<PAGE>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[_] Preliminary Proxy Statement
[_] CONFIDENTIAL, FOR USE OF THE
COMMISSION ONLY (AS PERMITTED BY
RULE 14A-6(E)(2))
[X] Definitive Proxy Statement
[_] Definitive Additional Materials
[_] Soliciting Material Pursuant to (S) 240.14a-11(c) or (S) 240.14a-12
The Korean Investment Fund, Inc.
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(Name of Registrant as Specified In Its Charter)
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required.
[_] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
(1) Title of each class of securities to which transaction applies:
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(2) Aggregate number of securities to which transaction applies:
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(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which
the filing fee is calculated and state how it was determined):
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(4) Proposed maximum aggregate value of transaction:
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(5) Total fee paid:
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[_] Fee paid previously with preliminary materials.
[_] Check box if any part of the fee is offset as provided by Exchange
Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid:
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(2) Form, Schedule or Registration Statement No.:
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(3) Filing Party:
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(4) Date Filed:
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<PAGE>
[LOGO OF ALLIANCE CAPITAL] The Korean Investment Fund, Inc.
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1345 Avenue of the Americas, New York, New York 10105
Toll Free (800) 221-5672
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NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
September 15, 2000
To the Stockholders of The Korean Investment Fund, Inc.:
Notice is hereby given that an Annual Meeting of Stockholders (the
"Meeting") of The Korean Investment Fund, Inc., a Maryland corporation (the
"Fund"), will be held at the offices of the Fund, 1345 Avenue of the Americas,
33rd Floor, New York, New York, on Friday, September 15, 2000 at 11:00 a.m.,
for the following purposes, all of which are more fully described in the
accompanying Proxy Statement dated July 17, 2000:
1. To elect three Directors of the Fund, each to hold office for a term of
three years and until his successor is duly elected and qualifies;
2. To ratify the selection of PricewaterhouseCoopers LLP as independent
accountants of the Fund for its fiscal year ending April 30, 2001; and
3. To transact such other business as may properly come before the Meeting.
The Board of Directors has fixed the close of business on July 7, 2000 as
the record date for the determination of stockholders entitled to notice of,
and to vote at, the Meeting or any postponement or adjournment thereof. The
enclosed proxy is being solicited on behalf of the Board of Directors.
By Order of the Board of Directors,
Edmund P. Bergan, Jr.
Secretary
New York, New York
July 17, 2000
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YOUR VOTE IS IMPORTANT
Please indicate your voting instructions on the enclosed Proxy Card, sign
and date it, and return it in the envelope provided, which needs no postage if
mailed in the United States. Your vote is very important no matter how many
shares you own. Please mark and mail your proxy promptly in order to save the
Fund any additional expense of further proxy solicitation and in order for the
Meeting to be held as scheduled.
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(R) This registered service mark used under license from the owner, Alliance
Capital Management L.P.
<PAGE>
PROXY STATEMENT
THE KOREAN INVESTMENT FUND, INC.
1345 Avenue of the Americas
New York, New York 10105
----------------
ANNUAL MEETING OF STOCKHOLDERS
September 15, 2000
----------------
INTRODUCTION
This Proxy Statement is furnished in connection with the solicitation of
proxies on behalf of the Board of Directors of The Korean Investment Fund,
Inc., a Maryland corporation (the "Fund"), to be voted at the Annual Meeting
of Stockholders of the Fund (the "Meeting"), to be held at the offices of the
Fund, 1345 Avenue of the Americas, 33rd Floor, New York, New York 10105, on
Friday, September 15, 2000 at 11:00 a.m. The solicitation will be by mail and
the cost will be borne by the Fund. The Notice of Meeting, this Proxy
Statement and the accompanying Proxy Card are being mailed to stockholders on
or about July 17, 2000.
The Board of Directors has fixed the close of business on July 7, 2000 as
the record date for the determination of stockholders entitled to notice of,
and to vote at, the Meeting and at any postponement or adjournment thereof
(the "Record Date"). The outstanding voting shares of the Fund as of the
Record Date consisted of 7,448,904 shares of common stock, each share being
entitled to one vote. All properly executed and timely received proxies will
be voted in accordance with the instructions marked thereon or otherwise
provided therein. Accordingly, unless instructions to the contrary are marked,
proxies will be voted for the election of three Directors (Proposal One) and
for the ratification of PricewaterhouseCoopers LLP as the Fund's independent
accountants for its fiscal year ending April 30, 2001 (Proposal Two). Any
stockholder may revoke that stockholder's proxy at any time prior to exercise
thereof by giving written notice to the Secretary of the Fund at 1345 Avenue
of the Americas, New York, New York 10105, by signing another proxy of a later
date or by personally voting at the Meeting.
Properly executed proxies may be returned with instructions to abstain from
voting or to withhold authority to vote (an "abstention") or represent a
broker "non-vote" (which is a proxy from a broker or nominee indicating that
the broker or nominee has not received instructions from the beneficial owner
or other person entitled to vote shares on a particular matter with respect to
which the broker or nominee does not have discretionary power to vote). The
shares represented by such a proxy, with respect to matters to be determined
by a plurality or majority of the votes cast on such matters (i.e., Proposals
One and Two), will be considered present for purposes of determining the
existence of a quorum for the transaction of business. Those shares not being
cast will have no effect, however, on the outcome of such matters. If any
proposals, other than Proposals One and Two, properly come before the Meeting,
the shares represented by proxies will be voted on all such proposals in the
discretion of the person or persons voting the proxies.
1
<PAGE>
A quorum for the Meeting will consist of the presence in person or by proxy
of the holders of a majority of the shares entitled to vote at the Meeting.
Whether or not a quorum is represented at the Meeting, if sufficient votes in
favor of the position recommended by the Board of Directors on any proposal
described in this Proxy Statement are not timely received, the persons named
as proxies may, but are under no obligation to, with no other notice than
announcement at the Meeting, propose and vote for one or more adjournments of
the Meeting for up to 120 days after the Record Date to permit further
solicitation of proxies. The Meeting may be adjourned with respect to fewer
than all of the proposals in the Proxy Statement, and a stockholder vote may
be taken on any one or more of the proposals prior to any adjournment if
sufficient votes have been received for approval thereof. Shares represented
by proxies indicating a vote contrary to the position recommended by the Board
of Directors on a proposal will be voted against adjournment as to that
proposal.
The Fund has engaged Shareholder Communications Corporation ("SCC"), 17
State Street, New York, New York 10004, to assist the Fund in soliciting
proxies for the Meeting. SCC will receive a fee of $3,500 for its services
plus reimbursement of out-of-pocket expenses.
PROPOSAL ONE
ELECTION OF DIRECTORS
At the Meeting, three Directors will each be elected, each to serve a term
of three years and until his successor is duly elected and qualifies. The
affirmative vote of a plurality of the votes cast at the Meeting is required
to elect a Director. It is the intention of the persons named as proxies in
the accompanying proxy to nominate and vote in favor of the election of each
nominee referred to below.
Pursuant to the Charter and the Bylaws of the Fund, the Board of Directors
has been divided into three classes. The terms of the members of Class Two
will expire as of the Meeting, the terms of the members of Class One will
expire as of the annual meeting of stockholders for the year 2002 and the
terms of the members of Class Three will expire as of the annual meeting of
stockholders for the year 2001. Upon expiration of the terms of office of the
members of a class as set forth above, the terms of their successors in that
class will continue until the third annual meeting of stockholders following
their election and until their successors are duly elected and qualify.
Messrs. David H. Dievler and William H. Foulk, Jr. and the Hon. James D.
Hodgson are currently the members constituting Class One; Messrs. John D.
Carifa, Andrew B. Kim and Hugh-Gil Yum are currently the members constituting
Class Two; and Dr. James M. Hester and Mr. Kimyong Nam are currently the
members constituting Class Three.
Under this classified Board structure, only those Directors in a single
class may be replaced in any one year. It would require two years to replace a
majority of the Board of Directors, although Maryland law provides that
stockholders may remove Directors under certain circumstances, even if they
are not then standing for reelection and, under regulations of the U.S.
Securities and Exchange Commission (the "Commission"), appropriate stockholder
proposals may be included in the Fund's annual proxy statement. This
classified Board structure, which may be regarded as an "anti-takeover"
provision, may make it more difficult for the Fund's stockholders to change
the majority of Directors and, thus, has the effect of maintaining the
continuity of management.
2
<PAGE>
At the Meeting, John D. Carifa and Hugh-Gil Yum who were both previously
elected as Directors by stockholder election are standing for re-election. Mr.
Andrew B. Kim was first elected as a Director by the Board of Directors on May
16, 2000 to fill a vacancy on the Board of Directors. At the Meeting, each of
the three nominees is to be elected to serve for a term of three years and
until their successors are duly elected and qualify. Each of the three
nominees has consented to serve as a Director. The Board of Directors knows of
no reason why any of the nominees will be unable to serve, but in the event
any nominee is unable to serve or for good cause will not serve, the proxies
received indicating a vote in favor of that nominee will be voted for a
substitute nominee as the Board of Directors may recommend.
Although the Fund is a Maryland Corporation, certain of its Directors and
officers are residents of the Republic of Korea ("Korea"), and substantially
all of the assets of such persons may be located outside of the United States.
As a result, it may be difficult for U.S. investors to effect service of
process upon such Directors or officers within the United States, or to
realize judgments of courts of the United States predicated upon civil
liabilities of such Directors or officers under the federal securities laws of
the United States. The Fund has been advised that there is substantial doubt
as to the enforceability in Korea of the civil remedies and criminal penalties
afforded by the federal securities laws of the United States. There is no
extradition treaty currently in effect between the United States and Korea. It
is unclear if any future extradition treaty in effect between the United
States and Korea would subject such Directors and officers to effective
enforcement of the criminal penalties of the federal securities laws.
Certain information concerning the Fund's Directors, including the nominees
for election as Directors, is set forth below. Messrs. Carifa, Dievler and
Foulk and Dr. Hester are each a director or trustee of other investment
companies sponsored by Alliance Capital Management L.P., the Fund's investment
adviser and administrator ("Alliance").
<TABLE>
<CAPTION>
Number of shares
of the Fund
beneficially
Name, age, positions and offices Year term owned directly
with the Fund, principal Year first as a or indirectly as
occupations during the past became Director of
five years and other Directorships a Director will expire July 7, 2000
---------------------------------- ---------- ----------- ----------------
<S> <C> <C> <C>
* John D. Carifa, 55. Chairman and
Chief Executive Officer of the
Fund. President, Chief Operating
Officer and a Director of
Alliance Capital Management
Corporation, the general partner 2003++
of Alliance, ("ACMC")............ 1995 (Class Two) 1,221
**+ David H. Dievler, 70, Director.
Independent Financial Consultant.
Formerly Senior Vice President of
ACMC and Chairman of the Board of 2002
the Fund......................... 1992 (Class One) 1,000
</TABLE>
--------
* "Interested person", as defined in the Investment Company Act of 1940, as
amended (the "Act"), of the Fund.
** Member of the Audit Committee.
+ Member of the Nominating Committee.
++ If elected at the Meeting.
3
<PAGE>
<TABLE>
<CAPTION>
Number of shares
beneficially
Name, age, positions and offices owned directly
with the Fund, principal Year first Year term or indirectly as
occupations during the past became as a Director of
five years and other Directorships a Director will expire July 7, 2000
---------------------------------- ---------- ------------- ----------------
<S> <C> <C> <C>
**+ William H. Foulk, Jr., Director,
67. Investment Adviser and
Independent Consultant. He was
formerly Senior Manager of
Barrett Associates, Inc., a
registered investment adviser,
and prior thereto, he was
President of Competrol (BVI)
Limited and Crescent Diversified
Diversified Limited (private 2002
investments).................... 1992 (Class One) 1,808
**+ Dr. James M. Hester, Director,
76. President of The Harry Frank
Guggenheim Foundation. He was
formerly President of New York
University and The New York
Botanical Garden, Rector of the
United Nations University and a
Director of Union Carbide 2001
Corporation..................... 1992 (Class Three) 1,215
**+ The Hon. James D. Hodgson,
Director, 84. Director of United
Television, Inc. (broadcasting).
He was formerly U.S. Ambassador
to Japan and U.S. Secretary of 2002
Labor........................... 1992 (Class One) 1,000
**+ Andrew B. Kim, Director, 62.
President of Sit/Kim
International Investment
Associates, Inc. since 1989. In
the United States, he is a
Director of Airborne Express and
the Vertical Group (formerly
Eberstadt Fleming Venture
Capital). In Asia, he is a
Director of Dong-A Venture
Investment, Ilshin Investment,
Hyundai Dragon Korea Fund,
Batavia Indonesia Fund; and
Director of Asia Foods
(Shanghai), Inter-Asia Capital
Trust, ACL Asia and the
Institute of Asian Private 2003++
Equity Investment (Hong Kong)... 2000 (Class Two) 0
* Kimyong Nam, 39. Director and
President since May 1999.
Managing Director of Tong Yang
Securities (America), Inc. since
April 1999. Mr. Nam was formerly
Senior Vice President of Tong
Yang Securities (America), Inc.
since May 1997. He was formerly
Assistant to the Chairman,
International Affairs of Tong 2001
Yang Group since March 1994..... 1999 (Class Three) 0
* Hugh-Gil Yum, 49. Director and
Senior Vice President of the
Fund since January 1999.
President and Chief Executive
Officer of Tong Yang Securities
(Korea), Inc. since February
1999. Mr. Yum was formerly
President and Chief Executive
Officer of Tong Yang Systemhouse 2003++
since December 1994............. 1999 (Class Two) 0
</TABLE>
--------
* "Interested person", as defined in the Investment Company Act of 1940, as
amended (the "Act"), of the Fund.
** Member of the Audit Committee.
+ Member of the Nominating Committee.
++ If elected at the Meeting.
4
<PAGE>
Alliance has instituted a policy applicable to all of the investment
companies to which Alliance provides investment advisory services
(collectively, the "Alliance Fund Complex") contemplating in the case of the
Fund that the Directors of the Fund will each invest at least $10,000 in
shares of the Fund.
During the fiscal year ended April 30, 2000, the Board of Directors met four
times, the Audit Committee met three times for the purposes described below in
Proposal Two, and the Nominating Committee met twice. Both the Audit Committee
and the Nominating Committee are standing committees of the Board. The
Nominating Committee was constituted for the purpose of selecting and
nominating persons to fill any vacancies on the Board of Directors and is
responsible for determining whether all candidates for election as Directors
satisfy the qualifications prescribed by the Fund's Bylaws, which all
candidates must meet. The Nominating Committee does not otherwise consider for
nomination candidates recommended by stockholders.
The Fund does not pay any fees to, or reimburse expenses of, any Director
during a time in which such Director is considered an "interested person" of
the Fund. The aggregate compensation paid by the Fund to each of the Directors
during its fiscal year ended April 30, 2000, the aggregate compensation paid
to each of the Directors during calendar year 1999 by all of the investment
companies in the Alliance Fund Complex and the total number of investment
companies and investment portfolios within the Alliance Fund Complex with
respect to which each of the Directors serves as a director or trustee, are
set forth below. Neither the Fund nor any other investment company in the
Alliance Fund Complex provides compensation in the form of pension or
retirement benefits to any of its directors or trustees.
<TABLE>
<CAPTION>
Total Number of Total Number of
Investment Companies Investment Portfolios
Total in the Alliance Fund in the Alliance
Aggregate Compensation from Complex, including Fund Complex,
Compensation from the Alliance Fund the Fund, as to including the Fund,
the Fund during the Complex, including which as to which the
Fiscal Year ended the Fund, during the the Director is a Director is a
Name of Director April 30, 2000 1999 Calendar Year Director or Trustee Director or Trustee
---------------- ------------------- -------------------- -------------------- ---------------------
<S> <C> <C> <C> <C>
John D. Carifa.......... $ 0 $ 0 50 103
David H. Dievler........ $11,000 $210,188 45 87
William H. Foulk, Jr.... $11,000 $246,413 45 98
Dr. James M. Hester..... $11,000 $164,138 39 81
The Hon. James D.
Hodgson................ $11,000 $ 11,000 1 1
Andrew B. Kim........... $ 3,000 $ 0 1 1
Kimyong Nam............. $ 0 $ 0 1 1
Hugh-Gil Yum............ $ 0 $ 0 1 1
</TABLE>
As of the Record Date, the Directors and officers of the Fund as a group
owned less than 1% of the shares of the Fund.
Your Board of Directors unanimously recommends that the stockholders of the
Fund vote "FOR" the election of each of the foregoing nominees to serve as a
Director of the Fund.
PROPOSAL TWO
RATIFICATION OF SELECTION OF
INDEPENDENT ACCOUNTANTS
The Board of Directors, including a majority of the Directors who are not
"interested persons" of the Fund, as defined by the Act, at a meeting held on
May 16, 2000, selected PricewaterhouseCoopers LLP,
5
<PAGE>
independent accountants, to audit the accounts of the Fund for the fiscal year
ending April 30, 2001. PricewaterhouseCoopers LLP has audited the accounts of
the Fund since the Fund's commencement of operations and does not have any
direct financial interest or any material indirect financial interest in the
Fund. The affirmative vote of a majority of the votes cast at the Meeting is
required to ratify such selection.
A representative of PricewaterhouseCoopers LLP is expected to attend the
Meeting and to have the opportunity to make a statement and respond to
appropriate questions from the stockholders. The Audit Committee of the Board
of Directors generally meets twice a year with representatives of
PricewaterhouseCoopers LLP to discuss the scope of their engagement and review
the financial statements of the Fund and the results of their examination
thereof.
Your Board of Directors unanimously recommends that the stockholders of the
Fund vote "FOR" the ratification of the selection of PricewaterhouseCoopers
LLP as independent accountants of the Fund.
INFORMATION AS TO THE FUND'S
PRINCIPAL OFFICERS, INVESTMENT ADVISER,
SUB-ADVISER AND ADMINISTRATOR
The principal officers of the Fund, their ages and their principal
occupations during the past five years are set forth below.
John D. Carifa, Director, Chairman and Chief Executive Officer (see page 3
for biographical information).
Kimyong Nam, President (see page 4 for biographical information).
Hugh-Gil Yum, Senior Vice President (see page 4 for biographical
information).
Robert Heisterberg, 62, Executive Vice President-Investments, is a Senior
Vice President of ACMC and its Global Economic and Policy analyst. Mr.
Heisterberg has been associated with Alliance since prior to 1995.
Yung Chul Park, 58, Executive Vice President-Investments, is a Professor of
Economics at Korea University. He is also the Director of the Institute of
Economic Research at Korea University.
Edward Baker III, 49, Vice President, is a Senior Vice President and the
Chief Investment Officer-Emerging Markets of ACMC, with which he has been
associated since May 1995. Prior thereto, he was a Senior Vice President of
BARRA since prior to 1995.
Sun Hee Oh, 39, Vice President, is a Vice President of ACMC with which she
has been associated since September 1999. Prior thereto she was a portfolio
manager at Nomura Asset Management Co., Ltd. since August 1999, and an
investment analyst at Tong Yang Securities Co., Ltd. since September, 1996.
Previously, she was a credit analyst with AMZ Banking Corporation since prior
to 1995.
Mamoru Yamaoka, 36, Vice President, is a Senior Vice President of ACMC and
Head Trader of the Tokyo Trading Des, with which he has been associated since
prior to 1995.
6
<PAGE>
Thomas J. Bardong, 55, Vice President, is a Senior Vice President of ACMC,
with which he has been associated since prior to 1995.
Edmund P. Bergan, Jr., 50, Secretary, is a Senior Vice President and the
General Counsel of Alliance Fund Distributors, Inc. and Alliance Fund
Services, Inc. ("AFS"), with which he has been associated since prior to 1995.
Mark D. Gersten, 49, Treasurer and Chief Financial Officer, is a Senior Vice
President of AFS with which he has been associated since prior to 1995.
Vincent S. Noto, 35, Controller, is an Assistant Vice President of AFS, with
which he has been associated since prior to 1995.
The address of Messrs. Carifa, Heisterberg, Bardong and Bergan is c/o
Alliance Capital Management L.P., 1345 Avenue of the Americas, New York, New
York 10105. The address of Messrs. Gersten and Noto is c/o Alliance Capital
Management L.P., 500 Plaza Drive, Secaucus, New Jersey 07094. The address of
Mr. Nam is c/o Tong Yang Securities (America), Inc., 590 Madison Ave.,
New York, New York 10022. The address of Mr. Yum is c/o Tong Yang Securities
(Korea), Inc., TYSC Building, #23-8, Yeoido-Dong, Youngdeungpo-ku, Seoul,
Korea 150-707. The address of Mr. Park is c/o Korea University 1, 5-Ka, Anam-
dong, Seongbuk, Seoul, Korea 136-701. The address of Ms. Oh is c/o Alliance
Capital Management (Singapore) Ltd., 1 Finlayson Green #30-00, Singapore
049246. The address for Mr. Yamaoka is c/o Alliance Capital Asset Management
(Japan) Ltd., Alliance Fund Distributors, Inc. Tokyo Branch, Ohtemachi First
Square West Tower 12F, 1-5-1 Ohtemachi, Chiyoda-ku, Tokyo, Japan 100-004.
The Fund's investment adviser and administrator is Alliance Capital
Management L.P., with principal offices at 1345 Avenue of the Americas, New
York, New York 10105. The Fund's sub-adviser is Orion Asset Management Co.,
Ltd., with principal offices at 590 Madison Ave., New York, New York 10022.
STOCKHOLDER PROPOSALS FOR THE NEXT ANNUAL MEETING OF STOCKHOLDERS
Proposals of stockholders intended to be presented at the next annual
meeting of stockholders of the Fund must be received by the Fund by March 19,
2001, for inclusion in the Fund's proxy statement and form of proxy relating
to that meeting. The submission by a stockholder of a proposal for inclusion
in the proxy statement does not guarantee that it will be included.
Stockholder proposals are subject to certain regulations under the federal
securities laws and the Maryland General Corporation Law and must be submitted
in accordance with the Fund's Bylaws. If not received by the Fund by March 19,
2001 and includable in the Fund's proxy statement and form of proxy relating
to the next annual meeting of stockholders of the Fund, for a stockholder
proposal to be presented at that meeting, in accordance with the Fund's Bylaws
the proposal must be delivered by a stockholder of record to the Secretary of
the Fund after May 18, 2001 and before the close of business on June 17, 2001.
The persons named as proxies for the next annual meeting of stockholders
will with respect to proxies in effect at that meeting have discretionary
authority to vote on any matter presented by a stockholder for
7
<PAGE>
action at that meeting unless the Fund receives notice of the matter by June
17, 2001 (the date specified in the advance notice provision in the Fund's
Bylaws). If the Fund receives such timely notice, these persons will not have
this authority except as provided in the applicable rules of the Commission.
OTHER MATTERS
Management of the Fund does not know of any matters to be presented at the
Meeting other than those mentioned in this Proxy Statement. Therefore, the
only other matters that may properly come before the meeting in accordance
with the Bylaws are those presented by or at the direction of the Board of
Directors. If any such matter were properly to come before the Meeting, the
shares represented by proxies will be voted with respect thereto in the
discretion of the person or persons voting the proxies.
According to the information filed with the Commission, the following person
were the beneficial owners of more than 5% of the Fund's outstanding common
stock as of the Record Date.
<TABLE>
<CAPTION>
Percent of Common Stock
Name and Address of Amount of Based on Shares Outstanding
Beneficial Owner Beneficial Ownership as of the Record Date
------------------- -------------------- ---------------------------
<S> <C> <C>
City of London Investment
Group PLC, City of London
Investment Management
Company Limited and City of
London Unit Trust Managers
Limited, 10 Eastcheap,
London EC3M ILX, England.... 764,500 10.26%
President and Fellows of
Harvard College, c/o Harvard
Management Company, Inc. 600
Atlantic Avenue Boston,
Massachusetts 02210......... 896,200 12.03%
</TABLE>
REPORTS TO STOCKHOLDERS
The Fund will furnish each person to whom this Proxy Statement is delivered
with a copy of the Fund's latest annual report to stockholders upon request
and without charge. To request a copy, please call Alliance Fund Services,
Inc. at (800) 227-4618 or contact Carol H. Rappa at Alliance Capital
Management L.P., 1345 Avenue of the Americas, New York, New York 10105.
By Order of the Board of Directors,
Edmund P. Bergan, Jr.
Secretary
July 17, 2000
New York, New York
8
<PAGE>
The Korean Investment Fund, Inc.
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[LOGO OF ALLIANCE CAPITAL]
Alliance Capital Management L.P.
-------------------------------------------------------------------------------
NOTICE OF ANNUAL MEETING
OF STOCKHOLDERS AND
PROXY STATEMENT
July 17, 2000
<PAGE>
[X] PLEASE MARK VOTES
AS IN THIS EXAMPLE
<TABLE>
<CAPTION>
<S> <C>
------------------------------------- 1. Election of Directors.
THE KOREAN INVESTMENT FUND, INC. Class Two Directors (term expires 2003):
------------------------------------- For All With- For All
Nominees hold Except
John D. Carifa
Andrew B. Kim [ ] [ ] [ ]
Hug-Gil Yum
NOTE: If you do not wish your shares voted "For" any particular Nominee,
mark the "For All Except" box and strike a line through the name(s) of the
Nominee(s). Your shares will be voted for the remaining Nominee(s).
CONTROL NUMBER:
Your Board of Directors urges you to vote "FOR" the election of all
Nominees.
For Against Abstain
2. Ratification of the selection of Pricewaterhouse- [ ] [ ] [ ]
Coopers LLP as the independent accountants
for the Corporation for the fiscal year
ending April 30,200l.
Your Board of Directors urges you to vote "FOR" Proposal Two.
3. In the discretion of the Proxy holder(s), to vote and otherwise represent the
undersigned upon any other matters that may properly come before the
Annual Meeting or any postponement or adjournment thereof.
Please be sure to sign and date this Proxy. Date
-----------------------------------------------------------------
Stockholder sign here Co-owner sign here RECORD DATE SHARES:
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
[KIFAL - THE KOREAN INVESTMENT FUND, INC.] [FILE NAME: KIFALl.ELX]
[VERSION - F(3)] [07/12/00 (06/21/00)]
<PAGE>
THE KOREAN INVESTMENT FUND, INC.
PROXY IN CONNECTION WITH THE ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON SEPTEMBER 15, 2OOO
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS
The undersigned stockholder of The Korean Investment Fund, Inc., a Maryland
corporation (the "Corporation"), hereby appoints each of Christina Santiago and
Carol H. Rappa, or either of them, as proxies for the undersigned, each with
full power of substitution, to attend the Annual Meeting of Stockholders of the
Corporation to be held at 11:OO a.m. Eastern Time, on September 15, 2000 at the
offices of the Corporation, 1345 Avenue of the Americas, 33rd Floor, New York,
New York 10105, and any postponement or adjournment thereof, to cast on behalf
of the undersigned all votes that the undersigned is entitled to cast at the
Annual Meeting and otherwise to represent the undersigned with all powers
possessed by the undersigned if personally present at such Annual Meeting. The
undersigned hereby acknowledges receipt of the Notice of Meeting and
accompanying Proxy Statement.
If this proxy is properly executed, the votes entitled to be cast by the
undersigned will be cast in the manner directed on the reverse side hereof. If
no direction is made as regards a particular proposal or other matters, such
votes entitled to be cast by the undersigned will be cast "FOR" the election of
the nominees referred to in Proposal One as directors, "FOR" the ratification of
the selection of PricewaterhouseCoopers LLP as the independent accountants for
the Corporation (Proposal Two), "FOR" any postponement or adjournment of the
Annual Meeting with respect to any proposal described in the proxy statement in
the event that sufficient votes in favor of the position on such proposal
recommended by the Board of Directors are not timely received, and in the
discretion of the Proxy holder(s) on any other matters that may properly come
before the Annual Meeting or any adjournment or postponement thereof.
Please refer to the Proxy Statement for a discussion of each of the Proposals.
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PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED
ENVELOPE.
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Please sign exactly as your name appears on the books of the Company. Joint
owners should each sign personally. Trustees and other fiduciaries should
indicate the capacity in which they sign, and where more than one name appears,
a majority must sign. If a corporation, this signature should be that of an
authorized officer who should state his or her title.
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[KIFAL - THE KOREAN INVESTMENT FUND, INC.] [FILE NAME: KIFAL2.ELX]
[VERSION - F(2)] [07/12/O0 (06/21/00)]
