<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
STATEMENT BY REGISTERED CLOSED-END INVESTMENT COMPANY
WITH RESPECT TO PURCHASES OF ITS OWN SECURITIES PURSUANT
TO RULE N-23C-1 DURING THE LAST CALENDAR MONTH
(See rules and instructions on back of this form.
If acknowledgment is desired, file this form with the Commission
in triplicate.)
REPORT FOR CALENDAR MONTH ENDING: September 2000
The France Growth Fund, Inc.
(Name of registered closed-end investment company)
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<TABLE>
<CAPTION>
----------------- --------------------- -------------- ----------------- ---------------------- --------------------
Approximate Asset
Number of Value or approximate
Shares asset coverage per
Date of each Identification of Purchased Price per Share share at time of Name of Seller or
Transaction Security purchase of Seller's Broker
----------------- --------------------- -------------- ----------------- ---------------------- --------------------
<S> <C> <C> <C> <C> <C>
9/5/00 Common Stock 4,000 14.0625 15.97 PaineWebber, Inc.
----------------- --------------------- -------------- ----------------- ---------------------- --------------------
9/6/00 Common Stock 3,000 14.0000 15.48 PaineWebber, Inc.
----------------- --------------------- -------------- ----------------- ---------------------- --------------------
9/7/00 Common Stock 3,000 13.7500 15.62 PaineWebber, Inc.
----------------- --------------------- -------------- ----------------- ---------------------- --------------------
9/14/00 Common Stock 4,000 13.1875 14.90 PaineWebber, Inc.
----------------- --------------------- -------------- ----------------- ---------------------- --------------------
9/15/00 Common Stock 4,000 13.0000 14.76 PaineWebber, Inc.
----------------- --------------------- -------------- ----------------- ---------------------- --------------------
9/18/00 Common Stock 4,000 12.9375 14.48 PaineWebber, Inc.
----------------- --------------------- -------------- ----------------- ---------------------- --------------------
9/19/00 Common Stock 5,000 12.7513 14.40 PaineWebber, Inc.
----------------- --------------------- -------------- ----------------- ---------------------- --------------------
9/20/00 Common Stock 5,000 12.6875 14.05 PaineWebber, Inc.
----------------- --------------------- -------------- ----------------- ---------------------- --------------------
9/22/00 Common Stock 6,000 12.3750 14.20 PaineWebber, Inc.
----------------- --------------------- -------------- ----------------- ---------------------- --------------------
9/25/00 Common Stock 6,000 12.6250 14.33 PaineWebber, Inc.
----------------- --------------------- -------------- ----------------- ---------------------- --------------------
9/27/00 Common Stock 7,000 12.6875 14.32 PaineWebber, Inc.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
----------------- --------------------- -------------- ----------------- ---------------------- --------------------
Approximate Asset
Number of Value or approximate
Shares asset coverage per
Date of each Identification of Purchased Price per Share share at time of Name of Seller or
Transaction Security purchase of Seller's Broker
----------------- --------------------- -------------- ----------------- ---------------------- --------------------
<S> <C> <C> <C> <C> <C>
----------------- --------------------- -------------- ----------------- ---------------------- --------------------
9/28/00 Common Stock 200 12.7500 14.21 PaineWebber, Inc.
----------------- --------------------- -------------- ----------------- ---------------------- --------------------
9/29/00 Common Stock 3,800 12.6250 14.13 PaineWebber, Inc.
----------------- --------------------- -------------- ----------------- ---------------------- --------------------
</TABLE>
REMARKS: None The France Growth Fund, Inc
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Name of Registrant
By: /s/ Frederick J. Schmidt
Name: Frederick J. Schmidt
Title: Vice President and Treasurer
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