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, 2010

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.

(GRAPHIC)

NEW ALTERNATIVES FUND, INC.
A SOCIALLY RESPONSIBLE MUTUAL FUND EMPHASIZING
ALTERNATIVE ENERGY AND THE ENVIRONMENT

ANNUAL
FINANCIAL REPORT

DECEMBER 31, 2010

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
BNY Mellon Investment Servicing (US) Inc. PO Box 9794 Providence, RI 02940 (800) 441-6580 (610) 382-7819
Overnight Address 4400 Computer Drive Westborough, MA 01581
BNY Mellon 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 2010

FUND PERFORMANCE: The Fund declined 7.26% for the year ended December 31, 2010.
The Net Asset Value ("NAV") started at $42.54 on January 1, 2010 and decreased
to $39.09 by year end. Shares outstanding decreased by 8.9% from 6,647,611 to
6,055,618. The Fund's net assets declined from approximately $283 million at the
beginning of the year to approximately $235 million by year end.

FACTORS AFFECTING THE FUND: The greatest drag on the Fund's performance in 2010
came from the renewable energy sector where we have a substantial interest in
large power producers. Share prices of companies that manufacture wind, solar
photovoltaic and solar thermal equipment also did poorly. These declines were
somewhat offset by stronger performance of water utilities and several companies
whose products improve energy efficiency.

Lagging economies in Europe, primarily in Spain and Portugal, together with
policies geared toward austerity diminished enthusiasm for the renewable energy
sector in Europe. In 2010, the Euro slid 6.5% versus the U.S. dollar. A
significant portion of the Fund's portfolio is denominated in the Euro. As the
Fund is likely to continue holding a large proportion of European shares, the
relative valuation of the Euro and the U.S. dollar will affect our performance.

European companies have been leaders in the renewable energy sector, but their
dominance is currently challenged by Chinese companies which appear to have
financial backing from the government, as well as the competitive advantage of
lower wages. The share prices of our European companies, particularly those
based in Spain, Portugal, Germany and Denmark have suffered, despite the fact
that a substantial portion of their assets and workforce are now located in the
U.S., China, Indonesia and other countries.

Here in the United States, the growth of the alternative energy sector continues
to be hampered by uncertain government policies, continuing tight credit for new
projects and the sluggish economic recovery. Ironically, the bailout payments to
major banks were supposed to reignite credit flows. Instead, the banks appear to
have hoarded the funds to meet stricter reserve requirements.

The direct government funding has not, in most cases, made up for the lack of
commercial lending quickly enough to stem job losses and accelerate growth. In
February 2009, Congress approved $3.2 billion in economic stimulus grants, to be
distributed through state governments, for alternative energy and energy
efficiency projects. As of August 2010, the NEW YORK TIMES reported that only
8.4% of the money had been spent.

Other stimulus measures were similarly deadlocked by conflicting regulatory
requirements between the federal government, states and local authorities.

Congress failed to approve a cap and trade bill or enact a national Renewable
Energy Standard. The investment grant program and tax credits for renewable
energy development were approved as part of the last minute bargaining to pass
the 2010 tax bill that extended the previous administration's tax policies. It
was only on December 17, 2010, when President Obama signed "H.R. 4853, The Tax
Relief, Unemployment Insurance Reauthorization, and Job Creation Act of

2010", that dozens of developers knew there would be government funds available
for the projects that had been approved and others expected in the coming year.

There was little difference in the share prices of companies which own and
operate existing power generating facilities, with relatively stable earnings,
and the share prices of companies which manufacture wind and solar equipment and
which face severe competition. Both types of companies saw their share prices
drop significantly in 2010 regardless of their underlying financial condition.

Oil ended the year at approximately $92 a barrel, up 16% for the year. Natural
gas futures, which started out 2010 near $5.35 per million BTUs (mmBTU) declined
21%. February natural gas futures are priced at approximately $4.40/mmBTU. The
natural gas price was influenced by increased shale based supplies which
accounted for 14% of marketed gas and 21% of total gas reserves.

The price of natural gas is more relevant to the competitiveness of renewable
energy power producers than the price of oil, as natural gas is more easily used
to generate electricity. The price of oil would have more impact on the relative
cost competitiveness of bio-fuels and interest in electric vehicles.

PORTFOLIO HOLDINGS AND CHANGES: The Fund's portfolio's holdings at year end were
not considerably different than those at the beginning of the year, although the
relative weightings changed in large part due to the appreciation or
depreciation of each holding. At year end, approximately 65.4% of the Fund's net
assets were invested in foreign companies and approximately 2.6% of net assets
were held in cash and cash equivalents.

Several of the Fund's larger investments could be described as core holdings.
They include renewable energy power producers, Iberdrola Renovables SA (Spain),
EDF Energies Nouvelles SA (France), and EDP Renovaveis SA (Spain/Portugal).
Other significant holdings include the major wind turbine manufacturers, Vestas
Wind Systems (Denmark) and Gamesa Corporacion Technologica (Spain), as well as
the larger solar thermal developers & manufacturers Acciona SA (Spain) and
Abengoa SA (Spain). Our substantial energy efficiency companies include
Schneider Electric SA (France), Koninklijke Philips Electronics NV (Netherlands)
and Owens Corning, Inc. Our large water holdings are American Water Works Co.,
Inc., CIA SaneamentoBasico (Brazil) and Aqua America, Inc.

Other meaningful--but probably not core-- holdings are geothermal power
producers and developers Ormat Technologies, Inc. and TrustPower, Ltd. (New
Zealand); and Hafslund ASA (Norway), a hydro power and district energy
developer. The share performance of these firms has, and will have, a
significant influence on the Fund's NAV. Several of these companies have
recently performed poorly as investments, but we believe they are productive,
well run industries playing significant roles in the expansion of alternative
energy internationally. We feel they are at this time undervalued and represent
a good investment opportunity going forward.

After several years of robust growth in shares outstanding, the Fund, along with
virtually every other renewable energy equity fund, experienced a sell-off of
shares. According to Bloomberg News (12/24/10), the 183 "environmental" funds
tracked by Lipper suffered $1.2 billion in withdrawals in the first 10 months of
the year. We were forced to sell some shares to meet redemption demands at a
time when we would have preferred to take advantage of the lowered prices of
some solid companies. We trimmed our positions in water utilities (American
Water Works, Co., Inc., Aqua America, Inc. and CIA SaneamentoBasico) and natural
gas distributors (Atmos Energy Corp., Northwest Natural Gas Co. and South Jersey
Industries, Inc.). Whenever possible we added shares to our core holdings.

ALTERNATE ENERGY:

WIND/HYDRO POWER: The wind turbine business seemed to fall apart, ironically, at
about the same time as the BP oil spill in the Gulf of Mexico peaked, along with
the overbearing heat wave on the East Coast. These events coincided with the
deepening economic crisis in Greece and Spain and caused the Euro to lose value
against the U.S. dollar. Scarcer and more expensive credit in both Europe and
the U.S. was also a major factor in the sector's weakness.

Wind turbine manufacturers Vestas Wind Systems ("Vestas") and Gamesa Corporacion
Technologica ("Gamesa") experienced stagnation in their home markets in northern
Europe and Spain. They expanded their activities in the U.S., Mexico, Turkey,
Brazil and even China, although not to the extent they had anticipated. Both
companies also began developing new turbine models for the growing off-shore
market. Higher production costs reduced their overall profit margins. While
opening new facilities in China and the U.S., Vestas closed a production plant
in their home country of Denmark and laid off 3,000 workers. Gamesa shares went
down by over 50%; Vestas lost almost 45%. We managed to buy more shares of both
companies as we believe they are well positioned to expand into new markets. We
also sold all of our shares of Nordex AG (Germany), a smaller turbine company.

Other renewable power developers and producers in Europe were similarly buffeted
by austerity measures which reduced their government supported electric rates
and raised the specter of future cuts. These companies are also pursuing
opportunities outside of Europe and have reported positive steps in building new
markets.

Abengoa, SA ("Abengoa"), a company which mostly focuses on solar thermal power,
bio-fuels and recycling (see below) is seeking a contract to build a wind farm
in Uruguay. Acciona SA ("Acciona") is expanding its wind turbine plants in India
and partnering with Nissan/Renault to build charging stations for a new
generation of electric cars in Europe. EDF Energies Nouvelles SA and EDP
Renovaveis SA are completing wind farms already in progress in Spain and France.
In addition, they have existing contracts for projects in Italy, the U.S.,
Mexico and Canada. Iberdrola Renovables SA, the largest renewable power producer
in Spain, has been stuck paying higher interest rates on loans despite being
profitable and solvent because of general fears about the Spanish economy.

The prices of all these companies went down significantly in 2010 but the Fund
was able to take this opportunity to buy more shares of each. In our smaller
investments in this sector, we bought additional shares of Hafslund ASA and
Electrificaciones del Norte (Spain) and held our position of TrustPower Ltd. We
added Algonquin Power & Utilities Corp., a small Canadian hydro and wind power
producer with a healthy dividend.

We took profits and sold our shares of Brookfield Asset Management, a superbly
run Canadian company with substantial hydropower and energy storage assets. In
recent years, the company has been more focused on its real estate management
business and we were not comfortable with their acquisition of a marine
transport terminal serving the coal industry in Australia. We are keeping an eye
out for the possibility that they will spin off the renewable power assets as a
separate company in the future.

SOLAR: The good news in this sector went largely unrewarded as prices of most
companies fell across the board. This was the most volatile area of alternative
energy in 2010. Overall photovoltaic (PV) solar module prices have been coming
down due to cost efficiencies gained in greater manufacturing volume, lower
prices for silicon and pressure from Chinese companies who enjoy the advantages
of lower labor costs and large government subsidies. According to Bloomberg New
Energy Finance, global solar electric generation, both from PV and concentrated
solar thermal (CSP) systems grew at least 120% in 2010.

Toward the end of the year silicon prices began to creep upwards and supply
tightened which further cut into profit margins of solar cell producers. The
most robust markets for roof-top PV installations--Germany, France and
Spain--have all announced reductions in the feed-in tariffs that fueled much of
this growth. Meanwhile the enormous Chinese market is restricted to most outside
companies and the U.S. market, while growing, proceeds erratically as economic
conditions and fluctuating policies create an uncertain future for all renewable
energy development.

Abengoa and Acciona are both involved in significant solar power developments.
Abengoa has recently secured funding for the Solana project in Arizona, which
will be the largest solar thermal generating plant (250 MW) in the U.S. For the
moment Acciona is the world leader in solar thermal generating capacity at 214
total MW with two new plants in Spain and one in Nevada coming on line. In
addition, the Fund maintained its holdings of two other solar companies in 2010:
Solar Millennium (Germany) and Kyocera Corp. (Japan). Solar Millennium is a
major developer of utility-scale solar thermal projects which incorporates
energy storage capacity to provide electric power continuously. In addition to
commissioning new plants in Spain and Egypt, Solar Millennium has recently
secured permits and financing for the largest solar thermal station in the
world, a 500 MW installation in southern California. The company is also the
lead developer of new plants in Nevada and Arizona. Despite this positive news,
Solar Millennium's share price fell by 43.5% during the year. We sold some of
our shares to raise cash for redemptions.

Kyocera Corp. is a larger diversified electronics company that also produces
solar cells. Its stock price has been relatively stable and it pays a dividend.
At the beginning of 2010, we held two other solar cell companies, MEMC
Electronic Materials and SolarWorld AG (Germany), but sold both to

reduce our exposure in this sector. As business conditions improved toward the
end of the year, we added shares of First Solar, Inc., the largest U.S.
manufacturer of thin-film PV solar cells, inverter producer SMA Solar Technology
AG (Germany) and SunPower Corp..

GEOTHERMAL: We have kept the same two companies in this sector--Ormat
Technologies, Inc. ("Ormat") and WFI Industries Ltd. (Canada; also known as
WaterFurnace Renewable Energy). Both of these companies pay small dividends.
Ormat continues to be the major developer of utility-scale geothermal electric
power projects. In addition to their existing plants in the U.S., Guatemala,
Kenya and Nicaragua, the company has recently received a land grant from the
Chilean government to explore for a site for that nation's first major facility.
Ormat is also building three new plants in Nevada and California and is working
on a recovered energy generation (REG) project in Wisconsin that will recycle
waste heat from gas turbines to increase their energy efficiency without
increasing greenhouse gas emissions. WFI Industries Ltd. ("WFI") continues to
build its core business of residential and small commercial building heat
pump/heat exchange systems. Ormat's share price fell by 21% and we added a small
amount of stock to our holdings. WFI's share price went up slightly and we kept
our position unchanged.

BIO-FUEL: We continue to be cautious and skeptical about the potential of
ethanol and other bio-fuels to significantly replace oil and gas for
transportation. Among our current holdings, Abengoa, in addition to its other
power projects, is also engaged in developing bio-fuels and recently announced
that it will be re-opening an existing ethanol production plant in New Mexico
that became uneconomical to operate when gas and oil prices fell.

ENERGY CONSERVATION/EFFICIENCY/POWER TRANSMISSION: The Fund now holds shares of
seven companies, comprising approximately 17.3 % of our net assets, which
manufacture energy conservation materials or develop and install energy
efficiency systems.

Many analysts predicted that companies in this sector would get a boost from the
fact that energy conservation and efficiency is the quickest and most cost
effective way to reduce greenhouse gas emissions and reduce overall energy use.
The down side these companies faced was the continuing weakness in the
construction industry and lack of credit availability. Telvent GIT, a Spanish
company which produces and operates energy management systems for transportation
and buildings, did lose about 32% of its value. "Smart" meter and grid control
producer Itron, Inc. lost just under 18%. Most other holdings gained in price.
Schneider Electric SA, a large, diversified engineering and manufacturing firm,
gained 40%. Owens Corning, Inc., producer of insulation materials, gained 21.5%.
Electric transmission system installer and power grid manager ITC Holdings Corp.
saw its share price rise almost 22%. Koninklijke Philips Electronics NV, a major
manufacturer of energy efficient light bulbs and lighting systems, gained 7.3%.
The Fund sold some of its shares in Itron, Inc., Owens Corning Inc., and
Schneider Electric SA to raise cash for redemptions. We also added shares of
Koninklijke Philips Electronics NV and maintained our position in ITC Holdings
Corp.

We sold all our shares of Stantec, a growing engineering firm based in Canada.
Many of its projects involve LEED architecture and engineering work for wind
generation facilities in Canada. This move was motivated by recent activity that
included work for companies involved in the Canadian

tar sands projects. We also sold our holdings of Eaga, Plc. (UK), a company
whose business was energy conservation in urban areas, when the new government
in the United Kingdom sharply curtailed the program. Lastly, the Fund sold its
shares of Quanta Services, a power transmission construction company, which was
reasonably profitable, but did not pay a dividend.

In addition to the companies mentioned above, we added three new holdings in
2010: Johnson Controls, Inc., a Milwaukee-based manufacturer of batteries for
hybrid vehicles and energy management equipment for buildings; Power-One, Inc.,
a producer of electric transmission management equipment, electric motor
controls and converters for renewable energy generation sources to feed
electricity into power grids; and A.O. Smith Corp, a leading manufacturer of
electric motors, water pumps and water heaters, including a line of new solar
thermal hot water systems.

NATURAL GAS UTILITIES: We continued our investment in natural gas distribution
and utility companies to provide some stability and regular income to the Fund
and as a substitute, in some ways, to our previous policy of holding short U.S.
Treasury Bills for cash requirements. Treasury yields continued to be incredibly
low, to the point where these gas utilities (and some of our water companies)
are paying dividends in excess of the T-Bills. They are also relatively stable
in price and are highly traded which makes them a reasonable source when the
Fund needs cash. We did, in fact, sell some shares of all three of these
companies--Atmos Energy Corp., Northwest Natural Gas Co. and South Jersey
Industries, Inc.--to replenish our cash reserve during the year.

WATER/RECYCLING: Our water-related and recycling companies hardly changed in
2010. We held the same companies including water utilities American Water Works
Co., Inc., Aqua America, Inc. and CIA SaneamentoBasico; water treatment company,
Hyflux Ltd. (Singapore) ("Hyflux") and Befesa Medio Amibente (Spain) ("Befesa"),
which builds and operates both water treatment facilities and a growing
portfolio of industrial waste treatment and materials recycling projects in its
home country and Argentina, Chile, Peru and Mexico. We trimmed our holdings of
these water utilities to meet redemption requests, but we were able to add small
additional purchases in Befesa and Hyflux. Our investment in Australian
recycling company Sims Metal Management Ltd. remained unchanged.

NATURAL FOOD: After selling our holdings in Whole Foods Markets in late 2009, we
have not identified another natural food company we feel would be a good
purchase. We continue to look for a strong investment in natural foods.

CASH AND TREASURY HOLDINGS: We ended the year with approximately 2.6 % of net
assets in cash. We owned no short-term U.S. Treasury Bills, as explained above,
because the interest rates were nominal.

INCOME FROM DIVIDENDS AND INTEREST/EXPENSES: The Fund's net ordinary investment
income dividend decreased from $0.37 in 2009 to $0.36 per share this year.

EXPENSES: The Fund's cost of operations increased while the number of
shareholder accounts and the net assets decreased during the year. The amounts
paid to the investment advisor, Accrued

Equities Inc. (the "Advisor"), and BNY Mellon Investment Servicing (U.S.), Inc.
(the Fund's accounting agent, transfer agent, custodian and administrator) are
largely based on net assets. The Fund's net assets were higher during the first
quarter of 2010 and then declined gradually during the year before recovering
slightly in the fourth quarter. BNY Mellon, in its role as transfer agent, bases
fees on the number of shareholder accounts established during the year, this
figure decreased slightly and was allocated across fewer outstanding shares
which increased the Fund's expense ratio from 1.02% in 2009 to 1.04% in 2010.
Total Fund Expenses increased by $300,738, or 13.07%.

REALIZED AND UNREALIZED CAPITAL GAIN/LOSS: The Fund did not have or distribute
any net realized capital gains during 2010. The Fund ended the year with net
unrealized losses of approximately $12.5 million.

CORPORATE GOVERNANCE AND REGULATORY: All eight of the Fund's directors (five of
whom are considered "Independent") were re-elected by shareholders at the annual
meeting held on September 24, 2010. David Schoenwald will continue as President,
Treasurer and Chairperson of the Board, Sharon Reier as Vice-Chairperson,
Maurice Schoenwald as Vice-President and Secretary, and Murray Rosenblith as
Assistant Secretary. Joseph Don Angelo continues to serve as the Fund's Chief
Compliance Officer. Preston Pumphrey continues to serve as Chairperson of the
Audit Committee.

The Fund's directors re-approved the investment advisory agreement (the
"Advisory Agreement") with the Advisor, Accrued Equities Inc., at the directors
meeting on June 25, 2010.

The Board of Directors decided to approve the renewal of the Advisory Agreement
for a one-year period commencing July 1, 2010 based upon their evaluation of:
(i) the long-term relationship between the Advisor and the Fund; (ii) the
Advisor's commitment to the Fund's socially responsible investment objectives
and its ability to manage the Fund's portfolio in a manner consistent with those
objectives; (iii) the depth of experience and expertise of the Advisor with
regard to the alternative energy market; (iv) the nature, extent and quality of
the services provided; (v) the performance of the Fund; and (vi) the costs of
the services provided and the profitability of the Advisor from its relationship
with the Fund. Information regarding the material factors the Board considered
in approving the Advisory Agreement is included in the Semi-Annual Report to
Shareholders dated June 30, 2010.

STRATEGY: The Fund's investment objective remains unchanged. We continue to seek
long-term capital appreciation.

The Fund seeks to achieve its investment objective by investing in equity
securities, such as common stocks. The Fund makes investments in a wide range of
industries and in companies of all sizes. The Fund invests in equity securities
of both U.S. and foreign companies, and has no limitation on the percentage of
assets invested in the U.S. or abroad. The Fund concentrates at least 25% of its
total assets in equity securities of companies which have an interest in
alternative energy. "Alternative Energy" means the production and conservation
of energy in a manner that reduces pollution and harm to the environment,
particularly when compared to conventional coal, oil or atomic energy.

NEW ALTERNATIVES FUND GROWTH OF $10,000 VS. THE S&P 500(R)
INDEX AND THE RUSSELL 2000(R) INDEX

(PERFORMANCE GRAPH)

AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/10

1 Year 5 Year 10 Year
------ ------ -------

New Alternatives Fund (N.A.V.) -7.26% 4.54% 1.62%
New Alternatives Fund (Load) -11.66% 3.53% 1.13%
S&P 500(R) 15.06% 2.29% 1.41%
Russell 2000(R) Index 26.85% 4.47% 6.33%

New Alt
Fund-No New Alt
Load Fund- Load S&P Value Russell 2000
------- ---------- --------- ------------

December 31 2000 10000 9525 10049 10859
December 31 2001 8757.64 8341.65 8854.48 11129.2
December 31 2002 6170.56 5877.46 6897.62 8850.33
December 31 2003 7621.38 7259.37 8876.6 13032.1
December 31 2004 8636.63 8226.39 9841.79 15419.9
December 31 2005 9408.31 8961.42 10323.2 16123.4
December 31 2006 12590.6 11992.5 11954.8 19081.5
December 31 2007 16812.3 16013.7 12611.7 18786.6
December 31 2008 9270.2 8829.87 7945.5 12437.5
December 31 2009 12667 12065 10048.2 15818.6
December 31 2010 11747 11189 11561.8 20065.7

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. THE PERFORMANCE QUOTED
REFLECTS A DEDUCTION FOR THE MAXIMUM FRONT-END SALES CHARGE OF 4.75%.
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH-END MAY BE OBTAINED BY CALLING
800-423-8383. THE GRAPH AND TABLE DO NOT REFLECT THE DEDUCTION OF TAXES THAT A
SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES.

The Fund's total annual operating expenses, as stated in the current prospectus
are 1.02%*.

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. You cannot invest directly in these indices.

* Per prospectus. The expense ratio presented above may vary from the expense
ratio presented in other sections of this report which is based on expenses
incurred during the period covered by this report.

NEW ALTERNATIVES FUND, INC.
FUND EXPENSE EXAMPLE
(UNAUDITED)

As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs such as the sales charge; 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 shown (July 1, 2010) and held for the entire six months ended December
31, 2010.

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, 2010" to estimate the expenses you paid on your account
during this period.

Note: The Fund's Transfer Agent, BNY Mellon Investment Servicing (US) Inc.
charges an annual IRA maintenance fee of $15 for IRA accounts. That fee is not
reflected in the accompanying table.

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.

Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs such as the sales
charge, redemption fees or exchange fees. The Fund does not charge any
redemption fees or exchange fees, but these may be present in other funds to
which you compare the Fund. 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, 2010 December 31, 2010 December 31, 2010*
------------- ----------------- --------------------

Actual $1,000.00 $1,141.20 $5.56
Hypothetical
(assumes 5% return before expenses) $1,000.00 $1,020.01 $5.24

* Expenses are equal to the Fund's annualized expense ratio 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 Fund's ending account value on the first line in the table is based on
its actual total return of 14.12% for the six-month period of July 1, 2010
to December 31, 2010.

NEW ALTERNATIVES FUND, INC.
PORTFOLIO HOLDINGS SUMMARY
DECEMBER 31, 2010
(UNAUDITED)

% OF NET
SECTOR DIVERSIFICATION ASSETS VALUE
---------------------- -------- ------------

Alternate Energy:
Renewable Energy Power Producers & Developers 29.4% $ 69,601,911
Wind Turbines 7.2 17,104,048
Geothermal 5.2 12,221,400
Solar Thermal 2.3 5,346,572
Solar Photovoltaic 2.3 5,332,317
Energy Storage 1.9 4,582,500
Water:
Water Utilities 15.7 37,117,750
Water Related 1.7 4,080,609
Energy Conservation 14.3 33,825,910
Natural Gas Distribution 13.9 32,878,500
Electric Transmission 2.6 6,198,000
Recycling 0.9 2,184,000
Certificates of Deposit 0.2 500,000
Other Assets in Excess of Liabilities 2.4 5,722,804
----- ------------
100.0% $236,696,321
===== ============

TOP TEN COMMON STOCK PORTFOLIO HOLDINGS
DECEMBER 31, 2010
(UNAUDITED)

% OF NET
NAME ASSETS
------ --------

American Water Works Co., Inc. ....................... 6.1%
EDF Energies Nouvelles SA (France) ................... 5.8
Schneider Electric SA (France) ....................... 5.4
Iberdrola Renovables SA (Spain) ...................... 5.3
Abengoa SA (Spain) ................................... 5.2
CIA SaneamentoBasico (Brazil) ADR .................... 5.0
South Jersey Industries, Inc. ........................ 5.0
Atmos Energy Corp. ................................... 4.9
EDP Renovaveis SA (Spain/Portugal) ................... 4.9
Kloninkijke Philips Electronics NV (Netherlands) ..... 4.5
----
Total Top Ten ..................................... 52.1%
====

NEW ALTERNATIVES FUND, INC.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2010

SHARES VALUE
--------- ------------

COMMON STOCKS -- 97.4%
ALTERNATE ENERGY -- 48.3%
RENEWABLE ENERGY POWER PRODUCERS & DEVELOPERS -- 29.4%
Abengoa SA (Spain) 500,000 $ 12,277,337
Acciona SA (Spain) 150,000 10,623,655
Algonquin Power & Utilities Corp. (Canada) 100,000 504,878
EDF Energies Nouvelles SA (France) 325,000 13,749,950
EDP Renovaveis SA (Spain/Portugal)* 2,000,000 11,591,143
Electrificaciones del Norte (Spain) 125,000 1,667,045
Hafslund ASA, Class A (Norway) 325,264 3,902,020
Iberdrola Renovables SA (Spain) 3,500,000 12,422,327
TrustPower Ltd. (New Zealand) 500,000 2,863,556
------------
69,601,911
------------
WIND TURBINES -- 7.2%
Gamesa Corporacion Tecnologica (Spain) * 1,000,000 7,632,996
Vestas Wind Systems (Denmark)* 300,000 9,471,052
------------
17,104,048
------------
GEOTHERMAL -- 5.2%
Ormat Technologies, Inc. 350,000 10,353,000
WFI Industries Ltd. (Canada) 75,000 1,868,400
------------
12,221,400
------------
SOLAR THERMAL -- 2.3%
Solar Millennium (Germany) * 200,000 5,346,572
------------
SOLAR PHOTOVOLTAIC -- 2.3%
First Solar, Inc.* 2,000 260,280
Kyocera Corp. (Japan) SP ADR 25,000 2,557,750
SMA Solar Technology AG (Germany) 25,000 2,321,837
SunPower Corp., Class A* 15,000 192,450
------------
5,332,317
------------

The accompanying notes are an integral part of these financial statements.

NEW ALTERNATIVES FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 2010

SHARES VALUE
--------- ------------

ENERGY STORAGE -- 1.9%
Panasonic Corp. (Japan) SP ADR 325,000 $ 4,582,500
------------
TOTAL ALTERNATE ENERGY 114,188,748
------------
WATER -- 17.4%
WATER UTILITIES -- 15.7%
American Water Works Co., Inc. 575,000 14,541,750
Aqua America, Inc. 475,000 10,678,000
CIA SaneamentoBasico (Brazil) ADR 225,000 11,898,000
------------
37,117,750
------------
WATER RELATED -- 1.7%
A. O. Smith Corp. 37,500 1,428,000
Befesa Medio Ambiente (Spain)* 50,000 1,025,617
Hyflux Ltd. (Singapore) 900,000 1,626,992
------------
4,080,609
------------
TOTAL WATER 41,198,359
------------
ENERGY CONSERVATION -- 14.3%
Itron, Inc.* 5,000 277,250
Johnson Controls, Inc. 25,000 955,000
Koninklijke Philips Electronics NV (Netherlands) 350,000 10,745,000
Owens Corning, Inc.* 200,000 6,230,000
Power-One, Inc. * 25,000 255,000
Schneider Electric SA (France) 85,000 12,721,660
Telvent GIT (Spain)* 100,000 2,642,000
------------
33,825,910
------------
NATURAL GAS DISTRIBUTION -- 13.9%
Atmos Energy Corp. 375,000 11,700,000
Northwest Natural Gas Co. 200,000 9,294,000
South Jersey Industries, Inc. 225,000 11,884,500
------------
32,878,500
------------
ELECTRIC TRANSMISSION -- 2.6%
ITC Holdings Corp. 100,000 6,198,000
------------

The accompanying notes are an integral part of these financial statements.

NEW ALTERNATIVES FUND, INC.
SCHEDULE OF INVESTMENTS (CONCLUDED)
DECEMBER 31, 2010

SHARES VALUE
--------- ------------

RECYCLING -- 0.9%
Sims Metal Management Ltd. (Australia) SP ADR 100,000 $ 2,184,000
------------
TOTAL COMMON STOCKS (COST $243,047,542) 230,473,517
------------

PAR
---------

CERTIFICATES OF DEPOSIT -- 0.2%
SOCIALLY CONCERNED BANKS -- 0.2%
Alternatives Federal Credit Union 0.35% due 01/31/11 $ 100,000 100,000
Carver Federal Savings Bank 0.90% due 12/31/11 100,000 100,000
Urban Partnership Bank 0.20% due 01/16/11 100,000 100,000
People's United Bank 0.75% due 12/03/11 100,000 100,000
Self-Help Credit Union 1.01% due 02/10/11 100,000 100,000
------------
TOTAL CERTIFICATES OF DEPOSIT (COST $500,000) 500,000
TOTAL INVESTMENTS (COST $243,547,542) -- 97.6% ------------
230,973,517
Other Assets in Excess of Liabilities -- 2.4% 5,722,804
------------
NET ASSETS -- 100.0% $236,696,321
============

* -Non-income producing security

ADR -American Depositary Receipt

SP ADR -Sponsored American Depositary Receipt

The accompanying notes are an integral part of these financial statements.

NEW ALTERNATIVES FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2010

ASSETS

Investment securities at fair value (cost: $243,547,542) (Notes 2A and 7) ........ $ 230,973,517
Cash ............................................................................. 6,450,381
Receivables:
Investments sold .............................................................. 923,894
Dividends ..................................................................... 465,483
Capital stock subscribed ...................................................... 217,014
Tax reclaims .................................................................. 56,186
Interest ...................................................................... 81
Prepaid insurance ................................................................ 11,772
-------------
Total Assets ..................................................................... 239,098,328
-------------
LIABILITIES

Payables:
Capital stock reacquired ...................................................... 881,351
Investment securities purchased ............................................... 732,455
Distributions ................................................................. 494,444
Management fees ............................................................... 102,487
Accrued expenses and other liabilities ........................................ 191,270
-------------
Total Liabilities ................................................................ 2,402,007
-------------
NET ASSETS $ 236,696,321
=============
ANALYSIS OF NET ASSETS

Net capital paid in shares of capital stock ...................................... $ 274,288,769
Undistributed net investment income .............................................. 5,526
Accumulated net realized loss on investments ..................................... (25,024,402)
Net unrealized appreciation of translation of other assets and liabilities in
foreign currency .............................................................. 453
Net unrealized depreciation on investments ....................................... (12,574,025)
-------------
NET ASSETS ....................................................................... $ 236,696,321
=============
Net asset value and redemption price per share ($236,696,321/6,055,618 shares
of outstanding capital stock, 40 million shares authorized with a par
value of $0.01 per share) ..................................................... $ 39.09
=============
Maximum offering price per share (100/95.25 of $39.09) ........................... $ 41.04
=============

The accompanying notes are an integral part of these financial statements.

NEW ALTERNATIVES FUND, INC.
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2010

INVESTMENT INCOME:
Dividends (net of $379,324 foreign taxes withheld) ................................ $ 4,741,539
Interest .......................................................................... 3,086
------------
Total Investment Income ........................................................... 4,744,625
------------
EXPENSES:
Management fee (Note 4) ........................................................... 1,274,080
Transfer agent fees ............................................................... 490,376
Administration and accounting fees ................................................ 243,486
Postage and printing fees ......................................................... 173,160
Legal fees ........................................................................ 136,889
Custodian fees .................................................................... 117,872
Registration fees ................................................................. 51,461
Compliance service fees ........................................................... 42,000
Audit fees ........................................................................ 24,264
Directors' fees (Note 5) .......................................................... 19,438
Insurance fees .................................................................... 16,673
Other expenses .................................................................... 12,235
------------
Total Expenses .................................................................... 2,601,934
------------
NET INVESTMENT INCOME ............................................................. 2,142,691
------------
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 ................................................ 4,520,784
Net realized loss from foreign currency transactions .............................. (28,105)
Net increase from payments by affiliates (Note 4) ................................. 69,621
------------
Net Realized Gain ................................................................. 4,562,300
------------
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) OF INVESTMENTS AND FOREIGN
CURRENCY RELATED TRANSACTIONS:
Net change in unrealized appreciation/(depreciation) on investments ............... (28,948,158)
Net change in unrealized appreciation/(depreciation) on foreign currency
translations ................................................................... (150)
------------
Net change in unrealized appreciation/(depreciation) .............................. (28,948,308)
------------
Net Realized and Unrealized Loss on Investments and Foreign Currency Related
Transactions ................................................................... (24,386,008)
------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS .............................. $(22,243,317)
============

The accompanying notes are an integral part of these financial statements.

NEW ALTERNATIVES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS

FOR THE FOR THE
YEAR ENDED YEAR ENDED
DECEMBER DECEMBER
31, 2010 31, 2009
------------- -------------

Investment Activities:
Net investment income ........................................... $ 2,142,691 $ 2,389,834
Net realized gain/(loss) from investments, foreign currency
transactions and payments by affiliates ....................... 4,562,300 (9,016,589)
Net change in unrealized appreciation/(depreciation) on
investments and foreign currency translations ................. (28,948,308) 78,639,668
------------- -------------
Net increase/(decrease) in net assets derived from operations ... (22,243,317) 72,012,913
------------- -------------
Dividends and Distributions to Shareholders:
Dividends from net investment income ............................ (2,175,010) (2,442,455)
------------- -------------
Total dividends and distributions to shareholders ............... (2,175,010) (2,442,455)
------------- -------------
Capital Share Transactions:
Net increase/(decrease) in net assets from capital share
transactions (Note 3) ......................................... (21,690,414) 28,977,130
------------- -------------
Total Increase/(Decrease) in Net Assets ......................... (46,108,741) 98,547,588
Net Assets:
Beginning of the year ........................................... 282,805,062 184,257,474
------------- -------------
End of the year* ................................................ $ 236,696,321 $ 282,805,062
============= =============

* Includes undistributed (overdistribution) of net investment income of
$5,526 and ($3,670) for the years ended 12/31/10 and 12/31/09,
respectively.

The accompanying notes are an integral part of these financial statements.

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,
-----------------------------------------------------------------
2010 2009 2008 2007 2006
---------- ---------- ---------- ---------- ----------

Net asset value at beginning of year $ 42.54 $ 31.41 $ 57.28 $ 43.91 $ 34.46
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 0.35 0.36 0.24 0.34 0.18
Net realized & unrealized gain/(loss)
on investments (3.45) 11.14 (25.93) 14.39 11.47
Payments by affiliates 0.01 -- -- -- --
---------- ---------- ---------- ---------- ----------
Total from investment operations (3.09) 11.50 (25.69) 14.73 11.65
---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS
From net investment income (0.36) (0.37) (0.18) (0.34) (0.18)
From net realized gain on investments -- -- -- (1.02) (2.02)
---------- ---------- ---------- ---------- ----------
Total distributions (0.36) (0.37) (0.18) (1.36) (2.20)
---------- ---------- ---------- ---------- ----------
Net asset value at end of year $ 39.09 $ 42.54 $ 31.41 $ 57.28 $ 43.91
========== ========== ========== ========== ==========
Total return
(Sales load not reflected) (7.26)%* 36.61% (44.85)% 33.53% 33.83%
Net assets, end of the year (in thousands) $ 236,696 $ 282,805 $ 184,257 $ 301,650 $ 117,035
Ratio of operating expenses to average net assets 1.04% 1.02% 1.09% 0.95% 1.25%
Ratio of net investment income to average net assets 0.86% 1.06% 0.56% 0.82% 0.51%
Portfolio turnover 16.16% 33.94% 25.67% 14.24% 39.83%
Number of shares outstanding at end of the year 6,055,618 6,647,611 5,866,871 5,266,358 2,665,296

* In 2010, 0.02% of the Fund's total return consisted of a voluntary
reimbursement by the investment advisor for a realized investment loss.

Excluding this voluntary reimbursement, total return for the year would
have been (7.28)%.

The accompanying notes are an integral part of these financial statements.

NEW ALTERNATIVES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2010

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. The Fund seeks to achieve its investment objective by
investing in equity securities, such as common stocks. The Fund makes
investments in a wide range of industries and in companies of all sizes. The
Fund invests in equity securities of both U.S. and foreign companies, and has no
limitation on the percentage of assets invested in the U.S. or abroad. The Fund
concentrates at least 25% of its total assets in equity securities of companies
which have an interest in alternative energy. "Alternative Energy" means the
production and conservation of energy in a manner that reduces pollution and
harm to the environment, particularly when compared to conventional coal, oil or
atomic energy.

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 based on the official
closing price or the last reported 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,
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
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 on the day of
valuation.

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
Fund's investment advisor under methods established by and under the
general supervision of the Fund's Board of Directors. 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. The Fund does not invest
in unlisted securities.

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.

- 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 inactive market,
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 December 31, 2010, in
valuing the Fund's assets carried at fair value:

LEVEL 2 -
TOTAL OTHER LEVEL 3 -
VALUE AT LEVEL 1 - SIGNIFICANT SIGNIFICANT
DECEMBER 31, QUOTED OBSERVABLE UNOBSERVABLE
2010 PRICES INPUTS INPUTS
------------ ------------ ----------- ------------

INVESTMENTS IN SECURITIES:
Common Stocks* ............... $230,473,517 $230,473,517 $ -- $--
Certificates of Deposit ...... 500,000 -- 500,000 --
------------ ------------ -------- ---
Total ..................... $230,973,517 $230,473,517 $500,000 $--
============ ============ ======== ===

* See Schedule of Investments for sector diversification.

For the year ended December 31, 2010, the Fund held no securities which
measured their fair value using Level 3 inputs.

Transfers in and out of levels 1, 2 and 3 of the fair value heirarchy are
recognized at of the beginning of the reporting period. There were no
transfers between any of the levels during the year ended December 31,
2010.

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 of Directors.

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.

Foreign Securities -- Investing in foreign securities (including depositary
receipts traded on U.S. exchanges but representing shares of foreign
companies) involves more risks than investing in U.S. securities. Risks of
investing in foreign companies include currency exchange rates between
foreign currencies and the U.S. dollar. The political, economic and social
structures of some foreign countries may be less stable and more volatile
than those in the U.S. Brokerage commissions and other fees may be higher
for foreign securities. Foreign companies may not be subject to the same
disclosure, accounting, auditing and financial reporting standards as U.S.
companies. These risks can increase the potential for losses in the Fund
and affect its share price.

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. Foreign dividend income is recorded on the
ex-dividend date or as soon as possible after the Fund determines the
existence of a dividend declaration after exercising reasonable diligence.
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.

I. NEW ACCOUNTING PRONOUNCEMENT - In January 2010, the Financial Accounting
Standards Board ("FASB") issued Accounting Standards Update ("ASU") No.
2010-06 "Improving Disclosures about Fair Value Measurements". ASU 2010-06
clarifies existing disclosure and requires additional disclosures.
Effective for fiscal years beginning after December 15, 2010, and for
interim periods within those fiscal years, entities will need to disclose
information about purchases, sales, issuances and settlements of Level 3
securities on a gross basis, rather than as a net number as currently
required. Management is currently evaluating the impact ASU No. 2010-06
will have on its financial statement disclosures.

3) CAPITAL STOCK - There are 40,000,000 shares of $0.01 par value capital stock
authorized. On December 31, 2010, there were 6,055,618 shares outstanding.
Aggregate paid-in capital including reinvestment of dividends was $274,288,769.
Transactions in capital stock were as follows:

FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2010 DECEMBER 31, 2009
-------------------------- ------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ --------- ------------

Capital stock sold 826,721 $ 32,362,329 1,608,858 $ 58,541,603
Reinvestment of distributions 43,051 1,683,069 44,111 1,876,247
Redemptions (1,461,765) (55,735,812) (872,229) (31,440,720)
---------- ------------ --------- ------------
Net Increase/(Decrease) (591,993) $(21,690,414) 780,740 $ 28,977,130
========== ============ ========= ============

4) MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES - Accrued Equities,
Inc. ("Accrued Equities" or the "Advisor"), an SEC registered investment advisor
and broker-dealer, serves as investment advisor to the Fund pursuant to an
Investment Advisory Agreement, as amended, and as an underwriter (but not a
principal underwriter) of the Fund's shares pursuant to a Sub-Distribution
Agreement. For it's investment advisory services, the Fund pays Accrued Equities
an annual management fee of 1.00% of the first $10 million of average net
assets; 0.75% of the next $20 million of average net assets; 0.50% of average
net assets more than $30 million and less than $100 million; and 0.45% of
average net assets more than $100 million.

The Fund pays no remuneration to its directors, David J. Schoenwald, Maurice L.
Schoenwald and Murray D. Rosenblith, who are also officers or employees of
Accrued Equities. BNY Mellon Distributors, Inc., formerly PFPC Distributors (the
"Underwriter") serves as the principal underwriter of the Fund's shares. The
Underwriter has entered into a Sub-Distribution Agreement with Accrued Equities.
The Underwriter receives as compensation for its services: (i) a base
underwriting fee of $25,000 per year; (ii) a compliance systems fee of $2,500;
and (iii) commissions on the sale of Fund shares. The Fund charges a maximum
front-end sales charge of 4.75% on most new sales. Of this amount, the
Underwriter and Accrued Equities retain the net underwriter commission and pay
out the remaining sales commission to other brokers who actually sell new
shares. Their share of the sales commission may vary. The aggregate underwriter
concession on all sales of Fund shares during the year ended December 31, 2010
was $86,882, and the amounts retained by Accrued Equities and the Underwriter
were $57,921 and $28,961, respectively. The Underwriter and Accrued Equities are
also entitled to receive sales commissions for the sale of Fund shares. For the
year ended December 31, 2010, Accrued Equities and the Underwriter received
$72,032 and $12,286 in sales commissions, respectively, for the sale of Fund
shares. The Underwriter is a registered broker-dealer affiliated with BNY Mellon
Investment Servicing (U.S.) Inc., formerly PNC Global Investment Servicing
(U.S.) Inc., the Fund's administrator, transfer agent and fund accounting agent.

During the year ended December 31, 2010, the Advisor voluntarily reimbursed the
Fund $69,621 for investment transaction losses.

5) DIRECTORS' FEES - For the year ended December 31, 2010, the Fund paid
directors' fees and out of pocket expenses of $20,000 to its Directors who are
not "interested persons" of the Fund, as that term is defined in the 1940 Act
(the "Independent Directors").

Each Independent Director receives an annual fee of $3,500 for their services as
Independent Directors of the Fund. As Vice Chairperson of the Fund's Board of
Directors, Sharon Reier receives an additional annual fee of $1,000. Each member
of the Audit Committee receives an additional $500 annual fee and Preston V.
Pumphrey, Chairperson of the Audit Committee, receives an additional annual fee
of $500. The Independent Directors also receive reimbursement of "coach" travel
expenses to attend Board Meetings. The Directors and Officers of the Fund who
are officers and employees of the Advisor do not receive compensation from the
Fund for their services and are paid for their services by the Advisor. The
Fund's Chief Compliance Officer is not an officer or employee of the Advisor and
is compensated directly by the Fund for his services.

6) PURCHASES AND SALES OF SECURITIES - For the year ended December 31, 2010, the
aggregate cost of securities purchased totaled $39,157,395. Net realized gains
(losses) were computed on a first in, first out basis. The proceeds received on
sales of securities for the year ended December 31, 2010 was $60,409,911.

7) FEDERAL INCOME TAX INFORMATION - At December 31, 2010, the federal tax basis
cost and aggregate gross unrealized appreciation and depreciation of securities
held by the Fund were as follows:

Cost of investments for tax purposes $ 244,394,770
-------------
Unrealized appreciation for tax purposes $ 31,887,522
Unrealized depreciation for tax purposes (45,308,775)
-------------
Net unrealized depreciation on investments $ (13,421,253)
=============

The tax character of distributions paid during 2010 and 2009 was as follows:

2010 2009
---------- ----------

Distribution paid from:
Ordinary Income $2,175,010 $2,442,455
Long-term Capital Gains -- --
---------- ----------
$2,175,010 $2,442,455
========== ==========

For federal income tax purposes, distributions from net investment income and
short-term capital gains are treated as ordinary income dividends.

The following permanent differences as of December 31, 2010, attributable to
transactions involving foreign securities and currencies, were reclassified to
the following accounts:

Accumulated Net Realized Loss $(41,515)
Undistributed Net Investment Income 41,515

As of December 31, 2010, the components of distributable earnings on a tax basis
were as follows:

Undistributed Ordinary Income $ 5,526
Capital Loss Carryforward (24,177,174)
** Net Unrealized Depreciation on
Investments and Foreign Currency Translations (13,420,800)
------------
$(37,592,448)
============

** The primary difference between distributable earnings on a book and tax
basis is due to wash sales losses.

As of December 31, 2010, the Fund has a capital loss carryforward of $24,177,174
which can be used to offset future capital gains. The capital loss carryforward
will expire December 31, 2016 ($15,782,056) and December 31, 2017 ($8,395,118)
if not utilized by future capital gains.

Management has analyzed the Fund's tax positions taken on federal income tax
returns for all open tax years (current and prior three tax years), and has
concluded that no provision for federal income tax is required in the Fund's
financial statements. The Fund's federal and state income and federal excise tax
returns for tax years for which the applicable statutes of limitations have not
expired are subject to examination by the Internal Revenue Service and state
departments of revenue.

8) SUBSEQUENT EVENTS - Management has evaluated the impact of all subsequent
events on the Fund through the date the financial statements were available to
be issued, and has determined that there were no subsequent events.

(BBD LOGO)
CERTIFIED PUBLIC ACCOUNTANTS

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, 2010, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the years in the two year period
then ended, and the financial highlights for each of the years in the four 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 the year 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, 2010 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 overall 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, 2010, the results of its operations
for the year then ended, the changes in its net assets for each of the years in
the two year period then ended and its financial highlights for each of the
years in the four year period then ended, in conformity with accounting
principles generally accepted in the United States of America.

(BBD, LLP)
BBD, LLP

PHILADELPHIA, PENNSYLVANIA
FEBRUARY 21, 2011

OTHER INFORMATION

(UNAUDITED)

1) PROXY VOTING - The Fund has proxy voting policies which are available: (1)
without charge, upon request by calling the Fund at 800-423-8383 and (2) on the
SEC's website at http://www.sec.gov. Information regarding how the Fund voted
proxies during the most recent twelve-month period ended June 30 is available on
form N-PX: (1) without charge, upon request, by calling the Fund at 800-423-8383
and (2) 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.

3) SHAREHOLDER MEETING INFORMATION - The Annual Meeting of Shareholders of the
Fund (the "Meeting") was held on September 24, 2010 pursuant to notice given to
all shareholders of record at the close of business on August 4, 2010. At the
Meeting, the shareholders were asked to approve the election of eight directors
and to ratify the Board of Directors' appointment of BBD, LLP as the Fund's
independent registered public accounting firm for its fiscal year ending
December 31, 2010.

Information regarding shares voted for and against the matter before the Meeting
follows:

To elect eight Directors to serve for ensuing year:

FOR WITHHOLD
------------- -----------

Jonathan D. Beard 4,627,702.473 133,879.476
Susan Hickey 4,647,921.124 111,818.825
Jeffrey E. Perlman 4,634,128.031 125,611.918
Preston V. Pumphrey 4,626,625.919 133,114.030
Sharon Reier 4,647,300.817 112,439.132
Murray D. Rosenblith 4,636,089.315 123,650.634
David J. Schoenwald 4,595,510.142 166,071.807
Maurice L. Schoenwald 4,599,864.436 161,717.513

Matter: To ratify the selection of BBD, LLP as the Fund's independent registered
public accounting firm for its fiscal year ending December 31, 2010.

FOR AGAINST
------------- ------------

4,537,348.391 106,471.697

NEW ALTERNATIVES FUND, INC.
SHAREHOLDER TAX INFORMATION (UNAUDITED)

During the fiscal year ended December 31, 2010, the following dividends and
distributions per share were paid by the Fund:

Ordinary Income $0.36
Long-Term Capital Gains --

The Fund paid foreign taxes of $462,712 and recognized foreign source income of
$1,226,468. Pursuant to Section 853 of the Internal Revenue Code, the Fund will
elect to pass these foreign taxes through to shareholders as a foreign tax
credit and designates such amounts as having been paid in connection with
dividends distributed from investment taxable income during the year ended
December 31, 2010.

For the year ended December 31, 2010, 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 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, 95.29% 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.

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. The mailing address for the Directors and Officers
of the Fund is c/o New Alternative Funds, Inc., 150 Broadhollow Road, Suite PH2,
Melville, New York 11747.

DIRECTORS

ALL
NUMBER OF DIRECTORSHIPS
PORTFOLIOS IN HELD BY
TERM OF PRINCIPAL FUND COMPLEX DIRECTOR
POSITION(S) OFFICE AND OCCUPATION(S) TO BE DURING THE
NAME, ADDRESS AND HELD WITH LENGTH OF TIME DURING THE PAST OVERSEEN BY PAST FIVE
AGE THE FUND SERVED (1) FIVE YEARS DIRECTOR (2) YEARS (3)
---------------------- ------------ --------------- ---------------------- ------------- -------------

INTERESTED DIRECTORS:
Maurice L. Schoenwald* Founder, 1982 to present Founder and 1 None
Longboat Key, FL Director, Director, Accrued
Age: 90 Vice Equities, Inc.**;
President Formerly,
and Chairperson of
Secretary the Board of the
Fund (1982-2008).

David J. Schoenwald* Founder, Founder, President and 1 None
Huntington Bay, NY Director, Director, Treasurer,
Age: 61 President, President and Accrued Equities,
Treasurer Treasurer, Inc.**
and 1982 to
Chairperson present;
of the Board Chairperson of
the Board,
2008 to present

Murray D. Rosenblith* Director, Director, 2003 Manager, Accrued 1 None
Brooklyn, NY Assistant to present; Equities, Inc.
Age: 59 Secretary Assistant (2008 to
Secretary 2009 present);
to present Formerly,
Executive
Director, A.J.
Muste Memorial
Institute, an
organization
concerned with
exploration of
the link between
non-violence and
social change
(1985 to 2008).

INDEPENDENT DIRECTORS:
Sharon Reier Director and Director 1982 Freelance financial 1 None
Coconut Creek, FL Vice-to present; journalist;
and Paris, France Chairperson Vice- Contributor to the
Age: 64 of the Board Chairperson International
2008 to Herald Tribune
present since 1995; 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.

Preston V. Pumphrey Director and 2003 to Registered 1 None
Syosset, NY Audit present Principal, C.E.
Age: 76 Committee Gaye & Sons
Chairperson Securities, Ltd.
(July 2008 to
present); FINRA
Dispute Resolution
Board of
Arbitrators (June
2002 to present);
Formerly, Adjunct
Professor of
Finance, C.W. Post
College.

Susan Hickey Director and 2005 to Accounting 1 None
East Northport, NY Audit present Software
Age: 58 Committee Developer,
Member AccountantsWorld,
LLC.; 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.

Jonathan D. Beard Director 2005 to Self-employed 1 None
New York, NY present Freelance
Age: 63 Journalist for
various American
and European
Science Magazines;
Lifetime Member,
Sierra Club and New
York-New Jersey
Trails Conference;
Graduate of
Columbia University
1970.

Jeffrey E. Perlman Director 2009 to President and 1 None
New York, NY present Founder, Bright
Age: 31 Power, a company
advancing clean,
cost-effective
energy solutions
(2004 to
present);
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).

OFFICERS OF THE FUND WHO ARE NOT DIRECTORS:

TERM OF PRINCIPAL
POSITION(S) OFFICE AND OCCUPATION(S)
NAME, ADDRESS AND HELD WITH LENGTH OF TIME DURING THE PAST
AGE THE FUND SERVED (1) FIVE YEARS
---------------------- ------------ --------------- ----------------------

Joseph A. Don Angelo Chief 2007 to present Accountant and Owner,
Syosset, NY Compliance Don Angelo and
Age: 62 Officer Associates, CPAs P.C.
(1984 to present).

(1) Each Director holds office until the next annual 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 U.S.
Securities and Exchange Commission 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 Director and minority shareholder of Accrued
Equities, Inc., the Fund's investment advisor. David J. Schoenwald is
majority shareholder and President of Accrued Equities, Inc. Maurice L.
Schoenwald and David J. Schoenwald are father and son. Murray D. Rosenblith
is considered an "interested person" as a result of his employment with
Accrued Equities, Inc.

** Maurice L. Schoenwald and David J. Schoenwald have no present enterprise,
employment, position or commercial investment activity except for their
positions with Accrued Equities, Inc., the Fund's investment advisor and
Sub-Distributor. At the present time, Accrued Equities, Inc. provides
services only to the Fund. David J. Schoenwald is licensed to practice law
in New York and is President and sole shareholder of Schoenwald and
Schoenwald, P.C.

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 V. 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
$18,750 for 2009 and $19,250 for 2010.

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 2009 and $0 for 2010.

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 $2,000 for 2009 and
$2,000 for 2010. 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 2009 and $0 for 2010.

(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) N/A

(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 2009 and $0 for 2010.

(h) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to Registrant, which is an open-end management investment
company.

ITEM 6. INVESTMENTS.

(a) 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 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 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) 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 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, President and Treasurer
(Principal Executive Officer and Principal Financial
Officer)

Date March 1, 2011

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.

Date March 1, 2011

* Print the name and title of each signing officer under his or her
signature.