N-Q

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number: 811-04058

Registrant Name: The Korea Fund, Inc.

Address of Principal Executive Offices: 4 Embarcadero Center, 30th Floor, San Francisco, CA 94111

Name and Address of Agent for Service: Brian S. Shlissel – 1345 Avenue of the Americas, New York, N.Y. 10105

Registrant’s telephone number, including area code: 212-739-3369

Date of Fiscal Year End: June 30, 2007

Date of Reporting Period: March 31, 2007

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 (§§ 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.

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 (‘‘OMB’’) 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. § 3507.

Item 1.    Schedule of Investments

The Korea Fund, Inc. 

Schedule of Investments

March 31, 2007 (unaudited) 

Shares								Value*
COMMON STOCK–83.9%
				Airlines–1.1%
	246,906			Korean Air Lines Co., Ltd.				$    9,644,766
				Auto Components–4.3%
	1,434,613			Hankook Tire Co., Ltd.				23,788,226
	99,651			Hyundai Mobis				8,558,462
	45,686			Nexen Tire Corp.				932,367
	486,498			Samsung Climate Control Co., Ltd. (d)				4,038,636
								37,317,691
				Banking–9.4%
	128,280			Hana Financial Group, Inc.				6,640,344
	634,888			Industrial Bank of Korea				12,720,705
	1,608,272			Jeonbuk Bank				15,641,676
	496,770			Kookmin Bank				44,565,676
	30,358			Kookmin Bank ADR				2,736,774
								82,305,175
				Building Products–0.2%
	516,989			Samwoo EMC Co., Ltd.				1,560,639
				Capital Markets–1.2%
	197,125			Korea Investment Holdings Co., Ltd.				10,371,692
				Chemicals–1.0%
	95,620			Kukdo Chemical Co., Ltd.				2,490,104
	91,150			LG Chem Ltd.				4,587,535
	168,780			Youlchon Chemical Co., Ltd.				1,736,597
								8,814,236
				Commercial Services & Supplies–1.1%
	230,319			S1 Corp.				9,253,888
				Construction & Engineering–1.4%
	115,364			GS Engineering & Construction Corp.				10,324,882
	105,967			Samho International Co., Ltd. (a)				1,520,572
								11,845,454
				Consumer Finance–0.1%
	13,768			LG Card Co., Ltd. (a)				630,009
				Diversified Consumer Services–1.1%
	44,674			MegaStudy Co., Ltd.				7,835,045
	92,031			YBM Sisa.com, Inc.				1,912,421
								9,747,466

The Korea Fund, Inc. 

Schedule of Investments

March 31, 2007 (unaudited)  (continued)

Shares								Value*
				Electronics–1.7%
	141,226			Ace Digitech Co., Ltd. (a)				$    2,461,848
	74,421			INTOPS Co., Ltd.				2,191,179
	636,950			SE Co., Ltd. (b)(f)				—
	271,463			SFA Engineering Corp.				10,099,070
								14,752,097
				Food & Beverage–7.0%
	50,623			CJ Corp.				5,111,803
	54,526			Crown Confectionery Co., Ltd.				5,795,706
	37,677			Hite Brewery Co., Ltd.				4,505,381
	16,200			Nam Yang Dairy Products Co., Ltd.				14,292,092
	54,749			Shinsegae Co., Ltd.				31,424,809
								61,129,791
				Hotels, Restaurants & Leisure–1.4%
	66,704			Hana Tour Service, Inc.				5,161,619
	436,511			Hotel Shilla Co., Ltd.				6,936,479
								12,098,098
				Household Durables–1.6%
	155,077			Hyundai Engineering & Construction Co., Ltd. (a)				8,357,147
	202,629			Woongjin Coway Co., Ltd.				5,686,018
								14,043,165
				Insurance–8.4%
	650,220			Korean Reinsurance Co. (a)(f)				8,535,520
	2,113,675			Meritz Fire & Marine Insurance Co., Ltd.				17,074,755
	285,242			Samsung Fire & Marine Insurance Co., Ltd. (a)				47,752,567
								73,362,842
				Internet Software & Services–2.9%
	60,750			Ahnlab, Inc.				1,052,535
	246,543			LG Dacom Corp.				5,830,763
	128,051			NHN Corp. (a)				18,782,991
								25,666,289
				Machinery–0.0%
	25			NEPES Corp. (a)				232
				Media–1.8%
	35,259			Cheil Communications, Inc.				8,807,254
	820,410			ON*Media Corp. (a)				6,662,343
								15,469,597

The Korea Fund, Inc. 

Schedule of Investments

March 31, 2007 (unaudited)  (continued)

Shares								Value*
				Metals & Mining–8.7%
	172,335			Dongkuk Steel Mill Co., Ltd.				$    4,762,659
	46,801			Korea Zinc Co., Ltd.				4,999,469
	152,495			POSCO				64,025,856
	145,795			TK Corp.				2,324,538
								76,112,522
				Oil, Gas & Consumable Fuels–1.8%
	232,442			S-Oil Corp.				16,010,036
				Personal Products–0.2%
	428,872			Cosmax, Inc.				1,891,814
				Pharmaceuticals–0.5%
	1,675			Choongwae Pharma Corp.				72,997
	27,646			Yuhan Corp.				4,334,380
								4,407,377
				Retail–1.2%
	642,999			Taegu Department Store Co., Ltd. (a)(d)				10,764,492
				Semi-Conductors & Equipment–16.5%
	333,700			Hynix Semiconductor, Inc. (a)				11,492,219
	437,362			Phoenix PDE Co., Ltd.				1,520,168
	173,061			Samsung Electronics Co., Ltd. (e)				103,564,353
	301,170			Samsung Techwin Co., Ltd.				11,476,344
	577,387			Seoul Semiconductor Co., Ltd.				16,815,905
								144,868,989
				Telecommunication Services–4.0%
	275,125			Humax Co., Ltd.				6,550,595
	140,610			SK Telecom Co., Ltd.				28,621,190
								35,171,785
				Textile & Apparel–0.5%
	23,304			BYC Co., Ltd.				4,186,199
				Tobacco–2.1%
	280,626			KT&G Corp.				18,344,493
				Transportation–1.6%
	164,755			Korea Express Co., Ltd. (a)				14,079,828
				Wholesale–1.1%
	278,374			Samsung Corp.				10,060,285
				Total Common Stock (cost–$222,500,098)				733,910,947

The Korea Fund, Inc. 

Schedule of Investments

March 31, 2007 (unaudited)  (continued)

Shares								Value*
PREFERRED STOCK–10.5%
				Automobiles–4.1%
	631,897			Hyundai Motor Co.				$  23,709,571
	298,765			Hyundai Motor Co. (2nd)				11,718,142
								35,427,713
				Capital Markets–0.5%
	299,870			Daishin Securities Co., Ltd.				4,207,360
				Food Products–1.1%
	132,679			CJ Corp.				6,043,043
	25,640			CJ Corp. (2nd)				2,368,321
	15,160			CJ Corp. (3rd)				1,335,846
								9,747,210
				Insurance–2.5%
	271,106			Samsung Fire & Marine Insurance Co., Ltd. (d)				22,102,285
				Oil & Gas–0.5%
	79,382			S-Oil Corp.				4,429,799
				Semi-Conductors & Equipment–1.8%
	33,415			Samsung Electronics Co., Ltd. (e)				15,716,558
				Total Preferred Stock (cost–$14,458,281)				91,630,925

Principal Amount (000)
CONVERTIBLE BOND–0.0%
				Consumer Staples–0.0%
WON 2,161				Haitai Confectionery Loan Certificates, zero coupon, 11/28/09 (c)(f) (cost–$0)				2,116
				Total Investments (cost–$236,958,379)–94.4%				825,543,988
				Other assets less liabilities–5.6%				49,304,451
				Net Assets–100.0%				$874,848,439

Notes to Schedule of Investments:

* Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments, for which market quotations are not readily available or if a development/event occurs that may significantly impact the value of a security are fair-valued, in good faith, pursuant to guidelines established by the Board of Directors. The Fund’s investments are valued daily using prices supplied by dealer quotations, 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. Short-term securities maturing in 60 days or less are valued at amort ized 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 realized if the securities were sold. The Fund’s net asset value is normally determined as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the New York Stock Exchange (‘‘NYSE’’) on each day the NYSE is open for business.

The prices of certain equity securities or other financial instruments may be determined at a time prior to the close of regular trading on the NYSE. When fair valuing securities, the Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time the Fund’s net asset value is calculated. With respect to Korean securities, the Fund may fair value securities using modeling tools provided by third-party vendors. The Fund has retained a statistical research service to assist in determining the fair value of foreign securities. This service utilizes statistics and programs based on historical performance of markets and other economic data to assist in making fai r value estimates. Fair value estimates used by the Fund for foreign securities may differ from the value realized from the sale of those securities.

(a) Non-income producing.

(b) The Fund may purchase securities that are subject to legal or contractual restrictions on resale (‘‘restricted securities’’). Restricted securities are securities which have not been registered with the Securities and Exchange Commission under the Securities Act of 1933. The Fund may be unable to sell a restricted security and it may be more difficult to determine a market value for a restricted security. Moreover, if adverse market conditions were to develop during the period between the Fund’s decision to sell a restricted security and the point at which the Fund is permitted or able to sell such security, the Fund might obtain a price less favorable than the price that prevailed when it decided to sell. This investment practice, therefore, could have the effect of increasing the level of ill iquidity of the Fund. The future value of these securities is uncertain and there may be changes in the estimated value of these securities.

Restricted Securities			Acquisition Date						Cost						Value						% of Net Assets
SE Co., Ltd.					12/22/00					$	1,616,637					$	0						0	%

(c) Company in restructuring process, principal only subject to repayment.

(d) Affiliated issuer.

(e) At March 31, 2007, 13.6% of net assets were invested in Samsung Electronics Co., Ltd.

(f) Fair-valued security — Securities with an aggregate value of $8,537,636, representing 0.98% of net assets, have been fair-valued.

Glossary:

ADR — American Depositary Receipt

WON — Korean Won

Item 2.    Controls and Procedures

(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 Investment Company Act of 1940, 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.

(b) There were no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3.    Exhibits

(a) Exhibit 99.302 Cert. — Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

SIGNATURES

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.

Registrant: The Korea Fund, Inc.

By   /s/ Robert Goldstein
Robert Goldstein
President & Chief Executive Officer

Date: May 25, 2007

By   /s/ Brian S. Shlissel
Brian S. Shlissel
Treasurer, Principal Financial & Accounting Officer

Date: May 25, 2007

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.

By   /s/ Robert Goldstein
Robert Goldstein
President & Chief Executive Officer

Date: May 25, 2007

By   /s/ Brian S. Shlissel
Brian S. Shlissel
Treasurer, Principal Financial & Accounting Officer

Date: May 25, 2007

EX-99.302

Exhibit 99.302 Cert.

CERTIFICATIONS

I, Robert Goldstein, certify that:

1.	I have reviewed this report Form N-Q of The Korea Fund, Inc.;

2.	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;

3.	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;

4.	The registrant’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:

	a.	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;

	b.	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;

	c.	Evaluated the effectiveness of the registrant’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

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a.	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’s ability to record, process, summarize, and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 25, 2007

Signature & Title: /s/ Robert Goldstein                
Robert Goldstein, President & Chief Executive Officer

I, Brian S. Shlissel, certify that:

1.	I have reviewed this report Form N-Q of The Korea Fund, Inc.;

2.	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;

3.	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;

4.	The registrant’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:

	a.	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;

	b.	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;

	c.	Evaluated the effectiveness of the registrant’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

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a.	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’s ability to record, process, summarize, and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 25, 2007

Signature & Title: /s/ Brian S. Shlissel                               
Brian S. Shlissel, Treasurer, Principal Financial & Accounting Officer