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014 A000001 DAEWOO SECURITIES CO., INC.
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      PAGE  2
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014 A000003 GRUNTAL & CO., INC.
014 B000003 8-31022
014 A000004 GMS GROUP LLC (A GRUNTAL AFFILIATE)
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014 A000005 ZURICH CAPITAL MARKETS
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      PAGE  6
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SIGNATURE   THOMAS F. MCDONOUGH                          
TITLE       SECRETARY           
 

EX-27

 

<ARTICLE> 6
<LEGEND>
This schedule  contains  summary  financial  information  extracted from the The
Korea  Fund,  Inc.  Annual  Report for the  fiscal  year  ended  6/30/98  and is
qualified in its entirety by reference to such financial statements.



<NUMBER> 0
<NAME> The Korea Fund, Inc.
       
                                  
<PERIOD-TYPE>                                          YEAR
<FISCAL-YEAR-END>                                  JUN-30-1998
<PERIOD-START>                                     JUL-01-1997
<PERIOD-END>                                       JUN-30-1998
<INVESTMENTS-AT-COST>                                             365,456,047
<INVESTMENTS-AT-VALUE>                                            230,321,718
<RECEIVABLES>                                                       1,208,499
<ASSETS-OTHER>                                                     50,763,726
<OTHER-ITEMS-ASSETS>                                                        0
<TOTAL-ASSETS>                                                    282,293,943
<PAYABLE-FOR-SECURITIES>                                                    0
<SENIOR-LONG-TERM-DEBT>                                                     0
<OTHER-ITEMS-LIABILITIES>                                           1,019,013
<TOTAL-LIABILITIES>                                                 1,019,013
<SENIOR-EQUITY>                                                             0
<PAID-IN-CAPITAL-COMMON>                                          558,070,617
<SHARES-COMMON-STOCK>                                              49,999,999
<SHARES-COMMON-PRIOR>                                              49,999,999
<ACCUMULATED-NII-CURRENT>                                         (31,076,382)
<OVERDISTRIBUTION-NII>                                                      0
<ACCUMULATED-NET-GAINS>                                          (112,180,240)
<OVERDISTRIBUTION-GAINS>                                                    0
<ACCUM-APPREC-OR-DEPREC>                                         (133,539,065)
<NET-ASSETS>                                                      281,274,930
<DIVIDEND-INCOME>                                                   1,672,609
<INTEREST-INCOME>                                                   7,596,456
<OTHER-INCOME>                                                              0
<EXPENSES-NET>                                                      5,617,138
<NET-INVESTMENT-INCOME>                                             3,651,927
<REALIZED-GAINS-CURRENT>                                         (136,184,210)
<APPREC-INCREASE-CURRENT>                                        (247,288,494)
<NET-CHANGE-FROM-OPS>                                            (379,820,777)
<EQUALIZATION>                                                              0
<DISTRIBUTIONS-OF-INCOME>                                                   0
<DISTRIBUTIONS-OF-GAINS>                                                    0
<DISTRIBUTIONS-OTHER>                                                       0
<NUMBER-OF-SHARES-SOLD>                                                     0
<NUMBER-OF-SHARES-REDEEMED>                                                 0
<SHARES-REINVESTED>                                                         0
<NET-CHANGE-IN-ASSETS>                                           (379,820,777)
<ACCUMULATED-NII-PRIOR>                                                     0
<ACCUMULATED-GAINS-PRIOR>                                          (7,993,149)
<OVERDISTRIB-NII-PRIOR>                                                     0
<OVERDIST-NET-GAINS-PRIOR>                                                  0
<GROSS-ADVISORY-FEES>                                               4,121,646
<INTEREST-EXPENSE>                                                          0
<GROSS-EXPENSE>                                                     5,617,138
<AVERAGE-NET-ASSETS>                                              406,244,035
<PER-SHARE-NAV-BEGIN>                                                   13.22
<PER-SHARE-NII>                                                          0.07
<PER-SHARE-GAIN-APPREC>                                                 (7.66)
<PER-SHARE-DIVIDEND>                                                     0.00
<PER-SHARE-DISTRIBUTIONS>                                                0.00
<RETURNS-OF-CAPITAL>                                                     0.00
<PER-SHARE-NAV-END>                                                      5.63
<EXPENSE-RATIO>                                                          1.38
<AVG-DEBT-OUTSTANDING>                                                      0
<AVG-DEBT-PER-SHARE>                                                        0
        

 

EX-99

PRICEWATERHOUSECOOPERS [LOGO]

                       REPORT OF INDEPENDENT ACCOUNTANTS


To the Board of Directors of The Korea Fund, Inc.:

         In planning and  performing  our audit of the financial  statements and
financial highlights  (hereinafter referred to as "financial statements") of The
Korea Fund for the year ended June 30, 1998, we considered its internal control,
including control activities for safeguarding securities,  in order to determine
our  auditing  procedures  for the  purpose  of  expressing  our  opinion on the
financial   statements   and  financial   highlights  and  to  comply  with  the
requirements of Form N-SAR, not to provide assurance on internal control.

         The management of The Korea Fund is responsible  for  establishing  and
maintaining internal control. In fulfilling this  responsibility,  estimates and
judgments by management are required to assess the expected benefits and related
costs of controls.  Generally, controls that are relevant to an audit pertain to
the  entity's  objective  of  preparing   financial   statements  and  financial
highlights for external  purposes that are fairly  presented in conformity  with
generally   accepted   accounting   principles.   Those  controls   include  the
safeguarding of assets against unauthorized acquisition, use, or disposition.

         Because of inherent limitations in internal control, error or fraud may
occur and not be  detected.  Also,  projection  of any  evaluation  of  internal
control to future  periods is subject to the risk that it may become  inadequate
because of changes in  conditions  or that the  effectiveness  of the design and
operation may deteriorate.

         Our  consideration of internal  control would not necessarily  disclose
all  matters  in  internal  control  that  might be  material  weaknesses  under
standards established by the American Institute of Certified Public Accountants.
A material  weakness is a condition  in which the design or  operation of one or
more of the internal  control  components  does not reduce to a  relatively  low
level the risk that misstatements caused by error or fraud in amounts that would
be material in relation to the financial  statements  and  financial  highlights
being audited may occur and not be detected  within a timely period by employees
in the normal course of performing their assigned  functions.  However, we noted
no matters involving internal control and its operation, including controls over
safeguarding  securities,  that we consider to be material weaknesses as defined
above as of June 30, 1998.

         This  report  is  intended  solely  for  the  information  and  use  of
management,  the Board of Directors of The Korea Fund,  Inc. and the  Securities
and Exchange Commission.


                                             /s/PricewaterhouseCoopers LLP
Boston, Massachusetts                        PricewaterhouseCoopers LLP
August 21, 1998