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Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950136-07-004742.txt : 20070705
<SEC-HEADER>0000950136-07-004742.hdr.sgml : 20070704
<ACCEPTANCE-DATETIME>20070705172610
ACCESSION NUMBER:		0000950136-07-004742
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070705
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070705
DATE AS OF CHANGE:		20070705

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04058
		FILM NUMBER:		07965661

	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>8-K
<SEQUENCE>1
<FILENAME>file1.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>


  <PAGE>

	 <TABLE WIDTH="100%" STYLE="margin-right:63pt; font-size:10pt"
	  CELLSPACING="0" ALIGN="center">
		<TR>
		  <TD VALIGN="top"
			STYLE="border-top: 2.5pt black solid; font-size: 1px; line-height: 1px; margin-bottom: -2pt; padding-top: -2pt">

			 <P STYLE="margin-top: -2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top"
			STYLE="border-top: 1pt black solid; font-size: 1px; line-height: 1px; margin-top: 2pt">

			 <P>
				&nbsp;
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:22pt; margin:0px; font-size:20pt" ALIGN="center">
		<B>UNITED STATES </B>
	 </P>
	 <P STYLE="line-height:22pt; margin:0px; font-size:20pt" ALIGN="center">
		<B>SECURITIES AND EXCHANGE COMMISSION </B>
	 </P>
	 <P STYLE="line-height:16pt; margin:0px; font-size:14pt" ALIGN="center">
		<B>Washington, D.C. 20549 </B>
	 </P>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <DIV ALIGN="center">
		<P
		 STYLE="border-top:0 solid white; border-left:0 solid white; border-right:0 solid white; font-size: 3pt; margin-top: 16pt; width: 18%; border-bottom: 1px solid #000000"
		 ALIGN="center">
		  &nbsp;
		</P>
	 </DIV>
	 <P STYLE="line-height:22pt; margin:0px; font-size:20pt" ALIGN="center">
		<B>FORM 8-K </B>
	 </P>
	 <DIV ALIGN="center">
		<P
		 STYLE="border-bottom:0 solid white; border-left:0 solid white; border-right:0 solid white; font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"
		 ALIGN="center">
		  &nbsp;
		</P>
	 </DIV>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <P STYLE="line-height:18pt; margin:0px; font-size:16pt" ALIGN="center">
		<B>CURRENT REPORT </B>
	 </P>
	 <P STYLE="line-height:18pt; margin:0px; font-size:16pt" ALIGN="center">
		<B>Pursuant to Section&nbsp;13 or 15(d) of the </B>
	 </P>
	 <P STYLE="line-height:16pt; margin:0px; font-size:14pt" ALIGN="center">
		<B>Securities Exchange Act of 1934 </B>
	 </P>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <P STYLE="margin:0px; line-height:12pt; font-size:10pt;" ALIGN="center">
		<B>Date of Report (Date of earliest event reported) July 5, 2007 </B>
	 </P>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <DIV ALIGN="center">
		<P
		 STYLE="border-bottom:0 solid white; border-left:0 solid white; border-right:0 solid white; font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"
		 ALIGN="center">
		  &nbsp;
		</P>
	 </DIV>
	 <P STYLE="line-height:32pt; margin:0px; font-size:30pt" ALIGN="center">
		<B>The Korea Fund, Inc. </B>
	 </P>
	 <P STYLE="line-height:10pt; margin:0px; font-size:8pt" ALIGN="center">
		<B>(Exact name of registrant as specified in its charter) </B>
	 </P>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <DIV ALIGN="center">
		<P
		 STYLE="border-bottom:0 solid white; border-left:0 solid white; border-right:0 solid white; font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"
		 ALIGN="center">
		  &nbsp;
		</P>
	 </DIV>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <TABLE STYLE="font-size:10pt" CELLSPACING="0" ALIGN="center">
		<TR>
		  <TD WIDTH="218.533"></TD>
		  <TD WIDTH="6.467"></TD>
		  <TD WIDTH="205.6"></TD>
		  <TD WIDTH="6.4"></TD>
		  <TD WIDTH="205.6"></TD>
		</TR>
		<TR>
		  <TD WIDTH="218.533">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="6.467">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="205.6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="6.4">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="205.6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="218.533">
			 <P STYLE="margin:0px; line-height:12pt; font-size:10pt;"
			  ALIGN="center">
				<B>Maryland</B>
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="6.467">
			 <P STYLE="margin:0px; font-size:10px">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="205.6">
			 <P STYLE="margin:0px; line-height:12pt; font-size:10pt;"
			  ALIGN="center">
				<B>811-04058</B>
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="6.4">
			 <P STYLE="margin:0px; font-size:10px">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="205.6">
			 <P STYLE="margin:0px; line-height:12pt; font-size:10pt;"
			  ALIGN="center">
				<B>13-3226146</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="218.533">
			 <P STYLE="line-height:10pt; margin:0px; font-size:8pt"
			  ALIGN="center">
				<B>(State or other jurisdiction</B>
			 </P>
			 <P
			  STYLE="line-height:10pt; margin-top:0px; margin-bottom:1px; font-size:8pt"
			  ALIGN="center">
				<B>of incorporation)</B>
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="6.467">
			 <P STYLE="margin:0px; font-size:10px">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="205.6">
			 <P STYLE="line-height:10pt; margin:0px; font-size:8pt"
			  ALIGN="center">
				<B>(Commission File Number)</B>
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="6.4">
			 <P STYLE="margin:0px; font-size:10px">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="205.6">
			 <P STYLE="line-height:10pt; margin:0px; font-size:8pt"
			  ALIGN="center">
				<B>(IRS Employer</B>
			 </P>
			 <P
			  STYLE="line-height:10pt; margin-top:0px; margin-bottom:1px; font-size:8pt"
			  ALIGN="center">
				<B>Identification No.)</B>
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <TABLE STYLE="font-size:10pt" CELLSPACING="0" ALIGN="center">
		<TR>
		  <TD WIDTH="321.267"></TD>
		  <TD WIDTH="12.867"></TD>
		  <TD WIDTH="308.467"></TD>
		</TR>
		<TR>
		  <TD WIDTH="321.267">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="12.867">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="308.467">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="321.267">
			 <P
			  STYLE="margin-top:0px; margin-bottom:0.867px; line-height:12pt; font-size:10pt;"
			  ALIGN="center">
				<B>Allianz Global Investors Fund Management LLC</B>
			 </P>
			 <P
			  STYLE="margin-top:0px; margin-bottom:0.867px; line-height:12pt; font-size:10pt;"
			  ALIGN="center">
				<B>1345 Avenue of the Americas</B>
			 </P>
			 <P
			  STYLE="margin-top:0px; margin-bottom:0.867px; line-height:12pt; font-size:10pt;"
			  ALIGN="center">
				<B>New York, New York </B>
			 </P>
			 <P
			  STYLE="margin-top:0px; margin-bottom:1px; line-height:12pt; font-size:10pt;"
			  ALIGN="center">
				<B>Attn.: &nbsp;Fund Secretary</B>
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="12.867">
			 <P STYLE="margin:0px; font-size:10px">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="308.467">
			 <P STYLE="margin:0px; line-height:12pt; font-size:10pt;"
			  ALIGN="center">
				<B>10105</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="321.267">
			 <P STYLE="line-height:10pt; margin:0px; font-size:8pt"
			  ALIGN="center">
				<B>(Address of principal executive offices)</B>
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="12.867">
			 <P STYLE="margin:0px; font-size:10px">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="308.467">
			 <P STYLE="line-height:10pt; margin:0px; font-size:8pt"
			  ALIGN="center">
				<B>(Zip Code)</B>
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <P STYLE="margin:0px; line-height:12pt; font-size:10pt;" ALIGN="center">
		<B>Registrant&#146;s telephone number, including area code (203)
		352-4993</B>
	 </P>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <DIV ALIGN="center">
		<P
		 STYLE="border-bottom:0 solid white; border-left:0 solid white; border-right:0 solid white; font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"
		 ALIGN="center">
		  &nbsp;
		</P>
	 </DIV>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <P STYLE="margin:0px; line-height:12pt; font-size:10pt;">
		Check the appropriate box below if the Form 8-K filing is intended to
		simultaneously satisfy the filing obligation of the registrant under any of the
		following provisions (see General Instruction A.2. below):
	 </P>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <TABLE STYLE="font-size:13.333px" CELLSPACING="0">
		<TR>
		  <TD WIDTH="25.733"></TD>
		  <TD WIDTH="616.867"></TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="25.733">
			 <P STYLE="margin:0px; line-height:12pt; font-size:10pt;">
				<FONT FACE="Wingdings">&uml;</FONT>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="616.867">
			 <P STYLE="margin:0px; line-height:12pt; font-size:10pt;">
				<FONT FACE="Times New Roman">Written communications pursuant to
				Rule 425 under the Securities Act (17 CFR 230.425) </FONT>
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <TABLE STYLE="font-size:10pt" CELLSPACING="0">
		<TR>
		  <TD WIDTH="25.733"></TD>
		  <TD WIDTH="616.867"></TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="25.733">
			 <P STYLE="margin:0px; line-height:12pt; font-size:10pt;">
				<FONT FACE="Wingdings">&uml;</FONT>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="616.867">
			 <P STYLE="margin:0px; line-height:12pt; font-size:10pt;">
				<FONT FACE="Times New Roman">Soliciting material pursuant to Rule
				14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT>
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <TABLE STYLE="font-size:10pt" CELLSPACING="0">
		<TR>
		  <TD WIDTH="25.733"></TD>
		  <TD WIDTH="616.867"></TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="25.733">
			 <P STYLE="margin:0px; line-height:12pt; font-size:10pt;">
				<FONT FACE="Wingdings">&uml;</FONT>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="616.867">
			 <P STYLE="margin:0px; line-height:12pt; font-size:10pt;">
				<FONT FACE="Times New Roman">Pre-commencement communications
				pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT>
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <TABLE STYLE="font-size:10pt" CELLSPACING="0">
		<TR>
		  <TD WIDTH="25.733"></TD>
		  <TD WIDTH="616.867"></TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="25.733">
			 <P STYLE="margin:0px; line-height:12pt; font-size:10pt;">
				<FONT FACE="Wingdings">&uml;</FONT>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="616.867">
			 <P STYLE="margin:0px; line-height:12pt; font-size:10pt;">
				<FONT FACE="Times New Roman">Pre-commencement communications
				pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT>
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR> <BR>
	 </P>
	 <TABLE WIDTH="100%" STYLE="margin-right:63pt; font-size:10pt"
	  CELLSPACING="0" ALIGN="center">
		<TR>
		  <TD VALIGN="top"
			STYLE="border-top: 1pt black solid; font-size: 1px; line-height: 1px; margin-top: 2pt">

			 <P STYLE="margin-top: -2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top"
			STYLE="border-top: 2.5pt black solid; font-size: 1px; line-height: 1px; margin-bottom: -2pt; padding-top: -2pt">

			 <P>
				&nbsp;
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <HR STYLE="margin-top:9.6px; margin-bottom:9.6px" NOSHADE="NOSHADE"
	  SIZE="1"> <PAGE>
	 <P STYLE="margin:0px; ">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		<B>Item 8.01. &nbsp;Other Events</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:14pt; margin:0px; padding-left:36px; font-family:Arial; font-size:12pt">
		<FONT FACE="Arial">The Board of Directors of The Korea Fund, Inc. hereby
		issues a Letter to Shareholders, included herewith as an exhibit, which
		includes an update on the Fund&#146;s portfolio transition to RCM Capital
		Management LLC and its affiliate RCM Asia Pacific Limited, and an estimate of
		the amount and timing of the upcoming capital gain distribution for the fiscal
		year ended June 30, 2007, subject to yearend audit and tax adjustments.</FONT>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px; line-height:14pt; font-size:12pt;">
		<FONT FACE="Times New Roman"><B>Item&nbsp;9. 01 Financial Statements and
		Exhibits. </B></FONT>
	 </P>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <TABLE STYLE="font-size:13.333px" CELLSPACING="0">
		<TR>
		  <TD WIDTH="25.733"></TD>
		  <TD WIDTH="616.867"></TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="25.733">
			 <P STYLE="margin:0px;line-height:14pt; font-size:12pt;">
				(d)
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="616.867">
			 <P STYLE="margin:0px; line-height:14pt; font-size:12pt;">
				Exhibits.
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <TABLE STYLE="font-size:10pt" CELLSPACING="0" ALIGN="left">
		<TR>
		  <TD WIDTH="35.6"></TD>
		  <TD WIDTH="31.2"></TD>
		  <TD WIDTH="575.8"></TD>
		</TR>
		<TR>
		  <TD WIDTH="35.6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="31.2">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="575.8">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="35.6">
			 <P STYLE="line-height:10pt; margin:0px; font-size:8pt">
				<B>Exhibit<BR> <U>Number</U></B>
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="31.2">
			 <P STYLE="margin:0px; font-size:10px">
				&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="575.8">
			 <P STYLE="margin:0px; font-size:10px">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="35.6">
			 <P STYLE="margin:0px;line-height:14pt; font-size:12pt;"
			  ALIGN="center">
				99.1
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="31.2">
			 <P STYLE="margin:0px; font-size:10px">
				&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="575.8">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
				Letter to Shareholders dated July 5, 2007 of The Korea Fund, Inc.
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		&nbsp;<BR>
	 </P>
	 <P STYLE="margin:0px">
		&nbsp;<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; margin-top:24pt; font-size:12pt" ALIGN="center">
		<B>Signature</B>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:14pt; margin:0px; text-indent:32.667px; font-size:12pt">
		Pursuant to the requirements of the Securities Exchange Act of 1934, the
		registrant has duly caused this report to be signed on its behalf by the
		undersigned hereunto duly authorized.
	 </P>
	 <P STYLE="margin:0px; font-size:14pt">
		&nbsp;
	 </P>
	 <TABLE STYLE="font-size:13.333px" CELLSPACING="0" WIDTH="100%">
		<TR>
		  <TD WIDTH="50%"></TD>
		  <TD WIDTH="25.733"></TD>
		  <TD WIDTH="48%"></TD>
		</TR>
		<TR>
		  <TD WIDTH="50%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="25.733">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="48%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="50%">
			 <P STYLE="margin:0px; font-size:14pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="25.733">
			 <P STYLE="margin:0px; font-size:14pt">
				&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="48%">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				The Korea Fund, Inc.
			 </P>
			 <P
			  STYLE="line-height:14pt; margin-top:0px; margin-bottom:1px; font-size:12pt"
			  ALIGN="center">
				(Registrant)
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD WIDTH="50%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="314.933" COLSPAN="2">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="50%">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
				Date: &nbsp;July 5, 2007
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="25.733">
			 <P STYLE="margin:0px; font-size:14pt">
				&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="48%">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				/s/ Robert Goldstein
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="50%">
			 <P STYLE="margin:0px; font-size:14pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="25.733">
			 <P STYLE="margin:0px; font-size:14pt">
				&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="48%">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-top: 1px solid #000000"
			  ALIGN="center">
				(Signature)
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD WIDTH="50%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="314.933" COLSPAN="2">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="50%">
			 <P STYLE="margin:0px; font-size:14pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="25.733">
			 <P STYLE="margin:0px; font-size:14pt">
				&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="48%">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				Name: Robert Goldstein
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="50%">
			 <P STYLE="margin:0px; font-size:14pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="25.733">
			 <P STYLE="margin:0px; font-size:14pt">
				&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="48%">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				Title: President
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR> <BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="center">
		-2-
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <HR STYLE="margin-top:9.6px; margin-bottom:9.6px" NOSHADE="NOSHADE"
	  SIZE="1"> <PAGE>
	 <P STYLE="margin:0px; ">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px; line-height:14pt; font-size:12pt;" ALIGN="center">
		<B>EXHIBIT INDEX </B>
	 </P>
	 <P STYLE="margin:0px; font-size:10px">
		&nbsp;
	 </P>
	 <TABLE STYLE="font-size:10pt" CELLSPACING="0" ALIGN="center">
		<TR>
		  <TD WIDTH="42"></TD>
		  <TD WIDTH="18.667"></TD>
		  <TD WIDTH="581.933"></TD>
		</TR>
		<TR>
		  <TD WIDTH="42">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="18.667">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="581.933">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="42">
			 <P STYLE="line-height:10pt; margin:0px; font-size:8pt">
				<B>Exhibit</B>
			 </P>
			 <P STYLE="line-height:10pt; margin:0px; font-size:8pt">
				<B><U>Number</U></B>
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="18.667">
			 <P STYLE="margin:0px; font-size:10px">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="581.933">
			 <P STYLE="margin:0px; font-size:10px">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="42">
			 <P STYLE="margin:0px; line-height:14pt; font-size:12pt;"
			  ALIGN="center">
				99.1
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="18.667">
			 <P STYLE="margin:0px; font-size:10px">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="581.933">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
				Letter to Shareholders of The Korea Fund, Inc. dated July 5, 2007
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:16pt; margin:0px; font-size:14pt">
		&nbsp;
	 </P>
	 <P STYLE="margin:0px" ALIGN="right">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="right">
		<BR> <BR>
	 </P>
	 <P STYLE="line-height:16pt; margin:0px; font-size:14pt" ALIGN="center">
		-3-
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <HR STYLE="margin-top:9.6px; margin-bottom:9.6px" NOSHADE="NOSHADE"
	  SIZE="1">
</BODY>
</HTML>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>file2.htm
<DESCRIPTION>LETTER TO SHAREHOLDERS
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>


  <PAGE>

	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:16pt; margin:0px; font-size:14pt">
		<B>Exhibit 99.1</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="right">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:normal; margin:0px; padding-left:420px; padding-right:20.2px; font-size:12pt"
	  ALIGN="right">
		<IMG SRC="z1a87bef097ed4a85ace002.gif"
		 ALT="[z1a87bef097ed4a85ace002.gif]" ALIGN="middle" HEIGHT="79.667"
		 WIDTH="97.667">
	 </P>
	 <P
	  STYLE="margin-top:0px; margin-bottom:-12pt; text-indent:480px; font-family:Arial"
	  ALIGN="right">
		The Korea Fund Inc
	 </P>
	 <P
	  STYLE="line-height:12pt; margin:0px; text-indent:624px; font-family:Arial; font-size:10pt">
		&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;

	 </P>
	 <P
	  STYLE="line-height:22pt; margin:0px; font-family:Copperplate Gothic Bold; font-size:20pt"
	  ALIGN="center">
		<FONT FACE="Copperplate Gothic Bold">T<FONT
		STYLE="font-size:18pt">HE</FONT> K<FONT STYLE="font-size:18pt">OREA</FONT>
		F<FONT STYLE="font-size:18pt">UND</FONT>, I<FONT
		STYLE="font-size:18pt">NC</FONT>.</FONT>
	 </P>
	 <P
	  STYLE="line-height:22pt; margin:0px; font-family:Copperplate Gothic Bold; font-size:20pt"
	  ALIGN="center">
		A <FONT STYLE="font-size:18pt;">LETTER TO SHAREHOLDERS</FONT>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		<FONT FACE="Times New Roman">Dear Fellow Stockholders</FONT>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		I write to you on behalf of the Board of The Korea Fund, Inc. (the
		&#147;Fund&#148;) to update you, as I have previously indicated in our release
		of June 22, on recent events surrounding the transition of portfolio management
		responsibility to RCM Capital Management LLC and its Hong Kong-based affiliate
		RCM Asia Pacific Limited (collectively, &#147;RCM&#148;).
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		The circumstances surrounding the recent change in manager are well
		documented in your Fund&#146;s Proxy Statement dated March 2, 2007 that was
		mailed to all stockholders and is currently available at the Fund&#146;s
		website (<U>www.thekoreafund.com</U>). &nbsp;At the time of the change in
		investment manager, your Board provided RCM a period in which to restructure
		the portfolio holdings to its model &#150; a period known in the industry and
		referred to herein as the &#145;transition&#146;. At such a time of a change in
		a portfolio manager it is quite usual that a certain grace period be given by
		the Board to the new appointee to permit it to restructure the holdings in the
		portfolio to its own model and before which the Board&#146;s investment
		performance monitoring commences. After lengthy consideration of the situation
		and dialogue with RCM, your Board decided, given the structure of the then
		portfolio and the level of illiquidity in certain of the holdings, that this
		grace period should extend through June 30.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		Overall, we believe the transition of the portfolio to align it with
		RCM&#146;s model has gone as well as we could have expected in what has been a
		friendly and positive stock market environment. From April 1 to June 29, 2007,
		RCM concentrated the holdings and reduced the number of listed companies from
		73 to 41, reinvesting some 34% of the assets so realized in either existing
		positions or some new names, particularly in the shipbuilding sector.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		The Korean stock market, as measured by both the KOSPI &amp; MSCI Korea
		indices, has performed well over the past quarter with KOSPI (capital adjusted)
		increasing 22% and the MSCI Korea up 18%. &nbsp;Over the same period and
		despite unavoidable brokerage and other transaction costs as well inevitable
		market impact, your Fund has almost kept apace with the MSCI Korea index and,
		we believe, held well against the stronger performing KOSPI. &nbsp;A word of
		warning at this stage, the information set out in this letter (including
		Appendix 1) is based on book numbers and is subject to yearend audit and tax
		adjustments, so please treat them accordingly.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		In past correspondence I have referred to the high level of retained
		capital gains in the portfolio that, in any transition, would result in the
		realization of capital gains which, to avoid the Fund paying tax thereon, would
		be distributed to stockholders. &nbsp;The transition of the portfolio has in
		fact contributed to the realization of substantial capital gains during the
		fiscal year ended June 30, 2007. &nbsp;After
	 </P>
	 <P STYLE="margin:0px">
		<BR> <BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="center">
		-4-
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <HR STYLE="margin-top:9.6px; margin-bottom:9.6px" NOSHADE="NOSHADE"
	  SIZE="1"> <PAGE>
	 <P STYLE="margin:0px; ">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		taking into account the capital gain distribution in January 2007 (which
		represented net realized capital gains for the year ended October 31, 2006), it
		is estimated that the Fund will be required to pay a capital gain distribution
		of approximately $<FONT FACE="Garamond">352</FONT> million ($<FONT
		FACE="Garamond">14.51</FONT> per share) for the fiscal year ended June 30,
		2007. &nbsp;As noted above, this capital gain distribution is an estimate and
		is subject to yearend audit and tax adjustments. &nbsp;This amount of realized
		capital gains, plus any net gains that may be realized between July 1, 2007 and
		October 31, 2007, must be distributed to stockholders by early 2008 in order to
		avoid tax at the Fund level.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		Your Board has considered seriously the matter of the timing of the
		distribution of these gains to stockholders and has concluded that, to attempt
		to optimize the opportunity between an early payout and a limited cascade
		effect (such effect is described more fully in the Fund&#146;s proxy
		statement), it intends to make a full payout of such gains as early as
		practicable in November 2007 (most likely in mid- to late-November). As I have
		written previously, I fully appreciate that many shareholders would prefer not
		to receive such a large one time payment of gains, and going forward your Board
		hopes to minimize the buildup of such retained capital gains.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		For the greater interest of stockholders, we list in Appendix 1 hereto
		additional information on the portfolio of your Fund as at June 29, 2007. This
		is provided at this time given the exceptional circumstances through which your
		Fund has recently passed. &nbsp;Much of this information will be set out in
		final form in the Annual Report due to be mailed to stockholders by the end of
		August.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		We look towards the future of the Korean market and your Fund with
		optimism, with a new investment manager who, we believe, demonstrates a strong
		process across research, risk management, portfolio selection and
		administration. From the Board's perspective, the performance measuring clock
		commenced on July 1, and we look forward to monitoring investment performance
		and reporting it regularly to you in terms of both our benchmark, the KOSPI
		index, as well as the MSCI Korea index.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		Please do not hesitate to contact me if you have any questions or
		comments on matters concerning your Fund. Alternatively I hope to have the
		opportunity of meeting with you at the Annual Meeting of Stockholders scheduled
		for October 24 at 2 PM in New York City.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		Yours very sincerely &nbsp;&nbsp;
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		Julian Reid
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		Chairman of the Board
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		July 5, 2007 &nbsp;&nbsp;
	 </P>
	 <P STYLE="margin:0px">
		<BR> <BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="center">
		-5-
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <HR STYLE="margin-top:9.6px; margin-bottom:9.6px" NOSHADE="NOSHADE"
	 SIZE="1"> <PAGE>
	 <P STYLE="margin:0px; ">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P
	 STYLE="line-height:24px; margin-top:21.333px; margin-bottom:5.333px; font-family:Arial; font-size:21.333px">
		<FONT FACE="Arial"><B><I>APPENDIX 1</I></B></FONT>
	 </P>
	 <P
	 STYLE="line-height:24px; margin-top:21.333px; margin-bottom:5.333px; padding-left:-48px; font-family:Arial; font-size:21.333px">
		Portfolio holdings as of June 29, 2007
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P
	 STYLE="line-height:17.333px; margin:0px; padding-left:-48px; font-size:14.667px">
		<FONT FACE="Times New Roman">The Korea Fund, Inc. is a closed-end
		exchange traded management investment company. This material is presented only
		to provide information and is not intended for trading purposes. Closed-end
		funds, unlike open-end funds, are not continuously offered. After the initial
		public offering, shares are sold on the open market through a stock exchange.
		Investment policies, management fees and other matters of interest to
		prospective investors may be found in each closed-end fund prospectus. Holdings
		are subject to change daily. &nbsp;For more information about the Fund, visit
		the Fund&#146;s website at </FONT><U>www.thekoreafund.com</U> or call the
		Fund&#146;s shareholder servicing agent at (800) 331-1710.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P
	 STYLE="line-height:17.333px; margin:0px; padding-left:-48px; font-size:14.667px">
		This information is produced by RCM Capital Management LLC. &nbsp;RCM
		Capital Management LLC, is an indirect, wholly-owned subsidiary of Allianz
		Global Investors AG, and is a member of Munich-based Allianz Group (NYSE &#150;
		AZ). Allianz is a leading global financial services company. RCM Capital
		Management LLC serves as the Fund's investment manager, and the sub-adviser is
		RCM Asia Pacific Limited.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:14pt; margin:0px; padding-left:-48px; font-size:12pt">
		<B>Portfolio Holdings for The Korea Fund, Inc. as of June 29, 2007</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <TABLE STYLE="font-size:13.333px" CELLSPACING="0">
		<TR>
		  <TD WIDTH="288"></TD>
		  <TD WIDTH="109"></TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#000080" VALIGN="top" WIDTH="288">
			 <P STYLE="font-size:2pt; border-left:0pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#000080" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; color:#FFFFFF; border-left:0pt"
			  ALIGN="center">
				<FONT COLOR="#FFFFFF"><B>% NAV</B></FONT>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				<FONT COLOR="#000000">CHEIL COMMUNICATION</FONT>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				<B>1.6</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				DAEWOO SHIPBUILDING + MARINE
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>5.1</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				DONGKUK STEEL MILL
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>0.9</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				DOOSAN HEAVY IND
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.0</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				GS ENGINEERING + C
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>4.3</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				HANA FINANCIAL HOL
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>0.6</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				HANA TOUR SERVICE
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.6</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				HANKOOK TIRE MANFT
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.0</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				HITE BREWERY CO
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>0.5</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				HYNIX SEMICONDUCTO
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>2.5</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				HYUNDAI DEPT STORE
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.1</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				HYUNDAI ENG +CONST
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.1</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				HYUNDAI HEAVY INDUSTRIES
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>6.7</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				HYUNDAI MOBIS
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>2.0</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				KOOKMIN BANK
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>4.2</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				KOREA EXPRESS(THE)
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.7</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				KOREA INVESTMENT HOLDING CO
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>2.2</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				KOREAN AIR LINES
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.3</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				KOREAN REINSURANCE
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.0</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				KT + G CORPORATION
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.9</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				LG CHEMICAL
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.1</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				LG CORP
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>2.1</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				LG DACOM CORP
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.4</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				LG PHILIPS LCD
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>2.8</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				MEGASTUDY CO LTD
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.1</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				NHN CORP
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>2.4</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				ON MEDIA CORPORATION
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.0</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				POSCO
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>7.0</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				S1 CORP
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.6</B>
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px">
		<BR> <BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <HR STYLE="margin-top:9.6px; margin-bottom:9.6px" NOSHADE="NOSHADE"
	  SIZE="1"> <PAGE>
	 <P STYLE="margin:0px; ">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR> <BR>
	 </P>
	 <TABLE STYLE="font-size:13.333px" CELLSPACING="0">
		<TR>
		  <TD WIDTH="288"></TD>
		  <TD WIDTH="109"></TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				SAMSUNG CARD
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>0.1</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				SAMSUNG CO
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.5</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				SAMSUNG ELECTRONIC
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>10.2</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				SAMSUNG FIRE + MAR
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>5.3</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				SAMSUNG HEAVY
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>3.7</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				SAMSUNG TECHWIN
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.5</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				SEOUL SEMICONDUCTOR
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.0</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				SFA ENGINEERING CO
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.4</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				SHINHAN FINANCIAL
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>4.0</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				SHINSEGAE CO LTD
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>3.4</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				SK TELECOM
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>3.0</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				YUHAN CORP
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>1.0</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="288">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				LIQUIDITY
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="109">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				<B>0.9</B>
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P
	  STYLE="line-height:14pt; margin:0px; padding-left:-48px; font-size:12pt">
		<B>Sector weight comparison</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <TABLE STYLE="font-size:13.333px" CELLSPACING="0">
		<TR>
		  <TD WIDTH="300"></TD>
		  <TD WIDTH="84"></TD>
		  <TD WIDTH="192"></TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#000080" VALIGN="top" WIDTH="300">
			 <P STYLE="font-size:2pt; border-left:0pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#000080" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; color:#FFFFFF; border-left:0pt"
			  ALIGN="center">
				<FONT COLOR="#FFFFFF"><B>% NAV</B></FONT>
			 </P>
		  </TD>
		  <TD STYLE="background-color:#000080" VALIGN="top" WIDTH="192">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; color:#FFFFFF; border-left:0pt">
				<FONT COLOR="#FFFFFF"><B>Relative to benchmark (KOSPI)*</B></FONT>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#CCFFFF" VALIGN="top" WIDTH="300">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Consumer Discretionary &nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				9.4
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="192">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Underweight
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#CCFFFF" VALIGN="top" WIDTH="300">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Consumer Staples &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				5.8
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="192">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Neutral
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#CCFFFF" VALIGN="top" WIDTH="300">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Energy
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				0.0
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="192">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Underweight
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#CCFFFF" VALIGN="top" WIDTH="300">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Financials
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				17.4
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="192">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Underweight
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#CCFFFF" VALIGN="top" WIDTH="300">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Health Care
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				1.0
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="192">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Neutral
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#CCFFFF" VALIGN="top" WIDTH="300">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Industrials
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				32.7
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="192">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Overweight
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#CCFFFF" VALIGN="top" WIDTH="300">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Information Technology &nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				19.3
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="192">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Overweight
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#CCFFFF" VALIGN="top" WIDTH="300">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Materials
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				9.0
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="192">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Underweight
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#CCFFFF" VALIGN="top" WIDTH="300">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Telecomm Services &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				4.5
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="192">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Neutral
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#CCFFFF" VALIGN="top" WIDTH="300">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Utilities
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				0.0
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="192">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Underweight
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#CCFFFF" VALIGN="top" WIDTH="300">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Liquidity
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				0.9
			 </P>
		  </TD>
		  <TD STYLE="background-color:#FFFFFF" VALIGN="top" WIDTH="192">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px; padding-left:-48px">
		<B>*The Korea Stock Price Index (&#147;KOSPI&#148;) is the Fund&#146;s
		benchmark.</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:14pt; margin:0px; padding-left:-48px; font-size:12pt">
		<B>Top 10 overweighted/underweighted stocks as compared to KOSPI<BR> </B>

	 </P>
	 <TABLE STYLE="font-size:13.333px" CELLSPACING="0">
		<TR>
		  <TD WIDTH="228"></TD>
		  <TD WIDTH="84"></TD>
		  <TD WIDTH="49.6"></TD>
		  <TD WIDTH="214.4"></TD>
		  <TD WIDTH="96"></TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#000080" VALIGN="top" WIDTH="228">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; color:#FFFFFF; border-left:0pt">
				<FONT COLOR="#FFFFFF"><B>Top 10 Overweighted Stocks </B></FONT>
			 </P>
		  </TD>
		  <TD STYLE="background-color:#000080" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; color:#FFFFFF; border-left:0pt"
			  ALIGN="center">
				<FONT COLOR="#FFFFFF"><B>Active Position</B></FONT>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="49.6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#000080" VALIGN="top" WIDTH="214.4">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; color:#FFFFFF; border-left:0pt">
				<FONT COLOR="#FFFFFF"><B>Top 10 Underweighted Stocks</B></FONT>
			 </P>
		  </TD>
		  <TD STYLE="background-color:#000080" VALIGN="top" WIDTH="96">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; color:#FFFFFF; border-left:0pt"
			  ALIGN="center">
				<FONT COLOR="#FFFFFF"><B>Active Position</B></FONT>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="228">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Samsung Fire &amp; Marine
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				4.2%
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="49.6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="214.4">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Korea Elec Power
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="96">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				-3.1%
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="228">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Daewoo Shipbuilding
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				3.9%
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="49.6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="214.4">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Woori Finance Hldg
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="96">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				-2.3%
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="228">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				GS Engineering
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				3.7%
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="49.6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="214.4">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				SK Corp
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="96">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				-2.1%
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="228">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Hyundai Heavy Ind
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				3.5%
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="49.6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="214.4">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Hyundai Motor
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="96">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				-1.9%
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="228">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Samsung Heavy Ind
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				2.5%
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="49.6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="214.4">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				KT Corp
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="96">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				-1.4%
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="228">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				NHN Corp
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				2.4%
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="49.6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="214.4">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				LG Electronics
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="96">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				-1.3%
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="228">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				POSCO
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				2.4%
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="49.6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="214.4">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Lotte Shopping Centre
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="96">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				-1.3%
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="228">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Shinsegae Co
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				2.1%
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="49.6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="214.4">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Daewoo Engineering
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="96">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				-1.1%
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="228">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Korea Investment
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				1.8%
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="49.6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="214.4">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Korea Exchange Bank
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="96">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				-1.1%
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="228">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				Hana Tour Services
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="84">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				1.6%
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="49.6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="214.4">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt">
				S- Oil Corp
			 </P>
		  </TD>
		  <TD STYLE="background-color:#C0C0C0" VALIGN="top" WIDTH="96">
			 <P
			  STYLE="line-height:14pt; margin:0px; font-size:12pt; border-left:0pt"
			  ALIGN="center">
				-1.0%
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px">
		<BR> <BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="center">
		-7-
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <HR STYLE="margin-top:9.6px; margin-bottom:9.6px" NOSHADE="NOSHADE"
	  SIZE="1"> <PAGE>
	 <P STYLE="margin:0px; ">
		<BR>
	 </P>
	 <TABLE STYLE="font-size:13.333px" CELLSPACING="0" WIDTH="100%">
		<TR>
		  <TD WIDTH="25%"></TD>
		  <TD WIDTH="15%"></TD>
		  <TD WIDTH="15%"></TD>
		  <TD WIDTH="30%"></TD>
		</TR>
		<TR>
		  <TD STYLE="border:1px solid #000000" VALIGN="top" WIDTH="25%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				31 March 2007
			 </P>
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				% NAV
			 </P>
		  </TD>
		  <TD
			STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				29 June 2007
			 </P>
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				% NAV
			 </P>
		  </TD>
		  <TD
			STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="30%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				&nbsp;&nbsp;Relative to <BR>&nbsp;&nbsp;Benchmark (KOSPI)
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="25%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				Consumer discretionary
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				13.4&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				9.4&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="30%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				&nbsp;&nbsp; Underweight
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="25%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				Consumer Staples
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				9.2&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				5.8&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="30%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				&nbsp;&nbsp; Neutral
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="25%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				Financials
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				20.6&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				17.4&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="30%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				&nbsp;&nbsp; Underweight
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="25%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				Industrials
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				14.9&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				32.7&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="30%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				&nbsp;&nbsp; Overweight
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="25%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				Technology
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				22.6&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				19.3&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="30%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				&nbsp;&nbsp; Overweight
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="25%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				Materials
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				8.6&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				9.0&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="30%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				&nbsp;&nbsp;Underweight
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="25%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				Telecom
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				3.9&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				4.5&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="30%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				&nbsp;&nbsp; Neutral
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="25%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				Energy
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				&#151;&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				&#151;&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="30%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				&nbsp;&nbsp; Underweight
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="25%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				Healthcare
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				0.5&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				1.0&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="30%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				&nbsp;&nbsp; Neutral
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="25%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				Utilities
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				&#151;&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				&#151;&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="30%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				&nbsp;&nbsp;Underweight
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="25%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				Others
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				0.5&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				&#151;&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="30%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="25%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				Liquidity
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				5.7&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				0.9&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="30%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="25%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
				TOTAL
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				100.0&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px"
			  ALIGN="right">
				100.0&nbsp;&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="30%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
		Source: RCM/Wilshire
	 </P>
	 <P
	  STYLE="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px">
		*Rounding may cause figures to vary from 100%
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		<B>THE KOREA FUND, INC.</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		Performance review (Net of fees)
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <TABLE STYLE="font-size:13.333px" CELLSPACING="0">
		<TR>
		  <TD WIDTH="108"></TD>
		  <TD WIDTH="108"></TD>
		  <TD WIDTH="108"></TD>
		  <TD WIDTH="108"></TD>
		  <TD WIDTH="132"></TD>
		  <TD WIDTH="96"></TD>
		  <TD WIDTH="108"></TD>
		</TR>
		<TR>
		  <TD STYLE="border:1px solid #000000" VALIGN="top" WIDTH="108">
			 <P STYLE="margin:0px">
				<BR>
			 </P>
			 <P STYLE="margin:0px">
				<BR>
			 </P>
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
				June 29, 2007
			 </P>
		  </TD>
		  <TD
			STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="margin:0px" ALIGN="center">
				<BR>
			 </P>
			 <P STYLE="margin:0px" ALIGN="center">
				<BR>
			 </P>
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				Fund NAV %
			 </P>
		  </TD>
		  <TD
			STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="margin:0px">
				<BR>
			 </P>
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
				Fund
			 </P>
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
				Market Price
			 </P>
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				%
			 </P>
		  </TD>
		  <TD
			STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="margin:0px" ALIGN="center">
				<BR>
			 </P>
			 <P STYLE="margin:0px" ALIGN="center">
				<BR>
			 </P>
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				Benchmark** <BR> %
			 </P>
		  </TD>
		  <TD
			STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="132">
			 <P STYLE="margin:0px">
				<BR>
			 </P>
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
				Difference
			 </P>
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
				(NAV vs KOSPI)
			 </P>
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				%
			 </P>
		  </TD>
		  <TD
			STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="96">
			 <P STYLE="margin:0px">
				<BR>
			 </P>
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				MSCI Korea
			 </P>
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				%
			 </P>
		  </TD>
		  <TD
			STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				Difference (NAV vs MSCI Korea) %
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
				<B>2007</B>
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="132">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="96">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P
			  STYLE="line-height:14pt; margin:0px; padding-left:20.8px; font-size:12pt">
				April
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				4.10
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				7.12
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				7.33
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="132">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				-3.23
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="96">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				6.06
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				-1.96
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P
			  STYLE="line-height:14pt; margin:0px; padding-left:20.8px; font-size:12pt">
				May
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				9.72
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				8.79
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				10.53
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="132">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				-0.81
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="96">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				8.28
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				1.44
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P
			  STYLE="line-height:14pt; margin:0px; padding-left:20.8px; font-size:12pt">
				June
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				3.35
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				2.51
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				3.02
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="132">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				0.33
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="96">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				3.00
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				0.35
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P
			  STYLE="line-height:14pt; margin:0px; padding-left:20.8px; font-size:12pt">
				Since Inception*
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				<B>18.05</B>
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				<B>19.46</B>
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				<B>22.21</B>
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="132">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				<B>-4.16</B>
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="96">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				<B>18.28</B>
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:12pt"
			  ALIGN="center">
				<B>-0.23</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="line-height:14pt; margin:0px; font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="132">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="96">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="top" WIDTH="108">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		*Portfolio inception date: April 1, 2007, when RCM Capital Management LLC
		and RCM Asia Pacific Limited assumed the investment manager and sub-advisor
		roles to the Fund, respectively.
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		** Benchmark: &nbsp;The Korea Stock Price Index (KOSPI)
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt">
		Source: &nbsp;RCM Asia Pacific Limited/ Datastream / Bloomberg / InSight
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:12pt; margin:0px; font-family:Verdana; font-size:10pt">
		<FONT FACE="Verdana">Past performance is no guarantee of future results.
		Investment return and the value of shares will fluctuate.</FONT>
	 </P>
	 <P
	  STYLE="line-height:11.333px; margin:0px; font-family:Verdana; font-size:11.333px">
		&nbsp;&nbsp;
	 </P>
	 <P
	  STYLE="line-height:12pt; margin:0px; font-family:Verdana; font-size:10pt">
		The Fund seeks long-term capital appreciation through investment in
		Korean securities. An investment in the Fund involves risk, including loss of
		principal. Investing in non-U.S. securities entails additional risks, including
		political and economic risk and the risk of currency fluctuations, as well as
		lower liquidity. These risks, which can result in greater price volatility,
		will generally be enhanced in less diversified funds that concentrate
		investments in a particular geographic region.
	 </P>
	 <P
	  STYLE="line-height:17.333px; margin:0px; font-family:Verdana; font-size:11.333px">
		&nbsp;&nbsp;
	 </P>
	 <P
	  STYLE="line-height:12pt; margin:0px; font-family:Verdana; font-size:10pt">
		Returns are calculated by subtracting the value of a share at the
		beginning of the period from the value at the end and dividing the difference
		by the initial value, expressing the result as a percent change. The
		calculation assumes that all distributions during the period have been
		reinvested on the payable dates, at NAV or at market price according to how the
		returns are labeled. The returns do not reflect broker sales charges or
		commissions. Net asset value (NAV) is total assets less total liabilities
		divided by the number of shares outstanding.
	 </P>
	 <P
	  STYLE="line-height:12pt; margin:0px; font-family:Verdana; font-size:10pt">
		&nbsp;&nbsp;
	 </P>
	 <P
	  STYLE="line-height:12pt; margin:0px; font-family:Verdana; font-size:10pt">
		This information is unaudited and is intended for informational purposes
		only. This is not an offer or solicitation for the purchase or sale of any
		financial instrument. It is presented only to provide information on investment
		strategies and opportunities.
	 </P>
	 <P
	  STYLE="line-height:12pt; margin:0px; font-family:Verdana; font-size:10pt">
		&nbsp;&nbsp;
	 </P>
	 <P
	  STYLE="line-height:12pt; margin:0px; font-family:Verdana; font-size:10pt">
		The Fund is a closed-end exchange traded management investment company.
		This material is presented only to provide information and is not intended for
		trading purposes. Closed-end funds, unlike open-end funds, are not continuously
		offered. After the initial public offering, shares are sold on the open market
		through a stock exchange, where shares may trade at a premium or a discount.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="right">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="right">
		<BR> <BR>
	 </P>
	 <P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="center">
		<FONT FACE="Times New Roman">-8-</FONT>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <HR STYLE="margin-top:9.6px; margin-bottom:9.6px" NOSHADE="NOSHADE"
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
