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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 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 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 fair 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 illiquidity 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