NEW ALTERNATIVES FUND
SCHEDULE OF INVESTMENTS
September 30, 2021
(Unaudited)
Shares | Value | |||||||
COMMON STOCKS – 94.3% | ||||||||
Alternate Energy — 73.2% | ||||||||
Energy Storage — 0.9% | ||||||||
Panasonic Corp. (Japan) SP ADR | 340,000 | $ | 4,226,200 | |||||
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4,226,200 | ||||||||
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Renewable Energy Power Producers & Developers — 64.9% | ||||||||
Acciona SA (Spain) | 100,000 | 16,624,381 | ||||||
Algonquin Power & Utilities Corp. (Canada) | 150,000 | 2,199,000 | ||||||
Atlantica Sustainable Infrastructure PLC (United Kingdom)* | 500,000 | 17,255,000 | ||||||
Avangrid, Inc. | 375,000 | 18,225,000 | ||||||
Boralex, Inc., Class A (Canada) | 125,000 | 3,695,000 | ||||||
Brookfield Renewable Corp., Class A (Canada) | 450,000 | 17,464,500 | ||||||
Brookfield Renewable Partners LP (Bermuda/Canada)** | 535,000 | 19,746,850 | ||||||
Clearway Energy, Inc., Class A | 750,000 | 21,150,000 | ||||||
EDP Renovaveis SA (Spain/Portugal) | 900,000 | 22,330,671 | ||||||
Enel SpA (Italy) | 2,500,000 | 19,188,045 | ||||||
Eversource Energy | 200,000 | 16,352,000 | ||||||
Iberdrola SA (Spain) | 1,863,352 | 18,746,130 | ||||||
Infratil Ltd. (New Zealand) | 2,000,000 | 10,984,820 | ||||||
Innergex Renewable Energy, Inc. (Canada) | 1,200,000 | 19,200,000 | ||||||
NextEra Energy Partners LP*,** | 275,000 | 20,724,000 | ||||||
Northland Power, Inc. (Canada) | 325,000 | 10,205,000 | ||||||
Orsted A/S (Denmark) | 150,000 | 19,772,197 | ||||||
TransAlta Renewables, Inc. (Canada) | 1,200,000 | 17,976,000 | ||||||
Trustpower Ltd. (New Zealand) | 650,000 | 3,279,643 | ||||||
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295,118,237 | ||||||||
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Solar Photovoltaic — 0.5% | ||||||||
Canadian Solar, Inc. (Canada)*** | 40,000 | 1,383,600 | ||||||
Shoals Technologies Group, Inc., Class A*** | 30,000 | 836,400 | ||||||
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2,220,000 | ||||||||
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Wind Turbines — 6.9% | ||||||||
Siemens Gamesa Renewable Energy SA (Spain)*** | 600,000 | 15,250,225 | ||||||
Vestas Wind Systems A/S (Denmark) | 400,000 | 16,043,614 | ||||||
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31,293,839 | ||||||||
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Total Alternate Energy | 332,858,276 | |||||||
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Energy Conservation — 5.8% | ||||||||
Johnson Controls International PLC (Ireland) | 50,000 | 3,404,000 | ||||||
Koninklijke Philips NV (Netherlands) | 102,028 | 4,534,124 | ||||||
Owens Corning, Inc. | 25,000 | 2,137,500 | ||||||
Signify NV (Netherlands) | 325,000 | 16,268,411 | ||||||
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26,344,035 | ||||||||
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The accompanying notes are an integral part of these Schedule of Investments.
1
NEW ALTERNATIVES FUND
SCHEDULE OF INVESTMENTS (Continued)
September 30, 2021
(Unaudited)
Shares | Value | |||||||
Water Systems & Utilities — 5.7% | ||||||||
American Water Works Co., Inc. | 25,000 | $ | 4,226,000 | |||||
Veolia Environnement SA (France) ADR | 625,000 | 19,881,250 | ||||||
Xylem, Inc. | 15,000 | 1,855,200 | ||||||
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25,962,450 | ||||||||
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Sustainable Energy Financial Services — 3.9% | ||||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc., REIT | 335,000 | 17,915,800 | ||||||
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17,915,800 | ||||||||
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Energy Management — 3.4% | ||||||||
Hydro One Ltd. (Canada) | 110,000 | 2,600,190 | ||||||
Terna-Rete Elettrica Nazionale (Italy) | 1,200,000 | 8,516,167 | ||||||
Trane Technologies PLC (Ireland) | 25,000 | 4,316,250 | ||||||
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15,432,607 | ||||||||
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Transportation — 2.0% | ||||||||
BYD Co. Ltd. (China) ADR | 125,000 | 7,795,000 | ||||||
Shimano, Inc. (Japan) ADR | 50,000 | 1,464,500 | ||||||
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9,259,500 | ||||||||
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Recycling & Waste Management — 0.3% | ||||||||
Sims Ltd. (Australia) SP ADR | 125,000 | 1,190,000 | ||||||
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1,190,000 | ||||||||
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Total Common Stocks (Cost $307,493,167) | 428,962,668 | |||||||
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WARRANTS – 0.0% | ||||||||
Alternate Energy — 0.0% | ||||||||
Abengoa SA, Class B Exp. 2025 (Spain)^*** | 500,000 | — | ||||||
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Total Warrants (Cost $4,203) | — | |||||||
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Par | ||||||||
CERTIFICATES OF DEPOSIT – 0.0% | ||||||||
Socially Concerned Banks — 0.0% | ||||||||
Alternatives Federal Credit Union 0.05% due 03/13/22 | $ | 200,000 | 200,000 | |||||
Self Help Credit Union 0.40% due 12/30/21 | 100,000 | 100,000 | ||||||
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Total Certificates of Deposit (Cost $300,000) | 300,000 | |||||||
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Investments in Securities (Cost $307,797,370) — 94.3% | 429,262,668 | |||||||
Other Assets in Excess of Liabilities — 5.7% | 25,765,351 | |||||||
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Net Assets — 100.0% | $ | 455,028,019 | ||||||
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The accompanying notes are an integral part of these Schedule of Investments.
2
NEW ALTERNATIVES FUND
SCHEDULE OF INVESTMENTS (Continued)
September 30, 2021
(Unaudited)
* | 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. |
^ | An investment with a value of $0 or 0.0% of the Fund’s net assets was valued by the Fund’s investment advisor. |
ADR | -American Depositary Receipts | |
LP | -Limited Partnership | |
PLC | -Public Limited Company | |
REIT | -Real Estate Investment Trust | |
SP ADR | -Sponsored American Depositary Receipts |
The accompanying notes are an integral part of these Schedule of Investments.
3
NEW ALTERNATIVES FUND
NOTES TO SCHEDULE OF INVESTMENTS
September 30, 2021
(Unaudited)
1) PORTFOLIO VALUATION –The New Alternatives Fund’s (the “Fund”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued based on the official closing price or the last reported sale price on national securities exchanges where they are primarily traded or on the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system as of the close of business on the day the securities are being valued. That is normally 4:00 p.m. Eastern time. If there were no sales on that day or the securities are traded on other over-the-counter markets, the mean of the last bid and asked prices prior to the market close is used. Short-term debt securities having a remaining maturity of 60 days or less are valued based on amortized cost.Certificates of Deposit securities are valued at amortized cost, provided such amount approximates market value and are categorized in Level 2.
Non-U.S. equity securities are valued based on their most recent closing market prices on their primary market and are translated from the local currency into U.S. dollars using current exchange rates on the day of valuation. The Fund may hold securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As such, the Fund’s NAV may change on days when shareholders will not be able to purchase or redeem Fund shares.
If the market price of a security held by the Fund is unavailable at the time the Fund prices its shares at 4:00 p.m. Eastern time, the Fund will use the “fair value” of such security as determined in good faith by Accrued Equities, Inc., the Fund’s investment advisor, under methods established by and under the general supervision of the Trust’s Board of Trustees. The Fund may use fair value pricing if the value of a security it holds has been materially affected by events occurring before the Fund’s pricing time but after the close of the primary markets or exchange on which the security is traded. This most commonly occurs with foreign securities, but may occur in other cases as well. Certain foreign securities are fair valued by utilizing an external pricing service in the event of any significant market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets. The Fund does not invest in unlisted securities.
2) FAIR VALUE MEASUREMENTS – The inputs and valuations techniques used to measure fair value of the Fund’s net assets are summarized into three levels as described in the hierarchy below:
● Level 1 | - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
4
NEW ALTERNATIVES FUND
NOTES TO SCHEDULE OF INVESTMENTS
September 30, 2021
(Unaudited)
● 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 inputs may include quoted prices for the identical instrument on an inactivemarket, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | ||
● 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. |
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, as of September 30, 2021, in valuing the Fund’s assets carried at fair value:
Total Value at 09/30/2021 | Level 1 - Quoted Price | Level 2 - Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |||||||||||||
Common Stocks | ||||||||||||||||
Alternate Energy | $ | 332,858,276 | $ | 229,012,835 | $ | 103,845,441 | $ | — | ||||||||
Energy Conservation | 26,344,035 | 10,075,624 | 16,268,411 | — | ||||||||||||
Water Systems & Utilities | 25,962,450 | 25,962,450 | — | — | ||||||||||||
Sustainable Energy Financial | ||||||||||||||||
Services | 17,915,800 | 17,915,800 | — | — | ||||||||||||
Energy Management | 15,432,607 | 4,316,250 | 11,116,357 | — | ||||||||||||
Transportation | 9,259,500 | 9,259,500 | — | — | ||||||||||||
Recycling & Waste Management | 1,190,000 | 1,190,000 | — | — | ||||||||||||
Warrants | — | — | — | — | ||||||||||||
Certificates of Deposit | 300,000 | — | 300,000 | — | ||||||||||||
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Total | $ | 429,262,668 | $ | 297,732,459 | $ | 131,530,209 | $ | — | ||||||||
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At the end of each calendar quarter, management evaluates the classification of Level 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
The Fund utilizes an external pricing service to fair value certain foreign securities in the event of any significant market movements between the time the Fund valued certain foreign securities and the earlier closing of foreign markets. Such fair valuations are categorized as Level 2 in the hierarchy.
5
NEW ALTERNATIVES FUND
NOTES TO SCHEDULE OF INVESTMENTS
September 30, 2021
(Unaudited)
Significant market movements were not deemed to have occurred at September 30, 2021, and therefore, the Fund did not utilize the external pricing service model adjustments. Transfers in and out between Levels are based on values at the end of the period. The Fund did not hold any Level 3 categorized securities during the period ended September 30, 2021.
6