SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 31, 2001
THE ITALY FUND INC.
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(Exact name of registrant as specified in its charter)
Maryland 811-04517 133346515
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
7 World Trade Center, New York, New York 10048
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(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code: (212) 783-0693
N/A
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(Former name or former address, if changed since last report.)
Item 5. Other Events
On August 22, 2001, The Italy Fund Inc. (the "Fund") announced the
portfolio allocations for the Fund as of July 31, 2001 following its recently
concluded tender offer. The Fund said that the process of raising cash to
fulfill its obligations under the tender offer allowed the Fund to reallocate
its portfolio holdings towards smaller and mid-capitalization companies which it
believes offer greater potential for growth than do larger capitalization
issues. In addition, the Fund said that the greater focus on smaller and
mid-capitalization companies is part of the effort of the Board of Directors
(the "Board") and management of the Fund to enhance shareholder value. The Fund
also announced that the Board approved the reinstatement of the Fund's active
share repurchase program. The Board said it will continue to monitor the Fund's
market price discount to net asset value and consider whether any further
actions are necessary or appropriate.
A copy of the press release issued by the Fund on August 23, 2001 is
attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release of The Italy Fund, dated August 23, 2001
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE ITALY FUND INC.
By: /s/ Heath B. McLendon
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Name: Heath B. McLendon
Title: Chairman of the Board of Directors
Dated: August 23, 2001
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