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000 C000000 785855
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001 A000000 THE ITALY FUND INC.
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008 A000001 SMITH BARNEY MUTUAL FUNDS MANAGEMENT INC.
008 B000001 A
008 C000001 801-8314
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10013
012 A000001 FIRST DATA INVESTOR SERVICES GROUP INC.
012 B000001 84-999999
012 C010001 BOSTON
012 C020001 MA
012 C030001 02205
012 C040001 9134
020 A000001 ABN AMRO
020 C000001 36
020 A000002 ALFRED BERG
020 C000002 24
020 A000003 INTERMOBILIARE SECURITIES
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<PAGE> PAGE 2
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020 C000005 12
020 A000006 CCF
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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SIGNATURE IRVING DAVID
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000785855
[NAME] THE ITALY FUND INC
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] JAN-31-1996
[PERIOD-END] JUL-31-1996
[INVESTMENTS-AT-COST] 83,659,360
[INVESTMENTS-AT-VALUE] 91,732,532
[RECEIVABLES] 397,413
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 1,738,921
[TOTAL-ASSETS] 93,868,866
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 313,132
[TOTAL-LIABILITIES] 313,132
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 95,031,720
[SHARES-COMMON-STOCK] 9,503,089
[SHARES-COMMON-PRIOR] 9,503,089
[ACCUMULATED-NII-CURRENT] 1,729,707
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 11,278,020
[ACCUM-APPREC-OR-DEPREC] 8,072,327
[NET-ASSETS] 93,555,734
[DIVIDEND-INCOME] 1,883,747
[INTEREST-INCOME] 236,619
[OTHER-INCOME] 0
[EXPENSES-NET] 769,264
[NET-INVESTMENT-INCOME] 1,351,102
[REALIZED-GAINS-CURRENT] (4,188,752)
[APPREC-INCREASE-CURRENT] 5,552,775
[NET-CHANGE-FROM-OPS] 2,715,125
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 2,715,125
[ACCUMULATED-NII-PRIOR] 195,998
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 6,906,661
[GROSS-ADVISORY-FEES] 448,344
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 769,264
[AVERAGE-NET-ASSETS] 93,873,597
[PER-SHARE-NAV-BEGIN] 9.56
[PER-SHARE-NII] 0.16
[PER-SHARE-GAIN-APPREC] 0.12
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.84
[EXPENSE-RATIO] 1.64
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
