UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-05984
THE NEW IRELAND FUND, INC.
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(Exact name of registrant as specified in charter)
Bank of Ireland Asset Management (U.S.) Limited
300 First Stamford Place
STAMFORD, CT 06902
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(Address of principal executive offices) (Zip code)
PFPC Inc.
99 High Street, 27th Floor
BOSTON, MA 02110
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(Name and address of agent for service)
Registrant's telephone number, including area code: (203) 328-1820
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Date of fiscal year end: OCTOBER 31
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Date of reporting period: JANUARY 31, 2008
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
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THE
NEW IRELAND
FUND
FIRST QUARTER REPORT
JANUARY 31, 2008
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INVESTMENT SUMMARY (UNAUDITED)
TOTAL RETURN (%)
MARKET VALUE (a) NET ASSET VALUE (a)
---------------------- ----------------------
AVERAGE AVERAGE
CUMULATIVE ANNUAL(b) CUMULATIVE ANNUAL(b)
---------- --------- ---------- ---------
Current Quarter (13.37) (13.37) (11.31) (11.31)
One Year (24.66) (24.66) (16.22) (16.22)
Three Year 41.68 12.32 35.18 10.57
Five Year 222.11 26.36 179.24 22.80
Ten Year 147.23 9.47 136.25 8.98
PER SHARE INFORMATION AND RETURNS
2008
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 YTD
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Net Asset
Value ($) 21.36 19.75 20.06 13.28 11.04 16.29 20.74 24.36 32.55 30.95 21.86
Income
Dividends ($) (0.07) -- (0.13) (0.01) (0.03) -- (0.09) (0.03) (0.16) (0.24) (0.36)
Capital Gains
Other
Distributions ($) (0.70) (1.14) (1.60) (2.65) (0.69) -- -- -- (1.77) (2.40) (4.86)
Total
Return (%) (a)(b) 11.68 (2.37) 12.86 (20.99) (11.44) 47.55 28.14 17.51 45.97 2.88 (11.31)
NOTES
(a) Total Market Value returns reflect changes in share market prices and
assume reinvestment of dividends and capital gain distributions, if any,
at the price obtained under the Dividend and Cash Purchase Plan. Total Net
Asset Value returns reflect changes in share net asset value and assume
reinvestment of dividends and capital gain distributions, if any, at the
price obtained under the Dividend and Cash Purchase Plan. For more
information with regard to Dividend and Cash Purchase Plan, see the most
recent annual report filed with the Securities and Exchange Commission.
(b) Periods less than one year are not annualized.
PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE PERFORMANCE OF THE FUND.
1
PORTFOLIO BY MARKET SECTOR AS OF JANUARY 31, 2008
(PERCENTAGE OF NET ASSETS)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Construction and Building Materials 25.29%
Financial 21.11%
Food and Beverages 10.30%
Publishing and News 2.70%
Other Assets 6.62%
Transportation 8.94%
Business Services 5.02%
Health Care Services 4.48%
Diversified Financial Services 5.73%
Food and Agriculture 6.86%
Technology 2.95%
TOP 10 HOLDINGS BY ISSUER AS OF JANUARY 31, 2008
HOLDING SECTOR % OF NET ASSETS
------- ------ ---------------
CRH PLC Construction and Building Materials 19.99%
Allied Irish Banks PLC Financial 16.50%
IAWS Group PLC Food and Agriculture 6.86%
Ryanair Holdings PLC Transportation 6.40%
Kerry Group PLC, Series A Food and Beverages 4.97%
DCC PLC Business Services 4.86%
Irish Life & Permanent PLC Financial 3.22%
C&C Group PLC Food and Beverages 3.19%
FBD Holdings PLC Diversified Financial Services 3.09%
United Drug PLC Health Care Services 2.96%
2
THE NEW IRELAND FUND, INC.
PORTFOLIO HOLDINGS (UNAUDITED)
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Value (U.S.)
January 31, 2008 Shares (Note A)
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COMMON STOCKS (99.05%)
COMMON STOCKS OF IRISH COMPANIES (99.05%)
AGRICULTURAL OPERATIONS (2.22%)
Origin Enterprises PLC(a)* 428,163 $ 2,535,759
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BUSINESS SERVICES (5.02%)
DCC PLC 202,501 5,556,934
Newcourt Group PLC* 155,655 184,371
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5,741,305
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BUSINESS SUPPORT SERVICES (1.13%)
Veris PLC* 500,000 1,295,529
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COMPUTER SOFTWARE AND SERVICES (0.24%)
IONA Technologies PLC-ADR* 85,928 268,955
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CONSTRUCTION AND BUILDING MATERIALS (25.29%)
CRH PLC 610,929 22,856,016
Grafton Group PLC-UTS 250,831 1,949,752
Kingspan Group PLC 80,595 1,112,029
McInerney Holdings PLC 1,255,467 2,992,748
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28,910,545
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DIVERSIFIED FINANCIAL SERVICES (5.73%)
Boundary Capital PLC(a)* 635,534 489,307
FBD Holdings PLC 83,987 3,531,582
IFG Group PLC 556,276 1,317,799
TVC Holdings PLC(a)* 815,973 1,208,133
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6,546,821
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FINANCIAL (21.11%)
Allied Irish Banks PLC 855,747 18,859,629
Anglo Irish Bank Corp. PLC 114,660 1,595,461
Irish Life & Permanent PLC 232,344 3,680,901
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24,135,991
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FOOD & AGRICULTURE (6.86%)
IAWS Group PLC 386,346 7,839,037
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3
THE NEW IRELAND FUND, INC.
PORTFOLIO HOLDINGS (UNAUDITED) (CONTINUED)
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Value (U.S.)
January 31, 2008 Shares (Note A)
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COMMON STOCKS (CONTINUED)
COMMON STOCKS OF IRISH COMPANIES (CONTINUED)
FOOD AND BEVERAGES (10.30%)
C&C Group PLC 550,158 $ 3,649,256
Fyffes PLC 552,258 752,262
Glanbia PLC 186,411 1,236,484
Kerry Group PLC, Series A 212,306 5,678,572
Total Produce PLC 552,258 457,898
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11,774,472
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FOREST PRODUCTS & PAPER (0.84%)
Smurfit Kappa Group PLC(a)* 71,540 958,598
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HEALTH CARE SERVICES (4.48%)
ICON PLC-Sponsored ADR* 27,817 1,743,570
United Drug PLC 587,476 3,383,597
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5,127,167
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MINING (0.54%)
Kenmare Resources PLC* 738,325 612,173
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PUBLISHING AND NEWS (2.70%)
Independent News & Media PLC 916,258 3,083,586
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REAL ESTATE DEVELOPMENT (0.10%)
Blackrock International Land PLC* 218,009 109,747
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TECHNOLOGY (2.95%)
Horizon Technology Group PLC* 1,321,900 730,039
Norkom Group PLC(a)* 364,481 814,875
Norkom Group PLC* 818,699 1,830,375
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3,375,289
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TELECOMMUNICATIONS (0.60%)
Zamano PLC* 1,100,000 684,039
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TRANSPORTATION (8.94%)
Aer Lingus Group PLC(a)* 249,183 860,740
Aer Lingus Group PLC* 192,627 665,382
Ryanair Holdings PLC* 1,300,000 7,318,033
Ryanair Holdings PLC-Sponsored ADR* 41,285 1,379,745
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10,223,900
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4
THE NEW IRELAND FUND, INC.
PORTFOLIO HOLDINGS (UNAUDITED) (CONTINUED)
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Value (U.S.)
January 31, 2008 Shares (Note A)
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COMMON STOCKS (CONTINUED)
COMMON STOCKS OF IRISH COMPANIES (CONTINUED)
TOTAL COMMON STOCKS OF IRISH COMPANIES
(Cost $70,942,848) $ 113,222,913
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TOTAL COMMON STOCKS BEFORE FOREIGN CURRENCY ON DEPOSIT
(Cost $70,942,848) $ 113,222,913
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Face
Value
FOREIGN CURRENCY ON DEPOSIT (0.00%)
British Pounds Sterling (pound) 549 1,092
Euro (euro) 829 1,227
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TOTAL FOREIGN CURRENCY ON DEPOSIT
(Cost $2,345)** 2,319
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TOTAL INVESTMENTS (99.05%)
(Cost $70,945,193) 113,225,232
OTHER ASSETS AND LIABILITIES (0.95%) 1,085,965
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NET ASSETS (100.00%) $ 114,311,197
===============
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(a) Securities exempt from registration pursuant to Rule 144A under the
Securities Act of 1933, as amended. These securities may only be resold,
in transactions exempt from registration, to qualified institutional
buyers. At January 31, 2008, these securities amounted to $6,867,412 or
6.01% of net assets.
* Non-income producing security.
** Foreign currency held on deposit at JPMorgan Chase & Co.
ADR - American Depositary Receipt traded in U.S. dollars.
UTS - Units
5
THE NEW IRELAND FUND, INC.
NOTES TO PORTFOLIO HOLDINGS (UNAUDITED)
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A. VALUATION AND INVESTMENT PRACTICES:
SECURITY VALUATION: Securities listed on a stock exchange for which market
quotations are readily available are valued at the closing prices on the date of
valuation, or if no such closing prices are available, at the last bid price
quoted on such day. If there are no such quotations available for the date of
valuation, the last available closing price will be used. The value of
securities and other assets for which no market quotations are readily
available, or whose values have been materially affected by events occurring
before the Fund's pricing time but after the close of the securities' primary
markets, are valued by methods deemed by the Board of Directors to represent
fair value. Short-term securities that mature in 60 days or less are valued at
amortized cost.
CURRENCY TRANSLATION: The books and records of the Fund are maintained in
U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the
spot rate of such currencies against U.S. dollars by obtaining from FT-IDC each
day the current 4:00pm London time spot rate and future rate (the future rates
are quoted in 30-day increments) on foreign currency contracts. Net realized
foreign currency gains and losses resulting from changes in exchange rates
include foreign currency gains and losses between trade date and settlement date
on investment securities transactions, foreign currency transactions and the
difference between the amounts of interest and dividends recorded on the books
of the Fund and the amount actually received. The portion of foreign currency
gains and losses related to fluctuation in exchange rates between the initial
purchase trade date and subsequent sale trade date is included in realized gains
and losses on security transactions.
FORWARD FOREIGN CURRENCY CONTRACTS: The Fund may enter into forward
foreign currency contracts for non-trading purposes in order to protect
investment securities and related receivables and payables against future
changes in foreign currency exchange rates. Fluctuations in the value of such
contracts are recorded as unrealized gains or losses; realized gains or losses
include net gains or losses on contracts which have terminated by settlements or
by entering into offsetting commitments. Risks associated with such contracts
include movement in the value of the foreign currency relative to the U.S.
dollar and the ability of the counterparty to perform. There were no such
contracts open in the Fund as of January 31, 2008.
SECURITIES TRANSACTIONS: Securities transactions are recorded as of the
trade date. Realized gains and losses from securities sold are recorded on the
identified cost basis.
B. UNREALIZED APPRECIATION/(DEPRECIATION):
The aggregate cost of investments and the composition of unrealized
appreciation and depreciation on investments and appreciation on assets and
liabilities in foreign currencies on a tax basis as of January 31, 2008 were as
follows:
GROSS
GROSS GROSS UNREALIZED
UNREALIZED UNREALIZED NET UNREALIZED APPRECIATION NET
TOTAL COST OF APPRECIATION DEPRECIATION APPRECIATION ON FOREIGN UNREALIZED
INVESTMENTS ON INVESTMENTS ON INVESTMENTS ON INVESTMENTS CURRENCY APPRECIATION
------------- -------------- -------------- --------------- ------------ ------------
$ 70,945,193 $ 47,927,713 $ (5,647,674) $ 42,280,039 $ 907 $ 42,280,946
6
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THE NEW IRELAND FUND, INC.
DIRECTORS AND OFFICERS
Peter J. Hooper - CHAIRMAN OF THE BOARD
Michael J. Grealy - PRESIDENT AND DIRECTOR
David Dempsey - DIRECTOR
Margaret Duffy _ DIRECTOR
Denis P. Kelleher - DIRECTOR
George G. Moore - DIRECTOR
Lelia Long - TREASURER
Colleen Cummings - ASSISTANT TREASURER
Vincenzo A. Scarduzio - SECRETARY
Salvatore Faia - CHIEF COMPLIANCE OFFICER
PRINCIPAL INVESTMENT ADVISOR
Bank of Ireland Asset Management (U.S.) Limited
300 First Stamford Place
Stamford, Connecticut 06902
ADMINISTRATOR
PFPC Inc.
4400 Computer Drive
Westborough, Massachusetts 01581
CUSTODIANS
JPMorgan Chase & Co.
North America Investment Services
3 Metro Tech - 7th Floor
Brooklyn, New York 11245
SHAREHOLDER SERVICING AGENT
American Stock Transfer & Trust Company
59 Maiden Lane
New York, New York 10038
LEGAL COUNSEL
Seward & Kissel LLP
One Battery Park Plaza
New York, New York 10004
INDEPENDENT PUBLIC REGISTERED ACCOUNTING FIRM
Tait Weller Baker LP
1818 Market Street
Philadelphia, PA 19103
CORRESPONDENCE
ALL CORRESPONDENCE SHOULD BE ADDRESSED TO:
The New Ireland Fund, Inc.
c/o PFPC Inc.
99 High Street
27th Floor
Boston, Massachusetts 02110
TELEPHONE INQUIRIES SHOULD BE DIRECTED TO:
1-800-GO-TO-IRL (1-800-468-6475)
WEBSITE ADDRESS:
www.newirelandfund.com
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IR-QTR 01/08
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the registrant's last fiscal
quarter that have materially affected, or are reasonably likely to
materially affect, the registrant's internal control over financial
reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) THE NEW IRELAND FUND, INC.
By (Signature and Title)* /S/ MICHAEL GREALY
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Michael Grealy, President
(principal executive officer)
Date March 31, 2008
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /S/ MICHAEL GREALY
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Michael Grealy, President
(principal executive officer)
Date March 31, 2008
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By (Signature and Title)* /S/ LELIA LONG
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Lelia Long, Treasurer
(principal financial officer)
Date March 27, 2008
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* Print the name and title of each signing officer under his or her signature.