Smith Barney Fund Management, in a filing with the SEC Friday, has recommended that shareholders of the closed-end, $34.6 million Italy Fund liquidate the fund at a Jan. 30 meeting.

Smith Barney cites a deep discount between the stock (ITA, NYSE) and the fund’s net asset value (NAV), as the reason. The fund was trading at $6.59, a 5.8% discount from the fund’s NAV, as of Dec. 31, 2002, according to Morningstar.

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