The Board approved the policy in order to provide a steady and sustainable quarterly cash distribution to Fund shareholders, and as an additional measure intended to reduce any discount to net asset value ("NAV") at which the Fund's shares have tended to trade.
The Board has determined that the Fund will pay quarterly distributions at an annual rate, set once a year, that is a percentage of the Fund's NAV at its most recent fiscal year end, or in the case of any distribution payable prior to
Among other factors, in approving the managed distribution policy the Board considered the ability of the Fund to sustain the policy and considered that making periodic distributions could increase liquidity for common shareholders and may assist in narrowing the discount to NAV at which shares of common stock have tended to trade. Of course, there can be no guarantee that these benefits will occur or that any improvement would continue. The policy will be subject to regular review by the Board and remains subject to suspension, modification or termination by the Board without notice at any time.
The distributions paid pursuant to the managed distribution policy are expected to be paid from net investment income, net realized capital gains and, to any extent necessary, paid-in capital.
The implementation of the managed distribution policy is subject to the receipt by the Fund of exemptive relief from the
The amounts and sources of distributions for tax reporting purposes will depend on the Fund's investment experience during its fiscal year and may be subject to change based on tax regulations. The Fund is subject to U.S. corporate, tax and securities laws. Under U.S. tax accounting rules, the amount of distributable income for each fiscal year depends on the dividend and interest income received, the actual exchange rates during the entire year between the U.S. dollar and the currencies in which Fund assets are denominated, and on the aggregate gains and losses realized by the Fund during the entire year. Therefore, the exact amount of distributable income for each fiscal year can only be determined as of the end of the Fund's fiscal year,
The Fund held its Annual Meeting of Stockholders on
The Fund is managed by
New Ireland Fund(800) 468-6475