-----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,
 Cibwp4Rsesz+wgxfl6JlkDC/XkyU5oT6Qq+crkRPhl7QvBWm7upfKmxxbIijVHll
 cPDjumTjrxxP9VQBSJo/Mg==

<SEC-DOCUMENT>0001181431-03-013678.txt : 20030710
<SEC-HEADER>0001181431-03-013678.hdr.sgml : 20030710
<ACCEPTANCE-DATETIME>20030710170258
ACCESSION NUMBER:		0001181431-03-013678
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030710
FILED AS OF DATE:		20030710

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PRESIDENT & FELLOWS OF HARVARD COLLEGE
		CENTRAL INDEX KEY:			0000315016
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08002
		FILM NUMBER:		03782379

	BUSINESS ADDRESS:	
		STREET 1:		C/O HARVARD MANAGEMENT COMPANY INC
		STREET 2:		600 ATLANTIC AVENUE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		6175234400

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KOREA EQUITY FUND INC
		CENTRAL INDEX KEY:			0000912023
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	BUSINESS ADDRESS:	
		STREET 1:		180 MAIDEN LANE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10038-4936
		BUSINESS PHONE:		8008330018

	MAIL ADDRESS:	
		STREET 1:		180 MAIDEN LANE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10038-4936
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>rrd12743.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>3</documentType>
<periodOfReport>2003-07-10</periodOfReport>
    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000912023</issuerCik>
        <issuerName>KOREA EQUITY FUND INC</issuerName>
        <issuerTradingSymbol>KEF</issuerTradingSymbol></issuer>
<reportingOwner>
<reportingOwnerId>
            <rptOwnerCik>0000315016</rptOwnerCik>
            <rptOwnerName>PRESIDENT &amp; FELLOWS OF HARVARD COLLEGE</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>1</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText></reportingOwnerRelationship></reportingOwner>
<nonDerivativeSecurity>
<securityTitle>
<value>Common Shares</value></securityTitle>
<transactionAmounts>
<transactionShares>
<value>2441200</value>
<footnoteId id="F1"/></transactionShares></transactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></nonDerivativeSecurity>
<footnotes>
<footnote id="F1">Insofar as the Reporting Person may be deemed to be a beneficial owner of the Issuer&apos;s securities under Section 16(a) of the Securities Exchange Act of 1934 as a result of the Reporting Person&apos;s filing on Form 13D today with respect to the Issuer&apos;s securities, the Reporting Person is filing this Form 3.</footnote></footnotes>
<ownerSignature>
<signatureName>President and Fellows of Harvard College by Michael S. Pradko, Authorized signatory</signatureName>
<signatureDate>2003-07-10</signatureDate></ownerSignature></ownershipDocument>


</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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