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: December 31, 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
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 |
Murray Rosenblith
Kate Don Angelo
February 20, 2024
Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Expenses Paid During Six Months Ended December 31, 2023 | |
Class A Shares * | |||
Actual | $1,000.00 | $ 958.00 | $5.08 |
Hypothetical (assumes 5% return before expenses) | $1,000.00 | $1,020.01 | $5.24 |
Investor Shares ** | |||
Actual | $1,000.00 | $ 956.70 | $6.31 |
Hypothetical (assumes 5% return before expenses) | $1,000.00 | $1,018.75 | $6.51 |
* | Expenses are equal to the annualized expense ratio of the Fund’s Class A Shares for the six-month period of 1.03%, multiplied by the average account value over the period, multiplied by the number of days (184) 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 (4.20)% for the six-month period of July 1, 2023 to December 31, 2023. |
** | Expenses are equal to the annualized expense ratio of the Fund’s Investor Shares for the six-month period of 1.28%, multiplied by the average account value over the period, multiplied by the number of days (184) 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 (4.33)% for the six-month period of July 1, 2023 to December 31, 2023. |
Sector Diversification | % of Net Assets | Value | ||
Common Stocks | ||||
Alternate Energy: | ||||
Renewable Energy Power Producers & Developers | 38.5% | $125,536,981 | ||
Wind Turbines | 2.4 | 7,933,863 | ||
Solar Photovoltaic | 1.4 | 4,563,350 | ||
Utilities | 23.6 | 76,988,510 | ||
Energy Conservation | 8.6 | 28,014,018 | ||
Energy Management | 7.7 | 25,082,132 | ||
Sustainable Energy Financial Services | 5.7 | 18,616,500 | ||
Water Systems | 5.0 | 16,273,700 | ||
Transportation | 1.9 | 6,298,000 | ||
Energy Storage | 1.4 | 4,524,000 | ||
Recycling & Waste Management | 0.4 | 1,261,250 | ||
Certificates of Deposit | 0.1 | 300,000 | ||
Other Assets in Excess of Liabilities | 3.3 | 10,611,543 | ||
Net Assets | 100.0% | $326,003,847 |
December 31, 2023
(Unaudited)
Name | % of Net Assets | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc., REIT | 5.7% | |
EDP Renovaveis SA (Spain/Portugal) | 5.2 | |
Iberdrola SA (Spain) | 5.2 | |
Clearway Energy, Inc., Class A | 5.1 | |
Enel SPA (Italy) | 5.0 | |
Veolia Environnement SA (France) | 4.1 | |
Infratil Ltd. (New Zealand) | 3.9 | |
Acciona SA (Spain) | 3.8 | |
Avangrid, Inc. | 3.8 | |
Atlantica Sustainable Infrastructure PLC (United Kingdom) | 3.8 | |
Total Top Ten | 45.6% |
Shares | Value | ||
COMMON STOCKS − 96.6% | |||
Alternate Energy — 42.3%* | |||
Renewable Energy Power Producers & Developers — 38.5% | |||
Acciona SA (Spain) | 85,000 | $ 12,508,306 | |
Atlantica Sustainable Infrastructure PLC (United Kingdom)** | 575,000 | 12,362,500 | |
Boralex, Inc., Class A (Canada) | 125,000 | 3,125,000 | |
Brookfield Renewable Corp., Class A (Canada) | 425,000 | 12,235,750 | |
Brookfield Renewable Partners LP (Bermuda/Canada)*** | 225,000 | 5,913,000 | |
Clearway Energy, Inc., Class A | 650,000 | 16,627,000 | |
EDP Renovaveis SA (Spain/Portugal) | 836,000 | 17,096,763 | |
Innergex Renewable Energy, Inc. (Canada) | 1,250,000 | 8,712,500 | |
Manawa Energy Ltd. (New Zealand) | 650,000 | 1,762,750 | |
NextEra Energy Partners LP**,*** | 400,000 | 12,164,000 | |
Northland Power, Inc. (Canada) | 325,000 | 5,934,500 | |
Orron Energy AB (Sweden)**** | 250,000 | 197,302 | |
Orsted A/S (Denmark) | 175,000 | 9,700,194 | |
TransAlta Corp. (Canada) | 866,115 | 7,197,416 | |
125,536,981 | |||
Solar Photovoltaic — 1.4% | |||
Array Technologies, Inc.**** | 25,000 | 420,000 | |
Canadian Solar, Inc. (Canada)**** | 75,000 | 1,967,250 | |
Enphase Energy, Inc.**** | 10,000 | 1,321,400 | |
Shoals Technologies Group, Inc., Class A**** | 55,000 | 854,700 | |
4,563,350 | |||
Wind Turbines — 2.4% | |||
Vestas Wind Systems A/S (Denmark)**** | 250,000 | 7,933,863 | |
7,933,863 | |||
Total Alternate Energy | 138,034,194 | ||
Utilities — 23.6% | |||
Algonquin Power & Utilities Corp. (Canada) | 200,000 | 1,264,000 | |
American Water Works Co., Inc. | 25,000 | 3,299,750 | |
Avangrid, Inc. | 385,000 | 12,477,850 | |
EDP - Energias de Portugal SA (Portugal) | 500,000 | 2,514,246 | |
Enel SPA (Italy) | 2,200,000 | 16,345,084 | |
Eversource Energy | 125,000 | 7,715,000 | |
Hydro One Ltd. (Canada) | 125,000 | 3,745,142 | |
Iberdrola SA (Spain) | 1,293,243 | 16,946,509 | |
Infratil Ltd. (New Zealand) | 2,000,000 | 12,680,929 | |
76,988,510 | |||
Energy Conservation — 8.6% | |||
Carrier Global Corp. | 50,000 | 2,872,500 | |
Johnson Controls International PLC (Ireland) | 50,000 | 2,882,000 |
Shares | Value | ||
Owens Corning, Inc. | 30,000 | $ 4,446,900 | |
Signify NV (Netherlands) | 350,000 | 11,715,118 | |
Trane Technologies PLC (Ireland) | 25,000 | 6,097,500 | |
28,014,018 | |||
Energy Management — 7.7% | |||
ABB Ltd. (Switzerland) SP ADR | 50,000 | 2,215,000 | |
Siemens AG (Germany) | 65,000 | 12,192,907 | |
Terna-Rete Elettrica Nazionale (Italy) | 1,280,000 | 10,674,225 | |
25,082,132 | |||
Sustainable Energy Financial Services — 5.7% | |||
Hannon Armstrong Sustainable Infrastructure Capital, Inc., REIT | 675,000 | 18,616,500 | |
18,616,500 | |||
Water Systems — 5.0% | |||
Veolia Environnement SA (France) ADR | 850,000 | 13,414,700 | |
Xylem, Inc. | 25,000 | 2,859,000 | |
16,273,700 | |||
Transportation — 1.9% | |||
BYD Co. Ltd. (China) ADR | 100,000 | 5,527,000 | |
Shimano, Inc. (Japan) ADR | 50,000 | 771,000 | |
6,298,000 | |||
Energy Storage — 1.4% | |||
Fluence Energy, Inc.**** | 75,000 | 1,788,750 | |
Panasonic Holdings Corp. (Japan) ADR | 225,000 | 2,214,000 | |
QuantumScape Corp.**** | 75,000 | 521,250 | |
4,524,000 | |||
Recycling & Waste Management — 0.4% | |||
Sims Ltd. (Australia) SP ADR | 125,000 | 1,261,250 | |
1,261,250 | |||
Total Common Stocks (Cost $291,209,994) | 315,092,304 |
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 4.60% due 12/30/24 | 100,000 | 100,000 |
Total Certificates of Deposit (Cost $300,000) | 300,000 | |
Investments in Securities (Cost $291,509,994) — 96.7% | 315,392,304 | |
Other Assets in Excess of Liabilities — 3.3% | 10,611,543 | |
Net Assets — 100.0% | $326,003,847 |
* | 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 | 26.4% | |
Canada | 15.4 | |
Spain | 14.2 | |
Italy | 8.3 | |
Denmark | 5.4 | |
New Zealand | 4.4 | |
France | 4.1 | |
United Kingdom | 3.8 | |
Germany | 3.7 | |
Netherlands | 3.6 | |
Ireland | 2.8 | |
China | 1.7 | |
Japan | 0.9 | |
Portugal | 0.8 | |
Switzerland | 0.7 | |
Australia | 0.4 | |
Sweden | 0.1 | |
Other Assets/Liabilities | 3.3 | |
100.0% |
ASSETS | |
Investment securities at fair value (cost: $291,509,994) (Notes 2A & 7) | $315,392,304 |
Cash | 8,549,525 |
Receivables: | |
Investments sold | 2,661,519 |
Capital shares subscribed | 828,105 |
Dividends | 678,210 |
Tax reclaims (Note 2D) | 603,675 |
Prepaid insurance and registration | 55,703 |
Total Assets | 328,769,041 |
LIABILITIES | |
Payables: | |
Due to custodian in foreign currency (cost: $15,461) | 15,941 |
Capital shares reacquired | 2,306,274 |
Management fees | 147,693 |
Transfer agent fees | 73,152 |
Custodian fees | 47,883 |
Professional fees | 45,652 |
Postage and printing fees | 30,010 |
12b-1 fees | 3,936 |
Accrued expenses and other liabilities | 94,653 |
Total Liabilities | 2,765,194 |
Net Assets | $326,003,847 |
ANALYSIS OF NET ASSETS | |
Net capital paid in shares of capital shares | $308,761,793 |
Total distributable earnings | 17,242,054 |
Net Assets | $326,003,847 |
Class A Shares: | |
Net Assets | $307,712,479 |
Net asset value and redemption price per share ($307,712,479/4,670,814) shares of outstanding beneficial interest, unlimited authorization, no par value | $ 65.88 |
Maximum offering price per share (100/96.50 of $65.88) | $ 68.27 |
Investor Shares: | |
Net Assets | $ 18,291,368 |
Net asset value, offering and redemption* price per share ($18,291,368/278,919) shares of outstanding beneficial interest, unlimited authorization, no par value | $ 65.58 |
* Redemption fee may apply (Note 1) |
Investment Income: | |
Dividends (net of $(1,080,413) foreign taxes withheld) | $ 11,805,651 |
Interest | 14,562 |
Total Investment Income | 11,820,213 |
Expenses: | |
Management fees (Note 4) | 1,924,188 |
Transfer agent fees | 565,192 |
Administration and accounting fees | 295,554 |
Legal fees | 119,751 |
Custodian fees | 141,170 |
Registration fees | 56,227 |
Compliance service fees | 67,634 |
Postage and printing fees | 74,868 |
Trustees fees (Note 5) | 38,893 |
Audit fees | 25,037 |
12b-1 fees (Investor Shares) (Note 4) | 52,623 |
Insurance fees | 16,550 |
Other expenses | 126,754 |
Total Expenses | 3,504,441 |
Net Investment Income | 8,315,772 |
Net Realized and Unrealized Gain/(Loss) from Investments and Foreign Currency Related Transactions: | |
Realized Gain/(Loss) from Investments and Foreign Currency Related Transactions (Notes 2B & 6): | |
Net realized gain from investments | 3,115,465 |
Net realized loss from foreign currency transactions | (8,400) |
Net Realized Gain | 3,107,065 |
Net Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Related Translations: | |
Net change in unrealized appreciation/(depreciation) on investments | (22,886,192) |
Net change in unrealized appreciation/(depreciation) on foreign currency translations | 20,313 |
Net change in unrealized appreciation/(depreciation) | (22,865,879) |
Net Realized and Unrealized Loss on Investments and Foreign Currency Related Translations | (19,758,814) |
Net Decrease in Net Assets Resulting from Operations | $(11,443,042) |
For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | ||
Investment Activities: | |||
Net investment income | $ 8,315,772 | $ 3,799,036 | |
Net realized gain from investments and foreign currency transactions | 3,107,065 | 12,639,746 | |
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | (22,865,879) | (89,182,160) | |
Net decrease in net assets resulting from operations | (11,443,042) | (72,743,378) | |
Distributions to Shareholders from distributable earnings: | |||
Class A Shares | (13,284,723) | (15,828,844) | |
Investor Shares | (729,534) | (967,717) | |
Total distributions to shareholders from distributable earnings | (14,014,257) | (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) | (27,169,763) | 11,941,339 | |
Total Decrease in Net Assets | (52,627,062) | (77,631,436) | |
Net Assets: | |||
Beginning of the year | 378,630,909 | 456,262,345 | |
End of the year | $326,003,847 | $378,630,909 |
Class A Shares | For the Years Ended December 31, | ||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||
Net asset value at the beginning of year | $ 70.57 | $ 87.80 | $ 97.00 | $ 62.92 | $ 48.48 | ||||
Investment Operations | |||||||||
Net investment income* | 1.60 | 0.75 | 0.34 | 0.26 | 0.09 | ||||
Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | (3.35) | (14.71) | (5.03) | 38.60 | 17.84 | ||||
Total from investment operations | (1.75) | (13.96) | (4.69) | 38.86 | 17.93 | ||||
Distributions | |||||||||
From net investment income | (2.05) | (0.80) | (0.48) | (0.07) | (0.26) | ||||
From net realized gains | (0.89) | (2.46) | (3.90) | (4.71) | (3.23) | ||||
From return of capital | — | (0.01) | (0.13) | — | — | ||||
Total distributions | (2.94) | (3.27) | (4.51) | (4.78) | (3.49) | ||||
Net asset value at end of year | $ 65.88 | $ 70.57 | $ 87.80 | $ 97.00 | $ 62.92 | ||||
Total return (Sales load not reflected) | (2.50)% | (15.93)% | (4.79)% | 61.76% | 36.98% | ||||
Net assets, end of the year (in thousands) | $ 307,712 | $ 355,564 | $ 428,017 | $ 404,594 | $ 228,348 | ||||
Ratio of expenses to average net assets | 0.96% | 0.89% | 0.85% | 0.96% | 1.08% | ||||
Ratio of net investment income to average net assets | 2.33% | 0.96% | 0.36% | 0.36% | 0.16% | ||||
Portfolio turnover | 7.97% | 9.21% | 8.75% | 20.34% | 18.78% | ||||
Number of shares outstanding at end of the year | 4,670,814 | 5,038,240 | 4,875,026 | 4,171,206 | 3,629,088 |
* | The selected per share data was calculated using the average shares outstanding method for the year. |
Investor Shares | For the Years Ended December 31, | ||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||
Net asset value at the beginning of year | $ 70.21 | $ 87.35 | $ 96.52 | $ 62.74 | $ 48.36 | ||||
Investment Operations | |||||||||
Net investment income/(loss)* | 1.42 | 0.55 | 0.11 | 0.08 | (0.05) | ||||
Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | (3.34) | (14.62) | (5.00) | 38.41 | 17.79 | ||||
Total from investment operations | (1.92) | (14.07) | (4.89) | 38.49 | 17.74 | ||||
Distributions | |||||||||
From net investment income | (1.82) | (0.60) | (0.25) | — | (0.13) | ||||
From net realized gains | (0.89) | (2.46) | (3.90) | (4.71) | (3.23) | ||||
From return of capital | — | (0.01) | (0.13) | — | — | ||||
Total distributions | (2.71) | (3.07) | (4.28) | (4.71) | (3.36) | ||||
Net asset value at end of year | $ 65.58 | $ 70.21 | $ 87.35 | $ 96.52 | $ 62.74 | ||||
Total return | (2.75)% | (16.14)% | (5.02)% | 61.35% | 36.68% | ||||
Net assets, end of the year (in thousands) | $ 18,291 | $ 23,067 | $ 28,245 | $ 23,232 | $ 6,114 | ||||
Ratio of expenses to average net assets | 1.21% | 1.14% | 1.10% | 1.21% | 1.33% | ||||
Ratio of net investment income/(loss) to average net assets | 2.08% | 0.71% | 0.11% | 0.11% | (0.09)% | ||||
Portfolio turnover | 7.97% | 9.21% | 8.75% | 20.34% | 18.78% | ||||
Number of shares outstanding at end of the year | 278,919 | 328,561 | 323,368 | 240,704 | 97,453 |
* | The selected per share data was calculated using the average shares outstanding method for the year. |
• | 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 12/31/2023 | Level 1 - Quoted Price | Level 2 - Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | ||||
Common Stocks | |||||||
Alternate Energy | $ 138,034,194 | $ 138,034,194 | $ — | $ — | |||
Utilities | 76,988,510 | 73,243,368 | 3,745,142 | — | |||
Energy Conservation | 28,014,018 | 28,014,018 | — | — | |||
Energy Management | 25,082,132 | 25,082,132 | — | — | |||
Sustainable Energy Financial Services | 18,616,500 | 18,616,500 | — | — | |||
Water Systems | 16,273,700 | 16,273,700 | — | — | |||
Transportation | 6,298,000 | 6,298,000 | — | — | |||
Energy Storage | 4,524,000 | 4,524,000 | — | — | |||
Recycling & Waste Management | 1,261,250 | 1,261,250 | — | — | |||
Certificates of Deposit | 300,000 | — | 300,000 | — | |||
Total | $ 315,392,304 | $ 311,347,162 | $ 4,045,142 | $ — |
For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Class A Shares | |||||||
Shares of beneficial interest sold | 340,788 | $ 24,086,741 | 596,474 | $ 47,047,178 | |||
Reinvestment of distributions | 180,186 | 11,915,691 | 194,581 | 13,852,253 | |||
Redemptions | (888,400) | (59,839,554) | (627,841) | (49,275,765) | |||
Net Increase (Decrease) | (367,426) | $ (23,837,122) | 163,214 | $ 11,623,666 |
For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Investor Shares | |||||||
Shares of beneficial interest sold | 31,067 | $ 2,080,811 | 99,879 | $ 7,743,767 | |||
Reinvestment of distributions | 9,852 | 648,559 | 12,259 | 868,194 | |||
Redemptions | (90,561) | (6,062,011) | (106,945) | (8,294,288) | |||
Net Increase (Decrease) | (49,642) | $ (3,332,641) | 5,193 | $ 317,673 | |||
Total Net Increase (Decrease) | (417,068) | $ (27,169,763) | 168,407 | $ 11,941,339 |
Cost of investments for tax purposes | $298,313,033 |
Unrealized appreciation for tax purposes | $ 59,893,781 |
Unrealized depreciation for tax purposes | (42,814,510) |
Net unrealized appreciation on investments and foreign currency translation | $ 17,079,271 |
Distributions paid from: | 2023 | 2022 | |
Ordinary Income | $10,499,035 | $ 4,113,084 | |
Long-Term Capital Gains | 3,515,222 | 12,683,477 | |
Return of Capital | — | 32,836 | |
$14,014,257 | $16,829,397 |
Net capital paid in shares of capital shares | $ 1,062,478 |
Total distributions earnings | (1,062,478) |
Undistributed Long-Term Capital Gains | $ 162,783 |
Net Unrealized Appreciation on Investments and Foreign Currency Translations | 17,079,271 |
$17,242,054 |
Philadelphia, Pennsylvania
February 28, 2024
Ordinary Income | $10,769,379 |
Long-Term Capital Gains | $ 3,244,878 |
Name and Year of Birth | Position(s) Held with the Trust | Term of Office and Length of Time Served1 | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Trust Complex To Be Overseen by Trustee2 | All Directorships Held by Trustee During the Past Five Years3 | |||||
Interested Trustee: | ||||||||||
David J. Schoenwald* 1949 | Founder, Trustee, President, Treasurer and Chairperson of the Board | Founder, Trustee, President and Treasurer, 1982 to present; Chairperson of the Board, 2008 to present. | President, Treasurer and Portfolio Manager, Accrued Equities, Inc.** | 1 | None | |||||
Murray D. Rosenblith* 1951 | Trustee, Vice President and Secretary | Trustee, 2003 to present; Vice President, 2018 to present; Secretary, 2012 to present; Assistant Secretary, 2009 to 2012. | Vice President, Portfolio Manager and Assistant Compliance Officer (2010 to present), and employee, Accrued Equities, Inc.** (2008 to present); formerly, Executive Director, A.J. Muste Memorial Institute, an organization concerned with exploration of the link between nonviolence and social change (1985 to 2008). | 1 | None |
Name and Year of Birth | Position(s) Held with the Trust | Term of Office and Length of Time Served1 | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Trust Complex To Be Overseen by Trustee2 | All Directorships Held by Trustee During the Past Five Years3 | |||||
Independent Trustees: | ||||||||||
Sharon Reier 1946 | Trustee and Vice-Chairperson of the Board | Trustee, 1982 to present; Vice- Chairperson, 2008 to present. | Retired; prior thereto, freelance financial journalist; Contributor to the International Herald Tribune, (1995 to 2011); former contributor to Business Week International; former regional editor, Financial World; former editor, Boardroom Reports; former contributing editor, Institutional Investor; former staff, Forbes and American Banker. | 1 | None | |||||
Susan Hickey 1952 | Trustee, Audit Committee Member and Audit Committee Chairperson | Trustee and Audit Committee Member, 2005 to present; Audit Committee Chairperson, 2014 to present. | Self-Employed Tax Preparer (1983 to present); prior thereto, Accounting Software Developer, AccountantsWorld, LLC. (until 2016); Member of National Association of Enrolled Agents and New York Society of Independent Accountants; Former IRS Tax Return Auditor; BA International Affairs, Stonehill College, North Easton, MA. | 1 | None |
Name and Year of Birth | Position(s) Held with the Trust | Term of Office and Length of Time Served1 | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Trust Complex To Be Overseen by Trustee2 | All Directorships Held by Trustee During the Past Five Years3 | |||||
Jonathan D. Beard 1948 | Trustee and Audit Committee Member | Trustee, 2005 to present; Audit Committee Member, 2014 to present. | Retired; prior thereto, Self-employed Freelance Journalist for various American and European Science Magazines; Lifetime Member, Sierra Club and New York-New Jersey Trails Conference; Graduate of Columbia University 1970. | 1 | None | |||||
Jeffrey E. Perlman 1979 | Trustee and Audit Committee Member | Trustee, 2009 to present; Audit Committee Member, 2014 to present. | Founder, Bright Power, a company advancing clean, cost-effective energy solutions (2004 to present); formerly, President of Bright Power (2004 to 2023); Clarinetist/Saxophonist, Romashka and various Klezmer music ensembles (1996 to present); Formerly, Consultant, Capital E, a renewable energy consulting and investment services company (2002 to 2005). | 1 | None | |||||
Officers of the Trust who are not Trustees: | ||||||||||
Joseph A. Don Angelo 1948 | Chief Compliance Officer | 2007 to present. | Certified Public Accountant and Owner, Don Angelo and Associates, CPAs P.C. (1984 to present). | N/A | N/A |
1 | Each Trustee holds office until the next meeting of shareholders for the election of Trustees and until his or her successor has been elected and qualified, except in the event of his or her death, resignation or removal. Officers are appointed on an annual basis and serve at the pleasure of the Trustees. |
2 | Currently, there is only one portfolio and no fund complex. |
3 | Includes directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended (i.e., “public companies”), or other investment companies registered under the 1940 Act. |
* | An “interested person”, as defined in section 2(a)(19) of the 1940 Act. David J. Schoenwald is majority shareholder and President of the Advisor. Murray D. Rosenblith is considered an “interested person” as a result of his employment with, and ownership interest in, the Advisor. |
** | David J. Schoenwald and Murray D. Rosenblith have no present enterprise, employment, position or commercial investment activity except for their positions with the Advisor, which is also the Fund’s Sub-Distributor. At the present time, the Advisor provides services only to the Fund. |
(b) | Not Applicable. |
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. |
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
(f) | A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report. |
Item 3. Audit Committee Financial Expert.
As of the end of the period covered by the report, the Registrant’s Board of Trustees has determined that Susan Hickey is qualified to serve as an audit committee financial expert serving on its audit committee and that she is “independent,” as defined by Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $22,963 for 2022 and $25,037 for 2023. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the |
registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2022 and $0 for 2023. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $3,000 for 2022 and $3,000 for 2023. The fees billed were for review by the principal accountant of the registrant’s Federal tax returns. |
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2022 and $0 for 2023. |
(e) | Audit Committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
(e)(1) | The audit committee will be responsible for evaluating the provision of non-audit services to the registrant as required by Section 201 of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder (collectively, the “2002 Act”) and any pre-approval requests submitted by the independent accountants as required by Section 202 of the 2002 Act. |
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) N/A
(c) - 0 –
(d) N/A
(f) | The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent. |
(g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2022 and $0 for 2023. |
(h) | Not applicable. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrant.
Item 6. Investments.
(a) | Not applicable. The full Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the audited annual report to shareholders filed under Item 1 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) | |||
(a)(2) | ||||
(a)(2)(1) | ||||
(a)(2)(2) | ||||
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(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 |
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David J. Schoenwald, President and Treasurer | ||||
(principal executive officer and principal financial officer) |
Date March 7, 2024 |
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 |
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David J. Schoenwald, President and Treasurer | ||||
(principal executive officer and principal financial officer) |
Date March 7, 2024
* Print the name and title of each signing officer under his or her signature.