Full Value Offshore Fund Form 3 KOREA EQUITY FUND / PARTNERS L P MERCURY ownership change

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Bulldog Investors General Partnership

(Last) (First) (Middle)

PARK 80 WEST - PLAZA TWO

250 PEHLE AVE., SUITE 708

(Street)

SADDLE BROOK NJ 07663

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/28/2017

3. Issuer Name and Ticker or Trading Symbol
KOREA EQUITY FUND INC [ KEF ]

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

Director	X	10% Owner
Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock(1)(2)(3)	263,667	D(4)
Common Stock(1)(2)(3)	96,452	D(5)
Common Stock(1)(2)(3)	32,805	D(6)
Common Stock(1)(2)(3)	282,346	D(7)
Common Stock(1)(2)(3)	188,614	D(8)
Common Stock(1)(2)(3)	122,040	D(9)
Common Stock(1)(2)(3)	21,769	D(10)
Common Stock(1)(2)(3)	41,664	D(11)
Common Stock(1)(2)(3)	34,015	D(12)
Common Stock(1)(2)(3)	103,512	D(13)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Bulldog Investors General Partnership

(Last) (First) (Middle)

PARK 80 WEST - PLAZA TWO

250 PEHLE AVE., SUITE 708

(Street)

SADDLE BROOK NJ 07663

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Full Value Offshore Fund, Ltd.

(Last) (First) (Middle)

PARK 80 WEST - PLAZA TWO

P250 PEHLE AVE., SUITE 708

(Street)

SADDLE BROOK NJ 07663

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Opportunity Income Plus LP

(Last) (First) (Middle)

PARK 80 WEST - PLAZA TWO

250 PEHLE AVE., SUITE 708

(Street)

SADDLE BROOK NJ 07663

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

OPPORTUNITY PARTNERS LP

(Last) (First) (Middle)

PARK 80 WEST - PLAZA TWO

250 PEHLE AVE., SUITE 708

(Street)

SADDLE BROOK NJ 07663

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Calapasas West Partners LP

(Last) (First) (Middle)

PARK 80 WEST, 250 PEHLE AVE., STE 708

(Street)

SADDLE BROOK NJ 07663

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Full Value Special Situations Fund LP

(Last) (First) (Middle)

PARK 80 WEST

250 PEHLE AVE., STE 708

(Street)

SADDLE BROOK NJ 07663

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

FULL VALUE PARTNERS LP

(Last) (First) (Middle)

PARK 80 WEST

250 PEHLE AVE. SUITE 708

(Street)

SADDLE BROOK NJ 07663

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

STEADY GAIN PARTNERS LP

(Last) (First) (Middle)

10 WENWOOD DRIVE

(Street)

BROOKVILLE NY 11545

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

MERCURY PARTNERS L P

(Last) (First) (Middle)

5650 EL CAMINO REAL

SUITE 155

(Street)

CARLSBAD CA 92008

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

MCM Opportunity Partners LP

(Last) (First) (Middle)

PARK 80 WEST

250 PEHLE AVE., STE 708

(Street)

SADDLE BROOK NJ 07663

(City) (State) (Zip)

Explanation of Responses:

1. This Form 3 is filed jointly by Opportunity Partners, LP, Calapasas West Partners, LP, Full Value Special Situations Fund, LP, Full Value Partners, LP, Opportunity Income Plus Fund, LP, Steady Gain Partners, LP, Mercury Partners, LP, Bulldog Investors General Partnership, MCM Opportunity Partners, LP, and Full Value Offshore Fund, Ltd., (collectively, the "Reporting Persons").

2. Each Reporting Person is a member of a Section13(d) group that owns in the aggregate more than 10% of the Issuer's outstanding shares of Common Stock, as disclosed in an amended Schedule 13D, filed on behalf of the Reporting Persons and certain other beneficial owners of the Issuer's stock. As such, each Reporting Person may be deemed to beneficially own more than 10% of the Issuer's outstanding shares of Common Stock.

3. Each Reporting Person disclaims beneficial ownership of the shares of Common Stock reported herein except to the extent of its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such shares of Common Stock for purposes of Section 16 or for any other purpose.

4. Shares of Common Stock beneficially owned by Opportunity Partners, LP.

5. Shares of Common Stock beneficially owned by Calapasas West Partners, LP.

6. Shares of Common Stock beneficially owned by Full Value Special Situations Fund, LP.

7. Shares of Common Stock beneficially owned by Full Value Partners, LP.

8. Shares of Common Stock beneficially owned by Steady Gain Partners, LP.

9. Shares of Common Stock beneficially owned by Mercury Partners, LP.

10. Shares of Common Stock beneficially owned by Bulldog Investors General Partnership. The general partners of Bulldog Investors General Partnership include Opportunity Partners, LP, Calapasas West Partners, LP, Opportunity Income Plus Fund, LP, Full Value Offshore Fund, Ltd., Full Value Special Situations Fund, LP, Full Value Partners, LP, Steady Gain Partners, LP, Mercury Partners, LP and MCM Opportunity Partners. Each such general partner disclaims beneficial ownership in such shares except to the extent of its pecuniary interest therein.

11. Shares of Common Stock beneficially owned by MCM Opportunity Partners, LP.

12. Shares of Common Stock beneficially owned by Full Value Offshore Fund, Ltd.

13. Shares of Common Stock beneficially owned by Opportunity Income Plus Fund, LP.

	/s/ Phillip Goldstein - Manager of the General Partner- Bulldog Investors General Partnership	03/30/2017
	/s/ Phillip Goldstein - on behalf of - Full Value Offshore Fund, Ltd.	03/30/2017
	/s/ Phillip Goldstein - Manager of the General Partner - Opportunity Income Plus, LP	03/30/2017
	/s/ Phillip Goldstein - Manager of the General Partner - Calapasas West Partners, LP	03/30/2017
	/s/ Phillip Goldstein - Manager of the General Partner - Full Value Special Situations Fund, LP	03/30/2017
	/s/ Phillip Goldstein - Manager of the General Partner - Full Value Partners, LP	03/30/2017
	/s/ Phillip Goldstein - Member of the Investment Adviser - Steady Gain Partners, LP	03/30/2017
	/s/ Phillip Goldstein - Manager of the Investment Adviser - Mercury Partners, LP	03/30/2017
	/s/ Phillip Goldstein - Manager of the General Partner - MCM Opportunity Partners, LP	03/30/2017
	/s/ Phillip Goldstein - Manager of the General Partner - Opportunity Partners, LP	03/30/2017
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (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).
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