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, 2007
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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.
THE NEW IRELAND FUND
THIRD QUARTER REPORT
JULY 31, 2007
INVESTMENT SUMMARY (UNAUDITED)
TOTAL RETURN (%)
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MARKET VALUE NET ASSET VALUE (A)
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AVERAGE AVERAGE
CUMULATIVE ANNUAL (B) CUMULATIVE ANNUAL (B)
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Current Quarter (21.32) (21.32) (9.89) (9.89)
One Year 20.79 20.79 26.43 26.43
Three Year 110.05 28.07 110.13 28.09
Five Year 266.13 29.64 239.82 27.72
Ten Year 213.31 12.10 211.66 12.04
PER SHARE INFORMATION AND RETURNS
2007
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1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 YTD
Net Asset Value ($) 19.99 21.36 19.75 20.06 13.28 11.04 16.29 20.74 24.36 32.55 32.54
Income Dividends ($) (0.22) (0.07) -- (0.13) (0.01) (0.03) -- (0.09) (0.03) (0.16) (0.24)
Capital Gains
Other Distributions ($) (0.36) (0.70) (1.14) (1.60) (2.65) (0.69) -- -- -- (1.77) (2.40)
Restated Total Return (%) (a) (c) 23.04 11.68 (2.37) 12.86 (20.99) (11.44) 47.55 28.14 17.51 45.97 8.10
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.
(c) The Net Asset Value total return information set forth in the "Per Share
Information and Returns" table for 2002 and prior years, that appeared in
the Annual Report for 2003 and the Semi-Annual Report and the Annual Report
for each of 2004, 2005 and 2006 was calculated using the NAV reinvestment
prices rather than the market reinvestment prices. In order to be
consistent all historic returns should have been calculated using market
reinvestment prices. The information that appeared was 2002 - (12.07)%;
2001 - (23.76)%; 2000 - 13.27%; 1999 - (2.79)%; 1998 - 11.68%; and 1997 -
22.46%. The years of 2002 to 1997 have been restated to be consistent with
the methodology used beginning in 2003 to calculate the total returns. The
Net Asset Value total return information that appears in the table was
calculated using market reinvestment prices.
PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE PERFORMANCE OF THE FUND.
1
PORTFOLIO BY MARKET SECTOR AS OF JULY 31, 2007
(PERCENTAGE OF NET ASSETS)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Construction and Building Materials 30.46%
Financial 18.79%
Other Assets 9.76%
Food and Beverages 9.39%
Health Care Services 5.21%
Transportation 7.68%
Business Services 5.31%
Diversified Financial Services 4.93%
Technology 3.28%
Food and Agriculture 5.19%
TOP 10 HOLDINGS BY ISSUER AS OF JULY 31, 2007
HOLDING SECTOR % OF NET ASSETS
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CRH PLC Construction and Building Materials 16.68%
Allied Irish Banks PLC Financial 14.46%
Kerry Group PLC, Series A Food and Beverages 6.23%
Ryanair Holdings PLC Transportation 6.05%
Kingspan Group PLC Construction and Building Materials 5.70%
Grafton Group PLC-UTS Construction and Building Materials 5.61%
IAWS Group PLC Food and Agriculture 5.19%
Irish Life & Permanent PLC Diversified Financial Services 3.87%
DCC PLC Business Services 3.85%
United Drug PLC Health Care Services 3.02%
2
THE NEW IRELAND FUND, INC.
PORTFOLIO HOLDINGS (UNAUDITED)
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VALUE (U.S.)
JULY 31, 2007 SHARES (NOTE A)
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COMMON STOCKS (100.35%)
COMMON STOCKS OF IRISH COMPANIES (99.19%)
AGRICULTURAL OPERATIONS (1.47%)
Origin Enterprises PLC* 428,163 $ 2,285,755
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BUSINESS SERVICES (5.31%)
CPL Resources PLC 200,982 1,925,800
DCC PLC 202,501 6,001,239
Newcourt Group PLC* 155,655 349,432
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8,276,471
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BUSINESS SUPPORT SERVICES (1.65%)
Veris PLC* 500,000 2,566,594
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COMPUTER SOFTWARE AND SERVICES (0.43%)
IONA Technologies PLC-ADR* 169,300 677,200
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CONSTRUCTION AND BUILDING MATERIALS (30.46%)
CRH PLC 578,260 26,002,457
Grafton Group PLC-UTS 630,458 8,750,845
Kingspan Group PLC 367,799 8,886,098
McInerney Holdings PLC 1,255,467 3,849,543
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47,488,943
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DIVERSIFIED FINANCIAL SERVICES (4.93%)
IFG Group PLC 556,276 1,659,979
Irish Life & Permanent PLC 248,182 6,030,100
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7,690,079
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FINANCIAL (18.79%)
Allied Irish Banks PLC 855,747 22,549,244
Boundary Capital PLC* 635,534 861,251
FBD Holdings PLC 117,402 4,306,914
TVC Holdings PLC* 815,973 1,586,061
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29,303,470
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FOOD AND AGRICULTURE (5.19%)
IAWS Group PLC 386,346 8,091,401
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3
THE NEW IRELAND FUND, INC.
PORTFOLIO HOLDINGS (UNAUDITED)(CONTINUED)
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VALUE (U.S.)
JULY 31, 2007 SHARES (NOTE A)
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COMMON STOCKS (CONTINUED)
COMMON STOCKS OF IRISH COMPANIES (CONTINUED)
FOOD AND BEVERAGES (9.39%)
C&C Group PLC 460,018 $ 3,778,174
Fyffes PLC 552,258 612,326
Kerry Group PLC, Series A 363,898 9,708,393
Total Produce PLC* 552,258 544,290
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14,643,183
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FOREST PRODUCTS AND PAPER (2.28%)
Smurfit Kappa Group PLC (a)* 151,515 3,556,932
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HEALTH CARE SERVICES (5.21%)
ICON PLC-Sponsored ADR* 73,087 3,418,279
United Drug PLC 880,687 4,701,561
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8,119,840
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PUBLISHING AND NEWS (2.61%)
Independent News & Media PLC 916,258 4,076,214
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REAL ESTATE DEVELOPMENT (0.09%)
Blackrock International Land PLC* 218,009 141,452
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TECHNOLOGY (3.28%)
Horizon Technology Group PLC* 1,321,900 1,809,483
Norkom Group PLC* 1,183,180 3,303,975
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5,113,458
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TELECOMMUNICATIONS (0.42%)
Zamano PLC* 1,100,000 647,466
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TRANSPORTATION (7.68%)
Aer Lingus Group PLC (a)* 249,183 835,681
Ryanair Holdings PLC* 1,300,000 9,431,376
Ryanair Holdings PLC-Sponsored ADR* 41,285 1,712,915
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11,979,972
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TOTAL COMMON STOCKS OF IRISH COMPANIES
(Cost $72,100,222) 154,658,430
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4
THE NEW IRELAND FUND, INC.
PORTFOLIO HOLDINGS (UNAUDITED)(CONTINUED)
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VALUE (U.S.)
JULY 31, 2007 SHARES (NOTE A)
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COMMON STOCKS OF UNITED KINGDOM COMPANIES (1.16%)
(Cost U.S. $913,307)
CONSULTING SERVICES (1.16%)
RPS Group PLC 253,237 $ 1,797,220
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TOTAL COMMON STOCKS BEFORE FOREIGN
CURRENCY ON DEPOSIT
(Cost $73,013,529) $ 156,455,650
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5
THE NEW IRELAND FUND, INC.
PORTFOLIO HOLDINGS (UNAUDITED)(CONTINUED)
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FACE VALUE (U.S.)
JULY 31, 2007 VALUE (NOTE A)
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FOREIGN CURRENCY ON DEPOSIT (0.58%)
British Pounds Sterling (POUND) 344 $ 699
Euro (EURO) 662,056 906,256
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TOTAL FOREIGN CURRENCY ON DEPOSIT
(Cost $906,939)** 906,955
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TOTAL INVESTMENTS (100.93%)
(Cost $73,920,468) 157,362,605
OTHER ASSETS AND LIABILITIES (-0.93%) (1,443,206)
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NET ASSETS (100.00%) $ 155,919,399
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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 July 31, 2007, these securities amounted to $4,392,613 or 2.82% 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
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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 July 31, 2007.
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, 2007, the tax cost of securities for Federal Income Tax purposes is
$73,013,529 and the 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. $85,777,186 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. $2,335,065.
7
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THE NEW IRELAND FUND, INC.
DIRECTORS AND OFFICERS
Peter J. Hooper - CHAIRMAN OF THE BOARD
Brendan Donohoe - 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
IR-QTR 07/07
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/ BRENDAN DONOHOE
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Brendan Donohoe, President
(principal executive officer)
Date SEPTEMBER 21, 2007
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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, 2007
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By (Signature and Title)* /S/ LELIA LONG
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Lelia Long, Treasurer
(principal financial officer)
Date SEPTEMBER 26, 2007
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* Print the name and title of each signing officer under his or her signature.