New Alternatives Fund Holdings as of June 30, 2010

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New Alternatives Fund

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

About New Alternatives Fund

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 Funds 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.

Top Ten Holdings as of June 30, 2010

Name of Stock	Percent of Total Assets	Brief Description
Abengoa SA	5.17%	(Spain) Biomass (Ethanol Cellosic Project), Solar Projects, Aluminum Recycling
Acciona SA	4.56%	(Spain) Construction; Wind, Small Hydro, & Solar Thermal
Algonquin Power & Utilities	0.17%	(Canada) Small Utility with Water, Electric Transmission and One Wind Farm
American Water Works Co.	5.66%	Largest U.S. Water Utility
A O Smith	0.42%	Efficient Water Heaters (Including Solar Water Heaters)
Aqua America, Inc.	5.83%	Water Utility
Atmos Energy	5.05%	Natural Gas Distribution Utility
Befesa Medio Ambiente SA-EUR	0.45%	(Spain) Water Projects (Desalination), Metal Recycling
Brookfield Asset Management Inc.	1.74%	(Canada) Hydroelectric, Wind Power and Real Estate Assets
Companhia de Saneamento (ADR)	5.45%	(Brazil) Water Utility
Eaga PLC ORD	0.21%	(United Kingdom) Residential Energy Conservation (Warm Homes Program)
EDF Energies Nouvelles SA	4.86%	(France) International Wind Power Project Developer, Ocean Energy
EDP Renovaveis, SA Oveido	5.19%	(Spain) International Renewable Power Generation (Mostly Wind), Ocean Energy
Elecnor SA	0.64%	(Spain) Wind & Solar Projects, Electric Transmission
Gamesa Corporation Technologica	3.24%	(Spain) Wind Turbine Manufacturer
Hafslund ASA-A	1.12%	(Norway) Hydropower, District Heating/Renewable Energy Ventures
Hyflux Ltd.	0.61%	(Singapore) Water Purification in China & S.E. Asia
Iberdrola Renovables SA	4.84%	(Spain) International Renewable Energy Power Generation (Wind, Hydro & Solar, Ocean Energy)
ITC Holdings	2.33%	Electric Transmission Utility - Proposed "Green Power Express" for Wind Power Projects
Itron	0.68%	Automated Metering for Electricity, Water and Natural Gas
Koninklijke Phillips Electronics N.V.	3.93%	(Netherlands) Lighting (LED's, Compact Fluorescent) Electronics & Healthcare
Kyocera Corp. (ADR)	0.89%	(Japan) Semiconductors & #3 Solar Cell Manufacturer
NGK Insulators Ltd.	0.17%	(Japan) Large Battery used by Windpower Generators
Nordex AG, Rostock-EUR	0.20%	(Germany) Wind Turbine Manufacturer
Northwest Natural Gas	4.31%	Natural Gas Distribution - with Energy & Conservation Programs
Ormat Technologies, Inc.	4.35%	Geothermal Energy
Owens Corning	2.63%	Insulation for Energy Efficiency in Buildings
Panasonic Corporation Ltd.	2.20%	(Japan) Consumer & Commercial Electronics (Battery for Hybrid Cars)
Schneider Electric SA	5.62%	(France) Electric Energy Efficient Technology in Buildings and Industry
Sims Metal Management	0.62%	(Australia) Metal Recycling
SMA Solar Technology AG	0.68%	(Germany) Inventors for Solar and Other Applications
Solar Millenium, AG	2.12%	(Germany) International Solar Thermal Projects
South Jersey Industries	4.91%	Natural Gas Distribution/Cogeneration and Landfill Gas Projects
Telvent GIT SA	0.73%	(Spain) Information Technology (Including Solar Thermal Project)
TrustPower Ltd.	1.08%	(New Zealand) Wind & Hydro in New Zealand
Vestas Wind Systems	4.14%	(Denmark) Wind Turbine Manufacturer
Waterfurnace Renewable Energy	0.83%	(Canada/US) Small Geothermal Installations (Homes & Business)

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

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