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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950136-07-008012.txt : 20071126
<SEC-HEADER>0000950136-07-008012.hdr.sgml : 20071126
<ACCEPTANCE-DATETIME>20071126111918
ACCESSION NUMBER:		0000950136-07-008012
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070930
FILED AS OF DATE:		20071126
DATE AS OF CHANGE:		20071126
EFFECTIVENESS DATE:		20071126

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04058
		FILM NUMBER:		071265533

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

	MAIL ADDRESS:	
		STREET 1:		ALLIANZ GLOBAL INVESTORS
		STREET 2:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>file1.htm
<DESCRIPTION>FORM N-Q
<TEXT>


<TITLE>
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<DIV STYLE=""></DIV><BR>
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      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="40%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="20%" height="25" valign=bottom style='border:solid black .5pt; padding:8.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><U><font STYLE='FONT-SIZE:8PT'>OMB APPROVAL</font></U></p>
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;&nbsp;OMB Number: 3235-0578 </font></p>
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;&nbsp;Expires: April 30, 2010 </font></p>
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;&nbsp;Estimated average burden </font></p>
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;&nbsp;hours per response. . . 10.5 </font></p>
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
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<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>UNITED STATES</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>SECURITIES AND EXCHANGE COMMISSION</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>Washington, DC 20549</font></b></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>FORM N-Q</font></B></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED <br>
MANAGEMENT INVESTMENT COMPANY</font></B></p>
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  <table border="0" cellspacing=0 cellpadding=0 width="46%" style=' border-collapse:collapse;'>
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      <td width="100%" valign=top style='padding:8.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Investment Company Act File Number: 811-04058</font></p></td>
    </tr>
</table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Registrant Name: The Korea Fund, Inc.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Address of Principal Executive Offices: 4 Embarcadero Center, 30th Floor, San Francisco, CA 94111</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Name and Address of Agent for Service: Brian S. Shlissel &#150; 1345 Avenue of the Americas, New York, NY 10105</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Registrant&#146;s telephone number, including area code: 212-739-3369</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="36%" style=' border-collapse:collapse;'>
    <tr>
      <td width="100%" valign=top style='padding:8.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Date of Fiscal Year End: June 30, 2008</font></p></td>
    </tr>
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</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Date of Reporting Period: September 30, 2007 </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Form N-Q is to be used by the registered management investment company, other than a small business investment company registered on Form N-5 (</font><font face="Arial" style='font-size:10pt'>&sect;&sect;</font><font style='font-size:10pt'> 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b 1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (&#147;OMB&#148;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. </font><font face="Arial" style='font-size:10pt'>&sect; </font><font style='font-size:10pt'>3507.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font style='font-size:10pt'>Item 1. Schedule of Investments</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'></font></p>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
  <tr style='height:12.95pt;'>
    <td  nowrap="nowrap" colspan="3" style='padding:.0pt .0pt 0in .0pt; height:12.95pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:10pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:10pt'>The Korea Fund, Inc. Schedule of Investments</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:12.95pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td  nowrap="nowrap" colspan="3" style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:12.0pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>September 30, 2007 (unaudited)</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:12.0pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></p></td>
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    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
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  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='border-bottom:solid black 1.5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Shares</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black 1.5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black 1.5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black 1.5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Value*</font></p></td>
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    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:12.95pt;'>
    <td  nowrap="nowrap" colspan="3" style='padding:.0pt .0pt 0in .0pt; height:12.95pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:9pt'>COMMON STOCK&#151;99.1%</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:12.95pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
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    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td width="2%"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Airlines&#151;1.2%</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td width="10%" valign="top"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'>210,406</font></p></td>
    <td width="2%"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Korean Air Lines Co., Ltd. (b)</font></p></td>
    <td width="10%"  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>$</font><font face="Times New Roman" style='font-size:8pt'>14,179,198</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Auto Components&#151;2.9%</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td valign="top"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 588,193 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Hankook Tire Co., Ltd.</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>12,016,676</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td valign="top"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'> 216,756 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Hyundai Mobis</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>22,941,836</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>34,958,512</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Capital Markets&#151;2.0%</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td valign="top"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 358,649 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Korea Investment Holdings Co., Ltd. (b)</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>23,454,587</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Chemicals&#151;1.1%</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td valign="top"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 129,609 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>LG Chem Ltd. (b)</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>13,571,327</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Commercial Banks&#151;3.0%</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td valign="top"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 429,770 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Kookmin Bank</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>35,447,325</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Commercial Services &amp; Supplies&#151;1.6%</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td valign="top"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 310,109 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>S1 Corp.</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>18,589,434</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Construction &amp; Engineering&#151;7.0%</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td valign="top"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 265,628 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>GS Engineering &amp; Construction Corp.</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>45,911,988</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td valign="top"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 239,800 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Hyundai Development Co.</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .0pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>22,303,289</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td valign="top"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'> 155,077 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Hyundai Engineering &amp; Construction Co., Ltd. (a)(b)</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>14,740,762</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>82,956,039</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Consumer Finance&#151;6.0%</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td valign="top"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 336,716 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Samsung Card Co., Ltd. (a)</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>20,787,209</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td valign="top"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'> 775,094 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Shinhan Financial Group Co., Ltd.</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>50,197,388</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>70,984,597</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Diversified Consumer Services&#151;1.7%</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'> 66,807 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>MegaStudy Co., Ltd.</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>20,304,905</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Diversified Industrials&#151;5.6%</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 413,260 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>LG Corp. (b)</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>28,358,167</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 516,264 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Samsung Corp. (b)</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>37,787,374</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>66,145,541</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Electrical Equipment&#151;1.5%</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 382,130 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>LG Philips LCD Co., Ltd. (a)(b)</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>18,209,580</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Electronic Equipment &amp; Instruments&#151;1.4%</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 636,950 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>SE Co., Ltd. (a)(c)</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'> 0</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'> 271,463 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>SFA Engineering Corp. (b)</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>16,074,338</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>16,074,338</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
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  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Food &amp; Staples Retailing&#151;3.2%</font></b></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
  </tr>
  <tr style='height:10.5pt;'>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 54,749 </font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Shinsegae Co., Ltd.</font></p></td>
    <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>37,997,030</font></p></td>
  </tr>
</table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<div align=left>
  <table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
    <tr style='height:12.95pt;'>
      <td  nowrap="nowrap" colspan="3" style='padding:.0pt .0pt 0in .0pt; height:12.95pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:10pt'>The Korea Fund, Inc. Schedule of Investments</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:12.95pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
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      <td  nowrap="nowrap" colspan="3" style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:12.0pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>September 30, 2007 (unaudited) (continued)</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:12.0pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></p></td>
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      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='border-bottom:solid black 1.5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Shares</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black 1.5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black 1.5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black 1.5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Value*</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Hotels, Restaurants &amp; Leisure&#151;1.4%</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td width="10%"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>166,306 </font></p></td>
      <td width="2%"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Hana Tour Service, Inc.</font></p></td>
      <td width="10%"  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'>$16,670,763</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Insurance&#151;5.4%</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 650,220 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Korean Reinsurance Co. (b)</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>9,186,719</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'> 257,742 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Samsung Fire &amp; Marine Insurance Co., Ltd.</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>55,325,688</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>64,512,407</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Internet Software &amp; Services&#151;5.2%</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 552,013 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>LG Dacom Corp. (b)</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>16,686,502</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'> 194,064 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>NHN Corp. (a)</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>44,685,638</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>61,372,140</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Machinery&#151;1.0%</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 109,189 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Doosan Heavy Industries and Construction Co., Ltd.</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>11,478,033</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Media&#151;2.1%</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 52,938 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Cheil Communications, Inc.</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .0pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>15,669,020</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td valign="top"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'> 1,171,880 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>ON*Media Corp. (a)</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>9,065,843</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>24,734,863</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Metals &amp; Mining&#151;10.6%</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 298,105 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Dongkuk Steel Mill Co., Ltd.</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>15,654,216</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'> 152,495 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font FACE="Times New Roman" STYLE='FONT-SIZE:8PT'>POSCO</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>110,351,663</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>126,005,879</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Pharmaceuticals&#151;1.1%</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 63,255 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Yuhan Corp. (b)</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>13,426,992</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Retail&#151;0.9%</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 93,278 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Hyundai Department Store Co., Ltd.</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>11,178,101</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Road &amp; Rail&#151;1.8%</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 164,755 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Korea Express Co., Ltd. (a)</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>21,698,780</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Semi-conductors&#151;10.9%</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 155,061 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Samsung Electronics Co., Ltd. (e)</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>97,027,634</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'> 434,770 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Samsung Techwin Co., Ltd.</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>32,962,141</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>129,989,775</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Shipbuilding&#151;15.7%</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 940,000 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Daewoo Shipbuilding &amp; Marine Engineering Co., Ltd.</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>59,126,844</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'> 185,677 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Hyundai Heavy Industries Co., Ltd.</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>85,407,219</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'> 788,000 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Samsung Heavy Industries Co., Ltd.</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>41,632,978</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>186,167,041</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Tobacco&#151;2.4%</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 359,626 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>KT&amp;G Corp.</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>28,058,414</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Wireless Telecommunications Services&#151;2.4%</font></b></p></td>
      <td><font style='font-size:10pt'>&nbsp;</font>
       </td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0001pt;'><font face="Times New Roman" style='font-size:8pt'> 122,458 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>SK Telecom Co., Ltd. (b)</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>28,202,209</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Total Common Stock (cost&#151;$509,685,251)</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>1,176,367,810</font></p></td>
    </tr>
</table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
    <tr style='height:12.95pt;'>
      <td  nowrap="nowrap" colspan="3" style='padding:.0pt .0pt 0in .0pt; height:12.95pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:10pt'>The Korea Fund, Inc. Schedule of Investments</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:12.95pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:12.0pt;'>
      <td  nowrap="nowrap" colspan="3" style='border-bottom: solid black .5pt;padding:.0pt .0pt 0in .0pt; height:12.0pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>September 30, 2007 (unaudited) (continued)</font></p></td>
      <td  nowrap="nowrap" style='border-bottom: solid black .5pt;padding:.0pt .0pt 0in .0pt; height:12.0pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr >
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Principal</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Amount</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='border-bottom:solid black 1.5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>(000)</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black 1.5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black 1.5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black 1.5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Value*</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:12.95pt;'>
      <td  nowrap="nowrap" colspan="3" style='padding:.0pt .0pt 0in .0pt; height:12.95pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:9pt'>CONVERTIBLE BONDS&#151;0.0%</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:12.95pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Consumer Staples&#151;0.0%</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td align="right"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p align="right" style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'> WON 2,161 </font></p></td>
      <td width="2%"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" colspan="2" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Haitai Confectionery Loan Certificates, zero coupon, 11/28/09 (a)(d) </font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td width="10%"  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost&#151;$0)</font></p></td>
      <td width="10%"  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>$0 </font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Shares</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:12.95pt;'>
      <td  nowrap="nowrap" colspan="3" style='padding:.0pt .0pt 0in .0pt; height:12.95pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:9pt'>SHORT-TERM INVESTMENT&#151;5.7%</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:12.95pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font><b><font face="Times New Roman" style='font-size:8pt'>&nbsp;</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Collateral Invested for Securities on Loan </font></b><font face="Times New Roman" style='font-size:8pt'>(g)</font><b><font face="Times New Roman" style='font-size:8pt'>&#151;5.7%</font></b></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>67,809,418 </font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>BNY Institutional Cash Reserves Fund, 5.438% (cost&#151;$67,809,418)</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'> 67,809,418 </font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Total Investments</font></b><font face="Times New Roman" style='font-size:8pt'> (cost&#151;$577,494,669) (f)&#151;<b>104.8% </b></font></p></td>
      <td  nowrap="nowrap" style='padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>1,244,177,228 </font></b></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>Liabilities in excess of other assets&#151;(4.8)%</font></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Times New Roman" style='font-size:8pt'>(56,719,527)</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr style='height:10.5pt;'>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td  nowrap="nowrap" style='padding:.0pt .0pt 0in .0pt; height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>Net Assets&#151;100.0%</font></b></p></td>
      <td  nowrap="nowrap" style='border-bottom:solid black .5pt; padding:.75pt .75pt 0in .75pt;height:10.5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><b><font face="Times New Roman" style='font-size:8pt'>$1,187,457,701</font></b></p></td>
    </tr>
</table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font style='font-size:10pt'>Notes to Schedule of Investments:</font></b></p>
<p style='line-height:12pt;margin-bottom:-12pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>*</font></p>
<p style='line-height:12pt;margin-bottom:0pt; margin-top:0pt;padding-left:16pt;text-align:left;'><font style='font-size:10pt'>Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments, for which market quotations are not readily available or if a development/event occurs that may significantly impact the value of a security, are fair-valued, in good faith, pursuant to guidelines established by the Board of Directors. The Fund&#146;s investments are valued daily using prices supplied by dealer quotations, or by using the last sale price on the exchange that is the primary market for such securities, or the last quoted mean price for those securities for which the over-the-counter market is the primary market or for listed securities in which there were no sales. Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 day
s or less,
or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. The prices used by the Fund to value securities may differ from the value that would be realized if the securities were sold. The Fund&#146;s net asset value is normally determined as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the New York Stock Exchange (&#145;&#145;NYSE&#146;&#146;) on each day the NYSE is open for business.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;padding-left:16pt;'><font style='font-size:10pt'>The prices of certain equity securities or other financial instruments may be determined at a time prior to the close of regular trading on the NYSE. When fair valuing securities, the Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time the Fund&#146;s net asset value is calculated. With respect to Korean equity securities, the Fund may fair value securities using modeling tools provided by third-party vendors. The Fund has retained a statistical research service to assist in determining the fair value of Korean equity securities. This service utilizes statistics and programs based on historical performance of markets and other economic data to assist in making fair value estimates. Fair value estimates used by the Fund for
Korean equity securities may differ from the value realized from the sale of those securities.</font></p>
<p style='line-height:12pt;margin-bottom:-12pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>(a)</font></p>
<p style='line-height:12pt;margin-bottom:0pt; margin-top:0pt;padding-left:16pt;text-align:left;'><font style='font-size:10pt'>Non-income producing.</font></p>
<p style='line-height:12pt;margin-bottom:-12pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>(b)</font></p>
<p style='line-height:12pt;margin-bottom:0pt; margin-top:0pt;padding-left:16pt;text-align:left;'><font style='font-size:10pt'>All or portion of security on loan. Aggregate market value of loaned securities is $64,776,419; cash  collateral of $67,809,418 was received with which the Fund purchased short-term investments.</font></p>
<p style='line-height:12pt;margin-bottom:-12pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>(c)</font></p>
<p style='line-height:12pt;margin-bottom:0pt; margin-top:0pt;padding-left:16pt;text-align:left;'><font style='font-size:10pt'>The Fund may purchase securities that are subject to legal or contractual  restrictions on resale (&#147;restricted securities&#148;). Restricted securities are securities  which have not been registered with the Securities and Exchange Commission under  the Securities Act of 1933. The Fund may be unable to sell a restricted security and it  may be more difficult to determine a market value for a restricted security.  Moreover, if adverse market conditions were to develop during the period between  the Fund&#146;s decision to sell a restricted security and the point at which the Fund is  permitted or able to sell such security, the Fund might obtain a price less favorable  than the price that prevailed when it decided to sell. This investment practice,  therefore, could have the effect of increasing the Fund&#146;s liquidity. The  future value of these securities is uncertain
and there may be changes in the  estimated value of these securities.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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      <td width="20%" valign=bottom style='border-bottom: solid black .5pt;height:1.0pt;'><p style=' margin-left:0;text-indent:0;text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Restricted</font></b><br>
          <b><font style='font-size:10pt'>Security</font></b></p></td>
      <td width="2%" valign=bottom style='border-bottom: solid black .5pt;height:1.0pt;'><p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="18%" valign=bottom style='border-bottom: solid black .5pt;height:1.0pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Acquisition</font></b><br>
          <b><font style='font-size:10pt'>Date</font></b></p></td>
      <td width="2%" valign=bottom style='border-bottom: solid black .5pt;height:1.0pt;'><p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="16%" valign=bottom style='border-bottom: solid black .5pt;height:1.0pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Cost </font></b></p></td>
      <td width="2%" valign=bottom style='border-bottom: solid black .5pt;height:1.0pt;'><p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="15%" valign=bottom style='border-bottom: solid black .5pt;height:1.0pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Value </font></b></p></td>
      <td width="2%" valign=bottom style='border-bottom: solid black .5pt;height:1.0pt;'><p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="17%" valign=bottom style='border-bottom: solid black .5pt;height:1.0pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>% of</font></b><br>
          <b><font style='font-size:10pt'>Net Assets</font></b></p></td>
      <td width="2%" valign=bottom style='border-bottom: solid black .5pt;height:1.0pt;'><p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>SE Co., Ltd.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>12/22/00</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$1,616,637</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$0</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0%</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'><BR></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>(d) Company in restructuring process, principal only subject to repayment.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>(e) At September 30, 2007, 8.17% of the Fund&#146;s net assets were invested in Samsung  Electronics Co., Ltd.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>(f) Fair-valued security&#151;Securities with an aggregate value of $1,155,580,601, representing  97.32% of net assets, were fair-valued<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;utilizing modeling tools provided by a third-party vendor.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>(g) Security purchased with the cash proceeds from securities on loan.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font style='font-size:10pt'>Glossary:</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>WON&#151;Korean Won</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font style='font-size:10pt'>Item 2. Controls and Procedures </font></b></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'> <font style='font-size:10pt'>(a) The registrant&#146;s President and Chief Executive Officer and Principal Financial Officer have concluded that the registrant&#146;s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Act (17CFR270.30a-3(c)), as amended are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'> <font style='font-size:10pt'>(b) There were no significant changes in the registrant&#146;s internal controls over financial reporting (as defined in Rule 30a-3 (d)) under the Act (17 CFR270.30a-3(d)) that occurred during the registrant&#146;s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font style='font-size:10pt'> Item 3. Exhibits</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0%;text-align:left;'><font style='font-size:10pt'>(a) Exhibit 99.302 Cert. &#150; Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 </font></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>SIGNATURES</font></B></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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      <td colspan="2" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Registrant: The Korea Fund, Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td colspan="2" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
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    <tr>
      <td width="3%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>By:&nbsp;</font></p></td>
      <td width="44%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br>
          <font style='font-size:10pt'>/s/ Robert Goldstein</font></p></td>
      <td width="7%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="4%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="42%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Robert Goldstein</font><br>
          <font style='font-size:10pt'>President and Chief Executive Officer </font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Date: November 26, 2007</font></p>
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      <td width="3%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>By:&nbsp;</font></p></td>
      <td width="42%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br>
          <font style='font-size:10pt'>/s/ Brian S. Shlissel</font></p></td>
      <td width="7%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="4%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="42%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Brian S. Shlissel</font><br>
          <font style='font-size:10pt'>Treasurer, Principal Financial &amp; Accounting Officer</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
</table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Date: November 26, 2007</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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      <td width="3%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>By:&nbsp;</font></p></td>
      <td width="42%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br>
          <font style='font-size:10pt'>/s/ Robert Goldstein</font></p></td>
      <td width="7%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="4%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="42%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Robert Goldstein</font><br>
          <font style='font-size:10pt'>President and Chief Executive Officer </font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
</table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Date: November 26, 2007</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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      <td width="3%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>By:&nbsp;</font></p></td>
      <td width="42%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br>
          <font style='font-size:10pt'>/s/ Brian S. Shlissel</font></p></td>
      <td width="7%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="4%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="42%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Brian S. Shlissel</font><br>
          <font style='font-size:10pt'>Treasurer, Principal Financial &amp; Accounting Officer </font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
</table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Date: November 26, 2007</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>file2.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
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<DIV STYLE="page-break-before: always;"></DIV><BR>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><b><font style='font-size:10pt'>Exhibit 99.302 Cert.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>CERTIFICATIONS</font></B></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>I, Robert Goldstein, certify that:</font></p>
<div align=left>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>1.</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>I have reviewed this report Form N-Q of The Korea Fund, Inc.;</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>2.</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the report;</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>3.</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>4.</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="15%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>a.</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="15%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>b.</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="15%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>c.</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and </font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="15%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>d.</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>5.</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors &nbsp;and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="15%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>a.</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="15%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>b.</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting. </font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
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 <tr>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Date: November 26, 2007</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="16%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'><br>
                        Signature &amp; Title:&nbsp;</font></p> </td>
        <td width="33%" valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>/s/ Robert Goldstein</font></p> </td>
        <td width="50%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Robert Goldstein, President and Chief Executive Officer</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td ></td>
                    <td ></td>
        <td ></td> </tr> </table>
            </div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>I, Brian S. Shlissel, certify that:</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>1.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>I have reviewed this report Form N-Q of The Korea Fund, Inc.;</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>2.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the report;</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>3.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>4.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>a.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>b.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>c.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and </font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>d.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>5.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>a.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>b.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting. </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Date: November 26, 2007</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
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                        Signature &amp; Title:&nbsp;</font></p> </td>
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      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>/s/ Brian S. Shlissel</font></p> </td>
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      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Brian S. Shlissel, Treasurer, Principal Financial &amp; Accounting Officer</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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