transition also brings a new investment advisory fee schedule, decreasing aggregate fees payable to Green Century, and a new administrative fee schedule, reducing total annual operating expenses for both Individual Investor Class (from 1.46% to 1.25%) and Institutional Class (from 1.16% to 0.95%) shares. Additionally, the Fund's investment objective and principal investment strategies, including environmental screening criteria, have been updated as of December 1, 2025, to align with Northern Trust's processes, excluding industries like fossil fuels, nuclear energy, tobacco, factory farming, GMOs, and firearms.

Why It Matters

This strategic shift to Northern Trust Investments, Inc. is a significant move for Green Century Balanced Fund, aiming to enhance investment management while simultaneously reducing fees for investors. The fee reductions, specifically from 1.46% to 1.25% for Individual Investor Class and 1.16% to 0.95% for Institutional Class, directly benefit shareholders by improving net returns. For employees and customers, the refined environmental screening criteria, excluding industries like fossil fuels and factory farming, reinforces Green Century's commitment to sustainable investing, potentially attracting more ethically-minded investors and strengthening its competitive position against other ESG funds in the market.

Risk Assessment

Risk Level: low — The risk level is low because the proposed change is a subadvisory agreement, not a fundamental change to the fund's structure or investment objective. The Board of Trustees has already approved Northern Trust, and the new fee schedules, which reduce costs for shareholders, are already effective as of December 1, 2025, regardless of shareholder approval of the subadvisory agreement.

Analyst Insight

Investors should vote 'FOR' the proposal to ensure continuity of subadvisory services and benefit from the already implemented fee reductions. This move solidifies the fund's ESG commitment and potentially enhances long-term performance through lower expenses.

Key Numbers

• $230B — Northern Trust's sustainable assets under management (Demonstrates Northern Trust's extensive experience in environmentally and socially responsible investing.)
• $1T — Northern Trust's total assets under management (Highlights the scale and broad investment capabilities of Northern Trust Corporation.)
• 0.45% — New investment advisory fee rate (up to $150M) (Represents the highest tier of the new, reduced investment advisory fee schedule.)
• 0.65% — Previous investment advisory fee rate (up to $250M) (Shows the highest tier of the prior fee schedule, indicating a significant reduction.)
• 1.25% — New Individual Investor Class administrative fee cap (A decrease from the previous 1.46%, directly benefiting individual shareholders.)
• 0.95% — New Institutional Class administrative fee cap (A decrease from the previous 1.16%, directly benefiting institutional shareholders.)
• 25% — Minimum allocation to bonds (Part of the updated principal investment strategies, ensuring diversification.)
• 75% — Maximum allocation to stocks (Part of the updated principal investment strategies, defining equity exposure limits.)
• December 1, 2025 — Effective date of changes (Marks the implementation of new subadviser, fees, and investment strategies.)
• February 25, 2026 — Date of Special Meeting of Shareholders (When shareholders will vote on the Northern Trust Agreement.)

Key Players & Entities

• Green Century Balanced Fund (company) — Fund seeking shareholder approval
• Northern Trust Investments, Inc. (company) — New investment subadviser
• Trillium Asset Management LLC (company) — Previous investment subadviser
• Green Century Capital Management, Inc. (company) — Investment adviser and administrator of the Fund
• Leslie Samuelrich (person) — President, Green Century Funds and Green Century Capital Management, Inc.
• Robert Guerin (person) — Secretary, Green Century Funds
• $230 billion (dollar_amount) — Assets managed by Northern Trust in environmentally and socially responsible portfolios
• $1 trillion (dollar_amount) — Total assets managed by Northern Trust
• December 1, 2025 (date) — Effective date of Northern Trust's subadvisory services and new fee schedules
• April 29, 2026 (date) — Termination date of interim agreement if not approved by shareholders

FAQ

Industry Context

The asset management industry, particularly within the mutual fund sector, is highly competitive, with a growing demand for specialized investment strategies like sustainable and ESG (Environmental, Social, and Governance) investing. Fund managers are increasingly focused on demonstrating value through fee reductions and enhanced services to attract and retain assets. Regulatory oversight remains a constant, requiring transparency and adherence to shareholder voting protocols for significant changes in fund management.

Regulatory Implications

The proposed change in subadviser requires shareholder approval, a standard regulatory process for significant fund governance changes. Failure to obtain approval could lead to operational disruptions and necessitate further regulatory filings or adjustments. The fee reductions and updated investment strategies must also comply with all relevant SEC regulations and disclosure requirements.

What Investors Should Do

1. Vote 'FOR' the new investment subadvisory agreement with Northern Trust Investments, Inc.
2. Review the updated investment objective and principal investment strategies.
3. Note the fee reductions for both Individual Investor Class (from 1.46% to 1.25%) and Institutional Class (from 1.16% to 0.95%) shares.

Key Dates

• 2025-12-01: Effective date of new subadviser (Northern Trust), new investment advisory fee schedule, and updated investment objective and principal investment strategies. — Marks the implementation of significant changes to the Fund's management and operational structure.
• 2025-10-09: Board of Trustees approved the investment subadvisory agreement with Northern Trust. — Indicates the Board's endorsement of Northern Trust as the new subadviser.
• 2026-02-25: Special Meeting of Shareholders to vote on the Northern Trust Agreement. — Crucial date for shareholders to approve or reject the new subadvisory agreement, impacting the Fund's future management.
• 2026-04-29: Termination date of the interim agreement with Northern Trust if the new agreement is not approved by shareholders. — Highlights the urgency for shareholder approval to ensure continuity of subadvisory services.

Glossary

DEF 14A

A filing with the U.S. Securities and Exchange Commission (SEC) that provides detailed information to shareholders about matters on which they are being asked to vote. (This document is the proxy statement for the Green Century Balanced Fund, outlining the proposal for shareholder approval.)

Investment Subadviser

An entity hired by the primary investment adviser to manage a portion of the fund's assets or a specific investment strategy. (Northern Trust Investments, Inc. is proposed to become the new investment subadviser for the Green Century Balanced Fund.)

Interim Agreement

A temporary agreement put in place until a more permanent agreement can be finalized and approved. (Northern Trust is currently operating under an interim agreement pending shareholder approval of the new subadvisory agreement.)

Average Daily Net Assets

The average value of a fund's net assets over a given period, typically used as the basis for calculating management fees. (Used to determine the investment advisory and administrative fees for the Fund under both the old and new fee schedules.)

Total Annual Operating Expenses

The sum of all expenses incurred by a fund over a year, expressed as a percentage of the fund's average net assets. (The new administrative fee schedule aims to reduce these expenses for both Individual Investor Class and Institutional Class shares.)

Record Date

A specific date set by a company to determine which shareholders are eligible to receive notice of a shareholder meeting and to vote. (Shareholders who own shares as of December 8, 2025, are eligible to vote on the proposed Northern Trust Agreement.)

Year-Over-Year Comparison

This filing represents a significant transition for the Green Century Balanced Fund, as it seeks shareholder approval for a new subadviser, Northern Trust Investments, Inc., replacing Trillium Asset Management LLC. A key comparison point is the proposed reduction in aggregate fees, with the new investment advisory fee schedule offering lower rates across asset tiers compared to the previous schedule. Furthermore, the administrative fee caps are decreasing for both Individual Investor Class (from 1.46% to 1.25%) and Institutional Class (from 1.16% to 0.95%) shares, indicating a move towards lower overall expenses for shareholders. The investment objective and strategies are also being updated to align with Northern Trust's approach.

Key Financial Figures

• $230 billion — sponsible portfolios totaling more than $230 billion in assets. At a Board meeting on Octobe
• $1 — the globe. Northern Trust manages over $1 trillion in assets, utilizing both acti
• $150 m — ets of the Fund up to but not including $150 million, 0.42% of the average daily net a
• $150 million — t assets of the Fund from and including $150 million up to but not including $300 million, 0
• $300 m — ng $150 million up to but not including $300 million, 0.38% of the average daily net a
• $300 million — t assets of the Fund from and including $300 million up to but not including $1 billion and
• $1 billion — ng $300 million up to but not including $1 billion and 0.36% of the average daily assets o
• $250 million — rage daily net assets of the Fund up to $250 million and 0.60% of the average daily net asse
• $25 million — et levels and at all asset levels above $25 million. The new investment advisory fee rate s
• $0.01 — 0,756.891 shares of the Fund (par value $0.01 per share) were outstanding as of the c
• $135,000 — (which is expected to be approximately $135,000) including the fees of a proxy soliciti
• $90,000 — (which is expected to be approximately $90,000) will be borne by Green Century, not by

Filing Documents

• gcbf-efp21330_def14a.htm (DEF 14A) — 287KB
• image-01.jpg (GRAPHIC) — 706KB
• image-02.jpg (GRAPHIC) — 1162KB
• greencenturyfunds_logo-20142.jpg (GRAPHIC) — 24KB
• 0001133228-25-013562.txt ( ) — 2634KB
• S000007714
• C000020964 (GCBLX)
• C000225233 (GCBUX)

From the Filing

DEF 14A 1 gcbf-efp21330_def14a.htm GREEN CENTURY BALANCED FUND - DEF 14A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Pursuant to §240.14a-12 GREEN CENTURY FUNDS (Name of Registrant(s) as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required. Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. 1) Title of each class of securities to which transaction applies: 2) Aggregate number of securities to which transaction applies: 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): 4) Proposed maximum aggregate value of transaction: 5) Total fee paid: Fee paid previously with preliminary materials. Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. 1) Amount Previously Paid: 2) Form, Schedule or Registration Statement No.: 3) Filing Party: 4) Date Filed: 114 Boston, MA 02109 December 18 , 2025 Dear Shareholder: A special meeting of shareholders of Green Century Balanced Fund (the "Fund") will be held at the offices of Green Century Capital Management, Inc. ("Green Century"), 114 State Street, Boston, MA 02109 at 10:00 a.m., on a date to be determined. The purpose of the special meeting is to seek shareholder approval of a new investment subadvisory agreement with Northern Trust Investments, Inc. ("Northern Trust"). Effective December 1, 2025, Northern Trust became the investment subadviser of the Fund, replacing Trillium Asset Management LLC. Northern Trust will initially provide services under an interim agreement, pending shareholder consideration of the new investment subadvisory agreement. If the new investment subadvisory agreement with Northern Trust is not approved by shareholders, it will terminate on April 29, 2026. Accordingly, shareholder approval of the new investment subadvisory agreement with Northern Trust is crucial to ensure the uninterrupted provision of subadvisory services to the Fund. Green Century believes that Northern Trust has the experience, qualifications and commitment to environmentally responsible investing to provide investment subadvisory services to the Fund. Northern Trust has over thirty years of sustainable investing experience and manages environmentally and socially responsible portfolios totaling more than $230 billion in assets. At a Board meeting on October 9, 2025, the Board of Trustees of the Fund approved the investment subadvisory agreement with Northern Trust. The Green Century Funds Board of Trustees recommends that you vote "FOR" the proposal. Green Century Capital Management also recommends that you vote "FOR" the proposal. Please vote today. If we do not receive your vote, we may need to contact you again to ask you to consider the Board's recommendation and vote. If you have questions about voting procedures, please call the proxy information line toll free at 1-800-[number to be provided/verified]. If you have any further questions about the Proposal or need further assistance, please call Green Century at 1-800-93-GREEN (1-800-934-7336) – we will be happy to answer your questions. Sincerely yours, /s/ Leslie Samuelrich Leslie Samuelrich President, Green Century Funds and President, Green Century Capital Management, Inc. OVERVIEW OF PROXY STATEMENT A Special Meeting of Shareholders of the Green Century Balanced Fund ( the "Fund"), a series of Green Century Funds (the "Trust") will be held at the offices of Green Century Capital Management, Inc. ("Green Century"), 114 State Street, Boston, MA 02109, on Wednesday, February 25, 2026 at 10:00 a.m., Eastern Time, for the purposes described in this proxy statement. We encourage you to read this proxy statement carefully before casting your vote. We have prepared the following questions and answers in order to help you make your decision. If you have any further questions, please feel free to call us at 1-800-93-GREEN (1-800-934-7336) from 9:00 am to 6:00 pm Eastern Time, Monday through Friday. Q. Why am I receiving the Proxy Statement? A. The Board of Trustees of the Trust (the "Board") has requested your vote in connection with

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View this DEF 14A filing on SEC EDGAR