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 811-03287
New Alternatives Fund
(Exact name of registrant as specified in charter)
150 Broadhollow Road, Suite PH2
Melville, New York 11747
(Address of principal executive offices) (Zip code)
David J. Schoenwald, President
New Alternatives Fund
150 Broadhollow Road, Suite PH2
Melville, New York 11747
(Name and address of agent for service)
Registrant’s telephone number, including area code: 631-423-7373
Date of fiscal year end: December 31
Date of reporting period: June 30, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a) The Report to Shareholders is attached herewith.
ALTERNATIVE ENERGY AND THE ENVIRONMENT
CLASS A SHARES: NALFX
(Unaudited)
THE FUND | 150 Broadhollow Road | Melville, New York 11747 | (800) 423-8383 | (631) 423-7373 |
BNY Mellon Investment Servicing (US) Inc. | PO Box 534456 | Pittsburgh, PA 15253 | (800) 441-6580 | (610) 382-7819 |
Overnight Address | 500 Ross Street | Pittsburgh, PA 15262 | ||
Foreside Funds Distributors LLC | 3 Canal Plaza, Suite 100 | Portland, ME 04101 |
c/o BNY Mellon Investment Servicing (US) Inc.
P.O. Box 534456
Pittsburgh, PA 15253-4456
c/o BNY Mellon Investment Servicing (US) Inc.
Attn: 534456
AIM 154-0520
500 Ross Street
Pittsburgh, PA 15262
Murray Rosenblith
Kate Don Angelo
August 17, 2023
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During Six Months Ended June 30, 2023 | |
Class A Shares * | |||
Actual | $1,000.00 | $1,017.80 | $4.50 |
Hypothetical (assumes 5% return before expenses) | $1,000.00 | $1,020.33 | $4.51 |
Investor Shares ** | |||
Actual | $1,000.00 | $1,016.50 | $5.75 |
Hypothetical (assumes 5% return before expenses) | $1,000.00 | $1,019.09 | $5.76 |
* | Expenses are equal to the annualized expense ratio of the Fund’s Class A Shares for the six-month period of 0.90%, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half year, then divided by the days in the year (365) to reflect the half year period. The Class A Shares’ ending account value on the first line in the table is based on its actual total return of 1.78% for the six-month period of January 1, 2023 to June 30, 2023. |
** | Expenses are equal to the annualized expense ratio of the Fund’s Investor Shares for the six-month period of 1.15%, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half year, then divided by the days in the year (365) to reflect the half year period. The Investor Shares’ ending account value on the third line in the table is based on its actual total return of 1.65% for the six-month period of January 1, 2023 to June 30, 2023. |
Sector Diversification | % of Net Assets | Value | ||
Common Stocks | ||||
Alternate Energy: | ||||
Renewable Energy Power Producers & Developers | 40.3% | $153,469,511 | ||
Wind Turbines | 4.1 | 15,561,396 | ||
Solar Photovoltaic | 0.8 | 3,153,850 | ||
Utilities | 24.3 | 92,461,661 | ||
Energy Conservation | 6.6 | 25,045,386 | ||
Energy Management | 6.2 | 23,684,778 | ||
Water Systems | 4.7 | 17,939,500 | ||
Sustainable Energy Financial Services | 4.3 | 16,250,000 | ||
Transportation | 2.4 | 9,173,000 | ||
Energy Storage | 1.4 | 5,351,250 | ||
Recycling & Waste Management | 0.4 | 1,301,250 | ||
Certificates of Deposit | 0.1 | 300,000 | ||
Other Assets in Excess of Liabilities | 4.4 | 16,906,020 | ||
Net Assets | 100.0% | $380,597,602 |
June 30, 2023
(Unaudited)
Name | % of Net Assets | |
Iberdrola SA (Spain) | 5.5% | |
Enel SpA (Italy) | 5.3 | |
NextEra Energy Partners LP | 4.9 | |
Clearway Energy, Inc., Class A | 4.4 | |
EDP Renovaveis SA (Spain/Portugal) | 4.4 | |
Orsted A/S (Denmark) | 4.3 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc., REIT | 4.3 | |
Veolia Environnement SA (France) | 4.0 | |
Avangrid, Inc. | 3.8 | |
Acciona SA (Spain) | 3.8 | |
Total Top Ten | 44.7% |
Shares | Value | ||
COMMON STOCKS − 95.5% | |||
Alternate Energy — 45.2%* | |||
Renewable Energy Power Producers & Developers — 40.3% | |||
Acciona SA (Spain) | 85,000 | $ 14,413,661 | |
Atlantica Sustainable Infrastructure PLC (United Kingdom)** | 550,000 | 12,892,000 | |
Boralex, Inc., Class A (Canada) | 125,000 | 3,403,472 | |
Brookfield Renewable Corp., Class A (Canada) | 375,000 | 11,820,000 | |
Brookfield Renewable Partners LP (Bermuda/Canada)*** | 350,000 | 10,321,500 | |
Clearway Energy, Inc., Class A | 625,000 | 16,875,000 | |
EDP Renovaveis SA (Spain/Portugal) | 836,000 | 16,689,489 | |
Innergex Renewable Energy, Inc. (Canada) | 1,250,000 | 11,600,000 | |
Manawa Energy Ltd. (New Zealand) | 650,000 | 1,974,580 | |
NextEra Energy Partners LP**,*** | 320,000 | 18,764,800 | |
Northland Power, Inc. (Canada) | 325,000 | 6,748,300 | |
Orron Energy AB (Sweden)**** | 250,000 | 262,741 | |
Orsted A/S (Denmark) | 175,000 | 16,536,968 | |
TransAlta Renewables, Inc. (Canada) | 1,300,000 | 11,167,000 | |
153,469,511 | |||
Solar Photovoltaic — 0.8% | |||
Canadian Solar, Inc. (Canada)**** | 65,000 | 2,514,850 | |
Shoals Technologies Group, Inc., Class A**** | 25,000 | 639,000 | |
3,153,850 | |||
Wind Turbines — 4.1% | |||
Siemens Gamesa Renewable Energy SA (Spain)**** | 250,000 | 4,924,040 | |
Vestas Wind Systems A/S (Denmark)**** | 400,000 | 10,637,356 | |
15,561,396 | |||
Total Alternate Energy | 172,184,757 | ||
Utilities — 24.3% | |||
Algonquin Power & Utilities Corp. (Canada) | 200,000 | 1,652,000 | |
American Water Works Co., Inc. | 25,000 | 3,568,750 | |
Avangrid, Inc. | 385,000 | 14,506,800 | |
EDP - Energias de Portugal SA (Portugal) | 300,000 | 1,465,263 | |
Enel SpA (Italy) | 3,000,000 | 20,191,565 | |
Eversource Energy | 200,000 | 14,184,000 | |
Hydro One Ltd. (Canada) | 125,000 | 3,571,429 | |
Iberdrola SA (Spain) | 1,600,000 | 20,863,744 | |
Infratil Ltd. (New Zealand) | 2,000,000 | 12,458,110 | |
92,461,661 | |||
Energy Conservation — 6.6% | |||
Carrier Global Corp. | 50,000 | 2,485,500 | |
Johnson Controls International PLC (Ireland) | 50,000 | 3,407,000 | |
Owens Corning, Inc. | 35,000 | 4,567,500 |
Shares | Value | ||
Signify NV (Netherlands) | 350,000 | $ 9,803,886 | |
Trane Technologies PLC (Ireland) | 25,000 | 4,781,500 | |
25,045,386 | |||
Energy Management — 6.2% | |||
ABB Ltd. (Switzerland) SP ADR | 50,000 | 1,962,500 | |
Siemens AG (Germany) | 65,000 | 10,819,357 | |
Terna-Rete Elettrica Nazionale SPA (Italy) | 1,280,000 | 10,902,921 | |
23,684,778 | |||
Water Systems — 4.7% | |||
Veolia Environnement SA (France) ADR | 950,000 | 15,124,000 | |
Xylem, Inc. | 25,000 | 2,815,500 | |
17,939,500 | |||
Sustainable Energy Financial Services — 4.3% | |||
Hannon Armstrong Sustainable Infrastructure Capital, Inc., REIT | 650,000 | 16,250,000 | |
16,250,000 | |||
Transportation — 2.4% | |||
BYD Co. Ltd. (China) ADR | 130,000 | 8,339,500 | |
Shimano, Inc. (Japan) ADR | 50,000 | 833,500 | |
9,173,000 | |||
Energy Storage — 1.4% | |||
Fluence Energy, Inc.**** | 75,000 | 1,998,000 | |
Panasonic Holdings Corp. (Japan) ADR | 225,000 | 2,754,000 | |
QuantumScape Corp.**** | 75,000 | 599,250 | |
5,351,250 | |||
Recycling & Waste Management — 0.4% | |||
Sims Ltd. (Australia) SP ADR | 125,000 | 1,301,250 | |
1,301,250 | |||
Total Common Stocks (Cost $319,202,327) | 363,391,582 |
Par | ||
CERTIFICATES OF DEPOSIT − 0.1% | ||
Socially Concerned Banks — 0.1% | ||
Alternatives Federal Credit Union 1.25% due 03/13/24 | $ 200,000 | 200,000 |
Self Help Credit Union 3.15% due 12/30/23 | 100,000 | 100,000 |
Total Certificates of Deposit (Cost $300,000) | 300,000 | |
Investments in Securities (Cost $319,502,327) — 95.6% | 363,691,582 | |
Other Assets in Excess of Liabilities — 4.4% | 16,906,020 | |
Net Assets — 100.0% | $380,597,602 |
* | See (Note 8). |
** | These entities are commonly known as “Yieldco’s”. Yieldco’s are companies formed to own operating power assets which sell most of their electric production to major utilities under long term power purchase agreements. They are expected to pay most of their earnings in dividends to shareholders. They are similar in structure to Real Estate Investment Trusts (REITs). |
*** | Master Limited Partnership |
**** | Non-income producing security. |
ADR | -American Depositary Receipts |
LP | -Limited Partnership |
PLC | -Public Limited Company |
REIT | -Real Estate Investment Trust |
SP ADR | -Sponsored American Depositary Receipts |
(Unaudited)
Country | % of Net Assets | |
United States | 25.5% | |
Canada | 16.5 | |
Spain | 15.0 | |
Italy | 8.2 | |
Denmark | 7.1 | |
France | 4.0 | |
New Zealand | 3.8 | |
United Kingdom | 3.4 | |
Germany | 2.8 | |
Netherlands | 2.6 | |
China | 2.2 | |
Ireland | 2.2 | |
Japan | 0.9 | |
Switzerland | 0.5 | |
Portugal | 0.4 | |
Australia | 0.4 | |
Sweden | 0.1 | |
Other Assets/Liabilities | 4.4 | |
100.0% |
ASSETS | |
Investment securities at fair value (cost: $319,502,327) (Notes 2A & 7) | $363,691,582 |
Cash | 16,208,920 |
Receivables: | |
Capital shares subscribed | 334,926 |
Dividends | 419,556 |
Tax reclaims (Note 2D) | 688,018 |
Prepaid insurance and registration | 41,424 |
Total Assets | 381,384,426 |
LIABILITIES | |
Payables: | |
Due to custodian in foreign currency (cost: $1,733) | 1,729 |
Capital shares reacquired | 441,275 |
Management fees | 168,447 |
Transfer agent fees | 41,901 |
Professional fees | 35,706 |
Custodian fees | 26,360 |
Postage and printing fees | 16,244 |
12b-1 fees | 4,576 |
Accrued expenses and other liabilities | 50,586 |
Total Liabilities | 786,824 |
Net Assets | $380,597,602 |
ANALYSIS OF NET ASSETS | |
Net capital paid in shares of capital shares | $330,011,788 |
Total distributable earnings | 50,585,814 |
Net Assets | $380,597,602 |
Class A Shares: | |
Net Assets | $358,750,383 |
Net asset value and redemption price per share ($358,750,383/4,994,143) shares of outstanding beneficial interest, unlimited authorization, no par value | $ 71.83 |
Maximum offering price per share (100/96.50 of $71.83) | $ 74.44 |
Investor Shares: | |
Net Assets | $ 21,847,219 |
Net asset value, offering and redemption* price per share ($21,847,219/306,096) shares of outstanding beneficial interest, unlimited authorization, no par value | $ 71.37 |
* Redemption fee may apply (Note 1) |
Investment Income: | |
Dividends (net of $714,123 foreign taxes withheld) | $ 7,587,331 |
Interest | 780 |
Total Investment Income | 7,588,111 |
Expenses: | |
Management fees (Note 4) | 1,026,494 |
Transfer agent fees | 258,325 |
Administration and accounting fees | 153,767 |
Legal fees | 64,378 |
Custodian fees | 72,710 |
Registration fees | 36,365 |
Compliance service fees | 33,121 |
Postage and printing fees | 35,061 |
Trustees fees (Note 5) | 19,304 |
Audit fees | 12,063 |
12b-1 fees (Investor Shares) (Note 4) | 28,532 |
Insurance fees | 8,108 |
Other expenses | 13,094 |
Total Expenses | 1,761,322 |
Net Investment Income | 5,826,789 |
Net Realized and Unrealized Gain/(Loss) from Investments and Foreign Currency Related Transactions: | |
Realized Gain from Investments and Foreign Currency Related Transactions (Notes 2B & 6): | |
Net realized gain from investments | 3,564,447 |
Net realized gain from foreign currency transactions | 1,698 |
Net Realized Gain | 3,566,145 |
Net Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Related Translations: | |
Net change in unrealized appreciation/(depreciation) on investments | (2,579,247) |
Net change in unrealized appreciation/(depreciation) on foreign currency translations | 10,296 |
Net change in unrealized appreciation/(depreciation) | (2,568,951) |
Net Realized and Unrealized Gain on Investments and Foreign Currency Related Translations | 997,194 |
Net Increase in Net Assets Resulting from Operations | $ 6,823,983 |
For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | ||
Investment Activities: | |||
Net investment income | $ 5,826,789 | $ 3,799,036 | |
Net realized gain from investments and foreign currency transactions | 3,566,145 | 12,639,746 | |
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | (2,568,951) | (89,182,160) | |
Net increase/(decrease) in net assets resulting from operations | 6,823,983 | (72,743,378) | |
Distributions to Shareholders from distributable earnings: | |||
Class A Shares | — | (15,828,844) | |
Investor Shares | — | (967,717) | |
Total distributions to shareholders from distributable earnings | — | (16,796,561) | |
Distributions to Shareholders from return of capital: | |||
Class A Shares | — | (31,297) | |
Investor Shares | — | (1,539) | |
Total distributions to shareholders from return of capital | — | (32,836) | |
Capital Share Transactions: | |||
Net increase/(decrease) in net assets from capital share transactions (Note 3) | (4,857,290) | 11,941,339 | |
Total Increase/(Decrease) in Net Assets | 1,966,693 | (77,631,436) | |
Net Assets: | |||
Beginning of the period | 378,630,909 | 456,262,345 | |
End of the period | $380,597,602 | $378,630,909 |
Class A Shares | (Unaudited) Six Months Ended June 30, | For the Years Ended December 31, | |||||||||
2023 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at the beginning of period | $ 70.57 | $ 87.80 | $ 97.00 | $ 62.92 | $ 48.48 | $ 55.54 | |||||
Investment Operations | |||||||||||
Net investment income* | 1.10 | 0.75 | 0.34 | 0.26 | 0.09 | 0.09 | |||||
Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | 0.16 | (14.71) | (5.03) | 38.60 | 17.84 | (3.94) | |||||
Total from investment operations | 1.26 | (13.96) | (4.69) | 38.86 | 17.93 | (3.85) | |||||
Distributions | |||||||||||
From net investment income | — | (0.80) | (0.48) | (0.07) | (0.26) | (0.33) | |||||
From net realized gains | — | (2.46) | (3.90) | (4.71) | (3.23) | (2.88) | |||||
From return of capital | — | (0.01) | (0.13) | — | — | — | |||||
Total distributions | — | (3.27) | (4.51) | (4.78) | (3.49) | (3.21) | |||||
Net asset value at end of period | $ 71.83 | $ 70.57 | $ 87.80 | $ 97.00 | $ 62.92 | $ 48.48 | |||||
Total return (Sales load not reflected) | 1.78% | (15.93)% | (4.79)% | 61.76% | 36.98% | (6.93)% | |||||
Net assets, end of the period (in thousands) | $ 358,750 | $ 355,564 | $ 428,017 | $ 404,594 | $ 228,348 | $ 170,699 | |||||
Ratio of expenses to average net assets | 0.90%** | 0.89% | 0.85% | 0.96% | 1.08% | 1.12% | |||||
Ratio of net investment income to average net assets | 3.04%** | 0.96% | 0.36% | 0.36% | 0.16% | 0.17% | |||||
Portfolio turnover | 3.09% | 9.21% | 8.75% | 20.34% | 18.78% | 17.77% | |||||
Number of shares outstanding at end of the period | 4,994,143 | 5,038,240 | 4,875,026 | 4,171,206 | 3,629,088 | 3,520,688 |
* | The selected per share data was calculated using the average shares outstanding method for the period. |
** | Annualized |
Investor Shares | (Unaudited) Six Months Ended June 30, | For the Years Ended December 31, | |||||||||
2023 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at the beginning of period | $ 70.21 | $ 87.35 | $ 96.52 | $ 62.74 | $ 48.36 | $ 55.41 | |||||
Investment Operations | |||||||||||
Net investment income/(loss)* | 1.00 | 0.55 | 0.11 | 0.08 | (0.05) | (0.04) | |||||
Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | 0.16 | (14.62) | (5.00) | 38.41 | 17.79 | (3.92) | |||||
Total from investment operations | 1.16 | (14.07) | (4.89) | 38.49 | 17.74 | (3.96) | |||||
Distributions | |||||||||||
From net investment income | — | (0.60) | (0.25) | — | (0.13) | (0.21) | |||||
From net realized gains | — | (2.46) | (3.90) | (4.71) | (3.23) | (2.88) | |||||
From return of capital | — | (0.01) | (0.13) | — | — | — | |||||
Total distributions | — | (3.07) | (4.28) | (4.71) | (3.36) | (3.09) | |||||
Net asset value at end of period | $ 71.37 | $ 70.21 | $ 87.35 | $ 96.52 | $ 62.74 | $ 48.36 | |||||
Total return | 1.65% | (16.14)% | (5.02)% | 61.35% | 36.68% | (7.15)% | |||||
Net assets, end of the period (in thousands) | $ 21,847 | $ 23,067 | $ 28,245 | $ 23,232 | $ 6,114 | $ 3,671 | |||||
Ratio of expenses to average net assets | 1.15%** | 1.14% | 1.10% | 1.21% | 1.33% | 1.37% | |||||
Ratio of net investment income/(loss) to average net assets | 2.79%** | 0.71% | 0.11% | 0.11% | (0.09)% | (0.08)% | |||||
Portfolio turnover | 3.09% | 9.21% | 8.75% | 20.34% | 18.78% | 17.77% | |||||
Number of shares outstanding at end of the period | 306,096 | 328,561 | 323,368 | 240,704 | 97,453 | 75,901 |
* | The selected per share data was calculated using the average shares outstanding method for the period. |
** | Annualized |
• | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
• | Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These |
• | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
Total Value at 06/30/2023 | Level 1 - Quoted Price | Level 2 - Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | ||||
Common Stocks | |||||||
Alternate Energy | $ 172,184,757 | $ 163,857,245 | $ 8,327,512 | $ — | |||
Utilities | 92,461,661 | 88,890,232 | 3,571,429 | — | |||
Energy Conservation | 25,045,386 | 25,045,386 | — | — | |||
Energy Management | 23,684,778 | 23,684,778 | — | — | |||
Water Systems | 17,939,500 | 17,939,500 | — | — | |||
Sustainable Energy Financial Services | 16,250,000 | 16,250,000 | — | — | |||
Transportation | 9,173,000 | 9,173,000 | — | — | |||
Energy Storage | 5,351,250 | 5,351,250 | — | — | |||
Recycling & Waste Management | 1,301,250 | 1,301,250 | — | — | |||
Certificates of Deposit | 300,000 | — | 300,000 | — | |||
Total | $ 363,691,582 | $ 351,492,641 | $ 12,198,941 | $ — |
For the Six Months Ended June 30, 2023 | For the Year Ended December 31, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Class A Shares | |||||||
Shares of beneficial interest sold | 232,289 | $ 16,939,857 | 596,474 | $ 47,047,178 | |||
Reinvestment of distributions | — | — | 194,581 | 13,852,253 | |||
Redemptions | (276,386) | (20,163,273) | (627,841) | (49,275,765) | |||
Net Increase (Decrease) | (44,097) | $ (3,223,416) | 163,214 | $ 11,623,666 |
For the Six Months Ended June 30, 2023 | For the Year Ended December 31, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Investor Shares | |||||||
Shares of beneficial interest sold | 13,167 | $ 953,029 | 99,879 | $ 7,743,767 | |||
Reinvestment of distributions | — | — | 12,259 | 868,194 | |||
Redemptions | (35,632) | (2,586,903) | (106,945) | (8,294,288) | |||
Net Increase (Decrease) | (22,465) | $ (1,633,874) | 5,193 | $ 317,673 | |||
Total Net Increase (Decrease) | (66,562) | $ (4,857,290) | 168,407 | $ 11,941,339 |
Cost of investments for tax purposes | $319,502,327 |
Unrealized appreciation for tax purposes | $ 71,084,272 |
Unrealized depreciation for tax purposes | (26,895,017) |
Net unrealized appreciation on investments and foreign currency translation | $ 44,189,255 |
Distributions paid from: | 2022 | 2021 | |
Ordinary Income | $ 4,113,084 | $ 2,737,286 | |
Long-Term Capital Gains | 12,683,477 | 19,058,007 | |
Return of Capital | 32,836 | 636,967 | |
$16,829,397 | $22,432,260 |
Net Unrealized Appreciation on Investments and Foreign Currency Translations | $43,761,831 |
$43,761,831 |
(b) Not Applicable.
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable to Registrant, which is an open-end management investment company.
Item 6. Investments.
(a) | The full Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to Registrant, which is an open-end management investment company.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to Registrant, which is an open-end management investment company.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to Registrant, which is an open-end management investment company.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
(a) | Based on his 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 “1940 Act”)) as of a date within 90 days of the filing date of this report, the Registrant’s principal executive officer and principal financial officer has concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to him by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable. |
(a)(2) |
There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
There was no change in the Registrant’s independent public accountant during the period covered by the report.
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | New Alternatives Fund |
By (Signature and Title)* | /s/ David J. Schoenwald | |
David J. Schoenwald, President and Treasurer | ||
(principal executive officer and principal financial officer) |
Date | August 31, 2023 |
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.
By (Signature and Title)* | /s/ David J. Schoenwald | |
David J. Schoenwald, President and Treasurer | ||
(principal executive officer and principal financial officer) |
Date | August 31, 2023 |
* Print the name and title of each signing officer under his or her signature.