-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RHtNlkTc9BQOJ3NWfdkM7gRrrmejuOHpTkzLXVIVOsAHqtg7rMMsDDAQh8twt+eb JwHOHeGbnR5v/HOTudpo/g== 0000930413-04-004506.txt : 20040924 0000930413-04-004506.hdr.sgml : 20040924 20040924172330 ACCESSION NUMBER: 0000930413-04-004506 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20040924 DATE AS OF CHANGE: 20040924 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: PRESIDENT & FELLOWS OF HARVARD COLLEGE CENTRAL INDEX KEY: 0000315016 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 042103580 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: C/O HARVARD MANAGEMENT COMPANY INC STREET 2: 600 ATLANTIC AVENUE CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 6175234400 SUBJECT COMPANY: 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: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-36819 FILM NUMBER: 041045676 BUSINESS ADDRESS: STREET 1: 345 PARK AVE STREET 2: C/O DEUTSCHE ASSET MANAGEMENT CITY: NEW YORK STATE: NY ZIP: 10154 BUSINESS PHONE: 617-295-3986 MAIL ADDRESS: STREET 1: DEUTSCHE ASSET MANAGEMENT STREET 2: TWO INTERNATIONAL FUND CITY: BOSTON STATE: MA ZIP: 02110 SC 13D/A 1 c33804.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 5) THE KOREA FUND, INC. (Name of Issuer) COMMON STOCK (Title of Class of Securities) 500634100 (CUSIP Number) Michael Pradko Harvard Management Company, Inc. 600 Atlantic Avenue Boston, Massachusetts 02210 (617) 523-4400 with a copy to: Theodore Altman, Esq. Piper Rudnick LLP 1251 Avenue of the Americas NEW YORK, NEW YORK 10020-1104 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) SEPTEMBER 23, 2004 (Date of Event Which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [ ]
- -------------------------------- --------------------------------- CUSIP No. 500634100 SCHEDULE 13D AMENDMENT NO. 5 Page 2 of 4 Pages - -------------------------------- --------------------------------- - ------------- ----------------------------------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NUMBERS President and Fellows of Harvard College - ------------- ----------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_| - ------------- ----------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------- ----------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - ------------- ----------------------------------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - ------------- ----------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Massachusetts - ------------------------------------ --------- -------------------------------------------------------------------------- NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER 9,924,971 --------- -------------------------------------------------------------------------- OWNED BY EACH 8 SHARED VOTING POWER REPORTING PERSON WITH 0 --------- -------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 --------- -------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 - ------------------------------------ - ------------- ----------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9,924,971 - ------------- ----------------------------------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - ------------- ----------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 22.2% - ------------- ----------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON EP - ------------- -----------------------------------------------------------------------------------------------------------
This fifth amendment (the "Fifth Amendment") amends and supplements the statement on Schedule 13D, as amended by Amendments No. 1, No. 2, No. 3 and No. 4 (the "Schedule"), previously filed with the Securities and Exchange Commission on December 15, 2003 by the President and Fellows of Harvard College ("Harvard"), with respect to the common stock, par value $0.01 per share (the "Common Stock"), of The Korea Fund, Inc., a Maryland corporation (the "Issuer"). ITEM 4. PURPOSE OF TRANSACTION On September 23, 2004 Sowood Capital Management L.P., ("Sowood"), in its capacity as advisor to Harvard, sent a letter to Robert J. Callander, the Chairman of the board of directors of the Issuer requesting that the board consider an alternative manager for the Issuer. Sowood had received an unsolicited proposal for the alternative manager from representatives of ING Barings. Sowood considers the manager proposed by ING a very credible alternative to the Issuer's existing management. It suggested that ING contact Issuer's board directly since selection of the Issuer's manager is the board's responsibility. The full text of the letter is set forth as Exhibit 99.1 hereto. Except as described in this Schedule 13D as amended, Harvard does not have any plans or proposals which relate to or would result in any of the actions set forth in parts (a) through (j) of Item 4. Harvard reserves the right to make any such plans or proposals in the future or to take any other steps to enhance the value of its investment. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER Subsections 5(a) and (b) are amended and restated in their entirety to read as follows: (a) Harvard is the beneficial owner of 9,924,971 shares of Common Stock (approximately 22.2% of the shares of the Issuer's issued and outstanding Common Stock based on the most recent filing of the Issuer with the SEC). (b) Harvard has the sole power to vote 9,924,971 shares of Common Stock. Sowood has assumed sole dispositive power with respect to such shares pursuant to an investment management agreement between Harvard and Sowood. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER Sowood has assumed sole dispositive power with respect to the 9,924,971 shares of the Common Stock pursuant to an investment management agreement between Harvard and Sowood. ITEM 7. MATERIALS TO BE FILED AS EXHIBITS The following document is filed as an Exhibit to this Fifth Amendment: EXHIBIT 99.1: Letter, dated September 23, 2004. SIGNATURES After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this Schedule is true, complete and correct. Dated: September 24, 2004 PRESIDENT AND FELLOWS OF HARVARD COLLEGE By: /s/ Nancy Donohue ---------------------------------- Name: Nancy Donohue, Vice President Title: Authorized HMC Signatory EX-99.1 2 c33804_ex99-1.txt EXHIBIT 99.1 - -------------------------------------------------------------------------------- SOWOOD 500 BOYLSTON ST., 17TH FLOOR, BOSTON, MA 02116 Capital Management LP Phone: 617-603-3400 Fax:617-603-3401 - -------------------------------------------------------------------------------- September 23, 2004 Mr. Robert J. Callander Chairman of the Korea Fund Board And the Members of the Board c/o Deutsche Investment Management Americas Inc. 345 Park Avenue New York, NY 10154 Dear Members of the Board, On Monday, September 13, we met with two representatives of ING Barings in our capacity as advisors to President and Fellows of Harvard College. ING presented an unsolicited proposal regarding the Korea Fund. ING has identified an alternative manager experienced both in the Korean markets and in management of closed end funds. In their opinion, the alternative manager has demonstrated superior investment capability and a strong focus on shareholder value. We have informed ING that, although their proposal presents a very credible alternative to the existing management, it is the responsibility of the Board to select the Fund's manager. We suggested that they contact the Board directly and we encourage the Board to consider their proposal. The contact information for Mr. Nicholas R. Gold, Managing Director, is included below. Sincerely, /s/ Jeff Larson Jeff Larson Principal Sowood Capital Management LP Detail: Nicholas R Gold, Managing Director ING Investment Banking Direct Dial: +44 20 7767 1697 Fax: +44 20 7767 7222 Email: Nicholas.gold@ing-barrings.com -----END PRIVACY-ENHANCED MESSAGE-----