The
New Ireland Fund (IRL) (the "Fund") is a non-diversified
closed-end management investment company registered under the U.S. Investment
Company Act of 1940. Its investment objective is long-term capital appreciation
through investment primarily in equity securities of Irish companies.
The Fund is designed for U.S. and other investors who wish to participate
in the Irish securities markets.
In order
to take advantage of significant changes that have occurred in the Irish
economy over the past few years and to advance the Fund's investment
objective, the investment strategy was revised, in March 2001, to have
a bias towards high growth Irish companies, including listed and unlisted
firms, drawn from the technology, telecommunications and health care
sectors. Since then, due to the broadly based decline in the technology
and telecommunications sectors, this strategy was amended but the bias
continues towards Irish growth companies.
Under normal
circumstances, the Fund will invest at least 80% of its total assets
in equity and fixed income securities of Irish companies. To the extent
that the balance of the Fund's assets is not so invested, it will have
the flexibility to invest the remaining assets in non-Irish companies
that are listed on a recognized stock exchange. The Fund may invest
up to 25% of its assets in equity securities that are not listed on
any securities exchange.
