<SEC-DOCUMENT>0000950123-10-106716.txt : 20110502
<SEC-HEADER>0000950123-10-106716.hdr.sgml : 20110502
<ACCEPTANCE-DATETIME>20101117172932
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-106716
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20101117

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>corresp</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT LLC</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">November&nbsp;17, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Division of Investment Management<BR>
Securities and Exchange Commission<BR>
100 F Street NE<BR>
Washington, DC 20549-8626<BR>
Attn: Ms.&nbsp;Christina L. DiAngelo

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><U><B>The Korea Fund, Inc.</B></U><br>
<B>(File Nos. 033-58941 and 811-04058)</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Ms.&nbsp;DiAngelo:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to a teleconference held on Friday, October&nbsp;22, 2010, at 9:30 a.m., during
which the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;)
delivered comments to The Korea Fund, Inc. (the &#147;Fund&#148;) relating to certain Edgar filings made by
the Fund on Forms NCSR, N-Q and 40-17G. This letter responds to those comments. The Staff noted
that certain comments require amendments to be filed in the near term, while other comments would
apply to future filings on behalf of the Fund. The responses below provide information regarding
amended filings that have been made prior to filing this response and where applicable, changes
that will be implemented to certain Edgar filings in the future as directed by the Staff.
</DIV>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><div style="margin-left: 15px; text-indent: -15px"><U>Comment</U>: In reviewing the Fund&#146;s filing history, the Staff noted that semi-annual
reports are being filed on Form N-CSR. The Staff noted that semi-annual reports should be
filed on Form N-CSRS.</div></TD>
</TR>
</table>
</div>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><U>Response:</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">The Fund will file its semi-annual reports on Form N-CSRS on a going forward basis.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Comment</U>:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Staff noted that the Fund&#146;s 2009 fidelity bond was not filed on Form 40-17G.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><U>Response:</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">The Fund&#146;s 2009 fidelity bond was filed on Form 40-17G on October&nbsp;27, 2010. Exhibit&nbsp;2 to
the October&nbsp;27, 2010 filing consists of an Action by Written Consent of the Insurance
Committee. The action taken by the Insurance Committee was the extension of the Fund&#146;s
fidelity bond, directors and officers liability policy and independent directors&#146; liability
policy from March&nbsp;31, 2009 to April&nbsp;30, 2009. The action of the Insurance Committee
extending the fidelity bond and other insurance coverage through April&nbsp;30, 2009 was
approved by the full board at a meeting held on April&nbsp;28, 2009, the minutes of which
were included with the October&nbsp;27, 2010 filing as Exhibit&nbsp;3.</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: 6pt">ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT LLC<BR>
Securities and Exchange Commission<BR>
November&nbsp;17, 2010<BR>
Page 2 of 4
</DIV>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Comment:</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Regarding the Fund&#146;s accounting report on internal
controls dated June&nbsp;30, 2008 filed on Form
NSAR-B, the filing is missing the name and address of the Fund&#146;s independent financial
accounting firm.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><U>Response:</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">An amended Form NSAR-B including the name and address of the Fund&#146;s independent accountants
was filed on October&nbsp;26, 2010.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Comment:</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Staff noted the requirements contained in Item&nbsp;9 of Form&nbsp;NCSR for presenting share
repurchase information in a table format with a footnote that includes the following: (a)&nbsp;the
date the plan or program was announced; (b)&nbsp;the dollar amount (or share or unit amount)
approved; (c)&nbsp;the expiration date (if any) of each plan or program; (d)&nbsp;each plan or program
that has expired during the period covered by the table; and (e)&nbsp;each plan or program the
registrant has determined to terminate prior to expiration, or under which the registrant does
not intend to make further purchases.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><U>Response:</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Going forward, the Fund will present the share repurchase data in the format suggested in
Item&nbsp;9 of Form&nbsp;NCSR.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Comment</U>:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Staff noted that by including the Fund&#146;s total returns along with the benchmark returns in
the Performance and Statistics section of the stockholder reports, the requirements of Form N-1A
(Item&nbsp;27(b)(7)(ii)(B)) are triggered thereby requiring disclosure that the returns do not
include the deduction of taxes.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><U>Response</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">The Fund does not believe that Form N-1A governs disclosure for closed-end funds like the
Fund. Rather, disclosure for closed-end funds is governed primarily by Form N-2, which does
not have a requirement similar to Item&nbsp;27(b)(7)(ii)(B) and does not otherwise require
disclosure that average annual total returns &#147;do not reflect the deduction of taxes that a
shareholder would pay on fund distributions or the redemption of fund shares.&#148; The Fund
notes that the application of certain N-1A requirements to closed-end funds, as suggested by
the Staff&#146;s comment, may lead to confusion among Fund investors. For example, reference to
redemption of fund shares in the context of a closed-end fund could give shareholders the
impression that their shares are redeemable. Consequently, the Fund does not propose to
make changes in response to this comment.
</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: 6pt">ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT LLC<BR>
Securities and Exchange Commission<BR>
November&nbsp;17, 2010<BR>
Page 3 of 4

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Comment</U>:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Staff requested an explanation of the &#147;contingent loss for securities lending&#148; on the
Statement of Assets and Liabilities. In addition, the Staff requested that the number of shares
authorized be included with the par value per share in the Statement of Assets and Liabilities.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><U>Response:</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">The contingent loss for securities lending listed as a liability on the Fund&#146;s Statement of
Assets and Liabilities represents the estimated loss from certain Lehman Brothers securities
held in  the Fund&#146;s investment in BNY Institutional Cash Reserves Fund (&#147;BNY Fund&#148;) at September&nbsp;12, 2008 relating to the
Fund&#146;s participation in a Securities Lending Program. In connection with this
investment, BNY Mellon has agreed to support the Lehman securities at 80% of its value on
September&nbsp;12, 2008 so long as the Fund continues to participate in the Securities Lending
Program through September&nbsp;2011. The Fund has continued in the Securities Lending
Program, although it reserves the right to discontinue participating at any time. The
liability represents the total cost of the Lehman securities less the fair value of the
security at June&nbsp;30, 2010. The 80% support provided by BNY Fund
is not being accounted for because the Fund has not committed to invest its securities lending collateral in the BNY Fund through September 2011.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">The number of authorized shares will be disclosed on a going forward basis in the Notes to
Financial Statements.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Comment</U>:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to the Fund&#146;s N-Q filings, the Staff requested the inclusion of the tax cost and
unrealized appreciation (depreciation)&nbsp;in the Schedule of Investments.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><U>Response:</U> The Fund will include this information in future filings.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT LLC<BR>
Securities and Exchange Commission<BR>
November&nbsp;17, 2010<BR>
Page 4 of 4

</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As requested, on behalf of the Fund, we acknowledge that: (i)&nbsp;the Commission is not foreclosed from
taking any action with respect to this filing; (ii)&nbsp;the Commission&#146;s staff&#146;s review of this filing,
under delegated authority, does not relieve the Fund from its full responsibility for the adequacy
and accuracy of the disclosure in this filing; and (iii)&nbsp;the Fund will not assert the Commission&#146;s
staff&#146;s review as a defense in any proceeding initiated by the Commission or any person under the
federal securities laws of the United States. As indicated in the Commission&#146;s June&nbsp;24, 2004
release regarding the public release of comment letters and responses, you are requesting such
acknowledgements from all companies whose filings are being reviewed, and this request and these
acknowledgements should not be construed as suggesting that there is an inquiry or investigation or
other matter involving the Fund.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please direct any questions you may have with respect to the foregoing to me (at 212-739-3369)
or to Lawrence Altadonna (at 212-739-3371).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ Brian S. Shlissel

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Brian S. Shlissel<BR>
Managing Director

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">cc:</TD>
    <TD>&nbsp;</TD>
    <TD>Youse Guia<br>
Thomas J. Fuccillo, Esq.<br>
Angela Borreggine, Esq.<br>
Jason E. Brown, Esq.</TD>
</TR>
</TABLE>
</DIV>


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</DIV>



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