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, Inc.
(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, Inc.
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, 2008
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, 100 F Street, NE,
Washington, DC 20549. The OMB has reviewed this collection of information under
the clearance requirements of 44 U.S.C. Section 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
The Report to Shareholders is attached herewith.
(NEW ALTERNATIVES FUND, INC. LOGO)
NEW ALTERNATIVES FUND, INC.
A SOCIALLY RESPONSIBLE MUTUAL FUND EMPHASIZING
ALTERNATIVE ENERGY AND THE ENVIRONMENT
ANNUAL
FINANCIAL REPORT
DECEMBER 31, 2008
This report is submitted for the general information of the shareholders of the
Fund. It is not authorized for distribution unless preceded or accompanied by a
prospectus for the Fund.
THE FUND 150 Broadhollow Road Melville, New York 11747 (800) 423-8383 (631) 423-7373
Shareholder's Services (PNC) PO Box 9794 Providence, RI 02940 (800) 441-6580 (610) 382-7819
Overnight Address 101 Sabin Street Pawtucket, RI 02860
PFPC Distributors, Inc. 760 Moore Road King of Prussia, PA 19406
Recycled Paper
NEW ALTERNATIVES FUND, INC.
MANAGEMENT'S DISCUSSION OF FINANCIAL PERFORMANCE
FOR THE YEAR 2008
FUND PERFORMANCE: The Fund declined 44.85% for the year ended December 31, 2008.
The Net Asset Value started at $57.28 on January 1, 2008 and went down to $31.41
by year end. A dividend of $0.18 was paid to shareholders during the year and
there were no capital gain distributions. The Fund's net assets declined from
approximately $302 million at the beginning of the year to approximately $184
million by year end. However, the number of shares outstanding increased during
the year from 5,266,358 to 5,866,871 for a total increase of just over 11%.
FACTORS AFFECTING THE FUND: Most of the factors which contributed to the Fund's
strong growth for the last two years rapidly reversed direction in 2008 as a
result of the market turmoil in both the U.S. and abroad. The price of oil
started out at $95.98 per barrel at the beginning of the year, peaked near $150
and then plunged to $41.76 at year end. During 2007 and the first six months of
2008, the Euro gained value against the dollar, going from $1.30 in January 2007
to $1.57 by July 2008. A number of the Fund's European stocks are valued in
Euros and this helped fuel the increase in the Fund's value during that period.
The exchange rate changed direction after July and by December 2008 the Euro was
worth $1.35. This decline in value, along with the falling prices of many of
these companies, compounded the Fund's losses for the year.
The year started with a degree of optimism about the growth prospects for
alternate energy companies, tempered by concern about what proved to be the
elevated valuation of alternate energy stock prices. It ended with generally
depressed stock valuations, concern about the sustainability of earnings in
light of a recession and a credit crisis. However, in response to the emerging
economic crisis, Congress finally passed the Investment Tax Credit legislation
that extended and expanded financial support for alternate energy installations.
The incoming Obama administration is seen as being more supportive of clean
energy and environmental issues than the Bush administration. These events gave
the alternative energy sector a small boost at the end of 2008.
PORTFOLIO HOLDINGS AND CHANGES: At year end, approximately 64% of the Fund's net
assets were invested in foreign companies and approximately 3.7% of net assets
were held in cash and cash equivalents.
The largest concentration of the Fund's holdings was in companies whose business
related to the production of electricity from wind. The next largest areas of
concentration were energy conservation and the distribution of clean water.
ALTERNATE ENERGY:
WIND/HYDRO POWER: The Fund's wind turbine holdings include Vestas Wind Systems
(Denmark), Gamesa Corporacion Tecnologica (Spain) and Acciona (Spain). The
market for wind turbines appeared to be strong globally until late in the year.
Then, in October, turbine manufacturer Gamesa announced it would temporarily
close some of its factories because of uncertain demand. Weeks later, Florida
Power & Light (not a Fund holding), a nuclear utility with substantial presence
in the U.S. wind industry, announced it would develop fewer wind projects than
had been anticipated due to the credit crisis.
2
The share prices of companies which generate electricity using renewables were
mixed, but generally stronger than shares of companies which manufactured
equipment for renewable power generation. At year end, a reasonably large
portion of the Fund's portfolio was invested in shares of renewable energy power
producers including Iberdrola Renovables (Spain), EDP Renovaveis SA (Spain), EDF
Energies Nouvelles SA (France), Acciona, Brookfield Asset Management (Canada),
TrustPower Ltd. (New Zealand), Hafslund ASA (Norway) and Canadian Hydro
Developers (Canada).
SOLAR: There was an abysmal performance by most pure play solar energy companies
in 2008. By year end, we had reduced the Fund's investments in solar
photovoltaic (PV) cell related investments. We sold our holdings in Orkla ASA
(Norway), Q-Cells (Germany) and Renewable Energy Corporation AS (Norway).
We kept both Kyocera (Japan) and equipment provider Applied Materials. We added
shares of First Solar, an American producer of thin film solar panels.
Particularly disappointing, beyond general solar industry and credit crisis
concerns, was the revelation that one of the Fund's holdings, Sharp Corporation
(Japan), had been involved in a price fixing scheme involving LCD television
screens and will be required to pay a substantial fine for their activity. We
sold our holdings of Sharp.
Our investments in companies developing solar thermal energy facilities -- Solar
Millennium (Germany), Abengoa (Spain), and Acciona -- fared better than the PV
companies, but not by much. This year Abengoa resumed plans to build one of the
world's largest solar thermal plants (280 megawatts) at Gila Bend, Arizona.
Abengoa also began work on two smaller industrial solar thermal installations in
the United States. One, on the Navajo Indian reservation in Arizona, will be
operated by the U.S. Department of Energy to treat ground water contaminated by
uranium mining. The second is a small demonstration project at the Steinway &
Sons piano factory in Queens, New York to provide humidity control and cooling
important for the manufacture of the company's renowned pianos.
GEOTHERMAL: The Fund's two geothermal energy related holdings, Ormat
Technologies and WFI Industries (Canada) held up reasonably well, although each
was down for the year.
BIO-FUEL: Abengoa is the only company in the Fund's portfolio at year end in the
difficult biofuel and ethanol market. This profitable company is also involved
in developing solar thermal projects and international water projects. The
company's solar thermal projects have been slowed down by the general
difficulties in credit markets, and Abengoa's efforts to develop cellulosic
ethanol (to supplement conventional crop-based feed stocks) do not yet appear
commercial.
Earlier in 2008, we sold our shares of SunOpta, which is developing apparatus
for utilizing cellulosic material for ethanol. The company, which is also
involved in the natural foods business, was named in several shareholder class
action lawsuits and lost a lawsuit involving Abengoa related to the cellulosic
ethanol equipment.
3
FUEL CELLS AND HYDROGEN: The Fund owns shares of one pure play fuel cell
company, FuelCell Energy (stationery fuel cells for distributed energy).
Although the company is not yet profitable, the firm appears to be the most
promising survivor among those in this industry.
HYBRID AUTOMOBILE COMPONENTS: The Fund's portfolio includes three companies
involved in the production of hybrid autos. The companies are Denso Corporation
(Japan) and Panasonic (Japan), which manufacture components, including
batteries, for the Toyota Prius, and Johnson Controls. Johnson Controls is a
U.S. company which manufactures energy control equipment and is also
manufacturing Lithium-ion batteries for use in hybrid or plug-in electric autos.
Shares of all these companies declined in 2008 from the impact of the depressed
automotive industry. In December, Panasonic arranged to buy competing
electronics manufacturer Sanyo and strengthen its position in the production of
rechargeable batteries and solar panels.
OCEAN & MARINE ENERGY: Several of the Fund's portfolio companies advanced the
development of marine energy sources. Ocean Power Technologies and Renewable
Energy Holdings (United Kingdom) are development state companies with systems to
harness the power of waves. Iberdrola Renovables is using an apparatus developed
by Ocean Power Technologies, while EDF Energies is also using a system developed
by Renewable Energy Holdings. In addition, EDF Energies has a separate tidal
demonstration project with a private firm called OpenHydro. EDP Renovaveis is
working with a wave device called Pelamis, which was developed by a private
Scottish company called Ocean Power Delivery.
ENERGY CONSERVATION: The Fund owns shares of twelve companies (approximately
18.3% of net assets) which have roles in conserving energy. Owens Corning
manufactures insulation as well as fiberglass used in windmill blades. The
decline in construction activity is a headwind for companies whose products are
geared toward saving energy in buildings and factories. Owens Corning has also
launched a program involving German and Belgian companies to help communities in
the U.S. and abroad reduce energy use in residential and commercial buildings.
Two companies in the Fund's portfolio, Schneider Electric SA (France) and
Johnson Controls, manufacture control systems to conserve electric power use.
Koninklijke Phillips Electronics (Netherlands) manufactures compact florescent
bulbs and LEDs (Light Emitting Diodes-highly energy efficient lighting) which
are becoming more widely used for energy conservation. The Fund's other energy
conservation-related holdings included: Baldor Electric, which makes efficient
electric motors; Stantec (Canada), an architectural services firm which designs
energy-saving buildings; Telvent GIT (Spain), which makes computer systems for
energy use and transportation flow efficiency; Itron, Inc., which makes metering
systems for water, gas and electrical distribution; and Eaga PLC (England),
which installs energy efficiency and insulation systems in homes and coordinates
a government sponsored program that helps people reduce their energy bills
through conservation measures.
We sold Saint Gobain (France), one of our holdings in the conservation segment.
Saint Gobain manufactures insulation and glass products, primarily in the
building industry. The Company agreed
4
to pay substantial fines and penalties after it was determined that it was
involved in a price-fixing scheme involving its automobile glass division. We
believe the company's products are good, but their business behavior and the
impact of the required payment of financial penalties during the present credit
crisis was too damaging.
NATURAL GAS UTILITIES: We increased our shares of the Fund's holdings of two
natural gas utilities. Northwest Natural Gas and South Jersey Industries are
both in jurisdictions where regulators support energy conservation. These
utilities provide income and stability to the portfolio. South Jersey Industries
has a division which taps gas from landfills and another which uses cogeneration
to produce electricity.
WATER: The Fund continued to own shares of six companies providing their
customers with water or water related apparatus. American Water Works is the
largest public U.S. water utility. CIA SaneamentoBasico (Brazil) is one of the
largest water and sewage service providers in the world. These utilities provide
the Fund with relatively stable income. The water-related equipment
manufacturers include Badger Meter, Gorman-Rupp, a producer of water pumping
systems and equipment, Befesa (Spain), and Hyflux (Singapore), a company
providing water purification equipment and services in China and Southeast Asia.
NATURAL FOOD: The Fund's sole natural food investment is the retailer Whole
Foods Markets. The share price performance of Whole Foods was poor in the fourth
quarter.
CASH AND TREASURY HOLDINGS: We ended the year with approximately 3.4% of net
assets in cash. We owned no short-term U.S. Treasury Bills because the interest
rates were nominal.
INCOME FROM DIVIDENDS AND INTEREST/EXPENSES: Investment dividend income
increased while interest income decreased substantially. Interest income
decreased by $1,156,209 or 78.77%, and dividend income (net of any foreign
taxes) increased by $1,612,599 or 71.54%. The Fund's net ordinary investment
income dividend decreased from $0.34 to $0.18 per share this year.
On the expense side, the Fund's cost of operations increased considerably.
Amounts paid to the investment advisor, Accrued Equities Inc. (the "Advisor"),
and PNC Global Investment Servicing ("PNC") (the Fund's accounting agent,
transfer agent, custodian and administrator) are largely based on net assets.
While the Fund's net asset value decreased precipitously in the last four months
of 2008, the overall level of net assets was higher, on average, for the entire
year. In the case of PNC in its role as transfer agent, costs increased based on
the additional number of shareholder accounts established during the year. The
amount paid to independent counsel and to independent directors also increased.
Total Fund expenses increased by $783,980 or 39.5%. The Fund's operating expense
ratio increased from 0.95% in 2007 to 1.09% in 2008.
REALIZED AND UNREALIZED CAPITAL GAIN/LOSS: The Fund did not distribute any net
realized capital gains during 2008. The Fund distributed capital gains of $1.02
per share in the prior year. The Fund ended the year with net unrealized losses
of approximately $62.3 million.
5
CORPORATE GOVERNANCE AND REGULATORY: The Fund's Directors re-approved the
investment advisory agreement with the Advisor at the annual Directors meeting
on June 13, 2008. The factors considered by the Directors included the Advisor's
independent and purchased research, familiarity and experience with the Fund's
area of concentration and the Fund's reasonable expense ratio given its small
size. Also considered were the Advisor's efforts in coordinating relationships
with outside service providers in the areas of transfer agency, fund accounting,
custodial services and auditing, as well as efforts to obtain reasonable rates
for commissions on trading of the Fund's portfolio securities. The Directors
also considered the Advisor's efforts to maintain good relations and
communications with Fund shareholders and its efforts to comply with changing
securities regulations.
The Fund's seven Directors (four of whom are considered "Independent") were
elected by shareholders at a Special Shareholder Meeting held on April 18, 2008.
At the June 13, 2008 Board of Directors meeting, Maurice Schoenwald resigned as
Chairperson of the Board. He will remain a Fund Director and will continue to
work for the Advisor. Vice Chairperson Sharon Reier will serve as acting
Chairperson until a new Chairperson is elected by the Board (David Schoenwald
was elected Chairperson of the Board at the January 30, 2009 Directors meeting).
In October of 2008, independent Fund Director Murray Rosenblith joined the staff
of the Advisor and thus became an "Interested" Director. As such, he will
continue on the Board but must resign from the Audit Committee (Murray
Rosenblith resigned from the Audit Committee at the January 30, 2009 Directors
meeting). Murray comes to the Fund's management with over thirty years of
experience as an activist, administrator, fund raiser and financial manager in
the peace, social justice and environmental movements. He has worked with a
number of organizations including the War Resisters League, the Hudson River
Sloop Clearwater, the Clamshell Alliance, the Stop Shoreham Campaign, the
Riverside Church Disarmament Program, National Mobilization for Survival and the
National Network of Grantmakers. For the last 24 years he was the Executive
Director of the A.J. Muste Memorial Institute in New York, a publicly supported
foundation promoting nonviolence as the means to achieve progressive social
change.
Following a shareholder vote of approval at the Special Shareholder Meeting on
April 18, 2008, the Fund's Certificate of Incorporation was amended to increase
the number of shares of capital stock authorized from eight million to forty
million and reduce the par value of the shares from $1.00 to $0.01.
STRATEGY: The Fund's strategy continues to seek long-term appreciation by
investing in clean energy, energy conservation, alternate or renewable energy
and environmentally oriented companies -- with concern for socially responsible
behavior in the U.S. and globally.
6
NEW ALTERNATIVES FUND GROWTH OF $10,000 VS. THE S&P 500(R) INDEX AND THE RUSSELL
2000(R) INDEX
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/08
-------------------------------------------
1 YEAR 5 YEAR 10 YEAR
-------- ------- -------
New Alternatives Fund (N.A.V.) (44.85)% 4.00% 4.32%
New Alternatives Fund (Load) (47.47)% 2.99% 3.81%
S&P 500(R) (36.98)% (2.18)% (1.38)%
Russell 2000(R) Index (33.79)% (0.93)% 3.02%
- --------------------------------------------------------------------------------
(PERFORMANCE GRAPH)
NEW ALTERNATIVES NEW ALTERNATIVES
FUND (N.A.V.) FUND (LOAD) RUSSELL 2000(R) S&P 500(R)
---------------- ---------------- --------------- ----------
12/31/98 $10,000.00 $ 9,526.00 $10,000.00 $10,000.00
January 31, 1999 9,698.67 8,801.07 10,133.00 10,418.00
February 28, 1999 9,456.90 8,581.67 9,312.23 10,094.00
March 31, 1999 9,607.57 8,718.40 9,457.50 10,497.76
April 30, 1999 10,430.97 9,465.60 10,304.89 10,904.02
May 31, 1999 10,756.84 9,761.30 10,455.34 10,646.69
June 30, 1999 11,103.71 10,076.08 10,927.92 11,237.58
July 31, 1999 11,240.36 10,200.08 10,628.50 10,886.97
August 31, 1999 10,939.03 9,926.64 10,235.24 10,832.53
September 30, 1999 10,865.45 9,859.87 10,237.29 10,535.72
October 31, 1999 10,578.14 9,599.14 10,279.26 11,202.63
November 30, 1999 10,501.05 9,529.19 10,892.93 11,430.05
December 31, 1999 10,846.56 9,842.72 12,126.02 12,103.28
January 31, 2000 12,816.62 11,630.46 11,930.79 11,495.69
February 29, 2000 14,215.20 12,899.60 13,900.56 11,278.42
March 31, 2000 14,519.73 13,175.95 12,984.51 12,381.45
April 30, 2000 13,098.59 11,886.33 12,202.84 12,008.77
May 31, 2000 12,527.13 11,367.76 11,491.42 11,762.59
June 30, 2000 14,294.15 12,971.24 12,493.47 12,053.13
July 31, 2000 14,380.62 13,049.71 12,091.18 11,865.10
August 31, 2000 16,674.01 15,130.85 13,013.74 12,601.92
September 30, 2000 18,873.39 17,126.68 12,631.13 11,936.54
October 31, 2000 17,335.71 15,731.31 12,067.79 11,886.41
November 30, 2000 14,869.38 13,493.23 10,828.42 10,949.76
December 31, 2000 16,459.71 14,936.38 11,758.59 11,003.41
January 31, 2001 16,918.14 15,352.38 12,371.21 11,394.03
February 28, 2001 15,096.37 13,699.22 11,559.66 10,354.90
March 31, 2001 15,538.86 14,100.75 10,994.39 9,698.40
April 30, 2001 17,344.69 15,739.45 11,854.15 10,451.96
May 31, 2001 18,349.25 16,651.05 12,145.76 10,521.99
June 30, 2001 16,336.13 14,824.24 12,564.79 10,266.30
July 31, 2001 14,809.36 13,438.77 11,885.04 10,165.20
August 31, 2001 13,832.70 12,552.50 11,501.15 9,528.86
September 30, 2001 12,927.79 11,731.34 9,953.09 8,758.93
October 31, 2001 13,717.09 12,447.59 10,535.35 8,926.22
November 30, 2001 13,816.75 12,538.03 11,350.79 9,610.87
December 31, 2001 14,414.81 13,080.74 12,051.13 9,695.44
January 31, 2002 13,654.82 12,391.08 11,925.80 9,553.89
February 28, 2002 13,251.99 12,025.53 11,599.03 9,369.50
March 31, 2002 14,597.54 13,246.56 12,531.59 9,721.79
April 30, 2002 14,294.37 12,971.44 12,645.63 9,132.36
May 31, 2002 13,330.89 12,097.13 12,084.17 9,064.78
June 30, 2002 12,026.88 10,913.80 11,484.79 8,419.37
July 31, 2002 10,282.65 9,331.00 9,750.59 7,763.50
August 31, 2002 10,174.67 9,233.02 9,726.21 7,814.74
September 30, 2002 9,597.41 8,709.18 9,027.87 6,965.28
October 31, 2002 9,871.51 8,957.91 9,317.66 7,578.22
November 30, 2002 10,623.19 9,640.03 10,148.80 8,024.58
December 31, 2002 10,156.56 9,216.58 9,583.51 7,552.73
January 31, 2003 9,749.63 8,847.31 9,318.05 7,354.85
February 28, 2003 9,682.50 8,786.40 9,036.64 7,244.53
March 31, 2003 9,606.98 8,717.86 9,153.22 7,314.80
April 30, 2003 10,194.31 9,250.84 10,020.94 7,917.54
May 31, 2003 10,827.78 9,825.68 11,096.19 8,334.79
June 30, 2003 10,894.90 9,886.59 11,297.03 8,441.48
July 31, 2003 10,899.10 9,890.40 12,004.22 8,590.05
August 31, 2003 11,394.14 10,339.63 12,554.02 8,757.55
September 30, 2003 11,507.40 10,442.41 12,321.77 8,664.72
October 31, 2003 12,350.64 11,207.60 13,356.79 9,155.15
November 30, 2003 12,304.49 11,165.72 13,830.96 9,235.71
December 31, 2003 12,544.57 11,383.59 14,111.73 9,719.66
January 31, 2004 12,760.05 11,579.13 14,724.18 9,898.06
February 29, 2004 12,967.09 11,767.00 14,856.70 10,035.64
March 31, 2004 12,920.61 11,724.83 14,994.86 9,884.10
April 30, 2004 12,823.43 11,636.64 14,230.13 9,728.92
May 31, 2004 12,869.91 11,678.81 14,456.38 9,862.21
June 30, 2004 13,043.14 11,836.02 15,065.00 10,054.05
July 31, 2004 12,620.62 11,452.60 14,051.12 9,721.26
August 31, 2004 12,629.08 11,460.27 13,979.46 9,760.15
September 30, 2004 13,034.69 11,828.34 14,635.10 9,865.55
October 31, 2004 13,224.83 12,000.89 14,923.41 10,016.50
November 30, 2004 13,820.57 12,541.49 16,217.27 10,422.17
December 31, 2004 14,215.64 12,900.00 16,697.30 10,776.52
January 31, 2005 14,126.48 12,819.09 16,001.02 10,513.57
February 28, 2005 14,406.71 13,073.39 16,271.44 10,734.36
March 31, 2005 14,037.31 12,738.17 15,806.08 10,544.36
April 30, 2005 13,897.19 12,611.02 14,900.39 10,344.02
May 31, 2005 14,563.82 13,215.95 15,876.37 10,672.96
June 30, 2005 15,030.87 13,639.78 16,489.19 10,687.90
July 31, 2005 15,370.55 13,948.02 17,534.61 11,085.49
August 31, 2005 15,625.31 14,179.21 17,210.22 10,984.61
September 30, 2005 15,841.86 14,375.71 17,263.57 11,073.59
October 31, 2005 15,001.16 13,612.82 16,728.40 10,888.66
November 30, 2005 15,434.25 14,005.83 17,539.73 11,300.25
December 31, 2005 15,485.80 14,052.61 17,459.04 11,303.64
January 31, 2006 17,490.07 15,871.38 19,025.12 11,603.18
February 28, 2006 18,159.65 16,479.00 18,971.85 11,634.51
March 31, 2006 18,667.46 16,939.81 19,891.98 11,779.94
April 30, 2006 19,507.81 17,702.38 19,888.01 11,937.80
May 31, 2006 18,636.00 16,911.26 18,770.30 11,593.99
June 30, 2006 18,406.80 16,703.28 18,890.43 11,610.22
July 31, 2006 18,024.83 16,356.65 18,276.49 11,682.20
August 31, 2006 18,546.12 16,829.69 18,817.48 11,960.24
September 30, 2006 18,456.25 16,748.14 18,973.66 12,268.81
October 31, 2006 19,094.37 17,327.21 20,066.54 12,668.78
November 30, 2006 20,199.86 18,330.38 20,594.29 12,909.48
December 31, 2006 20,723.71 18,805.75 20,662.25 13,090.22
January 31, 2007 21,653.46 19,649.46 21,007.31 13,288.14
February 28, 2007 22,016.88 19,979.24 20,841.36 13,028.22
March 31, 2007 23,187.34 21,041.37 21,064.36 13,173.88
April 30, 2007 24,220.92 21,979.30 21,443.52 13,757.48
May 31, 2007 25,471.61 23,114.24 22,322.70 14,237.62
June 30, 2007 25,967.17 23,563.94 21,996.79 14,001.13
July 31, 2007 26,240.90 23,812.34 20,492.21 13,567.10
August 31, 2007 25,693.44 23,315.54 20,957.38 13,770.47
September 30, 2007 27,274.50 24,750.27 21,317.85 14,285.48
October 31, 2007 28,713.97 26,056.52 21,929.67 14,512.76
November 30, 2007 27,722.86 25,157.14 20,355.12 13,905.99
December 31, 2007 27,672.57 25,111.51 20,342.91 13,809.48
January 31, 2008 23,613.01 21,427.65 18,955.52 12,981.19
February 29, 2008 23,365.07 21,202.66 18,252.27 12,559.43
March 31, 2008 24,080.04 21,851.46 18,328.93 12,505.17
April 30, 2008 25,640.43 23,267.43 19,096.91 13,114.17
May 31, 2008 26,740.40 24,265.61 19,973.46 13,284.00
June 30, 2008 24,750.92 22,460.25 18,435.51 12,164.16
July 31, 2008 23,822.76 21,617.99 19,117.62 12,061.86
August 31, 2008 23,620.26 21,434.23 19,807.77 12,236.27
September 30, 2008 19,345.00 17,554.64 18,229.09 11,145.90
October 31, 2008 13,717.54 12,447.99 14,437.44 9,273.95
November 30, 2008 13,721.65 12,451.73 12,729.49 8,608.54
December 31, 2008 15,258.48 13,846.32 13,467.80 8,700.13
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THAT SHOWN HERE. PERFORMANCE DATA
CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT
WWW.NEWALTERNATIVESFUND.COM. THE PERFORMANCE QUOTED REFLECTS A DEDUCTION FOR THE
MAXIMUM FRONT-END SALES CHARGE OF 4.75%.
The Fund's gross annual operating expenses, as stated in the current prospectus
is 0.95%.
The S&P 500(R) and the Russell 2000(R) indices are unmanaged stock market
indices and do not reflect any asset-based charges for investment management or
transaction expenses.
The accompanying notes are an integral part of these financial statements.
7
NEW ALTERNATIVES FUND, INC.
FUND EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs and (2) ongoing costs, including management fees, and other Fund expenses.
This example is intended to help you understand your ongoing costs (in dollars)
of investing in the Fund and to compare these costs with the ongoing costs of
investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire six months ended December 31, 2008.
ACTUAL EXPENSES
The first line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expense that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During Six Months
Ended December 31, 2008" to estimate the expenses you paid on your account
during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of other funds.
Note: The Fund's Transfer Agent, PNC Global Investment Servicing (U.S.), Inc.
charges an annual IRA maintenance fee of $15 for IRA accounts. That fee is not
reflected in the accompanying table.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs. Therefore, the
second line of the table is useful in comparing ongoing costs only, and will not
help you determine the relative total costs of owning different funds. In
addition, if transactional costs were included, your costs would have been
higher.
NEW ALTERNATIVES FUND, INC.
Beginning Ending Expenses Paid During
Account Value Account Value Six Months Ended
July 1, 2008 December 31, 2008 December 31, 2008*
------------- ----------------- --------------------
Actual $1,000.00 $ 616.50 $4.55
Hypothetical
(assumes 5% return before expenses) $1,000.00 $1,019.44 $5.70
* Expenses are equal to the Fund's annualized expense ratio for the six-month
period (1.12%), 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 (366) to reflect the half year period.
The Fund's ending account value on the first line in the table is based on
its actual total return of (38.35%) for the six-month period of July 1,
2008 to December 31, 2008.
8
NEW ALTERNATIVES FUND, INC.
PORTFOLIO HOLDINGS SUMMARY
DECEMBER 31, 2008
(UNAUDITED)
SECTOR DIVERSIFICATION % OF NET ASSETS VALUE
--------------- ------------
Alternate Energy:
Renewable Energy Power Producers & Developers 26.6% $ 48,910,758
Wind Turbines 10.1 18,614,218
Wind & Hydro Power Producers 7.0 12,976,842
Geothermal 5.5 10,161,577
Solar 5.3 9,751,169
Wind Power Related 0.3 541,993
Ocean Energy/Waves 0.1 195,961
Fuel Cells 0.0 38,800
Energy Conservation 18.3 33,602,259
Water 11.5 21,238,528
Natural Gas Distribution 9.3 17,039,300
Recycling 1.1 2,093,707
Engineering & Construction 0.8 1,485,000
Natural Foods 0.6 1,180,000
Certificates of Deposit 0.3 500,000
Other Assets in Excess of Liabilities 3.2 5,927,362
------ ------------
100.00% $184,257,474
====== ============
TOP TEN COMMON STOCK PORTFOLIO HOLDINGS
DECEMBER 31, 2008
(UNAUDITED)
NAME % OF NET ASSETS
- ---- ---------------
Iberdrola Renovables (Spain) 5.75%
Acciona (Spain) 5.71
Vestas Wind Systems (Denmark) 5.54
South Jersey Industries, Inc. 5.41
EDP Renovaveis SA (Spain) 5.28
Schneider Electric SA (France) 5.20
EDF Energies Nouvelles SA (France) 4.95
American Water Works Co., Inc. 4.82
Ormat Technologies, Inc. 4.76
Gamesa Corporacion Tecnologica (Spain) 4.57
-----
Total Top Ten 51.99%
=====
9
NEW ALTERNATIVES FUND, INC.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2008
SHARES VALUE
--------- --------------
COMMON STOCKS -- 96.5%
ALTERNATE ENERGY -- 54.9%
RENEWABLE ENERGY POWER PRODUCERS & DEVELOPERS -- 26.6%
Abengoa (Spain) 500,000 $ 8,201,279
Acciona (Spain) 85,000 10,515,708
EDF Energies Nouvelles SA (France) 260,000 9,125,660
EDP Renovaveis SA (Spain)* 1,400,000 9,736,169
Electrificaciones del Norte (Spain) 61,100 602,167
Iberdrola Renovables (Spain)* 2,500,000 10,599,110
Martifer SGPS SA (Portugal)* 25,000 130,665
--------------
48,910,758
--------------
WIND TURBINES -- 10.1%
Gamesa Corporacion Tecnologica (Spain) 475,000 8,411,871
Vestas Wind Systems (Denmark)* 180,000 10,202,347
--------------
18,614,218
--------------
WIND & HYDRO POWER PRODUCERS -- 7.0%
Brookfield Asset Management, Inc., Class A (Canada) 375,000 5,726,250
Canadian Hydro Developers, Inc. (Canada)* 1,500,000 3,620,899
Hafslund ASA, Class A (Norway) 150,000 1,467,417
TrustPower Ltd. (New Zealand) 500,000 2,162,276
--------------
12,976,842
--------------
GEOTHERMAL -- 5.5%
Ormat Technologies, Inc. 275,000 8,764,250
WFI Industries Ltd. (Canada) 75,000 1,397,327
--------------
10,161,577
--------------
SOLAR -- 5.3%
Applied Materials, Inc. 125,000 1,266,250
First Solar, Inc.* 15,000 2,069,400
Kyocera Corp. (Japan) ADR 25,000 1,809,250
Solar Millennium (Germany)* 275,000 4,606,269
--------------
9,751,169
--------------
The accompanying notes are an integral part of these financial statements.
10
NEW ALTERNATIVES FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 2008
SHARES VALUE
-------- ------------
WIND POWER RELATED -- 0.3%
Hansen Transmissions International (Belgium)* 225,000 $ 377,680
NGK Insulators Ltd. (Japan) 15,000 164,313
------------
541,993
------------
OCEAN ENERGY/WAVES -- 0.1%
Ocean Power Technologies, Inc.* 15,000 100,350
Renewable Energy Holdings PLC (United Kingdom)* 175,000 95,611
------------
195,961
------------
FUEL CELLS -- 0.0%
FuelCell Energy, Inc.* 10,000 38,800
------------
TOTAL ALTERNATE ENERGY 101,191,318
------------
ENERGY CONSERVATION -- 18.3%
Baldor Electric Co. 175,000 3,123,750
Denso Corp. (Japan) 50,000 810,811
Eaga PLC (United Kingdom) 175,000 363,572
Energy Recovery, Inc.* 15,000 113,700
Itron, Inc.* 25,000 1,593,500
Johnson Controls, Inc. 250,000 4,540,000
Koninklijke Philips Electronics (Netherlands) 250,000 4,967,500
Owens Corning, Inc.* 250,000 4,325,000
Panasonic Corp. (Japan) ADR 100,000 1,244,000
Schneider Electric SA (France) 130,000 9,577,426
Stantec, Inc. (Canada)* 60,000 1,482,000
Telvent GIT (Spain) 100,000 1,461,000
------------
33,602,259
------------
WATER -- 11.5%
American Water Works Co., Inc. 425,000 8,874,000
Badger Meter, Inc. 100,000 2,902,000
Befesa Medio Ambiente (Spain)* 30,200 503,333
CIA SaneamentoBasico (Brazil) ADR 275,000 6,657,750
Gorman-Rupp Co. 50,000 1,556,000
Hyflux Ltd. (Singapore) 600,000 745,445
------------
21,238,528
------------
The accompanying notes are an integral part of these financial statements.
11
NEW ALTERNATIVES FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 2008
SHARES VALUE
-------- ------------
NATURAL GAS DISTRIBUTION -- 9.3%
Northwest Natural Gas Co. 160,000 $ 7,076,800
South Jersey Industries, Inc. 250,000 9,962,500
------------
17,039,300
------------
RECYCLING -- 1.1%
Commercial Metals Co. 100,000 1,187,000
Sims Group Ltd. (Australia) 75,000 906,707
------------
2,093,707
------------
ENGINEERING & CONSTRUCTION -- 0.8%
Quanta Services, Inc.* 75,000 1,485,000
------------
NATURAL FOODS -- 0.6%
Whole Foods Market, Inc. 125,000 1,180,000
------------
TOTAL COMMON STOCKS (COST $240,094,014) 177,830,112
------------
PAR
--------
CERTIFICATES OF DEPOSIT -- 0.3%
SOCIALLY CONCERNED BANKS -- 0.3%
Alternatives Federal Credit Union
0.34% due 01/31/09 $100,000 100,000
Carver Federal Savings Bank
0.00% due 01/31/09 100,000 100,000
Chittenden Bank (Vermont National Bank)
2.25% due 12/03/09 100,000 100,000
Self-Help Credit Union
2.24% due 02/10/09 100,000 100,000
South Shore Bank
1.80% due 01/11/09 100,000 100,000
------------
TOTAL CERTIFICATES OF DEPOSIT (COST $500,000) 500,000
------------
The accompanying notes are an integral part of these financial statements.
12
NEW ALTERNATIVES FUND, INC.
SCHEDULE OF INVESTMENTS (CONCLUDED)
DECEMBER 31, 2008
VALUE
------------
TOTAL INVESTMENTS (COST $240,594,014) -- 96.8% $178,330,112
Other Assets in Excess of Liabilities -- 3.2% 5,927,362
------------
NET ASSETS -- 100.0% $184,257,474
============
* Non-income producing security
ADR--American Depositary Receipt
PLC--Public Limited Company
The accompanying notes are an integral part of these financial statements.
13
NEW ALTERNATIVES FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2008
ASSETS
Investment securities at fair value (cost: $240,094,014) (Notes 2A and 5) ...... $177,830,112
Certificates of Deposit at amortized cost ...................................... 500,000
Cash ........................................................................... 6,276,134
Receivables:
Capital stock subscribed .................................................... 1,255,910
Dividends ................................................................... 298,809
Interest .................................................................... 5,649
Prepaid insurance & registration fees .......................................... 17,841
------------
Total Assets ................................................................... 186,184,455
------------
LIABILITIES
Payables:
Investment securities purchased ............................................. 23,562
Capital stock reacquired .................................................... 1,303,493
Distributions ............................................................... 239,118
Management fees ............................................................. 79,039
Accrued expenses and other liabilities ...................................... 281,769
------------
Total Liabilities .............................................................. 1,926,981
------------
NET ASSETS ..................................................................... $184,257,474
============
ANALYSIS OF NET ASSETS
Net capital paid in shares of capital stock .................................... $267,002,053
Undistributed net investment income ............................................ 43
Accumulated net realized loss on investments ................................... (20,479,690)
Net unrealized depreciation of translation of other assets and liabilities in
foreign currency ............................................................ (1,030)
Net unrealized depreciation on investments ..................................... (62,263,902)
------------
NET ASSETS ..................................................................... $184,257,474
============
Net asset value and redemption price per share ($184,257,474/5,866,871
shares of outstanding capital stock, 40 million shares authorized with
a par value of $0.01 per share) ............................................. $ 31.41
============
Maximum offering price per share (100/95.25 of $31.41) ......................... $ 32.98
============
The accompanying notes are an integral part of these financial statements.
14
NEW ALTERNATIVES FUND, INC.
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2008
INVESTMENT INCOME:
Dividends (net of $421,205 foreign taxes withheld) ................................ $ 3,866,739
Interest .......................................................................... 311,654
-------------
Total Income ...................................................................... 4,178,393
-------------
EXPENSES:
Management fee (Note 4) ........................................................... 1,289,612
Transfer agent fees ............................................................... 482,100
Administration and accounting fees ................................................ 251,867
Postage and printing fees ......................................................... 212,714
Custodian fees .................................................................... 168,536
Legal fees ........................................................................ 167,751
Registration fees ................................................................. 96,939
Compliance service fees ........................................................... 36,879
Directors' fees ................................................................... 22,855
Audit fees ........................................................................ 20,000
Insurance fees .................................................................... 10,465
Other expenses .................................................................... 7,786
-------------
Total Expenses .................................................................... 2,767,504
-------------
NET INVESTMENT INCOME ............................................................. 1,410,889
-------------
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 loss from investments ................................................ (19,296,272)
Net realized loss from foreign currency transactions .............................. (354,649)
-------------
Net Realized Loss ................................................................. (19,650,921)
-------------
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) OF INVESTMENTS AND FOREIGN
CURRENCY RELATED TRANSACTIONS:
Net change in unrealized appreciation/(depreciation) on investments ............... (134,757,340)
Net change in unrealized appreciation/(depreciation) on foreign currency
translations ................................................................... 2,534
-------------
Net change in unrealized appreciation/(depreciation) .............................. (134,754,806)
-------------
Net Realized and Unrealized Loss on Investments and Foreign Currency Related
Transactions ................................................................... (154,405,727)
-------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS .............................. $(152,994,838)
=============
The accompanying notes are an integral part of these financial statements.
15
NEW ALTERNATIVES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE FOR THE
YEAR ENDED YEAR ENDED
DECEMBER 31, 2008 DECEMBER 31, 2007
----------------- -----------------
INVESTMENT ACTIVITIES:
Net investment income .......................................................... $ 1,410,889 $ 1,738,479
Net realized gain/(loss) from investments and foreign currency transactions .... (19,650,921) 4,574,820
Net change in unrealized appreciation/(depreciation) on
investments and foreign currency translations ............................... (134,754,806) 45,586,314
------------- -------------
Net increase/(decrease) in net assets derived from operations .................. (152,994,838) 51,899,613
------------- -------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income ........................................... (1,056,197) (1,740,608)
Distributions from net realized capital gains .................................. -- (5,226,102)
------------- -------------
Total dividends and distributions to shareholders .............................. (1,056,197) (6,966,710)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Net increase from capital transactions (Note 3) ................................ 36,658,750 139,681,450
------------- -------------
TOTAL INCREASE/(DECREASE) IN NET ASSETS: ....................................... (117,392,285) 184,614,353
NET ASSETS:
Beginning of the year .......................................................... 301,649,759 117,035,406
------------- -------------
END OF THE YEAR* ............................................................... $ 184,257,474 $ 301,649,759
============= =============
* Includes undistributed net investment income of $43 and $0 for the years
ended 12/31/08 and 12/31/07, respectively.
The accompanying notes are an integral part of these financial statements.
16
NEW ALTERNATIVES FUND, INC.
FINANCIAL HIGHLIGHTS
STATEMENT OF PER SHARE INCOME AND CAPITAL CHANGES
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH YEAR
For the Years Ended December 31,
--------------------------------------------------------------
2008 2007 2006 2005 2004
---------- ---------- ---------- ---------- ----------
Net asset value at beginning of year $ 57.28 $ 43.91 $ 34.46 $ 33.48 $ 29.69
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 0.24 0.34 0.18 0.18 0.17
Net realized & unrealized gain/(loss) on investments (25.93) 14.39 11.47 2.81 3.79
---------- ---------- ---------- ---------- ----------
Total from investment operations (25.69) 14.73 11.65 2.99 3.96
---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS
From net investment income (0.18) (0.34) (0.18) (0.18) (0.17)
From net realized gain on investments -- (1.02) (2.02) (1.83) --
---------- ---------- ---------- ---------- ----------
Total distributions (0.18) (1.36) (2.20) (2.01) (0.17)
---------- ---------- ---------- ---------- ----------
Net asset value as of end of the year $ 31.41 $ 57.28 $ 43.91 $ 34.46 $ 33.48
========== ========== ========== ========== ==========
Total return
(Sales load not reflected) (44.85)% 33.53% 33.83% 8.94% 13.34%
Net assets, end of year (in thousands) $ 184,257 $ 301,650 $ 117,035 $ 64,765 $ 52,615
Ratio of operating expenses to average net assets 1.09% 0.95% 1.25% 1.28% 1.32%
Ratio of net investment income to average net assets 0.56% 0.82% 0.51% 0.65% 0.65%
Portfolio turnover 25.67% 14.24% 39.83% 52.09% 50.05%
Number of shares outstanding at end of year 5,866,871 5,266,358 2,665,296 1,879,695 1,565,049
The accompanying notes are an integral part of these financial statements.
17
NEW ALTERNATIVES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2008
1) ORGANIZATION - New Alternatives Fund, Inc. (the "Fund") was incorporated
under the laws of the State of New York on January 17, 1978 and is registered
under the Investment Company Act of 1940, as amended (the "1940 Act"), as an
open-end management investment company. The Fund commenced operations on
September 3, 1982. The investment objective of the Fund is to seek long-term
capital appreciation by investing in common stocks of companies that are
oriented to a clean environment with a special interest in alternative energy.
The Fund concentrates at least 25% of its total assets in common stocks of
companies which have an interest in alternative energy. There is no limitation
on the percentage of assets invested in the U.S. or abroad.
2) ACCOUNTING POLICIES - The following is a summary of significant accounting
policies followed by the Fund.
A. PORTFOLIO VALUATION - The Fund's 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 using the closing price or
the last sale price on a national securities exchange or on the National
Association of Securities Dealers Automatic Quotation System ("NASDAQ")
market system where they are primarily traded. 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 amortized based on their cost.
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.
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 the
Advisor pursuant to procedures adopted by the Fund's Board of Directors
(the "Board").
The Fund has adopted the provisions of Statement of Financial Accounting
Standards No. 157 ("SFAS 157") as of the beginning of the current fiscal
year. This standard clarifies the definition of fair value for financial
reporting, establishes a framework for measuring fair value and requires
additional disclosures about the use of fair value measurements. To
increase consistency and comparability in fair value measurements and
related disclosures, the Fund utilizes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to determine fair value
into three broad levels.
18
- - Level 1 - quoted prices in active markets for identical securities
- - Level 2 - prices determined using other significant observable inputs
(including quoted prices for similar securities, interest rates, prepayment
speeds, credit risk, etc.)
- - Level 3 - prices determined using significant unobservable inputs
(including the Fund's own assumptions in determining the fair value of
investments)
The following is a summary of the inputs used, as of December 31, 2008, in
valuing the Fund's assets carried at fair value:
INVESTMENTS OTHER
IN FINANCIAL
VALUATION INPUTS SECURITIES INSTRUMENTS
- ---------------- ------------ -----------
Level 1 -- Quoted Prices $178,330,112 $ --
Level 2 -- Other Significant Observable Inputs -- --
Level 3 -- Significant Unobservable Inputs -- --
------------ ----
Total $178,330,112 $ --
============ ====
B. FOREIGN CURRENCY TRANSLATION - Investment securities and other assets and
liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the date of valuation. Purchases and sales of investment securities
and income and expense items denominated in foreign currencies are translated
into U.S. dollar amounts on the respective dates of such transactions. If
foreign currency translations are not available, the foreign exchange rate(s)
will be valued at fair market value using procedures approved by the Fund's
Board.
The Fund does not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales of
foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books and the U.S. dollar equivalent of the amounts actually received or
paid.
19
Foreign Securities -- There are certain risks resulting from investing in
foreign securities in addition to the usual risks inherent in domestic
investments. Such risks include future political, economic and currency exchange
developments including investment restrictions and changes in foreign laws.
C. SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME - Security transactions
are accounted for on the trade date (date order to buy or sell is executed). The
cost of investments sold is determined by use of a first in, first out basis for
both financial reporting and income tax purposes in determining realized gains
and losses on investments.
D. INVESTMENT INCOME AND EXPENSE RECOGNITION - Dividend income is recorded as of
the ex-dividend date. Interest income, including amortization/accretion of
premium and discount, is accrued daily. Expenses are accrued on a daily basis.
E. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS - Dividends from net investment
income and distributions from net realized capital gains, if any, will be
declared and paid at least annually to shareholders and recorded on ex-date.
Income dividends and capital gain distributions are determined in accordance
with U.S. federal income tax regulations which may differ from accounting
principles generally accepted in the United States of America.
F. U.S. TAX STATUS - No provision is made for U.S. income taxes as it is the
Fund's intention to qualify for and elect the tax treatment applicable to
regulated investment companies under Subchapter M of the Internal Revenue Code
of 1986, as amended, and make the requisite distributions to its shareholders
which will be sufficient to relieve it from U.S. income and excise taxes.
G. USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS - The preparation
of financial statements in conformity with accounting principles generally
accepted in the United States of America 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 and the reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates.
H. OTHER - In the normal course of business, the Fund may enter into contracts
that provide general indemnifications. The Fund's maximum exposure under these
arrangements is dependent on claims that may be made against the Fund in the
future, and therefore, cannot be estimated; however, based on experience, the
risk of material loss for such claims is considered remote.
20
3) CAPITAL STOCK - There are 40,000,000 shares of $0.01 par value capital stock
authorized. On December 31, 2008, there were 5,866,871 shares outstanding.
Aggregate paid-in capital including reinvestment of dividends was $267,002,053.
Transactions in capital stock were as follows:
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2008 DECEMBER 31, 2007
Shares Amount Shares Amount
---------- ------------ --------- ------------
Capital stock sold 2,474,760 $113,180,488 2,999,232 $161,162,985
Reinvestment of distributions 26,295 833,242 89,305 5,114,997
Redemptions (1,900,542) (77,354,980) (487,475) (26,596,532)
---------- ------------ --------- ------------
Net Increase 600,513 $ 36,658,750 2,601,062 $139,681,450
========== ============ ========= ============
4) MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES - Accrued Equities,
Inc. (the "Advisor"), a registered investment advisor and broker-dealer, serves
as investment advisor to the Fund pursuant to an Investment Management and
Advisory Agreement (the "Advisory Agreement"), as amended. The Fund pays the
Advisor an annual management fee of 1.00% of the first $10 million of average
net assets; 0.75% of the next $20 million; 0.50% of assets over $30 million and
less than $100 million; and 0.45% of assets over $100 million. The annualized
expense ratio for the year ended December 31, 2008 was 1.09%. The Fund pays no
remuneration to its officers, David Schoenwald and Maurice Schoenwald, who are
also Interested Directors of the Fund and officers of the Advisor. On July 1,
2006, the Fund entered into an Underwriting Agreement with PFPC Distributors,
Inc. to serve as the principal underwriter and PFPC Distributors, Inc. entered
into a Sub-Distribution Agreement with Accrued Equities, Inc. The Fund charges a
maximum front-end sales charge of 4.75% on most new sales. The commission is
shared with other brokers who actually sell new shares. Their share of the
commission may vary. Accrued Equities, Inc. received $280,329 in sales charges
for the year ended December 31, 2008. PFPC Distributors, Inc., the Fund's
principal underwriter, and Accrued Equities, Inc., the Fund's co-distributor,
received $148,202 and $296,403, respectively, in underwriting fees for the year
ended December 31, 2008.
5) DIRECTORS' FEES - For the year ended December 31, 2008, the Fund paid
directors' fees and out of pocket expenses of $22,855 to its Directors who are
not "interested persons" of the Fund, as that term is defined in the 1940 Act
(the "Independent Directors").
Effective January 1, 2008, each Independent Director receives an annual fee of
$3,500 for their services as Independent Directors of the Fund. Each member of
the Audit Committee receives an additional $500 annual fee and Mr. Pumphrey,
Chairperson of the Audit Committee, receives an additional $500. As
Vice-Chairperson, Ms. Reier receives an additional fee of $1,000. The
Independent Directors also receive reimbursement of "coach" travel expenses for
travel in excess of 500 miles to attend Board Meetings. The Interested Directors
and officers of the Fund, other than the Chief Compliance Officer, do not
receive compensation from the Fund for their services. Interested Directors of
the Fund are paid for their services by the Advisor.
21
6) PURCHASES AND SALES OF SECURITIES - For the year ended December 31, 2008, the
aggregate cost of securities purchased totaled $129,629,242. Net realized gains
(losses) were computed on a first in, first out basis. The amount realized on
sales of securities for the year ended December 31, 2008 was $60,783,967.
7) FEDERAL INCOME TAX INFORMATION - At December 31, 2008, federal tax cost and
aggregate gross unrealized appreciation and depreciation of securities held by
the Fund were as follows:
Cost of investments for tax purposes $240,605,271
------------
Gross tax unrealized appreciation $ 6,744,454
Gross tax unrealized depreciation (69,019,613)
------------
Net unrealized depreciation on investments $(62,275,159)
============
The tax character of distributions paid during 2008 and 2007 were as follows:
2008 2007
---------- ----------
Distribution paid from:
Ordinary Income $1,056,197 $1,741,387
Long-term Capital Gain -- 5,712,964*
---------- ----------
$1,056,197 $7,454,351
========== ==========
* Includes use of equalization debits of $487,641.
The following permanent differences as of December 31, 2008, attributable to
transactions involving foreign securities and currencies, were reclassified to
the following accounts:
Increase Accumulated Net Realized Gain (Loss) $ 354,649
Decrease Undistributed Net Investment Income (354,649)
For federal income tax purposes, distributions from net investment income and
short-term capital gains are treated as ordinary income dividends.
As of December 31, 2008, the components of distributable earnings on a tax basis
were as follows:
Undistributed Ordinary Income $ 43
Undistributed Capital Gains/(Capital Loss Carryforward) (20,468,433)
** Net Unrealized Depreciation on
Investments and Currencies (62,276,189)
------------
$(82,744,579)
============
** The primary difference between distributable earnings on a book and tax
basis is primarily related to wash sales.
22
As of December 31, 2008, the Fund has a capital loss carryforward of $20,468,433
which can be used to offset future capital gains. This capital loss carryforward
will expire on December 31, 2016 if it is not utilized against future capital
gains.
FASB Interpretation No. 48 ("FIN 48"), Accounting for Uncertainty in Income
Taxes, sets forth a minimum threshold for financial statement recognition of the
benefit of a tax position taken or expected to be taken in a tax return.
Management has analyzed the Fund's tax positions and has concluded that no
provision for income tax is required in the Fund's financial statements. The
Fund is not aware of any tax positions for which it is reasonably possible that
the total amounts of unrecognized tax benefits will significantly change in the
next twelve months. However, management's conclusions regarding the adoption of
FIN 48 may be subject to review and adjustment at a later date based on factors
including, but not limited to, further implementation guidance from the FASB,
new tax laws, regulations and administrative interpretations (including court
decisions). Each of the Fund's federal tax returns for the prior three fiscal
years remains subject to examination by the Internal Revenue Service.
8) NEW ACCOUNTING PRONOUNCEMENT - In March 2008, Statement of Financial
Accounting Standards No. 161, "Disclosures about Derivative Instruments and
Hedging Activities" ("SFAS 161"), was issued and is effective for fiscal years
and interim periods beginning after November 15, 2008. SFAS 161 is intended to
improve financial reporting for derivative instruments by requiring enhanced
disclosure that enables investors to understand how and why a fund uses
derivatives, how derivatives are accounted for, and how derivative instruments
affect a fund's results of operations and financial position. Management is
currently evaluating the impact of SFAS 161 on financial statement disclosures,
if any.
23
(BRIGGS, BUNTING & DOUGHERTY, LLP LOGO)
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF
NEW ALTERNATIVES FUND, INC.
We have audited the accompanying statement of assets and liabilities of New
Alternatives Fund, Inc., including the schedule of investments, as of December
31, 2008, and the related statement of operations for the year then ended and
the statements of changes in net assets and the financial highlights for each of
the years in the two year period then ended. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The financial highlights for each of
the years in the three year period ended December 31, 2006 were audited by other
auditors whose report dated February 20, 2007 expressed an unqualified opinion
on such financial highlights.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 2008 by correspondence with
the custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overail financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of New
Alternatives Fund, Inc. as of December 31, 2008, the results of its operations
for the year then ended and the changes in its net assets and its financial
highights for each of the years in the two year period then ended, in conformity
with accounting principles generally accepted in the United States of America.
/s/ Briggs, Bunting & Dougherty, LLP
BRIGGS, BUNTING & DOUGHERTY, LLP
PHILADELPHIA, PENNSYLVANIA
FEBRUARY 24, 2009
24
OTHER INFORMATION
(UNAUDITED)
1) PROXY VOTING - The Fund has proxy voting policies which are available,
without charge, upon request by calling the Fund at 800-423-8383. Information
regarding how the Fund voted proxies during the most recent twelve month period
ended June 30 is available (1) without charge, upon request, by calling the Fund
at 800-423-8383 and (ii) on the SEC's website at http://www.sec.gov.
2) QUARTERLY PORTFOLIO SCHEDULES - The Fund files a complete schedule of
portfolio holdings with the SEC for the first and third quarters of each fiscal
year (quarters ended March 31 and September 30) on Form N-Q. The Fund's Form
N-Q's are available on the SEC website at http://www.sec.gov and may be reviewed
and copied at the SEC Public Reference Room in Washington, D.C. Information on
the operation of the SEC Public Reference Room may be obtained by calling
1-800-SEC-0330.
25
NEW ALTERNATIVES FUND, INC.
SHAREHOLDER TAX INFORMATION (UNAUDITED)
During the fiscal year ended December 31, 2008, the following dividends and
distributions per share were paid by the Fund:
Ordinary Income $0.18
Long-Term Capital Gains --
The Fund paid foreign taxes of $391,890 and recognized foreign source income of
$1,142,203. Pursuant to Section 853 of the Internal Revenue Code, the Fund
designates such amounts as having been paid in connection with dividends
distributed from investment taxable income during the year ended December 31,
2008.
For the year ended December 31, 2008, certain dividends may be subject to a
maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief
Reconciliation Act of 2003. For individual shareholders, 100% of their ordinary
income dividends for the Fund may qualify for the maximum tax rate of 15%.
Complete information will be computed and reported in conjunction with your Form
1099-DIV.
For corporate shareholders, 88.50% of the ordinary income dividends qualify for
the dividends received deduction.
Shareholders are advised to consult their own tax advisors with respect to the
tax consequences of their investments in the Fund.
26
MANAGEMENT OF THE FUND - Information pertaining to the Directors and Officers of
the Fund is set forth below. The Statement of Additional Information includes
additional information about the Directors and is available without charge, upon
request, by calling the Fund at 800-423-8383 or by visiting our website at
www.newalternativesfund.com.
DIRECTORS
NUMBER OF
PORTFOLIOS IN
TERM OF PRINCIPAL FUND COMPLEX OTHER
POSITION(S) OFFICE AND OCCUPATION(S) TO BE DIRECTORSHIPS
NAME, HELD WITH LENGTH OF TIME DURING THE PAST OVERSEEN BY HELD BY
ADDRESS AND AGE FUND SERVED(1) FIVE YEARS DIRECTOR(2) DIRECTOR(3)
- ------------------------ ---------------- ---------------- ---------------------- ------------- -------------
INTERESTED DIRECTORS AND OFFICERS
Maurice L. Schoenwald* Founder, 1982 to present Founder, Secretary and 1 None
Longboat Key, FL Director, Vice Vice President,
Age: 88 President and Accrued Equities, Inc.
Secretary
David J. Schoenwald* Founder, 1982 to present President, Accrued 1 None
Huntington Bay, NY Director, Equities, Inc.
Age: 59 Chairperson of
the Board,
President and
Treasurer
Murray D. Rosenblith* Director Since 2003 Administrator, Accrued 1 None
Brooklyn, NY Equities, Inc. (2008
Age: 57 to present); Former
Executive Director,
A.J. Muste Memorial
Institute, an
organization concerned
with exploration of
the link between
non-violence and
social change (1985 to
2008)
Joseph A. Don Angelo Chief 2007 to present Accountant and Owner, 1 None
Syosset, NY 11791 Compliance Don Angelo and
Age: 60 Officer Associates, CPAs P.C.
(1984-Present)
27
NUMBER OF
PORTFOLIOS IN
TERM OF PRINCIPAL FUND COMPLEX OTHER
POSITION(S) OFFICE AND OCCUPATION(S) TO BE DIRECTORSHIPS
NAME, HELD WITH LENGTH OF TIME DURING THE PAST OVERSEEN BY HELD BY
ADDRESS AND AGE FUND SERVED(1) FIVE YEARS DIRECTOR(2) DIRECTOR(3)
- ------------------------ ---------------- ---------------- ---------------------- ------------- -------------
INDEPENDENT DIRECTORS
Sharon Reier Director and Director Financial Journalist, 1 None
Coconut Creek, FL and Vice-Chairperson Since 1982; Business Week &
Paris, France of the Board Vice-Chairperson International Herald
Age: 62 Since 2008 Tribune; Former
Regional Editor,
Financial World
Magazine; Former
Editor with Board
Room; Former
Contributing Editor,
Institutional
Investor; Former
Staff, Forbes &
American Banker.
Preston V. Pumphrey Director and Since 2003 Retired CEO and Former 1 None
Syosset, NY Audit (Director and owner, Pumphrey
Age: 74 Committee Audit Securities, Inc., a
Chairperson Committee) registered securities
broker/dealer; Former
Adjunct Professor of
Finance, C.W. Post
College; NASD Dispute
Resolution Board of
Arbitrators (June 2002
to Present); Director,
American Red Cross of
Nassau County, NY.
Susan Hickey Director and Since 2005 Accounting Software 1 None
East Northport, NY Audit Developer, Accountants
Age: 56 Committee World (formerly Micro
Member Vision Software,
Inc.); Former IRS Tax
Return Auditor; BA
International Affairs,
Stonehill College,
North Easton, MA.
28
NUMBER OF
PORTFOLIOS IN
TERM OF PRINCIPAL FUND COMPLEX OTHER
POSITION(S) OFFICE AND OCCUPATION(S) TO BE DIRECTORSHIPS
NAME, HELD WITH LENGTH OF TIME DURING THE PAST OVERSEEN BY HELD BY
ADDRESS AND AGE FUND SERVED(1) FIVE YEARS DIRECTOR(2) DIRECTOR(3)
- ------------------------ ---------------- ---------------- ---------------------- ------------- -------------
Jonathan D. Beard Director Since 2005 Self-employed 1 None
New York, NY Freelance Journalist
Age: 61 for various American
and European Science
Magazines; Lifetime
Member, Sierra Club
and New York-New
Jersey Trails
Conference; Graduate
of Columbia University
1970.
- ----------
(1) Each Director holds office until the next meeting of shareholders at which
Directors are elected following his or her election or appointment and
until his or her successor has been elected and qualified.
(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.
* "Interested person", as defined in section 2(a)(19) of the 1940 Act.
Maurice L. Schoenwald is Secretary and minority shareholder of Accrued
Equities, Inc., the Fund's investment advisor. David Schoenwald is majority
shareholder and President of Accrued Equities, Inc. Murray D. Rosenblith is
considered an "interested person" as a result of his employment with
Accrued Equities, Inc.
29
[This Page Intentionally Left Blank]
[This Page Intentionally Left Blank]
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.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
As of the end of the period covered by the report, the Registrant's Board of
Directors has determined that Preston Pumphrey is qualified to serve as an audit
committee financial expert serving on its audit committee and that he 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
$18,000 for 2007 and $18,750 for 2008.
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 2007 and $0 for 2008.
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 $0 for 2007 and $2,000
for 2008. 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 2007 and $0 for 2008.
(e)(1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
The Audit Committee will be responsible for evaluating the provision
of non-audit services to the Company 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) Not applicable
(c) 100%
(d) Not applicable
(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 0%.
(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 2007 and $0 for 2008.
(h) Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
(a) 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 of this form.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
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 directors, 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) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that 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") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(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 registrant's second
fiscal quarter of 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. EXHIBITS.
(a)(1) Code of ethics, or any amendment thereto, that is the subject of
disclosure required by Item 2 is incorporated by reference to Exhibit
(a)(1) of the Registrant's Form N-CSR filed on March 8, 2007
(Accession No. 0001116502-07-000455).
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.
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, Inc.
By (Signature and Title)* /s/ David J. Schoenwald
--------------------------------------------
David J. Schoenwald, Chief Executive Officer
(principal executive officer)
Date 2/23/2009
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, Chief Executive Officer
(principal executive officer)
Date 2/23/2009
By (Signature and Title)* /s/ David J. Schoenwald
--------------------------------------------
David J. Schoenwald, Chief Financial Officer
(principal financial officer)
Date 2/23/2009
* Print the name and title of each signing officer under his or her
signature.