SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

SCHEDULE 13D/A
(Amendment No. 2)
Under the Securities and Exchange Act of 1934

  France Growth Fund, Inc.
(Name of Issuer)

Common Stock
(Title of Class of Securities)

35177k108
(CUSIP Number)

George W. Karpus, President
Karpus Management, Inc. d/b/a
Karpus Investment Management
183 Sullys Trail
Pittsford, New York 14534
(585) 586-4680

(Name, Address, and Telephone Number of Person Authorized to Receive
Notices and Communications)

October 9, 2003
(Date of Event which Requires Filing of this Statement)

If the person has previously filed a statement on Schedule 13G to
report the Acquisition which is the subject of this Schedule 13D,
 and is filing this schedule because of Rule 13d-1 (b) (3) or (4), check
the following box. [ ]

(Page 1 of 5 pages)
There are no exhibits.

















ITEM 1	Security and Issuer
		Common Stock
		France Growth Fund, Inc.
		237 Park Avenue ? Suite 900
		New York, NY   10017
ITEM 2	Identity and Background
a) Karpus Management, Inc. d/b/a Karpus Investment
Management (?KIM?)
George W. Karpus, President, Director and Controlling
Stockholder
		JoAnn VanDegriff, Vice President and Director
		Sophie Karpus, Director
		b) 183 Sullys Trail
		Pittsford, New York 14534
c) Principal business and occupation - Investment Management
for individuals, pension and profit sharing plans, corporations,
		endowments, trust and others, specializing in conservative asset
		management (i.e. fixed income investments).
d) None of George W. Karpus, JoAnn VanDegriff, or Sophie
Karpus (?the Principals?) or KIM has been convicted in the past
five years of any criminal proceeding (excluding traffic
violations).
e) During the last five years none of the principals or KIM has
been a party to a civil proceeding as a result of which any of them
is subject to a judgment, decree or final order enjoining future
violations of or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with
respect to such laws.
		f) Each of the Principals is a United States citizen.
		KIM is a New York corporation.
ITEM 3	Source and Amount of Funds or Other Considerations
KIM, an independent investment advisor, has accumulated shares
of FRF on behalf of accounts that are managed by KIM (?the
Accounts?) under limited powers of attorney.  All funds that
have been utilized in making such purchases are from such
Accounts.
ITEM 4	Purpose of Transaction
KIM has purchased Shares for investment purposes.  Being
primarily a fixed income manager, with a specialty focus in the
closed end fund sector, the profile of FRF fit the investment
guidelines for various Accounts.  Shares have been acquired
since  June 17, 1998.
ITEM 5 	Interest in Securities of the Issuer
A) As of the date of this Report, KIM owns 636,285 shares,
which represents 5.27 % of the outstanding Shares.  Karpus Investment
Management Profit Sharing Plan presently owns 4000 shares purchased
on December 24, 1998 at $14.625 (260 shares), June 24 & 25, 2002 at
$6.81 (500 shares), July 10 at $6.88 (300 shares) and at $6.83 (100
shares), July 22 at $6.10 (100 shares), August 5 at $5.97 (200 shares),
August 14 at $6.05 (100 shares), August 19 at $6.10 (50 shares),
September 3 at $6.08 (50shares), November 7 at $5.65 (100 shares),
November 8 at $5.64 (100 shares), November 11 & 12 at $5.64 (400
shares), November 13 at $5.63 (600 shares), and July 2, 2003 at $6.25
(1040 shares). Dana R. Consler currently owns 400 shares purchased on
February 6, 2002 at $6.85 (150 shares), February 7 at $6.82 (50 shares),
February 15 at $6.94 (50 shares), February 27 at $7.02 (50 shares), and
December 3 at $5.82 (100 shares).  Jo Ann Van Degriff presently owns
500 shares purchased on July 3, 2003 at $6.16 per share.  None of the
other Principals of KIM presently owns shares of FRF.
      b) KIM has the sole power to dispose of and to vote all of such
Shares under limited powers of attorney.
c)  Open market purchases for the last 60 days for the Accounts.
There have been no dispositions and no acquisitions, other than
by such open market purchases,
DATE
SHARES
PRICE PER

DATE
SHARES
PRICE PER


SHARE



SHARE
8/5/2003
950
6.28

9/2/2003
3175
6.45
8/6/2003
1045
6.22

9/10/2003
1515
6.62
8/11/2003
- -1525
6.3

9/10/2003
- -700
6.51
8/14/2003
275
6.35

9/12/2003
2150
6.55
8/20/2003
5425
6.45

9/12/2003
3080
6.55
8/21/2003
385
6.44

9/15/2003
755
6.7
8/29/2003
- -300
6.3

9/17/2003
115
6.65
8/29/2003
100
6.28

9/22/2003
2750
6.66




9/26/2003
200
6.5




9/29/2003
6100
6.52
* Shares from 9/2 and the 2150 shares from 9/12 were transferred into our firm.
The Accounts have the right to receive all dividends from, any
proceeds from the sale of the Shares.  KIM reserves the right to
further accumulate or sell shares. None of the Accounts has an
interest in shares constituting  more than 5% of the Shares
outstanding.
ITEM 6	Contracts, Arrangements, Understandings, or Relationships
	with Respect to Securities of the Issuer.
Except as described above, there are no contracts,
arrangements, understandings or relationships of any kind
among the Principals and KIM and between any of them and any
other person with respect to any of FRF Securities.
ITEM 7	Materials to be Filed as Exhibits
		Not applicable.







































Signature
	After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete,
and correct.
						Karpus Management, Inc.



October 9, 2003 	     	 	  By:________________________
          Date						   Signature
					           George W. Karpus,  President
         Name/Title