-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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MIC-Info: RSA-MD5,RSA,
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 8axK4Z4DV7sZ0Kv9wQ2fMg==

<SEC-DOCUMENT>0000950136-07-003784.txt : 20070525
<SEC-HEADER>0000950136-07-003784.hdr.sgml : 20070525
<ACCEPTANCE-DATETIME>20070525133835
ACCESSION NUMBER:		0000950136-07-003784
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070331
FILED AS OF DATE:		20070525
DATE AS OF CHANGE:		20070525
EFFECTIVENESS DATE:		20070525

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:		07879866

	BUSINESS ADDRESS:	
		STREET 1:		ALLIANZ GLOBAL INVESTORS
		STREET 2:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		212-739-3226

	MAIL ADDRESS:	
		STREET 1:		ALLIANZ GLOBAL INVESTORS
		STREET 2:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>file1.htm
<DESCRIPTION>FORM N-Q
<TEXT>
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<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left"><font style="opacity:100; position:relative; text-decoration:underline;">OMB APPROVAL</font>
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<font style="opacity:100; position:relative; ">OMB Number: 3235-0578</font>
<br>
<font style="opacity:100; position:relative; ">Expires: May 31, 2007</font>
<br>
<font style="opacity:100; position:relative; ">Estimated average burden</font>
<br>
<font style="opacity:100; position:relative; ">hours per response: 21.09</font></td>
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<font style="opacity:100; position:relative; ">UNITED STATES</font>
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<font style="opacity:100; position:relative; ">SECURITIES AND EXCHANGE COMMISSION</font>
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<font style="opacity:100; position:relative; ">Washington, DC 20549</font>
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<font style="opacity:100; position:relative; ">FORM N-Q</font>
</p>
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<font style="opacity:100; position:relative; ">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</font>
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<font style="opacity:100; position:relative; ">MANAGEMENT INVESTMENT COMPANY</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Investment Company Act File Number: 811-04058</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Registrant Name: The Korea Fund, Inc.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Address of Principal Executive Offices: 4 Embarcadero Center, 30th Floor, San Francisco, CA 94111</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Name and Address of Agent for Service: Brian S. Shlissel &ndash; 1345 Avenue of the Americas, New York, N.Y. 10105</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Registrant&rsquo;s telephone number, including area code: 212-739-3369</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Date of Fiscal Year End: June&nbsp;30,&nbsp;2007</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Date of Reporting Period: March&nbsp;31,&nbsp;2007</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Form N-Q is to be used by the registered management investment company, other than a small business investment company 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 30b 1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">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 the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (&lsquo;&lsquo;OMB&rsquo;&rsquo;) 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 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>
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<br>






<page>
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments</p>
<div style="font-family: sans-serif; font-weight: bold; color: black; font-size: 10pt; line-height:12pt; text-align: left; width: 456pt;">
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<font style="color:#000FFF; ">The Korea Fund, Inc.&nbsp;</font>
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<div style="float:left">Schedule of Investments</div>
</div>
<font style="font-weight:normal;font-family:sans-serif;font-size:9pt;line-height:11pt;">March 31, 2007 (unaudited)&nbsp;</font>
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<hr style="color:blue; width:602; text-align:left; height:1pt;">
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<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="60"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="317"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="74"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
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<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3" nowrap="">&nbsp;&nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;&nbsp;<br>Shares</td>
<td style="border-bottom: 1px solid #000000; background-color: #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3">&nbsp;</td>
<td style="border-bottom: 1px solid #000000; background-color: #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3">Value*</td>
</tr>
<tr>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="11">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 2pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">COMMON STOCK&ndash;83.9%</p>
</td>
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<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Airlines&ndash;1.1%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">246,906</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Korean Air Lines Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">$&nbsp;&nbsp;&nbsp;&nbsp;9,644,766</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Auto Components&ndash;4.3%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,434,613</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Hankook Tire Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;23,788,226</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">99,651</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Hyundai Mobis</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,558,462</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">45,686</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Nexen Tire Corp.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932,367</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">486,498</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Samsung Climate Control Co., Ltd. (d)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,038,636</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;37,317,691</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Banking&ndash;9.4%</p>
</td>
<td style="padding-top: 4pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 4pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">128,280</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Hana Financial Group, Inc.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,640,344</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">634,888</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Industrial Bank of Korea</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;12,720,705</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,608,272</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Jeonbuk Bank</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;15,641,676</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">496,770</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Kookmin Bank</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;44,565,676</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">30,358</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Kookmin Bank ADR</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,736,774</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;82,305,175</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Building Products&ndash;0.2%</p>
</td>
<td style="padding-top: 4pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 4pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">516,989</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Samwoo EMC Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,560,639</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Capital Markets&ndash;1.2%</p>
</td>
<td style="padding-top: 4pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 4pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">197,125</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Korea Investment Holdings Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;10,371,692</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Chemicals&ndash;1.0%</p>
</td>
<td style="padding-top: 4pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 4pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">95,620</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Kukdo Chemical Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,490,104</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">91,150</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">LG Chem Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,587,535</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">168,780</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Youlchon Chemical Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,736,597</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,814,236</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Commercial Services &amp; Supplies&ndash;1.1%</p>
</td>
<td style="padding-top: 4pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 4pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">230,319</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">S1 Corp.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,253,888</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Construction &amp; Engineering&ndash;1.4%</p>
</td>
<td style="padding-top: 4pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 4pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">115,364</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">GS Engineering &amp; Construction Corp.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;10,324,882</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">105,967</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Samho International Co., Ltd. (a)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,520,572</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;11,845,454</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Consumer Finance&ndash;0.1%</p>
</td>
<td style="padding-top: 5pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 5pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">13,768</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">LG Card Co., Ltd. (a)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630,009</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Diversified Consumer Services&ndash;1.1%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">44,674</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">MegaStudy Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,835,045</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">92,031</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">YBM Sisa.com, Inc.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,912,421</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,747,466</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<div style="font-family: sans-serif; font-weight: bold; color: black; font-size: 10pt; line-height:12pt; text-align: left; width: 456pt;">
<div style="font-family: sans-serif; font-weight: bold; color: black; font-size: 10pt; line-height:12pt; text-align: left; width: 450pt;">
<div style="float:left;">
<font style="color:#000FFF; ">The Korea Fund, Inc.&nbsp;</font>
</div>
<div style="float:left">Schedule of Investments</div>
</div>
<font style="font-weight:normal;font-family:sans-serif;font-size:9pt;line-height:11pt;">March 31, 2007 (unaudited)&nbsp; (continued)</font>
<br>
<hr style="color:blue; width:602; text-align:left; height:1pt;">
</div>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 602px; padding-top: 0px" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="60"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="317"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="74"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3" nowrap="">&nbsp;&nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;&nbsp;<br>Shares</td>
<td style="border-bottom: 1px solid #000000; background-color: #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3">&nbsp;</td>
<td style="border-bottom: 1px solid #000000; background-color: #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3">Value*</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Electronics&ndash;1.7%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">141,226</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Ace Digitech Co., Ltd. (a)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">$&nbsp;&nbsp;&nbsp;&nbsp;2,461,848</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">74,421</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">INTOPS Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">2,191,179</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">636,950</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">SE Co., Ltd. (b)(f)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&mdash;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">271,463</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">SFA Engineering Corp.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">10,099,070</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">14,752,097</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Food &amp; Beverage&ndash;7.0%</p>
</td>
<td style="padding-top: 4pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 4pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">50,623</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">CJ Corp.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">5,111,803</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">54,526</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Crown Confectionery Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">5,795,706</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">37,677</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Hite Brewery Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,505,381</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">16,200</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Nam Yang Dairy Products Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">14,292,092</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">54,749</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Shinsegae Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">31,424,809</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">61,129,791</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Hotels, Restaurants &amp; Leisure&ndash;1.4%</p>
</td>
<td style="padding-top: 5pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 5pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">66,704</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Hana Tour Service, Inc.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">5,161,619</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">436,511</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Hotel Shilla Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">6,936,479</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">12,098,098</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Household Durables&ndash;1.6%</p>
</td>
<td style="padding-top: 5pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 5pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">155,077</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Hyundai Engineering &amp; Construction Co., Ltd. (a)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">8,357,147</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">202,629</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Woongjin Coway Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">5,686,018</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">14,043,165</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Insurance&ndash;8.4%</p>
</td>
<td style="padding-top: 5pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 5pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">650,220</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Korean Reinsurance Co. (a)(f)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">8,535,520</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">2,113,675</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Meritz Fire &amp; Marine Insurance Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">17,074,755</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">285,242</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Samsung Fire &amp; Marine Insurance Co., Ltd. (a)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">47,752,567</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">73,362,842</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Internet Software &amp; Services&ndash;2.9%</p>
</td>
<td style="padding-top: 5pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 5pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">60,750</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Ahnlab, Inc.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">1,052,535</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">246,543</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">LG Dacom Corp.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">5,830,763</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">128,051</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">NHN Corp. (a)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">18,782,991</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">25,666,289</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Machinery&ndash;0.0%</p>
</td>
<td style="padding-top: 5pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 5pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">25</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">NEPES Corp. (a)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Media&ndash;1.8%</p>
</td>
<td style="padding-top: 5pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 5pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">35,259</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Cheil Communications, Inc.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">8,807,254</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">820,410</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">ON*Media Corp. (a)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">6,662,343</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">15,469,597</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<div style="font-family: sans-serif; font-weight: bold; color: black; font-size: 10pt; line-height:12pt; text-align: left; width: 456pt;">
<div style="font-family: sans-serif; font-weight: bold; color: black; font-size: 10pt; line-height:12pt; text-align: left; width: 450pt;">
<div style="float:left;">
<font style="color:#000FFF; ">The Korea Fund, Inc.&nbsp;</font>
</div>
<div style="float:left">Schedule of Investments</div>
</div>
<font style="font-weight:normal;font-family:sans-serif;font-size:9pt;line-height:11pt;">March 31, 2007 (unaudited)&nbsp; (continued)</font>
<br>
<hr style="color:blue; width:602; text-align:left; height:1pt;">
</div>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 602px; padding-top: 0px" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="60"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="317"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="74"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3" nowrap="">&nbsp;&nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;&nbsp;<br>Shares</td>
<td style="border-bottom: 1px solid #000000; background-color: #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3">&nbsp;</td>
<td style="border-bottom: 1px solid #000000; background-color: #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3">Value*</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Metals &amp; Mining&ndash;8.7%</p>
</td>
<td style="padding-top: 5pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 5pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">172,335</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Dongkuk Steel Mill Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">$&nbsp;&nbsp;&nbsp;&nbsp;4,762,659</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">46,801</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Korea Zinc Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">4,999,469</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">152,495</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">POSCO</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">64,025,856</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">145,795</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">TK Corp.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">2,324,538</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">76,112,522</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Oil, Gas &amp; Consumable Fuels&ndash;1.8%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">232,442</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">S-Oil Corp.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">16,010,036</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Personal Products&ndash;0.2%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">428,872</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Cosmax, Inc.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">1,891,814</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Pharmaceuticals&ndash;0.5%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,675</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Choongwae Pharma Corp.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">72,997</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">27,646</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Yuhan Corp.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">4,334,380</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">4,407,377</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Retail&ndash;1.2%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">642,999</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Taegu Department Store Co., Ltd. (a)(d)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">10,764,492</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Semi-Conductors &amp; Equipment&ndash;16.5%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">333,700</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Hynix Semiconductor, Inc. (a)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">11,492,219</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">437,362</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Phoenix PDE Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">1,520,168</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">173,061</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Samsung Electronics Co., Ltd. (e)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">103,564,353</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">301,170</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Samsung Techwin Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">11,476,344</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">577,387</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Seoul Semiconductor Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">16,815,905</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">144,868,989</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Telecommunication Services&ndash;4.0%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">275,125</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Humax Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">6,550,595</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">140,610</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">SK Telecom Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">28,621,190</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">35,171,785</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Textile &amp; Apparel&ndash;0.5%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">23,304</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">BYC Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">4,186,199</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Tobacco&ndash;2.1%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">280,626</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">KT&amp;G Corp.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">18,344,493</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Transportation&ndash;1.6%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">164,755</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Korea Express Co., Ltd. <font style="font-weight:normal; font-style:normal">(a)</font></td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">14,079,828</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Wholesale&ndash;1.1%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">278,374</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Samsung Corp.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">10,060,285</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Total Common Stock (cost&ndash;$222,500,098)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">733,910,947</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<div style="font-family: sans-serif; font-weight: bold; color: black; font-size: 10pt; line-height:12pt; text-align: left; width: 456pt;">
<div style="font-family: sans-serif; font-weight: bold; color: black; font-size: 10pt; line-height:12pt; text-align: left; width: 450pt;">
<div style="float:left;">
<font style="color:#000FFF; ">The Korea Fund, Inc.&nbsp;</font>
</div>
<div style="float:left">Schedule of Investments</div>
</div>
<font style="font-weight:normal;font-family:sans-serif;font-size:9pt;line-height:11pt;">March 31, 2007 (unaudited)&nbsp; (continued)</font>
<br>
<hr style="color:blue; width:602; text-align:left; height:1pt;">
</div>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 602px; padding-top: 0px" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="60"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="317"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="74"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3" nowrap="">&nbsp;&nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;&nbsp;<br>Shares</td>
<td style="border-bottom: 1px solid #000000; background-color: #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3">&nbsp;</td>
<td style="border-bottom: 1px solid #000000; background-color: #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3">Value*</td>
</tr>
<tr>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="11">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 2pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">PREFERRED STOCK&ndash;10.5%</p>
</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Automobiles&ndash;4.1%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">631,897</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Hyundai Motor Co.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">$&nbsp;&nbsp;23,709,571</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">298,765</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Hyundai Motor Co. (2nd)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">11,718,142</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">35,427,713</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Capital Markets&ndash;0.5%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">299,870</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Daishin Securities Co., Ltd.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">4,207,360</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Food Products&ndash;1.1%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">132,679</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">CJ Corp.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">6,043,043</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">25,640</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">CJ Corp. (2nd)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">2,368,321</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">15,160</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">CJ Corp. (3rd)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">1,335,846</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">9,747,210</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Insurance&ndash;2.5%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">271,106</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Samsung Fire &amp; Marine Insurance Co., Ltd. (d)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">22,102,285</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Oil &amp; Gas&ndash;0.5%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">79,382</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">S-Oil Corp.</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">4,429,799</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Semi-Conductors &amp; Equipment&ndash;1.8%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">33,415</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Samsung Electronics Co., Ltd. (e)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">15,716,558</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1">&nbsp;</td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 10pt; text-indent: -10pt;  padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">&nbsp;</font></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt ; background-color: #ffffff;" align="left" valign="top" nowrap="nowrap">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">Total Preferred Stock (cost&ndash;$14,458,281)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">91,630,925</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 602px; padding-top: 0px" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="60"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="317"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="74"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3" nowrap="">Principal<br>Amount<br>(000)</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="11">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 2pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">CONVERTIBLE BOND&ndash;0.0%</p>
</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: ; font-size: ; color: ; font-weight: ; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3">
<p style="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;   text-align: left; font-style: normal; line-height: 10pt; padding-top: 4pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 2pt; background-color: #ffffff;border-left:0pt;">Consumer Staples&ndash;0.0%</p>
</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3">&nbsp;</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="3">WON 2,161</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-weight: normal; font-style: normal">Haitai Confectionery Loan Certificates, zero coupon,</font>
<br>
<font style="font-weight: normal; font-style: normal">11/28/09 (c)(f) (cost&ndash;$0)</font></td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">2,116</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><b>Total Investments</b>&nbsp;<font style="font-weight: normal; font-style: normal">(cost&ndash;$236,958,379)&ndash;</font><b>94.4%</b></td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><b>825,543,988</b></td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-weight: normal; font-style: normal">Other assets less liabilities&ndash;5.6%</font></td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3">49,304,451</td>
</tr>
<tr>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="top" colspan="3">&nbsp;</td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><b>Net Assets&ndash;100.0%</b></td>
<td style="padding-top: 0pt; background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: sans-serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px double #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><b>$874,848,439</b></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
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<hr width="760" style="padding-left: 0pt;" align="left">
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<font style="opacity:100; position:relative; ">Notes to Schedule of Investments:</font>
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<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 20pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">*</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments, for which market quotations are not readily available or if a development/event occurs that may significantly impact the value of a security are fair-valued, in good faith, pursuant to guidelines established by the Board of Directors. The Fund&rsquo;s investments are valued daily using prices supplied by dealer quotations, using the last sale price on the exchange that is the primary market for such securities, or the last quoted mean price for those securities for which the over-the-counter market is the primary market or for listed securities in which there were no sales. Short-term securities maturing in 60 days or less are valued at amort
ized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. The prices used by the Fund to value securities may differ from the value that would be realized if the securities were sold. The Fund&rsquo;s net asset value is normally determined as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the New York Stock Exchange (&lsquo;&lsquo;NYSE&rsquo;&rsquo;) on each day the NYSE is open for business.</font></td>
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<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 20pt; padding-left: 0pt;"></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">The prices of certain equity securities or other financial instruments may be determined at a time prior to the close of regular trading on the NYSE. When fair valuing securities, the Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time the Fund&rsquo;s net asset value is calculated. With respect to Korean securities, the Fund may fair value securities using modeling tools provided by third-party vendors. The Fund has retained a statistical research service to assist in determining the fair value of foreign securities. This service utilizes statistics and programs based on historical performance of markets and other economic data to assist in making fai
r value estimates. Fair value estimates used by the Fund for foreign securities may differ from the value realized from the sale of those securities.</font></td>
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<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 20pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(a)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Non-income producing.</font></td>
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<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 20pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(b)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">The Fund may purchase securities that are subject to legal or contractual restrictions on resale (&lsquo;&lsquo;restricted securities&rsquo;&rsquo;). 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&rsquo;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 ill
iquidity of the Fund. The future value of these securities is uncertain and there may be changes in the estimated value of these securities.</font></td>
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<td><img src="spacer.gif" height="1" width="1"></td>
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<td><img src="spacer.gif" height="1" width="9"></td>
<td><img src="spacer.gif" height="1" width="18.56"></td>
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<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="5"></td>
<td><img src="spacer.gif" height="1" width="23"></td>
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<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Restricted Securities</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Acquisition Date</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Cost</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Value</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">% of</font>
<br>
<font style="opacity:100; position:relative; ">Net Assets</font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">SE Co., Ltd.</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">12/22/00</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,616,637</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">0</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">0</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">%</font></font>&nbsp;
								</td>
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<td><img src="spacer.gif" height="10" width="1"></td>
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</div>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 20pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(c)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Company in restructuring process, principal only subject to repayment.</font></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 20pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(d)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Affiliated issuer.</font></td>
</tr>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 20pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(e)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">At March&nbsp;31,&nbsp;2007, 13.6% of net assets were invested in Samsung Electronics Co., Ltd.</font></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 20pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(f)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Fair-valued security &mdash; Securities with an aggregate value of $8,537,636, representing 0.98% of net assets, have been fair-valued.</font></td>
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<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Glossary:</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">ADR &mdash; American Depositary Receipt</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">WON &mdash; Korean Won</font>
</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">(a) The registrant&rsquo;s President and Chief Executive Officer and Principal Financial Officer have concluded that the registrant&rsquo;s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">(b) There were no significant changes in the registrant&rsquo;s internal controls over financial reporting that occurred during the registrant&rsquo;s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">(a) Exhibit 99.302 Cert. &mdash; Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font>
</p>
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<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">SIGNATURES</font>
</p>
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<font style="opacity:100; position:relative; ">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>
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<font style="opacity:100; position:relative; ">Registrant: The Korea Fund, Inc.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">By&nbsp;&nbsp;&nbsp;/s/ Robert Goldstein</font>
<br>
<font style="opacity:100; position:relative; ">Robert Goldstein</font>
<br>
<font style="opacity:100; position:relative; ">President &amp; Chief Executive Officer</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Date: May&nbsp;25,&nbsp;2007</font>
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<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:17.04pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">By&nbsp;&nbsp;&nbsp;/s/ Brian S. Shlissel</font>
<br>
<font style="opacity:100; position:relative; ">Brian S. Shlissel</font>
<br>
<font style="opacity:100; position:relative; "> Treasurer, Principal Financial &amp; Accounting Officer</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Date: May&nbsp;25,&nbsp;2007</font>
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<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">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 dated indicated.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:17.04pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">By&nbsp;&nbsp;&nbsp;/s/ Robert Goldstein</font>
<br>
<font style="opacity:100; position:relative; ">Robert Goldstein</font>
<br>
<font style="opacity:100; position:relative; ">President &amp; Chief Executive Officer</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Date: May&nbsp;25,&nbsp;2007</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:17.04pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">By&nbsp;&nbsp;&nbsp;/s/ Brian S. Shlissel</font>
<br>
<font style="opacity:100; position:relative; ">Brian S. Shlissel</font>
<br>
<font style="opacity:100; position:relative; "> Treasurer, Principal Financial &amp; Accounting Officer</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Date: May&nbsp;25,&nbsp;2007</font>
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<DOCUMENT>
<TYPE>EX-99.302
<SEQUENCE>2
<FILENAME>file2.htm
<DESCRIPTION>CERTIFICATIONS
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<font style="opacity:100; position:relative; ">Exhibit 99.302 Cert.</font>
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<font style="opacity:100; position:relative; ">CERTIFICATIONS</font>
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<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">I, Robert Goldstein, certify that:</font>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
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<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="578"></td>
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<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">1.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 438pt;"><font style="opacity:100; position:relative; ">I have reviewed this report Form N-Q of The Korea Fund, Inc.;</font></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
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<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="578"></td>
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<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">2.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 438pt;"><font style="opacity:100; position:relative; ">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 the report;</font></td>
</tr>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
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<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="578"></td>
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<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">3.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 438pt;"><font style="opacity:100; position:relative; ">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></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
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<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="578"></td>
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<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">4.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 438pt;"><font style="opacity:100; position:relative; ">The registrant&rsquo;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></td>
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<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
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<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">a.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">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></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
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<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
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<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">b.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">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></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
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<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">c.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">Evaluated the effectiveness of the registrant&rsquo;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></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
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<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
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<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">d.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</font></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
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<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="578"></td>
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<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">5.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 438pt;"><font style="opacity:100; position:relative; ">The registrant&rsquo;s other certifying officer(s) and I have disclosed to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</font></td>
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<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
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<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">a.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">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&rsquo;s ability to record, process, summarize, and report financial information; and</font></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
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<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
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<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">b.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</font></td>
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<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Date: May&nbsp;25,&nbsp;2007</font>
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<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:17.04pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Signature &amp; Title: </font><font style="opacity:100; position:relative; text-decoration:underline;">/s/ Robert Goldstein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
<br>
<font style="opacity:100; position:relative; ">Robert Goldstein, President &amp; Chief Executive Officer</font>
</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">I, Brian S. Shlissel, certify that:</font>
</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="578"></td>
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<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">1.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 438pt;"><font style="opacity:100; position:relative; ">I have reviewed this report Form N-Q of The Korea Fund, Inc.;</font></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="578"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">2.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 438pt;"><font style="opacity:100; position:relative; ">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 the report;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="578"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">3.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 438pt;"><font style="opacity:100; position:relative; ">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></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="578"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">4.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 438pt;"><font style="opacity:100; position:relative; ">The registrant&rsquo;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></td>
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<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">a.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">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></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
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<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
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<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">b.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">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></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">c.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">Evaluated the effectiveness of the registrant&rsquo;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></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
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<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">d.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</font></td>
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</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="578"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">5.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 438pt;"><font style="opacity:100; position:relative; ">The registrant&rsquo;s other certifying officer(s) and I have disclosed to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</font></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
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<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">a.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">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&rsquo;s ability to record, process, summarize, and report financial information; and</font></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
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<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">b.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</font></td>
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<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Date: May&nbsp;25,&nbsp;2007</font>
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<font style="opacity:100; position:relative; ">Signature &amp; Title: </font><font style="opacity:100; position:relative; text-decoration:underline;">/s/ Brian S. Shlissel&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>
<br>
<font style="opacity:100; position:relative; ">Brian S. Shlissel, Treasurer, Principal Financial &amp; Accounting Officer</font>
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