UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-17f-2
Certificate of Accounting of Securities and Similar
Investments in the Custody of
Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
1. Investment Company Act Rule Number: Date examination completed:
February 21, 2003
811-5984 June 30, 2003
2. State identification Number:
AL AK AZ AR CA CO
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CT DE DC FL GA HI
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ID IL IN IA KS KY
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LA ME MD MA MI MN
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MS MO MT NE NV NH
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NJ NM NY NC ND OH
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OK OR PA RI SC SD
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TN TX UT VT VA WA
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WV WI WY PUERTO RICO
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Other (specify):
3. Exact name of investment company as specified in registration statement:
The New Ireland Fund
4. Address of principal executive office (number, street, city, state,
Zip code):
C/o PFPC Inc., 4400 Computer Drive, Westborough, Boston, MA 01581
ATTACHEMENTS:
Management Statement Regarding Compliance with Certain Provisions of the
Investment Company Act of 1940
We, as members of management of The New Ireland Fund, Inc. (the Fund"), are
responsible for complying with the requirements of subsections (b) and (c)
of Rule 17f-2, "Custody of Investments by Registered Management Investment
Companies", of the Investment Company Act of 1940. We are also responsible
for establishing and maintaining effective internal controls over compliance
with those requirements. We have performed an evaluation of the Fund's
compliance with the requirements of subsections (b) and (c) of Rule 17f-2
as of February 21, 2003 and June 30, 2003, and from October 31, 2002
through February 21, 2003 and February 21, 2003 through June 30, 2003.
Based on this evaluation, we assert that the Fund was in compliance with
the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of February 21, 2003 and June 30, 2003, and from
October 31, 2002 through February 21, 2003 and February 21, 2003 through
June 30, 2003, with respect to securities reflected in the investment
account of the Fund.
The New Ireland Fund, Inc.
By: /s/Lelia Long
Treasurer
10/29/03
Date
Report of Independent Accountants
To the Board of Directors of The New Ireland Fund, Inc.:
We have examined management's assertion, included in the accompanying
Management Statement Regarding Compliance with Certain Provisions of the
Investment Company Act of 1940, that The New Ireland Fund, Inc.
(the "Fund") complied with the requirements of subsections (b) and (c)
of Rule 17f-2 under the Investment Company Act of 1940 ("the Act") as
of February 21, 2003 and June 30, 2003. Management is responsible for
the Fund's compliance with those requirements. Our responsibility is
to express an opinion on management's assertion about the Fund's
compliance based on our examinations.
Our examinations were conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Fund's
compliance with those requirements and performing such other procedures as
we considered necessary in the circumstances. Our February 21, 2003 and
June 30, 2003 examinations were made without prior notice to the fund.
Included among our procedures were the following tests performed as of
February 21, 2003 and June 30, 2003, and with respect to agreement of
security purchases and sales, for the period from October 31, 2002
(the date of our last examination), through February 21, 2003 and for
the period from February 21, 2003 through June 30, 2003:
- Confirmation with Bank of Ireland Security Services Limited of all
securities held by institutions in book entry form (the Crest system
of Dublin, Ireland);
- Reconciliation of all such securities between the books and records
of the Fund and the Custodian (Bank of Ireland);
- Agreement of three security purchases and three security sales or
maturities during the period from October 31, 2002 to February 21, 2003
and the period from February 21, 2003 to June 30, 2003, from the books
and records of the Fund to the Bank of Ireland's custody records evidencing
the transfer or receipt of such securities.
We believe that our examinations provide a reasonable basis for our opinion.
Our examinations do not provide a legal determination on the Fund's
compliance with specified requirements.
In our opinion, management's assertion that The New Ireland Fund, Inc.
complied with the requirements of subsections (b) and (c) of Rule 17f-2
of the Investment Company Act of 1940 as of February 21, 2003 and June 30,
2003 with respect to securities reflected in the investment account of the
Fund is fairly stated, in all material respects.
This report is intended solely for the information and use of the Board of
Directors and management of the New Ireland Fund, Inc., and the Securities
and Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.
PriceWaterhouseCoopers, LLP
October 29, 2003