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<SEC-DOCUMENT>0000950123-10-020029.txt : 20100302
<SEC-HEADER>0000950123-10-020029.hdr.sgml : 20100302
<ACCEPTANCE-DATETIME>20100302161136
ACCESSION NUMBER:		0000950123-10-020029
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100302
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100302
DATE AS OF CHANGE:		20100302

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04058
		FILM NUMBER:		10649384

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

	MAIL ADDRESS:	
		STREET 1:		ALLIANZ GLOBAL INVESTORS
		STREET 2:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y83009e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported) March&nbsp;2, 2010</B><BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>The Korea Fund, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Exact name of registrant as specified in its charter)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Maryland<BR>
(State or other jurisdiction <BR>
of incorporation)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>811-04058<BR>
(Commission File Number)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>13-3226146<BR>
(IRS Employer<BR>
Identification No.)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Allianz Global Investors Fund Management LLC <BR>
1345 Avenue of the Americas <BR>
New York, New York <BR>
Attn.: Fund Secretary<BR>
(Address of principal executive offices)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>10105<BR>
(Zip Code)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Registrant&#146;s telephone number, including area code (800)&nbsp;254-5197</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
</DIV>







<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.01. Other Events</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Korea Fund, Inc. (the &#147;Fund&#148;) has mailed its Semi-Annual Report for the period ending December
31, 2009. Accompanying the Semi-Annual Report was a letter from the Chairman of the Board of
Directors dated January&nbsp;28, 2010, a copy of which is included herewith as Exhibit&nbsp;99.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exhibit&nbsp;99.1 is a copy of the Chairman&#146;s Letter to Stockholders dated January&nbsp;28, 2010 (the
&#147;Chairman&#146;s Letter&#148;). The Chairman&#146;s Letter is being furnished pursuant to Item&nbsp;8.01 of this
Current Report on Form 8-K, and the information contained in Exhibit&nbsp;99.1 shall not be deemed to be
&#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities under Section&nbsp;18. Furthermore, the information contained in Exhibit&nbsp;99.1
shall not be deemed to be incorporated by reference into the filings of the Fund under the
Securities Act of 1933, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. 01 Financial Statements and Exhibits.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;Exhibits.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman&#146;s Letter to Stockholders dated January&nbsp;28, 2010.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Signature</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">The Korea Fund, Inc.<BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date:  March 2, 2010&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Robert Goldstein
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">(Signature)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

    <TD colspan="3" align="left">Name: Robert Goldstein<br>
Title: President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman&#146;s Letter to Stockholders dated January&nbsp;28, 2010.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>y83009exv99w1.htm
<DESCRIPTION>EX-99.1
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Korea Fund, Inc. Chairman&#146;s Letter to Stockholders</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I am pleased to provide you with my letter to shareholders regarding the first half of the fiscal
year 2009/2010, being from July 1 to December&nbsp;31, 2009, otherwise referred herein as the &#147;Period&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Performance</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following on from the dramatic recovery witnessed in the March to June&nbsp;2009 period, the KOSPI, the
benchmark index for your Fund, gained 32.44% in the Period as measured in US dollar terms. This was
driven by the continuing world macro economic recovery, enhanced earnings&#146; forecasts for Korean
companies and greater international buying of the Korean stock market. During the Period your Fund
registered a 34.24% increase in its net asset value (&#147;NAV&#148;), net of all expenses. Over the same
period, the share price rose 29.6%, closing December&nbsp;31, 2009 at $35.55 &#151; representing a discount of
9.95% on the NAV.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Portfolio Manager&#146;s Report covering the Period and containing a discussion of the Fund&#146;s
performance during the Period and a section on the Market Outlook are included in the Semi-Annual
Report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A key and constant consideration amongst your board&#146;s deliberations is the monitoring of your
Fund&#146;s investment performance and, for this purpose, an independent, third party investment
consultant provides input at each regular meeting. Your board noted the disappointing investment
performance of the Fund during 2009 and continued to discuss with senior management of the Fund&#146;s
Investment Adviser, the Sub-Adviser&#146;s chief investment officer and the Fund&#146;s portfolio manager the
factors contributing to such underperformance and the actions being taken to improve performance.
The Sub-Adviser informed the board that there were two key reasons for the Fund&#146;s underperformance
during 2009. First, the Fund&#146;s substantial capital gains distribution in January&nbsp;2009 and its
reinvestment, during a turbulent time in the markets, had a negative effect on the Fund&#146;s
performance. Second, the nature of the first stage market recovery in Korea during 2009 did not
favor the Sub-Adviser&#146;s investment style. The Sub-Adviser added that it expected that market
conditions going forward would favor their investment style. Your board has observed that the Fund
had experienced improved relative performance during the third and fourth quarter of 2009,
consistent with the analysis provided by the Sub-Adviser regarding its investment style following a
period during which that style was not in favor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the time of making the substantial capital gains distribution which was to be paid in January
2009, the NYSE required the ex-dividend date for the capped cash election dividend be on December&nbsp;29,
2008 rather than the more customary day following the payable date for such large distributions.
This exercise subsequently led to differences in calculating the performance numbers for any period
that includes the month of December&nbsp;2008 or January&nbsp;2009 between our Administrator and the various
third party company reporting services. For more information regarding these matters, refer to the
company&#146;s press release dated October&nbsp;12, 2009 together with my words on the subject at the AGM,
all of which are available on your company&#146;s web site (<u>www.thekoreafund.com</u>). This has undoubtedly
turned into a most complicated matter but hopefully we can now close this particular chapter.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">May I assure all shareholders that both management and your Board are ever focused on performance
and would note that RCM AP has been managing the portfolio for a little over two years through some
periods of massive adjustments, extraordinary Fund activity and trying market conditions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Discount Management</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Your fund&#146;s Board has continued its active role of monitoring the Fund&#146;s share price against its
net asset value (&#147;NAV&#148;) and carefully evaluating potential actions that might narrow the Fund&#146;s
discount. In the Period the discount widened before narrowing to a single digit number. The Board
reviews the issue officially on a quarterly basis, and a Discount Management Committee reviews the
issue more frequently as conditions warrant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Enhanced Stockholder Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a means of providing all stockholders with updated information on your Fund, we have instigated
an upgrade of the material posted to the web site on a regular basis. Our Manager now posts a
supplementary Portfolio Management Presentation each quarter in addition to the regular Quarterly
Economic Update, both of which are available on your Fund&#146;s website at:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">
<u>http://www.thekoreafund.com/koreaFund/profile/KF/literature.jsp</u>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
Your Board trusts that this represents a further means by which to keep all stockholders better
updated on the affairs of their company. That said, given the competitor sensitivity of some of the
information it is intended to post these updates with a possible 30&nbsp;day delay.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I thank all our shareholders for your support through this Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yours very sincerely
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ Julian Reid<BR>
<DIV style="border-top: 1px solid #000000; font-size: 1pt; width= 35%" >&nbsp;</DIV>Julian Reid<BR>
Chairman, The Korea Fund, Inc.<BR>
New York, January&nbsp;28, 2010

</DIV>


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