Under the prior restriction on lending, the Fund was limited to lending securities equal to no more than 25% of its total assets. Current SEC staff guidance permits securities lending up to 50% of the Funds net assets (33% of its total assets, including collateral from securities loans). Under the new fundamental investment restriction, the Fund will be permitted (i) to make securities loans to the extent provided by SEC staff guidance (currently up to 50% of its net assets) and (ii) to make other loans (including repurchase agreements with a maturity longer than seven days) without limit, so long as they are consistent with the Funds investment policies and are not made to persons who control or are under common control with the Fund. To achieve long-term capital appreciation through investment in Korean securities, primarily equity securities listed on the Korea Stock Exchange. It is the policy of the Fund to invest at least 80% of its net assets in securities listed on the Stock Exchange. The balance of the net assets normally will be invested in short-term debt securities of the Korean government and in recognised Korean money market instruments. The annual turnover rate will not normally exceed 50%. Any change to the investment policy will require the Board to give a minimum of 60 days notice to the stockholders.