ITALY FUND INC
NSAR-B, EX-27, 2000-10-06
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<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000785855
<NAME> The Italy Fund Inc.

<S>                             <C>
<PERIOD-TYPE>                  6-MOS
<FISCAL-YEAR-END>                               Jan-31-2001
<PERIOD-END>                                    Jul-31-2000
<INVESTMENTS-AT-COST>                           100,966,526
<INVESTMENTS-AT-VALUE>                          161,271,666
<RECEIVABLES>                                     1,651,251
<ASSETS-OTHER>                                   47,048,034
<OTHER-ITEMS-ASSETS>                                      0
<TOTAL-ASSETS>                                  209,970,951
<PAYABLE-FOR-SECURITIES>                                  0
<SENIOR-LONG-TERM-DEBT>                                   0
<OTHER-ITEMS-LIABILITIES>                        44,062,717
<TOTAL-LIABILITIES>                              44,062,717
<SENIOR-EQUITY>                                           0
<PAID-IN-CAPITAL-COMMON>                         72,002,021
<SHARES-COMMON-STOCK>                             8,051,514
<SHARES-COMMON-PRIOR>                             8,352,714
<ACCUMULATED-NII-CURRENT>                           646,496
<OVERDISTRIBUTION-NII>                                    0
<ACCUMULATED-NET-GAINS>                          33,051,000
<OVERDISTRIBUTION-GAINS>                                  0
<ACCUM-APPREC-OR-DEPREC>                         60,208,717
<NET-ASSETS>                                    165,908,234
<DIVIDEND-INCOME>                                 2,808,972
<INTEREST-INCOME>                                   196,197
<OTHER-INCOME>                                            0
<EXPENSES-NET>                                    1,425,804
<NET-INVESTMENT-INCOME>                           1,579,365
<REALIZED-GAINS-CURRENT>                         32,299,921
<APPREC-INCREASE-CURRENT>                       (10,584,675)
<NET-CHANGE-FROM-OPS>                            23,294,611
<EQUALIZATION>                                            0
<DISTRIBUTIONS-OF-INCOME>                         1,849,433
<DISTRIBUTIONS-OF-GAINS>                         10,421,880
<DISTRIBUTIONS-OTHER>                                     0
<NUMBER-OF-SHARES-SOLD>                                   0
<NUMBER-OF-SHARES-REDEEMED>                               0
<SHARES-REINVESTED>                                       0
<NET-CHANGE-IN-ASSETS>                            5,177,368
<ACCUMULATED-NII-PRIOR>                           1,668,382
<ACCUMULATED-GAINS-PRIOR>                        10,421,141
<OVERDISTRIB-NII-PRIOR>                                   0
<OVERDIST-NET-GAINS-PRIOR>                                0
<GROSS-ADVISORY-FEES>                               839,949
<INTEREST-EXPENSE>                                        0
<GROSS-EXPENSE>                                   1,425,804
<AVERAGE-NET-ASSETS>                            177,345,676
<PER-SHARE-NAV-BEGIN>                                19.240
<PER-SHARE-NII>                                       0.200
<PER-SHARE-GAIN-APPREC>                               2.690
<PER-SHARE-DIVIDEND>                                  0.230
<PER-SHARE-DISTRIBUTIONS>                             1.290
<RETURNS-OF-CAPITAL>                                  0.000
<PER-SHARE-NAV-END>                                  20.610
<EXPENSE-RATIO>                                        1.19



</TABLE>


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