# EDGAR Filing Document

**Accession Number:** 0000748691
**File Stem:** 0001193125-23-059227
**Filing Date:** 2023-3
**Character Count:** 116274
**Document Hash:** c2d78496508fbf6c484f8eb56c1793af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-059227.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001193125-23-059227

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KOREA FUND INC
- **CENTRAL INDEX KEY:** 0000748691
- **IRS NUMBER:** 133226146
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04058
- **FILM NUMBER:** 23702114

**BUSINESS ADDRESS:**
- **STREET 1:** JPMORGAN ASSET MANAGEMENT
- **STREET 2:** 60 VICTORIA EMBANKMENT
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC4Y 0JP
- **BUSINESS PHONE:** 212-739-3000

**MAIL ADDRESS:**
- **STREET 1:** JPMORGAN ASSET MANAGEMENT
- **STREET 2:** 60 VICTORIA EMBANKMENT
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC4Y 0JP

##### [**Table of Contents**](#toc)

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number 811-04058** 

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## The Korea Fund, Inc.
**(Exact name of registrant as specified in charter)** 

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**60 Victoria Embankment, London, United Kingdom EC4Y 0JP** 

**(Address of principal executive offices)** 

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**c/o Carmine Lekstutis** 

**Chief Legal Officer,** 

**JPMorgan, 4 New York Plaza, New York, NY 10004** 

**(Name and address of agent for service)** 

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**Registrant's telephone number, including area code: +44 207 742 3436** 

**Date of fiscal year end: June 30** 

**Date of reporting period: December 31, 2022** 

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Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund's website (www.thekoreafund.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling the Fund's stockholder servicing agent at (866) 706-0510.

If you prefer to receive paper copies of your shareholder reports after January 1, 2021, direct investors may inform the Fund at any time by calling the Fund's stockholder servicing agent at (866) 706-0510. If you invest through a financial intermediary, you should contact your financial intermediary directly. Paper copies are provided free of charge and your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Fund or all funds held in your account if you invest through your financial intermediary.

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##### [**Table of Contents**](#toc)
![LOGO](g403218logo_01kor.jpg)

Semi-Annual Report

December 31, 2022

**This report contains the following two documents:** 

• Chairman's Letter to Stockholders

• Semi-Annual Report to Stockholders—December 31, 2022

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Chairman's Letter to Stockholders** 

Dear fellow Stockholders

We have pleasure in providing the semi-annual report for The Korea Fund, Inc. ("the Fund") covering the first half of its fiscal year 2022/2023, that is from July 1 to December 31, 2022, otherwise referred to herein as the "Period".

Following some twenty-one months of price decline from January 2021, the Korean stock market found a base at the end of October 2022 and has subsequently gained ground to, at time of writing, the index's level as of April last. Whilst the benchmark decline through this twenty-one-month period was some 50%, the net price change in the index through the six-month Period under review was virtually unchanged. Commencing the Period at marginally under 1000, your Fund's benchmark, the MSCI Korea 25/50 Index, declined 11% in the July to September quarter and thence gained 12% in the October – December quarter, to finish the Period virtually where it commenced.

For the Period your Fund's net asset value declined 1.85% versus its benchmark index decline of 0.81%. Of encouragement in the most recent three months period since the low point of the benchmark at end-September, your Fund's NAV performance as measured in US dollars increased a positive 21.63%, outperforming its benchmark by 3.25%.

Subsequent to the December Period end, at time of writing, your Fund has increased a further 11.61% as measured in US dollars against its benchmark performance of 11.86%.

Given the high levels of both volatility and rotation in the Korean – and indeed global markets, your Board considers such recent performance as commendable. The report of your Fund's investment manager follows but suffice to say that where China goes, Korea goes too. Undoubtedly the recovery of global markets through the final calendar quarter of 2022 has been caused primarily by the abrupt ending of all Covid restrictions pan mainland China. That said with the Korean market's valuation at the bottom end of its 8-14 times prospective price earnings range, the Fund's valuation at 9 times prospective combined with our investment manager's estimates for Korean exports to increase over 25% versus the EU's 14% for the immediate 5 years, our manager believes the investment case appears sound

I might draw the attention of stockholders wishing to learn more of the fundamentals to investment in South Korea to our manager's excellent recent investor webinar on the topic that may be found on our Fund's website at www.thekoreafund.com

Given the disappointing performance of global markets from the start of 2021, stock price discounts within the listed investment company sector have remained under great pressure and remain far below levels acceptable to your Board. In addition to implementing a performance tender option each three years your Board continues a buyback programme. As at time of writing your Fund's investment performance against its benchmark, in relation to the

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Chairman's Letter to Stockholders** (continued)

aforementioned performance tender, in the current three-year measurement period ending December 31, 2022 stands at a positive 3.03%.

A combination of the decline in global stock markets and the payment to stockholders of realized gains has reduced assets under management which in turn are pressuring the total expense ratio, currently forecast at 1.4% for fiscal 22/23. Your Board continues to monitor costs closely and looks to reduce costs where possible.

May we thank you for your ongoing support and wish you well for 2023 and beyond.

Yours very sincerely

![LOGO](g403218sig_01kor.jpg)

Julian Reid, Chairman

For and on behalf of The Korea Fund, Inc.

February 8, 2023

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##### [**Table of Contents**](#toc)
![LOGO](g403218logo_01kor.jpg)

Semi-Annual Report

December 31, 2022

---

| | |
|:---|:---|
|  | **Table of Contents** |
| 1-3 | [Investment Adviser's Report](#toc403218_1) |
| 4-5 | [Performance & Statistics](#toc403218_2) |
| 6-8 | [Schedule of Investments](#toc403218_3) |
| 9 | [Statement of Assets and Liabilities](#toc403218_4) |
| 10 | [Statement of Operations](#toc403218_5) |
| 11 | [Statement of Changes in Net Assets](#toc403218_6) |
| 12 | [Financial Highlights](#toc403218_7) |
| 13-18 | [Notes to Financial Statements](#toc403218_8) |
| 19 | [Stockholder Meeting Results/Changes to the Board of Directors/Proxy Voting Policies & Procedures](#toc403218_11) |
| 20-21 | [Privacy Policy](#toc403218_12) |
| 22-24 | [Matters Relating to the Directors' Consideration of the Investment Management Agreement](#toc403218_13) |

---

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Investment Adviser's Report** 

December 31, 2022 (unaudited)

**Overview** 

In the six months to December 31, 2022, the KOSPI index fell 4.13% to finish at 2236. In US Dollar (USD) terms, the index fell 1.56% as the Won (KRW) weakened, but stabilized towards the end of the year. As these figures illustrate, the impact of exchange rate fluctuations between KRW and USD can create significant differences in the performance data reported in the local and foreign currencies.

The third quarter saw a sharp decline and in September the market experienced its steepest fall since October 2008 and the worst performance since the Global Financial Crisis. This reversed in the fourth quarter halting the consecutive quarterly losses from the third quarter of 2021. Over the year the KOSPI lost 24.9% in local currency terms.

The ripple effect of tightening financial conditions, elevated levels of inflation, steeper interest rate hikes as well as an increasing probability of a recession dominated the headlines for much of 2022. Against this backdrop, Korea was the worst performing market in the Asia Pacific region closely followed by other export information technology heavy markets, such as Taiwan.

In the third quarter, Energy stocks saw the biggest decline on the back of rising concerns on global demand. Internet was the second worst performing sector as a part of a rout on growth companies that began at the start of the year. Towards the end of the year, the positive news on China's reopening led materials and consumer staples stocks to outperform. Within these sectors chemical, cosmetics and duty-free shops which are expected to benefit from the China reopening were the best performers. Consumer discretionary stocks, particularly the autos, fell on dimmed global demand outlook.

The Bank of Korea raised the policy rate by 100 basis points to 3.25% during the six months. While doing so, the Bank of Korea's communication has turned less hawkish – which was influenced by recent stability in KRW, rising concerns over domestic liquidity conditions and rising downside risk to the growth outlook.

GDP was stronger than expected at the start of the period but moderated in the third quarter. In the second quarter it was led by strong growth in domestic demand and services – reflecting the removal of social distancing measures from April 2022. Strength in domestic demand more than offset the drag from exports and manufacturing production which contracted due to China's lockdown. Exports saw significant slowdown from August 2022 in large part due to a significant drop in semiconductors to China. Exports growth is likely to remain weak in the near term on continued global demand weakness exacerbated by the collapse in price of memory chips in the second half of 2022.

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| | |
|:---|:---|
| 12.31.22 \| | The Korea Fund, Inc. Semi-Annual Report<sub>1</sub> |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Investment Adviser's Report** 

December 31, 2022 (unaudited) (continued)

**Fund's Performance** 

From July 1, 2022 to December 31, 2022, the total return of The Korea Fund, Inc.'s (the "Fund") Net Asset Value (NAV) was -1.85% (net of fees) in U.S. dollar ("USD") terms, underperforming the Fund's benchmark, the MSCI Korea 25/50 Net Total Return USD Index by 1.04%.

**Performance Attribution Review** 

Over the six-month review period the portfolio's underperformance was due to weak stock selection, while sector allocation was positive.

At the sector level, underweighting the industrials sector and overweighting the materials sectors added the most value. Overweighting the consumer discretionary sector, on the other hand, detracted value.

Hugel was the best performing position and outperformed in anticipation of China reopening demand. Another key contributor was an overweight in LG Chemical (our preferred EV play) which outperformed on strong performance of battery materials division. A position in NCSoft also performed well after third quarter expectations were met.

At the stock level, overweight positions in SKC, K Car, and Naver were major detractors. SKC underperformed on near term concerns over narrowing chemical spreads, however we remain constructive on SKC's medium-to-longer term competitiveness in EV battery copper foil. Share prices of Naver and K Car sharply declined along with other growth stocks on rising interest rates. An overweight in SK Hynix also detracted after a drop in exports especially to China. China accounts for some 40% of Korea's semiconductor exports. Near term exports are expected to remain weak due to worsening demand for semiconductors.

**Market Outlook** 

The Korean Government announced 2023 economic outlook. It expects slower GDP growth of 1.6% (2.5% in 2022) on the back of sharply negative export momentum extending into the first half of 2023 (2023 exports to fall 4.5% vs. 2022's +6.6% growth). Inflation is expected to moderate to 3.5% (vs. 5.1% in 2022) which should allow the Bank of Korea to halt rate hikes sometime in first half of 2023. In response to the challenging macroeconomic backdrop, the Government plans to 1. front load its spending to 65% in the first half of 2023 (vs. 63% in the same period of 2022); 2. focus on stabilizing the financial market through bond market stabilization funds; 3. continue relaxation of real estate policies to soft land the property market; and 4. support the corporate sector through incentives and deregulation. On the last point, the National Assembly passed a 1% corporate tax cut in December 2022 and in early January 2023,

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| | | |
|:---|:---|:---|
| **2** | The Korea Fund, Inc. Semi-Annual Report | \| 12.31.22 |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Investment Adviser's Report** 

December 31, 2022 (unaudited) (continued)

the Government announced increased tax credit for corporate investments made in national strategic industries such as semiconductors, rechargeable battery, and display.

While the near-term outlook is clouded, with a slowing global economy and geopolitical uncertainties, we are constructive on the Korean equity market due to significant valuation merit with the market trading below book value and continued global competitiveness for Korean manufactured goods assisted by a foreign exchange tailwind.

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| | |
|:---|:---|
| 12.31.22 \| | The Korea Fund, Inc. Semi-Annual Report<sub>3</sub> |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Performance & Statistics** 

December 31, 2022 (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Total Return<sup>(1)</sup>** | **6 Months** | **1 Year** | **5 Year** | **10 Year** |
|  Market Price | (1.27)% | (30.08)% | (0.44)% | 0.12% |
|  Net Asset Value ("NAV") | (1.85)% | (28.96)% | (0.54)% | 0.10% |
|  MSCI Korea 25/50 Index (Total Return)<sup>(2)</sup> | (0.81)% | (26.95)% | (0.75)% | 0.12% |
|  MSCI Korea Index (Total Return)<sup>(2)</sup> | (1.25)% | (29.36)% | (0.73)% | 0.14% |

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**Fund Performance Line Graph**![LOGO](g403218g11n77.jpg)

**Premium (Discount) to NAV:** 

December 31, 2012 to December 31, 2022

![LOGO](g403218g21z10.jpg)

**Industry Breakdown (as a % of net assets):**![LOGO](g403218g12l02.jpg)

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| | |
|:---|:---|
| **Market Price/NAV:** | |
|  Market Price | $20.83 |
|  NAV<sup>(3)</sup> | $24.71 |
|  Discount to NAV | (15.70)% |

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| | | |
|:---|:---|:---|
| **Ten Largest Holdings (as a % of net assets):** | **Ten Largest Holdings (as a % of net assets):** | **Ten Largest Holdings (as a % of net assets):** |
| 1. | Samsung Electronics Co. Ltd. | 24.7% |
| 2. | SK Hynix, Inc. | 7.0 |
| 3. | LG Chem Ltd. | 6.6 |
| 4. | NAVER Corp. | 4.1 |
| 5. | Hyundai Mobis Co. Ltd. | 3.9 |
| 6. | KB Financial Group, Inc. | 3.8 |
| 7. | POSCO Holdings, Inc. | 3.5 |
| 8. | Hana Financial Group, Inc. | 3.4 |
| 9. | Samsung Biologics Co. Ltd. | 3.2 |
| 10. | NCSoft Corp. | 2.8 |

---

---

| | | |
|:---|:---|:---|
| **4** | The Korea Fund, Inc. Semi-Annual Report | \| 12.31.22 |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Performance & Statistics** 

December 31, 2022 (unaudited) (continued)

**Notes to Performance & Statistics:** 

(1) **Past performance is no guarantee of future results.** Total return is calculated by determining the percentage change in NAV or market price (as applicable) in the specified period. The calculation assumes that all
dividends and distributions, if any, have been reinvested. Total return does not reflect broker commissions or sales charges in connection with the purchase or sale of Fund shares. Total return does not reflect the deduction of taxes that a
shareholder may pay on the receipt of distributions made by the Fund or on the proceeds of any sales of the Fund's shares made by a shareholder. Total return for a period of more than one year represents the average annual total return.

Performance at market price will differ from results at NAV. Although market price returns typically reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the Fund, market conditions, supply and demand for the Fund's shares, or changes in the Fund's dividends.

An investment in the Fund involves risk, including the loss of principal. Total return, market price and NAV will fluctuate with changes in market conditions. This data is provided for information purposes only and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are traded in the open market through a stock exchange. NAV is equal to total assets less total liabilities divided by the number of shares outstanding. Holdings are subject to change daily.

(2) Morgan Stanley Capital International ("MSCI") Korea Index is a market capitalization-weighted index of equity securities of companies domiciled in Korea. The index is designed to represent the performance of
the Korean stock market and excludes certain market segments unavailable to U.S. based investors. The MSCI Korea Index (Total Return) returns assume reinvestment of dividends (net of foreign withholding taxes) and, unlike Fund returns, do not
reflect any fees or expenses. Effective July 1, 2017, the Board approved The MSCI Korea 25/50 Index (Total Return) as the primary benchmark for the Fund. The MSCI Korea 25/50 Index (Total Return) is designed to measure the performance of the
large and mid cap segments of the Korean market. It applies certain investment limits that are imposed on regulated investment companies, or RICs, under the current US Internal Revenue Code. One requirement of a RIC is that at the end of each
quarter of its tax year no more than 25% of the value of the RIC's total assets may be invested in a single issuer and the sum of the weights of all issuers representing more than 5% of the fund should not exceed 50% of the fund's total
assets. The index covers approximately 85% of the free float-adjusted market capitalization in Korea. The returns assume reinvestment of dividends (net of foreign withholding taxes) but do not reflect any fees or expenses. It is not possible to
invest directly in an index. Total Return for a period of more than one year represents the average annual return.

(3) The NAV disclosed in the Fund's financial statements may differ from this NAV due to accounting principles generally accepted in the United States of America.

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|:---|:---|
| 12.31.22 \| | The Korea Fund, Inc. Semi-Annual Report<sub>5</sub> |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Schedule of Portfolio Investments** 

As of December 31, 2022 (unaudited)

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| | | |
|:---|:---|:---|
| Shares | Investments | Value |
| **COMMON STOCKS–109.5%** | **COMMON STOCKS–109.5%** |  |
|  | **Air Freight & Logistics–0.5%** |  |
| 4500 | Hyundai Glovis Co. Ltd.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584242 |
|  | **Auto Components–5.3%** |  |
| 69300 | Hankook Tire & Technology Co. Ltd.\* | 1711282 |
| 30400 | Hyundai Mobis Co. Ltd. | 4821998 |
|  |  | 6533280 |
|  | **Automobiles–3.6%** |  |
| 48600 | Hyundai Motor Co. (Preference) | 2844391 |
| 33200 | Kia Corp.\* | 1562077 |
|  |  | 4406468 |
|  | **Banks–7.6%** |  |
| 125000 | Hana Financial Group, Inc. | 4162389 |
| 25200 | KakaoBank Corp.\* | 490260 |
| 121900 | KB Financial Group, Inc. | 4670313 |
|  |  | 9322962 |
|  | **Biotechnology–1.7%** |  |
| 19400 | Hugel, Inc.\* | 2072113 |
|  | **Capital Markets–2.7%** |  |
| 19800 | KIWOOM Securities Co. Ltd.\* | 1320871 |
| 47300 | Korea Investment Holdings Co. Ltd.\* | 2007328 |
|  |  | 3328199 |
|  | **Chemicals–9.3%** |  |
| 17100 | LG Chem Ltd.\* | 8165751 |
| 28300 | SK IE Technology Co. Ltd.\* (a) | 1195951 |
| 28645 | SKC Co. Ltd.\* | 2021425 |
|  |  | 11383127 |
|  | **Construction & Engineering–3.4%** |  |
| 23500 | DL E&C Co. Ltd.\* | 629705 |
| 25448 | DL Holdings Co. Ltd.\* | 1198705 |
| 136500 | Samsung Engineering Co. Ltd.\* | 2414788 |
|  |  | 4243198 |
|  | **Electronic Equipment, Instruments & Components–2.2%** |  |
| 26000 | Samsung Electro-Mechanics Co. Ltd.\* | 2700173 |
|  | **Entertainment–3.9%** |  |
| 25300 | JYP Entertainment Corp.\* | 1359147 |
| 9750 | NCSoft Corp.\* | 3482932 |
|  |  | 4842079 |
|  | **Food & Staples Retailing–0.7%** |  |
| 5323 | BGF retail Co. Ltd.\* | 890812 |
|  | **Food Products–2.4%** |  |
| 6800 | CJ CheilJedang Corp. | 2045514 |
| 9450 | Orion Corp.\* | 962063 |
|  |  | 3007577 |
|  | **Health Care Equipment & Supplies–0.5%** |  |
| 24000 | Suheung Co. Ltd.\* | 640086 |

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|:---|:---|:---|
| **6** | The Korea Fund, Inc. Semi-Annual Report | \| 12.31.22 |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Schedule of Portfolio Investments** 

As of December 31, 2022 (unaudited) (continued)

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| | | |
|:---|:---|:---|
| Shares | Investments | Value |
|  | **Hotels, Restaurants & Leisure–1.7%** |  |
| 114150 | Kangwon Land, Inc.\* | $2100506 |
|  | **Household Durables–2.3%** |  |
| 36900 | Coway Co. Ltd.\* | 1638354 |
| 42400 | Zinus, Inc.\* | 1178865 |
|  |  | 2817219 |
|  | **Industrial Conglomerates–1.8%** |  |
| 15000 | SK, Inc. | 2250174 |
|  | **Insurance–3.0%** |  |
| 14950 | Samsung Fire & Marine Insurance Co. Ltd.\* | 2365689 |
| 24100 | Samsung Life Insurance Co. Ltd.\* | 1353339 |
|  |  | 3719028 |
|  | **Interactive Media & Services–6.2%** |  |
| 11052 | AfreecaTV Co. Ltd.\* | 624525 |
| 46000 | Kakao Corp.\* | 1959414 |
| 35000 | NAVER Corp. | 4977737 |
|  |  | 7561676 |
|  | **IT Services–0.5%** |  |
| 13000 | Kakaopay Corp.\* (b) | 564321 |
|  | **Life Sciences Tools & Services–3.2%** |  |
| 5960 | Samsung Biologics Co. Ltd.\* (a) | 3875283 |
|  | **Marine–0.9%** |  |
| 231300 | Pan Ocean Co. Ltd.\* | 1054516 |
|  | **Media–0.5%** |  |
| 18300 | Innocean Worldwide, Inc. | 597477 |
|  | **Metals & Mining–3.7%** |  |
| 650 | Korea Zinc Co. Ltd.\* | 291298 |
| 19600 | POSCO Holdings, Inc. | 4289498 |
|  |  | 4580796 |
|  | **Oil, Gas & Consumable Fuels–4.3%** |  |
| 22900 | SK Innovation Co. Ltd.\* | 2797620 |
| 37350 | S-Oil Corp. | 2485836 |
|  |  | 5283456 |
|  | **Personal Products–1.4%** |  |
| 3000 | LG H&H Co. Ltd.\* | 1726709 |
|  | **Pharmaceuticals–1.3%** |  |
| 34200 | Yuhan Corp.\* | 1546805 |
|  | **Professional Services–0.7%** |  |
| 72000 | NICE Information Service Co. Ltd.\* | 698089 |
| 18493 | Wantedlab, Inc.\* | 183701 |
|  |  | 881790 |
|  | **Semiconductors & Semiconductor Equipment–7.8%** |  |
| 6703 | Eo Technics Co. Ltd.\* | 355519 |
| 27000 | ISC Co. Ltd. | 671631 |
| 144300 | SK Hynix, Inc. | 8609523 |
|  |  | 9636673 |

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| | |
|:---|:---|
| 12.31.22 \| | The Korea Fund, Inc. Semi-Annual Report<sub>7</sub> |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Schedule of Portfolio Investments** 

As of December 31, 2022 (unaudited) (continued)

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| | | |
|:---|:---|:---|
| Shares | Investments | Value |
|  | **Specialty Retail–0.7%** |  |
| 93800 | K Car Co. Ltd. | $857005 |
|  | **Technology Hardware, Storage & Peripherals–24.7%** |  |
| 690400 | Samsung Electronics Co. Ltd. | 30303895 |
|  | **Textiles, Apparel & Luxury Goods–0.3%** |  |
| 57371 | Hwaseung Enterprise Co. Ltd.\* | 421211 |
|  | **Wireless Telecommunication Services–0.7%** |  |
| 21633 | SK Telecom Co. Ltd. | 811537 |
|  | TOTAL COMMON STOCKS (Cost $124,320,346) | 134544393 |
| **SHORT-TERM INVESTMENTS–0.2%** | **SHORT-TERM INVESTMENTS–0.2%** |  |
|  | **INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED–0.2%** |  |
| 271185 | Goldman Sachs Financial Square Government Fund 4.19%(c)(Cost $271,185) | 271185 |
|  | **Total Investments–109.7%** (Cost $124,591,531) | 134815578 |
|  | Liabilities in Excess of Other Assets–(9.7)% | (11942733) |
|  | **Net Assets–100.0%** | $**122872845** |

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Percentages indicated are based on net assets.

**Abbreviations** 

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| | |
|:---|:---|
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| (a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (b) | The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $258,248. |
| (c) | The rate shown is the current yield as of December 31, 2022. |
| \* | Non-income producing security. |

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| | | | | |
|:---|:---|:---|:---|:---|
| | Level 1<br>Quoted prices | Level 2<br>Other significant<br>observable<br>inputs | Level 3<br>Significant<br>unobservable<br>inputs | Total |
| **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |  |  |
|  Common Stocks | $— | $134544393 | $— | $134544393 |
|  Short-Term Investments | Short-Term Investments | Short-Term Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral from Securities Loaned | 271185 |  |  | 271185 |
| **Total Investments in Securities** | $271185 | $134544393 | $— | $134815578 |

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| | | | |
|:---|:---|:---|:---|
| **8** | The Korea Fund, Inc. Semi-Annual Report | \| 12.31.22 \| | **See Notes to Financial Statements** |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Statement of Assets and Liabilities** 

As of December 31, 2022 (unaudited)

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| | |
|:---|:---|
| **Assets:** |  |
|  Investments, at value | $134544393 |
|  Investments of cash collateral received from securities loaned, at value (See Note 1.H.) | 271185 |
|  Cash | 332537 |
|  Foreign currency, at value | 1031372 |
|  Prepaid expenses and other assets | 50879 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 1772822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of withholding taxes) | 2054559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 140057747 |
| **Liabilities:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to stockholders | 16510317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 130810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral received on securities loaned (See Note 1.H.) | 271185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares repurchased | 53540 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Management fees | 81021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian, administrator and accounting agent fees | 47132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 90897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 17184902 |
| **Net Assets** | $122872845 |
| **Net Assets:** |  |
|  Common Stock: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value ($0.01 per share, applicable to 4,972,139 shares issued and outstanding) | $49721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital in excess of par | 125941882 |
|  Total distributable earnings (loss) | (3118758) |
| **Net Assets** | $122872845 |
| **Net Asset Value Per Share** | $24.71 |
|  Cost of investments | $124320346 |
|  Cost of foreign currency | 986735 |
|  Investment securities on loan, at value (See Note 1.H.) | 258248 |
|  Cost of investment of cash collateral (See Note 1.H.) | 271185 |

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| | | |
|:---|:---|:---|
| **See Notes to Financial Statements** | \| 12.31.22 \| | The Korea Fund, Inc. Semi-Annual Report<sub>9</sub> |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Statement of Operations** 

For the Six Months Ended December 31, 2022 (unaudited)

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| | |
|:---|:---|
| **Investment Income:** |  |
|  Interest income | $693 |
|  Dividend income | 2842020 |
|  Income from securities lending (net) (See Note 1.H.) | 9242 |
|  Foreign taxes withheld (net) | (481649) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2370306 |
| **Expenses:** |  |
|  Investment Management (See Note 3) | 479061 |
|  Legal | 86941 |
|  Directors | 120533 |
|  Custodian, administrator and accounting agent fees | 105288 |
|  Insurance | 59369 |
|  Audit and tax services | 46833 |
|  Stockholder communications | 28787 |
|  Transfer agent | 17431 |
|  New York Stock Exchange listing | 25000 |
|  Other | 15785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 985028 |
| **Net investment income (loss)** | 1385278 |
| **Realized/Unrealized Gains (Losses):** |  |
|  Net realized gain (loss) on transactions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (10207479) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (40562) |
|  Net realized gain (loss) | (10248041) |
|  Change in net unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 6154769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 51456 |
|  Change in net unrealized appreciation/depreciation | 6206225 |
|  Net realized/unrealized gains (losses) | (4041816) |
| **Change in Net Assets Resulting from Operations** | $(2656538) |

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|:---|:---|:---|:---|
| **10** | The Korea Fund, Inc. Semi-Annual Report | \| 12.31.22 \| | **See Notes to Financial Statements** |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Statement of Changes in Net Assets** 

For the Periods Indicated

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| | | |
|:---|:---|:---|
|  | Six Months Ended<br>December 31, 2022<br>(Unaudited) | Year Ended<br>June 30, 2022 |
| **Change in Net Assets Resulting from Operations:** |  |  |
|  Net investment income | $1385278 | $1613560 |
|  Net realized (loss)/gain | (10248041) | 25557100 |
|  Change in net unrealized appreciation/depreciation | 6206225 | (111055307) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (2656538) | (83884647) |
| **Distributions to Stockholders:** |  |  |
|  Distributable earnings | (16510317) | (45732032) |
| **Common Stock Transactions:** |  |  |
|  Cost of shares repurchased | (760049) | (529275) |
| **Net Assets:** |  |  |
|  Change in net assets | (19926904) | (130145954) |
|  Beginning of period | 142799749 | 272945703 |
|  End of period | $122872845 | $142799749 |
| **Shares Activity:** |  |  |
|  Shares outstanding, beginning of year | 5003506 | 5019976 |
|  Shares repurchased | (31367) | (16470) |
|  Shares outstanding, end of year | 4972139 | 5003506 |

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| | | |
|:---|:---|:---|
| **See Notes to Financial Statements** | \| 12.31.22 \| | The Korea Fund, Inc. Semi-Annual Report<sub>11</sub> |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Financial Highlights** 

For a share of stock outstanding throughout each period^:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months<br>Ended<br>December 31,<br>2022<br>(Unaudited) | Year ended June 30, | Year ended June 30, | Year ended June 30, | Year ended June 30, | Year ended June 30, |
|  | Six Months<br>Ended<br>December 31,<br>2022<br>(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
|  Net asset value, beginning of period | $28.54 | $54.37 | $31.09 | $32.78 | $42.39 | $44.65 |
|  **Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (1) | 0.28 | 0.32 | 0.21 | 0.16 | 0.22 | 0.20 |
|  Net realized and change in unrealized gain (loss) | (0.81) | (17.05) | 23.58 | (1.85) | (4.76) | 1.13 |
|  Total from investment operations | (0.53) | (16.73) | 23.79 | (1.69) | (4.54) | 1.33 |
|  **Dividends and Distributions to Stockholders from:** |  |  |  |  |  |  |
|  Net investment income | (0.05) | (2.05) | (0.53) | (0.07) | (0.61) | (0.23) |
|  Net realized gains | (3.27) | (7.06) |  |  | (4.62) | (3.80) |
|  Total dividends and distributions to stockholders | (3.32) | (9.11) | (0.53) | (0.07) | (5.23) | (4.03) |
|  **Common Stock Transactions:** |  |  |  |  |  |  |
|  Accretion to net asset value resulting from share repurchases and tender offer | 0.02 | 0.01 | 0.02 | 0.07 | 0.16 | 0.44 |
|  Net asset value, end of period | $24.71 | $28.54 | $54.37 | $31.09 | $32.78 | $42.39 |
|  Market price, end of period | $20.83 | $24.35 | $46.16 | $25.85 | $28.84 | $38.26 |
|  **Total return:** (2) |  |  |  |  |  |  |
|  Net asset value | (1.85)% | (35.39)% | 76.93% | (4.96)% | (9.92)% | 3.39% |
|  Market price | (1.27)% | (33.55)% | 80.66% | (10.15)% | (10.97)% | 4.41% |
|  **RATIOS/SUPPLEMENTAL DATA:** | **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of period (000s) | $122873 | $142800 | $272946 | $156745 | $168093 | $227318 |
|  Ratio of expenses to average net assets | 1.44%(3) | 1.21% | 1.12% | 1.22% | 1.25% | 1.13% |
|  Ratio of net investment income to average net assets | 2.03%(3) | 0.77% | 0.46% | 0.52% | 0.62% | 0.43% |
|  Portfolio turnover rate | 14% | 35% | 81% | 42% | 27% | 69% |

---

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| | |
|:---|:---|
| ^ | A "—" may reflect actual amounts rounding to less than $0.01 or 0.01%. |

---

(1) Calculated on average common shares outstanding during the period.

(2) Total return is calculated by subtracting the value of an investment in the Fund at the beginning of the specified period from the value at the end of the period and dividing the remainder by the value of the investment
at the beginning of the period and expressing the result as a percentage. The calculation assumes that all dividends and distributions, if any, have been reinvested. Total return does not reflect broker commissions or sales charges in connection
with the purchase or sale of Fund shares. Total return does not reflect the deduction of taxes that a shareholder may pay on the receipt of distributions made by the Fund or on proceeds of any sales of the Fund's shares made by a shareholder.
Total return on net asset value may reflect adjustments to conform to U.S. GAAP. Total investment return for a period of less than one year is not annualized. Performance at market price will differ from results at NAV. Although market price returns
typically reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the Fund, market conditions, supply and demand for the Fund's shares, or changes in
the Fund's dividends.

(3) Annualized.

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| | | | |
|:---|:---|:---|:---|
| **12** | The Korea Fund, Inc. Semi-Annual Report | \| 12.31.22 \| | **See Notes to Financial Statements** |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Notes to Financial Statements** 

December 31, 2022 (Unaudited)

**1. Organization and Significant Accounting Policies** 

The Korea Fund, Inc. (the "Fund") is registered under the Investment Company Act of 1940 and the rules and regulations thereunder, as amended, as a closed-end, non-diversified management investment company organized as a Maryland corporation, and accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *Financial Services—Investment Companies*. JPMorgan Asset Management (Asia Pacific) Limited (the "Investment Adviser") serves as the Fund's investment manager. The Fund has authorized 200 million shares of common stock with $0.01 par value. The Korea Fund has filed a notice under the Commodity Exchange Act under Regulation 4.5 that The Korea Fund is operated by JPMorgan Asset Management (Asia Pacific) Limited, a registered investment adviser that has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act and, therefore, is not subject to registration or regulation as a commodity pool operator under the Commodity Exchange Act.

The Fund's investment objective is to seek long-term capital appreciation through investment in securities, primarily equity securities, of Korean companies. There can be no assurance that the Fund will meet its stated objective.

The preparation of the Fund's financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires the Fund's management to make estimates and assumptions that affect the reported amounts and disclosures in the Fund's financial statements. Actual results could differ from those estimates.

Like many other companies, the Fund's organizational documents provide that its officers ("Officers") and the Board of Directors of the Fund (the "Board" or the "Directors") are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, both in some of its principal service contracts and in the normal course of its business, the Fund enters into contracts that provide indemnifications to other parties for certain types of losses or liabilities. The Directors' maximum exposure under these arrangements is unknown as this could involve future claims against the Fund.

The following is a summary of significant accounting policies consistently followed by the Fund:

**(a) Valuation of Investments** 

Portfolio securities and other financial instruments for which market quotations are readily available are valued at market value. Market values for various types of securities and other instruments are determined on the basis of closing prices or last sales prices on an exchange or other market, or based on quotes or other market information obtained from quotation reporting systems, established market makers or independent pricing services. For foreign equity securities (with certain exceptions, if any), 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). Investments in mutual funds are valued at the net asset value ("NAV") as reported on each business day.

Portfolio securities and other financial instruments for which market quotations are not readily available (including in cases where available market quotations are deemed to be unreliable), are fair valued, in good faith, pursuant to procedures established by the Board, or persons acting at their discretion ("Valuation Committee") pursuant to procedures established by the Board. The Fund's investments are valued daily and the Fund's 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 an independent pricing service or broker/dealer quotations, or by using the last sale or settlement price on the exchange that is the primary market for such securities, or the mean between the last bid and ask quotations. In unusual circumstances, the Board or the Valuation Committee may in good faith determine the NAV as of 4:00 p.m., Eastern Time, notwithstanding an earlier, unscheduled close or halt of trading on the NYSE.

Short-term investments having a remaining maturity of 60 days or less are valued at amortized cost unless the Board or its Valuation Committee determines that particular circumstances dictate otherwise.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed.

The prices used by the Fund to value securities may differ from the value that would be realized if the securities were sold and these differences could be material to the Fund's financial statements.

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|:---|:---|
| 12.31.22 \| | The Korea Fund, Inc. Semi-Annual Report<sub>13</sub> |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Notes to Financial Statements** 

December 31, 2022 (unaudited) (continued)

**1. Organization and Significant Accounting Policies** (continued)

**(b) Fair Value Measurements** 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (*i.e.,* the "exit price") in an orderly transaction between market participants. The three levels of the fair value hierarchy are described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—unadjusted quoted prices in active markets for identical investments that the Fund has the ability to access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—valuations based on other significant observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities, interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates or other market corroborated inputs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—valuations based on significant unobservable inputs (including the Investment Adviser's or Valuation Committee's own assumptions and securities whose price was determined by using a single
broker's quote)

The valuation techniques used by the Fund to measure fair value during the six months ended December 31, 2022 were intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.

An investment asset's or liability's level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to the fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Fund generally uses to evaluate how to classify each major category of assets and liabilities within Level 2 and Level 3, in accordance with U.S. GAAP.

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Fund generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Fund's valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Fund's valuation procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available.

**Equity Securities (Common and Preferred Stock)**—Equity securities traded in inactive markets and certain foreign equity securities are valued using inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from independent pricing services that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable, the values of equity securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

**(c) Investment Transactions and Investment Income** 

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on an identified cost basis. Interest income on uninvested cash is recorded upon receipt. Dividend income is recorded on the ex-dividend date. Korean-based corporations have generally adopted calendar year-ends, and their interim and final corporate actions are normally approved, finalized and announced by their boards of directors and stockholders in the first and third quarters of each calendar year. Generally, estimates of their dividends are accrued on the ex-dividend date principally in the prior December and/or June period ends. These dividend announcements are recorded by the Fund on such ex-dividend dates. Any subsequent adjustments thereto by Korean corporations are recorded when announced. Presently, dividend income from Korean equity investments is earned primarily in the last calendar quarter of each year, and will be received primarily in the first calendar quarter of the following year. Certain other dividends and related withholding taxes, if applicable, from Korean securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends and taxes. Dividend and interest income on the Statement of Operations are shown net of any foreign taxes withheld on income from foreign securities.

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|:---|:---|:---|
| **14** | The Korea Fund, Inc. Semi-Annual Report | \| 12.31.22 |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Notes to Financial Statements** 

December 31, 2022 (unaudited) (continued)

**1. Organization and Significant Accounting Policies** (continued)

**(d) Federal Income Taxes** 

The Fund intends to distribute all of its taxable income and to comply with the other requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no provision for U.S. federal income taxes is required. The Fund may be subject to excise tax based on distributions to stockholders.

Accounting for uncertainty in income taxes establishes for all entities, including pass-through entities such as the Fund, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. In accordance with provisions set forth under U.S. GAAP, the Investment Adviser has reviewed the Fund's tax positions for all open tax years.

As of December 31, 2022, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken. The Fund's U.S. federal income tax returns for the prior three years, as applicable, remain subject to examination by the Internal Revenue Service.

**(e) Foreign Investment and Exchange Controls in Korea** 

The Foreign Exchange Transaction Act, the Presidential Decree relating to such Act and the regulations of the Minister of Strategy and Finance (formerly known as Minister of Finance and Economy) issued thereunder impose certain limitations and controls which generally affect foreign investors in Korea. Through August 18, 2005, the Fund had a license from the Ministry of Finance and Economy to invest in Korean securities and to repatriate income received from dividends and interest earned on, and net realized capital gains from, its investments in Korean securities or to repatriate from investment principal up to 10% of the NAV (taken at current value) of the Fund (except upon termination of the Fund, or for expenses in excess of Fund income, in which case the foregoing restriction shall not apply). Under the Foreign Exchange Transaction Act, the Minister of Strategy and Finance has the power, with prior (posterior in case of urgency) public notice of scope and duration, to suspend all or a part of foreign exchange transactions when emergency measures are deemed necessary in case of radical change in the international or domestic economic situation. The Fund could be adversely affected by delays in, or the refusal to grant, any required governmental approval for such transactions.

The Fund relinquished its license from the Korean Ministry of Finance and Economy effective August 19, 2005. The Fund had engaged in negotiations with the Korean Ministry of Finance and Economy concerning the feasibility of the Fund's license being amended to allow the Fund to repatriate more than 10% of Fund capital. However, the Ministry of Finance and Economy advised the Fund that the license cannot be amended as a result of a change in the Korean regulations. As a result of the relinquishment of the license, the Fund is subject to the Korean securities transaction tax equal to 0.23% of the fair market value of any portfolio securities transferred by the Fund on the Korea Exchange and 0.45% of the fair market value of any portfolio securities transferred outside of the Korea Exchange. The relinquishment did not otherwise affect the Fund's operations. For the six months ended December 31, 2022, the Fund incurred $53,182 in transaction taxes in connection with portfolio securities transferred by the Fund on the Korea Exchange. These transaction costs are not accrued and are accounted for on a paid basis only. The transaction tax is levied as a percentage of the fair market value at the time of disposal and is deducted from the sale proceeds so the Fund receives the net proceeds only. No accrual for this transaction tax is included in the fair market value price used to value each security on a daily basis. Net realized gain (loss) on investments on the Statement of Operations is shown net of the transaction taxes incurred by the Fund.

Certain securities held by the Fund may be subject to aggregate or individual foreign ownership limits. These holdings are in industries that are deemed to be of national importance.

**(f) Dividends and Distributions** 

The Fund declares dividends from net investment income and distributions of net realized capital gains, if any, at least annually. The Fund records dividends and distributions on the ex-dividend date. The amount of dividends from net investment income and distributions from net realized capital gains is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These "book-tax" differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal income tax treatment; temporary differences do not require reclassification. To the extent dividends and/or distributions exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as dividends and/or distributions to stockholders from return of capital.

**(g) Foreign Currency Translation** 

The Fund's accounting records are maintained in U.S. dollars as follows: (1) the foreign currency market values of investments and other assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rate at the end of the period; and (2) purchases and sales, income and expenses are translated at the prevailing exchange rate on the respective dates of such transactions. The resulting net foreign currency gain (loss) is included in the Fund's Statement of Operations.

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| | | |
|:---|:---|:---|
| 12.31.22 \| | The Korea Fund, Inc. Semi-Annual Report | **15** |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Notes to Financial Statements** 

December 31, 2022 (unaudited) (continued)

**1. Organization and Significant Accounting Policies** (continued)

The Fund does not generally isolate that portion of the results of operations arising as a result of changes in foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities. Accordingly, such foreign currency gain (loss) is included in net realized and unrealized gain (loss) on investments. However, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations pursuant to U.S. federal income tax regulations; such amount is categorized as foreign currency gain (loss) for both financial reporting and income tax reporting purposes.

At December 31, 2022, the Korean WON ("W")/U.S. dollar ("$") exchange rate was W 1,265.50 to $1.

**(h) Securities Lending** 

The Fund may engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Goldman Sachs Bank USA ('Goldman Sachs') serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the 'Securities Lending Agency Agreement'). Securities loaned are collateralized by cash equal to at least 100% of the market value of the loaned securities, which is invested in shares of the Goldman Sachs Financial Square Government Fund. During the term of the loan, the Fund will continue to receive any dividends or amounts equivalent thereto, on the loaned securities while receiving a fee from the borrower and/or earning interest on the investment of the cash collateral. Securities lending income is disclosed as such in the Statement of Operations. Income generated from the investment of cash collateral, less negotiated rebate fees paid to borrowers and transaction costs, is allocated between the Fund and securities lending agent. Cash collateral received for securities on loan is invested in securities identified in the Schedule of Investments and the corresponding liability is recognized as such in the Statement of Assets and Liabilities. Loans are subject to termination at the option of the borrower or the Fund. Under the Securities Lending Agency Agreement, Goldman Sachs marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 105% of the value of the loaned securities (102% for U.S. securities), Goldman Sachs requests additional cash from the borrower so as to maintain a collateralization level of at least 105% of the value of the loaned securities plus accrued interest (102% for U.S. securities), subject to certain de minimus amounts.

Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. The Fund may pay reasonable finders', administration and custodial fees in connection with a loan of its securities and may share the interest earned on the collateral with the borrower. The Fund bears the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The Fund also bears the risk of loss in the event the securities purchased with cash collateral depreciate in value.

**2. Principal Risks** 

In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to, among other things, changes in the market (market risk) or failure of the other party to a transaction to perform (counterparty risk). The Fund is also exposed to other risks such as, but not limited to, foreign currency risk.

To the extent the Fund directly invests in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including economic growth, inflation, changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund's investments in foreign currency-denominated securities may reduce the returns of the Fund. The local emerging market currencies in which the Fund may be invested may experience substantially greater volatility against the U.S. dollar than the major convertible currencies in developed countries.

The Fund is subject to elements of risk not typically associated with investments in the U.S., due to concentrated investments in foreign issuers located in a specific country or region. Such concentrations will subject the Fund to additional risks resulting from future political or economic conditions in such country or region and the possible imposition of adverse governmental laws or currency exchange restrictions affecting such country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies.

The Fund may be subject to increased risk to the extent it allocates assets among investment styles and certain styles under-perform relative to other investment styles.

The market values of securities may decline due to general market conditions (market risk) which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook

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| **16** | The Korea Fund, Inc. Semi-Annual Report | \| 12.31.22 |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Notes to Financial Statements** 

December 31, 2022 (unaudited) (continued)

**2. Principal Risks** (continued)

for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity-related investments generally have greater market price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. Credit ratings downgrades may also negatively affect securities held by the Fund. Even when markets perform well, there is no assurance that the investments held by the Fund will increase in value along with the broader market. In addition, market risk includes the risk that local, regional or global events, including geopolitical and other events may disrupt the economy on a national or global level. For example, events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the economy or the markets for financial instruments and, as a result, could have a significant impact on the Fund and its investments. As a further example, an outbreak of respiratory disease caused by a novel coronavirus designated as COVID-19 was first detected in China in December 2019 and subsequently spread globally, being designated as a pandemic in early 2020. The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things, border closings and other significant travel restrictions and disruptions; mandatory stay-at-home and work-from-home orders in numerous countries, including the United States; significant disruptions to business operations, supply chains and customer activity, as well as mandatory business closures; lower consumer demand for goods and services; event cancellations and restrictions; cancellations, reductions and other changes in services; significant challenges in healthcare service preparation and delivery; public gathering limitations and prolonged quarantines; and general concern and uncertainty. These effects have exacerbated the significant risks inherent in market investments, and the COVID-19 pandemic has meaningfully disrupted the global economy and markets, causing market losses across a range of asset classes, as well as both heightened market volatility and increased illiquidity for trading. Although the long-term economic fallout of COVID-19 is difficult to predict, it has the potential to continue to have ongoing material adverse effects on the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. Health crises caused by the outbreak of COVID-19 may also exacerbate other pre-existing political, social, economic, market and financial risks. The effects of the outbreak in developing or emerging market countries may be greater due to less established health care systems. The COVID-19 pandemic and its effects may last for an extended period of time, result in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession. Furthermore, the ability of the Investment Adviser or its affiliates to operate effectively, including the ability of personnel to function, communicate and travel to the extent necessary to carry out the Fund's investment strategies and objectives, may be materially impaired. All of the foregoing could impair Fund's ability to maintain operational standards (such as with respect to satisfying redemption requests), disrupt the operations of the Fund's service providers, adversely affect the value and liquidity of the Fund's investments, and negatively impact the Fund's performance and your investment in the respective Fund.

The Fund is exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default. The potential loss to the Fund could exceed the value of the financial assets recorded in the Fund's financial statements. Financial assets, which potentially expose the Fund to counterparty risk, consist principally of cash due from counterparties and investments. The Investment Adviser seeks to minimize the Fund's counterparty risk by performing reviews of each counterparty and by minimizing concentration of counterparty risk by undertaking transactions with multiple customers and counterparties on recognized and reputable exchanges. Delivery of securities sold is only made once the Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

**3. Investment Adviser** 

The Fund has an Investment Advisory Agreement (the "Advisory Agreement") with the Investment Adviser. Subject to the supervision of the Fund's Board, the Investment Adviser is responsible for managing, either directly or through others selected by it, the Fund's investment activities, business affairs, and other administrative matters. Pursuant to the Management Agreement, the investment adviser receives an annual fee, payable monthly, at the annual rate of 0.70% of the value of the Fund's average daily net assets up to $250 million and 0.65% of average daily net assets in excess of $250 million.

**4. Related Party, Other Service Provider Transactions and Directors** 

JPMorgan Asset Management (Asia Pacific) Limited (the "Investment Adviser"), an indirect wholly-owned subsidiary of JPMorgan Chase & Co. ('JPMorgan') provides investment advisory services to the Fund under the terms of an investment advisory agreement. See Section 3 Investment Advisor of this report for details of the fee relating to that agreement.

During the year ended December 31, 2022, the Fund did not pay any brokerage commissions to JPMorgan companies or affiliated brokers/dealers.

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Notes to Financial Statements** 

December 31, 2022 (unaudited) (continued)

**4. Related Party, Other Service Provider Transactions and Directors** (continued)

**(a) Other Service Providers** 

Pursuant to an Administration Agreement, JPMorgan Chase Bank N.A. ('JPMCB') (the 'Administrator'), an affiliate of JPMorgan Asset Management (Asia Pacific) Limited (the 'Adviser') provides certain administration services to the Fund. In consideration of these services , the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund's respective average daily net assets in excess of $25 billion, subject to a minimum annual fee of $78,000.

Pursuant to a Global Custody Agreement, JPMCB also provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The accounting fee is subject to a minimum annual fee of $20,000. The amounts paid directly to JPMCB by the Fund for administration, custody and accounting services are included in Custodian, administrator and accounting agent fees on the Statement of Operations.

Pursuant to a Services Agreement, JPMorgan Funds Limited ('JPMFL') provides various services (including fund secretarial and administration services) for the Fund. JPMFL receives no compensation from the Fund for these services, JPMFL receives its fee from its associate, JPMorgan Asset Management (Asia Pacific) Limited in the form of an intercompany credit.

**(b) Directors** 

The Fund pays each of its Directors who is not a director, officer or employee of the Advisor, Administrator or any affiliate thereof, an annual fee of $56,000, the Audit Committee Chairman $64,000 and the Chairman $70,000 which includes a $2,500 attendance fee. Per Special In-Person Meeting a fee of $3,000 is payable or $1,000 per special Board meeting attended telephonically. In addition, each director is eligible to receive a per diem fee of $2,000 per day, or pro-rated fee for a lessor period, as compensation for taking on special assignments. Such special assignments must be approved in advance by the Governance, Nominating and Remuneration Committee, except that special assignments for which compensation will be less than $5,000 may be approved in advance by the Chairman of the Governance, Nominating and Remuneration Committee. A report regarding compensation for such assignments will be provided to the full Governance, Nominating and Remuneration Committee at their next regular meeting.

**5. Investments in Securities** 

For the six months ended December 31, 2022, purchases and sales of investments, other than short-term securities were $18,870,336 and $22,109,768, respectively.

**6. Income Tax Information** 

At December 31, 2022, the cost basis of portfolio securities for federal income tax purposes was $124,591,531. Gross unrealized appreciation was $30,681,486; gross unrealized depreciation was $20,457,439; and net unrealized appreciation was $10,224,047.

**7. Discount Management Program** 

The Fund has a share repurchase program under which the Fund will repurchase in each twelve month period ended June 30, up to 10% of its common stock outstanding as of the close of business on June 30 the prior year. The shares are permitted to be repurchased at differing trigger levels without announcement. The Fund will repurchase shares at a discount, in accordance with procedures approved by the Board. Subject to these procedures, the timing and amount of any shares repurchased will be determined by the Board and/or its Discount Management Committee in consultation with the Investment Adviser.

For the six months ended December 31, 2022, the Fund repurchased 31,367 shares of its common stock on the open market, which represented 0.6% of the shares outstanding at June 30, 2022 at a total cost, inclusive of commissions (charged on a tiered rate basis), of $749,959 at a per-share weighted average discount to NAV of 14.52%. For the year ended June 30, 2022, the Fund repurchased 16,470 shares of its common stock on the open market, which represented approximately 0.3% of the shares outstanding at June 30, 2021 at a total cost, inclusive of commissions (charged on a tiered rate basis), of $529,275 at a per-share weighted average discount to NAV of 14.44%.

**8. Fund Ownership** 

At December 31, 2022, the City of London Investment Group PLC, Lazard Asset Management LLC, 1607 Capital Partners LLC and Allspring Global Investments Holdings LLC held approximately 37%, 18%, 10% and 8%, respectively, of the Fund's outstanding shares. Investment activities of these stockholders could have a material impact to the Fund.

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Annual Stockholder Meeting Results/ Changes to the** 

**Board of Directors/ Proxy Voting Policies & Procedures** (unaudited)

**Annual Stockholder Meeting Results** 

The Fund held its annual meeting of stockholders on October 27, 2022. Stockholders voted as indicated below:

    <u>Affirmative</u>   <u>Against</u>     <u>Abstain</u>   <br> <u> Re-election Mr. Julian Reid who serves as a Class I Director</u>   <u>3,759,870</u>     <u>582,409</u>       <u>12,823</u>  

Madam Yan Hu, who serves as a Class III Director, Mr. Richard A. Silver, who serves as a Class III Director and Mr. Matthew J. Sippel, who serves as a Class II Director continue to serve as Directors of the Fund.

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**Proxy Voting Policies & Procedures:** 

A description of the policies and procedures that the Fund has adopted to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve month period ended June 30 is available (i) without charge, upon request, by calling the Fund's stockholder servicing agent at (866) 706-0510; (ii) on the Fund's website at www.thekoreafund.com; and (iii) on the Securities and Exchange Commission website at www.sec.gov.

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| 12.31.22 \| | The Korea Fund, Inc. Semi-Annual Report | **19** |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Privacy Policy** (unaudited)

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| &nbsp;&nbsp;**FACTS** | **WHAT DOES THE KOREA FUND, INC. DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;**Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;**What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br> ∎ Social Security number and account balances<br> ∎ transaction history and account transactions<br> ∎ checking account information and wire transfer instructions<br> When you are *no longer* our customer, we continue to share your information as described in this notice. |
| &nbsp;&nbsp;**How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons The Korea Fund, Inc. chooses to share; and whether you can limit this sharing. |

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| &nbsp;&nbsp;&nbsp;**Reasons we can share your personal information** | **Does The Korea<br>Fund, Inc. share?** | **Can you limit this<br>sharing?** |
| &nbsp;&nbsp;&nbsp; **For our everyday business purposes —**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | YES | NO |
| &nbsp;&nbsp;&nbsp; **For marketing purposes —**<br> to offer our products and services to you | YES | NO |
| &nbsp;&nbsp;&nbsp;**For joint marketing with other financial companies** | NO | WE DON'T SHARE |
| &nbsp;&nbsp;&nbsp; **For our affiliates' everyday business purposes —**<br> information about your transactions and experiences | NO | WE DON'T SHARE |
| &nbsp;&nbsp;&nbsp; **For our affiliates' everyday business purposes —**<br> information about your creditworthiness | NO | WE DON'T SHARE |
| &nbsp;&nbsp;&nbsp;**For nonaffiliates to market to you** | NO | WE DON'T SHARE |

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| &nbsp;&nbsp;**QUESTIONS?** | Call 1-866-706-0510 or go to www.thekoreafund.com |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Privacy Policy** (unaudited) (continued)

 **Page 2**<br>

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| &nbsp;&nbsp;**Who we are** | &nbsp;&nbsp;**Who we are** |
| &nbsp;&nbsp;&nbsp;**Who is providing this notice?** | The Korea Fund, Inc. |

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|:---|:---|
| &nbsp;&nbsp;**What we do** | &nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;&nbsp;**How does The Korea Fund, Inc. protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. |
| &nbsp;&nbsp;&nbsp;**How does The Korea Fund, Inc. collect my personal information?** | We collect your personal information, for example, when you:<br> ∎ open an account or provide account information<br> ∎ give us your contact information or pay us by check<br> ∎ make wire transaction<br>We also collect your personal information from others such as credit bureaus, affiliates, or other companies. |
| &nbsp;&nbsp;&nbsp;**Why can't I limit all sharing?** | Federal law gives you the right to limit only<br> ∎ sharing for affiliates' everyday business purposes — information about your creditworthiness<br> ∎ affiliates from using your information to market to you<br> ∎ sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |

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| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;&nbsp;**Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>∎ ***The Korea Fund, Inc. does not share with affiliates.*** |
| &nbsp;&nbsp;&nbsp;**Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>∎ ***The Korea Fund, Inc. does not share with nonaffiliates so that they can market to you.*** |
| &nbsp;&nbsp;&nbsp;**Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>∎ ***The Korea Fund, Inc. does not jointly market.*** |

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| 12.31.22 \| | The Korea Fund, Inc. Semi-Annual Report | **21** |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Matters Relating to the Directors' Consideration of the** 

**Investment Advisory Agreement** 

The Investment Company Act of 1940 (the "1940 Act") requires that both the full Board of Directors and a majority of the Directors of the Fund who are not "interested persons" (as defined in the 1940 Act) of the Fund (the "Independent Directors"), voting separately, annually approve the continuation of the Fund's investment advisory agreement (the "Agreement") with the Investment Adviser. The Fund's Board is comprised of four Directors, all of whom are Independent Directors. At an in-person meeting, the Board approved the continuation of the Agreement for an additional one-year term commencing January 1, 2023, and held additional meetings to consider various aspects of the information provided by the Investment Adviser and its affiliates in connection with their review, as summarized below (together, the "Review Meetings"). The Board approved the continuation of the Agreement at the recommendation of the Board's Contracts Committee, which is comprised of all four Independent Directors, and which met separately from management in connection with the Review Meetings. Throughout the Board's process for considering the proposed continuation of the Agreement, the Directors received legal advice from legal counsel that is experienced in 1940 Act matters, and with whom they met separately throughout the process.

The Agreement took effect for an initial two-year term on January 1, 2021, in connection with a transition (the "JPMorgan Transition") of the Fund's day-to-day portfolio management, administration, fund accounting, custody and other services from the Fund's prior investment manager to the Investment Adviser and various of its affiliates ("Other JPMorgan Entities" and, together with the Investment Adviser, "JPMorgan"). The Agreement was initially approved by the Board and the Fund's stockholders in connection with the JPMorgan Transition. Pursuant to the Agreement, the Investment Adviser provides the day-to-day portfolio management services required by the Fund and receives in return an annual fee, payable monthly, at the annual rate of 0.70% of the value of the Fund's average daily net assets up to $250 million and 0.65% of average daily net assets in excess of $250 million. In connection with the JPMorgan Transition, the Board also unanimously approved (i) a Services Agreement between the Fund and JPMorgan Funds Limited ("JPMFL"), pursuant to which JPMFL provides or procures compliance, legal, recordkeeping, service provider oversight and other administrative services for the Fund, including the provision of personnel of JPMFL or its affiliates to serve as officers of the Fund, (ii) a Fund Administrative Services Agreement between the Fund and JPMorgan Chase Bank, N.A. ("JPMorgan Chase"), pursuant to which JPMorgan Chase provides fund accounting, financial regulatory and reporting, treasury, tax, compliance reporting and other administrative services for the Fund, and (iii) a Global Custody Agreement between the Fund and JPMorgan Chase, pursuant to which JPMorgan Chase serves as custodian and provides related services on behalf of the Fund (together, the "Other JPMorgan Agreements"). The Board also approved a Fee Agreement with JPMorgan setting forth fees and expenses to be paid or reimbursed to JPMorgan Chase for fund accounting and other administrative services and custody services under the Fund Administrative Services Agreement and Global Custody Agreement and an expense limitation arrangement (the "Expense Limitation") pursuant to which the Investment Adviser has agreed to waive a portion of its investment advisory fee and/or pay expenses of the Fund such that, for a three-year period following the initial effectiveness of the Agreement, the Fund's fees and expenses for administrative services provided by the prior investment manager will not exceed $78,000 per annum and fees and expense for fund accounting services provided by the prior investment manager will not exceed $20,000 per annum.

In connection with the JPMorgan Transition, the Board also adopted a policy pursuant to which it will cause the Fund to conduct an issuer tender offer for up to twenty-five percent (25%) of its then issued and outstanding shares of common stock on or before September 30, 2024, and thereafter on each third year anniversary, if the Fund's total return investment performance measured on a net asset value basis does not equal or exceed the total return investment performance of the MSCI Korea 25/50 Index (as described and measured in the Fund's June 30, 2020 annual shareholder report) during the period commencing on April 1, 2021 and ending on June 30, 2024 (and for three-year testing periods thereafter). The Directors may not terminate or amend the policy without shareholder approval. However, the size of any such tender offer (up to twenty-five percent (25%)), the price at which shares are to be tendered and other terms and conditions of such tender offer would be determined by the Board in its discretion based on its review and consideration of the then-current size of the Fund, market conditions and other factors it deems relevant.

Prior to the Review Meetings, on behalf of the Directors, Fund counsel provided a written request for information from the Investment Adviser and other applicable JPMorgan Entities to provide all information as may reasonably be necessary for the Directors to evaluate the terms of the Agreement and its proposed continuation. In response to this request, the Board received and relied upon materials provided by or at the request of the Investment Adviser and other Other JPMorgan Entities. This information included, among other items, information from Broadridge Financial Solutions ("Broadridge"), an independent third-party consultant, comparing the Fund's investment performance and fees and expenses with a peer group of U.S. domiciled closed-end funds selected by Broadridge from Morningstar's database with strategies that invest in equity securities in the Asia Pacific region (the "Broadridge Peer Group") and with the funds in the broader Morningstar Miscellaneous Region category (the "Broadridge Classification"). The Directors also received information compiled from Morningstar regarding the investment performance of the Fund in comparison to funds and accounts managed by JPMorgan and other managers that focus on Korean equity securities. The Directors

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Matters Relating to the Directors' Consideration of the** 

**Investment Advisory Agreement** (continued)

also received and reviewed performance information for the Fund in comparison to its benchmark indices (MSCI Korea and MSCI Korea 25-50). The performance information received by the Directors covered various periods through September 30, 2022. Among other information, the Directors also took into account (i) information regarding the background and qualifications of the portfolio managers and other personnel at the Investment Adviser who provide investment management, research, portfolio trading and other asset management services on behalf of the Fund and related technologies and systems in place at the Investment Adviser; (ii) information regarding the overall organization of the Investment Adviser and other applicable Other JPMorgan Entities, including the most recent audited financial statements of the Investment Adviser's parent company, JPMorgan Chase & Co.; (iii) information regarding the estimated annual profitability to the Investment Adviser and its affiliates from their relationship with the Fund under the Agreement and other arrangements with Other JPMorgan Entities; (iv) descriptions of the compliance policies and program of the Investment Adviser and Other JPMorgan Entities applicable to the Fund; (vi) descriptions of the various programs in place at the Investment Adviser and otherwise at JPMorgan to oversee and manage various categories of investment, operational, business and strategic and other risks, including with respect to business continuity and disaster recovery and cybersecurity and data security risks; (vii) a description of any "fall-out" benefits that JPMorgan may realize as a result of its relationship with the Fund; and (viii) information regarding potential economies of scale that the Investment Adviser may experience in its management of the Fund.

The Directors also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at regular meetings throughout the year, some of which is identified above. This included, among other information, reports on the Fund's net asset value and market price investment performance, information regarding the Fund's share price trading discount and activity under the Fund's share repurchase program designed to address a trading discount, and periodic reports on, among other matters, pricing and valuation, quality and cost of portfolio trade execution, securities lending, compliance, and shareholder and other services provided by the Investment Adviser and Other JPMorgan Entities.

In determining to approve the continuation of the Agreement for a one-year period, the Directors considered all factors that they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant to the interests of the Fund's stockholders. In evaluating the terms of the Agreement, the Board did not identify any single factor as controlling, and individual members of the Board did not necessarily attribute the same weight or importance to each factor, nor are the items described herein all-encompassing of the matters considered by the Board. Further, the Board's review of the Agreement is the result of review and discussion over a period of years, rather than one particular period. The Directors' conclusions may be based, in part, on their consideration of these arrangements during the course of the year and in prior years.

During the course of the Review Meetings, the Directors examined the nature, quality and extent of the services provided by the Investment Adviser and Other JPMorgan Entities to the Fund. Among other information, the Directors considered the investment philosophy and research and decision-making processes employed by the Investment Adviser; the experience of key advisory personnel of the Investment Adviser who are responsible for portfolio management and trading for the Fund; the ability of the Investment Adviser to attract and retain capable personnel; and the capabilities of the senior management and staff of the Investment Adviser and Other JPMorgan Entities who provide services to the Fund, including those who serve as officers of the Fund. In addition, the Directors considered the quality of services provided by the Investment Adviser and Other JPMorgan Entities with respect to regulatory compliance and compliance with the investment policies and restrictions of the Fund; the nature and quality of the supervisory and administrative services that Other JPMorgan Entities are responsible for providing to or procuring for the Fund; and conditions that might affect the abilities the Investment Adviser or Other JPMorgan Entities to provide high-quality services to the Fund under the Agreement and Other JPMorgan Agreements.

In considering the Fund's relative investment performance, the Directors focused mainly on periods commencing with the Investment Adviser's assumption of portfolio management responsibilities for the Fund on January 1, 2021 following the JPMorgan Transition. The Directors took into account that the Fund's total return performance based on net asset value underperformed the median of the Broadridge Peer Group and was generally in line with the performance of its benchmark indices for the one-year period ended September 30, 2022. They noted that the Fund outperformed both the Broadridge Peer Group median and benchmark indices for the three-year period ended September 30, 2022 and that the Investment Adviser had been responsible for the Fund's portfolio management during more than half of the three-year period. Regarding the Fund's performance relative to the Broadridge Peer Group, the Directors took into account that the peer group consists of only five other closed-end funds that invest in equity securities in the Asia Pacific region, none of which focuses mainly on South Korean equity securities like the Fund. In this regard, the Directors took into account that the peer group comparisons may not be particularly apt and concluded that the Fund's performance relative to its benchmark indices provides more useful comparative information.

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| 12.31.22 \| | The Korea Fund, Inc. Semi-Annual Report | **23** |

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##### [**Table of Contents**](#toc)
**The Korea Fund, Inc. Matters Relating to the Directors' Consideration of the** 

**Investment Advisory Agreement** (continued)

Based on the foregoing and other considerations, the Directors concluded that the Investment Adviser's investment process, research capabilities and philosophy continue to be well suited to the Fund given its investment objective and policies, and that the Investment Adviser and Other JPMorgan Entities will be able to continue to meet any reasonably foreseeable obligations under the Agreement and Other JPMorgan Agreements. The Directors also took into account that the conditional performance-based tender offer policy for the Fund described above will continue to be used as a means to monitor the Fund's performance and signal potential action in the event of underperformance subsequent to the JPMorgan Transition.

In assessing the reasonableness of the fees payable under the Agreement, the Directors took into account, among other factors, information provided by Broadridge comparing the Fund's fees and total expenses with the investment management fees and total expenses of funds in the Broadridge Peer Group and Broadridge Classification. The Directors noted that the Fund's effective advisory fee rate under the Agreement and total expenses were below the median fees and expenses of both the Broadridge Peer Group and Classification. The Directors also considered that the Fund's total expense ratio has risen due to the Fund's asset declines from negative market performance and its share repurchase program, but noted that the Expense Limitation observed by the Adviser will remain in place through the end of the proposed one-year continuance of the Agreement and continue to limit the Fund's total expenses.

The Directors also took into account information regarding the management fees charged by the Investment Adviser to comparable funds and accounts it manages (none of which are U.S. registered closed-end funds), but in doing so considered that these comparisons may not be particularly apt in light of differences in levels of investment management and administrative services, operations, regulatory and compliance burdens and other factors differentiating the Fund from other types of funds or accounts.

The Directors also considered an estimated annual profitability analyses provided by the Investment Adviser and Other JPMorgan Entities with respect to their relationships with the Fund, including descriptions of the methodologies and assumptions used in estimating profitability. Based on the information provided, the Directors determined, taking into account the various assumptions made, that such estimated profitability did not appear to be excessive.

The Directors also took into account the entrepreneurial and business risks to which the Investment Adviser and Other JPMorgan Entities are subject in their roles as investment adviser, administrator, fund accountant and custodian for the Fund.

The Directors also considered the extent to which the Investment Adviser and Other JPMorgan Entities may realize economies of scale or other efficiencies in managing and supporting the Fund. The Directors noted that, as a listed closed-end fund, it is not currently anticipated that the Fund will raise additional assets or otherwise grow in size other than through possible investment gains. However, the Directors took into account, among other factors, that Agreement imposes a fee waiver/breakpoint from 0.70% to 0.65% on the Fund's average daily net assets in excess of $250 million, which would serve as a means of partially sharing economies of scale or efficiencies gained by the Investment Adviser through asset growth above this level with Fund stockholders.

Additionally, the Directors considered so-called "fall-out benefits" to JPMorgan from the Investment Adviser's relationship as investment adviser to the Fund, such as research, statistical and quotation services, if any, the firm may receive from broker-dealers executing the Fund's portfolio transactions or reputational value derived from serving as investment adviser to the Fund. They also considered the compensation and other benefits received by Other JPMorgan Entities, including JPMFL and JPMorgan Chase, for providing administrative, fund accounting, custody and other services to the Fund pursuant to the Other JPMorgan Agreements.

After reviewing and considering these and other factors described herein, the Directors concluded, in their business judgment, within the context of their overall conclusions regarding the Agreement and other arrangements with JPMorgan, and based on information provided and related representations made by the Investment Adviser and Other JPMorgan Entities, that they were satisfied that the fees payable under the Agreement represent reasonable compensation in light of the nature, extent and quality of services provided by the Investment Adviser. Based on their evaluation of factors that they deemed to be material, including but not limited to those factors described above, the Board and the Independent Directors unanimously approved the continuance of the Agreement for an additional one-year term commencing January 1, 2023, having concluded that the terms of the Agreement are fair and reasonable to the Fund.

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##### [**Table of Contents**](#toc)

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| **Directors** | **Officers** |
|  Julian M.I. Reid<br>Chairman of the Board of Directors<br> Richard A. Silver<br> Matthew J. Sippel<br> Madam Yan Hu<br>**Chief Legal Officer**<br> Carmine Lekstutis | Simon J. Crinage<br>President and Chief Executive Officer<br> Neil S. Martin<br>Treasurer, Principal Financial and Accounting Officer<br> Paul F. Winship<br>Vice President and Secretary<br> Stephen M. Ungerman<br>Chief Compliance Officer |

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**Investment Adviser** 

JPMorgan Asset Management (Asia Pacific) Limited

21<sup>st</sup> Floor, Charter House, 8 Connaught Road Central

Hong Kong

**Fund Services Provider** 

JPMorgan Funds Limited,

60 Victoria Embankment

London EC4Y 0JP

UK

**Custodian & Accounting Agent** 

JPMorgan Chase Bank N.A,

383 Madison Avenue , 11<sup>th</sup> Floor

New York, NY 10179

USA

**Transfer Agent, Dividend Paying Agent and Registrar** 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

USA

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

300 Madison Avenue

New York, NY 10017

USA

**Legal Counsel** 

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

USA

*This report, including the financial information herein, is transmitted to the stockholders of The Korea Fund, Inc. for their information. It is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report.* 

*The financial information included herein is taken from the records of the Fund without examination by an independent registered public accounting firm, who did not express an opinion herein.* 

*Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that from time to time the Fund may purchase shares of its common stock in the open market.* 

*The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of its fiscal year on Form N-PORT. The Fund's Form N-PORT is available on the SEC's website at www.sec.gov. The information on Form N-PORT is also available on the Fund's website at www.thekoreafund.com.* 

**Information on the Fund is available at www.thekoreafund.com or by calling the Fund's stockholder servicing agent at (866) 706-0510.**![LOGO](g403218logo_03kor.jpg)

AZ612SAR-12.31.22

1228050

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##### [**Table of Contents**](#toc)
ITEM 2. CODE OF ETHICS

Not required in this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not required in this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not required in this filing

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not required in this filing

ITEM 6. SCHEDULE OF INVESTMENTS

(a) The registrant's Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not required in this filing

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not required in this filing

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##### [**Table of Contents**](#toc)
ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED COMPANIES

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| | | | | |
|:---|:---|:---|:---|:---|
| Period | (a) Total Number<br>of Shares<br>Purchased | (b) Average<br>Price<br>Paid per<br>Share | (c) Total Number of Shares<br>Purchased as<br>Part of Publicly Announced<br>Plans or Programs | (d) Maximum Number<br>of Shares (or Units) that<br>May Yet Be Purchased<br>Under the<br>Plans or Programs |
|  July 1-31, 2022 | 1994 | 25.17 | 1994 | 500350 |
|  August 1-31, 2022 | 5107 | 25.57 | 7101 | 500151 |
|  September 1-30, 2022 | 1872 | 23.07 | 8973 | 499640 |
|  October 1-31, 2022 | 0 | n/a | 8.973 | 499453 |
|  November 1-30, 2022 | 13822 | 23.44 | 22795 | 498071 |
|  December 1-31, 2022 | 8572 | 2337 | 31367 | 497213 |
|  Total | 31367 |  |  |  |

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| | |
|:---|:---|
| 1 | Subject to fees of up to $0.015 per share repurchased)  |

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| | |
|:---|:---|
| 2 | The Fund has a share repurchase program under which the Fund will repurchase in each twelve month period ended June 30, up to 10% of its common shares outstanding as of the close of business on June 30 the prior year, but will permit shares to be repurchased at differing discount trigger levels that will not be announced. The Fund will repurchase shares at a discount, in accordance with procedures approved by the Board. Subject to these procedures, the timing and amount of any shares repurchased will be determined by the Board and/or its Discount Management Committee in consultation with the Investment Manager.  |

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ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The registrant's President and Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "1940 Act") (17 CFR 270.30a-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 change in the registrant's internal control over financial reporting (as defined in Rule

30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.

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##### [**Table of Contents**](#toc)
ITEM 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) (1) Gross income from securities lending activities: $10,269

(2) All fees and/or compensation for securities lending activities and related services: $1,027

(3) Aggregate fees/compensation: $1,027

(4) Net income from securities lending activities: $9,242

The registrant's Statement of Operations included as part of the report to shareholders filed under Item 1 of this form shows Securities Lending Income of $0. This includes any true up of a prior years accrual. No income was actually received in the reporting period.

(b) The Fund may lend up to 33 1/3% of the Fund's total assets via Goldman Sachs Bank USA ("GS Bank USA") as lending agent to certain qualified brokers, except those securities which the Fund or the Investment Manager specifically identifies as not being available. By lending its investment securities, the Fund attempts to increase its net investment income through the receipt of interest on the loan. Any gain or loss in the market price of the securities loaned that might occur and any interest or dividends declared during the term of the loan would accrue to the account of the Fund. Risks of delay in recovery of the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the collateral decreases below the value of the securities loaned. Upon entering into a securities lending transaction, the Fund receives cash or other securities as collateral in an amount equal to or exceeding 100% of the current market value of the loaned securities with respect to securities of the U.S. government or its agencies, 102% of the current market value of the loaned securities with respect to U.S. securities and 105% of the current market value of the loaned securities with respect to foreign securities. Any cash received as collateral is invested in the Blackrock T-Fund, Institutional Class. Non-cash

collateral is not disclosed in the Fund's Statement of Assets and Liabilities as it is held by the custodian or collateral agent on behalf of the Fund and the Fund does not have the ability to re-hypothecate those securities. A portion of the dividends received on the collateral may be rebated to the borrower of the securities and the remainder is split between GS Bank USA, as the securities lending agent, and the Fund.

ITEM 13. EXHIBITS

(a) (1) Not required in this filing

(a) (2) [Exhibit 99_CERT. — Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d403218dex99cert.htm)

(a) (3) Not applicable

(a) (4) Not applicable

(b) [Exhibit 99.906_CERT. — Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d403218dex99906cert.htm)

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##### [**Table of Contents**](#toc)
Signature

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.

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| | |
|:---|:---|
| (Registrant) The Korea Fund, Inc. | (Registrant) The Korea Fund, Inc. |
| By: | /s/ Simon J Crinage |
| Simon J Crinage | Simon J Crinage |
| President and Chief Executive Officer | President and Chief Executive Officer |

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Date: March 3, 2023

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| | |
|:---|:---|
| By: | /s/ Neil S Martin |
| Neil S Martin | Neil S Martin |
| Treasurer, Principal Financial and Accounting Officer | Treasurer, Principal Financial and Accounting Officer |

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Date: March 3, 2023

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 dates indicated.

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| | |
|:---|:---|
| By: | /s/ Simon J Crinage |
| Simon J Crinage | Simon J Crinage |
| President and Chief Executive Officer | President and Chief Executive Officer |

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Date: March 3, 2023

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| | |
|:---|:---|
| By: | /s/ Neil S Martin |
| Neil S Martin | Neil S Martin |
| Treasurer, Principal Financial and Accounting Officer | Treasurer, Principal Financial and Accounting Officer |

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Date: March 3, 2023

## Ex-99.Cert

**Section 302 Certification** 

**Exhibit 99_CERT** 

CERTIFICATIONS

I, Simon J. Crinage, certify that:

1. I have reviewed this report on Form N-CSR 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 this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

Dated: March 3, 2023

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| | |
|:---|:---|
| By: | /s/ Simon J. Crinage |
| Simon J. Crinage | Simon J. Crinage |
| President and Chief Executive Officer | President and Chief Executive Officer |

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I, Neil S. Martin, certify that:

1. I have reviewed this report on Form N-CSR 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 this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

Dated: March 3, 2023

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| | |
|:---|:---|
| By: | /s/ Neil S. Martin |
| Neil S. Martin | Neil S. Martin |
| Treasurer, Principal Financial and Accounting Officer | Treasurer, Principal Financial and Accounting Officer |

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## Exhibit 99.906

**Section 906 Certification** 

**Exhibit 99.906_CERT** 

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

In connection with the attached report of The Korea Fund, Inc. (the "Registrant") on Form N-CSR (the "Report"), each of the undersigned officers of the Registrant does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the
Securities Exchange Act of 1934, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant as of, and for, the periods presented in the Report.

Dated: March 3, 2023

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| | |
|:---|:---|
| By: | /s/ Simon J. Crinage |
| Simon J. Crinage | Simon J. Crinage |
| President and Chief Executive Officer | President and Chief Executive Officer |

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Dated: March 3, 2023

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| | |
|:---|:---|
| By: | /s/ Neil S. Martin |
| Neil S. Martin | Neil S. Martin |
| Treasurer, Principal Financial and Accounting Officer | Treasurer, Principal Financial and Accounting Officer |

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A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the version of this written statement required by Section 906, has been provided to Registrant and will be retained by Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.