Mutual Fund	Symbol	Assets	Inception	Min. Investment	IRA Min. Investment	Morningstar Rating
New Alternatives Fund	NALFX	$229.4 million (as of July 2, 2010)	1982	$2,500	$2,000

New Alternatives Fund is a Socially Responsible Mutual Fund Emphasizing Alternative Energy and the Environment. We seek investments in listed companies that have a positive impact on the environment. We are different from funds that make their environmental contribution by only avoiding companies that harm the environment.

We do not invest in oil, companies with discriminatory hiring policies, unfair labor practices, detrimental environmental policies, animal testing practices, coal, nuclear power, weapons, tobacco.

We do invest in natural gas which is the cleanest of all hydrocarbons, particularly when used in modern turbines and fuel cells. Natural gas resources are generally domestic.

The Fund seeks to invest according to the following principles:

A: Most of this Fund’s investments will be in companies that provide a contribution to a clean and sustainable environment. We also invest in companies that produce or market environmental grown food.

B: There is a special interest in alternative energy. Alternative energy means production and conservation of energy by means which reduce pollution and harm to the environment; particularly when compared to conventional coal, oil or atomic energy.

C: Companies with non-discriminatory practices at all levels of their work force are sought.

We invest in solar energy, biomass, energy conservation, fuel cells, modern wind turbines and recycling. Hydroelectric, wind and geothermal power are old an efficient alternative energy sources. We invest in them. All of these sources make for a cleaner environment and movement to energy independence.

The Fund invests in companies that prevent or reduce air and water pollution as well as those which use fewer chemical pesticides. We seek to provide alternatives to clear cutting forests and to promote recycling.

The Fund’s goal is to invest 25% or more of assets in companies involved in alternative energy. That percentage may not always be achieved. There are presently a limited number of likely cost competitive companies from which to choose.

The greater the use of alternative energy, our advisors believe, the more competitive it will be. Hydrocarbon fuels are still required. Of these fuels, we prefer natural gas, which is the cleanest hydrocarbon, and we invest in it. Natural gas is the most used fuel for fuel cells at this time.

Money awaiting investment in stocks is generally kept in US Treasury Bills. The Fund maintains modest amounts in socially concerned (federally insured) banks that are committed to serving community needs.

We Expect to Do Well
Our advisors believe that come what may to the economy, the areas in which we invest such as clean water and clean air will continue to present opportunities. The Fund officers believe that the need for cost-effective clean energy will surely stay with us and grow.

Alternative Energy is not like oil. Oil is a finite resource. Oil reserves will diminish. Our advisors believe that alternative energy can only grow, become less expensive, and more widely used as the technology improves.

The path is not continuous. There will be many bumps in the road.

Shareholder Input

We solicit and use information and opinions of our shareholders, many of whom are knowledgeable about the technologies in which we invest. We equally invite the opinions of shareholders about the propriety of the companies in which we invest.

The Fund Managers:

The managers subscribe to a number of general and financial publications as well as ones relating to the Fund’s area of interest. The managers review annual reports (Form 10K) and quarterly reports (Form 10Q) of companies as filed with the SEC, as well as various analyst reports, studies of sales and purchases of shares by company officers. The managers review news daily about every company in which the Fund invests.

Archived New Alternatives Fund Data:

Top Ten Holdings as of June 30, 2010
Top Ten Holdings as of September 30, 2009
Top Ten Holdings as of June 30, 2009