![]() |
![]() |
Margaret Duffy
Chair of the Board June 20, 2017 |
Sean Hawkshaw
Director & President June 20, 2017 |
1
|
All returns are in US dollars unless stated otherwise
|
Market Index
|
3 Months ended
April 30, 2017 (% return) |
6 Months Ended
April 30, 2017 (% return) |
12 Months ended
April 30, 2017 (% return) |
|||||
Local
|
USD $
|
Local
|
USD $
|
Local
|
USD $
|
|||
IRELAND SE OVERALL (ISEQ)
|
8.2
|
9.0
|
17.1
|
16.3
|
12.9
|
7.3
|
||
MSCI ALL IRELAND CAPPED $
|
8.7
|
9.5
|
17.8
|
17.1
|
12.6
|
7.1
|
||
S&P 500 COMPOSITE
|
5.2
|
5.2
|
13.3
|
13.3
|
17.9
|
17.9
|
Market Index
|
3 Months ended
April 30, 2017 (% return) |
6 Months Ended
April 30, 2017 (% return) |
12 Months ended
April 30, 2017 (% return) |
|||||
Local
|
USD $
|
Local
|
USD $
|
Local
|
USD $
|
|||
NASDAQ COMPOSITE
|
8.0
|
8.0
|
17.2
|
17.2
|
28.2
|
28.2
|
||
FTSE 100
|
2.9
|
5.8
|
5.6
|
11.9
|
20.0
|
6.0
|
||
TOPIX
|
1.6
|
2.6
|
11.2
|
4.8
|
16.7
|
12.1
|
||
EURO STOXX 50
|
11.0
|
11.9
|
17.9
|
17.1
|
22.1
|
16.0
|
||
DAX 30 PERFORMANCE
|
7.8
|
8.6
|
16.6
|
15.9
|
23.9
|
17.8
|
||
FRANCE CAC 40
|
11.5
|
12.3
|
17.8
|
17.0
|
23.2
|
17.1
|
||
AEX INDEX (AEX)
|
10.5
|
11.3
|
16.7
|
15.9
|
22.5
|
16.5
|
||
FTSE 250
|
9.0
|
12.1
|
13.2
|
20.0
|
20.0
|
6.0
|
*
|
Source: Datastream
|
Strongest % move
|
Weakest % move
|
|||
Amryt Pharma
|
+71%
|
Malin Corporation
|
-18%
|
|
Hostelworld Group
|
+58%
|
Greencore Group
|
-10%
|
|
Kingspan Group
|
+43%
|
Green REIT
|
0%
|
|
Origin Enterprises
|
+36%
|
Applegreen
|
+3%
|
|
Ryanair Holdings
|
+26%
|
OneFiftyone Plc
|
+5%
|
●
|
Brexit negotiations will drag on for many months
|
●
|
The Trump administration’s policy agenda will be front and center over the summer. Next up: tax cuts and infrastructure spending – both very important for markets.
|
●
|
President Trump has so far taken little or no action against countries that he views as trading unfairly with the US, including China and Mexico. Will this change?
|
●
|
The US Federal Reserve is likely to continue to raise interest rates, which is normally a negative for markets.
|
●
|
Inflation is picking up globally. While under control so far, an ‘inflation scare’ would certainly unnerve bond markets.
|
●
|
A sudden unexpected slowdown in global growth is certainly not what we expect but can’t be ruled out.
|
Total Return (%)
|
||||
Market Value (a)
|
Net Asset Value (a)
|
|||
Cumulative
|
Average Annual (b)
|
Cumulative
|
Average Annual (b)
|
|
Six Months
|
24.03
|
24.03
|
16.56
|
16.56
|
One Year
|
13.38
|
13.38
|
5.17
|
5.17
|
Three Year
|
34.01
|
10.25
|
22.53
|
7.01
|
Five Year
|
134.23
|
18.56
|
115.90
|
16.64
|
Ten Year
|
6.28
|
0.61
|
11.43
|
1.09
|
Per Share Information and Returns |
Six Months Ended
April 30,
2017
|
||||||||||
2007
|
2008
|
2009
|
2010
|
2011
|
2012
|
2013
|
2014
|
2015
|
2016
|
||
Net Asset Value ($)
|
30.95
|
10.18
|
8.20
|
7.70
|
8.45
|
9.59
|
14.24
|
14.17
|
16.31
|
13.04
|
14.58
|
Income Dividends ($)
|
(0.24)
|
(0.36)
|
(0.33)
|
—
|
(0.06)
|
(0.02)
|
—
|
(0.07)
|
—
|
(0.16)
|
—
|
Capital Gain Distributions ($)
|
(2.40)
|
(4.86)
|
(2.76)
|
—
|
—
|
—
|
—
|
(0.30)
|
(1.13)
|
(2.06)
|
(0.52)
|
Total Return (%) (a)
|
2.88
|
(58.62)
|
26.91
|
(6.10)
|
10.69
|
13.82
|
48.49
|
2.39
|
25.09
|
(5.66)
|
16.56(b)
|
(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 Divident Reinvestment and Cash purchase Plan (the “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 Plan. For more information with regard to the plan, see page 24.
|
(b)
|
Periods less than one year are not annualized.
|
Holding
|
Sector
|
% of Net Assets
|
CRH PLC
|
Construction Materials
|
22.95%
|
Ryanair Holdings PLC
|
Airlines
|
16.15%
|
Paddy Power Betfair PLC
|
Hotels, Restaurants & Leisure
|
9.32%
|
Kingspan Group PLC
|
Building Products
|
4.78%
|
Dalata Hotel Group PLC
|
Hotels, Restaurants & Leisure
|
4.45%
|
Bank of Ireland (The)
|
Banks
|
4.17%
|
Smurfit Kappa Group PLC
|
Containers & Packaging
|
4.15%
|
Glanbia PLC
|
Food Products
|
4.13%
|
Total Produce PLC
|
Food & Staples Retailing
|
3.74%
|
Greencore Group PLC
|
Food Products
|
3.03%
|
April 30, 2017
|
Shares
|
Value (U.S.)
(Note A) |
||||||
COMMON STOCKS (98.09%)
|
||||||||
COMMON STOCKS OF IRISH COMPANIES (93.56%)
|
||||||||
Airlines (16.15%)
|
||||||||
Ryanair Holdings PLC *
|
559,576
|
$
|
9,722,269
|
|||||
Ryanair Holdings PLC - Sponsored ADR*
|
30,956
|
2,845,785
|
||||||
12,568,054
|
||||||||
Banks (4.17%)
|
||||||||
Bank of Ireland (The) *
|
12,894,065
|
3,244,514
|
||||||
Building Products (4.78%)
|
||||||||
Kingspan Group PLC
|
106,996
|
3,722,051
|
||||||
Construction Materials (22.95%)
|
||||||||
CRH PLC
|
489,625
|
17,853,856
|
||||||
Containers & Packaging (4.15%)
|
||||||||
Smurfit Kappa Group PLC
|
120,526
|
3,228,398
|
||||||
Equity Real Estate Investment Trusts (REITs) (2.03%)
|
||||||||
Green, REIT, PLC
|
1,060,464
|
1,576,799
|
||||||
Food & Staples Retailing (3.74%)
|
||||||||
Total Produce PLC
|
1,319,290
|
2,907,261
|
||||||
Food Products (10.39%)
|
||||||||
Glanbia PLC
|
164,684
|
3,214,676
|
||||||
Greencore Group PLC
|
798,342
|
2,357,553
|
||||||
Kerry Group PLC, Series A
|
27,533
|
2,249,979
|
||||||
Origin Enterprises PLC
|
32,506
|
263,796
|
||||||
8,086,004
|
||||||||
Health Care Providers & Services (0.57%)
|
||||||||
UDG Healthcare PLC
|
45,583
|
441,023
|
||||||
Hotels, Restaurants & Leisure (13.76%)
|
||||||||
Dalata Hotel Group PLC *
|
642,664
|
3,458,269
|
||||||
Paddy Power Betfair PLC
|
65,051
|
7,248,990
|
||||||
10,707,259
|
||||||||
Industrial Conglomerates (3.21%)
|
||||||||
DCC PLC
|
7,313
|
675,340
|
||||||
One Fifty One PLC *
|
1,058,643
|
1,822,026
|
||||||
2,497,366
|
||||||||
Internet & Catalog Retail (1.31%)
|
||||||||
Hostelworld Group PLC
|
257,121
|
1,019,499
|
April 30, 2017
|
Shares
|
Value (U.S.)
(Note A) |
||||||
COMMON STOCKS (continued)
|
||||||||
Life Sciences Tools & Services (0.92%)
|
||||||||
Malin Corp PLC *
|
66,330
|
$
|
715,308
|
|||||
Marine (2.50%)
|
||||||||
Irish Continental Group PLC - UTS
|
337,430
|
1,948,083
|
||||||
Media (0.20%)
|
||||||||
Independent News & Media PLC *
|
1,075,911
|
152,359
|
||||||
Pharmaceuticals (0.63%)
|
||||||||
Amryt Pharma PLC *
|
1,804,917
|
491,524
|
||||||
Professional Services (0.21%)
|
||||||||
CPL Resources PLC
|
25,164
|
163,097
|
||||||
Specialty Retail (1.89%)
|
||||||||
Applegreen PLC
|
284,671
|
1,469,838
|
||||||
TOTAL COMMON STOCKS OF IRISH COMPANIES
|
||||||||
(Cost $52,256,338)
|
72,792,293
|
|||||||
COMMON STOCKS OF FRENCH COMPANIES (4.53%)
|
||||||||
Building Products (3.03%)
|
||||||||
Cie de St-Gobain
|
43,591
|
2,352,818
|
||||||
Multi-Utilities (1.50%)
|
||||||||
Veolia Environnement SA
|
61,552
|
1,169,329
|
||||||
TOTAL COMMON STOCKS OF FRENCH COMPANIES
|
||||||||
(Cost $3,032,495)
|
3,522,147
|
|||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $55,288,833)
|
$
|
76,314,440
|
||||||
TOTAL INVESTMENTS (98.09%)
|
||||||||
(Cost $55,288,833)
|
76,314,440
|
|||||||
OTHER ASSETS AND LIABILITIES (1.91%)
|
1,485,048
|
|||||||
NET ASSETS (100.00%)
|
$
|
77,799,488
|
*
|
Non-income producing security.
|
ADR –
|
American Depositary Receipt traded in U.S. dollars.
|
REIT –
|
Real Estate Investment Trust
|
UTS –
|
Units
|
April 30, 2017
|
|
|||||
ASSETS:
|
||||||
Investments at value (Cost $55,288,833) See accompanying schedule
|
U.S.
|
$
|
76,314,440
|
|||
Cash
|
559,639
|
|||||
Foreign Currency (Cost $299,988)
|
306,845
|
|||||
Dividends receivable
|
541,773
|
|||||
Prepaid expenses
|
273,114
|
|||||
Total assets
|
U.S.
|
$
|
77,995,811
|
|||
LIABILITIES:
|
||||||
Investment advisory fee payable (Note B)
|
|
U.S.
|
$
|
38,983
|
||
Printing fees payable
|
32,950
|
|||||
Accrued legal fees payable
|
29,264
|
|||||
Accrued audit fees payable
|
20,949
|
|||||
Administration fee payable (Note B)
|
16,724
|
|||||
Directors' fees and expenses payable
|
9,147
|
|||||
Custody fees payable
|
8,094
|
|||||
Accrued expenses and other payables
|
40,212
|
|||||
Total liabilities
|
196,323
|
|||||
NET ASSETS
|
|
U.S.
|
$
|
77,799,488
|
||
AT APRIL 30, 2017 NET ASSETS CONSISTED OF:
|
||||||
Common Stock, U.S. $.01 Par Value - Authorized 20,000,000 Shares Issued and Outstanding 5,337,618
|
U.S.
|
$
|
53,376
|
|||
Additional paid-in capital
|
55,593,175
|
|||||
Accumulated Net Investment Loss
|
(315,201
|
)
|
||||
Accumulated Net Realized Gain
|
1,423,645
|
|||||
Net Unrealized Appreciation of Securities, Foreign Currency and Net Other Assets
|
21,044,493
|
|||||
TOTAL NET ASSETS
|
U.S.
|
$
|
77,799,488
|
|||
NET ASSET VALUE PER SHARE
|
||||||
(Applicable to 5,337,618 outstanding shares)
|
||||||
(authorized 20,000,000 shares)
|
||||||
(U.S. $77,799,488 ÷ 5,337,618)
|
U.S.
|
$
|
14.58
|
|
|
|
For the
Six Months Ended April 30, 2017 (unaudited) |
|||||||
INVESTMENT INCOME
|
||||||||||
Dividends
|
U.S.
|
$
|
592,191
|
|||||||
Less: Foreign taxes withheld
|
(7,906
|
)
|
||||||||
TOTAL INVESTMENT INCOME
|
584,285
|
|||||||||
EXPENSES
|
||||||||||
Investment advisory fees (Note B)
|
U.S.
|
$
|
229,025
|
|||||||
Directors’ fees
|
103,312
|
|||||||||
Excise tax expense
|
76,189
|
|||||||||
Administration fees (Note B)
|
59,901
|
|||||||||
Legal fees
|
46,936
|
|||||||||
Printing and mailing expenses
|
44,038
|
|||||||||
Compliance fees
|
36,582
|
|||||||||
Investor Services fees
|
21,775
|
|||||||||
Audit fees
|
21,449
|
|||||||||
Insurance premiums
|
19,083
|
|||||||||
Custodian fees (Note B)
|
16,194
|
|||||||||
Transfer agent fees
|
9,525
|
|||||||||
NYSE listing fees
|
8,547
|
|||||||||
Other expenses
|
27,086
|
|||||||||
TOTAL EXPENSES
|
719,642
|
|||||||||
NET INVESTMENT LOSS
|
U.S.
|
$
|
(135,357
|
)
|
||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY
|
||||||||||
Realized gain/(loss) on:
|
||||||||||
Securities transactions
|
651,286
|
|||||||||
Foreign currency transactions
|
(12,130
|
)
|
||||||||
Net realized gain on investments and foreign currency during the period
|
639,156
|
|||||||||
Net change in unrealized appreciation of:
|
||||||||||
Securities
|
10,470,795
|
|||||||||
Foreign currency and net other assets
|
23,069
|
|||||||||
Net unrealized appreciation of investments and foreign currency during the period
|
10,493,864
|
|||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY
|
11,133,020
|
|||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
U.S.
|
$
|
10,997,663
|
|
|
Six Months Ended
April 30, 2017 (unaudited) |
|
Year Ended
October 31, 2016 |
||||||
OPERATIONS:
|
||||||||||
Net investment loss
|
U.S.
|
$
|
(135,357
|
)
|
U.S.
|
$
|
(318,048
|
)
|
||
Net realized gain on investments and foreign currency transactions
|
639,156
|
8,573,993
|
||||||||
Net unrealized appreciation/(depreciation) of investments, foreign currency holdings and net other assets
|
10,493,864
|
(13,224,675
|
)
|
|||||||
Net increase/(decrease) in net assets resulting from operations
|
10,997,663
|
(4,968,730
|
)
|
|||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:
|
||||||||||
Net investment income
|
—
|
(819,264
|
)
|
|||||||
Net realized gains
|
(2,783,034
|
)
|
(10,638,199
|
)
|
||||||
Total distributions
|
(2,783,034
|
)
|
(11,457,463
|
)
|
||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||||
Value of 0 and 302,426 shares issued, respectively, to shareholders in connection with a stock distribution (Note E)
|
—
|
3,910,755
|
||||||||
Net increase in net assets resulting from capital share transactions
|
—
|
3,910,755
|
||||||||
Total Increase/(decrease) in net assets
|
8,214,629
|
(12,515,438
|
)
|
|||||||
NET ASSETS
|
||||||||||
Beginning of period
|
69,584,859
|
82,100,297
|
||||||||
End of period (Including accumulated net investment (loss) of $(315,201) and $(179,844), respectively)
|
U.S.
|
$
|
77,799,488
|
U.S.
|
$
|
69,584,859
|
|
Six Months
Ended April 30, 2017 (unaudited) |
|
|
|
|
|
|||||||||||||||||||
Year Ended October 31, | |||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Operating Perfermance:
|
|||||||||||||||||||||||||
Net Asset Value, Beginning of Period
|
U.S.
|
$
|
13.04
|
$
|
16.31
|
$
|
14.17
|
$
|
14.24
|
$
|
9.59
|
$
|
8.45
|
||||||||||||
Net Investment Income/(Loss)
|
(0.03
|
)
|
(0.06
|
)
|
0.21
|
(0.04
|
)
|
0.11
|
(0.04
|
)
|
|||||||||||||||
Net Realized and Unrealized Gain/(Loss) on Investments
|
2.09
|
(0.88
|
)
|
3.06
|
0.34
|
4.51
|
1.11
|
||||||||||||||||||
Net Increase/(Decrease) in Net Assets Resulting from Investment Operations
|
2.06
|
(0.94
|
)
|
3.27
|
0.30
|
4.62
|
1.07
|
||||||||||||||||||
Distributions to Shareholders from:
|
|||||||||||||||||||||||||
Net Investment Income
|
—
|
(0.16
|
)
|
—
|
(0.07
|
)
|
—
|
(0.02
|
)
|
||||||||||||||||
Net Realized Gains
|
(0.52
|
)
|
(2.06
|
)
|
(1.13
|
)
|
(0.30
|
)
|
—
|
—
|
|||||||||||||||
Total from Distributions
|
(0.52
|
)
|
(2.22
|
)
|
(1.13
|
)
|
(0.37
|
)
|
—
|
(0.02
|
)
|
||||||||||||||
Anti-Dilutive/(Dilutive) Impact of Capital Share Transactions
|
—
|
(0.11)
|
(a)
|
—
|
—
|
0.03
|
(b)
|
0.09
|
(c)
|
||||||||||||||||
Net Asset Value, End of Period
|
U.S.
|
$
|
14.58
|
$
|
13.04
|
$
|
16.31
|
$
|
14.17
|
$
|
14.24
|
$
|
9.59
|
||||||||||||
Share Price, End of Period
|
U.S.
|
$
|
13.86
|
$
|
11.65
|
$
|
13.60
|
$
|
12.25
|
$
|
12.40
|
$
|
8.84
|
||||||||||||
Total NAV Investment Return (d)
|
16.56
|
%(e)
|
(5.66
|
)%
|
25.09
|
%
|
2.39
|
%
|
48.49
|
%
|
13.82
|
%
|
|||||||||||||
Total Market Investment Return (f)
|
24.03
|
%(e)
|
1.08
|
%
|
20.66
|
%
|
1.65
|
%
|
40.27
|
%
|
16.50
|
%
|
|||||||||||||
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
|
|||||||||||||||||||||||||
Net assets, End of Period (000’s)
|
U.S.
|
$
|
77,799
|
$
|
69,585
|
$
|
82,100
|
$
|
71,357
|
$
|
71,684
|
$
|
49,468
|
||||||||||||
Ratio of Net Investment Income/(Loss) to Average Net Assets
|
(0.37
|
)%(g)
|
(0.41
|
)%
|
1.33
|
%
|
(0.26
|
)%
|
0.95
|
%
|
(0.39
|
)%
|
|||||||||||||
Ratio of Operating Expenses to Average Net Assets
|
1.99
|
%(g)
|
1.78
|
%
|
1.68
|
%
|
1.68
|
%
|
2.05
|
%
|
2.66
|
%
|
|||||||||||||
Portfolio Turnover Rate
|
6
|
%(e)
|
22
|
%
|
47
|
%
|
29
|
%
|
35
|
%
|
21
|
%
|
(a)
|
Amount represents $0.11 per share impact for new shares issued as Capital Gain Stock Distribution.
|
(b)
|
Amount represents $0.03 per share impact for shares repurchased by the Fund under the Share Repurchase Program.
|
(c)
|
Amount represents $0.09 per share repurchased by the Fund. $0.09 per share impact represents $0.06 for shares repurchased under the Share Repurchase Program and $0.03 per share impact related to the Tender Offer, which was completed in June, 2012
|
(d)
|
Based on share net asset value and reinvestment of distributions at the price obtained under the Dividend Reinvestment and Cash Purchase Plan.
|
(e)
|
Periods less than one year are not annualized.
|
(f)
|
Based on share market price and reinvestment of distributions at the price obtained under the Dividend Reinvestment and Cash Purchase Plan.
|
(g)
|
Annualized.
|
Level 1 –
|
unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
Level 2 –
|
observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
Level 3 –
|
unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
|
Total
Value at 04/30/17 |
Level 1
Quoted Price |
Level 2
Significant Observable Input |
Level 3
Significant Unobservable Input |
|||||||||||||
Investments in Securities
|
||||||||||||||||
Common Stocks*
|
||||||||||||||||
Industrial Conglomerates
|
$
|
1,822,026
|
$
|
—
|
$
|
1,822,026
|
$
|
—
|
||||||||
Other Industries
|
74,492,414
|
74,492,414
|
—
|
—
|
||||||||||||
Total Investments ^
|
$
|
76,314,440
|
$
|
74,492,414
|
$
|
1,822,026
|
$
|
—
|
*
|
See Portfolio Holdings detail for country breakout.
|
^
|
Investments are disclosed individually on the Portfolio Holdings.
|
Capital
Loss Carryforward
|
Qualified Late
Year Losses
Deferred
|
Undistributed
Ordinary
Income |
Undistributed
Long-Term
Gains |
Net
Unrealized Appreciations
|
||||||||||||||
$
|
—
|
$
|
(179,844
|
)
|
$
|
—
|
$
|
3,567,535
|
$
|
10,550,617
|
Total Cost of
Investments |
Gross
Unrealized Appreciation on Investments |
Gross
Unrealized Depreciation on Investments |
Net Unrealized
Appreciation on Investments |
Net
Unrealized Depreciation on Foreign Currency |
Net
Unrealized Appreciation |
|||||||||||||||||
$
|
55,288,833
|
$
|
25,159,485
|
$
|
(4,133,878
|
)
|
$
|
21,025,607
|
$
|
(6,858
|
)
|
$
|
21,032,465
|
●
|
Directly from the registered shareholder through data provided on applications or other forms and through account inquiries by mail, telephone or e-mail.
|
●
|
From the registered shareholder’s broker as the shares are initially transferred into registered form.
|
Margaret Duffy
|
–
|
Director and Chair of the Board
|
David Dempsey
|
–
|
Director
|
Sean Hawkshaw
|
–
|
Director and President
|
Peter J. Hooper
|
–
|
Director
|
Michael A. Pignataro
|
–
|
Director
|
Lelia Long
|
–
|
Treasurer
|
Angela Ter Maat
|
–
|
Secretary
|
Salvatore Faia
|
–
|
Chief Compliance Officer
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(b)
|
Not Applicable.
|
Period
|
(a)
Total Number of Shares (or Units) Purchased |
(b)
Average Price Paid per Share (or Unit)
|
(c)
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs |
(d)
Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs |
Month #1 11/01/16-11/30/16
|
-
|
-
|
-
|
-
|
Month #2 12/01/16-12/31/16
|
-
|
-
|
-
|
-
|
Month #3 01/01/17-01/31/17
|
-
|
-
|
-
|
-
|
Month #4 02/01/17-02/28/17
|
-
|
-
|
-
|
-
|
Month #5 03/01/17-03/31/17
|
-
|
-
|
-
|
-
|
Month #6 04/01/17-04/30/17
|
-
|
-
|
-
|
-
|
Total
|
-
|
-
|
-
|
-
|
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
(a)
|
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.
|
(b)
|
Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished herewith.
|
(Registrant)
|
The New Ireland Fund, Inc.
|
|
By (Signature and Title)
|
/s/ Sean Hawkshaw
|
|
Sean Hawkshaw, President
|
||
Date
|
June 26, 2017
|
By (Signature and Title)
|
/s/ Sean Hawkshaw
|
|
Sean Hawkshaw, President
|
||
Date
|
June 26, 2017
|
|
By (Signature and Title)
|
/s/ Lelia Long
|
|
Lelia Long, Treasurer
|
||
Date
|
June 26, 2017
|
|
1. |
I have reviewed this report on Form N-CSR of The New Ireland Fund, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5. |
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
June 26, 2017 |
/s/ Sean Hawkshaw
|
|
Sean Hawkshaw, President
|
1. |
I have reviewed this report on Form N-CSR of The New Ireland Fund, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5. |
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
June 26, 2017 |
/s/ Lelia Long
|
|
Lelia Long, Treasurer |
/s/ Sean Hawkshaw
|
/s/ Lelia Long
|
|
Sean Hawkshaw
President, The New Ireland Fund, Inc.
|
Lelia Long
Treasurer, The New Ireland Fund, Inc.
|
|
Dated: June 26, 2017
|
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