N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

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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, 30^th Floor, San Francisco, CA 94111

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

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

Date of Fiscal Year End: June 30, 2008

Date of Reporting Period: March 31, 2008

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, 2008 (unaudited)

Shares		Value*
COMMON STOCK—95.5%
Capital Markets—1.5%
225,692	Korea Investment Holdings Co., Ltd. (a)	$10,648,058
Chemicals—2.4%
35,918	KCC Corp. (a)	16,659,756
Commercial Banks—10.9%
263,990	Hana Financial Group, Inc.	10,820,162
205,061	Kookmin Bank	11,509,561
1,470,340	Korea Exchange Bank	19,655,300
674,181	Shinhan Financial Group Co., Ltd.	35,616,268
		77,601,291
Commercial Services & Supplies—1.7%
224,668	S1 Corp.	11,681,914
Construction & Engineering—10.1%
146,829	GS Engineering & Construction Corp.	21,667,769
351,076	Hyundai Development Co.	24,138,999
299,020	Hyundai Engineering & Construction Co., Ltd. (a)	26,056,943
		71,863,711
Consumer Finance—2.3%
342,426	Samsung Card Co., Ltd.	16,229,361
Diversified Consumer Services—1.1%
22,292	MegaStudy Co., Ltd.	7,435,067
Diversified Industrials—2.0%
191,635	LG Corp.	14,476,882
Electrical Equipment—1.8%
284,371	LG.Philips LCD Co., Ltd. (a)	12,697,905
Electronic Equipment & Instruments—1.9%
202,404	SFA Engineering Corp.	13,408,637
Food & Staples Retailing—3.1%
34,680	Shinsegae Co., Ltd.	21,902,578
Hotels, Restaurants & Leisure—1.1%
157,313	Hana Tour Service, Inc. (a)	7,990,880
Insurance—2.0%
69,805	Samsung Fire & Marine Insurance Co., Ltd.	14,471,761
Internet Software & Services—4.2%
523,783	LG Dacom Corp.	9,923,789
85,496	NHN Corp. (b)	20,076,738
		30,000,527

The Korea Fund, Inc. Schedule of Investments

March 31, 2008 (unaudited)

Shares		Value*
Machinery—1.7%
87,704	Doosan Heavy Industries and Construction Co., Ltd. (a)	$11,832,966
Media—2.2%
50,172	Cheil Communications, Inc.	12,103,027
1,024,140	ON*Media Corp. (a)(b)	3,837,810
		15,940,837
Metals & Mining—7.7%
263,105	Dongkuk Steel Mill Co., Ltd.	10,329,530
93,282	POSCO	44,653,890
		54,983,420
Oil & Gas—1.6%
110,190	SK Energy Co., Ltd.	11,407,310
Pharmaceuticals—2.2%
84,414	Yuhan Corp. (a)	15,877,126
Road & Rail—2.0%
127,604	Korea Express Co., Ltd. (b)	14,322,805
Semi-conductors—12.5%
513,930	Hynix Semiconductor, Inc. (a)(b)	14,491,900
104,700	Samsung Electronics Co., Ltd.	66,207,295
150,240	Samsung Techwin Co., Ltd. (a)	8,215,590
		88,914,785
Shipbuilding—7.8%
438,453	Daewoo Shipbuilding & Marine Engineering Co., Ltd.	16,838,945
102,531	Hyundai Heavy Industries Co., Ltd. (a)	38,579,291
		55,418,236
Tobacco—3.8%
343,794	KT&G Corp.	27,002,160
Wholesale—6.0%
525,230	Daewoo International Corp.	19,027,293
338,869	Samsung Corp.	23,830,134
		42,857,427
Wireless Telecommunications Services—1.9%
70,612	SK Telecom Co., Ltd.	13,366,499
	Total Common Stock (cost—$424,137,832)	678,991,899

SHORT-TERM INVESTMENT—11.5%
Collateral Invested for Securities on Loan (c)—11.5%
82,160,747	BNY Institutional Cash Reserves Fund, 2.90% (cost—$82,160,747)	82,160,747
	Total Investments (cost—$506,298,579) (d)—107.0%	761,152,646
	Liabilities in excess of other assets—(7.0)%	(49,974,351)
	Net Assets—100.0%	$711,178,295

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 or persons acting at their discretion pursuant to guidelines established by the Board of Directors. The Fund’s investments are valued daily and the net asset value (‘‘NAV’’) is calculated 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 using prices supplied by dealer quotations, or by 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. With respect to Korean equity securities, the Fund fair values its securities daily using modeling tools provided by a statistical research service. This service utilizes statistics and programs based on historical performance of markets and other economic data (which may include changes in the value of U.S. securities or security indices). Fair value estimates used by the Fund for Korean equity securities may differ from the value realized from the sale of those securities. Short-term securities maturing in 60 days or less are valued at amortized 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 re alized if the securities were sold.

(a) All or portion of security on loan with an aggregate market value of $77,789,153; cash collateral of $82,160,747 was received with which the Fund purchased short-term investments.

(b)  Non-income producing.

(c) Security purchased with the cash proceeds from securities on loan.

(d) Securities with an aggregate value of $678,991,899, representing 95.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

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 Act (17CFR270.30a-3(c)), 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 (as defined in Rule 30a-3 (d)) under the Act (17 CFR270.30a-3(d)) 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 and Chief Executive Officer

Date: May 27, 2008

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

Date: May 27, 2008

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 and Chief Executive Officer

Date: May 27, 2008

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

Date: May 27, 2008

EX-99.CERT

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 27, 2008

Signature & Title:	/s/ Robert Goldstein
Robert Goldstein, President and 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 27, 2008

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