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<SEC-DOCUMENT>0001072613-04-001291.txt : 20040708
<SEC-HEADER>0001072613-04-001291.hdr.sgml : 20040708
<ACCEPTANCE-DATETIME>20040708142156
ACCESSION NUMBER:		0001072613-04-001291
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20040708
GROUP MEMBERS:		CITY OF LONDON INVESTMENT MANAGEMENT CO.

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KOREA FUND INC
		CENTRAL INDEX KEY:			0000748691
		IRS NUMBER:				133226146
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-36819
		FILM NUMBER:		04905871

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVE
		STREET 2:		C/O DEUTSCHE ASSET MANAGEMENT
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		617-295-3986

	MAIL ADDRESS:	
		STREET 1:		DEUTSCHE ASSET MANAGEMENT
		STREET 2:		TWO INTERNATIONAL FUND
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CITY OF LONDON INVESTMENT GROUP PLC
		CENTRAL INDEX KEY:			0001018138
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		10 EASTCHEAP
		STREET 2:		LONDON ENGLAND EC3MLAJ
		CITY:			LONDON
		BUSINESS PHONE:		011441717110771

	MAIL ADDRESS:	
		STREET 1:		10 EASTCHEAP
		STREET 2:		LONDON ENLAND EC3MLAJ
		CITY:			LONDON

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OLLIFF & PARTNERS PLC
		DATE OF NAME CHANGE:	19960705
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>sch13d-a_12787.txt
<DESCRIPTION>COL INVESTMENT GROUP INC. SCHEDULE 13D/A
<TEXT>
- -------------------                                                  -----------
CUSIP NO. 500634100                     13D                          PAGE 1 of 7
- -------------------                                                  -----------


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                 SCHEDULE 13D/A
                                 (Rule 13d-101)
                                (Amendment No. 3)

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
            TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
                                  RULE 13d-2(a)

                               The Korea Fund, Inc
                               -------------------
                                (Name of Issuer)

                     Common Stock, par value $.01 per share
                     --------------------------------------
                         (Title of Class of Securities)

                                    500634100
                                    ---------
                                 (CUSIP Number)

                                 Barry M. Olliff
            c/o City of London Investment Management Company Limited
                     10 Eastcheap, London EC3M ILX, England
                                +44 207 711 0771
                                ----------------
   (Name, Address and Telephone Number of Person Authorized to Receive Notices
                               and Communications)

                                  July 8, 2004
                                  ------------
             (Date of Event Which Requires Filing of This Statement)

If the filing 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(e), (f) or (g), check the following box [X].

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act.

                               (Page 1 of 7 Pages)
<PAGE>
- -------------------                                                  -----------
CUSIP NO. 500634100                     13D                          PAGE 2 of 7
- -------------------                                                  -----------

- --------------------------------------------------------------------------------
     1       NAME OF REPORTING PERSONS
             S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

             City of London Investment Group PLC, a company incorporated under
             the laws of England and Wales.
- ------------ -------------------------------------------------------------------
     2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP            (A) |_|
                                                                         (B) |_|
- ------------ -------------------------------------------------------------------
     3       SEC USE ONLY

- ------------ -------------------------------------------------------------------
     4       SOURCE OF FUNDS*

             OO
- ------------ -------------------------------------------------------------------
     5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
             TO ITEM 2(D) OR 2(E)
                                                                             |_|
- ------------ -------------------------------------------------------------------
     6       CITIZENSHIP OR PLACE OF ORGANIZATION

             England and Wales
- --------------------------------------------------------------------------------
                          7    SOLE VOTING POWER
      NUMBER OF                4,250,282
        SHARES          ------ -------------------------------------------------
     BENEFICIALLY         8    SHARED VOTING POWER
       OWNED BY                0
         EACH           ------ -------------------------------------------------
      REPORTING           9    SOLE DISPOSITIVE POWER
        PERSON                 4,250,282
         WITH           ------ -------------------------------------------------
                         10    SHARED DISPOSITIVE POWER
                               0
- ------------ -------------------------------------------------------------------
    11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

             4,250,282
- ------------ -------------------------------------------------------------------
    12       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
             SHARES
                                                                             |_|
- ------------ -------------------------------------------------------------------
    13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

             9.51%
- ------------ -------------------------------------------------------------------
    14       TYPE OF REPORTING PERSON*

             HC
================================================================================

                               (Page 2 of 7 Pages)
<PAGE>
- -------------------                                                  -----------
CUSIP NO. 500634100                     13D                          PAGE 3 of 7
- -------------------                                                  -----------

- --------------------------------------------------------------------------------
     1       NAME OF REPORTING PERSONS
             S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

             City of London Investment Management Company Limited, a company
             incorporated under the laws of England and Wales.
- ------------ -------------------------------------------------------------------
     2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP            (A) |_|
                                                                         (B) |_|
- ------------ -------------------------------------------------------------------
     3       SEC USE ONLY

- ------------ -------------------------------------------------------------------
     4       SOURCE OF FUNDS

             WC
- ------------ -------------------------------------------------------------------
     5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
             TO ITEMS 2(D) OR 2(E)
                                                                             |_|
- ------------ -------------------------------------------------------------------
     6       CITIZENSHIP OR PLACE OF ORGANIZATION

             England and Wales
- --------------------------------------------------------------------------------
                          7    SOLE VOTING POWER
      NUMBER OF                4,222,262
        SHARES          ------ -------------------------------------------------
     BENEFICIALLY         8    SHARED VOTING POWER
       OWNED BY                0
         EACH           ------ -------------------------------------------------
      REPORTING           9    SOLE DISPOSITIVE POWER
        PERSON                 4,222,262
         WITH           ------ -------------------------------------------------
                         10    SHARED DISPOSITIVE POWER
                               0
- ------------ -------------------------------------------------------------------
    11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

             4,222,262
- ------------ -------------------------------------------------------------------
    12       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
             SHARES
                                                                             |_|
- ------------ -------------------------------------------------------------------
    13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

             9.44%
- ------------ -------------------------------------------------------------------
    14       TYPE OF REPORTING PERSON*

             IA
============ ===================================================================

                               (Page 3 of 7 Pages)
<PAGE>
- -------------------                                                  -----------
CUSIP NO. 500634100                     13D                          PAGE 4 of 7
- -------------------                                                  -----------

This Amendment No. 3 to Schedule 13D (this "Amendment No. 3") should be read in
conjunction with the Schedule 13D filed with the Securities and Exchange
Commission on February 17, 2004 (the "Original Schedule 13D"), with Amendment
No. 1 to Schedule 13D filed with the Securities and Exchange Commission on March
1, 2004 ("Amendment No. 1") and with Amendment No. 2 to Schedule 13D filed with
the Securities and Exchange Commission on May 5, 2004 ("Amendment No. 2" and,
together with Amendment No. 1, the "Amendments") by City of London Investment
Group PLC and City of London Investment Management Company Limited relating to
the shares of common stock, par value $.01 per share (the "Shares"), of The
Korea Fund, Inc., a Maryland corporation (the "Fund"). This Amendment No. 3
amends Items 2, 4, 5 and 7 of the Original Schedule 13D as amended by the
Amendments. All other information in the Original Schedule 13D and the
Amendments remain in effect. All capitalized terms used herein and not otherwise
defined shall have the meanings ascribed thereto in the Original Schedule 13D.


ITEM 2.   IDENTITY AND BACKGROUND.
          -----------------------

          Item 2 is hereby amended to reflect the change in the name of "Global
          Emerging Markets Country Fund" to "Emerging Markets Country Fund."
          Accordingly, the name "Global Emerging Markets Country Fund" contained
          in the third sentence of the third full paragraph is hereby deleted in
          its entirety and replaced with the name "Emerging Markets Country
          Fund."

ITEM 4.   PURPOSE OF TRANSACTION.
          ----------------------

          Item 4 is hereby amended by adding the following:

          On July 8, 2004, CLIM directed the record owner of GEM's shares,
          Mellon Trust of Delaware NA TTEE, Emerging Markets Country Fund, to
          send a letter (the "Nomination Letter") to the Fund so that each of
          Julian Reid and Chris Russell could be nominated for election as a
          Class I Director at the Fund's 2004 Annual Meeting of Stockholders. As
          disclosed in the Nomination Letter, Julian Reid is the Chief Executive
          Officer of 3a Asset Management Limited and the President and the
          Chairman of the Board of Directors of the Saffron Fund, Inc.; and Mr.
          Russell is a consultant of Gavekal Research. The foregoing description
          of the Nomination Letter is not intended to be complete and is
          qualified in its entirety by the complete text of the Nomination
          Letter, which is filed as Exhibit A hereto and is incorporated herein
          by reference.

          The Reporting Persons reserve the right to acquire, or cause to be
          acquired, additional securities of the Fund, to dispose of, or cause
          to be disposed, such securities at any time or to formulate other
          purposes, plans or proposals regarding the Fund or any of its
          securities, to the extent deemed advisable in light of general
          investment and trading policies of the Reporting Persons, market
          conditions or other factors.


                               (Page 4 of 7 Pages)
<PAGE>
- -------------------                                                  -----------
CUSIP NO. 500634100                     13D                          PAGE 5 of 7
- -------------------                                                  -----------

          Other than as set forth above, none of the Reporting Persons or, in
          the case of non-individual Reporting Persons, any of their directors
          or executive officers identified in Item 2, have any present plans or
          proposals which relate to or could result in, any of the matters
          referred to in paragraphs (a) through (j), inclusive, of Item 4 of
          Schedule 13D (although they reserve the right to develop any such
          plans or proposals).

ITEM 5.   INTERESTS IN SECURITIES OF THE ISSUER.
          -------------------------------------

          Items 5(a) and 5(b) below are hereby amended and restated in their
          entirety and Item 5(c) is hereby amended as follows:

          (a) and (b). As of June 30, 2004, EWF, GEM, IEM, GFM, FREE, the
          Accounts and Global owned directly 119,786, 1,127,447, 1,105,727,
          109,686, 316,494, 1,443,122 and 28,020 Shares, respectively,
          representing approximately 0.27%, 2.52%, 2.47%, 0.25%, 0.71%, 3.23%
          and 0.06%, respectively, of the 44.7 million Shares outstanding as of
          February 27, 2004, as implied in the Fund's Form SC TO-I filed with
          the Securities and Exchange Commission on February 27, 2004.

          As of June 30, 2004, CLIG, through its control of CLIM, had sole
          voting and dispositive power with respect to all 4,250,282 Shares
          owned directly by the City of London Funds and the Accounts,
          representing approximately 9.51% of the 44.7 million Shares
          outstanding as of February 27, 2004, as implied in the Fund's Form SC
          TO-I filed with the Securities and Exchange Commission on February 27,
          2004.

          As of June 30, 2004, CLIM, in its capacity as investment adviser to
          the City of London Funds, had sole voting and dispositive power with
          respect to all 4,222,262 Shares owned directly by the City of London
          Funds and the Accounts, representing approximately 9.44% of the 44.7
          million Shares outstanding as of February 27, 2004, as implied in the
          Fund's Form SC TO-I filed with the Securities and Exchange Commission
          on February 27, 2004.

          (c). Information with respect to all transactions in the Shares
          beneficially owned by the Reporting Persons that were effected during
          the past 60 days is set forth in Annex A to this Amendment No. 3.

ITEM 7.   MATERIALS TO BE FILED AS EXHIBITS.
          ---------------------------------

          Item 7 is hereby amended by adding the following:

          Exhibit A. Letter, dated July 8, 2004, from Mellon Trust of Delaware
          NA TTEE, Emerging Markets Country Fund to The Korea Fund, Inc.

                               (Page 5 of 7 Pages)
<PAGE>
- -------------------                                                  -----------
CUSIP NO. 500634100                     13D                          PAGE 6 of 7
- -------------------                                                  -----------

                                    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.


Dated: July 8, 2004


                            CITY OF LONDON INVESTMENT GROUP PLC

                            /s/ Barry M. Olliff
                            -------------------------------------------
                            Name: Barry M. Olliff
                            Title: Director



                            CITY OF LONDON INVESTMENT MANAGEMENT COMPANY LIMITED

                            /s/ Barry M. Olliff
                            -------------------------------------------
                            Name: Barry M. Olliff
                            Title: Director
























                               (Page 6 of 7 Pages)
<PAGE>
- -------------------                                                  -----------
CUSIP NO. 500634100                     13D                          PAGE 7 of 7
- -------------------                                                  -----------

                                     ANNEX A

                    INFORMATION WITH RESPECT TO TRANSACTIONS
                           IN THE FUND'S COMMON STOCK
                           DURING THE PAST SIXTY DAYS

                    Number of Shares      City of London
                    of Common Stock         Fund which          Price Per Share
    Date            Purchased/(Sold)      Purchased/(Sold)           (US$)
    ----          -------------------   -------------------          -----

   6/25/04               4,000               Accounts                 18.55
   6/24/04              96,200               Accounts                 18.39
   6/17/04               2,200                  GFM                   18.19
   6/03/04              13,100               Accounts                 18.16
   6/01/04             (88,200)              Accounts                 19.35
   6/01/04              88,200               Accounts                 19.35
   5/27/04              (4,100)                 EWF                   19.42
   5/07/04              12,100                  GEM                   18.59
   5/06/04              10,000                  GEM                   19.14
   5/05/04              10,000                 FREE                   19.88
   5/03/04                900                   GEM                   19.6
   4/30/04              14,000               Accounts                 19.6
























                               (Page 7 of 7 Pages)

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A
<SEQUENCE>2
<FILENAME>exh99-a_12787.txt
<DESCRIPTION>LETTER DATED JULY 8, 2004
<TEXT>
                                                                       EXHIBIT A
                                                                       ---------

                        MELLON TRUST OF DELAWARE NA TTEE,
                          EMERGING MARKETS COUNTRY FUND



                                                 July 8, 2004

VIA HAND DELIVERY
- -----------------

Mr. John Millette Secretary of The Korea Fund, Inc.
c/o Deutsche Investment Management Americas Inc.
345 Park Avenue
New York, New York 10154

RE:  THE KOREA FUND, INC.: NOMINATION OF DIRECTORS
- ---  ---------------------------------------------



Dear Mr. Millette,

     In accordance with Section 2(11) of the Bylaws of The Korea Fund, Inc. (the
"Fund"), Mellon Trust of Delaware NA TTEE, Emerging Markets Country Fund
("Mellon"), as the record holder of shares of the Fund's Common Stock, hereby
notifies you of its intent to appear in person or by proxy to nominate the
following persons for election as Class I Directors at the Fund's 2004 Annual
Meeting of Stockholders.

1.   Julian Reid

2.   Chris Russell

     Annex A hereto sets forth information concerning each such nominee that is
required to be included in this notice pursuant to Section 2(11) of the Fund's
Bylaws.

     Mellon is the record owner of 500,000 shares of the Fund's Common Stock as
of the date hereof. Mellon's address is 4005 Kennett Pike, Suite 250,
Greenville, DE 19807. Emerging Markets Country Fund ("GEM") is the beneficial
holder of 1,127,447 shares of the Fund's Common Stock as of the date hereof
(including the 500,000 shares held in the name of Mellon). GEM's address is 4005
Kennett Pike, Suite 250, Greenville, DE 19807.

     Although Mellon and GEM have no reason to believe that the above-named
nominees will not serve if elected, Mellon reserves the right to substitute any
of the above-named nominees, prior to the 2004 Annual Meeting of Stockholders,
with another nominee of Mellon's choosing that possesses the requisite
qualifications pursuant to the Fund's Bylaws. In that event, Mellon will provide
notice to you as soon as practicable.

     Mellon reserves the right to increase the number of nominees it proposes in
the event that more than two (2) directors will be elected at the Fund's 2004
Annual Meeting of Stockholders.

     Enclosed are executed letters from each of the above nominees consenting to
being nominated for election as a Class I Director of the Fund and to serving as
a director of the Fund if elected at such meeting.
<PAGE>

         Please be advised that GEM approves and supports the nominations of
Messrs. Reid and Russell as indicated by its signature below. Mellon has entered
into an Indemnification Agreement with City of London Investment Management
Company Limited ("CLIM"), GEM's investment manager, pursuant to which CLIM has
agreed to indemnify Mellon in connection with this matter.

         If any further information is required concerning any of Mellon's
nominees, please do not hesitate to contact us.


                                         Sincerely,
                                         MELLON TRUST OF DELAWARE NA
                                         TTEE, EMERGING MARKETS
                                         COUNTRY FUND



                                         By:  /s/ Sandy S/ McKenna
                                            ------------------------------------
                                         Name:    Sandy S. McKenna
                                         Title:   First Vice President



EMERGING MARKETS COUNTRY FUND


By:  /s/ Tom Griffith
Name:    Tom Griffith
Title:   Director
<PAGE>

                                     ANNEX A
                               NOMINEE INFORMATION


JULIAN M.I. REID

Age:  59
- ---

Business Address:  1 Queen Anne's Gate, London SW 1 H 9 BT
- ----------------

Residence Address:  27 Burton Court, London SW3 452
- -----------------

Principal Occupation During the Past Five Years; Current Directorships:
- ----------------------------------------------------------------------

Chief Executive Officer of 3a Asset Management Limited (since 1998); President
of the Saffron Fund, Inc. (1994-1998, since 2004); Chairman of the Board of
Directors of the Saffron Fund, Inc.(since 1998); Director of JF China Region
Fund, Inc. (since 1997); and Chairman of Morgan's Walk Properties Ltd. (since
2002).

Other Information:
- ------------------

     Mr. Reid will not receive any compensation from Mellon or GEM for his
services as a director of the Fund.

     Mr. Reid is not adverse to the Fund or any of its subsidiaries in any
material pending legal proceedings.

     Mr. Reid is not an interested person of the Fund as defined in the
Investment Company Act of 1940, as amended.

     Mr. Reid does not have any arrangement or understanding with any person
with respect to any future employment by the Fund or its affiliates or with
respect to any future transactions to which the Fund or any of its affiliates
will or may be a party.

     Mr. Reid has not been convicted in any criminal proceedings (excluding
traffic violations or similar misdemeanors) over the past ten years. During the
past five years, Mr. Reid has not been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and, as a result of
such proceeding, was or 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.

     Mr. Reid is not, and in the past year he has not been, a party to any
contract, arrangement or understanding with any person with respect to any
securities of the Fund, including, but not limited to, joint ventures, loan or
option arrangements, puts or calls, guarantees against loss or guarantees of
profit, division of losses or profits, or the giving or withholding of proxies.
<PAGE>

     Mr. Reid does not beneficially own any shares of Common Stock of the Fund.
The dollar range of equity securities beneficially owned by Mr. Reid in the Fund
and in all registered investment companies to be overseen by Mr. Reid within the
Fund's family of investment companies as of the date hereof is none.

     Mr. Reid (a) is completely independent from GEM and its affiliates, (b)
does not receive any compensation from GEM or its affiliates, (c) does not have
an equity interest in GEM or its affiliates, and (d) has been nominated to serve
the interests of the stockholders of the Fund (not the interests of GEM or its
affiliates).

CHRIS RUSSELL

Age: 55
- ---

Business Address: 39 De Vere Gardens, London W8 5AW
- ----------------

Residence Address: 30B Cadogan Square, London, SW1X 0JH
- -----------------

Principal Occupation During the Past Five Years; Current Directorships:
- -----------------------------------------------------------------------

Director of Candover plc (since 2004); Director of LIM Japan Fund (since 2002);
Director of Enhanced Index Funds (since 2002); Director of Investec High Income
Trust (since 2001); Consultant of Gavekal Research (since 2001); Director of
Gartmore Investment Management plc (1997-2001).

Other Information:
- ------------------

     Mr. Russell will not receive any compensation from Mellon or GEM for his
services as a director of the Fund.

     Mr. Russell is not adverse to the Fund or any of its subsidiaries in any
material pending legal proceedings.

     Mr. Russell is not an interested person of the Fund as defined in the
Investment Company Act of 1940, as amended.

     Mr. Russell does not have any arrangement or understanding with any person
with respect to any future employment by the Fund or its affiliates or with
respect to any future transactions to which the Fund or any of its affiliates
will or may be a party.

     Mr. Russell has not been convicted in any criminal proceedings (excluding
traffic violations or similar misdemeanors) over the past ten years. During the
past five years, Mr. Russell has not been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and, as a result of
such proceeding, was or 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.
<PAGE>

     Mr. Russell is not, and in the past year he has not been, a party to any
contract, arrangement or understanding with any person with respect to any
securities of the Fund, including, but not limited to, joint ventures, loan or
option arrangements, puts or calls, guarantees against loss or guarantees of
profit, division of losses or profits, or the giving or withholding of proxies.

     Mr. Russell does not beneficially own any shares of Common Stock of the
Fund. The dollar range of equity securities beneficially owned by Mr. Russell in
the Fund and in all registered investment companies to be overseen by Mr.
Russell within the Fund's family of investment companies as of the date hereof
is none.

     Mr. Russell (a) is completely independent from GEM and its affiliates, (b)
does not receive any compensation from GEM or its affiliates, (c) does not have
an equity interest in GEM or its affiliates, and (d) has been nominated to serve
the interests of the stockholders of the Fund (not the interests of GEM or its
affiliates).

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
