# EDGAR Filing Document

**Accession Number:** 0000858707
**File Stem:** 0001145549-23-017151
**Filing Date:** 2023-3
**Character Count:** 16887
**Document Hash:** 57a8041c1ec1d6a5b0b9937106f4fa98
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017151.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0001145549-23-017151

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230321

**DATE AS OF CHANGE**: 20230321

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEW IRELAND FUND INC
- **CENTRAL INDEX KEY:** 0000858707
- **IRS NUMBER:** 232594503
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05984
- **FILM NUMBER:** 23750401

**BUSINESS ADDRESS:**
- **STREET 1:** KBI GLOBAL INVESTORS (NORTH AMERICA) LTD
- **STREET 2:** 201 WASHINGTON ST. 36TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02108
- **BUSINESS PHONE:** 3027911906

**MAIL ADDRESS:**
- **STREET 1:** KBI GLOBAL INVESTORS (NORTH AMERICA) LTD
- **STREET 2:** 201 WASHINGTON ST. 36TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02108

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IRISH INVESTMENT FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **The New Ireland Fund, Inc.** | **The New Ireland Fund, Inc.** | **The New Ireland Fund, Inc.** |
| *Portfolio Holdings (unaudited)* | *Portfolio Holdings (unaudited)* | *Portfolio Holdings (unaudited)* |
| January 31, 2023 | Shares | Value (U.S.) |
| **COMMON STOCKS (92.31%) (a)** |  |  |
| **COMMON STOCKS OF IRISH COMPANIES (87.70%)** |  |  |
| ***Airlines (3.95%)*** |  |  |
| &nbsp;&nbsp;&nbsp; Ryanair Holdings Plc \* | 39801 | $642768 |
| &nbsp;&nbsp;&nbsp; Ryanair Holdings Plc - Sponsored ADR\* | 9587 | 867911 |
|  |  | 1510679 |
| ***Banks (16.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp; AIB Group Plc | 623745 | 2603910 |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group Plc | 332744 | 3539999 |
|  |  | 6143909 |
| ***Beverages (1.54%)*** |  |  |
| &nbsp;&nbsp;&nbsp; C&C Group Plc \* | 296239 | 588001 |
| ***Building Products (3.79%)*** |  |  |
| &nbsp;&nbsp;&nbsp; Kingspan Group Plc | 22656 | 1448266 |
| ***Construction Materials (24.28%)*** |  |  |
| &nbsp;&nbsp;&nbsp; CRH Plc | 200401 | 9277784 |
| ***Containers & Packaging (5.18%)*** |  |  |
| &nbsp;&nbsp;&nbsp; Smurfit Kappa Group Plc | 47400 | 1980325 |
| ***Food Products (5.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp; Kerry Group Plc, Series A | 20728 | 1936602 |
| ***Hotels, Restaurants & Leisure (19.16%)*** |  |  |
| &nbsp;&nbsp;&nbsp; Dalata Hotel Group Plc \* | 260185 | 1096079 |
| &nbsp;&nbsp;&nbsp; Flutter Entertainment Plc \* | 40235 | 6224387 |
|  |  | 7320466 |
| ***Household Durables (2.48%)*** |  |  |
| &nbsp;&nbsp;&nbsp; Cairn Homes Plc | 537270 | 570072 |
| &nbsp;&nbsp;&nbsp; Glenveagh Properties Plc \* | 369011 | 377500 |
|  |  | 947572 |
| ***Marine (2.86%)*** |  |  |
| &nbsp;&nbsp;&nbsp; Irish Continental Group Plc - UTS | 233944 | 1093624 |
| ***Multi-Utilities (0.42%)*** |  |  |
| &nbsp;&nbsp;&nbsp; Greencoat Renewables Plc | 130279 | 158628 |
| ***Pharmaceuticals (0.00%)*** |  |  |
| &nbsp;&nbsp;&nbsp; Amryt Pharma Plc \* | 4 | – |
| ***Trading Companies & Distributors (2.89%)*** |  |  |
| &nbsp;&nbsp;&nbsp; Grafton Group Plc | 97653 | 1106035 |
| **TOTAL COMMON STOCKS OF IRISH COMPANIES** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $20,033,294) |  | 33511891 |
| **COMMON STOCKS OF FRENCH COMPANIES (2.89%)** |  |  |
| ***Building Products (1.28%)*** |  |  |
| &nbsp;&nbsp;&nbsp; Cie de St-Gobain | 8597 | 491142 |
| ***Multi-Utilities (1.61%)*** |  |  |
| &nbsp;&nbsp;&nbsp; Veolia Environnement SA | 20799 | 614582 |
| **TOTAL COMMON STOCKS OF FRENCH COMPANIES** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $712,489) |  | 1105724 |
| **COMMON STOCKS OF ITALIAN COMPANIES (1.72%)** |  |  |
| ***Electric Utilities (1.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp; Enel SpA | 112262 | 657945 |
| **TOTAL COMMON STOCKS OF ITALIAN COMPANIES** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $738,170) |  | 657945 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $21,483,945) |  | $35275560 |
| **RIGHTS - %** |  |  |
| AMRYT REVENUE CVR (b) | 300819 | – |
| **TOTAL RIGHTS** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $0) |  | **–** |
| **TOTAL INVESTMENTS (92.31%)** |  | 35275560 |
| &nbsp;&nbsp;&nbsp; (Cost $21,483,953) |  |  |
| **OTHER ASSETS AND LIABILITIES (7.69%)** |  | 2939149 |
| **NET ASSETS (100.00%)** |  | $38214709 |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| ADR | American Depositary Receipt traded in U.S. dollars. |
| UTS | Units |
| CVR | Contingent Value Rights |
| (a) | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC. |
| (b) | Value determined using significant unobservable inputs. |

---

------

**Fair Value Measurements:** As described above, the Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. U.S. Generally Accepted Accounting Principles ("GAAP") establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

At the end of each fiscal quarter, management evaluates the Level 2 and Level 3 assets and liabilities, if any, for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listing or delistings on national exchanges.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out of levels are recognized at market value at the end of period. The summary of inputs used to value the Fund's net assets as of January 31, 2023 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Value at** <br> **01/31/2023** | **Level 1 Quoted Price** | **Level 2**<br> **Significant**<br> **Observable**<br> **Input** | **Level 3**<br> **Significant**<br> **Unobservable**<br> **Input** |
| **Investments in Securities** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks\* | $35275560 | $- | $35275560 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights | - | - | - | - |
| **Total Investments^** | $35275560 | $- | $35275560 | $- |

---

*\*See Portfolio Holdings detail for country breakout.*

*^Investments are disclosed individually on the Portfolio Holdings.*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** New Ireland Fund Inc

- **b. Investment Company Act file number:** 811-05984

- **c. CIK number of Registrant:** 0000858707

- **d. LEI of Registrant:** 549300HNB2YXNXXJQ174

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 201 Washington St.

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02108

  - **Telephone number:** 800-468-6475

**Item A.2. Information about the Series.**

- **a. Name of Series:** New Ireland Fund Inc

- **c. LEI of Series:** 549300HNB2YXNXXJQ174

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $39934457.78

**Total Liabilities:** $1723752.96

**Net Assets:** $38210704.82

**Cash Not Reported:** $3827079.93

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 9.70%                | 3.00%                | 11.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $186856.54               | $2831929.88                                |
| Month 2  | $28303.35                | $476204.23                                 |
| Month 3  | $-70280.01               | $4044456.04                                |

### Schedule of Portfolio Investments

| Name                        | Title                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Veolia Environnement SA     | Veolia Environnement SA     | CUSIP: F9686M107<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |     20799 | NS      | $614581.69    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie de Saint-Gobain         | Cie de Saint-Gobain         | CUSIP: N/A<br>LEI: NFONVGN05Z0FMN5PEC35       | Long             | EC               | CORP              | FR        |      8597 | NS      | $491142.32    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AIB Group PLC               | AIB Group PLC               | CUSIP: G0R4HJ106<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |    623745 | NS      | $2603910.25   | 6.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Cairn Homes PLC             | Cairn Homes PLC             | CUSIP: N/A<br>LEI: 635400DPX6WP2KKDOA83       | Long             | EC               | CORP              | IE        |    537270 | NS      | $570072.53    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Greencoat Renewables PLC    | Greencoat Renewables PLC    | CUSIP: N/A<br>LEI: 635400TVSIFFQOB8RB67       | Long             | EC               | CORP              | IE        |    130279 | NS      | $158628.11    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Dalata Hotel Group PLC      | Dalata Hotel Group PLC      | CUSIP: N/A<br>LEI: 635400L2CWET7ONOBJ04       | Long             | EC               | CORP              | IE        |    260185 | NS      | $1096078.53   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment PLC   | Flutter Entertainment PLC   | CUSIP: N/A<br>LEI: 635400EG4YIJLJMZJ782       | Long             | EC               | CORP              | IE        |     40235 | NS      | $6224387.39   | 16.29%            |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                     | CRH PLC                     | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |    200401 | NS      | $9277783.73   | 24.28%            |  |  |  | No            |                  1 | On Loan: No      |
| Kingspan Group PLC          | Kingspan Group PLC          | CUSIP: G52654103<br>LEI: 635400HM7V74SUB9OG75 | Long             | EC               | CORP              | IE        |     22656 | NS      | $1448265.79   | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Kerry Group PLC             | Kerry Group PLC             | CUSIP: G52416107<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |     20728 | NS      | $1936602.37   | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                    | Enel SpA                    | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |    112262 | NS      | $657945.34    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryanair Holdings PLC        | Ryanair Holdings PLC        | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |      9587 | NS      | $867911.11    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Grafton Group PLC           | Grafton Group PLC           | CUSIP: N/A<br>LEI: 635400BE9SBAG61DJ963       | Long             | EC               | CORP              | IE        |     97653 | NS      | $1106034.93   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| C&C Group PLC               | C&C Group PLC               | CUSIP: N/A<br>LEI: 635400LNUHA2LDXXV850       | Long             | EC               | CORP              | IE        |    296239 | NS      | $588000.43    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit Kappa Group PLC     | Smurfit Kappa Group PLC     | CUSIP: N/A<br>LEI: 635400CPLP8H5ITDVT56       | Long             | EC               | CORP              | IE        |     47400 | NS      | $1980324.84   | 5.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Ireland Group PLC   | Bank of Ireland Group PLC   | CUSIP: G0756R109<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |    332744 | NS      | $3539999.11   | 9.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Glenveagh Properties PLC    | Glenveagh Properties PLC    | CUSIP: G39155109<br>LEI: 635400QUQ2YYGMOAK834 | Long             | EC               | CORP              | IE        |    369011 | NS      | $377499.73    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Irish Continental Group PLC | Irish Continental Group PLC | CUSIP: N/A<br>LEI: 635400FQKB6QXERQOC74       | Long             | EC               | CORP              | IE        |    233944 | NS      | $1093624.11   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryanair Holdings PLC        | Ryanair Holdings PLC        | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | IE        |     39801 | NS      | $642768.15    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-15

**Name of Applicant:** New Ireland Fund Inc

**Signature:** /s/Derval Murray

**Name of Signer:** Derval Murray

**Title:** CCO