The Italy Fund as of March 31, 2001

Apr 12, 2001, 01:00 ET from The Italy Fund Inc.

    NEW YORK, April 12 /PRNewswire/ -- The Italy Fund Inc. (NYSE:   ITA) as of
 March 31, 2001:
 
     Investment Objective: The Fund seeks long-term capital appreciation
 through investment of at least 65% of assets in a portfolio of Italian
 securities.
 
     Portfolio Composition*
 
      Industry Allocations
 
      Telecommunications       28.7%
      Insurance                12.6
      Banking                  11.4
      Media/Printing           10.8
      Energy/Gas                9.1
      Consumer Products         8.9
      Pharmaceuticals           6.0
      Industrials               4.3
      Textiles/Clothing         4.2
      Holding Companies         2.1
      Automotive                1.2
      Cash                      0.7
 
      Top 10 Holdings
 
      Telecom Italia Spa            Telecommunications       11.6%
      Telecom Italia Mobile Spa     Wireless Telecom          9.5
      Telecom Italia Di Risp        Telecommunications        7.6
      Bipop-Carire Spa              Banking                   7.3
      Recordati Spa                 Pharmaceuticals           6.0
      Saipem                        Energy Services           5.0
      Autogrill                     Restaurant                4.9
      Alleanza Assicurazioni        Insurance                 4.7
      Buzzi Unicem                  Construction              4.3
      Bayeriche Vita Spa            Insurance                 4.3
 
     *Portfolio holdings and weightings are subject to change at any time.
 
     Portfolio Statistics
 
      Inception Date:          February 28, 1986
      Inception Price:         $12.00
      Total Net Assets         $69.9 million
      Market Price             $ 9.50
      NAV                      $10.32
 
     The Italy Fund Inc., a non-diversified investment management company, is
 managed by SSB Citi Fund Management LLC., a wholly-owned subsidiary of Salomon
 Smith Barney Holdings Inc.
 
 

SOURCE The Italy Fund Inc.
    NEW YORK, April 12 /PRNewswire/ -- The Italy Fund Inc. (NYSE:   ITA) as of
 March 31, 2001:
 
     Investment Objective: The Fund seeks long-term capital appreciation
 through investment of at least 65% of assets in a portfolio of Italian
 securities.
 
     Portfolio Composition*
 
      Industry Allocations
 
      Telecommunications       28.7%
      Insurance                12.6
      Banking                  11.4
      Media/Printing           10.8
      Energy/Gas                9.1
      Consumer Products         8.9
      Pharmaceuticals           6.0
      Industrials               4.3
      Textiles/Clothing         4.2
      Holding Companies         2.1
      Automotive                1.2
      Cash                      0.7
 
      Top 10 Holdings
 
      Telecom Italia Spa            Telecommunications       11.6%
      Telecom Italia Mobile Spa     Wireless Telecom          9.5
      Telecom Italia Di Risp        Telecommunications        7.6
      Bipop-Carire Spa              Banking                   7.3
      Recordati Spa                 Pharmaceuticals           6.0
      Saipem                        Energy Services           5.0
      Autogrill                     Restaurant                4.9
      Alleanza Assicurazioni        Insurance                 4.7
      Buzzi Unicem                  Construction              4.3
      Bayeriche Vita Spa            Insurance                 4.3
 
     *Portfolio holdings and weightings are subject to change at any time.
 
     Portfolio Statistics
 
      Inception Date:          February 28, 1986
      Inception Price:         $12.00
      Total Net Assets         $69.9 million
      Market Price             $ 9.50
      NAV                      $10.32
 
     The Italy Fund Inc., a non-diversified investment management company, is
 managed by SSB Citi Fund Management LLC., a wholly-owned subsidiary of Salomon
 Smith Barney Holdings Inc.
 
 SOURCE  The Italy Fund Inc.