<PAGE> PAGE 1
000 B000000 10/31/97
000 C000000 0000912023
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 KOREA EQUITY FUND,INC.
001 B000000 811-008002
001 C000000 2125097893
002 A000000 180 MAIDEN LANE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10038
002 D020000 4936
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 NOMURA ASSET MANAGEMENT U.S.A INC.
008 B000001 A
008 C000001 801-12129
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10038
008 D040001 4936
008 A000002 NOMURA ASSET MANAGEMENT CO., LTD
008 B000002 A
008 C000002 801-24357
008 D010002 TOKYO
008 D050002 JAPAN
008 D060002 103
008 A000003 L.G. INVESTMENT TRUST MGT. CO.,LTD.
008 B000003 S
008 C000003 801-00000
008 D010003 SEOUL
008 D050003 KOREA
<PAGE> PAGE 2
008 D060003 150-010
010 A000001 NOMURA ASSET MANAGEMENT U.S.A. INC.
010 B000001 801-12129
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10038
010 C040001 4936
012 A000001 STATE STREET BANK & TRUST COMPANY
012 B000001 84-05601
012 C010001 BOSTON
012 C020001 MA
012 C030001 02266
012 C040001 8200
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
013 B040001 2798
014 A000001 NOMURA SECURITIES INTERNATIONAL, INC.
014 B000001 8-15255
015 A000001 BROWN BROTHERS HARRIMAN & CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 C040001 3661
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 4
019 C000000 NOMURAASSE
020 A000001 BZW SECURITIES
020 B000001 13-3551370
020 C000001 25
020 A000002 TONGYANG SECURITIES
020 B000002 13-3675510
020 C000002 15
020 A000003 PEREGRINE BROKERAGE
020 B000003 13-3580644
020 C000003 11
020 A000004 DEUTSCHE MORGAN GRENFELL
020 B000004 13-2730828
020 C000004 10
020 A000005 SALOMON BROTHERS
020 B000005 13-3082694
020 C000005 10
020 A000006 DONGWON SECURITIES
020 B000006 13-3583020
020 C000006 8
020 A000007 SSANGONG INVESTMENT AND SECURITIES CO.
020 B000007 13-3702324
<PAGE> PAGE 3
020 C000007 7
020 A000008 JAMES CAPEL
020 C000008 6
020 A000009 DAEWOO SECURITIES
020 B000009 13-3674844
020 C000009 5
020 A000010 CREDIT LYNONNAIS SECURITIES
020 B000010 13-2602298
020 C000010 3
021 000000 100
022 A000001 BROWN BROTHERS HARRIMAN & CO.
022 B000001 13-4973745
022 C000001 983100
022 D000001 985200
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 983100
023 D000000 985200
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 Y
026 F000000 Y
026 G010000 N
026 G020000 N
<PAGE> PAGE 4
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
<PAGE> PAGE 5
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.100
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
<PAGE> PAGE 6
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
<PAGE> PAGE 7
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 11921
071 B000000 10363
071 C000000 46740
071 D000000 22
072 A000000 12
072 B000000 217
072 C000000 727
072 D000000 0
072 E000000 0
072 F000000 564
072 G000000 0
072 H000000 0
072 I000000 34
072 J000000 167
072 K000000 0
072 L000000 60
072 M000000 47
072 N000000 21
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 72
072 S000000 130
072 T000000 0
072 U000000 15
072 V000000 20
072 W000000 13
072 X000000 1143
072 Y000000 0
072 Z000000 -199
072AA000000 0
<PAGE> PAGE 8
072BB000000 5276
072CC010000 0
072CC020000 27009
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 75
074 B000000 0
074 C000000 2900
074 D000000 0
074 E000000 0
074 F000000 27186
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 1
074 M000000 20
074 N000000 30182
074 O000000 0
074 P000000 38
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 271
074 S000000 0
074 T000000 29873
074 U010000 8409
074 U020000 0
074 V010000 3.55
074 V020000 0.00
074 W000000 0.0000
074 X000000 4100
074 Y000000 0
075 A000000 0
075 B000000 49988
076 000000 3.69
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
<PAGE> PAGE 9
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 MARSH & MCLENNAN INSURANCE CO.
080 C000000 1550
081 A000000 Y
081 B000000 4
082 A000000 Y
082 B000000 25
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A020000 50063B-104
087 A030000 KEF
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE TERENCE P.BRENNAN
TITLE AVP
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 68771505
<INVESTMENTS-AT-VALUE> 30085900
<RECEIVABLES> 455
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 95644
<TOTAL-ASSETS> 30181999
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 309234
<TOTAL-LIABILITIES> 309234
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 90405519
<SHARES-COMMON-STOCK> 840900
<SHARES-COMMON-PRIOR> 840900
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22688049)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (38685605)
<NET-ASSETS> 29872765
<DIVIDEND-INCOME> 727266
<INTEREST-INCOME> 216577
<OTHER-INCOME> 0
<EXPENSES-NET> (1142774)
<NET-INVESTMENT-INCOME> (198931)
<REALIZED-GAINS-CURRENT> (5275559)
<APPREC-INCREASE-CURRENT> (27008933)
<NET-CHANGE-FROM-OPS> (32483423)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (32483423)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (17477591)
<OVERDISTRIB-NII-PRIOR> (2354520)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 563910
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1142774
<AVERAGE-NET-ASSETS> 49987656
<PER-SHARE-NAV-BEGIN> 7.42
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> (3.85)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 3.55
<EXPENSE-RATIO> 22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
