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000 C000000 785855
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001 A000000 THE ITALY FUND INC.
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002 B000000 NEW YORK
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008 A000001 SMITH BARNEY MUTUAL FUNDS MANAGEMENT INC.
008 B000001 A
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008 D010001 NEW YORK
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008 D030001 10013
012 A000001 FIRST DATA INVESTOR SERVICES GROUP INC.
012 B000001 84-999999
012 C010001 BOSTON
012 C020001 MA
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012 C040001 9134
020 A000001 INTERMOBILIARE SECURITIES
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<PAGE> PAGE 2
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<PAGE> PAGE 5
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SIGNATURE IRVING DAVID
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000785855
[NAME] THE ITALY FUND INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JAN-31-1996
[PERIOD-END] JAN-31-1996
[INVESTMENTS-AT-COST] 88,675,960
[INVESTMENTS-AT-VALUE] 91,193,888
[RECEIVABLES] 164,553
[ASSETS-OTHER] 555,772
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 91,914,213
[PAYABLE-FOR-SECURITIES] 843,417
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 230,187
[TOTAL-LIABILITIES] 1,073,604
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 95,031,720
[SHARES-COMMON-STOCK] 9,503,089
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 195,998
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (6,906,661)
[ACCUM-APPREC-OR-DEPREC] 2,519,552
[NET-ASSETS] 90,840,609
[DIVIDEND-INCOME] 1,490,771
[INTEREST-INCOME] 871,382
[OTHER-INCOME] 0
[EXPENSES-NET] 1,230,879
[NET-INVESTMENT-INCOME] 1,131,274
[REALIZED-GAINS-CURRENT] (3,663,972)
[APPREC-INCREASE-CURRENT] 216,237
[NET-CHANGE-FROM-OPS] (2,316,461)
[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] (2,506,523)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] (1,010,697)
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 826,121
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,232,019
[AVERAGE-NET-ASSETS] 87,157,007
[PER-SHARE-NAV-BEGIN] 9.82
[PER-SHARE-NII] 0.15
[PER-SHARE-GAIN-APPREC] (0.39)
[PER-SHARE-DIVIDEND] (0.02)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.56
[EXPENSE-RATIO] 1.42
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
