N-Q 1 fp0008913_nq.htm fp0008913_nq.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act File Number: 811-06351
 
Name and Address of Registrant:

Green Century Funds
114 State Street
Suite 200
Boston, Massachusetts 02109
 
Name and address of agent for service:

Green Century Capital Management, Inc.
114 State Street
Suite 200
Boston, Massachusetts  02109
 
Registrant’s telephone number: (617) 482-0800
 
Date of fiscal year end: July 31

Date of reporting period: October 31, 2013
 
 
 
 
 
Item 1.  Schedule of Investments

The Schedules of Investments for the Green Century Funds are set forth below.

GREEN CENTURY BALANCED FUND
PORTFOLIO OF INVESTMENTS
October 31, 2013
(Unaudited)
 
 
SHARES
  
VALUE
  
Common Stocks - 74.7%
  
Capital Goods - 7.9%
  
Eaton Corporation PLC (a)
 10,104   $ 712,938  
Koninklijke Philips N.V. American Depositary Receipt (a)
 18,973     671,834  
Lincoln Electric Holdings, Inc.
 24,209     1,676,231  
Middleby Corporation (The) (b)
 2,015     458,715  
Pentair Ltd.
 8,937     599,583  
Valmont Industries, Inc.
 9,052     1,271,806  
W.W. Grainger, Inc.
 2,176     585,279  
Wabtec Corporation
 23,674     1,543,308  
      7,519,694  
 
Technology Hardware & Equipment - 6.7%
  
Apple, Inc.
 3,258     1,701,816  
Cisco Systems, Inc.
 83,524     1,879,290  
QUALCOMM, Inc.
 26,587     1,846,999  
SanDisk Corporation
 14,042     975,919  
      6,404,024  
 
Insurance - 6.3%
  
Aflac, Inc.
 20,833     1,353,728  
Chubb Corporation (The)
 15,760     1,451,181  
Hartford Financial Services Group, Inc.
 13,838     466,341  
Horace Mann Educators Corporation
 35,850     993,045  
Lincoln National Corporation
 9,136     414,866  
Reinsurance Group of America, Inc.
 18,685     1,329,998  
      6,009,159  
 
Pharmaceuticals & Biotechnology - 6.2%
  
Amgen, Inc.
 8,124     942,384  
Gilead Sciences, Inc. (b)
 11,207     795,585  
GlaxoSmithKline PLC American Depositary Receipt (a)
 31,085     1,636,003  
Novartis A.G. American Depositary Receipt (a)
 5,516     427,766  
Novo Nordisk A/S American Depositary Receipt (a)
 3,698     616,346  
Shire PLC American Depositary Receipt (a)
 11,428     1,521,067  
      5,939,151  
 
Healthcare Equipment & Services - 5.5%
  
Baxter International, Inc.
 19,756     1,301,328  
Cerner Corporation (b)
 15,610     874,628  
Omnicell, Inc. (b)
 34,317     791,693  
UnitedHealth Group, Inc.
 21,130     1,442,334  
Zimmer Holdings, Inc.
 8,952     783,031  
      5,193,014  
 
Software & Services - 5.3%
  
Citrix Systems, Inc. (b)
 5,269     299,174  
Google, Inc., Class A (b)
 1,195     1,231,543  
International Business Machines Corporation
 103     18,459  
MasterCard, Inc., Class A
 2,018     1,447,108  
Microsoft Corporation
 27,716     979,760  
Symantec Corporation
 48,376     1,100,070  
      5,076,114  
 
Materials - 3.6%
  
Minerals Technologies, Inc.
 38,013     2,152,676  
Owens-Illinois, Inc. (b)
 15,273     485,529  
 
 
 
 
 
Sealed Air Corporation
 25,970   $ 783,775  
        3,421,980  
Banks - 3.6%          
Banco Bradesco S.A. American Depositary Receipt (a)
 24,047     346,758  
East West Bancorp, Inc.
 16,683     562,050  
HSBC Holdings PLC American Depositary Receipt (a)
 14,915     820,921  
SVB Financial Group (b)
 5,933     568,263  
Umpqua Holdings Corporation
 37,840     619,441  
Wells Fargo & Company
 11,065     472,365  
      3,389,798  
 
Food & Beverage - 3.5%
  
General Mills, Inc.
 300     15,126  
Green Mountain Coffee Roasters, Inc. (b)
 6,741     423,402  
JM Smucker Company (The)
 14,257     1,585,521  
Unilever NV American Depositary Receipt (a)
 31,749     1,261,070  
      3,285,119  
 
Diversified Financials - 3.2%
  
Charles Schwab Corporation (The)
 34,951     791,640  
Citigroup, Inc.
 14,937     728,627  
JPMorgan Chase & Company
 29,334     1,511,874  
      3,032,141  
 
Renewable Energy & Energy Efficiency - 2.9%
  
First Solar, Inc. (b)
 15,427     775,515  
Johnson Controls, Inc.
 42,904     1,980,020  
      2,755,535  
 
Automobiles & Components - 2.9%
  
BorgWarner, Inc.
 13,594     1,401,949  
Toyota Motor Corporation American Depositary Receipt (a)
 10,427     1,349,463  
      2,751,412  
 
Telecommunication Services - 2.5%
  
BT Group PLC American Depositary Receipt (a)
 27,931     1,693,456  
Vodafone Group PLC American Depositary Receipt (a)
 17,612     648,474  
      2,341,930  
 
Transportation - 2.4%
  
Canadian Pacific Railway Ltd.
 6,031     862,855  
United Parcel Service, Inc., Class B
 14,699     1,444,030  
      2,306,885  
 
Semiconductors - 2.4%
  
Applied Materials, Inc.
 31,939     570,111  
ARM Holdings PLC American Depositary Receipt (a)
 7,722     364,401  
NXP Semiconductors NV (a)(b)
 13,763     579,698  
Xilinx, Inc.
 16,979     771,186  
      2,285,396  
 
Retailing - 2.2%
  
Home Depot, Inc. (The)
 6,730     524,200  
priceline.com, Inc. (b)
 364     383,594  
TJX Companies, Inc. (The)
 19,738     1,199,873  
      2,107,667  
 
Consumer Services - 1.9%
  
Panera Bread Company, Class A (b)
 5,805     916,726  
Starbucks Corporation
 4,584     371,533  
Starwood Hotels & Resorts Worldwide, Inc.
 7,632     561,868  
      1,850,127  
 
Healthy Living - 1.9%
  
United Natural Foods, Inc. (b)
 7,328     523,586  
Whole Foods Market, Inc.
 19,656     1,240,883  
      1,764,469  
 
 
 
 
 
Media - 1.7%
  
Discovery Communications, Inc., Class A (b)
   6,554   $ 582,782  
Time Warner, Inc.
   15,306     1,052,134  
      1,634,916  
 
Consumer Durables & Apparel - 1.0%
  
Jarden Corporation (b)
   16,806     930,380  
 
Food & Staples Retailing - 0.7%
  
Costco Wholesale Corporation
   5,952     702,336  
 
Household & Personal Products - 0.4%
  
Church & Dwight Company, Inc.
   5,304     345,556  
 
Total Common Stocks (Cost $53,598,114)
     71,046,803  
 
   
PRINCIPAL
AMOUNT
  
VALUE
  
Corporate Bonds & Notes - 12.4%
  
Diversified Financials - 3.4%
  
Bank of New York Mellon Corporation (The)
 4.30%, due 5/15/14
 $ 500,000     510,583  
Citigroup, Inc.
 3.953%, due 6/15/16
   500,000     533,925  
Deutsche Bank A.G.
 3.25%, due 1/11/16 (a)
   500,000     525,441  
HSBC Bank USA N.A.
 6.00%, due 8/9/17
   500,000     571,981  
JPMorgan Chase & Company
 5.125%, due 9/15/14
   500,000     519,207  
Morgan Stanley
 3.80%, due 4/29/16
   500,000     528,668  
      3,189,805  
 
Renewable Energy & Energy Efficiency - 3.2%
  
International Bank for Reconstruction & Development
 0.375%, due 8/24/15
   1,000,000     1,001,333  
International Bank for Reconstruction & Development
 2.00%, due 10/20/16
   500,000     520,279  
International Finance Corporation
 2.25%, due 4/28/14
   1,000,000     1,009,002  
Johnson Controls, Inc.
 5.50%, due 1/15/16
   500,000     547,318  
      3,077,932  
 
Software & Services - 1.6%
  
International Business Machines Corporation
 2.00%, due 1/5/16
   500,000     514,266  
Microsoft Corporation
 1.625%, due 9/25/15
   500,000     511,493  
Oracle Corporation
 3.75%, due 7/8/14
   500,000     511,725  
      1,537,484  
 
Technology Hardware & Equipment - 1.1%
  
Dell, Inc.
 2.30%, due 9/10/15
   500,000     502,138  
Hewlett-Packard Company
 4.75%, due 6/2/14
   500,000     511,298  
      1,013,436  
 
Multi-National Banks - 1.1%
  
African Development Bank
 0.75%, due 10/18/16 (a)
   1,000,000     1,005,980  
 
 
 
 
 
Banks - 1.0%
  
Export-Import Bank of Korea
 1.75%, due 2/27/18 (a)
 $ 1,000,000   $ 983,633  
 
Pharmaceuticals & Biotechnology - 0.5%
  
Amgen, Inc.
 4.85%, due 11/18/14
   500,000     522,490  
 
Telecommunication Services - 0.5%
  
AT&T, Inc.
 2.50%, due 8/15/15
   500,000     514,593  
 
Total Corporate Bonds & Notes (Cost $11,552,926)
     11,845,353  
 
U.S. Government Agencies - 6.7%
  
Federal Farm Credit Bank
 0.29%, due 7/15/15
   1,000,000     1,000,000  
Federal Farm Credit Bank
 5.125%, due 8/25/16
   500,000     563,090  
Federal Home Loan Bank
 3.125%, due 12/13/13
   550,000     551,956  
Federal Home Loan Bank
 5.625%, due 6/13/16
   1,000,000     1,126,413  
Federal Home Loan Bank
 3.875%, due 12/14/18
   550,000     612,003  
Federal Home Loan Bank
 2.00%, due 6/25/27 (c)
   1,000,000     922,149  
Federal Home Loan Mortgage Corporation
 0.35%, due 12/5/14
   500,000     501,017  
Federal Home Loan Mortgage Corporation
 0.32%, due 4/29/15
   500,000     500,083  
Federal Home Loan Mortgage Corporation
 3.75%, due 3/27/19
   500,000     554,909  
 
Total U.S. Government Agencies (Cost $6,145,678)
     6,331,620  
 
Certificates Of Deposit - 0.1%
  
Self Help Credit Union Environmental Certificate of Deposit
 1.25%, due 8/10/16
   95,000     95,000  
 
Total Certificates Of Deposit (Cost $95,000)
     95,000  
 
Short-term Obligation - 5.9%
  
Repurchase Agreement - State Street Bank & Trust Repurchase Agreement, 0.00%, dated 10/31/13, due 11/1/13, proceeds $5,629,475 (collateralized by Freddie Mac, 3.50%, due 10/15/40, value $5,743,594) (Cost $5,629,475)
       5,629,475  
 
TOTAL INVESTMENTS (d) - 99.8% (Cost $77,021,193)
     94,948,251  
Other Assets Less Liabilities - 0.2%
     164,097  
         
NET ASSETS -100.0%
   $ 95,112,348  

(a) 
Securities whose values are determined or significantly influenced by trading in markets other than the United States or Canada.
(b) 
Non-income producing security.
(c) 
Step rate bond.  Rate shown is currently in effect at October 31, 2013.
(d) 
The cost of investments for federal income tax purposes is $77,021,193 resulting in gross unrealized appreciation and depreciation of $18,174,012 and $246,954 respectively, or net unrealized appreciation of $17,927,058.
 
See Notes to Schedule of Investments

 
 
 
GREEN CENTURY EQUITY FUND
PORTFOLIO OF INVESTMENTS
October 31, 2013
(Unaudited)
 
 
SHARES
  
VALUE
  
Common Stocks - 99.4%
  
Pharmaceuticals & Biotechnology - 13.0%
  
Affymetrix, Inc. (a)
 777   $ 5,493  
Agilent Technologies, Inc.
 3,775     191,619  
Amgen, Inc.
 8,202     951,432  
Biogen Idec, Inc. (a)
 2,590     632,452  
Bristol-Myers Squibb Company
 17,966     943,574  
Cepheid, Inc. (a)
 729     29,685  
Endo Health Solutions, Inc. (a)
 1,272     55,625  
Gilead Sciences, Inc. (a)
 16,681     1,184,184  
Hospira, Inc. (a)
 1,843     74,678  
Illumina, Inc. (a)
 1,363     127,454  
Johnson & Johnson
 30,691     2,842,294  
Life Technologies Corporation (a)
 1,875     141,206  
Merck & Company, Inc.
 32,997     1,487,835  
PAREXEL International Corporation (a)
 611     27,929  
Techne Corporation
 372     32,509  
Thermo Fisher Scientific, Inc.
 3,912     382,515  
Vertex Pharmaceuticals, Inc. (a)
 2,437     173,856  
VIVUS, Inc. (a)
 980     9,202  
Waters Corporation (a)
 941     94,966  
      9,388,508  
 
Software & Services - 11.2%
  
Adobe Systems, Inc. (a)
 5,250     284,550  
Advent Software, Inc.
 492     16,506  
Autodesk, Inc. (a)
 2,464     98,338  
Automatic Data Processing, Inc.
 5,324     399,140  
CA, Inc.
 3,485     110,683  
Compuware Corporation
 2,316     24,735  
Convergys Corporation
 1,109     21,892  
eBay, Inc. (a)
 12,811     675,268  
Electronic Arts, Inc. (a)
 3,347     87,859  
FactSet Research Systems, Inc.
 447     48,696  
Google, Inc., Class A (a)
 2,965     3,055,670  
International Business Machines Corporation
 11,518     2,064,141  
Intuit, Inc.
 3,085     220,300  
Red Hat, Inc. (a)
 2,070     89,569  
Salesforce.com, Inc. (a)
 6,136     327,417  
Symantec Corporation
 7,636     173,643  
Teradata Corporation (a)
 1,797     79,194  
Yahoo!, Inc. (a)
 10,644     350,507  
      8,128,108  
 
Technology Hardware & Equipment - 6.3%
  
Cisco Systems, Inc.
 58,456     1,315,260  
Corning, Inc.
 16,072     274,670  
EMC Corporation
 23,013     553,923  
Flextronics International Ltd. (a)
 7,025     55,427  
Hewlett-Packard Company
 21,217     517,058  
Lexmark International, Inc.
 661     23,499  
Molex, Inc.
 729     28,139  
Motorola Solutions, Inc.
 2,703     168,992  
Plantronics, Inc.
 474     20,354  
Polycom, Inc. (a)
 1,849     19,230  
 
 
 
 
 
QUALCOMM, Inc.
 18,897   $ 1,312,775  
Seagate Technology PLC
 3,500     170,380  
Silicon Graphics International Corporation (a)
 280     3,576  
Super Micro Computer, Inc. (a)
 383     5,331  
Tellabs, Inc.
 3,835     9,357  
Xerox Corporation
 12,680     126,039  
      4,604,010  
 
Energy - 5.6%
  
Baker Hughes, Inc.
 4,812     279,529  
Clean Energy Fuels Corporation (a)
 739     8,417  
Denbury Resources, Inc. (a)
 4,181     79,397  
Devon Energy Corporation
 4,197     265,334  
Energen Corporation
 776     60,776  
EOG Resources, Inc.
 2,967     529,313  
EQT Corporation
 1,631     139,630  
FMC Technologies, Inc. (a)
 2,572     130,015  
Geospace Technologies Corporation (a)
 132     12,860  
Hess Corporation
 3,410     276,892  
Marathon Petroleum Corporation
 3,541     253,748  
National Oilwell Varco, Inc.
 4,667     378,867  
Newfield Exploration Company (a)
 1,544     47,015  
Noble Corporation
 2,780     104,806  
Noble Energy, Inc.
 3,933     294,700  
Phillips 66
 6,416     413,383  
Pioneer Natural Resources Company
 1,500     307,170  
QEP Resources, Inc.
 2,020     66,781  
Quicksilver Resources, Inc. (a)
 895     1,915  
Southwestern Energy Company (a)
 3,815     141,994  
Spectra Energy Corporation
 7,283     259,056  
Ultra Petroleum Corporation (a)
 1,599     29,358  
      4,080,956  
 
Diversified Financials - 5.6%
  
American Express Company
 10,809     884,176  
Bank of New York Mellon Corporation (The)
 12,665     402,747  
BlackRock, Inc.
 1,471     442,492  
Charles Schwab Corporation (The)
 12,551     284,280  
CME Group, Inc.
 3,458     256,618  
Discover Financial Services
 5,395     279,893  
Franklin Resources, Inc.
 4,537     244,363  
IntercontinentalExchange, Inc. (a)
 791     152,449  
Invesco Ltd.
 4,842     163,417  
Legg Mason, Inc.
 1,210     46,549  
Northern Trust Corporation
 2,414     136,198  
NYSE Euronext
 2,667     117,401  
PHH Corporation (a)
 550     13,227  
State Street Corporation
 5,015     351,401  
T. Rowe Price Group, Inc.
 2,855     221,006  
TD Ameritrade Holding Corporation
 2,472     67,387  
      4,063,604  
 
Household & Personal Products - 5.5%
  
Avon Products, Inc.
 4,772     83,510  
Clorox Company (The)
 1,472     132,760  
Colgate-Palmolive Company
 10,233     662,382  
Estee Lauder Companies, Inc. (The), Class A
 2,630     186,625  
Kimberly-Clark Corporation
 4,216     455,328  
Nu Skin Enterprises, Inc., Class A
 589     68,872  
Procter & Gamble Company (The)
 29,939     2,417,574  
WD-40 Company
 156     11,308  
      4,018,359  
 
Capital Goods - 5.4%
  
3M Company
 7,190     904,862  
A.O. Smith Corporation
 841     43,438  
 
 
 
 
 
Apogee Enterprises, Inc.
 309   $ 9,666  
Brady Corporation, Class A
 503     14,683  
CLARCOR, Inc.
 526     30,760  
Cummins, Inc.
 1,988     252,516  
Deere & Company
 4,030     329,815  
Dover Corporation
 1,893     173,758  
EMCOR Group, Inc.
 713     26,424  
Fastenal Company
 3,126     155,675  
General Cable Corporation
 540     17,782  
Graco, Inc.
 651     50,296  
Granite Construction, Inc.
 387     12,519  
Houston Wire & Cable Company
 181     2,510  
Illinois Tool Works, Inc.
 4,671     368,028  
Ingersoll-Rand PLC
 3,270     220,823  
Kadant, Inc.
 100     3,580  
Lincoln Electric Holdings, Inc.
 891     61,693  
Masco Corporation
 3,933     83,104  
Middleby Corporation (The) (a)
 200     45,530  
Nordson Corporation
 614     44,263  
Owens Corning (a)
 1,203     43,224  
Pall Corporation
 1,240     99,845  
Pentair Ltd.
 2,209     148,202  
Rockwell Automation, Inc.
 1,540     170,031  
Simpson Manufacturing Company, Inc.
 426     15,102  
Snap-on, Inc.
 673     70,039  
Spirit Aerosystems Holdings, Inc. (a)
 1,272     33,950  
Tennant Company
 184     11,167  
Timken Company
 868     45,839  
United Rentals, Inc. (a)
 1,056     68,207  
W.W. Grainger, Inc.
 652     175,368  
WABCO Holdings, Inc. (a)
 667     57,149  
Wabtec Corporation
 1,022     66,624  
Xylem, Inc.
 2,092     72,174  
      3,928,646  
 
Retailing - 5.2%
  
ANN, Inc. (a)
 511     18,069  
Bed Bath & Beyond, Inc. (a)
 2,417     186,883  
Best Buy Company, Inc.
 2,977     127,416  
Blue Nile, Inc. (a)
 131     5,380  
Brown Shoe Company, Inc.
 423     9,492  
Buckle, Inc. (The)
 309     15,123  
CarMax, Inc. (a)
 2,435     114,421  
Foot Locker, Inc.
 1,596     55,381  
GameStop Corporation, Class A
 1,327     72,746  
Gap, Inc. (The)
 3,289     121,660  
Genuine Parts Company
 1,683     132,671  
Home Depot, Inc. (The)
 15,981     1,244,760  
HSN, Inc.
 398     20,855  
Kohl's Corporation
 2,315     131,492  
LKQ Corporation (a)
 3,278     108,272  
Men's Wearhouse, Inc. (The)
 499     21,108  
Netflix, Inc. (a)
 559     180,266  
New York & Company, Inc. (a)
 300     1,536  
Nordstrom, Inc.
 1,722     104,129  
Nutrisystem, Inc.
 323     6,072  
Office Depot, Inc. (a)
 2,552     14,266  
OfficeMax, Inc.
 882     13,212  
PetSmart, Inc.
 1,084     78,872  
Pier 1 Imports, Inc.
 1,025     21,402  
Pool Corporation
 494     26,864  
Shutterfly, Inc. (a)
 397     19,509  
Staples, Inc.
 7,285     117,434  
Tiffany & Company
 1,393     110,284  
TJX Companies, Inc. (The)
 7,865     478,113  
 
 
 
 
 
Tractor Supply Company
 1,533   $ 109,380  
TripAdvisor, Inc. (a)
 1,292     106,861  
Vitacost.com, Inc. (a)
 220     1,740  
Weyco Group, Inc.
 55     1,580  
      3,777,249  
 
Food & Beverage - 5.1%
  
Bunge Ltd.
 1,601     131,490  
Campbell Soup Company
 2,253     95,910  
Coca-Cola Enterprises, Inc.
 2,847     118,805  
Darling International, Inc. (a)
 1,264     29,413  
General Mills, Inc.
 7,048     355,360  
Green Mountain Coffee Roasters, Inc. (a)
 1,392     87,432  
Hillshire Brands Company
 1,306     42,876  
JM Smucker Company (The)
 1,176     130,783  
Kellogg Company
 2,799     177,037  
Kraft Foods Group, Inc.
 6,490     352,926  
McCormick & Company, Inc.
 1,325     91,624  
Mondelez International, Inc., Class A
 18,567     624,594  
PepsiCo, Inc.
 16,888     1,420,112  
Tootsie Roll Industries, Inc.
 227     7,264  
      3,665,626  
 
Healthcare Equipment & Services - 3.7%
  
Becton, Dickinson and Company
 2,131     224,032  
Cerner Corporation (a)
 3,413     191,230  
Cigna Corporation
 3,104     238,946  
Edwards Lifesciences Corporation (a)
 1,246     81,227  
Emeritus Corporation (a)
 421     8,066  
Health Management Associates, Inc., Class A (a)
 2,788     35,742  
Henry Schein, Inc. (a)
 958     107,708  
Hologic, Inc. (a)
 3,022     67,663  
Humana, Inc.
 1,743     160,617  
IDEXX Laboratories, Inc. (a)
 608     65,579  
Invacare Corporation
 347     7,450  
Laboratory Corporation of America Holdings (a)
 1,021     103,019  
Medtronic, Inc.
 11,120     638,288  
Molina Healthcare, Inc. (a)
 309     9,777  
MWI Veterinary Supply, Inc. (a)
 129     20,465  
Patterson Companies, Inc.
 901     38,301  
Quest Diagnostics, Inc.
 1,726     103,405  
Select Medical Holdings Corporation
 417     3,536  
St. Jude Medical, Inc.
 3,118     178,942  
Team Health Holdings, Inc. (a)
 738     32,059  
Varian Medical Systems, Inc. (a)
 1,196     86,806  
WellPoint, Inc.
 3,303     280,094  
      2,682,952  
 
Materials - 3.6%
  
Air Products & Chemicals, Inc.
 2,268     247,235  
Albemarle Corporation
 942     62,351  
Alcoa, Inc.
 11,811     109,488  
Avery Dennison Corporation
 1,120     52,774  
Ball Corporation
 1,578     77,148  
Bemis Company, Inc.
 1,098     43,810  
Compass Minerals International, Inc.
 345     25,692  
Domtar Corporation
 359     30,411  
Eastman Chemical Company
 1,685     132,761  
Ecolab, Inc.
 2,926     310,156  
H.B. Fuller Company
 534     25,563  
International Flavors & Fragrances, Inc.
 947     78,270  
MeadWestvaco Corporation
 2,009     70,014  
Minerals Technologies, Inc.
 368     20,840  
Mosaic Company (The)
 3,221     147,683  
Nucor Corporation
 3,443     178,244  
 
 
 
 
 
Praxair, Inc.
 3,250   $ 405,308  
Rock Tenn Company, Class A
 798     85,394  
Schnitzer Steel Industries, Inc., Class A
 283     8,218  
Sealed Air Corporation
 1,977     59,666  
Sherwin-Williams Company (The)
 967     181,796  
Sigma-Aldrich Corporation
 1,310     113,223  
Sonoco Products Company
 1,078     43,810  
Valspar Corporation (The)
 951     66,542  
Wausau Paper Corporation
 442     5,171  
Worthington Industries, Inc.
 558     22,621  
      2,604,189  
 
Real Estate - 3.4%
  
American Tower Corporation, Class A
 4,338     344,220  
AvalonBay Communities, Inc.
 1,360     170,068  
Boston Properties, Inc.
 1,685     174,398  
CBRE Group, Inc., Class A (a)
 3,199     74,313  
Corporate Office Properties Trust
 913     22,460  
Digital Realty Trust, Inc.
 1,430     68,154  
Duke Realty Corporation
 3,420     56,669  
Equity Residential
 3,753     196,507  
Federal Realty Investment Trust
 692     71,691  
Forest City Enterprises, Inc., Class A (a)
 1,498     30,349  
HCP, Inc.
 4,975     206,462  
Host Hotels & Resorts, Inc.
 8,081     149,903  
Jones Lang LaSalle, Inc.
 470     44,744  
Liberty Property Trust
 1,518     56,454  
Macerich Company (The)
 1,461     86,506  
Plum Creek Timber Company, Inc.
 1,804     81,902  
Potlatch Corporation
 434     17,720  
Prologis, Inc.
 5,449     217,688  
UDR, Inc.
 2,664     66,094  
Vornado Realty Trust
 1,865     166,097  
Weyerhaeuser Company
 6,345     192,888  
      2,495,287  
 
Semiconductors - 3.3%
  
Advanced Micro Devices, Inc. (a)
 6,632     22,151  
Analog Devices, Inc.
 3,375     166,388  
Applied Materials, Inc.
 13,111     234,031  
Entegris, Inc. (a)
 1,469     15,204  
Intel Corporation
 54,373     1,328,332  
Lam Research Corporation (a)
 1,788     96,963  
Texas Instruments, Inc.
 12,085     508,537  
      2,371,606  
 
Banks - 3.2%
  
Bank of Hawaii Corporation
 474     27,483  
BB&T Corporation
 7,729     262,554  
Cathay General Bancorp
 792     19,507  
CIT Group, Inc. (a)
 2,096     100,943  
Comerica, Inc.
 2,077     89,934  
Heartland Financial USA, Inc.
 149     3,947  
International Bancshares Corporation
 574     13,116  
KeyCorp
 10,146     127,129  
M&T Bank Corporation
 1,291     145,276  
New York Community Bancorp, Inc.
 4,932     79,948  
Old National Bancorp
 1,076     15,645  
People's United Financial, Inc.
 3,552     51,255  
PNC Financial Services Group, Inc. (The)
 5,791     425,812  
Popular, Inc. (a)
 1,114     28,129  
Regions Financial Corporation
 15,342     147,744  
U.S. Bancorp
 20,234     755,942  
Umpqua Holdings Corporation
 1,184     19,382  
      2,313,746  
 
 
 
 
 
Insurance - 3.1%
  
ACE Ltd.
 3,713   $ 354,369  
Aflac, Inc.
 5,100     331,398  
Chubb Corporation (The)
 2,826     260,218  
Hartford Financial Services Group, Inc.
 4,700     158,390  
Marsh & McLennan Companies, Inc.
 6,067     277,869  
PartnerRe Ltd.
 555     55,616  
Principal Financial Group, Inc.
 3,187     151,255  
Progressive Corporation (The)
 6,349     164,883  
StanCorp Financial Group, Inc.
 471     27,742  
Travelers Companies, Inc. (The)
 4,109     354,607  
Willis Group Holdings PLC
 1,841     82,974  
      2,219,321  
 
Consumer Services - 2.9%
  
Choice Hotels International, Inc.
 343     15,980  
Darden Restaurants, Inc.
 1,449     74,667  
DeVry, Inc.
 600     21,540  
Jack in the Box, Inc. (a)
 434     17,655  
Marriott International, Inc., Class A
 2,701     121,761  
McDonald's Corporation
 10,953     1,057,184  
Royal Caribbean Cruises Ltd.
 1,723     72,435  
Starbucks Corporation
 8,172     662,341  
Vail Resorts, Inc.
 381     26,841  
      2,070,404  
 
Media - 2.5%
  
Cablevision Systems Corporation, Class A
 2,028     31,535  
Discovery Communications, Inc., Class A (a)
 1,589     141,294  
Discovery Communications, Inc., Class C (a)
 1,026     84,860  
DreamWorks Animation SKG, Inc., Class A (a)
 708     24,242  
John Wiley & Sons, Inc., Class A
 496     24,944  
Liberty Global PLC, Class A (a)
 2,215     173,590  
Liberty Global PLC, Series C (a)
 1,717     128,535  
New York Times Company (The), Class A
 1,388     19,196  
Scholastic Corporation
 291     8,349  
Scripps Networks Interactive, Inc., Class A
 959     77,199  
Time Warner Cable, Inc.
 3,174     381,356  
Time Warner, Inc.
 10,214     702,110  
      1,797,210  
 
Transportation - 2.5%
  
Arkansas Best Corporation
 237     6,487  
C.H. Robinson Worldwide, Inc.
 1,754     104,784  
CSX Corporation
 11,221     292,419  
Expeditors International of Washington, Inc.
 2,260     102,355  
Genesee & Wyoming, Inc., Class A (a)
 497     49,621  
Hertz Global Holdings, Inc. (a)
 4,405     101,139  
Norfolk Southern Corporation
 3,465     298,059  
Ryder System, Inc.
 553     36,404  
United Parcel Service, Inc., Class B
 7,934     779,436  
Wesco Aircraft Holdings, Inc. (a)
 650     11,908  
      1,782,612  
 
Consumer Durables & Apparel - 2.1%
  
Blyth, Inc.
 100     1,381  
Callaway Golf Company
 769     6,483  
Columbia Sportswear Company
 154     10,298  
CSS Industries, Inc.
 90     2,330  
Deckers Outdoor Corporation (a)
 355     24,435  
Ethan Allen Interiors, Inc.
 258     6,873  
La-Z-Boy, Inc.
 578     13,340  
Mattel, Inc.
 3,808     168,961  
Meritage Homes Corporation (a)
 372     16,885  
Mohawk Industries, Inc. (a)
 677     89,648  
NIKE, Inc., Class B
 7,837     593,731  
 
 
 
 
 
Polaris Industries, Inc.
 719   $ 94,153  
PVH Corporation
 889     110,743  
Tupperware Brands Corporation
 568     50,921  
Under Armour, Inc., Class A (a)
 890     72,224  
VF Corporation
 963     207,045  
Wolverine World Wide, Inc.
 535     30,891  
      1,500,342  
 
Utilities - 1.7%
  
AGL Resources, Inc.
 1,256     60,112  
Avista Corporation
 633     17,591  
CenterPoint Energy, Inc.
 4,323     106,346  
Cleco Corporation
 745     34,523  
Consolidated Edison, Inc.
 3,207     186,712  
Integrys Energy Group, Inc.
 840     49,291  
MDU Resources Group, Inc.
 1,903     56,671  
MGE Energy, Inc.
 241     13,571  
National Fuel Gas Company
 755     54,020  
New Jersey Resources Corporation
 441     20,299  
NiSource, Inc.
 3,426     107,988  
Northeast Utilities
 3,559     152,646  
Northwest Natural Gas Company
 287     12,464  
ONEOK, Inc.
 2,253     127,295  
Pepco Holdings, Inc.
 2,836     54,678  
Piedmont Natural Gas Company, Inc.
 817     27,892  
Questar Corporation
 1,859     43,984  
UGI Corporation
 1,211     50,099  
WGL Holdings, Inc.
 547     24,620  
      1,200,802  
 
Food & Staples Retailing - 1.2%
  
Costco Wholesale Corporation
 4,787     564,866  
Safeway, Inc.
 2,670     93,183  
Sysco Corporation
 6,484     209,693  
      867,742  
 
Renewable Energy & Energy Efficiency - 0.9%
  
Fuel Systems Solutions, Inc. (a)
 142     2,550  
ITC Holdings Corporation
 556     55,928  
Itron, Inc. (a)
 413     17,623  
Johnson Controls, Inc.
 7,517     346,910  
Ormat Technologies, Inc.
 191     4,979  
Quanta Services, Inc. (a)
 2,369     71,568  
SunPower Corporation (a)
 463     13,978  
Tesla Motors, Inc. (a)
 898     143,626  
      657,162  
 
Telecommunication Services - 0.8%
  
CenturyLink, Inc.
 6,657     225,406  
Cincinnati Bell, Inc. (a)
 2,149     6,146  
Frontier Communications Corporation
 10,596     46,728  
Leap Wireless International, Inc. (a)
 507     8,163  
Level 3 Communications, Inc. (a)
 1,783     54,471  
SBA Communications Corporation, Class A (a)
 1,403     122,720  
Sprint Corporation (a)
 10,676     71,850  
Windstream Holdings, Inc.
 6,302     53,882  
      589,366  
 
Commercial & Professional Services - 0.7%
  
Corporate Executive Board Company (The)
 363     26,463  
Deluxe Corporation
 539     25,382  
Dun & Bradstreet Corporation (The)
 427     46,453  
Herman Miller, Inc.
 626     18,993  
HNI Corporation
 494     19,192  
ICF International, Inc. (a)
 227     7,859  
IHS, Inc., Class A (a)
 658     71,755  
 
 
 
 
 
Interface, Inc.
 706   $ 14,296  
Iron Mountain, Inc.
 1,654     43,897  
Kelly Services, Inc.
 312     6,508  
Knoll, Inc.
 550     9,031  
Manpowergroup, Inc.
 865     67,556  
R.R. Donnelley & Sons Company
 1,942     36,063  
Robert Half International, Inc.
 1,572     60,569  
RPX Corporation (a)
 295     5,269  
Steelcase, Inc.
 938     15,374  
Team, Inc. (a)
 199     7,421  
Tetra Tech, Inc. (a)
 708     18,500  
TrueBlue, Inc. (a)
 382     9,435  
      510,016  
 
Automobiles & Components - 0.5%
  
Autoliv, Inc.
 1,054     94,048  
BorgWarner, Inc.
 1,262     130,150  
Harley-Davidson, Inc.
 2,474     158,435  
      382,633  
 
Healthy Living - 0.4%
  
Hain Celestial Group, Inc. (The) (a)
 433     36,039  
United Natural Foods, Inc. (a)
 532     38,011  
Whole Foods Market, Inc.
 3,839     242,356  
      316,406  
 
Total Common Stocks (Cost $49,778,746)
     72,016,862  
 
Short-term Obligation - 1.1%
  
Repurchase Agreement - State Street Bank & Trust Repurchase Agreement, 0.00%, dated 10/31/13, due 11/1/13, proceeds $782,654 (collateralized by Freddie Mac, 3.50%, due 10/15/40, value $799,572) (Cost $782,654)
       782,654  
 
TOTAL INVESTMENTS (b) - 100.5% (Cost $50,561,400)
     72,799,516  
Liabilities Less Other Assets - (0.5)%
     (342,350 )
 
NET ASSETS -100.0%
   $ 72,457,166  

(a) 
Non-income producing security.
(b) 
The cost of investments for federal income tax purposes is $51,615,326 resulting in gross unrealized appreciation and depreciation of $23,152,362 and $1,968,172 respectively, or net unrealized appreciation of $21,184,190.
 
See Notes to Schedule of Investments

 
 
 
 
GREEN CENTURY BALANCED FUND
GREEN CENTURY EQUITY FUND
NOTES TO SCHEDULES OF INVESMENTS
(Unaudited)
 
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”), collectively, the “Funds”.  The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end, diversified management investment company.  The Trust accounts separately for the assets, liabilities and operations of each series.  The Balanced Fund commenced operations on March 18, 1992 and the Equity Fund commenced operations on September 13, 1995.
 
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements.  Actual results could differ from those estimates.  The following is a summary of the Funds’ significant accounting policies:
 
     (A)
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® and SmallCapSM securities are valued at the NASDAQ Official Closing Price ("NOCP"). The NOCP is based on the last traded price if it falls within the concurrent best bid and ask prices and is normalized pursuant to NASDAQ's published procedures if it falls outside this range. If 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 certificates of deposit and 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 or valuation provided by a pricing service is deemed not reliable, are valued at fair value by management as determined in good faith under guidelines established by the Trustees. Certificates of deposit are valued at cost plus accrued interest, and short-term obligations maturing in sixty days or less are valued at amortized cost, both of which approximate market value.

 
Various inputs are used in determining the value of the Fund’s investments.  These inputs are summarized in the three broad levels listed below:
 
Level 1 – quoted prices for active markets for identical securities.  An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis.  A quoted price in an active market provides the most reliable evidence of fair value.
 
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)  Quoted prices for identical or similar assets in markets that are not active.  Investments valued at amortized cost. Inputs that are derived principally from or corroborated by observable market data.  An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement.
 
Level 3 – significant unobservable inputs, including the Fund’s own assumptions in determining the fair value of investments.
 
 
 
 
 
 GREEN CENTURY BALANCED FUND
GREEN CENTURY EQUITY FUND
NOTES TO SCHEDULES OF INVESMENTS
(Unaudited)
 
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The following is a summary of the inputs used to value the Balanced Fund’s net assets as of October 31, 2013:
 
   
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
TOTAL
  
COMMON STOCKS
   $ 71,046,803     $ -     $ -     $ 71,046,803  
CORPORATE BONDS & NOTES
     -       11,845,353       -       11,845,353  
U.S. GOVERNMENT AGENCIES
     -       6,331,620       -       6,331,620  
CERTIFICATES OF DEPOSIT
     -       95,000       -       95,000  
SHORT-TERM OBLIGATIONS
     -       5,629,475       -       5,629,475  
TOTAL
   $ 71,046,803     $ 23,901,448     $ -     $ 94,948,251  
 
The following is a summary of the inputs used to value the Equity Fund’s net assets as of October 31, 2013:

   
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
TOTAL
  
COMMON STOCKS
   $ 72,016,862     $ -     $ -     $ 72,016,862  
SHORT-TERM OBLIGATIONS
     -       782,654       -       782,654  
TOTAL
   $ 72,016,862     $ 782,654     $ -     $ 72,799,516  
 
The Funds adopted the Financial Accounting Standards Board (“FASB”) amendments to authoritative guidance which require the Funds to disclose details of transfers in and out of Level 1 and Level 2 measurements and Level 2 and Level 3 measurements and the reasons for the transfers.  For the period ended October 31, 2013, there were no transfers in and out of Level 1, Level 2 and Level 3.  Neither of the Funds held any Level 3 securities during the period ended October 31, 2013.  It is the Funds’ policy to recognize transfers into and out of all Levels at the end of the reporting period.

     (B)
Securities Transactions and Investment Income:  Securities transactions are recorded on a trade date basis.  Realized gains and losses from securities transactions are determined using the identified cost basis.  Interest income, including amortization of premiums and accretion of discounts on bonds, is recognized on the accrual basis and dividend income is recorded on ex-dividend date.
 
     (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 Equity Fund is authorized to utilize options to hedge against possible increases in the value of securities which are expected to be purchased by the Equity Fund or possible declines in the value of securities which are expected to be sold by the Equity Fund. The use of options involves risk such as the possibility of illiquid markets or imperfect correlation between the value of the option and the underlying securities.  The Funds are also authorized to write put and 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 Funds continue 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.  For the period ended October 31, 2013, neither the Balanced Fund nor the Equity Fund utilized options or wrote put or call options.
 
 
 
 
 
GREEN CENTURY BALANCED FUND
GREEN CENTURY EQUITY FUND
NOTES TO SCHEDULES OF INVESMENTS
(Unaudited)
 
     (D)
Repurchase Agreements:  The Funds enter into repurchase agreements with selected banks or broker-dealers that are deemed by the Funds’ 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 Funds require 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 Funds 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.
 
 
 
 
 
Item 2.  Controls and Procedures

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

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

Item 3.  Exhibits

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.
 
 
 
 

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
  
President and Principal Executive Officer
  
December 18, 2013
  
 
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
  
President and Principal Executive Officer
  
December 18, 2013
  
   
   
/s/ Kristina A. Curtis
  
Kristina A. Curtis
  
Treasurer and Principal Financial Officer
  
December 18, 2013