The Korea Fund, Inc.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2023 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS—99.3%
Automobile Components—4.8%
Hankook Tire & Technology Co. Ltd.		54,900		1,605,882
Hyundai Mobis Co. Ltd.		23,850		4,244,784
				5,850,666
Automobiles—4.0%
Hyundai Motor Co. (Preference)		46,000		3,605,919
Kia Corp.		21,600		1,300,110
				4,906,029
Banks—7.3%
Hana Financial Group, Inc.		103,400		3,239,367
KakaoBank Corp.		34,000		588,404
KB Financial Group, Inc.		126,800		5,171,779
				8,999,550
Biotechnology—1.1%
Hugel, Inc.*		14,900		1,376,652
Capital Markets—2.4%
KIWOOM Securities Co. Ltd.		19,853		1,387,275
Korea Investment Holdings Co. Ltd.		38,500		1,511,682
				2,898,957
Chemicals—11.0%
DL Holdings Co. Ltd.		37,000		1,160,856
Dongsung Finetec Co. Ltd.		62,300		562,940
Hansol Chemical Co. Ltd.		7,000		866,362
Kumho Petrochemical Co. Ltd.		11,300		1,121,240
LG Chem Ltd.		16,230		5,942,390
Lotte Chemical Corp.		7,200		730,981
SK IE Technology Co. Ltd.*(a)		25,600		1,398,650
SKC Co. Ltd.		30,800		1,729,204
				13,512,623
Consumer Staples Distribution & Retail—1.2%
BGF retail Co. Ltd.		14,650		1,531,545
Electronic Equipment, Instruments & Components—3.8%
Samsung Electro-Mechanics Co. Ltd.		24,600		2,499,712
Samsung SDI Co. Ltd.		5,650		2,135,207
				4,634,919
Entertainment—2.9%
NCSoft Corp.		8,400		1,381,050
Nexon Games Co. Ltd.*		45,100		506,222
SM Entertainment Co. Ltd.		11,200		1,064,862
YG Entertainment, Inc.		13,500		628,771
				3,580,905
Food Products—2.5%
CJ CheilJedang Corp.		7,550		1,713,869
Orion Corp.		13,900		1,324,974
				3,038,843
Health Care Equipment & Supplies—0.4%
Suheung Co. Ltd.		24,000		510,373
Household Durables—0.6%
Coway Co. Ltd.		8,600		262,545
Zinus, Inc.		32,446		533,157
				795,702
Industrial Conglomerates—1.2%
SK, Inc.		14,000		1,513,775
Insurance—3.5%
Hyundai Marine & Fire Insurance Co. Ltd.		48,300		1,159,733
Samsung Fire & Marine Insurance Co. Ltd.		9,000		1,730,936
Samsung Life Insurance Co. Ltd.		26,500		1,378,553
				4,269,222
Interactive Media & Services—5.2%
AfreecaTV Co. Ltd.		14,900		925,484
Kakao Corp.		17,600		574,404
NAVER Corp.		33,080		4,945,948
				6,445,836
Life Sciences Tools & Services—3.0%
Samsung Biologics Co. Ltd.*(a)		5,200		2,624,893
ST Pharm Co. Ltd.		18,900		1,069,818
				3,694,711
Machinery—1.1%
HSD Engine Co. Ltd.*		110,000		719,475
Hy-Lok Corp.		33,222		670,094
				1,389,569
Marine Transportation—0.7%
Pan Ocean Co. Ltd.		231,500		847,614
Metals & Mining—2.4%
POSCO Holdings, Inc.		7,500		2,954,766
Oil, Gas & Consumable Fuels—3.2%
SK Innovation Co. Ltd.*		16,150		1,771,986
S-Oil Corp.		37,300		2,181,536
				3,953,522
Passenger Airlines—1.1%
Korean Air Lines Co. Ltd.		81,900		1,318,540
Personal Care Products—0.5%
LG H&H Co. Ltd.		1,880		620,230
Pharmaceuticals—1.3%
HK inno N Corp.		26,852		837,874
Yuhan Corp.		14,233		798,956
				1,636,830
Professional Services—0.4%
NICE Information Service Co. Ltd.		71,554		523,931
Semiconductors & Semiconductor Equipment—8.2%
SK Hynix, Inc.		118,800		10,058,165
Specialty Retail—1.7%
Hotel Shilla Co. Ltd.		21,200		1,326,763
K Car Co. Ltd.*		98,213		785,402
				2,112,165
Technology Hardware, Storage & Peripherals—23.6%
Samsung Electronics Co. Ltd.		443,900		22,440,980
Samsung Electronics Co. Ltd. (Preference)		163,300		6,578,781
				29,019,761
Textiles, Apparel & Luxury Goods—0.2%
Hwaseung Enterprise Co. Ltd.		54,206		302,189
TOTAL COMMON STOCKS (COST $106,589,866)				122,297,590
Total Investments—99.3% (Cost $106,589,866)				122,297,590
Other Assets Less Liabilities—0.7%				841,119
Net Assets—100.0%				123,138,709

Percentages indicated are based on net assets.

The Korea Fund, Inc.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2023 (Unaudited) (continued)

Abbreviations
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.
*	Non-income producing security.

The Korea Fund, Inc.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2023 (Unaudited) (continued)

A. Valuation of Investments – Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the Investment Company Act of 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations. This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.

Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	122,297,590		—		122,297,590

(a) Please refer to the SOI for specifics of portfolio holdings.