# EDGAR Filing Document

**Accession Number:** 0000355767
**File Stem:** 0001580642-26-001749
**Filing Date:** 2026-3
**Character Count:** 128909
**Document Hash:** c8b2170ba9b25b4079488a6c760307f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001749.hdr.sgml**: 20260311

**ACCESSION NUMBER**: 0001580642-26-001749

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260311

**DATE AS OF CHANGE**: 20260311

**EFFECTIVENESS DATE**: 20260311

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEW ALTERNATIVES FUND
- **CENTRAL INDEX KEY:** 0000355767

**ORGANIZATION NAME:**
- **EIN:** 112542789
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03287
- **FILM NUMBER:** 26742753

**BUSINESS ADDRESS:**
- **STREET 1:** 150 BROADHOLLOW ROAD
- **STREET 2:** SUITE PH 02
- **CITY:** MELVILLE
- **STATE:** NY
- **ZIP:** 11747
- **BUSINESS PHONE:** 6314237373

**MAIL ADDRESS:**
- **STREET 1:** 150 BROADHOLLOW ROAD
- **STREET 2:** SUITE PH 02
- **CITY:** MELVILLE
- **STATE:** NY
- **ZIP:** 11747

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW ALTERNATIVES FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOLAR & ALTERNATIVE ENERGY FUND INC
- **DATE OF NAME CHANGE:** 19820823

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOLAR FUND INC
- **DATE OF NAME CHANGE:** 19820623

## Series and Classes Contracts Data

### NEW ALTERNATIVES FUND (Series ID: S000004915)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000013290 | CLASS A SHARES  | NALFX           |
| C000146229 | Investor Shares | NAEFX           |

?xml version='1.0' encoding='ASCII'?

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 <u>811-03287</u>

<u>New Alternatives Fund</u> <br> (Exact name of registrant as specified in charter)

<u>150 Broadhollow Road, Suite PH2. Melville, New York</u> <u>11747</u> <br> (Address of principal executive offices) (Zip code)

<u>Murray D. Rosenblith, President</u> <br> <u>New Alternatives Fund</u> <br> <u>150 Broadhollow Road, Suite PH2, Melville, NY 11747</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(631) 423-7373</u>

Date of fiscal year end: <u>12/31</u> <br>Date of reporting period: <u>December 31, 2025</u>

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Tailored Shareholder
 Report

#### New Alternatives Fund - Class A (NALFX)

#### Class A (NALFX)
![Image](i29261731203f60255ab0fe9e.jpg)

#### Annual Shareholder Report - December 31, 2025

# Fund Overview
This annual shareholder report contains important information about New Alternatives Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.newalternativesfund.com/**. You can also request this information by contacting us at 800-423-8383.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $125 | 1.10% |

---

# How did the Fund perform during the reporting period?
• For the year January 1 to December 31, 2025, the Fund's Class A Shares returned 28.14 percent with no load and 23.66 percent with the load.

• For the six-month period from July 1 to December 31, 2025, the Fund's Class A Shares gained 7.35 percent with no load and 3.59 percent with the load.

• For the year January 1 to December 31, 2025, the Fund's Class A Shares paid an ordinary dividend of $0.90. There were no capital gains paid.

• During the six-month period from July 1 to December 31, 2025, the Fund added positions in 2 new companies: Corning, Inc., a manufacturer of industrial glass and related materials including solar photovoltaic cells and semi-conductors, and Zurn Elkay Water Solutions Corp., a manufacturer of water management and conservation systems. The Fund's holding Manawa Energy Ltd., a New Zealand renewable energy utility, was acquired by Contact Energy Ltd., a similar company, and the Fund received shares of Contact Energy, which we have continued to hold in the Fund portfolio.

• What contributed to performance:

The strongest sectors of the Fund's portfolio were: Solar Photovoltaic, Wind Turbines, Energy Management, Energy Storage, and Recycling & Waste Management, which comprise a total of 23.1 percent of our holdings. The Utilities, Energy Conservation, Sustainable Energy Financial Services, Water Systems, and Transportation sectors, which comprise approximately 44.5 percent of holdings, also contributed more modest gains to the portfolio. A strong Euro value against the U.S. Dollar also added to the Fund's overall performance. Approximately 43.5 percent of the companies we hold are Euro denominated, including 6 of our top 10 positions.

• What detracted from performance:

The largest sector in the Fund's holdings, Renewable Energy Power Producers and Developers, which comprise just over 27 percent of our stocks, continued to underperform in general. We have been trimming a number of our holdings here to create a better balance in the total portfolio. This sector ended the year down just under 9.5 percent. Our single stock in Natural and Organic Food, Sprouts Farmers Market, was also down significantly, 46.5 percent, over the course of the year, although it only constitutes 0.4 percent of holdings.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i67370cbc5b3312420f9ec9bd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **New Alternatives Fund** | **New Alternatives Fund - with load** | **S&P 500<sup>®</sup> Index** |
| **12/31/15** | $10000 | $9524 | $10000 |
| **12/31/16** | $10657 | $10150 | $11196 |
| **12/31/17** | $12919 | $12304 | $13640 |
| **12/31/18** | $12019 | $11447 | $13042 |
| **12/31/19** | $16464 | $15681 | $17149 |
| **12/31/20** | $26632 | $25365 | $20304 |
| **12/31/21** | $25357 | $24151 | $26132 |
| **12/31/22** | $21317 | $20303 | $21399 |
| **12/31/23** | $20786 | $19797 | $27025 |
| **12/31/24** | $19535 | $18606 | $33786 |
| **12/31/25** | $25032 | $23842 | $39827 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| New Alternatives Fund |  |  |  |
| Without Load | 28.14% | -1.23% | 9.61% |
| With Load | 23.66% | -1.93% | 9.08% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $271772694 |
| Number of Portfolio Holdings | 47 |
| Advisory Fee | $1426773 |
| Portfolio Turnover | 4% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](i5d1e5ac202be4efc0f118c92.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Certificate of Deposit | 0.1% |
| Natural & Organic Foods | 0.4% |
| Recycling & Waste Management | 0.6% |
| Energy Storage | 1.1% |
| Transportation | 2.9% |
| Wind Turbines | 3.9% |
| Solar Photovoltaic | 4.2% |
| Sustainable Energy Financial Services | 5.8% |
| Water Systems | 7.0% |
| Energy Conservation | 9.6% |
| Energy Management | 13.3% |
| Utilities | 20.3% |
| Renewable Energy Power Producers & Developers | 27.1% |

---

# What did the Fund invest in?

# **Country Weighting (% of net assets)**![Group By Sector Chart](i9618003d6a821a964bfc158b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Portugal | 1.3% |
| Switzerland | 1.4% |
| Other | 1.8% |
| Denmark | 2.2% |
| China | 2.7% |
| Netherlands | 2.9% |
| Ireland | 4.7% |
| New Zealand | 5.0% |
| Germany | 5.2% |
| France | 6.7% |
| Italy | 10.4% |
| Canada | 10.8% |
| Spain | 16.4% |
| United States | 25.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Iberdrola S.A. | 6.4% |
| HA Sustainable Infrastructure Capital, Inc. | 5.8% |
| Clearway Energy, Inc. - Class A | 5.8% |
| Brookfield Renewable Corporation | 5.6% |
| Acciona S.A. | 5.6% |
| Veolia Environnement S.A. | 5.5% |
| Enel SpA | 5.4% |
| Siemens A.G. | 5.2% |
| Terna - Rete Elettrica Nazionale | 5.0% |
| EDP Renovaveis S.A. | 4.4% |

---

# Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

#### New Alternatives Fund - Class A (NALFX)

#### Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.newalternativesfund.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-NALFX

#### New Alternatives Fund - Investor (NAEFX)

#### Investor Class (NAEFX)
![Image](i29261731203f60255ab0fe9e.jpg)

#### Annual Shareholder Report - December 31, 2025

# Fund Overview
This annual shareholder report contains important information about New Alternatives Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.newalternativesfund.com/**. You can also request this information by contacting us at 800-423-8383.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $154 | 1.35% |

---

# How did the Fund perform during the reporting period?
• For the year January 1 to December 31, 2025, the Fund's no load Investor Class Shares gained 27.82 percent.

• For the six-month period from July 1 to December 31, 2025, the Fund's no load Investor Class Shares gained 7.22 percent.

• For the year January 1 to December 31, 2025, the Fund's no load Investor Class Shares paid an ordinary dividend of $0.71. There were no capital gains paid.

• During the six-month period from July 1 to December 31, 2025, the Fund added positions in 2 new companies: Corning, Inc., a manufacturer of industrial glass and related materials including solar photovoltaic cells and semi-conductors, and Zurn Elkay Water Solutions Corp., a manufacturer of water management and conservation systems. The Fund's holding Manawa Energy Ltd., a New Zealand renewable energy utility, was acquired by Contact Energy Ltd., a similar company, and the Fund received shares of Contact Energy, which we have continued to hold in the Fund portfolio.

• What contributed to performance:

The strongest sectors of the Fund's portfolio were: Solar Photovoltaic, Wind Turbines, Energy Management, Energy Storage, and Recycling & Waste Management, which comprise a total of 23.1 percent of our holdings. The Utilities, Energy Conservation, Sustainable Energy Financial Services, Water Systems, and Transportation sectors, which comprise approximately 44.5 percent of holdings, also contributed more modest gains to the portfolio. A strong Euro value against the U.S. Dollar also added to the Fund's overall performance. Approximately 43.5 percent of the companies we hold are Euro denominated, including 6 of our top 10 positions.

• What detracted from performance:

The largest sector in the Fund's holdings, Renewable Energy Power Producers and Developers, which comprise just over 27 percent of our stocks, continued to underperform in general. We have been trimming a number of our holdings here to create a better balance in the total portfolio. This sector ended the year down just under 9.5 percent. Our single stock in Natural and Organic Food, Sprouts Farmers Market, was also down significantly, 46.5 percent, over the course of the year, although it only constitutes 0.4 percent of holdings.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](idf444e8085e829254e4efa0c.jpg)

---

| | | |
|:---|:---|:---|
| | **New Alternatives Fund** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10634 | $11196 |
| **Dec-2017** | $12856 | $13640 |
| **Dec-2018** | $11933 | $13042 |
| **Dec-2019** | $16310 | $17149 |
| **Dec-2020** | $26318 | $20304 |
| **Dec-2021** | $24996 | $26132 |
| **Dec-2022** | $20962 | $21399 |
| **Dec-2023** | $20388 | $27025 |
| **Dec-2024** | $19113 | $33786 |
| **Dec-2025** | $24430 | $39827 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| New Alternatives Fund | 27.82% | -1.48% | 9.34% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $271772694 |
| Number of Portfolio Holdings | 47 |
| Advisory Fee | $1426773 |
| Portfolio Turnover | 4% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](i5d1e5ac202be4efc0f118c92.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Certificate of Deposit | 0.1% |
| Natural & Organic Foods | 0.4% |
| Recycling & Waste Management | 0.6% |
| Energy Storage | 1.1% |
| Transportation | 2.9% |
| Wind Turbines | 3.9% |
| Solar Photovoltaic | 4.2% |
| Sustainable Energy Financial Services | 5.8% |
| Water Systems | 7.0% |
| Energy Conservation | 9.6% |
| Energy Management | 13.3% |
| Utilities | 20.3% |
| Renewable Energy Power Producers & Developers | 27.1% |

---

# What did the Fund invest in?

# **Country Weighting (% of net assets)**![Group By Sector Chart](i9618003d6a821a964bfc158b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Portugal | 1.3% |
| Switzerland | 1.4% |
| Other | 1.8% |
| Denmark | 2.2% |
| China | 2.7% |
| Netherlands | 2.9% |
| Ireland | 4.7% |
| New Zealand | 5.0% |
| Germany | 5.2% |
| France | 6.7% |
| Italy | 10.4% |
| Canada | 10.8% |
| Spain | 16.4% |
| United States | 25.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Iberdrola S.A. | 6.4% |
| HA Sustainable Infrastructure Capital, Inc. | 5.8% |
| Clearway Energy, Inc. - Class A | 5.8% |
| Brookfield Renewable Corporation | 5.6% |
| Acciona S.A. | 5.6% |
| Veolia Environnement S.A. | 5.5% |
| Enel SpA | 5.4% |
| Siemens A.G. | 5.2% |
| Terna - Rete Elettrica Nazionale | 5.0% |
| EDP Renovaveis S.A. | 4.4% |

---

# Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

#### New Alternatives Fund - Investor (NAEFX)

#### Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.newalternativesfund.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-NAEFX

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) Not
 applicable.

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) Not
 applicable.

(f) See
 Item 19(a)(1).

**Item 3. Audit Committee Financial Expert.**

(a)(1) The Registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.<br>(a)(2) Susan Hickey is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mrs. Hickey is independent for purposes of this Item.<br>(a)(3) Not applicable.<br>

**Item 4. Principal Accountant Fees and Services.** 

(a) <u>Audit Fees</u>. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's
 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 as follows:

---

| |
|:---|
| 2025 $23100 |
| 2024 $22000 |

---

(b) <u>Audit-Related Fees</u>. There were no fees billed in each of the last two fiscal years for assurances 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.

(c) <u>Tax Fees</u> - The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant
 for tax compliance are as follows:

---

| |
|:---|
| 2025 $4200 |
| 2024 $4000 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

---

| | |
|:---|:---|
| (d) | <u>All Other Fees</u>. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended December 31, 2025, and 2024, respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman (subject to ratification by the Audit Committee) approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant to render such audit or non-audit service. |
| (e)(2) | There were no 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. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended December 31, 2025, and 2024, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

**Item 5. Audit Committee of Listed Registrants.** 

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The registrant's audit committee member is Susan Hickey.

**Item 6. Investments.** 

(a) &nbsp;&nbsp;&nbsp;&nbsp; The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ---

| | |
|:---|:---|
| ![(LOGO)](al001_v1.jpg) | **New Alternatives Fund**<br> **A SOCIALLY RESPONSIBLE MUTUAL FUND EMPHASIZING**<br> **ALTERNATIVE ENERGY AND THE ENVIRONMENT** |
|  | **ANNUAL** |
|  | **FINANCIALS AND OTHER INFORMATION** |
|  | **INVESTOR SHARES: NAEFX** |
|  | **CLASS A SHARES: NALFX** |
|  | **December 31, 2025** |

---

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 |
| Ultimus Fund Solutions, LLC | 225 Pictoria Dr., Suite 450 | Cincinnati, OH 45246 |
| Foreside Funds Distributors LLC | 3 Canal Plaza, Suite 100 | Portland, ME 04101 |

---

---

| |
|:---|
| **NEW ALTERNATIVES FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 96.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Alternate Energy- 35.2%<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;**Renewable Energy Power Producers & Developers – 27.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Acciona S.A. (Spain) | 70000 | $15287829 |
| &nbsp;&nbsp;&nbsp;Boralex, Inc. (Canada) | 125000 | 2306804 |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Corporation (Canada) | 400000 | 15336000 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | 500000 | 15710000 |
| &nbsp;&nbsp;&nbsp;Contact Energy Ltd. (New Zealand) | 378950 | 2017083 |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis S.A. (Spain/Portugal) | 836000 | 11825000 |
| &nbsp;&nbsp;&nbsp;Northland Power, Inc. (Canada) | 325000 | 4226560 |
| &nbsp;&nbsp;&nbsp;Orsted A/S (Denmark)<sup>(b),(c)</sup> | 100000 | 1925153 |
| &nbsp;&nbsp;&nbsp;XPLR Infrastructure, L.P.<sup>(b)</sup> | 500000 | 5000000 |
|  |  | 73634429 |
| &nbsp;&nbsp;&nbsp;**Solar Photovoltaic– 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Array Technologies, Inc.<sup>(b)</sup> | 50000 | 461000 |
| &nbsp;&nbsp;&nbsp;Canadian Solar, Inc. (Canada)<sup>(b)</sup> | 100000 | 2377000 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 5000 | 437800 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.<sup>(b)</sup> | 25000 | 801250 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.<sup>(b)</sup> | 20000 | 5224600 |
| &nbsp;&nbsp;&nbsp;Nextpower, Inc., Class A<sup>(b)</sup> | 25000 | 2177750 |
|  |  | 11479400 |
| &nbsp;&nbsp;&nbsp;**Wind Turbines– 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;GE Vernova, LLC | 10000 | 6535700 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S (Denmark) | 150000 | 4092621 |
|  |  | 10628321 |
| &nbsp;&nbsp;&nbsp;**Total Alternate Energy** |  | 95742150 |
| &nbsp;&nbsp;&nbsp;**Energy Conservation – 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 50000 | 2642000 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc (Ireland) | 50000 | 5987500 |
| &nbsp;&nbsp;&nbsp;Owens Corning, Inc. | 25000 | 2797750 |
| &nbsp;&nbsp;&nbsp;Signify N.V. (Netherlands)<sup>(c)</sup> | 325000 | 8002819 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc (Ireland) | 17500 | 6811000 |
|  |  | 26241069 |
| &nbsp;&nbsp;&nbsp;**Energy Management– 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;ABB Ltd. – ADR (Switzerland) | 50000 | 3698500 |
| &nbsp;&nbsp;&nbsp;Ameresco, Inc., Class A<sup>(b)</sup> | 30000 | 878700 |
| &nbsp;&nbsp;&nbsp;Schneider Electric S.E. (France) | 12500 | 3449542 |
| &nbsp;&nbsp;&nbsp;Siemens A.G. (Germany) | 50000 | 14047815 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale (Italy) | 1280000 | 13615038 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | 2500 | 611600 |
|  |  | 36301195 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NEW ALTERNATIVES FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 96.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;**Energy Storage– 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. – ADR (Japan) | 225000 | $2911500 |
| &nbsp;&nbsp;&nbsp;**Natural & Organic Foods– 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.<sup>(b)</sup> | 15000 | 1195050 |
| &nbsp;&nbsp;&nbsp;**Recycling & Waste Management– 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Sims Ltd. (Australia) | 125000 | 1500467 |
| &nbsp;&nbsp;&nbsp;**Sustainable Energy Financial Services– 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 500000 | 15715000 |
| &nbsp;&nbsp;&nbsp;**Transportation– 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;BYD Company Ltd. – ADR (China) | 600000 | 7266000 |
| &nbsp;&nbsp;&nbsp;Shimano, Inc. – ADR (Japan) | 50000 | 522500 |
|  |  | 7788500 |
| &nbsp;&nbsp;&nbsp;**Utilities – 20.3%** |  |  |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 25000 | 3262500 |
| &nbsp;&nbsp;&nbsp;EDP - Energias de Portugal S.A. (Portugal) | 750000 | 3449542 |
| &nbsp;&nbsp;&nbsp;Enel SpA (Italy) | 1400000 | 14600329 |
| &nbsp;&nbsp;&nbsp;Hydro One Ltd. (Canada) | 125000 | 4976067 |
| &nbsp;&nbsp;&nbsp;Iberdrola S.A. (Spain) | 800000 | 17354323 |
| &nbsp;&nbsp;&nbsp;Infratil Ltd. (New Zealand) | 1800000 | 11476580 |
|  |  | 55119341 |
| &nbsp;&nbsp;&nbsp;**Water Systems– 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. - Series A | 10000 | 238200 |
| &nbsp;&nbsp;&nbsp;Veolia Environnement S.A. (France) | 425000 | 14839051 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 25000 | 3404500 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | 10000 | 464900 |
|  |  | 18946651 |
| &nbsp;&nbsp;&nbsp;**Total Common Stock (Cost $195,901,609)** |  | 261460923 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NEW ALTERNATIVES FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Fair Value** |
| **CERTIFICATE OF DEPOSIT — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Socially Concerned Banks - 0.1%** |  |  |
| Alternatives Federal Credit Union 4.07% due 03/13/26 | $213002 | $213002 |
| Self Help Credit Union 3.75% due 12/30/26 | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;**Total Certificate of Deposit (Cost $313,002)** |  | 313002 |
| **TOTAL INVESTMENTS - 96.3% (Cost $196,214,611)** |  | $261773925 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 3.7%** |  | 9998769 |
| **NET ASSETS - 100.0%** |  | $271772694 |

---

<sup>(a)</sup> See note 9.

<sup>(b)</sup> Non-income producing securities.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025 the total market value of 144A securities is $9,927,972 or 3.7% of net assets.

---

| | |
|:---|:---|
| ADR | -American Depositary Receipts |
| A.G. | - Aktiengesellschaft |
| A/S | - Aktieselskab |
| LLC | -Limited Liability Company |
| LP | -Limited Partnership |
| N.V. | -Naamloze Vennootschap |
| REIT | -Real Estate Investment Trust |
| PLC | -Public Limited Company |
| S.A. | - Société Anonyme |
| S.E. | - Société Européene |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **New Alternatives Fund** |
| **Statement of Assets and Liabilities** |
| **December 31, 2025** |

---

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in securities, at cost | $196214611 |
| Investments in securities, at fair value | $261773925 |
| Cash | 7114342 |
| Foreign currency, at fair value (Cost $1,598,289) | 1592112 |
| Receivable for securities sold | 1067756 |
| Receivable for Portfolio shares sold | 2648 |
| Interest and dividends receivable | 287889 |
| Tax Reclaims (Note 2D) | 435596 |
| Prepaid expenses and other assets | 35493 |
| **Total Assets** | 272309761 |
| **Liabilities:** |  |
| Payable for Portfolio shares redeemed | 80753 |
| Accrued investment advisory fees | 126087 |
| Accrued distribution (12b-1) fees | 3242 |
| Administration and accounting fees | 103179 |
| Custodian fees | 50000 |
| Transfer agent fees | 34117 |
| Professional fees | 9500 |
| Accrued expenses and other liabilities | 130189 |
| **Total Liabilities** | 537067 |
| **Net Assets** | $271772694 |
| **Components of Net Assets:** |  |
| Paid-in capital | $214914347 |
| Accumulated earnings | 56858347 |
| **Net Assets** | $271772694 |
| **Net Asset Value Per Share** |  |
| **Class A Shares:** |  |
| Net assets | $256454257 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 3337008 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $76.85 |
| Maximum offering price per share (100/96.50 of $76.85) | $79.64 |
| **Investor Shares:** |  |
| Net assets | $15318437 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 200216 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $76.51 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **New Alternatives Fund** |
| **Statement of Operations** |
| **For the Year Ended December 31, 2025** |

---

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividend income (net of $1,311,369 foreign taxes witheld) | $4893893 |
| Reclaim income | 492575 |
| Interest income | 253187 |
| Other income | 760231 |
| **Total Investment Income** | 6399886 |
| **Expenses:** |  |
| Investment advisory fees (Note 4) | 1426773 |
| Distribution fees (12b-1) |  |
| &nbsp;&nbsp;&nbsp;Investor Class (Note 4) | 37024 |
| Transfer agent fees | 398374 |
| Legal fees | 229088 |
| Custody Fee | 218363 |
| Administrative and accounting service fees | 254248 |
| Professional fees | 95900 |
| Registration & filing fees | 73926 |
| Printing and postage expense | 49704 |
| Trustees' fees (Note 5) | 41664 |
| Audit fees | 26000 |
| Insurance expense | 16954 |
| Miscellaneous fees and expenses | 30428 |
| **Total Expenses** | 2898446 |
| **Net Investment Income** | 3501440 |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Related Transactions (Notes 2B & 6)** |  |
| &nbsp;&nbsp;&nbsp;Investments | (1742036) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (10568) |
|  | (1752604) |
| **Net change in unrealized Appreciation/(Depreciation) from:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 61882556 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 46031 |
|  | 61928587 |
| **Net Realized and Unrealized Gain on Investments and Foreign Currency Related Translations** | 60175983 |
| **Net Increase in Net Assets Resulting from Operations** | $**63677423** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **New Alternatives Fund** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** |
| **Investment Activities:** |  |  |
| Net investment income | $3501440 | $3376087 |
| Net realized loss on investments and foreign currency related transactions | (1752604) | (778275) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency related translations | 61928587 | (20231484) |
| Net increase (decrease) in net assets resulting from operations | 63677423 | (17633672) |
| **Distributions to Shareholders From:** |  |  |
| Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2969128) | (4628281) |
| &nbsp;&nbsp;&nbsp;Investor Shares | (141448) | (253276) |
| Total distributions to shareholders | (3110576) | (4881557) |
| **Capital Share Transactions:** |  |  |
| Net decrease in net assets from capital share transactions (Note 3) | (32761640) | (59521131) |
| **Total Increase (Decrease) In Net Assets** | 27805207 | (82036360) |
| **Net Assets:** |  |  |
| Beginning of year | 243967487 | 326003847 |
| End of year | $271772694 | $243967487 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **New Alternatives Fund** |
| **Financial Highlights** |
| Selected data based on a share outstanding throughout each year indicated. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** | **Year Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2021** |
| **Net asset value, beginning of year** | $60.68 | $65.88 | $70.57 | $87.80 | $97.00 |
| Losses from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.95 | 0.77 | 1.60 | 0.75 | 0.34 |
| Net realized and unrealized gain (loss) on investments and foreign currency related transactions | 16.12 | (4.73) | (3.35) | (14.71) | (5.03) |
| &nbsp;&nbsp;&nbsp;Total gain (loss) from investment operations | 17.07 | (3.96) | (1.75) | (13.96) | (4.69) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.90) | (1.24) | (2.05) | (0.80) | (0.48) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.89) | (2.46) | (3.90) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  | (0.01) | (0.13) |
| Total distributions | (0.90) | (1.24) | (2.94) | (3.27) | (4.51) |
| **Net asset value, end of year** | $76.85 | $60.68 | $65.88 | $70.57 | $87.80 |
| Total return<sup>(b)</sup> | 28.14% | (6.02)% | (2.50)% | (15.93)% | (4.79)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $256454 | $229351 | $307712 | $355564 | $428017 |
| Ratio of total expenses to average net assets<sup>(c)</sup> | 1.10% | 1.03% | 0.96% | 0.89% | 0.85% |
| Ratio of net investment income to average net assets<sup>(c)(d)</sup> | 1.36% | 1.20% | 2.33% | 0.96% | 0.36% |
| Portfolio turnover rate | 4.09% | 5.94% | 7.97% | 9.21% | 8.75% |

---

(a) Net investment loss has been calculated
 using the average shares method, which more appropriately presents the per share data for the year.

(b) Total return represents the rate
 that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions at net asset value and
 doesn't reflect the impact of sales charge.

(c) Does not include the Fund's
 share of the expenses of the underlying investment companies in which the Fund invests.

(d) The recognition of investment loss
 by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Alternatives Fund** |
| **Financial Highlights** |
| Selected data based on a share outstanding throughout the each indicated. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2023** | **Year Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2021** |
| **Net asset value, beginning of year** | $60.42 | $65.58 | $70.21 | $87.35 | $96.52 |
| Losses from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.73 | 0.61 | 1.42 | 0.55 | 0.11 |
| Net realized and unrealized gain (loss) on investments and foreign currency related transactions | 16.07 | (4.71) | (3.34) | (14.62) | (5.00) |
| &nbsp;&nbsp;&nbsp;Total gain (loss) from investment operations | 16.80 | (4.10) | (1.92) | (14.07) | (4.89) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.71) | (1.06) | (1.82) | (0.60) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.89) | (2.46) | (3.90) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  | (0.01) | (0.13) |
| Total distributions | (0.71) | (1.06) | (2.71) | (3.07) | (4.28) |
| **Net asset value, end of year** | $76.51 | $60.42 | $65.58 | $70.21 | $87.35 |
| Total return<sup>(b)</sup> | 27.82% | (6.25)% | (2.75)% | (16.14)% | (5.02)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $15318 | $14616 | $18291 | $23067 | $28245 |
| Ratio of total expenses to average net assets<sup>(c)</sup> | 1.35% | 1.28% | 1.21% | 1.14% | 1.10% |
| Ratio of net investment income to average net assets<sup>(c)(d)</sup> | 1.11% | 0.95% | 2.08% | 0.71% | 0.11% |
| Portfolio turnover rate | 4.09% | 5.94% | 7.97% | 9.21% | 8.75% |

---

(a) Net investment loss has been calculated
 using the average shares method, which more appropriately presents the per share data for the year.

(b) Total return represents the rate
 that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions at net asset value and
 doesn't reflect the impact of sales charge.

(c) Does not include the Fund's
 share of the expenses of the underlying investment companies in which the Fund invests.

(d) The recognition of investment loss
 by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

---

| |
|:---|
| **NEW ALTERNATIVES FUND** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **December 31, 2025** |

---

**1.** **ORGANIZATION** 

New Alternatives Fund (the "Trust") was organized as a Delaware statutory trust on June 12, 2014. The Trust currently offers one series of shares, also known as "New Alternatives Fund" (the "Fund"). The Fund is the successor to New Alternatives Fund, Inc. (the "Predecessor Company"), a New York corporation that commenced operations in 1982. The Fund is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). On November 14, 2014, the Predecessor Company was reorganized into the Fund. The Fund was organized for the purpose of continuing the investment operations and performance history of the Predecessor Company and prior to the reorganization had no substantial assets or prior history of investment operations. The Fund currently offers two classes of shares: Class A Shares and Investor Shares. Class A Shares represent a continuance of the original class of shares offered by the Predecessor Company. Class A Shares are sold subject to a front-end sales charge. Investor Shares are also subject to 12b-1 fees. The investment objective of the Fund is long-term capital appreciation, with income as a secondary objective. The Fund seeks to achieve its investment objective by investing in equity securities. The equity securities in which the Fund invests consist primarily of common stocks. Other equity securities in which the Fund may invest include "Yieldco's", American Depositary Receipts ("ADRs"), real estate investment trusts ("REITs") and publicly-traded master limited partnerships ("MLPs"). 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. Under normal market conditions, at least 25% of the Fund's total assets will be invested in equity securities of companies in the alternative energy industry. "Alternative Energy" or "Renewable Energy" means the production, conservation, storage and transmission of energy to reduce pollution and harm to the environment, particularly when compared to conventional coal, oil or nuclear energy.

**2.** **ACCOUNTING POLICIES** 

The Fund is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to Investment Companies. The following is a summary of significant accounting policies followed by the Fund.

Segment Reporting - An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Trust. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

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 national securities exchanges where they are primarily traded or on the National Association of Securities. Dealers Automatic Quotation System ("NASDAQ") market system as of the close of business on the day the securities are being valued. That is normally 4:00 p.m. Eastern time. If there were no sales on that day or the securities are traded on other over- the-counter markets, the mean of the last bid and asked prices prior to the market close is used. Short-term debt securities having a remaining maturity of 60 days or less are amortized based on their cost. Certificates of Deposit are valued at amortized cost, provided such amount approximates market value and are categorized in Level 2.

Non-U.S. equity securities are valued based on their most recent closing market prices on their primary market and are translated from the local currency into U.S. dollars using current exchange rates on the day of valuation. The Fund may hold securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As such, the Fund's NAV may change on days when shareholders will not be able to purchase or redeem Fund shares.

If the market price of a security held by the Fund is unavailable at the time the Fund prices its shares at 4:00 p.m. Eastern time, the Fund will use the "fair value" of such security as determined in good faith by the Fund's investment advisor as "valuation designee" under methods established by and under the general supervision of the Trust's Board of Trustees. Fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an

---

| |
|:---|
| **NEW ALTERNATIVES FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

independent buyer in the principal or most advantageous market of the investments. The Fund may use fair value pricing if the value of a security it holds has been materially affected by events occurring before the Fund's pricing time but after the close of the primary markets or exchange on which the security is traded. This most commonly occurs with foreign securities, but may occur in other cases as well. Certain foreign securities are fair valued by utilizing an external pricing service in the event of any significant market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets. On a quarterly basis, the valuation designee's fair value determinations will be reviewed by the Board of Trustees. 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, 2025 in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New Alternatives Fund** | **New Alternatives Fund** | **New Alternatives Fund** | **New Alternatives Fund** | **New Alternatives Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stock | $261460923 | $— | $— | $261460923 |
| Certificate of Deposits |  | 313002 |  | 313002 |
| Total | $261460923 | $313002 | $— | $261773925 |

---

The Fund did not hold any Level 3 securities during the year ended December 31, 2025.

\* Refer to the Schedule of Investments for security classifications.

At the end of each calendar quarter, management evaluates the classification of Level 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

The Fund utilizes an external pricing service to fair value certain foreign securities in the event of any significant market movements between the time the Fund valued certain foreign securities and the earlier closing of foreign markets. Such fair valuations are categorized as Level 2 in the hierarchy. Significant market movements were not deemed to have occurred at December 31, 2025, and therefore, the Fund did not utilize the external pricing service model adjustments. Transfers in and out between Levels are based on values at the end of the period.

**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 Trust's Board of Trustees.

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.

---

| |
|:---|
| **NEW ALTERNATIVES FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

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. Such gains or losses are included in net realized gain or loss from currency transactions on the Statement of Operations.

**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 specific lots 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. Return of capital distributions are recorded as a reduction of cost of the related investments. The Fund may be subject to foreign taxes on income, a portion of which may be recoverable. The Fund will accrue such taxes and reclaims as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which that Fund invests. The Fund applies for refunds where available. Expenses are accrued on a daily basis. Fund level expenses common to all classes are allocated to each class based upon relative daily net assets of each class. Non-cash dividends, if any, are recorded at the fair market value of the asset received.

**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. The Fund may be subject to foreign taxes on unrealized and realized gains on certain foreign investments. The Fund will accrue such taxes and reclaims, as applicable, based upon the current interpretation of tax rules and regulations that exist in the market in which the Fund invests. 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. FEDERAL INCOME TAXES –** The Fund has qualified and intends to continue to qualify each year as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended. By complying with the requirements applicable to RICs and annually distributing substantially all net investment company taxable income and net realized capital gains, no provision for federal income tax is required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the current tax year or on returns filed in previous tax years which are still open to examination by all major tax authorities (generally, federal returns are open to examination by the Internal Revenue Service for a period of three years from date of filing) The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the fiscal year, the Fund did not incur any interest or penalties. The Fund typically intend to annually distribute sufficient net investment company taxable income and net realized capital gains if any, so that they will not be subject to the excise tax on undistributed income of RICs. If the required amount of net investment income or gains is not distributed annually, the Fund could incur a tax expense.

**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. ALLOCATION –** Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation for the Fund are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Class- specific expenses are charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class, are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund.

---

| |
|:---|
| **NEW ALTERNATIVES FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

**J. CASH –** Cash represents amounts held on deposit with the Fund's custodian bank. Balances at times may exceed federally insured limits.

**3)** **SHARES OF BENEFICIAL INTEREST**

There are unlimited, no par value shares of beneficial interest authorized. On December 31, 2025, the Fund's total shares outstanding were 3,537,224. Aggregate paid-in capital including reinvestment of dividends was $214,914,347. Transactions in shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;**Class A Shares** | Shares | Amount | Shares | Amount |
| Shares of beneficial interest sold | 95175 | $6658364 | 197962 | $12652763 |
| Reinvestment of distributions | 34904 | 2655822 | 68668 | 4166108 |
| Redemptions | (572837) | (39305993) | (1157678) | (73858521) |
| Net Decrease | (442758) | $(29991807) | (891048) | $(57039650) |
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;**Investor Shares** | Shares | Amount | Shares | Amount |
| Shares of beneficial interest sold | 16112 | $1109494 | 30012 | $1844371 |
| Reinvestment of distributions | 1646 | 124699 | 3700 | 223532 |
| Redemption fees |  | 1540 |  |  |
| Redemptions | (59465) | (4005566) | (70708) | (4549384) |
| Net Decrease | (41707) | (2769833) | (36996) | $(2481481) |
| Total Net Decrease | $(484465) | $(32761640) | (928044) | $(59521131) |

---

The Fund's share price is based upon the daily net asset value of its shares. The Fund's offering price for its Class A Shares is the net asset value per share plus a front-end sales charge. The front-end sales charge provides payment to brokers or the underwriter and/or sub-distributor of the Fund. The Class A Shares of the Fund do not have any distribution (i.e., Rule 12b-1) charges, service charges or redemption fees. The front-end sales charge you pay depends on the dollar amount invested, as shown in the table below. Front-end sales charges are not imposed upon reinvested dividends or distributions. Investor Shares are subject to 12b-1 fees, as discussed below in Note 4. Investor Shares are not subject to a sales charge but are subject to a 2.00% redemption fee imposed on any Investor Shares redeemed within sixty days of their purchase. For the year ended December 31, 2025, the redemption fees charged by the Funds are included in the capital share amount in the Statement of Changes in Net Assets and can also be found broken out above.

**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, and as an underwriter (but not a principal underwriter) of the Fund's shares pursuant to a Sub-Distribution Agreement. For its investment advisory services, the Fund pays Accrued Equities an annual management fee of 1.00% of the first $25 million of average daily net assets; 0.50% of the next $475 million of average daily net assets; and 0.40% of average daily net assets more than $500 million. The fee is accrued daily and paid monthly, in arrears. The Fund incurred management fees of $1,426,773 for the year ended December 31, 2025.

The Fund pays no remuneration to two of its trustees, David J. Schoenwald and Murray D. Rosenblith, who are also officers and owners of Accrued Equities.

Foreside Funds Distributors LLC (the "Distributor") serves as the principal underwriter of the Fund pursuant to a Distribution Agreement for the limited purpose of acting as statutory underwriter to facilitate the distribution of shares of the Fund. The Distributor has entered into a Sub-Distribution Agreement with Accrued Equities. The Fund charges a maximum front-end sales charge of 3.50% on most new sales of the Fund's Class A Shares. Of this amount, the Distributor and Accrued Equities receive the net underwriter commission and pay out the remaining sales commission to other brokers who actually sell new Class A Shares. Their share of the sales commission may vary. The aggregate underwriter commissions on all sales of Class A Shares of the Fund for the year ended December 31, 2025, was $8,100 and the amounts received by the Distributor and Accrued Equities were $7,014 and $1,086, respectively. The Distributor and Accrued

---

| |
|:---|
| **NEW ALTERNATIVES FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

Equities are also entitled to receive sales commissions for the sale of Class A Shares. For the year ended December 31, 2025, the Distributor and Accrued Equities received $20,379 and $3,885 in sales commissions, respectively, for the sale of Class A Shares of the Fund. Underwriter commissions and sales commissions received by the Distributor are set aside by the Distributor and used solely for distribution-related expenses.

Investor Shares of the Fund are not subject to a sales charge. The Fund has adopted a distribution plan (the "Rule 12b-1 Plan") for its Investor Shares in accordance with the requirements of Rule 12b-1 under the 1940 Act. The Rule 12b-1 Plan provides that the Fund may pay a fee to Accrued Equities, the Distributor, or certain broker-dealers, investment advisers, banks or other financial institutions at an annual rate of up to 0.25% of the average daily net assets of the Fund's Investor Shares to finance certain activities primarily intended to sell such Investor Shares. For the year ended December 31, 2025, 12b-1 Fees of $37,024 were accrued by the Investor Shares of the Fund.

The Board of Trustees has authorized the Class A Shares of the Fund to pay sub-transfer agent fees to financial intermediaries, including securities dealers, that provide shareholder account-related services to their customers who own Class A Shares of the Fund, or to reimburse Accrued Equities for such expenses it reimbursed on behalf of the Class A Shares. The sub-transfer agent services provided must be necessary and may not duplicate services already provided by a Fund service provider. The sub-transfer agent services may not be for distribution-related services. The fees paid by the Class A Shares may not exceed the fees that would have been incurred by customers of the financial intermediaries if they maintained their customer account directly with the Fund.

**5)** **TRUSTEES' FEES**

For the year ended December 31, 2025, the Fund paid trustees' fees of $41,664 to its Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees").

For the year ended December 31, 2025, each Independent Trustee receives an annual fee of $14,000 for their services as an Independent Trustee of the Trust. As Vice-Chairperson of the Trust's Board of Trustees, Sharon Reier receives an additional annual fee of $2,500. Each member of the Audit Committee receives an additional $1,000 annual fee and Susan Hickey, Chairperson of the Audit Committee, receives an additional annual fee of $500. The Independent Trustees are also entitled to receive reimbursement of "coach" travel expenses to attend Board Meetings. The Trustees and Officers of the Trust, who are officers and owners 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)** **OTHER SERVICE PROVIDERS**

*<u>Ultimus Fund Solutions, LLC ("UFS")</u>*

As of April 7, 2025, UFS provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to a separate servicing agreement with UFS, the Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. During the year ended December 31, 2025, the UFS earned total fees of $156,438 for administration and fund accounting services, and $209,338 for transfer agent services for the New Alternatives Fund.

*<u>The Bank of New York Mellon ("BNY Mellon")</u>*

Prior to April 7, 2025, BNY Mellon provided administration, fund accounting, transfer agent services and was the custodian of the Fund. During the period ended April 4, 2025, BNY Mellon earned total fees of $97,810 for administration and fund accounting services, and $189,036 for transfer agent services for the New Alternatives Fund.

*<u>Blu Giant, LLC ("Blu Giant")</u>*

As of April 7, 2025, Blu Giant, an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Fund.

**7)** **PURCHASES AND SALES OF SECURITIE**S

For the year ended December 31, 2025, the aggregate cost of securities purchased totaled $10,199,271. Net realized gains (losses) were computed on a specific lot basis. The proceeds received on sales of securities for the year ended December 31, 2025, was $51,555,824.

---

| |
|:---|
| **NEW ALTERNATIVES FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

**8)** **FEDERAL INCOME TAX INFORMATION**

At December 31, 2025 the federal tax basis cost and aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Gross Unrealized | Gross Unrealized | Net Unrealized |
| Fund | Tax Cost | Appreciation | Depreciation | Appreciation |
| New Alternatives Fund | $202423544 | $87670685 | $(28320304) | $59350381 |

---

The tax character of fund distributions paid for the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>December 31, 2025 | Fiscal Year Ended<br>December 31, 2024 |
| Ordinary Income | $3110576 | $4881557 |
| Long-Term Capital Gain |  |  |
| Return of Capital |  |  |
|  | $3110576 | $4881557 |

---

As of December 31, 2025, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Losses) |
| $385715 | $— | $— | $(2892576) | $— | $59365208 | $56858347 |

---

The difference between book basis and tax basis accumulated net realized losses and unrealized appreciation from investments is primarily attributable to the tax deferral of losses on wash sales and the book/tax basis treatment of the expiration of rights. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains of $14,827.

At December 31, 2025, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
| Short-Term | Long-Term | Total | CLCF Utilized |
| $– $| 2892576 | $2892576 | $— |

---

Permanent book and tax differences, primarily attributable to tax adjustments for prior year tax returns, resulted in reclassifications for the Fund for the fiscal year ended December 31, 2025, as follows:

---

| | |
|:---|:---|
| Paid In | Total Distributable |
| Capital | Earnings |
| $(1553421) | $1553421 |

---

**9)** **RISKS**

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.

Cash and Foreign Currency Concentration – Cash and foreign currency consists of cash and foreign currency on deposit with financial institutions. Cash held in banks periodically exceeds the Federal Deposit Insurance Corporation's ("FDIC") insurance coverage of $250,000, and as a result, there is a concentration of credit risk related to amounts in excess of the FDIC insurance coverage.

---

| |
|:---|
| **NEW ALTERNATIVES FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

Concentration – Under normal market conditions, at least 25% of the Fund's total asset will be invested in equity securities of companies in the Alternative Energy industry. A downturn in this group of industries would have a larger impact on the Fund than on a fund that does not concentrate its investments. As of December 31, 2025 the Fund had 35.2% of its net assets invested in Alternative Energy companies.

**10)** **ACCOUNTING PRONOUNCEMENT**

The Fund adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund's adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements.

**11)** **SUBSEQUENT EVENTS**

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

![(LOGO)](al002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Trustees of New Alternatives Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of New Alternatives Fund (the "Fund") as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended December 31, 2022 and prior, were audited by other auditors whose report dated February 27, 2023, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and other institutions. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2023.

![(SIGNATURE)](al003_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 27, 2026

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

---

| |
|:---|
| **New Alternatives Fund** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **December 31, 2025** |

---

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Contract** 

Not applicable.

**<u>Proxy Voting Policy</u>**

Information regarding how the Fund votes proxies relating to portfolio securities for the twelve month period ended June 30th as well as a description of the policies and procedures that the Fund used to determine how to vote proxies is available without charge, upon request, by calling (800) 423-8383 or by referring to the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Financial Highlights
 are included in Item 7(a).

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation as of a date within 90 days of this report on Form N-CSR, based on their evaluation of these disclosure controls and procedures as required by Rule 30a-3(b) under the Act.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19. Exhibits.** 

[(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers.](coe.htm)

(a)(2) Not applicable.

[(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable.

[(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto.](ex99-906cert.htm)

**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.

New Alternatives Fund

---

| | |
|:---|:---|
| By | /s/ Murray D. Rosenblith |
| Murray D. Rosenblith | Murray D. Rosenblith |
| President, CEO and Principal Executive Officer | President, CEO and Principal Executive Officer |
| Date: 2/23/2026 | Date: 2/23/2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Murray D. Rosenblith |
| Murray D. Rosenblith | Murray D. Rosenblith |
| President, CEO and Principal Executive Officer | President, CEO and Principal Executive Officer |
| Date: 2/23/2026 | Date: 2/23/2026 |

---

---

| | |
|:---|:---|
| By | /s/ Kathleen DonAngelo |
| Kathleen DonAngelo | Kathleen DonAngelo |
| Treasurer and Principal Financial Officer | Treasurer and Principal Financial Officer |
| Date: 2/23/2026 | Date: 2/23/2026 |

---

## Ex-99.Code

**NEW ALTERNATIVES FUND**

**and**

**ACCRUED EQUITIES, INC.**

**<u>CODE OF ETHICS</u>**

**<u>Introduction and Statement of Purpose</u>.** 

Rule 17j-l (b) under the Investment Company Act of 1940, as amended, (the "1940 Act"), makes it unlawful for any affiliated person of New Alternatives Fund (the "Fund"), Accrued Equities, Inc. (the "Adviser"), its investment adviser or its sub-distributor, in connection with the purchase or sale, directly or indirectly, by such person of a security held or to be acquired by the Fund:

---

| | |
|:---|:---|
| ⮚ | To employ any device, scheme, or artifice to defraud the Fund; |
| ⮚ | To make to the Fund any untrue statement of a material fact or omit to state to the Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading; |
| ⮚ | To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Fund; or |
| ⮚ | To engage in any manipulative practice with respect to the Fund. |

---

Similarly, Section 206 of the Investment Advisers Act of 1940, as amended, (the "Advisers Act") provides that it is unlawful for any investment adviser, directly or indirectly:

---

| | |
|:---|:---|
| ⮚ | To employ any device, scheme or artifice to defraud any client or prospective client; |
| ⮚ | To engage in any transaction, practice or course of business which operates as a fraud or deceit upon any client or prospective client; or |
| ⮚ | To engage in any act, practice or course of business which is fraudulent, deceptive or manipulative. |

---

In addition, Section 204A of the Advisers Act requires, the Adviser to establish written policies and procedures reasonably designed to prevent the misuse in violation of the Advisers Act or the Securities Exchange Act of 1934, as amended (the "Securities Exchange Act") or rules or regulations thereunder of material, non-public information by the Adviser or any person associated with the Adviser. Pursuant to Section 204A, the U. S. Securities and Exchange Commission (the "Commission") has adopted Rule 204A-1 which requires the Adviser to maintain and enforce a written code of ethics.

In view of the foregoing, the provisions of Section 17(j) of the 1940 Act, Rule 204A-1 under the Advisers Act the Commission's Advisers Act Release No. 2256 and 1940 Act Release No. 26492 on "Investment Adviser Codes of Ethics" (July 2, 2004), the Commission's 1940 Act Release No. 23958 on "Personal Investment Activities of Investment Company Personnel" (August 24, 1999), the "Report of the Advisory Group on Personal Investing" issued by the Investment Company Institute on May 9, 1994, and the Commission's September 1994 Report on "Personal Investment Activities of Investment Company Personnel," the Fund and the Adviser have each determined to adopt this Code of Ethics to specify a code of conduct for certain types of personal securities transactions which might involve conflicts of interest or an appearance of impropriety, and to establish reporting requirements and enforcement procedures.

The Adviser is also a registered broker-dealer and a member firm of the Financial Industry Regulatory Authority ("FINRA"). This Code of Ethics is also adopted to comply with FINRA Rule 3210 – Accounts at Other Broker-Dealers and Financial Institutions.

The Fund expects that its principal underwriter will adopt its own code of ethics (if required) for its directors, officers and personnel that is consistent with the purpose of this Code and applicable regulations.

Each Access Person (as defined below) is responsible for maintaining the very highest ethical standards when conducting business. More specifically, this means:

---

| | |
|:---|:---|
| ⮚ | Each Access Person has a duty at all times to place the interests of our clients first; |
| ⮚ | All personal securities transactions must be conducted consistent with the Code and in such a manner as to avoid any actual or potential conflict of interest or other abuse of the employee's position of trust and responsibility. |
| ⮚ | No employee should take inappropriate advantage of his/her position or engage in any fraudulent or manipulative practice with respect to our clients' accounts. |
| ⮚ | Each Access Person of the Adviser must comply with all applicable federal securities laws. |
| ⮚ | Each employee must notify the Code Compliance Officer (as defined below) immediately if you have any reason to believe that a violation has occurred or is about to occur. |

---

A complete list of the Access Persons (as defined below) of both the Fund and the Adviser is below. The Code Compliance Officer is authorized to update this table, when and as required, to keep this Code of Ethics current. No such addition or deletion to this table will represent an amendment to this Code of Ethics.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name:** | **Reason for Access Person designation with respect to the Fund:** | **Reason for Access Person designation with respect to the Adviser:** |
| &nbsp;&nbsp;&nbsp;David J. Schoenwald | Founder, Chairperson of the Board of Trustees, President and Treasurer of the Fund | President, Treasurer, Portfolio Manager and Chief Compliance Officer of the Adviser |
| &nbsp;&nbsp;&nbsp;Murray D. Rosenblith | Trustee, Vice President and Secretary of the Fund | Vice President, Portfolio Manager, and Assistant Compliance Officer of the Adviser |
| &nbsp;&nbsp;&nbsp;Sharon Reier\* | Vice Chairperson of the Board of Trustees | N/A |
| &nbsp;&nbsp;&nbsp;Jeffrey E. Perlman\* | Trustee, Audit Committee Member | N/A |
| &nbsp;&nbsp;&nbsp;Susan Hickey\* | Trustee, Chairperson of the Audit Committee, Audit Committee Member | N/A |
| &nbsp;&nbsp;&nbsp;Jonathan D. Beard\* | Trustee, Audit Committee Member | N/A |
| &nbsp;&nbsp;&nbsp;Joseph A. Don Angelo | Chief Compliance Officer of the Fund | Consultant |
| &nbsp;&nbsp;&nbsp;Kate Don Angelo | N/A | Employee of the Adviser |

---

**\*** Exempt from the Code's reporting requirements (unless the Independent Trustee knew or should have known that during the 15 day period before or after the Trustee's transaction in a security, the Fund had purchased or considered purchasing that security).

The principal devices upon which this Code relies to achieve its purpose is periodic reporting by Access Persons of securities transactions in which such Access Persons have a Beneficial Ownership Interest (as defined below) and the subsequent review of such transactions by the Code Compliance Officer.

As permitted by Rule 17j-1, this Code contemplates that Access Persons who are affiliated persons of the Fund's principal underwriter, will satisfy their reporting obligations under the Fund's Code by complying with codes of ethics adopted by such principal underwriter; provided, that, the Board of Trustees of the Fund, including a majority of the Independent Trustees (as defined below) has determined that such code of ethics contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1(b) under the 1940 Act.

The Fund's Board of Trustees will, no less frequently than annually, review the individual code of ethics adopted by such principal underwriter and will review, at least quarterly, a written report setting forth any issues that may have arisen under such code of ethics during the relevant period.

The provisions of the two preceding paragraphs are not currently applicable to the Fund and its underwriter pursuant to an exemption contained in Rule 17j-1 (c) (3) under the 1940 Act.

Day-to-day administration of the Code is the responsibility of the Code Compliance Officer (as defined below).

**I.**  **<u>Definitions</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. "Fund" means New Alternatives Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. "Access Person" means any manager, director, trustee, officer, general partner, trustee, or
Advisory Person of the Fund and the Adviser (including, *inter alia*, any employee of the Fund's principal underwriter who
serves as an officer of the Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. "Adviser" means Accrued Equities, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. "Advisory Person" means (i) any employee of the Fund, the Adviser, or any Company in a Control
Relationship with any such entity, who, in connection with their regular functions or duties, makes, participates in, or obtains information
regarding the purchase or sale of a Covered Security by the Fund, or whose functions relate to the making of any recommendations with
respect to such purchases or sales. This category of persons includes, *inter alia*, all Investment Personnel (as defined below)
employees who place and process orders for the purchase or sale of a Covered Security by the Fund and research analysts who investigate
potential investments for the Fund. It excludes marketing and investor relations personnel, financial, compliance, accounting and operational
personnel, and all clerical, secretarial or solely administrative personnel. Any natural person who is in a Control Relationship to the
Fund or to the Adviser who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of a Covered
Security is also an Advisory Person of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A security is "being considered for purchase or sale" when a recommendation to purchase or
sell a security has been made and communicated, and with respect to the person making the recommendation, when such person seriously considers
making such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. "Beneficial ownership" shall be interpreted in the same manner as it would be under Rule 16a-1
(a) (2) under the Securities Exchange Act. You will be treated as the "beneficial owner" of a security under this policy only
if you have a direct or indirect pecuniary interest in the security. A direct pecuniary interest is the opportunity, directly or indirectly,
to profit, or to share the profit, from the transaction. An indirect pecuniary interest is any non-direct financial interest, but is specifically
defined in the rules to include securities held by members of your immediate family sharing the same household; securities held by a partnership
of which you are a general partner; securities held by a trust of which you are the settlor if you can revoke the trust without the consent
of another person, or a beneficiary if you have or share investment control with the trustee; and equity securities which may be acquired
upon exercise of an option or other right, or through conversion. For interpretive guidance on this test, you should consult Fund counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. "Company" means a corporation, partnership, an association, a joint stock company, a trust,
a limited liability company, a limited liability partnership, a trust, or any organized group of persons whether incorporated or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. "Code Compliance Officer" shall mean the Fund's Chief Compliance Officer or, in his
absence, the Fund's President. Such officers may designate other individuals to assist in the administration of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. "Control Relationship" means the power to exercise a controlling influence over the management
or policies of a Company, unless such power is solely the result of an official position. Any person who owns beneficially, either directly
or through one or more controlled companies, more than 25 percent of the voting Securities of a Company shall be presumed to control such
Company. Any person who does not so own more than 25 per cent of the voting Securities of any Company shall be presumed not to control
such Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. "Covered Security" shall have the meaning set forth in Section 2(a) (36) of the 1940 Act (which
provision defines the term "security for purposes of the 1940 Act), <u>but shall exclude</u> securities issued by the Government
of the United States, bankers' acceptances, bank certificates of deposit, commercial paper and shares of registered open-end investment
companies  **<u>other than New Alternatives Fund</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. "De Minimis Security" means securities issued by any company included in the Standard and
Poor's 500 Stock Index and in an amount less than $10,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. An Access Person's "immediate family" includes a spouse, minor children and adults living
in the same household as the Access Person. It also includes any other related person over whose account the Access Person has control
or whose financial support the Access Person materially contributes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. "Independent Trustee" means a Trustee of the Fund who is not an "interested person"
of the Fund, or the Fund's investment adviser or principal underwriter within the meaning of Section 2(a) (19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. "Initial Public Offering" means an offering of securities registered under Securities Act
of 1933, as amended (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the
reporting requirements of Section 13 of Section 15(d) of the Securities Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. "Investment Personnel" means (i) any employee of the Fund, the Adviser or any Company in a
Control Relationship with any such entity, who, in connection with their regular functions or duties, makes or participates in making
recommendations regarding the purchase or sale of securities by the Fund; and (ii) any natural person who (a) controls the Fund or the
Adviser, and (b) obtains information concerning recommendations made to the Fund with regard to the purchase or sale of securities by
the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. "Limited Offering" means a private placement or other offering that is exempt from registration
under the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant or Rule 504 or Rule 506 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. "Purchase or Sale of a Security" includes, *inter alia*, the writing of an option to
purchase and sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. A security is "held or to be acquired" if within the most recent 5 days it has (i) been held
by the Fund, or (ii) is being or has been considered by the Fund or Adviser for purchase by the Fund. A purchase or sale includes the
writing of an option to purchase or sell.

**II.**  **<u>Prohibited Purchases and Sales</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. It shall be a violation of this Code for any Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To employ any device, scheme, or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To make to the Fund any untrue statement of a material fact or omit to state to the Fund a material fact
necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit
upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative practice with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Prior to opening or otherwise establishing an account in which securities transactions can be effected
in at a broker-dealer or any other financial institution, an Access Person of the Adviser shall first obtain the written consent of the
Adviser's Code Compliance Officer to establish such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Any Access Person of the Adviser, prior to opening or otherwise establishing an account in which securities
transactions can be effected in at a broker-dealer or any other financial institution, shall notify in writing the broker-dealer or other
financial institution of his or her association with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Restrictions on Personal Securities Transactions By Access Persons</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Except as provided below in paragraph II. D. 5., below no Access Person who is not also an Independent
Trustee may buy or sell Covered Securities for his or her personal portfolio or the portfolio of a member of his or her immediate family
without obtaining oral authorization from the Code Compliance Officer of the Company, prior to effecting such security transaction. If
the party seeking oral authorization to buy or sell Covered Securities for his or her personal portfolio or the portfolio of a member
of his or her immediate family is the Code Compliance Officer, then they must obtain such oral authorization from the Fund's President.
Any such authorization shall be memorialized by a written authorization in the form attached hereto as Appendix A-5. Authorization may
also be obtained via e-mail; provided, that, such e-mail come from the Access Person's Fund e-mail address and the e-mail must be
time-stamped and dated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Note: If an Access Person has questions as to whether purchasing or selling a security for his or her
personal portfolio or the portfolio of a member of his or her immediate family requires prior oral authorization, the Access Person should
consult the Code Compliance Officer for clearance or denial of clearance to trade prior to effecting any securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Pre-clearance approval under paragraph II. D. 1., above will expire at the close of business on the fifth
trading day after the date on which authorization is received, and the Access Person is required to renew clearance for the transaction
if the trade is not completed before the authority expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No clearance will be given to an Access Person other than an Independent Trustee to purchase or sell any
Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on a day when the Fund has a pending "buy" or "sell" order in that same Covered
Security until that order is executed or withdrawn; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when the Code Compliance Officer has been advised by the Adviser that the same Covered Security is being
considered for purchase or sale for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The pre-clearance requirements contained in paragraph II. D. 1., above, shall not apply to the following
securities ("Exempt Securities"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities that are not Covered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) De Minimis Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities purchased or sold in any account over which the Access Person has no direct or indirect influence
or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Securities purchased or sold in a transaction which is non-volitional on the part of either the Access
Person or the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Securities acquired as a part of an automatic dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Securities acquired upon the exercise of rights issued by an issuer pro rata to all holders of a class
of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Securities which the Fund is not permitted to purchase under the investment objectives and policies set
forth in the Fund's then current prospectus(es) under the Securities Act of 1933 or the Fund's registration statement on Form
N-1A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Effective March 24, 2022, no Access Person who is not also an Independent Trustee may buy or sell a Covered
Security held by the Fund, or being considered for purchase or sale by the Fund or by the Adviser for purchase by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. For any Covered Security held by an Access Person who is not also an Independent Trustee prior to March
24, 2022, such Access Person may only sell the Covered Security at least 15 days before or after the Fund has a pending "buy"
or "sell" order in that same Covered Security, until that order is executed or withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Investment Personnel and members of any such person's immediate family are prohibited from purchasing
securities issued in an Initial Public Offering or Limited Offering unless such acquisition is approved in advance by the Code Compliance
Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Access Persons are prohibited from revealing to any other person, except in the normal course of their
duties on behalf of the Fund any information regarding securities transaction by, or under consideration for, the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Access Persons are prohibited from trading, either personally or on behalf of others, on material non-public
information or communicating material non-public information to others in violation of the law. Such activities are generally referred
to as "insider trading." While the law concerning insider trading is not static, it is generally understood that the law prohibits
trading by an insider, while in possession of material non-public information, or trading by a non-insider, while in possession of material
non-public information, where the information either was disclosed to the non-insider in violation of an insider's duty to keep
it confidential or was misappropriated, or communicating material non-public information to others.

**III.**  **<u>Reporting</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Independent Trustees will not be subject to the following reporting requirements, despite being listed
as Access Persons, unless at the time of a transaction in a Covered Security, the Independent Trustee knew, or in the ordinary course
of fulfilling his or her official duties as a Trustee of the Fund, should have known that, during the 15 day period immediately preceding
the date of the transaction by the Trustee, such security was purchased or sold by the Fund or was being considered for purchase by the
Adviser. The Independent Trustee must file a report with respect to the quarter in which such transaction occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Initial Holdings Report</u>. Every Access Person, other than an Independent Trustee, shall, within
10 days of becoming an Access Person, provide the Code Compliance Officer with an initial holdings report listing (i) the title, number
of shares and principal amount of all Securities directly or indirectly beneficially owned by the Access Person as of the date when he/she
became an Access Person; (ii) the name of any broker, dealer or bank with whom the Access Person maintained an account in which any Securities
were held for the direct or indirect benefit of the Access Person as of a date no more than 45 days prior to the date he/she became an
Access Person and the account number of any such account; and (iii) the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Quarterly Transaction Report</u>. No later than 30 days following the end of each calendar quarter,
each Access Person, other than an Independent Trustee, shall submit a report containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The date and nature of each Securities transaction effected during the preceding quarter (purchase, sale
or any other type of acquisition or disposition).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The title, the interest rate and maturity date (if applicable), number of shares and principal amount
of each Covered Security and the price at which the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The name of the broker, dealer or bank with or through whom the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The name of any broker, dealer or bank with whom the Access Person established an account in which any
Securities were held during the preceding quarter for the direct or indirect benefit of the Access Person, and the date on which such
account was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any quarterly report may contain a statement that the report shall not be construed as an admission by
the person making such report that he or she has any direct or indirect beneficial ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The quarterly reporting requirements shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchases or sales affected in any account over which the Access Person has no direct or indirect influence
or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchases or sales which are non-volitional on the part of either the Access Person or the Fund, including
mergers, recapitalizations and similar transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchases which are part of an automatic dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class
of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. An Access Person will not be required to file Quarterly Transaction Reports if the Access Person has duplicates
of all broker trade confirmations and statements submitted to the Code Compliance Officer within 30 days of issuance and such confirmations
and statements contain all of the information required by III. C. 1-4 and 6, above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Annual Holdings Report</u>. No later than 30 days following the end of each calendar year, each Access
Person, other than an Independent Trustee, shall submit (in addition to his/her quarterly report), an annual holdings report containing:
the title, number of shares and principal amount of all Securities directly or indirectly beneficially owned by the Access Person as of
the end of the calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any broker, dealer or bank with whom the Access Person maintained an account in which any Securities were held for the direct or indirect benefit of the Access Person as of the end of the calendar year; and (iii) the date that the report is submitted by the Access Person. Any report submitted pursuant hereto may contain a statement that the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect beneficial ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Any Access Person of the Adviser opening or otherwise establishing an account in which securities transactions
can be effected in at a broker-dealer or any other financial institution, shall notify in writing the broker-dealer or other financial
institution of his or her association with the Adviser, and request that duplicate copies of confirmations and statements, or the transactional
data contained therein, be provided directly to the Code Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Notification of Reporting Persons</u>. It shall be the duty of the Code Compliance Officer to identify
all Access Persons who are required to make reports under this Code and to inform those Access Persons of their reporting obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Review of Reports</u>. It is the duty of the Code Compliance Officer to review any reports received
under this Code of Ethics, to institute any remedial action concerning any violations of the Code of Ethics and to report to the Fund's
Board of Trustees and the management of the Adviser (as applicable) any such violations.

**IV.**  **<u>Administration</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Sanctions</u>. Upon discovering a violation of this Code, the Board of Trustees of the Fund may impose
such sanctions as it deems appropriate, including, *inter alia,* a letter of censure, suspension, or termination of the employment
of the violator, and/or disgorging of any profits made by the violator. In the case of matters involving Access Persons who are affiliated
with the Fund's principal underwriter or Adviser, the Trustees may take into account the actions taken by any such entity in response
to such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Certification</u>. Each Access Person other than those referred to in III. A of this Code shall: (i)
receive a copy of this Code of Ethics at the time of his/her appointment, employment or other engagement, (ii) certify in writing that
he/she has read and understood the Code of Ethics; and (iii) retain a copy at all times. Any questions regarding this Code of Ethics should
be referred to the Code Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Recordkeeping</u>. Copies of this Code of Ethics, any Code of Ethics applicable to the Fund or the
Adviser within the past five years, all records relating to violations of this Code of Ethics and actions taken as a result of the violations,
and copies of all Access Persons' written acknowledgement of receipt of this Code of Ethics (and any subsequent amendments) shall
be preserved with the Fund's and/or Adviser's records for the period and in the manner required by Rule 17j-1. Additionally,
records containing the names of all Access Persons, the holdings and transaction reports made by those Access Persons and record of decisions
approving Access Persons' acquisition of securities in Initial Public Offerings and Limited Offerings shall be preserved with the
Fund's and/or Adviser's records for the period and in the manner required by Rule 17j-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Confidentiality of Records</u>. All information obtained from any Access Person hereunder shall be
kept in strict confidence, except that reports of securities transactions hereunder will be made available to the Commission or any other
regulatory or self-regulatory organization to the extent required by law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Amendments</u>. This Code may be amended from time to time upon the approval of the Board of Trustees
of the Fund, including a majority of the Independent Trustees. The Fund must approve any material changes to this Code no later than six
(6) months after the adoption of such change by the Adviser. Any amendments to this Code shall be distributed to each Access Person, who
shall be asked to certify in writing that he/she has received, read and understood such amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Report Forms</u>. Reports required under Section III of this Code may be submitted on those forms set
forth in the Appendix to this Code.

**As Amended: March 24, 2022**

**A-1: Securities Account Identification Form**

[<u>Name of Access Person</u>]

This report is being submitted pursuant to the Code of Ethics adopted by New Alternatives Fund (the "Fund"). The undersigned certifies that the following is an accurate and complete listing of all securities accounts in which I have a Beneficial Interest and that I will inform the Fund, in writing, of any additional such account that may be established not later than 30 days after the calendar quarter in which such additional account is established:

---

| | | |
|:---|:---|:---|
| **Date Established:** | **Name of the Account/Account No.:** | **Name of Broker/Bank/Adviser:** |

---

**Name of Reporting Person (Print):<u> </u>**

**Signature of Reporting Person:<u> </u>**

**Date of Submission:<u> </u>**

***Note: Report must be filed within thirty days of the end of the calendar quarter to which the report relates.***

**A-2: Quarterly Report Form**

***New Alternatives Fund***

**Quarterly Securities Transaction Report for the quarter ended:** 

**FROM:** **[<u>Name of Access Person</u>]**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **This report is being submitted pursuant to the Integrity Policy Code of Ethics adopted by New Alternatives Fund (the "Fund"). The undersigned certifies that the transactions described below were purchased or sold in reliance upon public information lawfully obtained and were not based upon information obtained as a result of any affiliation with the Fund.** 

&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Please Check One:*** 

---

| | |
|:---|:---|
| Q | **The undersigned had no reportable securities transactions during the above-referenced quarterly period. <u>OR</u>** |

---

---

| | |
|:---|:---|
| Q | **Please see attached confirmation/statement relating to reportable securities transactions during the above referenced period, which statement includes all of the information: indicated in the table below. <u>OR</u>** |

---

---

| | |
|:---|:---|
| Q | **The undersigned had the following reportable securities transactions during the above referenced period:** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br>**<u>Date</u>**<br> **<u> </u>** | &nbsp;&nbsp; **<u>Security</u>** | &nbsp;&nbsp; **<u>Amount</u>** | &nbsp;&nbsp; **<u>Price/Share</u>** | &nbsp;&nbsp; **<u>Broker</u>** | &nbsp;&nbsp; **<u>Total Commission</u>** |
|  | &nbsp;&nbsp;<br> **(interest rate/maturity date, if applicable)** | &nbsp;&nbsp;<br> **(principal amount, if applicable)**<br>|  |  |  |
| &nbsp;&nbsp; **Example (1/3/00)**<br> &nbsp;&nbsp; **(Sold)**<br>| &nbsp;&nbsp; **(IBM Common)** | &nbsp;&nbsp; **(100 Shares)**  | &nbsp;&nbsp; **($48 1/2)** | &nbsp;&nbsp; **(Paine Webber)** | &nbsp;&nbsp; **($148)** |
| &nbsp;&nbsp; **(1/25/00)**<br> &nbsp;&nbsp; **(Buy)**<br>| &nbsp;&nbsp; **(NYC Housing Bond)** | &nbsp;&nbsp; **($5000)** |  |  | &nbsp;&nbsp;**(NA)** |
|  | &nbsp;&nbsp;<br> **(7.25% 12/31/08)** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***Please Check One:*** 

---

| | |
|:---|:---|
| Q | **The undersigned certifies that an accurate listing of all securities accounts in which I have a Beneficial Interest is on file with the Firm. <u>OR</u>** |

---

---

| | |
|:---|:---|
| Q | **During the above-referenced quarterly period, the undersigned established following account(s):** |

---

---

| | | |
|:---|:---|:---|
| **<u>Date Established</u>** | **<u>Name of the Account/Account No.</u>** | **<u>Name/Address of Broker/Bank/Adviser</u>** |

---

**I certify that the information I am providing in this report is accurate and includes all transactions pursuant to which, and account in which, I acquired direct or indirect beneficial ownership of a security, other than transactions in U.S. Government securities, transactions in mutual fund shares other than New Alternatives Fund or transactions in accounts over which I have no direct or indirect influence or control in accordance with a determination to that effect under the Code. This report shall not be construed as an admission that I have or have had any direct or indirect beneficial ownership in the securities listed.** 

**Signature of Reporting Person:<u> </u>**

**Date of Submission:<u> </u>**

***Note: Report must be filed within thirty days of the end of the calendar quarter to which the report relates*** *.***

**A-3: Initial/Annual Holdings Report Form**

**[<u>Name of Access Person</u>]**

**This report is being submitted pursuant to the** **Code of Ethics adopted by New Alternatives Fund (the "Fund"). The undersigned certifies that the following is an accurate and complete listing of all Covered Securities in which I have a Beneficial Interest, as of:** 

---

| | |
|:---|:---|
| Q | **As of ___________________, which is no more than 45 days prior to the date on which I became an "Access Person" under the Policy. <u>OR</u>** |

---

---

| | |
|:---|:---|
| Q | **As of December 31, 20__.** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Broker Name and Address** | &nbsp;&nbsp; <br> **Account No.** | &nbsp;&nbsp; <br> **Security** <br> **(include CUSIP, if available)** | &nbsp;&nbsp; <br>**No. of Shares**<br>| &nbsp;&nbsp; <br> **<u>Amount</u>**<br>|

---

**Name of Reporting Person (Print):<u> </u>**

**Signature of Reporting Person:<u> </u>**

**Date of Submission:<u> </u>**

***Note: Report must be filed within thirty days of the end of the calendar quarter to which the report relates.***

**A-4: Access Person Certification**

FROM: **«Access Person»**

The undersigned hereby certifies that he/she is has received a copy of and understands the Code of Ethics adopted by New Alternatives Fund (the "Fund") and Accrued Equities, Inc. (the "Firm"), and in particular is aware of the following:

(1) The interests of the Firm's clients are paramount; avoid even the appearance of acting other than
in the best interest of a client.

(2) All matters relating to the Firm or its clients are to remain strictly confidential.

(3) Purchases of any Initial Public Offering or Limited Offering must be approved by the Firm before the acquisition.

(4) Access Persons are forbidden from trading, either personally or on behalf of others, on material inside
information (insider trading) and from communicating or disseminating material inside information to others. Information is inside information
if it is not generally known to the marketplace. Information is considered material if is likely to be considered important by a reasonable
investor in making an investment decision.

(5) Access Persons [1](#note_ftn1) must timely file initial and annual holdings statements as well as quarterly transaction reports. Reports must include transactions in
Covered Accounts held directly and accounts in which the reporting person has any Beneficial Ownership.

(6) <u>Every</u> Access Person will be required annually to certify that he or she has complied with those
reporting requirements to which he or she is subject under this Policy.

**IMPORTANT:**

**The undersigned further acknowledges that he/she is subject to the provisions of this Policy and has complied with each standard and all reporting requirements to which he or she is subject.** 

Name of Access Person Reporting (Print):<u> </u>

Signature:<u> </u>

Date:<u> </u>

------

---

| | |
|:---|:---|
| [1](#note_ftnref1) Independent | Trustees (as defined below) will not be subject to the following reporting requirements, despite being listed as Access Persons, unless at the time of a transaction in a Covered Security, the Independent Trustee knew, or in the ordinary course of fulfilling his or her official duties as a Trustee of the Fund, should have known that, during the 15 day period immediately preceding the date of the transaction by the Trustee, such security was purchased or sold by the Fund or was being considered for purchase by the Firm. "Independent Trustee" means a Trustee of the Fund who is not an "interested person" of the Fund, or the Firm or principal underwriter within the meaning of Section 2(a) (19) of the 1940 Act. |

---

**A-5: Access Person Pre-Clearance Form**

**Accrued Equities, Inc.**

**(the "Company")**

**Code of Ethics**

**Pre-Clearance Form**

**<u>REQUEST</u>:** 

Date:<u> </u>

To the Code Compliance Officer:

1. I request authorization for the following transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Name of Security</u> <u>Number of Shares/Principal Amount</u>**

3. I am not trading on inside information. This request is being made in advance of order placement with a broker.

Signature:<u> </u>

Print Name:<u> </u>

**<u>AUTHORIZATION</u>:** 

4. This trade is authorized on ____________ and is valid for five (5) business days from the date of the authorization.

Signature:<u> </u>

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Murray D. Rosenblith, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the New Alternatives Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | 2/23/2026 | By | /s/ Murray D. Rosenblith |
|  |  |  | Murray D. Rosenblith |
|  |  |  | President, CEO and Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Kathleen DonAngelo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the New Alternatives Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | 2/23/2026 | By | /s/ Kathleen DonAngelo |
|  |  |  | Kathleen DonAngelo |
|  |  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**certification**

Murray D. Rosenblith,, President, CEO and Principal Executive Officer, and Kathleen DonAngelo, Treasurer and Principal Financial Officer, of the New Alternatives Fund (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| By | /s/ Murray D. Rosenblith |
| Murray D. Rosenblith | Murray D. Rosenblith |
| President, CEO and Principal Executive Officer | President, CEO and Principal Executive Officer |
| Date: 2/23/2026 | Date: 2/23/2026 |

---

---

| | |
|:---|:---|
| By | /s/ Kathleen DonAngelo |
| Kathleen DonAngelo | Kathleen DonAngelo |
| Treasurer and Principal Financial Officer | Treasurer and Principal Financial Officer |
| Date: 2/23/2026 | Date: 2/23/2026 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.