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
75 Holly Hill Lane
GREENWICH, CT 06830
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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) 869-0111
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Date of fiscal year end: OCTOBER 31
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Date of reporting period: JANUARY 31, 2005
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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, 450 Fifth Street, NW, Washington,
DC 20549-0609. 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 of Investments is attached herewith.
THE NEW IRELAND FUND, INC.
PORTFOLIO HOLDINGS (UNAUDITED)
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Value (U.S.)
January 31, 2005 Shares (Note A)
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COMMON STOCKS (97.82%)
COMMON STOCKS OF IRISH COMPANIES (97.82%)
BUSINESS SERVICES (4.90%)
DCC PLC 243,763 $ 5,509,881
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COMPUTER SOFTWARE AND SERVICES (0.80%)
IONA Technologies PLC-ADR* 169,300 895,597
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CONSTRUCTION AND BUILDING MATERIALS (23.88%)
CRH PLC 504,637 13,373,400
Grafton Group PLC-UTS 417,114 5,094,713
Kingspan Group PLC 675,707 6,614,907
McInerney Holdings PLC 196,675 1,774,110
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26,857,130
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DIVERSIFIED FINANCIAL SERVICES (3.95%)
Irish Life & Permanent PLC 248,182 4,448,344
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FINANCIAL (21.19%)
Allied Irish Banks PLC 920,465 18,297,952
FBD Holdings PLC 202,314 5,538,225
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23,836,177
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FOOD AND AGRICULTURE (4.14%)
IAWS Group PLC 293,851 4,654,026
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FOOD AND BEVERAGES (13.75%)
Fyffes PLC 640,733 1,670,446
Greencore Group PLC 401,256 1,720,849
Kerry Group PLC, Series A 511,857 12,076,820
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15,468,115
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HEALTH CARE SERVICES (7.12%)
ICON PLC-Sponsored ADR* 71,646 2,516,208
United Drug PLC 1,129,687 5,492,781
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8,008,989
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LEISURE AND HOTELS (7.53%)
Jury's Doyle Hotel Group PLC 314,982 5,378,763
Paddy Power PLC 202,495 3,088,343
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8,467,106
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1
THE NEW IRELAND FUND, INC.
PORTFOLIO HOLDINGS (UNAUDITED) (CONTINUED)
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Value (U.S.)
January 31, 2005 Shares (Note A)
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COMMON STOCKS OF IRISH COMPANIES (CONTINUED)
PUBLISHING AND NEWS (2.61%)
Independent News & Media PLC 1,023,832 $ 2,936,140
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REAL ESTATE DEVELOPMENT (0.58%)
Irish Estates PLC*+
(12/22/04 - Cost $669,299) 500,000 651,771
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TECHNOLOGY (1.76%)
Horizon Technology Group PLC* 1,321,900 1,981,626
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TELECOMMUNICATIONS (0.86%)
Eircom Group PLC-144Aa 400,000 972,443
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TRANSPORTATION (4.75%)
Ryanair Holdings PLC* 650,000 5,338,009
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TOTAL COMMON STOCKS OF IRISH COMPANIES
(Cost $46,608,927) 110,025,354
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TOTAL INVESTMENT COMPANIES BEFORE FOREIGN
CURRENCY ON DEPOSIT
(Cost $46,608,927) $ 110,025,354
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Face
January 31, 2005 Value
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FOREIGN CURRENCY ON DEPOSIT (1.93%)
(Interest Bearing)
British Pounds Sterling (pound) 185 348
Euro (euro) 1,663,604 2,168,579
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TOTAL FOREIGN CURRENCY ON DEPOSIT
(Cost $2,247,735)** 2,168,927
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TOTAL INVESTMENTS (99.75%)
(Cost $48,856,662) 112,194,281
OTHER ASSETS AND LIABILITIES (0.25%) 277,103
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NET ASSETS (100.00%)
$ 112,471,384
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a Security exempt from registration pursuant to Rule 144A under the
Securities Act of 1933, as amended.
* Non-income producing security.
** Foreign currency held on deposit at the JPMorgan Chase & Company.
+ Not readily marketable. Date represents acquisition date.
ADR -American Depository Receipt traded in U.S. dollars
UTS -Units
2
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 funds' 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. At January 31, 2005 the Fund held 0.58% of its net assets in
securities valued in good faith with an aggregate cost of $500,000 and fair
value of $651,771. 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, 2005.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded as of the trade date. Realized gains and losses from securities sold
are recorded on the identified cost basis. Dividend income is recorded on the
ex-dividend date except that certain dividends from foreign securities are
recorded as soon as the Fund is informed of the ex-dividend date. Non-cash
dividends, if any, are recorded at the fair market value of the securities
received. Interest income is recorded on the accrual basis.
B. UNREALIZED APPRECIATION/(DEPRECIATION):
At January 31, 2005, aggregate gross unrealized appreciation for all
securities (excluding foreign currency on deposit) in which there was an excess
value over tax cost was U.S. $65,353,921 and aggregate gross unrealized
depreciation for all securities (excluding foreign currency on deposit) in which
there was an excess of tax cost over value was U.S. $1,937,494.
3
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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.
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By (Signature and Title)* /S/ DENIS CURRAN
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Denis Curran, President
(principal executive officer)
Date MARCH 28, 2005
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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/ DENIS CURRAN
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Denis Curran, President
(principal executive officer)
Date MARCH 28, 2005
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By (Signature and Title)* /S/ LELIA LONG
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Lelia Long, Treasurer
(principal financial officer)
Date MARCH 28, 2005
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* Print the name and title of each signing officer under his or her signature.