<PAGE> PAGE 1
000 B000000 11/30/94
000 C000000 0000858998
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE GROWTH FUND OF SPAIN, INC.
001 B000000 811-6022
001 C000000 3127811121
002 A000000 120 SOUTH LASALLE STREET
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60603
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 KEMPER FINANCIAL SERVICES, INC.
008 B000001 A
008 C000001 801-6634
008 D010001 CHICAGO
008 D020001 IL
008 D030001 60603
008 A000002 BSN GESTION DE PATRIMONIOS, S.A.
008 B000002 S
008 C000002 801-36291
008 D010002 MADRID
008 D050002 SPAIN
008 D060002 23006
012 A000001 INVESTORS FIDUCIARY TRUST COMPANY
012 B000001 85-00535
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64105
012 A000002 UNITED MISSOURI BANK, N.A.
012 B000002 85-10225
<PAGE> PAGE 2
012 C010002 KANSAS CITY
012 C020002 MO
012 C030002 64106
013 A000001 ERNST & YOUNG LLP
013 B010001 CHICAGO
013 B020001 IL
013 B030001 60606
014 A000001 KEMPER FINANCIAL SERVICES, INC.
014 B000001 8-15830
014 A000002 KEMPER SECURITIES, INC.
014 B000002 8-837180
015 A000001 INVESTORS FIDUCIARY TRUST COMPANY
015 B000001 C
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64105
015 E010001 X
015 A000002 UNITED MISSOURI BANK, N.A.
015 B000002 S
015 C010002 KANSAS CITY
015 C020002 MO
015 C030002 64106
015 E010002 X
015 A000003 BANCO SANTANDER
015 B000003 C
015 C010003 MADRID
015 D010003 SPAIN
015 D020003 28022
015 E040003 X
015 A000004 STATE STREET BANK AND TRUST COMPANY
015 B000004 S
015 C010004 BOSTON
015 C020004 MA
015 C030004 02110
015 E010004 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 BSN SOCIEDAD DE VALORES Y BOLSA
020 B000001 FOREIGN
020 C000001 389
020 A000002 BETA CAPITAL
020 B000002 FOREIGN
020 C000002 163
020 A000003 ASESORES BURSETILES
020 B000003 FOREIGN
020 C000003 115
020 A000004 FLEMING
020 B000004 FOREIGN
020 C000004 41
020 A000005 VAL
<PAGE> PAGE 3
020 B000005 FOREIGN
020 C000005 35
020 A000006 F & G INVERSIONES BURSATILES
020 B000006 FOREIGN
020 C000006 35
020 A000007 IBERCORP
020 B000007 FOREIGN
020 C000007 25
020 A000008 S.G. WARBURG & CO., INC.
020 B000008 13-3340045
020 C000008 25
020 A000009 BARCLAYS DE ZOET
020 B000009 FOREIGN
020 C000009 22
020 A000010 BANCO CENTRAL HISPANO
020 B000010 FOREIGN
020 C000010 22
021 000000 946
022 A000001 IFISA
022 B000001 FOREIGN
022 C000001 585953
022 D000001 581720
022 A000002 BANCO EXTERIOR INTERNACIONAL
022 B000002 FOREIGN
022 C000002 287372
022 D000002 283875
022 A000003 ARNHOLD & S. BLEICHROEDER, INC.
022 B000003 13-4959915
022 C000003 769
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 874094
023 D000000 865595
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
<PAGE> PAGE 4
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
<PAGE> PAGE 5
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
<PAGE> PAGE 6
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 C000000 Y
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
<PAGE> PAGE 7
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 155724
071 B000000 156157
071 C000000 182995
071 D000000 85
072 A000000 12
072 B000000 2444
072 C000000 5680
072 D000000 0
072 E000000 0
072 F000000 2135
072 G000000 0
072 H000000 0
072 I000000 0
072 J000000 278
072 K000000 0
072 L000000 40
072 M000000 14
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 89
072 S000000 11
072 T000000 0
<PAGE> PAGE 8
072 U000000 0
072 V000000 0
072 W000000 70
072 X000000 2637
072 Y000000 0
072 Z000000 5487
072AA000000 29335
072BB000000 11023
072CC010000 6006
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 4697
074 B000000 0
074 C000000 28421
074 D000000 3849
074 E000000 0
074 F000000 176546
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 1137
074 K000000 0
074 L000000 852
074 M000000 0
074 N000000 215502
074 O000000 1238
074 P000000 211
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 81
074 S000000 0
074 T000000 213972
074 U010000 17259
074 U020000 0
074 V010000 12.40
074 V020000 0.00
074 W000000 0.0000
074 X000000 874
074 Y000000 0
075 A000000 0
075 B000000 213306
076 000000 10.00
077 A000000 Y
<PAGE> PAGE 9
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 60000
081 A000000 Y
081 B000000 65
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 71
086 B020000 717
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON SHARES
087 A020000 399877109
087 A030000 GSP
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE JEROME L. DUFFY
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000858998
<NAME> GROWTH FUND OF SPAIN, INC.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1994
<PERIOD-END> NOV-30-1994
<INVESTMENTS-AT-COST> 191,627
<INVESTMENTS-AT-VALUE> 208,816
<RECEIVABLES> 1,989
<ASSETS-OTHER> 4,697
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 215,502
<PAYABLE-FOR-SECURITIES> 1,238
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 292
<TOTAL-LIABILITIES> 1,530
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 193,078
<SHARES-COMMON-STOCK> 17,259
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 24,839
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (20,516)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,571
<NET-ASSETS> 213,972
<DIVIDEND-INCOME> 5,843
<INTEREST-INCOME> 2,444
<OTHER-INCOME> 0
<EXPENSES-NET> 2,800
<NET-INVESTMENT-INCOME> 5,487
<REALIZED-GAINS-CURRENT> 18,705
<APPREC-INCREASE-CURRENT> 5,613
<NET-CHANGE-FROM-OPS> 29,805
<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> (717)
<NET-CHANGE-IN-ASSETS> 29,088
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2135
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2800
<AVERAGE-NET-ASSETS> 213,306
<PER-SHARE-NAV-BEGIN> 10.67
<PER-SHARE-NII> .32
<PER-SHARE-GAIN-APPREC> 1.41
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.40
<EXPENSE-RATIO> .001
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
SUPPLEMENTARY REPORT OF INDEPENDENT AUDITORS
Board of Trustees
Kemper Funds
In planning and performing our audit of the financial statements of
each of the Kemper Funds listed in Exhibit A attached hereto (the
"Funds") for the year ended November 30, 1994, we considered their
internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on their financial statements and
to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of the Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgements by management are required
to assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an
internal control structure are to provide management with reasonable,
but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes
in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by the
American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of November 30, 1994.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
ERNST & YOUNG LLP
Chicago, Illinois
January 4, 1995
Kemper Funds Exhibit A
November 30, 1994
Kemper High Income Trust
Kemper Intermediate Government Trust
Kemper Municipal Income Trust
Kemper Mult-Market Income Trust
Kemper Strategic Municipal Income Trust
Growth Fund of Spain
Kemper Strategic Income Fund
KEMPER FINANCIAL SERVICES, INC.
120 S. LaSalle Street, Chicago, IL 60603 312/781-1121
January 26, 1995
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Attn: Filing Desk, Stop 1-4
Re: THE GROWTH FUND OF SPAIN, INC.
(FILE NOS. 33-32814 AND 811-6022)
Dear Sir or Madam:
Enclosed pursuant to Rule 30b-1 under the Investment Company Act of
1940 is the Form N-SAR for the above-referenced Registrant for the
twelve-month period ended November 30, 1994. A wire in the amount
of $125 for the filing fee has been sent to the Mellon Bank.
Very truly yours,
/s/ Maureen A. Miller
Maureen A. Miller
Associate Counsel
MAM/lkw
Enclosures
