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
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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: JULY 31, 2006
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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.
[GRAPHIC OMITTED]
NEW IRELAND FUND
THIRD QUARTER REPORT
JULY 31, 2006
INVESTMENT SUMMARY
TOTAL RETURN (%)
MARKET VALUE NET ASSET VALUE (A)
------------ -------------------
AVERAGE AVERAGE
CUMULATIVE ANNUAL (B) CUMULATIVE ANNUAL (B)
---------- --------- ---------- ----------
Current Quarter (3.83) (3.83) (2.76) (2.76)
One Year 24.69 24.69 18.15 18.15
Three Year 140.19 33.89 118.67 29.77
Five Year 142.70 19.39 119.53 17.02
Ten Year 261.13 13.69 200.81 11.64
PER SHARE INFORMATION AND RETURNS
2006
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 YTD
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Net Asset
Value ($) 16.90 19.99 21.36 19.75 20.06 13.28 11.04 16.29 20.74 24.36 27.83
Income
Dividends ($) (0.14) (0.22) (0.07) -- (0.13) (0.01) (0.03) -- (0.089) (0.03) (0.16)
Capital Gains
Other
Distributions ($) (0.13) (0.36) (0.70) (1.14) (1.60) (2.65) (0.69) -- -- -- (1.77)
Total
Return (%)(a)(b) 26.65 22.46 11.68 (2.79) 13.27 (23.76) (12.07) 47.55 28.14 17.51 24.80
NOTES
(a) Total investment returns reflect changes in net asset value per share
during each period and assume that dividends and capital gains
distributions, if any, were reinvested. These percentages are not an
indication of the performance of a shareholder's investment in the Fund
based on market price.
(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 JULY 31, 2006
(PERCENTAGE OF NET ASSETS)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS
Construction and Building Materials 30.34%
Financial 20.74%
Other Assets 7.01%
Food and Beverages 13.52%
Health Care Services 7.03%
Transportation 5.00%
Business Services 4.53%
Diversified Financial Services 4.43%
Publishing and News 3.59%
Food and Agriculture 3.81%
TOP 10 HOLDINGS BY ISSUER AS OF JULY 31, 2006
HOLDING SECTOR % OF NET ASSETS
------- ------ ---------------
Allied Irish Banks PLC Financial 16.48%
CRH PLC Construction and Building Materials 14.75%
Kingspan Group PLC Construction and Building Materials 8.52%
Kerry Group PLC, Series A Food and Beverages 6.78%
Ryanair Holdings PLC Transportation 5.00%
Grafton Group PLC-UTS Construction and Building Materials 4.97%
C&C Group PLC Food and Beverages 4.85%
DCC PLC Business Services 4.53%
Irish Life & Permanent PLC Diversified Financial Services 4.43%
FBD Holdings PLC Financial 4.26%
2
THE NEW IRELAND FUND, INC.
PORTFOLIO HOLDINGS (UNAUDITED)
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Value (U.S.)
July 31, 2006 Shares (Note A)
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COMMON STOCKS (99.28%)
COMMON STOCKS OF IRISH COMPANIES (97.46%)
BUSINESS SERVICES (4.53%)
DCC PLC 243,763 $ 5,848,246
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BUSINESS SUPPORT SERVICES (1.63%)
Irish Estates PLC* 500,000 2,105,639
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COMPUTER SOFTWARE AND SERVICES (0.55%)
IONA Technologies PLC-ADR* 169,300 711,060
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CONSTRUCTION AND BUILDING MATERIALS (30.34%)
CRH PLC 592,479 19,053,446
Grafton Group PLC-UTS 504,565 6,419,664
Kingspan Group PLC 663,458 10,998,225
McInerney Holdings PLC 196,675 2,723,196
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39,194,531
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DIVERSIFIED FINANCIAL SERVICES (4.43%)
Irish Life & Permanent PLC 248,182 5,716,728
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FINANCIAL (20.74%)
Allied Irish Banks PLC 881,321 21,290,446
FBD Holdings PLC 117,402 5,498,466
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26,788,912
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FOOD AND AGRICULTURE (3.81%)
IAWS Group PLC 266,107 4,924,071
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FOOD AND BEVERAGES (13.52%)
C&C Group PLC 599,170 6,269,948
Fyffes PLC 552,258 1,021,904
Greencore Group PLC 273,386 1,409,476
Kerry Group PLC, Series A 434,434 8,759,532
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17,460,860
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HEALTH CARE SERVICES (7.03%)
ICON PLC-Sponsored ADR* 71,646 4,717,173
United Drug PLC 996,401 4,361,424
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9,078,597
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PUBLISHING AND NEWS (3.59%)
Independent News & Media PLC 1,564,683 4,632,489
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3
THE NEW IRELAND FUND, INC.
PORTFOLIO HOLDINGS (UNAUDITED)(CONTINUED)
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Value (U.S.)
July 31, 2006 Shares (Note A)
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COMMON STOCKS (CONTINUED)
REAL ESTATE DEVELOPMENT (0.11%)
Blackrock International Land PLC* 298,727 $ 144,863
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TECHNOLOGY (2.18%)
Horizon Technology Group PLC* 1,321,900 1,433,896
Norkom Group PLC* 818,699 1,379,108
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2,813,004
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TRANSPORTATION (5.00%)
Ryanair Holdings PLC* 650,000 6,461,760
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TOTAL COMMON STOCKS OF IRISH COMPANIES(Cost $52,618,128) 125,880,760
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COMMON STOCKS OF UNITED KINGDOM COMPANIES (1.82%)
(Cost U.S. $1,991,643)
CONSULTING SERVICES (1.82%)
Rps Group PLC 563,298 2,345,322
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TOTAL INVESTMENT COMPANIES BEFORE
FOREIGN CURRENCY ON DEPOSIT
(Cost $54,609,771) $ 128,226,082
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Face
Value
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FOREIGN CURRENCY ON DEPOSIT (0.22%)
British Pounds Sterling (pound) 267 $ 499
Euro (euro) 222,165 283,515
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TOTAL FOREIGN CURRENCY ON DEPOSIT(Cost $281,842)** 284,014
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TOTAL INVESTMENTS (99.50%)(Cost $54,609,771) 128,510,096
OTHER ASSETS AND LIABILITIES (0.50%) 652,047
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NET ASSETS (100.00%) $ 129,162,143
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* Non-income producing security.
** Foreign currency held on deposit at JP Morgan Chase & Co.
ADR -American Depository Receipt traded in U.S. dollars.
UTS -Units
4
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. 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 July 31, 2006.
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):
At July 31, 2006, 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. $75,721,445 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. $2,105,134.
5
THE NEW IRELAND FUND, INC.
DIRECTORS AND OFFICERS
Peter J. Hooper - CHAIRMAN OF THE BOARD
Brendan Donohoe - PRESIDENT AND DIRECTOR
Margaret Duffy - DIRECTOR
Denis P. Kelleher - DIRECTOR
George G. Moore - DIRECTOR
James M. Walton - 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
75 Holly Hill Lane
Greenwich, Connecticut 06830
ADMINISTRATOR
PFPC Inc.
4400 Computer Drive Westborough,
Massachusetts 01581
CUSTODIANS
JP Morgan Chase & Co.
North America Investment Services
3 Metro Tech - 7th Floor
Brooklyn, New York 11245
SHAREHOLDER SERVICING AGENT
American Stock Transfer & Trust Company
40 Wall Street
New York, New York 10005
LEGAL COUNSEL
Seward & Kissel LLP
One Battery Park Plaza
New York, New York 10004
INDEPENDENT PUBLIC REGISTERED ACCOUNTING FIRM
Grant Thornton LLP
60 Broad Street
New York, NY 10004
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
IR-QTR 07/06
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/ BRENDAN DONOHOE
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Brendan Donohoe, President
(principal executive officer)
Date SEPTEMBER 21, 2006
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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/ BRENDAN DONOHOE
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Brendan Donohoe, President
(principal executive officer)
Date SEPTEMBER 21, 2006
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By (Signature and Title)* /S/ LELIA LONG
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Lelia Long, Treasurer
(principal financial officer)
Date SEPTEMBER 21, 2006
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* Print the name and title of each signing officer under his or her signature.