Edgar Filing: KOREA FUND INC

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

CITY OF LONDON INVESTMENT GROUP PLC

2. Issuer Name and Ticker or Trading Symbol
KOREA FUND INC [KF]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	__X__ Other (specify below)
Joint Filer

(Last)

(First)

(Middle)

10 EASTCHEAP

3. Date of Earliest Transaction (Month/Day/Year)
10/31/2006

(Street)

LONDON, X0 EC3M ILX

4. If Amendment, Date Original Filed(Month/Day/Year)
05/31/2006

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $.01 per share ⁽¹⁾	10/26/2006		P		14,100	A	$ 38	0	D
Common Stock, par value $.01 per share ⁽¹⁾	10/27/2006		P		5,000	A	$ 38	0	D
Common Stock, par value $.01 per share ⁽¹⁾	10/30/2006		P		15,000	A	$ 37.6779	0	D
Common Stock, par value $.01 per share ⁽¹⁾	10/31/2006		P		50,000	A	$ 38	0	D
Common Stock, par value $.01 per share ⁽¹⁾	11/01/2006		P		20,000	A	$ 38.0745	0	D
Common Stock, par value $.01 per share ⁽¹⁾	11/02/2006		P		14,500	A	$ 38.317	0	D
Common Stock, par value $.01 per share ⁽¹⁾	11/03/2006		P		10,000	A	$ 38.5382	2,778,633	D
Common Stock, par value $.01 per share ⁽²⁾	06/07/2006		P		2,500	A	$ 35.6075	0	D
Common Stock, par value $.01 per share ⁽²⁾	06/08/2006		P		4,000	A	$ 33.5199	0	D
Common Stock, par value $.01 per share ⁽²⁾	06/09/2006		P		500	A	$ 34.375	402,591	D
Common Stock, par value $.01 per share ⁽³⁾	06/07/2006		P		1,600	A	$ 35.6075	808,834	D
Common Stock, par value $.01 per share ⁽⁴⁾	06/07/2006		P		900	A	$ 35.6075	0	D
Common Stock, par value $.01 per share ⁽⁴⁾	06/08/2006		P		3,000	A	$ 33.5199	0	D
Common Stock, par value $.01 per share ⁽⁴⁾	06/09/2006		P		1,000	A	$ 34.375	152,836	D
Common Stock, par value $.01 per share ⁽⁵⁾	11/03/2006		S		673,980	D	$ 38.9695	667,064	D
Common Stock, par value $.01 per share ⁽⁶⁾	11/03/2006		S		673,980	D	$ 38.9695	667,064	D
Common Stock, par value $.01 per share ⁽⁷⁾	07/05/2006		S		630	A	$ 35.8615	0	D
Common Stock, par value $.01 per share ⁽⁷⁾	07/11/2006		S		275	A	$ 36.16	0	D
Common Stock, par value $.01 per share ⁽⁷⁾	10/13/2006		S		40	A	$ 36.7	945	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
CITY OF LONDON INVESTMENT GROUP PLC 10 EASTCHEAP LONDON, X0 EC3M ILX		X		Joint Filer
CITY OF LONDON INVESTMENT MANAGEMENT CO LTD				Joint Filer

Signatures

By: /s/ Barry M. Olliff		06/11/2006
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	These securities are beneficially owned by the segregated accounts for which CLIM provides investment advisory services.These securities are beneficially owned by The Emerging World Fund.
(2)	These securities are beneficially owned by The Emerging World Fund.
(3)	These securities are beneficially owned by Free Emerging Markets Country Fund.
(4)	These securities are beneficially owned by GFM (Institutional) Emerging Markets Country Fund.
(5)	These securities are beneficially owned by Investable Emerging Market Country Fund
(6)	These securities are beneficially owned by Emerging Markets Country Fund
(7)	These securities are beneficially owned by GLOBAL EMERGING MARKET COUNTRY FUND CAYMAN
Remarks: Neither City of London Investment Group PLC ("CLIG") nor City of London Investment Management Company Limited ("CLIM") are the beneficial owners of any shares of KF as the term "beneficial owner" is defined in Rule 16a-1(a)(2). CLIG is the parent holding company of CLIM, which provides investment advisory services to the funds listed in notes 1 through 7 below. This filing shall not be deemed an admission by any of the listed funds that they are subject to reporting under Section 16(a). This Form is Part Two of Two Parts.

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