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<SEC-DOCUMENT>0000088053-06-001454.txt : 20061129
<SEC-HEADER>0000088053-06-001454.hdr.sgml : 20061129
<ACCEPTANCE-DATETIME>20061129141612
ACCESSION NUMBER:		0000088053-06-001454
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060930
FILED AS OF DATE:		20061129
DATE AS OF CHANGE:		20061129
EFFECTIVENESS DATE:		20061129

FILER:

	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:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04058
		FILM NUMBER:		061244808

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq093006kor.htm
<DESCRIPTION>N-Q FILING
<TEXT>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><font SIZE=2>UNITED STATES</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>Washington, DC 20549</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><B><font SIZE=2>FORM N-Q</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><B><font SIZE=2>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><B><font SIZE=2>MANAGEMENT INVESTMENT COMPANY</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><b><font size=2>_______________________________ </font></b></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Investment Company Act file number  811-4058</font></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><u><font size=2>The Korea Fund, Inc.</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Exact name of registrant as specified in charter)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2>345 Park Avenue</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>New York, NY  10154</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Address of principal executive offices) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; (Zip code)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>Paul Schubert</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>345 Park Avenue</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>New York, NY  10154</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Name and address of agent for service)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Registrant&#146;s telephone number, including area code:  </font></font><u><font size=2>(212) 454-7190</font></u></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Date of fiscal year end:  </font><u><font size=2>06/30</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Date of reporting period:</font><u><font size=2> 09/30/06</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Form N-Q is to be used by registered management investment companies, other than small business investment companies registered on Form N-5 (&sect;&sect; 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-4). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (&#147;OMB&#148;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450&nbsp;Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &sect; 3507.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2>ITEM 1. SCHEDULE OF INVESTMENTS</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="596" style='border-collapse:collapse; '>
    <tr >
        <td width="381" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=5>Investment Portfolio</font></p> </td>
        <td width="215" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>as of September 30, 2006  (Unaudited)  </font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;border-top:solid 0.5pt;padding-top:1;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>The Korea Fund, Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="600" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top >
            <p style='margin-left:0pt;text-indent:32.25pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><b><font size=1>Shares</font></b></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><b><font size=1>Value ($)</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt'><b><font size=2>Common Stocks 86.0%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt'><b><font size=2>Consumer Discretionary 11.5%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Auto Components 5.1%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Hankook Tire Co., Ltd. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:31.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>2,576,393 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>33,898,117 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Hyundai Mobis  </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>132,642 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>13,639,172 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Nexen Tire Corp. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>191,661 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>3,230,640 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Samsung Climate Control Co., Ltd. (a) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>560,224 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>4,256,814 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>55,024,743</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Diversified Consumer Services 0.6%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>MegaStudy Co., Ltd. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>59,500 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>6,728,137</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Hotels Restaurants &amp; Leisure 1.4%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Hana Tour Service, Inc. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>88,800 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>6,296,940 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Hotel Shilla Co., Ltd. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>581,047 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>9,057,272 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>15,354,212</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Household Durables 1.2%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Humax Co., Ltd. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>215,868 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>6,011,225 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Woongjin Coway Co., Ltd. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>269,700 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>6,583,958 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>12,595,183</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Internet &amp; Catalog Retail 0.3%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>GS Home Shopping, Inc. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>38,044 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>3,063,623</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Media 1.5%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Cheil Communications, Inc. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>46,953 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>10,519,457 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>ON*Media Corp.*  </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>826,500 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>6,184,010 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>16,703,467</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Multiline Retail 1.0%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Taegu Department Store Co., Ltd. (a) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>735,080 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>11,341,789</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Textiles, Apparel &amp; Luxury Goods 0.4%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>BYC Co., Ltd.</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>26,761 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>4,411,853</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt'><b><font size=2>Consumer Staples 10.0%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Beverages 0.6%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Hite Brewery Co., Ltd. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>50,146 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>6,200,351</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Food &amp; Staples Retailing 3.5%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Shinsegae Co., Ltd. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>72,864 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>37,731,424</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Food Products 3.4%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>CJ Corp. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>67,424 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>7,446,032 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Crown Confectionary Co., Ltd. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>64,714 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>7,830,651 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Nam Yang Dairy Products Co., Ltd. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>21,611 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>16,215,387 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Nhong Shim Co., Ltd. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>20,680 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>5,900,766 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>37,392,836</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Personal Products 0.3%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Cosmax, Inc. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>507,600 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>2,698,260</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Tobacco 2.2%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>KT&amp;G Corp. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>396,585 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>24,098,956</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid; '>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt'><b><font size=2>Energy 3.6%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="19" ></td>

        <td width="374" ></td>

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        <td width="10" ></td>

        <td width="86" ></td>

        <td width="19" ></td>

        <td width="58" ></td>

        <td width="24" ></td> </tr> </table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="600" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Oil, Gas &amp; Consumable Fuels</font></b></font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>S-Oil Corp. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>347,601 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>23,252,991 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>SK Corp. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>241,017 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>16,021,104 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>39,274,095</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt'><b><font size=2>Financials 19.3%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Capital Markets 1.5%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Korea Investment Holdings Co., Ltd. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>262,439 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>11,357,334 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Samsung Securities Co., Ltd. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>89,300 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>5,077,242 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>16,434,576</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Commercial Banks 8.1%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Hana Financial Group, Inc. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>170,700 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>7,811,160 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Industrial Bank of Korea  </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>845,100 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>14,468,291 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Jeonbuk Bank (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:31.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>1,757,473 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>15,972,806 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Kookmin Bank  </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>594,638 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>46,879,783 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Kookmin Bank (ADR)  </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>40,412 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>3,153,348 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>88,285,388</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Consumer Finance 1.0%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>LG Card Co., Ltd.* (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>168,221 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>10,702,144</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Insurance 8.7%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Korean Reinsurance Co. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>865,426 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>10,700,644 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Meritz Fire &amp; Marine Insurance Co., Ltd. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:31.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>3,371,030 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>22,194,469 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Samsung Fire &amp; Marine Insurance Co., Ltd.</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>399,710 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>61,461,353 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>94,356,466</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt'><b><font size=2>Health Care 0.5%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Pharmaceuticals</font></b></font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Choongwae Pharma Corp. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:45.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>1,799 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:18.75pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>73,196 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Yuhan Corp. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>34,679 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>5,387,385 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>5,460,581</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt'><b><font size=2>Industrials 10.4%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Airlines 1.1%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Korean Air Lines Co., Ltd. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>324,800 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>11,910,763</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Building Products 0.2%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Samwoo EMC Co., Ltd.</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>510,926 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>2,024,806</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Commercial Services &amp; Supplies 1.1%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>S1 Corp. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>306,554 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>11,938,193</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Construction &amp; Engineering 2.2%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>GS Engineering &amp; Construction Corp. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>153,500 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>10,738,917 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Hyundai Engineering &amp; Construction Co., Ltd.*  </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>206,400 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>11,102,520 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Samho International Co., Ltd. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>141,088 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>1,975,605 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>23,817,042</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Electrical Equipment 1.9%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Seoul Semiconductor Co., Ltd. (a) (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:31.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>1,292,915 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>21,451,800</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Industrial Conglomerates 1.1%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Samsung Techwin Co., Ltd. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>289,200 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>11,858,346</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Machinery 0.5%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>JVM Co., Ltd.*  </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>136,039 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>5,146,839 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>NEPES Corp.*  </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:55.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>26 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:28.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>249 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>5,147,088</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Road &amp; Rail 1.5%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Korea Express Co., Ltd.*  </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>219,344 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>16,110,339</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Trading Companies &amp; Distributors 0.8%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="394" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Samsung Corp. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>288,100 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>9,133,950</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid; '>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt'><b><font size=2>Information Technology 19.3%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="394" ></td>

        <td width="10" ></td>

        <td width="96" ></td>

        <td width="19" ></td>

        <td width="58" ></td>

        <td width="24" ></td> </tr> </table>
            </div>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="600" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Electronic Equipment &amp; Instruments 1.6%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Ace Digitech Co., Ltd.* (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>187,935 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>3,088,390 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>INTOPS Co., Ltd. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>82,497 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>2,528,310 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>KH Vatec Co., Ltd.* (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>96,631 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>1,444,997 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>SE Co., Ltd. (c) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>636,950 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:36.75pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>0 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>SFA Engineering Corp. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>315,573 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>10,255,081 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>17,316,778</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Internet Software &amp; Services 1.8%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Ahnlab, Inc. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>80,869 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>1,683,613 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>NHN Corp. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>170,445 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>17,886,593 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>19,570,206</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Semiconductors &amp; Semiconductor Equipment 15.9%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Phoenix PDE Co., Ltd. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>582,100 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>3,364,953 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Samsung Electronics Co., Ltd. (d) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>230,350 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:.75pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>161,640,581 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Simm Tech Co., Ltd. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>739,583 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>8,284,893 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>173,290,427</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt'><b><font size=2>Materials 7.0%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Chemicals 0.7%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>LG Chem Ltd. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>121,334 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>4,821,304 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Youlchon Chemical Co., Ltd. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>224,695 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>2,184,617 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>7,005,921</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Metals &amp; Mining 6.3%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Dongkuk Steel Mill Co., Ltd. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>381,185 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>7,190,650 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Korea Zinc Co., Ltd. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>62,300 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>5,629,220 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font SIZE=1>POSCO  </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>215,697 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>55,847,572 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>68,667,442</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt'><b><font size=2>Telecommunication Services 4.4%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Diversified Telecommunication Services 0.7%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>LG Dacom Corp. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>328,200 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>7,942,700</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Wireless Telecommunication Services 3.7%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>SK Telecom Co., Ltd. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>187,154 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>39,853,666</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>Total Common Stocks</font></b><font size=1> (Cost $300,877,494)</font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
            <p style='margin-left:0pt;text-indent:17.25pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>934,897,551</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt'><b><font size=2>Preferred Stocks 13.4%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt'><b><font size=2>Consumer Discretionary 6.3%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Automobiles</font></b></font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Hyundai Motor Co. (b) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>841,120 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>42,667,117 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Hyundai Motor Co. (2nd)  </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>499,954 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>26,100,637 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>68,767,754</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt'><b><font size=2>Consumer Staples 1.4%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Food Products</font></b></font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>CJ Corp. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>176,578 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>9,964,877 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>CJ Corp. (2nd)  </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>34,073 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>3,312,778 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>CJ Corp. (3rd) (Convertible)  </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>20,126 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>1,935,499 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>15,213,154</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt'><b><font size=2>Energy 0.5%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Oil, Gas &amp; Consumable Fuels</font></b></font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>S-Oil Corp. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>105,626 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>5,570,132</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt'><b><font size=2>Financials 3.0%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Capital Markets 0.5%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Daishin Securities Co., Ltd. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>399,181 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>5,800,517</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid; '>
        <td colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Insurance 2.5%</font></b></font></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="19" ></td>

        <td width="374" ></td>

        <td width="10" ></td>

        <td width="77" ></td>

        <td width="19" ></td>

        <td width="19" ></td>

        <td width="58" ></td>

        <td width="24" ></td> </tr> </table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="600" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td colspan="3" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Samsung Fire &amp; Marine Insurance Co., Ltd. </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=top >
            <p style='margin-left:8.65pt;text-indent:37.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>360,865 </font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>26,886,111</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt'><b><font size=2>Information Technology 2.2%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font color="#808080"><b><font size=1>Semiconductors &amp; Semiconductor Equipment</font></b></font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="3" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Samsung Electronics Co., Ltd. (d) </font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=top >
            <p style='margin-left:8.65pt;text-indent:41.25pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>44,464 </font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>23,353,879</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>Total Preferred Stocks</font></b><font size=1> (Cost $20,486,278)</font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
            <p style='margin-left:0pt;text-indent:17.25pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>145,591,547</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><b><font size=1>Principal Amount</font></b></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><b><font size=1>Value ($)</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="9" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt'><b><font size=2>Convertible Bond 0.0%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt'><b><font size=2>Consumer Staples </font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="3" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Haitai Confectionery Loan Certificates Zero Coupon, 11/28/2009* (e) (Cost $0)           Won</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=top >
            <p style='margin-left:8.65pt;text-indent:31.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>6,869,719 </font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:22.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>6,647</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:32.25pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><b><font size=1>Shares</font></b></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><b><font size=1>Value ($)</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="9" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt'><b><font size=2>Securities Lending Collateral 8.0%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Daily Assets Fund Institutional, 5.31%  (f) (g)</font><br> <font size=1>(Cost $87,611,494)</font></p> </td>
        <td width="29" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=top >
            <p style='margin-left:8.65pt;text-indent:27.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>87,611,494</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>87,611,494</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="9" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt'><b><font size=2>Cash Equivalents 0.5%</font></b></p> </td>
        <td  width="24">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="3" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Cash Management QP Trust, 5.34% (h)  (Cost $5,472,815)</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=top >
            <p style='margin-left:8.65pt;text-indent:31.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>5,472,815 </font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:8.65pt;text-indent:-7.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=1>5,472,815</font></b><font size=1> </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:40.5pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><b><font size=1>% of</font></b></p>
<p style='margin-left:0pt;text-indent:19.5pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>Net Assets</font></b></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><b><font size=1>Value ($)</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>Total Investment Portfolio</font></b><font size=1> (Cost $ 414,448,081) </font></p> </td>
        <td colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>107.9</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
            <p style='margin-left:0pt;text-indent:3.75pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>1,173,580,054</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="4" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>Other Assets and Liabilities, Net</font></b></p> </td>
        <td colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:50.25pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>(7.9)</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>(86,162,919)</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;line-height:17.28%'>                                                                                                </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="4" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>Net Assets</font></b></p> </td>
        <td colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>100.0</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
            <p style='margin-left:0pt;text-indent:3.75pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=1>1,087,417,135</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i>&nbsp;</i></p> </td>
        <td colspan="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>For information on the Fund&#146;s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund&#146;s most recent semi-annual or annual financial statements.</font></i><i></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>*</font></i><i></i></p> </td>
        <td colspan="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>Non-income producing security.</font></i><i></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>(a)</font></i><i></i></p> </td>
        <td colspan="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>Affiliated issuer. An affiliated issuer is a company in which the Fund has ownership of at least 5% of the voting securities. A summary of the Fund&#146;s transactions during the three months ended September 30, 2006 with companies which are or were affiliates is as follows: </font></i><i></i></p> </td> </tr>
    <tr>
        <td width="19" ></td>

        <td width="346" ></td>

        <td width="29" ></td>

        <td width="10" ></td>

        <td width="10" ></td>

        <td width="67" ></td>

        <td width="19" ></td>

        <td width="10" ></td>

        <td width="10" ></td>

        <td width="58" ></td>

        <td width="24" ></td> </tr> </table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="521" style='margin-left:29.65pt;border-collapse:collapse'>
    <tr style='height:33.75pt'>
        <td width="108" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:33.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>Affiliate </font></b></i><i></i></p> </td>
        <td width="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:33.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>Common/ Preferred Shares</font></b></i><i></i></p> </td>
        <td width="72" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:33.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>Total Purchase Cost ($)</font></b></i><i></i></p> </td>
        <td width="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:33.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>Total Sales (Cost) ($)</font></b></i><i></i></p> </td>
        <td width="72" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:33.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>Total Realized Gain/(Loss) ($)</font></b></i><i></i></p> </td>
        <td width="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:33.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>Dividend Income ($)</font></b></i><i></i></p> </td>
        <td width="89" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:33.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>Value at September 30, 2006 ($)</font></b></i><i></i></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="108" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><i><font size=1>Samsung Climate Control Co., Ltd.</font></i><i></i></p> </td>
        <td width="60" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt'><i><font size=1>560,224 </font></i><i></i></p> </td>
        <td width="72" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>-</font></i><i></i></p> </td>
        <td width="60" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>-</font></i><i></i></p> </td>
        <td width="72" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>-</font></i><i></i></p> </td>
        <td width="60" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>-</font></i><i></i></p> </td>
        <td width="89" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt'><i><font size=1>4,256,814 </font></i><i></i></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="108" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><i><font size=1>Seoul Semiconductor Co., Ltd.</font></i><i></i></p> </td>
        <td width="60" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt'><i><font size=1>1,292,915 </font></i><i></i></p> </td>
        <td width="72" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>-</font></i><i></i></p> </td>
        <td width="60" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>-</font></i><i></i></p> </td>
        <td width="72" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>-</font></i><i></i></p> </td>
        <td width="60" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>-</font></i><i></i></p> </td>
        <td width="89" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt'><i><font size=1>21,451,800 </font></i><i></i></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="108" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><i><font size=1>Taegu Department Store Co., Ltd.</font></i><i></i></p> </td>
        <td width="60" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt'><i><font size=1>735,080 </font></i><i></i></p> </td>
        <td width="72" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>-</font></i><i></i></p> </td>
        <td width="60" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>-</font></i><i></i></p> </td>
        <td width="72" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>-</font></i><i></i></p> </td>
        <td width="60" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt'><i><font size=1>256,294 </font></i><i></i></p> </td>
        <td width="89" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt'><i><font size=1>11,341,789 </font></i><i></i></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="108" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="72" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>-</font></b></i><i></i></p> </td>
        <td width="60" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>-</font></b></i><i></i></p> </td>
        <td width="72" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>-</font></b></i><i></i></p> </td>
        <td width="60" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>256,294 </font></b></i><i></i></p> </td>
        <td width="89" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>37,050,403 </font></b></i><i></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="600" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>(b)</font></i><i></i></p> </td>
        <td width="581" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>All or a portion of these securities were on loan. The value of all securities loaned at September 30, 2006 amounted to $83,421,591 which is 7.7% of net assets.</font></i><i></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i>&nbsp;</i></p> </td>
        <td width="581" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i>&nbsp;</i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>(c)</font></i><i></i></p> </td>
        <td width="581" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>The Fund may purchase securities that are subject to legal or contractual restrictions on resale (&#147;restricted securities&#148;). Restricted securities are securities which have not been registered with the Securities and Exchange Commission under the Securities Act of 1933. The fund may be unable to sell a restricted security and it may be more difficult to determine a market value for a restricted security. Moreover, if adverse market conditions were to develop during the period between the Fund&#146;s decision to sell a restricted security and the point at which the Fund is permitted or able to sell such security, the Fund might obtain a price less favorable than the price that prevailed when it decided to sell. This investment practice, therefore, could have the effect of increasing the level of illiquidity of the Fund. The future value of
these securities is uncertain and there may be changes in the estimated value of these securities.</font></i><i></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="403" style='border-collapse:collapse'>
    <tr style='height:12.75pt'>
        <td width="92" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>Restricted </font></b></i><i></i></p> </td>
        <td width="104" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>Acquisition </font></b></i><i></i></p> </td>
        <td width="68" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i>&nbsp;</i></p> </td>
        <td width="64" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i>&nbsp;</i></p> </td>
        <td width="75" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>As a % of </font></b></i><i></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style='page-break-before:always'></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="403" style='border-collapse:collapse'>
    <tr style='height:12.75pt'>
        <td width="92" nowrap valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>Securities</font></b></i><i></i></p> </td>
        <td width="104" nowrap valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>Date</font></b></i><i></i></p> </td>
        <td width="68" nowrap valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>Cost ($)</font></b></i><i></i></p> </td>
        <td width="64" nowrap valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>Value ($)</font></b></i><i></i></p> </td>
        <td width="75" nowrap valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><b><font size=1>Net Assets</font></b></i><i></i></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="92" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>SE Co., Ltd.</font></i><i></i></p> </td>
        <td width="104" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>12/22/2000</font></i><i></i></p> </td>
        <td width="68" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>1,616,637</font></i><i></i></p> </td>
        <td width="64" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt'><i><font size=1>0</font></i><i></i></p> </td>
        <td width="75" nowrap valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt'><i><font size=1>0</font></i><i></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="600" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i>&nbsp;</i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>(d)</font></i><i></i></p> </td>
        <td width="581" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>At September 30, 2006, 17.0% of the Fund&#146;s investment portfolio is invested in Samsung Electronics Co., Ltd.</font></i><i></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>(e)</font></i><i></i></p> </td>
        <td width="581" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>Company in restructuring process, principal only subject to repayment.</font></i><i></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>(f)</font></i><i></i></p> </td>
        <td width="581" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>Daily Assets Fund Institutional, an affiliated fund, is managed by Deutsche Asset Management, Inc. The rate shown is the annualized seven-day yield at period end.</font></i><i></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>(g)</font></i><i></i></p> </td>
        <td width="581" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>Represents collateral held in connection with securities lending.</font></i><i></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>(h)</font></i><i></i></p> </td>
        <td width="581" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>Cash Management QP Trust, an affiliated fund, is managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.</font></i><i></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt'><i><font size=1>ADR: American Depositary Receipt</font></i><i></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:17.3pt;text-indent:-14.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><i><b><font size=1>Currency Abbreviation:</font></b></i><i></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td colspan="2" valign=top >
            <p style='margin-left:17.3pt;text-indent:-14.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Won         Korean Won</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Korea Fund, Inc.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="147" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="131" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>November 21, 2006</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Korea Fund, Inc.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="131" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>November 21, 2006</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>Chief Financial Officer and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date:</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>November 21, 2006</font></p>


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<FILENAME>certifications-kor.htm
<DESCRIPTION>CERTIFICATIONS
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<p style=' margin-bottom:5pt; margin-top:5pt;text-align:center;'><font COLOR="#454545"><B><font SIZE=2>CERTIFICATIONS</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font COLOR="#454545"><font SIZE=2>I, </font></font><font size=2>Michael G. Clark</font><font color="#454545"><font size=2>, certify that:</font></font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>1.</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>I have reviewed this report on Form N-Q of </font></font><font size=2>The Korea Fund, Inc.</font><font color="#454545"><font size=2>;</font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>2. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>3. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; </font></font></p> </td> </tr></table>
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        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>4. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(b)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </font></font></p> </td> </tr></table>
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        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(c)</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(d)</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>5. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </font></font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Korea Fund, Inc.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>November 21, 2006</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:5pt; margin-top:5pt;text-align:center;'><font COLOR="#454545"><B><font SIZE=2>CERTIFICATIONS</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font COLOR="#454545"><font SIZE=2>I, </font></font><font size=2>Paul Schubert</font><font color="#454545"><font size=2>, certify that:</font></font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>1.</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>I have reviewed this report on Form N-Q of </font></font><font size=2>The Korea Fund, Inc.</font><font color="#454545"><font size=2>;</font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>2.</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>3.</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>4.</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(b)</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(c)</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(d)</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>5.</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are </font></font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:1.5in;text-align:left;'><font color="#454545"><font size=2>reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </font></font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Korea Fund, Inc.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>Chief Financial Officer and Treasurer</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date:</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>November 21, 2006</font></p>


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