<PAGE> PAGE 1
000 B000000 11/30/97
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 3125377000
002 A000000 222 SOUTH RIVERSIDE PLAZA
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60606
002 D020000 5808
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 SCUDDER KEMPER INVESTMENTS, INC.
008 B000001 A
008 C000001 801-6634
008 D010001 CHICAGO
008 D020001 IL
008 D030001 60606
008 D040001 5808
008 A000002 BSN GESTION DE PATRIMONIOS, S.A., S.G.C.
008 B000002 S
008 C000002 801-36291
008 D010002 MADRID
008 D050002 SPAIN
008 D060002 23006
012 A000001 KEMPER SERVICE COMPANY
012 B000001 84-1713
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64141
<PAGE> PAGE 2
013 A000001 ERNST & YOUNG LLP
013 B010001 CHICAGO
013 B020001 IL
013 B030001 60606
014 A000001 KEMPER DISTRIBUTORS, INC.
014 B000001 8-47765
014 A000002 GRUNTAL SECURITIES, INC.
014 B000002 8-31022
014 A000003 THE GMS GROUP, INC.
014 B000003 8-23936
015 A000001 INVESTORS FIDUCIARY TRUST COMPANY
015 B000001 C
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64105
015 E010001 X
015 A000002 BANCO SANTANDER
015 B000002 C
015 C010002 MADRID
015 D010002 SPAIN
015 D020002 28022
015 E040002 X
015 A000003 STATE STREET BANK AND TRUST COMPANY
015 B000003 S
015 C010003 BOSTON
015 C020003 MA
015 C030003 02110
015 E010003 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 BSN SOCIEDAD DE VALORES Y BOLSA
020 B000001 FOREIGN
020 C000001 132
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000002 13-5674085
020 C000002 86
020 A000003 SCHRODER
020 B000003 FOREIGN
020 C000003 53
020 A000004 ASESORES BURSETILES
020 B000004 FOREIGN
020 C000004 33
020 A000005 BETA CAPITAL
020 B000005 FOREIGN
020 C000005 25
020 A000006 IBERCORP
020 B000006 FOREIGN
020 C000006 19
020 A000007 AHORRO
020 B000007 FOREIGN
<PAGE> PAGE 3
020 C000007 16
020 A000008 BENITO
020 B000008 FOREIGN
020 C000008 14
020 A000009 BANCO SANTANDER
020 B000009 FOREIGN
020 C000009 13
020 A000010 DB SECURITIES
020 B000010 FOREIGN
020 C000010 12
021 000000 437
022 A000001 BANCO EXTERIOR INTERNACIONAL
022 B000001 FOREIGN
022 C000001 395128
022 D000001 135157
022 A000002 J.P. MORGAN SECURITIES INC.
022 B000002 13-3224016
022 C000002 107149
022 D000002 69378
022 A000003 CHASE SECURITIES, INC.
022 B000003 13-3112953
022 C000003 21471
022 D000003 26927
022 A000004 FIRST CHICAGO NBD CORP.
022 B000004 36-0899825
022 C000004 300
022 D000004 300
022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000005 13-5674085
022 C000005 155
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 524203
023 D000000 231762
024 000000 Y
025 A000001 BANCO EXTERIOR INTERNACIONAL
025 B000001 FOREIGN
025 C000001 D
025 D000001 4875
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 N
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 Y
055 B000000 N
056 000000 Y
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 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
<PAGE> PAGE 7
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
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 78793
071 B000000 84753
071 C000000 268401
071 D000000 29
072 A000000 12
072 B000000 723
072 C000000 6410
072 D000000 0
072 E000000 0
072 F000000 2846
072 G000000 0
072 H000000 0
072 I000000 0
072 J000000 358
072 K000000 0
072 L000000 30
072 M000000 25
072 N000000 16
072 O000000 0
<PAGE> PAGE 8
072 P000000 0
072 Q000000 0
072 R000000 72
072 S000000 84
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 32
072 X000000 3463
072 Y000000 0
072 Z000000 3670
072AA000000 43512
072BB000000 22772
072CC010000 47441
072CC020000 0
072DD010000 2854
072DD020000 0
072EE000000 13931
073 A010000 0.1700
073 A020000 0.0000
073 B000000 0.8300
073 C000000 0.0000
074 A000000 15213
074 B000000 0
074 C000000 4875
074 D000000 0
074 E000000 0
074 F000000 298115
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 596
074 K000000 0
074 L000000 439
074 M000000 0
074 N000000 319238
074 O000000 3876
074 P000000 251
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 52
074 S000000 0
074 T000000 315059
074 U010000 16530
074 U020000 0
074 V010000 19.06
074 V020000 0.00
074 W000000 0.0000
074 X000000 674
<PAGE> PAGE 9
074 Y000000 0
075 A000000 0
075 B000000 284263
076 000000 17.00
077 A000000 Y
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
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 60000
081 A000000 Y
081 B000000 98
082 A000000 Y
082 B000000 50
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 310
086 B020000 3942
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
<PAGE> PAGE 10
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE PHILIP J. COLLORA
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1997
ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000858998
<NAME> GROWTH FUND OF SPAIN, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 194,489
<INVESTMENTS-AT-VALUE> 302,990
<RECEIVABLES> 1,035
<ASSETS-OTHER> 15,213
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 319,238
<PAYABLE-FOR-SECURITIES> 3,876
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 303
<TOTAL-LIABILITIES> 4,179
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 183,418
<SHARES-COMMON-STOCK> 16,530
<SHARES-COMMON-PRIOR> 16,840
<ACCUMULATED-NII-CURRENT> 1,625
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 22,057
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 107,959
<NET-ASSETS> 315,059
<DIVIDEND-INCOME> 6,410
<INTEREST-INCOME> 723
<OTHER-INCOME> 0
<EXPENSES-NET> (3,463)
<NET-INVESTMENT-INCOME> 3,670
<REALIZED-GAINS-CURRENT> 20,740
<APPREC-INCREASE-CURRENT> 47,441
<NET-CHANGE-FROM-OPS> 71,851
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,854)
<DISTRIBUTIONS-OF-GAINS> (13,931)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (310)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 51,124
<ACCUMULATED-NII-PRIOR> 2,654
<ACCUMULATED-GAINS-PRIOR> 13,403
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,846
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,463
<AVERAGE-NET-ASSETS> 284,263
<PER-SHARE-NAV-BEGIN> 15.67
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> 4.15
<PER-SHARE-DIVIDEND> (.17)
<PER-SHARE-DISTRIBUTIONS> (.83)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.06
<EXPENSE-RATIO> 1.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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 period ended as of the date listed in Exhibit A
"attached hereto (""Report Date""), we considered their internal"
"control, including control activities for safeguarding securities, in"
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with
"the requirements of Form N-SAR, not to provide assurance on the"
internal control.
The management of the Funds is responsible for establishing and
"maintaining internal control. In fulfilling this responsibility,"
estimates and judgments by management are required to assess the
"expected benefits and related costs of controls. Generally, controls"
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets
"against unauthorized acquisition, use or disposition."
"Because of inherent limitations in internal control, errors or"
"irregularities may occur and not be detected. Also, projection of"
any evaluation of internal control 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 would not necessarily
disclose all matters in the internal control 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 one or more of the internal control
components 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 and its operation, including controls"
"for safeguarding securities, that we consider to be material"
weaknesses as defined above as of Report Date.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
ERNST & YOUNG LLP
"Chicago, Illinois"
20-Jan-98
Kemper Funds Exhibit A
30-Nov-97
Kemper High Income Trust
Kemper Municipal Income Trust
Kemper Multi-Market Income Trust
Kemper Strategic Municipal Income Trust
Kemper Strategic Income Fund
"Kemper Growth Fund of Spain, Inc."
Kemper Value + Growth Fund
Kemper Quantitative Equity Fund
Kemper Europe Fund
Kemper Asian Growth Fund
Kemper Contrarian Fund
Kemper Dreman High Return Equity Fund
Kemper Small Cap Value Fund
