-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 FFn+ddx5LJ4FsJr9cVntTpU/5MUo/PW2g2WLUv/0ASwoaOftgo37uzKjFJhVN9MZ
 LD1uaAqNDdvn4x7rUxAo2A==

<SEC-DOCUMENT>0000950136-08-002791.txt : 20080527
<SEC-HEADER>0000950136-08-002791.hdr.sgml : 20080526
<ACCEPTANCE-DATETIME>20080527161537
ACCESSION NUMBER:		0000950136-08-002791
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080331
FILED AS OF DATE:		20080527
DATE AS OF CHANGE:		20080527
EFFECTIVENESS DATE:		20080527

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:		08860943

	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>
</TITLE>








<DIV STYLE=""></DIV><BR>

<DIV style="float:center">
<P style="line-height:12pt; margin:0px; font-size:10pt" align=center><B>UNITED STATES</B></P>
<P style="line-height:12pt; margin:0px; font-size:10pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, DC 20549</B></P>
<P style="margin:0px" align=center><BR></P>
</DIV>

<DIV style="float:right; border: 1px solid black; padding: 6pt; margin-top:-50pt;">
<P style="line-height:10pt; margin:0px; font-size:8pt" align=center><FONT FACE="Times New Roman" COLOR=#000000><U>OMB APPROVAL</U></FONT></P>
<P style="line-height:10pt; margin:0px; font-size:8pt">OMB Number: 3235-0578 &nbsp; &nbsp; &nbsp;</P>
<P style="line-height:10pt; margin:0px; font-size:8pt">Expires: April 30, 2010</P>
<P style="line-height:10pt; margin:0px; font-size:8pt">Estimated average burden <br>hours per response: 10.5</P>
</DIV>
<P style="margin:0px"><BR></P>

<P style="line-height:12pt; margin:0px; font-size:10pt" align=center><B>FORM N-Q</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt" align=center><B>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt">Investment Company Act File Number: 811-04058</P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt">Registrant Name: The Korea Fund, Inc.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt">Address of Principal Executive Offices: 4 Embarcadero Center, 30<SUP>th</SUP> Floor, San Francisco, CA 94111</P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt">Name and Address of Agent for Service: Brian S. Shlissel &#150; 1345 Avenue of the Americas, New York, New York 10105</P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt">Registrant&#146;s telephone number, including area code: 212-739-3369</P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt">Date of Fiscal Year End: June 30, 2008</P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt">Date of Reporting Period: March 31, 2008 </P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; 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 FACE="Arial">&#167;&#167;</FONT> 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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; 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 FACE="Arial">&#167; </FONT>3507.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade="noshade" size=1.333>










<DIV STYLE="page-break-before: always;"></DIV><BR>
<P style="line-height:12pt; margin:0px; font-size:10pt"><B>Item 1. Schedule of Investments</B></P>
<P style="margin:0px"><BR>
<FONT FACE="Arial"><B>The Korea Fund, Inc. Schedule of Investments</B></FONT></P>
<P style="line-height:10pt; margin:0px; padding-left:0px; font-family:Arial; font-size:8pt">March 31, 2008 (unaudited)</P>
<P style="margin:0px"><BR></P>
<TABLE width="100%" cellspacing=0 style="font-size:13.333px">
  <TR><TD width=444></TD><TD width=444></TD><TD width=80%></TD>
  <TD width=72></TD><TD width=89></TD></TR>
<TR><TD style="border-bottom:2px solid #000000" width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=center>Shares</P>
</TD><TD style="border-bottom:2px solid #000000" width=444><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" width=80%><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" width=72><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>Value*</P>
</TD></TR>
<TR><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=80% colspan=3><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px"><B>COMMON STOCK&#151;95.5%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=80% colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Capital Markets&#151;1.5%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225,692 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Korea Investment Holdings Co., Ltd. (a)</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>$10,648,058 </P>
</TD></TR>
<TR><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=80% colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Chemicals&#151;2.4%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,918 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">KCC Corp. (a)</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;16,659,756 </P>
</TD></TR>
<TR><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=80% colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Commercial Banks&#151;10.9%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263,990 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Hana Financial Group, Inc.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;10,820,162 </P>
</TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205,061 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Kookmin Bank</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;11,509,561 </P>
</TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;1,470,340 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Korea Exchange Bank</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;19,655,300 </P>
</TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674,181 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Shinhan Financial Group Co., Ltd.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;35,616,268 </P>
</TD></TR>
<TR><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt; text-align:right;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77,601,291</P>
</TD></TR>
<TR><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=80% colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Commercial Services &amp; Supplies&#151;1.7%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224,668 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">S1 Corp.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;11,681,914 </P>
</TD></TR>
<TR><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=80% colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Construction &amp; Engineering&#151;10.1%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146,829 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">GS Engineering &amp; Construction Corp.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;21,667,769 </P>
</TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351,076 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Hyundai Development Co.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;24,138,999 </P>
</TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299,020 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Hyundai Engineering &amp; Construction Co., Ltd. (a)</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;26,056,943 </P>
</TD></TR>
<TR><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt;text-align:right;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,863,711 </P>
</TD></TR>
<TR><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=80% colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Consumer Finance&#151;2.3%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342,426 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Samsung Card Co., Ltd.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;16,229,361 </P>
</TD></TR>
<TR><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=80% colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Diversified Consumer Services&#151;1.1%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,292 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">MegaStudy Co., Ltd.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;7,435,067 </P>
</TD></TR>
<TR><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD></TR>
<TR><TD width=80% colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Diversified Industrials&#151;2.0%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191,635 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">LG Corp.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;14,476,882 </P>
</TD></TR>
<TR><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=80% colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Electrical Equipment&#151;1.8%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284,371 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">LG.Philips LCD Co., Ltd. (a)</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;12,697,905 </P>
</TD></TR>
<TR><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=80% colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Electronic Equipment &amp; Instruments&#151;1.9%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>

<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202,404 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">SFA Engineering Corp.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;13,408,637 </P>
</TD></TR>

<TR><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=80% colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Food &amp; Staples Retailing&#151;3.1%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34,680 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Shinsegae Co., Ltd.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;21,902,578 </P>
</TD></TR>
<TR><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=80% colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Hotels, Restaurants &amp; Leisure&#151;1.1%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157,313 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Hana Tour Service, Inc. (a)</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;7,990,880 </P>
</TD></TR>
<TR><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=80% colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Insurance&#151;2.0%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,805 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Samsung Fire &amp; Marine Insurance Co., Ltd.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;14,471,761 </P>
</TD></TR>
<TR><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=80% colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Internet Software &amp; Services&#151;4.2%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523,783 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">LG Dacom Corp.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;9,923,789 </P>
</TD></TR>

<TR><TD width=444><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85,496 </P>
</TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">NHN Corp. (b)</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;20,076,738 </P>
</TD></TR>
<TR><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=444><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt;text-align:right;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,000,527</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade="noshade" size=1.333>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<P style="margin:0px; padding-left:6.2px; font-family:Arial"><B>The Korea Fund, Inc. Schedule of Investments</B></P>
<P style="line-height:10pt; margin:0px; padding-left:6.2px; font-family:Arial; font-size:8pt">March 31, 2008 (unaudited)</P>
<P style="margin:0px"><BR></P>
<TABLE width="100%" cellspacing=0 style="font-size:13.333px">
  <TR><TD width=66.867></TD><TD width=17.067></TD><TD width=80%></TD>
  <TD width=72></TD><TD width=89.333></TD></TR>
<TR><TD style="border-bottom:2px solid #000000" width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=center>Shares</P>
</TD><TD style="border-bottom:2px solid #000000" width=17.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" width=80%><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" width=72><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>Value*</P>
</TD></TR>
<TR><TD width=444.667 colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Machinery&#151;1.7%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87,704 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Doosan Heavy Industries and Construction Co., Ltd. (a)</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>$11,832,966 </P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=83.933 colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Media&#151;2.2%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,172 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Cheil Communications, Inc.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;12,103,027 </P>
</TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;1,024,140 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">ON*Media Corp. (a)(b)</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;3,837,810 </P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt;text-align:right;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,940,837 </P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444.667 colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Metals &amp; Mining&#151;7.7%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263,105 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Dongkuk Steel Mill Co., Ltd.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;10,329,530 </P>
</TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93,282 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">POSCO</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;44,653,890 </P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt;text-align:right;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,983,420 </P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444.667 colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Oil &amp; Gas&#151;1.6%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110,190 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">SK Energy Co., Ltd.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;11,407,310 </P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444.667 colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Pharmaceuticals&#151;2.2%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84,414 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Yuhan Corp. (a)</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;15,877,126 </P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444.667 colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Road &amp; Rail&#151;2.0%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127,604 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Korea Express Co., Ltd. (b)</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;14,322,805 </P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444.667 colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Semi-conductors&#151;12.5%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513,930 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Hynix Semiconductor, Inc. (a)(b)</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;14,491,900 </P>
</TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104,700 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Samsung Electronics Co., Ltd.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;66,207,295 </P>
</TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150,240 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Samsung Techwin Co., Ltd. (a)</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;8,215,590 </P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt;text-align:right;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88,914,785 </P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444.667 colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Shipbuilding&#151;7.8%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438,453 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Daewoo Shipbuilding &amp; Marine Engineering Co., Ltd.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;16,838,945 </P>
</TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102,531 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Hyundai Heavy Industries Co., Ltd. (a)</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;38,579,291 </P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt;text-align:right;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,418,236 </P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444.667 colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Tobacco&#151;3.8%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343,794 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">KT&amp;G Corp.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;27,002,160 </P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444.667 colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Wholesale&#151;6.0%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525,230 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Daewoo International Corp.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;19,027,293 </P>
</TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338,869 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Samsung Corp.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;23,830,134 </P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt;text-align:right;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,857,427 </P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444.667 colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Wireless Telecommunications Services&#151;1.9%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70,612 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">SK Telecom Co., Ltd.</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;13,366,499 </P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Total Common Stock (cost&#151;$424,137,832)</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt;text-align:right;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678,991,899 </P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE width="100%" cellspacing=0 style="font-size:13.333px">
  <TR><TD width=66.867></TD><TD width=17.067></TD><TD width=80%></TD>
  <TD width=72></TD><TD width=89.333></TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444.667 colspan=3><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px"><B>SHORT-TERM INVESTMENT</B><FONT FACE="Arial"><B>&#151;11</B></FONT><B>.5%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=444.667 colspan=3><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Collateral Invested for Securities on Loan</B> (c)<B>&#151;11.5%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=66.867><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">&nbsp;82,160,747 </P>
</TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">BNY Institutional Cash Reserves Fund, 2.90% (cost&#151;$82,160,747)</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt;text-align:right;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82,160,747 </P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="font-size:2pt">&nbsp;</P></TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD width=66.867 height="24"><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Total Investments</B> (cost&#151;$506,298,579) (d)&#151;<B>107.0%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;761,152,646 </B></P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt">Liabilities in excess of other assets&#151;(7.0)%</P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;(49,974,351)</P>
</TD></TR>
<TR><TD width=66.867><P style="font-size:2pt">&nbsp;</P></TD><TD width=17.067><P style="font-size:2pt">&nbsp;</P></TD><TD width=80%><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><B>Net Assets</B><FONT FACE="Arial">&#151;</FONT><B>100.0%</B></P>
</TD><TD width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:2px solid #000000" width=89.333><P style="line-height:10pt; margin:0px; font-family:Arial; font-size:8pt;text-align:right;"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$711,178,295 </B></P>
</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade="noshade" size=1.333>







<DIV STYLE="page-break-before: always;"></DIV><BR>

<P style="line-height:12pt; margin:0px; padding-left:6.2px; font-family:Arial; font-size:10pt"><FONT FACE="Arial"><B>Notes to Schedule of Investments:</B></FONT></P>
<P style="line-height:10pt; margin:0px; padding-left:6.2px; font-family:Arial; font-size:8pt">*Portfolio securities and other &#64257;nancial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other &#64257;nancial instruments, for which market quotations are not readily available or if a development/event occurs that may signi&#64257;cantly impact the value of a security, are fair-valued, in good faith, pursuant to guidelines established by the Board of Directors or persons acting at their discretion pursuant to guidelines established by the Board of Directors. The Fund&#146;s investments are valued daily and the net asset value (&#145;&#145;NAV&#146;&#146;) is calculated 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 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. With respect to Korean equity securities, the Fund fair values its securities daily using modeling tools provided by a statistical research service. This service utilizes statistics and programs based on historical performance of markets and other economic data (which may include changes in the value of U.S. securities or security indices). Fair value estimates used by the Fund for Korean equity securities may differ from the value realized from the sale of those securities. Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. The prices used by the Fund to value securities may differ from the value that would be re
alized if the securities were sold.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:10pt; margin:0px; padding-left:6.2px; font-family:Arial; font-size:8pt" align="justify">(a) All or portion of security on loan with an aggregate market value of $77,789,153; cash collateral of $82,160,747 was received with which the Fund purchased short-term investments.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:10pt; margin:0px; padding-left:6.2px; font-family:Arial; font-size:8pt" align="justify">(b) &nbsp;Non-income producing.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:10pt; margin:0px; padding-left:6.2px; font-family:Arial; font-size:8pt" align="justify">(c) Security purchased with the cash proceeds from securities on loan.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:10pt; margin:0px; padding-left:6.2px; font-family:Arial; font-size:8pt" align="justify">(d) Securities with an aggregate value of $678,991,899, representing<B> </B>95.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor.</P>
<P style="margin:0px"><BR></P>
<hr noshade="noshade" align="center" width="100%" size="2">










<DIV STYLE="page-break-before: always;"></DIV><BR>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt"><FONT FACE="Times New Roman"><B>Item 2. Controls and Procedures</B></FONT></P>
<P style="line-height:12pt; margin:0px; font-family:Courier New; font-size:10pt"><FONT FACE="Courier New">&nbsp;</FONT></P>
<P style="line-height:12pt; margin:0px; font-size:10pt"><FONT FACE="Times New Roman">(a) The registrant's President and Chief Executive Officer and Principal Financial Officer have concluded that the registrant'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:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt">(b) There were no significant changes in the registrant'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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt"><B>Item 3. Exhibits</B></P>
<P style="line-height:12pt; margin:0px; font-family:Courier New; font-size:10pt"><FONT FACE="Courier New">&nbsp;</FONT></P>

<P style="line-height:12pt; margin:0px; font-size:10pt">(a) Exhibit 99.302 Cert. &#150; Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>&nbsp;</P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade="noshade" size=1.333>
<DIV STYLE="page-break-before: always;"></DIV><BR><p  style="margin:0px; ">&nbsp;</P>
<P style="line-height:12pt; margin:0px; font-size:10pt" align=center><B>SIGNATURES</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; 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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt">Registrant: The Korea Fund, Inc. </P>
<P style="margin:0px"><BR></P>

<TABLE width="100%" cellspacing=0 style="font-size:10pt">
  <TR><TD width="3%"></TD><TD width="15%"></TD><TD width="20"></TD></TR>

<TR><TD>By:</TD><TD style="border-bottom:1px solid #000000">/s/ Robert Goldstein</TD></TR>
<TR><TD></TD><TD colspan="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert Goldstein<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</TD></TR></TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt">Date: May 27, 2008</P>
<P style="margin:0px"><BR></P>

<TABLE width="100%" cellspacing=0 style="font-size:10pt">
  <TR><TD width="3%"></TD><TD width="15%"></TD><TD width="20"></TD></TR>

<TR><TD>By:</TD><TD style="border-bottom:1px solid #000000">/s/ Brian S. Shlissel</TD></TR>
<TR><TD></TD><TD colspan="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brian S. Shlissel<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer, Principal Financial &amp; Accounting Officer</TD></TR></TABLE>


<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt">Date: May 27, 2008</P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; 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 dated indicated.</P>
<P style="margin:0px"><BR></P>
<TABLE width="100%" cellspacing=0 style="font-size:10pt">
  <TR><TD width="3%"></TD><TD width="15%"></TD><TD width="20"></TD></TR>

<TR><TD>By:</TD><TD style="border-bottom:1px solid #000000">/s/ Robert Goldstein</TD></TR>
<TR><TD></TD><TD colspan="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert Goldstein<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</TD></TR></TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt">Date: May 27, 2008</P>
<P style="margin:0px"><BR></P>

<TABLE width="100%" cellspacing=0 style="font-size:10pt">
  <TR><TD width="3%"></TD><TD width="15%"></TD><TD width="20"></TD></TR>

<TR><TD>By:</TD><TD style="border-bottom:1px solid #000000">/s/ Brian S. Shlissel</TD></TR>
<TR><TD></TD><TD colspan="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brian S. Shlissel<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer, Principal Financial &amp; Accounting Officer</TD></TR></TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt">Date: May 27, 2008</P>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart--><hr noshade="noshade" align="center" width="100%" size="2">






</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>file2.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>



<DIV STYLE="page-break-before: always;"></DIV><BR>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt">I, Robert Goldstein, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:48px; text-indent:-24px; font-size:10pt">1.</P>
<P style="line-height:12pt; margin:0px; padding-left:48px; font-size:10pt">I have reviewed this report Form N-Q of The Korea Fund, Inc.;</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:48px; text-indent:-24px; font-size:10pt">2.</P>
<P style="line-height:12pt; margin:0px; padding-left:48px; 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;</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:48px; text-indent:-24px; font-size:10pt">3.</P>
<P style="line-height:12pt; margin:0px; padding-left:48px; font-size:10pt">Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:48px; text-indent:-24px; font-size:10pt">4.</P>
<P style="line-height:12pt; margin:0px; padding-left:48px; 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:</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:96px; text-indent:-24px; font-size:10pt">a.</P>
<P style="line-height:12pt; margin:0px; padding-left:96px; 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;</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:96px; text-indent:-24px; font-size:10pt">b.</P>
<P style="line-height:12pt; margin:0px; padding-left:96px; 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;</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:96px; text-indent:-24px; font-size:10pt">c.</P>
<P style="line-height:12pt; margin:0px; padding-left:96px; 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 </P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:96px; text-indent:-24px; font-size:10pt">d.</P>
<P style="line-height:12pt; margin:0px; padding-left:96px; 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 </P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:48px; text-indent:-24px; font-size:10pt">5.</P>
<P style="line-height:12pt; margin:0px; padding-left:48px; 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):</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:96px; text-indent:-24px; font-size:10pt">a.</P>
<P style="line-height:12pt; margin:0px; padding-left:96px; 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 </P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:96px; text-indent:-24px; font-size:10pt">b.</P>
<P style="line-height:12pt; margin:0px; padding-left:96px; 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. </P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt">Date: May 27, 2008</P>

<TABLE width="100%" cellspacing=0 style="font-size:10pt">
  <TR><TD width="13%"></TD><TD width="15%"></TD><TD width="20"></TD></TR>

<TR><TD>Signature &amp; Title:</TD><TD style="border-bottom:1px solid #000000">/s/ Robert Goldstein</TD></TR>
<TR><TD colspan="3">Robert Goldstein, President and Chief Executive Officer</TD></TR></TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade="noshade" size=1.333>
<DIV STYLE="page-break-before: always;"></DIV><BR><p  style="margin:0px; "><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt">I, Brian S. Shlissel, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:48px; text-indent:-24px; font-size:10pt">1.</P>
<P style="line-height:12pt; margin:0px; padding-left:48px; font-size:10pt">I have reviewed this report Form N-Q of The Korea Fund, Inc.;</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:48px; text-indent:-24px; font-size:10pt">2.</P>
<P style="line-height:12pt; margin:0px; padding-left:48px; 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;</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:48px; text-indent:-24px; font-size:10pt">3.</P>
<P style="line-height:12pt; margin:0px; padding-left:48px; font-size:10pt">Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:48px; text-indent:-24px; font-size:10pt">4.</P>
<P style="line-height:12pt; margin:0px; padding-left:48px; 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:</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:96px; text-indent:-24px; font-size:10pt">a.</P>
<P style="line-height:12pt; margin:0px; padding-left:96px; 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;</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:96px; text-indent:-24px; font-size:10pt">b.</P>
<P style="line-height:12pt; margin:0px; padding-left:96px; 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;</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:96px; text-indent:-24px; font-size:10pt">c.</P>
<P style="line-height:12pt; margin:0px; padding-left:96px; 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 </P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:96px; text-indent:-24px; font-size:10pt">d.</P>
<P style="line-height:12pt; margin:0px; padding-left:96px; 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 </P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:48px; text-indent:-24px; font-size:10pt">5.</P>
<P style="line-height:12pt; margin:0px; padding-left:48px; 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):</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:96px; text-indent:-24px; font-size:10pt">a.</P>
<P style="line-height:12pt; margin:0px; padding-left:96px; 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 </P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-12pt; padding-left:96px; text-indent:-24px; font-size:10pt">b.</P>
<P style="line-height:12pt; margin:0px; padding-left:96px; 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. </P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; font-size:10pt">Date: May 27, 2008</P>
<TABLE width="100%" cellspacing=0 style="font-size:10pt">
  <TR><TD width="13%"></TD><TD width="14%"></TD><TD width="20"></TD></TR>

<TR><TD>Signature &amp; Title:</TD><TD style="border-bottom:1px solid #000000">/s/ Brian S. Shlissel</TD></TR>
<TR><TD colspan="3">Brian S. Shlissel, Treasurer, Principal Financial &amp; Accounting Officer</TD></TR></TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>


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