-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Au0qqakwTvFWWPnfveHIU4ZITJJnzhVHvLjpgc14IHDY9bW07MgBDXbnTUPgg4CL T5C0x+nQ8lj8bor4fiWB7A== 0000091155-98-000303.txt : 19980504 0000091155-98-000303.hdr.sgml : 19980504 ACCESSION NUMBER: 0000091155-98-000303 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980131 FILED AS OF DATE: 19980501 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ITALY FUND INC CENTRAL INDEX KEY: 0000785855 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: SEC FILE NUMBER: 811-04517 FILM NUMBER: 98608214 BUSINESS ADDRESS: STREET 1: TWO WORLD TRADE CENTER CITY: NEW YORK STATE: NY ZIP: 10048 BUSINESS PHONE: 6175731332 NSAR-B 1 N-SAR (3.0.A) PAGE 1 000 B000000 01/31/98 000 C000000 785855 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 3.0.a 000 J000000 A 001 A000000 THE ITALY FUND INC. 001 B000000 811-4517 001 C000000 2128166560 002 A000000 388 GREENWICH STREE 002 B000000 NEW YORK 002 C000000 NY 002 D010000 10013 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 007 C010100 1 007 C010200 2 007 C010300 3 007 C010400 4 007 C010500 5 007 C010600 6 007 C010700 7 007 C010800 8 007 C010900 9 007 C011000 10 008 A000001 SMITH BARNEY MUTUAL FUND MAMAGEMENT INC. 008 B000001 A 008 C000001 801-3389 008 D010001 NEW YORK 008 D020001 NY 008 D030001 10013 010 A000001 SMITH BARNEY MUTUAL FUND MANAGEMENT INC. 010 B000001 801-14437 010 C010001 NEW YORK 010 C020001 NY 010 C030001 10013 011 A000001 SMITH BARNEY MUTUAL FUND MANAGEMENT INC. 011 B000001 8-81777 011 C010001 NEW YORK 011 C020001 NY 011 C030001 10013 012 A000001 FIRST DATA INVESTORS SERVICES GROUP 012 B000001 84-0000000 012 C010001 BOSTON PAGE 2 012 C020001 MA 012 C030001 02109 013 A000001 KPMG PEAT MARWICK LLP. 013 B010001 NEW YORK 013 B020001 NY 013 B030001 10154 015 A000001 THE CHASE MANHATTAN BANK 015 B000001 C 015 C010001 BROOKLYN 015 C020001 NY 015 C030001 11245 015 E010001 X 018 000000 Y 019 A000000 Y 019 B000000 127 019 C000000 BARNEY0000 020 A000001 SBC WARBURG INC. 020 B000001 N/A 020 C000001 45 020 A000002 ABN AMRO BANK 020 B000002 N/A 020 C000002 16 020 A000003 EUROMOBILIARE S.P.A.MILAN 020 B000003 N/A 020 C000003 12 020 A000004 BANQUE PARIBAS 020 B000004 N/A 020 C000004 8 020 A000005 SOCICTE GENERALE SECURITIES CORP. 020 B000005 N/A 020 C000005 5 020 A000006 BANCA INTERMOBILIARE S.P.A 020 B000006 N/A 020 C000006 5 020 A000007 SALOMON BROTHERS INC. 020 B000007 13-3082694 020 C000007 5 020 A000008 LEHMAN BROTHERS INC. 020 B000008 13-2518466 020 C000008 4 020 A000009 FIDELITY CAPITAL MARKETS 020 B000009 N/A 020 C000009 2 020 C000010 0 021 000000 102 022 C000001 0 022 D000001 0 022 C000002 0 022 D000002 0 022 C000003 0 022 D000003 0 PAGE 3 022 C000004 0 022 D000004 0 022 C000005 0 022 D000005 0 022 C000006 0 022 D000006 0 022 C000007 0 022 D000007 0 022 C000008 0 022 D000008 0 022 C000009 0 022 D000009 0 022 C000010 0 022 D000010 0 023 C000000 0 023 D000000 0 024 000000 N 025 D000001 0 025 D000002 0 025 D000003 0 025 D000004 0 025 D000005 0 025 D000006 0 025 D000007 0 025 D000008 0 027 000000 N 028 A010000 0 028 A020000 0 028 A030000 0 028 A040000 0 028 B010000 0 028 B020000 0 028 B030000 0 028 B040000 0 028 C010000 0 028 C020000 0 028 C030000 0 028 C040000 0 028 D010000 0 028 D020000 0 028 D030000 0 028 D040000 0 028 E010000 0 028 E020000 0 028 E030000 0 028 E040000 0 028 F010000 0 028 F020000 0 028 F030000 0 028 F040000 0 028 G010000 0 PAGE 4 028 G020000 0 028 G030000 0 028 G040000 0 028 H000000 0 045 000000 Y 046 000000 N 047 000000 Y 048 000000 0.750 048 A010000 0 048 A020000 0.000 048 B010000 0 048 B020000 0.000 048 C010000 0 048 C020000 0.000 048 D010000 0 048 D020000 0.000 048 E010000 0 048 E020000 0.000 048 F010000 0 048 F020000 0.000 048 G010000 0 048 G020000 0.000 048 H010000 0 048 H020000 0.000 048 I010000 0 048 I020000 0.000 048 J010000 0 048 J020000 0.000 048 K010000 0 048 K020000 0.000 049 000000 N 050 000000 N 051 000000 N 052 000000 Y 053 A000000 N 055 A000000 N 055 B000000 N 056 000000 N 057 000000 N 058 A000000 N 059 000000 Y 060 A000000 Y 060 B000000 Y 061 000000 0 062 A000000 N 062 B000000 0.0 062 C000000 0.0 062 D000000 0.0 062 E000000 0.0 062 F000000 0.0 062 G000000 0.0 PAGE 5 062 H000000 0.0 062 I000000 0.0 062 J000000 0.0 062 K000000 0.0 062 L000000 0.0 062 M000000 0.0 062 N000000 0.0 062 O000000 0.0 062 P000000 0.0 062 Q000000 0.0 062 R000000 0.0 063 A000000 0 063 B000000 0.0 066 A000000 Y 066 B000000 N 066 C000000 Y 066 D000000 N 066 E000000 N 066 F000000 N 066 G000000 N 067 000000 N 068 A000000 N 068 B000000 Y 069 000000 N 070 A010000 Y 070 A020000 Y 070 B010000 Y 070 B020000 N 070 C010000 Y 070 C020000 N 070 D010000 Y 070 D020000 N 070 E010000 Y 070 E020000 N 070 F010000 Y 070 F020000 N 070 G010000 Y 070 G020000 N 070 H010000 Y 070 H020000 N 070 I010000 Y 070 I020000 N 070 J010000 Y 070 J020000 Y 070 K010000 Y 070 K020000 N 070 L010000 Y 070 L020000 Y 070 M010000 Y 070 M020000 Y 070 N010000 Y PAGE 6 070 N020000 Y 070 O010000 Y 070 O020000 N 070 P010000 N 070 P020000 N 070 Q010000 N 070 Q020000 N 070 R010000 N 070 R020000 N 071 A000000 20679 071 B000000 16855 071 C000000 110166 071 D000000 16 072 A000000 12 072 B000000 152 072 C000000 1998 072 D000000 0 072 E000000 0 072 F000000 1072 072 G000000 0 072 H000000 0 072 I000000 50 072 J000000 90 072 K000000 0 072 L000000 0 072 M000000 120 072 N000000 0 072 O000000 0 072 P000000 0 072 Q000000 0 072 R000000 40 072 S000000 30 072 T000000 0 072 U000000 0 072 V000000 40 072 W000000 15 072 X000000 1457 072 Y000000 0 072 Z000000 693 072AA000000 662 072BB000000 0 072CC010000 23113 072CC020000 0 072DD010000 190 072DD020000 0 072EE000000 0 073 A010000 0.0200 073 A020000 0.0000 073 B000000 0.0000 073 C000000 0.0000 074 A000000 48 PAGE 7 074 B000000 0 074 C000000 0 074 D000000 0 074 E000000 0 074 F000000 137237 074 G000000 0 074 H000000 0 074 I000000 0 074 J000000 0 074 K000000 0 074 L000000 133 074 M000000 553 074 N000000 137971 074 O000000 0 074 P000000 106 074 Q000000 0 074 R010000 152 074 R020000 0 074 R030000 0 074 R040000 0 074 S000000 0 074 T000000 137713 074 U010000 9503 074 U020000 0 074 V010000 14.49 074 V020000 0.00 074 W000000 0.0000 074 X000000 0 074 Y000000 0 075 A000000 0 075 B000000 112792 076 000000 14.49 077 A000000 N 078 000000 N 080 A000000 ICI MUTUAL INSURANCE CO. 080 C000000 78275 081 A000000 Y 081 B000000 127 082 A000000 N 082 B000000 0 083 A000000 N 083 B000000 0 084 A000000 N 084 B000000 0 085 A000000 Y 085 B000000 N SIGNATURE IRVING P. DAVID TITLE CONTROLLER EX-1 2 [ARTICLE] 6 [CIK] 0000785855 [NAME] THE ITALY FUND INC. [PERIOD-TYPE] YEAR [FISCAL-YEAR-END] JAN-31-1998 [PERIOD-END] JAN-31-1998 [INVESTMENTS-AT-COST] 87,818,598 [INVESTMENTS-AT-VALUE] 137,237,499 [RECEIVABLES] 132,630 [ASSETS-OTHER] 600,400 [OTHER-ITEMS-ASSETS] 0 [TOTAL-ASSETS] 137,970,529 [PAYABLE-FOR-SECURITIES] 0 [SENIOR-LONG-TERM-DEBT] 0 [OTHER-ITEMS-LIABILITIES] 258,835 [TOTAL-LIABILITIES] 258,835 [SENIOR-EQUITY] 0 [PAID-IN-CAPITAL-COMMON] 95,031 [SHARES-COMMON-STOCK] 9,503,089 [SHARES-COMMON-PRIOR] 9,503,089 [ACCUMULATED-NII-CURRENT] 0 [OVERDISTRIBUTION-NII] 905,270 [ACCUMULATED-NET-GAINS] 0 [OVERDISTRIBUTION-GAINS] 5,807,136 [ACCUM-APPREC-OR-DEPREC] 49,392,380 [NET-ASSETS] 137,711,694 [DIVIDEND-INCOME] 1,998,219 [INTEREST-INCOME] 152,299 [OTHER-INCOME] 0 [EXPENSES-NET] 1,456,749 [NET-INVESTMENT-INCOME] 693,769 [REALIZED-GAINS-CURRENT] 662,074 [APPREC-INCREASE-CURRENT] 23,113,183 [NET-CHANGE-FROM-OPS] 24,469,020 [EQUALIZATION] 0 [DISTRIBUTIONS-OF-INCOME] 190,062 [DISTRIBUTIONS-OF-GAINS] 0 [DISTRIBUTIONS-OTHER] 0 [NUMBER-OF-SHARES-SOLD] 0 [NUMBER-OF-SHARES-REDEEMED] 0 [SHARES-REINVESTED] 0 [NET-CHANGE-IN-ASSETS] 24,469,026 [ACCUMULATED-NII-PRIOR] 0 [ACCUMULATED-GAINS-PRIOR] 0 [OVERDISTRIB-NII-PRIOR] 917,714 [OVERDIST-NET-GAINS-PRIOR] 6,960,473 [GROSS-ADVISORY-FEES] 1,072,169 [INTEREST-EXPENSE] 0 [GROSS-EXPENSE] 1,456,749 [AVERAGE-NET-ASSETS] 0 [PER-SHARE-NAV-BEGIN] 11.94 [PER-SHARE-NII] 00.07 [PER-SHARE-GAIN-APPREC] 02.50 [PER-SHARE-DIVIDEND] 00.02 [PER-SHARE-DISTRIBUTIONS] 0 [RETURNS-OF-CAPITAL] 0 [PER-SHARE-NAV-END] 14.49 [EXPENSE-RATIO] 01.29 [AVG-DEBT-OUTSTANDING] 0 [AVG-DEBT-PER-SHARE] 0
EX-2 3 To the Shareholders and Board of Directors of The Italy Fund Inc.: In planning and performing our audit of the financial statements of The Italy Fund Inc. (the "Fund") for the year ended January 31, 1998, we considered its internal control, including control activities for safeguarding securities, in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, not to provide assurance on the internal control. The management of the Fund is responsible for establishing and maintaining internal control. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. Generally, controls that are relevant to an audit pertain to the entity's objective of preparing financial statements for external purposes that are fairly presented in conformity with generally accepted accounting principles. Those controls include the safeguarding of assets against unauthorized acquisition, use, or disposition. Because of inherent limitations in internal control, errors or irregularities may occur and not be detected. Also, projection of any evaluation of internal control to future periods is subject to the risk that it may become inadequate because of changes in conditions or that the effectiveness of the design and operation may deteriorate. Our consideration of the internal control would not necessarily disclose all matters in the internal control that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. However, we noted no matters involving the internal control and its operation, including controls for safeguarding securities that we consider to be material weaknesses as defined above. This report is intended solely for the information and use of management, the Board of Directors of the Fund, and the Securities and Exchange Commission. March 16, 1998 -----END PRIVACY-ENHANCED MESSAGE-----