Mirae Asset Global Discovery Fund · Mirae Asset Global Discovery Fund ... 57 *Not authorized in Hong Kong and not available to Hong Kong Residents. Semi-Annual Report and Financial

Mirae Asset Global Discovery Fund Société d’Investissement à Capital Variable

Semi-Annual Report and Financial Statements for the Period from 1 April 2019 to 30 September 2019

R.C.S Luxembourg B138.578

No subscription may be accepted on the basis of this report. Subscriptions are accepted only on the basis of the current prospectus and key investor information documents accompanied by the latest annual report and the latest semi-annual report if available.

1

Mirae Asset Global Discovery Fund 1

Société d’Investissement à Capital Variable 2

3 Semi-Annual Report and Financial Statements for the period from 1 April 2019 to 30 September 20194

5 Table of Content 6

General Information ....................................................................................................................................... 2 78

Investment Manager's Report 9 Independent Auditor's Report 10

Financial Statements ..................................................................................................................................... 4 11 Statement of Net Assets 12 Statement of Operations and Changes in Net Assets 13

Statistical Information ................................................................................................................................. 10 14

Notes to the Financial Statements ............................................................................................................. 22 15

Schedule of Investments ............................................................................................................................ 28 16 Mirae Asset Korea Equity Fund* 17 Mirae Asset China Sector Leader Equity Fund 18 Mirae Asset India Sector Leader Equity Fund 19 Mirae Asset Asia Sector Leader Equity Fund 20 Mirae Asset Asia Pacific Equity Fund 21 Mirae Asset GEM Sector Leader Equity Fund 22 Mirae Asset Islamic Asia Sector Leader Equity Fund* 23 Mirae Asset Asia Great Consumer Equity Fund 24 Mirae Asset Global Great Consumer Equity Fund 25 Mirae Asset Asia Pacific Health Care Opportunities Equity Fund* 26 Mirae Asset Asia Growth Equity Fund*27 Mirae Asset China Growth Equity Fund* 28 Mirae Asset Next Asia Pacific Equity Fund* 29 Mirae Asset India Mid Cap Equity Fund* 30 Mirae Asset Global Dynamic Bond Fund* 31 Mirae Asset Asia Bond Fund* 32

Industrial & Geographical Classification................................................................................................... 44 33 Mirae Asset Korea Equity Fund* 34 Mirae Asset China Sector Leader Equity Fund 35 Mirae Asset India Sector Leader Equity Fund 36 Mirae Asset Asia Sector Leader Equity Fund 37 Mirae Asset Asia Pacific Equity Fund 38 Mirae Asset GEM Sector Leader Equity Fund 39 Mirae Asset Islamic Asia Sector Leader Equity Fund* 40 Mirae Asset Asia Great Consumer Equity Fund 41 Mirae Asset Global Great Consumer Equity Fund 42 Mirae Asset Asia Pacific Health Care Opportunities Equity Fund* 43 Mirae Asset Asia Growth Equity Fund*44 Mirae Asset China Growth Equity Fund* 45 Mirae Asset Next Asia Pacific Equity Fund* 46 Mirae Asset India Mid Cap Equity Fund* 47 Mirae Asset Global Dynamic Bond Fund* 48 Mirae Asset Asia Bond Fund* 49

50 51

Unaudited Supplementary Information……………………………………………………………………………60 52 53 54 55 56 57

*Not authorized in Hong Kong and not available to Hong Kong Residents.

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Semi-Annual Report and Financial Statements for the period from 1 April 2019 to 30 September 2019

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General Information

Registered Office 31 z.a. Bourmicht L-8070 BertrangeGrand Duchy of Luxembourg

Board of Directors

Chairman Mr. RHEE Jung Ho Chief Executive Officer Mirae Asset Global Investments (Hong Kong) Limited Hong Kong

Members Mr. BERMAN Elliot Managing Director, Operations Mirae Asset Global Investments (UK) Limited United Kingdom

Mr. KIM Byung Ha Chief Operating Officer Mirae Asset Global Investments (Hong Kong) Limited Hong Kong

Mr. CHO Young-Rae

Head of Business Development and Product Mirae Asset Global Investments (Hong Kong) Limited Hong Kong

Management Company FundRock Management Company S.A 33, rue de Gasperich L-5826 HesperangeGrand Duchy of Luxembourg

Board of Directors of the Management Company

Chairman Mr. VAREIKA Michel Marcel Independent Non-Executive Director Luxembourg, Grand Duchy of Luxembourg

Members Mr. DENIS Romain Executive Director – Co-Managing Director FundRock Management Company S.A. Luxembourg, Grand Duchy of Luxembourg

Mr. MAY Eric Non-Executive Director Founding Partner BlackFin Capital Partners Paris, France

Mrs. MCDERMOTT Tracey Independent Non-Executive Director Luxembourg, Grand Duchy of Luxembourg

Mr. Ross THOMSON (Until 22 July 2019)Executive Director- Managing Director LuxembourgFundRock Management Company S.A.Luxembourg

Mr. Grégory NICOLAS Executive Director – Co-Managing Director FundRock Management Company S.A. Grand Duchy of Luxembourg

Mr Serge RAGOZIN Executive Director – Deputy Chief Executive Officer FundRock Management Company S.A. Grand Duchy of Luxembourg

Mr Xavier PARAIN (since 1 April 2019) Executive Director – Chief Executive Officer FundRock Management Company S.A. Grand Duchy of Luxembourg

Conducting Persons Mr. DENIS Romain Mr. FAHY Enda (until 30 September 2019) Mr. NICOLAS Gregory

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Principal Investment Manager * Mirae Asset Global Investments (Hong Kong) Limited Level 15, Three Pacific Place 1 Queen’s Road East Hong Kong

Investment Managers ** Mirae Asset Global Investments Co Ltd 13F, Tower 1, 33, Jong-ro Jongno-gu, Seoul, 03159, Republic of Korea

Mirae Asset Global Investments (USA) LLC 625 Madison Avenue, 3rd Floor New York, NY 10022 United States of America

MAPS Capital Management Limited Level 15, Three Pacific Place 1 Queen's Road East Hong Kong

Daiwa Asset Management Co. Ltd. Gran Tokyo North Tower 9-1 Marunouchi 1- Chome Chiyoda-ku, Tokyo 100-6753 Japan

Global Distributor *

Mirae Asset Global Investments (Hong Kong) Limited Level 15, Three Pacific Place 1 Queen’s Road East Hong Kong

Depositary, Administrative Agent *, Registrar and Transfer Agent *, Paying Agent * Citibank Europe Plc, Luxembourg Branch 31 z.a. Bourmicht L-8070 BertrangeGrand Duchy of Luxembourg

Hong Kong Representative Mirae Asset Global Investments (Hong Kong) Limited Level 15, Three Pacific Place 1 Queen’s Road East Hong Kong

Independent Auditor Ernst & Young S.A. 35E, avenue John F. Kennedy L-1855 LuxembourgGrand Duchy of Luxembourg

Legal Advisors 41A, avenue J.F. Kennedy L-2082 LuxembourgGrand Duchy of LuxembourgArendt & Medernach S.A.

Information to Shareholders Copies of the prospectus and any information relating thereto may be obtained from the registered office of the Company at 31 z.a. Bourmicht, L-8070 Bertrange, Grand Duchy of Luxembourg, from Mirae Asset Global Investments (Hong Kong) Limited and from the appointed fund distributors.

Corporate Governance Following its introduction in September 2009, the Board of Directors has adopted the ALFI Code of Conduct (the “Code”), which sets out the principles of good governance. The Board considers that the Company has been in compliance with the Code in all material respects throughout the financial period from 1 April 2019 to 30 September 2019.

* Delegated by the Management Company** Delegated by the Principal Investment Manager

4

Mirae Asset Global Discovery Fund Statement of Net Assets as at 30 September 2019

Note Mirae Asset Korea Equity Fund*

Mirae Asset China Sector

Leader Equity Fund

Mirae Asset India Sector

Leader Equity Fund

Mirae Asset Asia Sector

Leader Equity Fund

Mirae Asset Asia Pacific Equity Fund

Mirae Asset GEM Sector Leader

Equity Fund

(USD) (USD) (USD) (USD) (USD) (USD)

Investment in securities at cost 2,741,445 7,000,049 156,629,470 285,823,221 41,247,234 10,913,840

Unrealised appreciation / (depreciation) 21,840 1,065,702 12,291,012 10,962,769 2,532,623 338,806

Investment in securities at market value 2a 2,763,285 8,065,751 168,920,482 296,785,990 43,779,857 11,252,646

Cash 256,333 207,970 2,213,971 3,026,282 1,311,957 403,522

Cash at broker 11 — — — — — —

Dividends and interest receivable 1,937 5,080 15,050 390,959 68,574 14,007

Formation expenses 2j — — — — — —

Other receivable 12 — — 289,761 49 — —

Receivables resulting from subscriptions 65,936 205 1,658 312,580 — 539

Receivables resulting from sales of securities — 2,725 1,806,071 27,148 104,607 11,472

Unrealised gain on forward foreign exchange contracts 9 — — — — — —

Total assets 3,087,491 8,281,731 173,246,993 300,543,008 45,264,995 11,682,186

Bank overdraft — — — — — 17

Payables resulting from redemptions — 17 919,723 842,037 828,099 2,194

Payables resulting from purchases of securities — — 771,140 364,895 85,708 4,827

Accrued expenses 41,839 48,181 1,254,558 649,604 106,853 54,068

Unrealised loss on forward foreign exchange contracts 9 — — — 803 — —

Total liabilities 41,839 48,198 2,945,421 1,857,339 1,020,660 61,106

Net assets 3,045,652 8,233,533 170,301,572 298,685,669 44,244,335 11,621,080

Net asset value per A Cap ^ USD share 9.88 16.73 15.94 13.27 17.83 13.36

Net asset value per A Cap ^ EUR share 8.93 — 10.45 10.44 15.05 —

Net asset value per A Cap ^ EUR Hedged share — — — 10.05 — —

Net asset value per A Cap ^ CHF Hedged share — — — — — —

Net asset value per A Cap ^ GBP share — — — 9.30 — —

Net asset value per C Cap ^ USD share — — — 10.59 — —

Net asset value per E Cap ^ USD share — — — — — 9.62

Net asset value per I Cap ^ USD share 13.37 — 16.68 13.75 19.45 —

Net asset value per I Cap ^ EUR share — — 9.52 10.20 — —

Net asset value per I Cap ^ GBP share — — — 9.49 14.22 —

Net asset value per J Cap ^ JPY share — — — 155.28 — —

Net asset value per K Cap ^ USD share — 13.40 17.40 18.22 14.91 11.60

Net asset value per N Cap ^ AUD share — — — 13.26 — —

Net asset value per R Cap ^ USD share 9.74 — 12.57 11.25 — —

Net asset value per R Cap ^ EUR share — — — 9.87 — —

Net asset value per R Cap ^ EUR Hedged share — — — 6.51 — —

Net asset value per R Cap ^ GBP share — — 11.50 9.58 — —

Net asset value per Z Cap ^ GBP share — — — 7.99 — —

Number of A Cap ^ USD shares outstanding 150,783.68

5 20,639.050 106,261.342 1,107,025.630 49,269.166 97,481.029

Number of A Cap ^ EUR shares outstanding 733.029 — 198,386.701 1,842,823.855 24,518.129 —

Number of A Cap ^ EUR Hedged shares outstanding — — — 4,263.619 — —

Number of A Cap ^ CHF Hedged shares outstanding — — — — — —

Number of A Cap ^ GBP shares outstanding — — — 12,276.987 — —

Number of C Cap ^ USD shares outstanding — — — 14,525.032 — —

Number of E Cap ^ USD shares outstanding — — — — — 345,859.900

Number of I Cap ^ USD shares outstanding 112,324.65

7 — 310,279.833 5,993,802.209 64,500.090 —

Number of I Cap ^ EUR shares outstanding — — 3,155,600.146 174,598.000 — —

Number of I Cap ^ GBP shares outstanding — — — 1,638.000 150.000 —

Number of J Cap ^ JPY shares outstanding — — — 25,194,397.88

0 — —

Number of K Cap ^ USD shares outstanding — 588,747.966 4,065,280.477 459,836.914 2,796,259.9

28 602,679.118

Number of N Cap ^ AUD shares outstanding — — — 870,985.726 — —

Number of R Cap ^ USD shares outstanding 4,943.000 — 167,534.020 6,444,570.968 — —

Number of R Cap ^ EUR shares outstanding — — — 1,191,322.200 — —

Number of R Cap ^ EUR Hedged shares outstanding — — — 8,411.533 — —

Number of R Cap ^ GBP shares outstanding — — 3,925,949.277 808,342.385 — —

Number of Z Cap ^ GBP shares outstanding — — — 3,146,379.491 — —

* Not authorized in Hong Kong and not available to Hong Kong Residents.^ Cap refers to CapitalisationThe accompanying notes form an integral part of these financial statements

5

Mirae Asset Global Discovery Fund Statement of Net Assets as at 30 September 2019 (continued)

Note Mirae Asset Islamic Asia

Sector Leader Equity Fund*

Mirae Asset Asia Great Consumer

Equity Fund

Mirae Asset Global Great

Consumer Equity Fund

Mirae Asset Asia Pacific Health Care

Opportunities Equity Fund*

Mirae Asset Asia Growth

Equity Fund*

Mirae Asset China Growth Equity Fund*


Investment in securities at cost 625,019 375,669,971 3,442,408 4,086,766 43,460,738 125,146,082 Unrealised appreciation / (depreciation) 26,545 105,947,275 1,102,335 700,173 (511,839) 8,989,575

Investment in securities at market value 2a 651,564 481,617,246 4,544,743 4,786,939 42,948,899 134,135,657 Cash 33,804 24,590,192 269,509 432,075 6,030,359 1,129,841 Cash at broker 11 — — — — — — Dividends and interest receivable 738 384,708 2,451 6,983 39,118 47,710 Formation expenses 2j 13,985 — — — — — Other receivable 12 — — 5,320 — — — Receivables resulting from subscriptions 800 1,191,270 — — — 87,000 Receivables resulting from sales of securities — 2,700,699 — 44,646 — — Unrealised gain on forward foreign exchange contracts 9 — 354 — — — —

Total assets 700,891 510,484,469 4,822,023 5,270,643 49,018,376 135,400,208

Bank overdraft — — — — — Payables resulting from redemptions — 1,695,643 — — — — Payables resulting from purchases of securities — 1,007,439 — — — — Accrued expenses 18,766 1,098,466 46,110 49,055 94,669 264,970 Unrealised loss on forward foreign exchange contracts 9 — 29,536 — — — 1,715

Total liabilities 18,766 3,831,084 46,110 49,055 94,669 266,685

Net assets 682,125 506,653,385 4,775,913 5,221,588 48,923,707 135,133,523

Net asset value per A Cap ^ USD share 6.30 17.05 — — — 11.77 Net asset value per A Cap ^ EUR share — 14.61 — — — — Net asset value per A Cap ^ EUR Hedged share — 10.86 — — — — Net asset value per A Cap ^ CHF Hedged share — 11.68 — — — — Net asset value per A Cap ^ GBP share — 8.29 — — — — Net asset value per C Cap ^ USD share — — — — — — Net asset value per E Cap ^ USD share — — — — — — Net asset value per I Cap ^ USD share 8.14 17.84 — 10.11 12.59 10.18 Net asset value per I Cap ^ EUR share — 11.85 — — — 11.57 Net asset value per I Cap ^ GBP share — — — — — — Net asset value per J Cap ^ JPY share — — — — — — Net asset value per K Cap ^ USD share — 18.86 18.63 — 8.73 15.60 Net asset value per N Cap ^ AUD share — 24.04 — — — — Net asset value per R Cap ^ USD share — 12.72 — — — 9.41 Net asset value per R Cap ^ EUR share — 11.67 — — — 8.35 Net asset value per R Cap ^ EUR Hedged share — — — — — 9.09 Net asset value per R Cap ^ GBP share — 10.71 — — — — Net asset value per Z Cap ^ GBP share — — — — — — Number of A Cap ^ USD shares outstanding 3,871.775 5,187,792.163 — — — 2,753,646.786 Number of A Cap ^ EUR shares outstanding — 836,155.921 — — — — Number of A Cap ^ EUR Hedged shares outstanding — 271,102.460 — — — — Number of A Cap ^ CHF Hedged shares outstanding — 71,635.000 — — — — Number of A Cap ^ GBP shares outstanding — 5,000.000 — — — — Number of C Cap ^ USD shares outstanding — — — — — — Number of E Cap ^ USD shares outstanding — — — — — — Number of I Cap ^ USD shares outstanding 80,769.231 4,336,268.860 — 516,450.217 4,606.142 1,231,641.768 Number of I Cap ^ EUR shares outstanding — 2,060,828.897 — — — 286.369 Number of I Cap ^ GBP shares outstanding — — — — — — Number of J Cap ^ JPY shares outstanding — — — — — —

Number of K Cap ^ USD shares outstanding — 12,803,316.07

6 256,302.539 —

5,600,377.932

5,430,150.262

Number of N Cap ^ AUD shares outstanding — 154,466.599 — — — — Number of R Cap ^ USD shares outstanding — 2,680,209.253 — — — 182,275.000 Number of R Cap ^ EUR shares outstanding — 1,039,781.438 — — — 389,334.786 Number of R Cap ^ EUR Hedged shares outstanding — — — — — 22,270.000 Number of R Cap ^ GBP shares outstanding — 412,310.081 — — — — Number of Z Cap ^ GBP shares outstanding — — — — — —


6

Mirae Asset Global Discovery Fund Statement of Net Assets as at 30 September 2019 (continued)

Note Mirae Asset Next Asia

Pacific Equity Fund*

Mirae Asset India Mid Cap Equity Fund*

Mirae Asset Global

Dynamic Bond Fund*

Mirae Asset Asia Bond

Fund*

Mirae Asset Global Discovery Fund

Combined

(USD) (USD) (USD) (USD) (EUR)

Investment in securities at cost 40,763,098 338,789,224 20,784,634 12,574,315 1,345,630,392 Unrealised appreciation / (depreciation) 13,433,335 (41,676,161) 285,724 220,415 105,960,565

Investment in securities at market value 2a 54,196,433 297,113,063 21,070,358 12,794,730 1,451,590,957 Cash 2,487,477 1,476,838 492,103 700,304 41,258,503 Cash at broker 11 — 540 98,872 — 91,020 Dividends and interest receivable 163,239 293,957 175,879 142,400 1,604,825 Formation expenses 2j — — — — 12,804 Other receivable 12 — 712,465 — — 922,538 Receivables resulting from subscriptions — — — — 1,519,857 Receivables resulting from sales of securities — 1,316,207 — — 5,505,928 Unrealised gain on forward foreign exchange contracts 9 — — — — 324

Total assets 56,847,149 300,913,070 21,837,212 13,637,434 1,502,506,756

Bank overdraft — — — — 16 Payables resulting from redemptions 926,612 1,853,224 1,219 — 6,472,045 Payables resulting from purchases of securities — — 203,311 199,820 2,414,521 Accrued expenses 121,922 498,491 52,381 50,955 4,075,159 Unrealised loss on forward foreign exchange contracts 9 — — — — 29,348

Total liabilities 1,048,534 2,351,715 256,911 250,775 12,991,089

Net assets 55,798,615 298,561,355 21,580,301 13,386,659 1,489,515,667

Net asset value per A Cap ^ USD share — — 12.17 — Net asset value per A Cap ^ EUR share — — — — Net asset value per A Cap ^ EUR Hedged share — — — — Net asset value per A Cap ^ CHF Hedged share — — — — Net asset value per A Cap ^ GBP share — — — — Net asset value per C Cap ^ USD share — — — — Net asset value per E Cap ^ USD share — — — — Net asset value per I Cap ^ USD share — 9.35 12.44 10.79 Net asset value per I Cap ^ EUR share — — — — Net asset value per I Cap ^ GBP share — — — — Net asset value per J Cap ^ JPY share 132.72 81.46 — — Net asset value per K Cap ^ USD share — — 12.70 — Net asset value per N Cap ^ AUD share — — — — Net asset value per R Cap ^ USD share — 8.18 — — Net asset value per R Cap ^ EUR share — — — — Net asset value per R Cap ^ EUR Hedged share — — — — Net asset value per R Cap ^ GBP share — — — — Net asset value per Z Cap ^ GBP share — — — — Number of A Cap ^ USD shares outstanding — — 13,090.705 — Number of A Cap ^ EUR shares outstanding — — — — Number of A Cap ^ EUR Hedged shares outstanding — — — — Number of A Cap ^ CHF Hedged shares outstanding — — — — Number of A Cap ^ GBP shares outstanding — — — — Number of C Cap ^ USD shares outstanding — — — — Number of E Cap ^ USD shares outstanding — — — — Number of I Cap ^ USD shares outstanding — 485,695.378 165,565.475 1,240,832.356 Number of I Cap ^ EUR shares outstanding — — — — Number of I Cap ^ GBP shares outstanding — — — —

Number of J Cap ^ JPY shares outstanding 45,370,719.

090 389,521,803.8

15 — —

Number of K Cap ^ USD shares outstanding — — 1,525,005.318 — Number of N Cap ^ AUD shares outstanding — — — — Number of R Cap ^ USD shares outstanding — 457.643 — — Number of R Cap ^ EUR shares outstanding — — — — Number of R Cap ^ EUR Hedged shares outstanding — — — — Number of R Cap ^ GBP shares outstanding — — — — Number of Z Cap ^ GBP shares outstanding — — — —


7

Mirae Asset Global Discovery Fund Statement of Operations and Changes in Net Assets for the Period from 01 April 2019 to 30 September 2019

Note Mirae Asset Korea Equity Fund*


Leader Equity Fund


Leader Equity Fund


Leader Equity Fund


Mirae Asset GEM Sector

Leader Equity Fund


Net assets at the beginning of the period 3,286,822 9,443,205 145,404,910 469,311,784 49,446,505 11,458,364 Dividends (net of withholding tax) 2d 7,041 74,706 1,023,436 3,930,420 541,373 131,095 Net interest income 2c 2,557 5,773 20,791 67,521 38 4,194 Other income 12 — — 512,783 — — —

Total income 9,598 80,479 1,557,010 3,997,941 541,411 135,289

Management company fees 5 8,577 8,577 34,303 60,668 11,966 8,577 Investment management fees 6 19,522 31,481 652,740 1,460,277 161,849 37,804 Custodian and depositary fees 3 10,792 16,419 74,845 117,156 24,266 21,127 Audit and legal fees 7,334 8,281 36,928 63,091 15,160 9,844 Administration and accounting fees 4 18,798 18,798 34,977 56,104 18,798 18,798 Registrar and transfer agent fees 4 11,081 13,740 28,402 52,277 21,344 19,751 Taxe d'abonnement 8 496 539 20,836 44,193 2,651 891 Formation expenses 2j — — — — — — Publication & printing fees 584 457 2,703 3,329 533 457 Other taxes 12 — — — — 52,969 — Tax calculation and reporting fees 520 228 2,275 12,307 6,313 8,017 Transaction costs 16 7,807 18,647 524,747 1,200,565 135,345 27,567 Shariah compliance fees 7 — — — — — — Other expenses 4,687 5,306 20,113 27,486 9,138 6,680

Total expenses 90,198 122,473 1,432,869 3,097,453 460,332 159,513

Net income / (loss) from investments (80,600) (41,994) 124,141 900,488 81,079 (24,224)

Net realised gain / (loss) on sales of investments in securities 2e (157,681) 70,320 3,340,136 23,487,672 1,714,909 314,604 on forward foreign exchange contracts 2f — (223) — (30,597) (3,393) (2,083) on future contracts 2g — — — — — — on foreign exchange 2b (5,528) (4,649) (287,793) (854,228) (93,238) (22,176)

Net change in unrealised appreciation / (depreciation) on investments in securities (48,582) (298,715) (6,151,758) (24,981,921) (2,127,146) (296,738) on forward foreign exchanges contracts — — — 1,803 — — on future contracts — — — — — —

Net change in net assets for the period resulting from operations

(292,391) (275,261) (2,975,274) (1,476,783) (427,789) (30,617)

Proceeds from subscriptions 225,036 103,403 74,216,106 19,231,990 22,059 1,186,060 Payments for redemptions (173,815) (1,037,814) (46,344,170) (188,381,322) (4,796,440) (992,727)

Net proceeds / (payment) from share transactions 51,221 (934,411) 27,871,936 (169,149,332) (4,774,381) 193,333

Currency translation adjustment 2i — — — — — —

Net assets at the end of the period 3,045,652 8,233,533 170,301,572 298,685,669 44,244,335 11,621,080

* Not authorized in Hong Kong and not available to Hong Kong Residents.The accompanying notes form an integral part of these financial statements

8

Mirae Asset Global Discovery FundStatement of Operations and Changes in Net Assets for the Period from 01 April 2019 to 30 September 2019 (continued)

Note Mirae Asset Islamic Asia



Equity Fund



Mirae Asset Asia Pacific Health Care Opportunitie

s Equity Fund*


Equity Fund*

Mirae Asset China Growth Equity

Fund*


Net assets at the beginning of the period 773,277 572,951,207 5,207,657 5,475,969 35,049,318 112,916,262 Dividends (net of withholding tax) 2d 7,409 3,978,643 15,004 26,610 269,118 721,495 Net interest income 2c — 90,008 1,963 2,980 27,900 41,199 Other income 12 1,135 — — — — —

Total income 8,544 4,068,651 16,967 29,590 297,018 762,694

Management company fees 5 8,578 89,694 8,580 8,577 9,575 26,500 Investment management fees 6 3,673 2,416,035 16,847 26,745 117,110 419,055 Custodian and depositary fees 3 12,301 158,237 9,427 10,129 18,865 25,815 Audit and legal fees 6,245 96,475 6,967 6,529 11,598 24,106 Administration and accounting fees 4 18,798 75,496 18,798 18,798 18,798 24,436 Registrar and transfer agent fees 4 3,592 63,021 3,929 4,285 4,347 19,037 Taxe d'abonnement 8 41 60,440 259 272 2,125 11,144 Formation expenses 2j 3,387 — — — — — Publication & printing fees 435 3,446 442 443 502 661 Other taxes 12 — — — — — — Tax calculation and reporting fees 124 15,008 3,075 124 4,871 124 Transaction costs 16 1,660 794,663 4,123 2,260 101,910 98,446 Shariah compliance fees 7 26,649 — — — — — Other expenses 3,626 10,029 3,959 3,522 4,768 11,745

Total expenses 89,109 3,782,544 76,406 81,684 294,469 661,069

Net income / (loss) from investments (80,565) 286,107 (59,439) (52,094) 2,549 101,625

Net realised gain / (loss) on sales of investments in securities 2e 8,484 58,055,870 62,216 24,329 869,350 1,778,929 on forward foreign exchange contracts 2f (21) (163,556) — 10 (154) 13,498 on future contracts 2g — — — — — — on foreign exchange 2b (1,624) (411,396) (1,265) (3,240) (107,940) (65,056)

Net change in unrealised appreciation / (depreciation)

on investments in securities (41,074) (35,337,469) (216,661) (223,386) (1,691,194) (1,202,037) on forward foreign exchanges contracts — (17,095) — — — (30) on future contracts — — — — — —


(114,800) 22,412,461 (215,149) (254,381) (927,389) 626,929

Proceeds from subscriptions 23,648 46,401,457 — — 16,372,000 41,950,435 Payments for redemptions — (135,111,740) (216,595) — (1,570,222) (20,360,103)

Net proceeds / (payment) from share transactions 23,648 (88,710,283) (216,595) — 14,801,778 21,590,332

Currency translation adjustment 2i — — — — — —

Net assets at the end of the period 682,125 506,653,385 4,775,913 5,221,588 48,923,707 135,133,523

* Not authorized in Hong Kong and not available to Hong Kong Residents. The accompanying notes form an integral part of these financial statements

9

Mirae Asset Global Discovery FundStatement of Operations and Changes in Net Assets for the Period from 01 April 2019 to 30 September 2019 (continued)

Note Mirae Asset Next Asia Pacific

Equity Fund*

Mirae Asset India Mid Cap Equity

Fund*

Mirae Asset Global Dynamic Bond

Fund*


Fund*


Combined (USD) (USD) (USD) (USD) (EUR)

Net assets at the beginning of the period 68,930,546 405,598,537 24,727,667 12,837,701 1,721,045,128 Dividends (net of withholding tax) 2d 429,536 2,651,956 56,338 — 12,693,811 Net interest income 2c 10,026 226 419,854 284,464 896,808 Other income 12 — — — — 470,535

Total income 439,562 2,652,182 476,192 284,464 14,061,154

Management company fees 5 15,736 60,239 8,578 8,580 345,454 Investment management fees 6 203,417 1,027,807 33,849 36,542 6,102,136 Custodian and depositary fees 3 27,362 151,627 11,433 11,497 642,097 Audit and legal fees 18,243 60,550 11,132 7,656 357,205 Administration and accounting fees 4 18,798 56,040 18,798 18,798 415,520 Registrar and transfer agent fees 4 4,171 17,949 14,639 4,304 261,737 Taxe d'abonnement 8 3,139 17,008 1,169 682 151,882 Formation expenses 2j — — — — 3,101 Publication & printing fees 573 1,198 491 457 15,300 Other taxes 12 — 36 — — 48,530 Tax calculation and reporting fees 124 243 228 124 49,171 Transaction costs 16 48,727 585,902 1,153 — 3,253,545 Shariah compliance fees 7 — — — — 24,399 Other expenses 6,811 9,520 6,930 3,398 126,093

Total expenses 347,101 1,988,119 108,400 92,038 11,796,170

Net income / (loss) from investments 92,461 664,063 367,792 192,426 2,264,984

Net realised gain / (loss) on sales of investments in securities 2e 5,469,252 6,354,508 (33,196) 222,238 93,006,720 on forward foreign exchange contracts 2f (151) 36,591 — — (137,410) on future contracts 2g — — (8,473) — (7,758) on foreign exchange 2b 21,242 (401,409) 4,026 — (2,045,664)

Net change in unrealised appreciation / (depreciation) on investments in securities (3,930,057) (34,818,592) 515,958 134,294 (101,368,868) on forward foreign exchanges contracts — — — — (14,029) on future contracts — — 1,752 — 1,604


1,652,747 (28,164,839) 847,859 548,958 (8,300,421)

Proceeds from subscriptions — 1,726 1,221,308 — 183,991,236 Payments for redemptions (14,784,678) (78,874,069) (5,216,533) — (455,832,474)

Net proceeds / (payment) from share transactions (14,784,678) (78,872,343) (3,995,225) — (271,841,238)

Currency translation adjustment 2i — — — — 48,612,198

Net assets at the end of the period 55,798,615 298,561,355 21,580,301 13,386,659 1,489,515,667

* Not authorized in Hong Kong and not available to Hong Kong Residents. The accompanying notes form an integral part of these financial statements

10

Mirae Asset Global Discovery Fund Statistical Information as at 30 September 2019, 31 March 2019 and 31 March 2018

Mirae Asset Korea Equity

Fund*


Leader Equity Fund


Leader Equity Fund


Leader Equity Fund



Leader Equity Fund

Net assets as at 30 September 2019 3,045,652 8,233,533 170,301,572 298,685,669 44,244,335 11,621,080 31 March 2019 3,286,822 9,443,205 145,404,910 469,311,784 49,446,505 11,458,364 31 March 2018 5,084,562 27,453,146 172,688,549 578,787,880 81,265,176 15,467,147

Net asset value per A Cap ^ USD share (in class currency) 30 September 2019 9.88 16.73 15.94 13.27 17.83 13.36 31 March 2019 10.86 17.33 16.27 13.36 18.07 13.46 31 March 2018 13.64 18.72 16.41 15.51 20.61 15.53

Net asset value per A Cap ^ EUR share (in class currency) 30 September 2019 8.93 — 10.45 10.44 15.05 — 31 March 2019 9.54 — 10.37 10.22 14.83 — 31 March 2018 10.92 — 9.53 10.81 15.42 —

Net asset value per A Cap ^ EUR Hedged share (in class currency)

30 September 2019 — — — 10.05 — — 31 March 2019 — — — 10.28 — — 31 March 2018 — — — 12.37 — —

Net asset value per A Cap ^ CHF Hedged share (in class currency) 30 September 2019 — — — — — — 31 March 2019 — — — — — — 31 March 2018 — — — — — —

Net asset value per A Cap ^ GBP share (in class currency) 30 September 2019 — — — 9.30 — — 31 March 2019 — — — 8.78 — — 31 March 2018 — — — 9.51 — —

Net asset value per B Cap ^ USD share (in class currency) 30 September 2019 — — — — — — 31 March 2019 — — — — — — 31 March 2018 — — — — — —

Net asset value per C Cap ^ USD share (in class currency) 30 September 2019 — — — 10.59 — — 31 March 2019 — — — 10.58 — —

Net asset value per E Cap ^ USD share (in class currency) 30 September 2019 — — — — — 9.62 31 March 2019 — — — — — 9.63 Net asset value per I Cap ^ USD share (in class currency) 30 September 2019 13.37 — 16.68 13.75 19.45 — 31 March 2019 14.65 — 16.98 13.80 19.66 — 31 March 2018 18.31 — 17.03 15.94 22.31 —

Net asset value per I Cap ^ EUR share (in class currency) 30 September 2019 — — 9.52 10.20 — — 31 March 2019 — — 9.42 9.96 — — 31 March 2018 — — 8.60 10.48 — —

Net asset value per I Cap ^ EUR Hedged share (in class currency)

30 September 2019 — — — — — — 31 March 2019 — — — — — — 31 March 2018 — — — — — —

Net asset value per I Cap ^ GBP share (in class currency) 30 September 2019 — — — 9.49 14.22 — 31 March 2019 — — — 8.94 13.49 — 31 March 2018 — — — 9.63 14.24 —

* Not authorized in Hong Kong and not available to Hong Kong Residents.^ Cap refers to Capitalisation

11

Mirae Asset Global Discovery Fund Statistical Information as at 30 September 2019, 31 March 2019 and 31 March 2018 (continued)


Fund*


Leader Equity Fund


Leader Equity Fund


Leader Equity Fund



Leader Equity Fund

Net asset value per J Cap ^ JPY share (in class currency) 30 September 2019 — — — 155.28 — — 31 March 2019 — — — 159.62 — — 31 March 2018 — — — 176.73 — —

Net asset value per K Cap ^ USD share (in class currency)

30 September 2019 — 13.40 17.40 18.22 14.91 11.60 31 March 2019 — 13.81 17.68 18.25 15.05 11.64 31 March 2018 — 14.79 17.66 21.02 17.02 13.32

Net asset value per N Cap ^ AUD share (in class currency) 30 September 2019 — — — 13.26 — — 31 March 2019 — — — 12.61 — — 31 March 2018 — — — 13.33 — —

Net asset value per R Cap ^ USD share (in class currency) 30 September 2019 9.74 — 12.57 11.25 — — 31 March 2019 — — 12.78 11.28 — — 31 March 2018 — — 12.79 13.01 — —

Net asset value per R Cap ^ EUR share (in class currency) 30 September 2019 — — — 9.87 — — 31 March 2019 — — — 9.62 — — 31 March 2018 — — — 10.11 — —

Net asset value per R Cap ^ EUR Hedged share (in class currency) 30 September 2019 — — — 6.51 — — 31 March 2019 — — — 6.64 — — 31 March 2018 — — — 7.93 — —

Net asset value per R Cap ^ GBP share (in class currency)

30 September 2019 — — 11.50 9.58 — — 31 March 2019 — — 10.98 9.02 — — 31 March 2018 — — 10.24 9.69 — —

Net asset value per Z Cap ^ GBP share (in class currency) 30 September 2019 — — — 7.99 — — 31 March 2019 — — — 7.51 — —

Number of A Cap ^ USD shares outstanding 30 September 2019 150,783.685 20,639.050 106,261.342 1,107,025.630 49,269.166 97,481.029 31 March 2019 165,450.644 51,264.472 108,795.063 1,470,648.115 50,543.340 91,216.150 31 March 2018 223,640.722 92,942.860 187,308.256 3,664,967.692 78,364.019 8,351.741

Number of A Cap ^ EUR shares outstanding 30 September 2019 733.029 — 198,386.701 1,842,823.855 24,518.129 — 31 March 2019 926.181 — 225,464.141 2,376,924.921 28,307.454 — 31 March 2018 916.884 — 377,703.385 3,408,817.025 58,535.242 —

Number of A Cap ^ EUR Hedged shares outstanding 30 September 2019 — — — 4,263.619 — — 31 March 2019 — — — 10,963.619 — — 31 March 2018 — — — 73,870.379 — —

Number of A Cap ^ CHF Hedged shares outstanding 30 September 2019 — — — — — — 31 March 2019 — — — — — — 31 March 2018 — — — — — —

Number of A Cap ^ GBP shares outstanding 30 September 2019 — — — 12,276.987 — — 31 March 2019 — — — 16,715.637 — — 31 March 2018 — — — 23,885.707 — —


12



Fund*


Leader Equity Fund


Leader Equity Fund

Mirae Asset Asia Sector Leader

Equity Fund



Equity Fund

Number of B Cap ^ USD shares outstanding 30 September 2019 — — — — — — 31 March 2019 — — — — — — 31 March 2018 — — — — — —

Number of C Cap ^ USD shares outstanding 30 September 2019 — — — 14,525.032 — — 31 March 2019 — — — 27,975.867 — —

Number of E Cap ^ USD shares outstanding

30 September 2019 — — — — — 345,859.900 31 March 2019 — — — — — 236,992.680

Number of I Cap ^ USD shares outstanding 30 September 2019 112,324.657 — 310,279.833 5,993,802.209 64,500.090 — 31 March 2019 101,043.666 — 220,726.782 8,213,224.697 73,500.090 — 31 March 2018 110,494.361 — 1,180,029.470 14,019,292.354 900.090 —

Number of I Cap ^ EUR shares outstanding 30 September 2019 — — 3,155,600.146 174,598.000 — — 31 March 2019 — — 139,452.367 291,459.000 — — 31 March 2018 — — 87,143.397 1,225,691.495 — —

Number of I Cap ^ EUR Hedged shares outstanding 30 September 2019 — — — — — — 31 March 2019 — — — — — — 31 March 2018 — — — — — —

Number of I Cap ^ GBP shares outstanding 30 September 2019 — — — 1,638.000 150.000 — 31 March 2019 — — — 1,638.000 150.000 — 31 March 2018 — — — 10,776.911 150.000 —

Number of J Cap ^ JPY shares outstanding 30 September 2019 — — — 25,194,397.880 — — 31 March 2019 — — — 28,868,106.680 — — 31 March 2018 — — — 36,071,218.700 — —

Number of K Cap ^ USD shares outstanding 30 September 2019 — 588,747.966 4,065,280.477 459,836.914 2,796,259.928 602,679.118 31 March 2019 — 619,447.966 4,269,579.262 463,590.376 3,096,929.280 682,999.118 31 March 2018 — 1,738,308.681 4,575,625.254 475,975.897 4,613,763.823 1,151,599.267

Number of N Cap ^ AUD shares outstanding 30 September 2019 — — — 870,985.726 — — 31 March 2019 — — — 886,137.241 — — 31 March 2018 — — — 151,340.996 — —

Number of R Cap ^ USD shares outstanding 30 September 2019 4,943.000 — 167,534.020 6,444,570.968 — — 31 March 2019 — — 2,679,284.122 10,858,948.490 — — 31 March 2018 — — 2,899,518.855 5,374,683.473 — —

Number of R Cap ^ EUR shares outstanding 30 September 2019 — — — 1,191,322.200 — — 31 March 2019 — — — 1,653,037.750 — — 31 March 2018 — — — 73,708.228 — —


Statistical Information as at 30 September 2019, 31 March 2019 and 31 March 2018 (continued)

13


Mirae Asset Korea Equity Fund*

Mirae Asset China Sector Leader

Equity Fund

Mirae Asset India Sector Leader Equity

Fund


Equity Fund



Equity Fund

Number of R Cap ^ GBP shares outstanding 30 September 2019 — — 3,925,949.277 808,342.385 — — 31 March 2019 — — 1,811,206.372 865,133.023 — — 31 March 2018 — — 1,823,395.901 6,856,803.492 — —

Number of Z Cap ^ GBP shares outstanding 30 September 2019 — — — 3,146,379.491 — — 31 March 2019 — — — 9,792,359.666 — —


Statistical Information as at 30 September 2019, 31 March 2019 and 31 March 2018 (continued)

14


Mirae Asset Islamic Asia Sector

Leader Equity Fund*


Equity Fund



Mirae Asset Asia Pacific Health

Care Opportunities Equity Fund*


Equity Fund*

Net assets as at 30 September 2019 682,125 506,653,385 4,775,913 5,221,588 48,923,707 31 March 2019 773,277 572,951,207 5,207,657 5,475,969 35,049,318 31 March 2018 6,481,684 646,385,053 5,201,008 6,105,355 7,334,867

Net asset value per A Cap ^ USD share (in class currency) 30 September 2019 6.30 17.05 — — — 31 March 2019 7.39 16.37 — — — 31 March 2018 — 17.00 — — —

Net asset value per A Cap ^ EUR share (in class currency) 30 September 2019 — 14.61 — — — 31 March 2019 — 13.64 — — — 31 March 2018 — 12.91 — — —

Net asset value per A Cap ^ EUR Hedged share (in class currency) 30 September 2019 — 10.86 — — — 31 March 2019 — 10.59 — — — 31 March 2018 — 11.38 — — —

Net asset value per A Cap ^ CHF Hedged share (in class currency) 30 September 2019 — 11.68 — — — 31 March 2019 — 11.41 — — — 31 March 2018 — 12.28 — — —

Net asset value per A Cap ^ GBP share (in class currency) 30 September 2019 — 8.29 — — — 31 March 2019 — 7.47 — — — 31 March 2018 — 7.23 — — —

Net asset value per B Cap ^ USD share (in class currency) 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Net asset value per C Cap ^ USD share (in class currency) 30 September 2019 — — — — — 31 March 2019 — — — — —

Net asset value per E Cap ^ USD share (in class currency)

30 September 2019 — — — — — 31 March 2019 — — — — — Net asset value per I Cap ^ USD share (in class currency) 30 September 2019 8.14 17.84 — 10.11 12.59 31 March 2019 9.53 17.08 — 10.60 12.97 31 March 2018 12.96 17.63 — 11.82 14.67

Net asset value per I Cap ^ EUR share (in class currency) 30 September 2019 — 11.85 — — — 31 March 2019 — 11.03 — — — 31 March 2018 — 10.38 — — —


15



Leader Equity Fund*


Equity Fund



Mirae Asset Asia Pacific Health

Care Opportunities Equity Fund*


Equity Fund*

Net asset value per I Cap ^ EUR Hedged share (in class currency) 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Net asset value per I Cap ^ GBP share (in class currency) 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Net asset value per J Cap ^ JPY share (in class currency) 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Net asset value per K Cap ^ USD share (in class currency) 30 September 2019 — 18.86 18.63 — 8.73 31 March 2019 — 18.03 19.50 — 8.97 31 March 2018 — 18.55 18.52 — —

Net asset value per N Cap ^ AUD share (in class currency) 30 September 2019 — 24.04 — — — 31 March 2019 — 21.80 — — — 31 March 2018 — 20.60 — — —

Net asset value per R Cap ^ USD share (in class currency) 30 September 2019 — 12.72 — — — 31 March 2019 — 12.17 — — — 31 March 2018 — 12.54 — — —

Net asset value per R Cap ^ EUR share (in class currency) 30 September 2019 — 11.67 — — — 31 March 2019 — 10.85 — — — 31 March 2018 — 10.19 — — —

Net asset value per R Cap ^ EUR Hedged share (in class currency) 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Net asset value per R Cap ^ GBP share (in class currency) 30 September 2019 — 10.71 — — — 31 March 2019 — 9.61 — — — 31 March 2018 — 9.23 — — —

Net asset value per Z Cap ^ GBP share (in class currency) 30 September 2019 — — — — — 31 March 2019 — — — — —


16


Mirae Asset Islamic Asia



Equity Fund






Equity Fund*

Number of A Cap ^ USD shares outstanding 30 September 2019 3,871.775 5,187,792.163 — — — 31 March 2019 515.111 6,033,304.492 — — — 31 March 2018 — 8,943,914.404 — — —

Number of A Cap ^ EUR shares outstanding 30 September 2019 — 836,155.921 — — — 31 March 2019 — 820,559.567 — — — 31 March 2018 — 998,967.474 — — —

Number of A Cap ^ EUR Hedged shares outstanding 30 September 2019 — 271,102.460 — — — 31 March 2019 — 117,669.204 — — — 31 March 2018 — 68,631.509 — — —

Number of A Cap ^ CHF Hedged shares outstanding 30 September 2019 — 71,635.000 — — — 31 March 2019 — 70,420.000 — — — 31 March 2018 — 28,939.853 — — —

Number of A Cap ^ GBP shares outstanding 30 September 2019 — 5,000.000 — — — 31 March 2019 — 5,000.000 — — — 31 March 2018 — 5,000.000 — — —

Number of B Cap ^ USD shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Number of C Cap ^ USD shares outstanding

30 September 2019 — — — — — 31 March 2019 — — — — —

Number of E Cap ^ USD shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — —

Number of I Cap ^ USD shares outstanding 30 September 2019 80,769.231 4,336,268.860 — 516,450.217 4,606.142 31 March 2019 80,769.231 5,526,182.043 — 516,450.217 4,606.142 31 March 2018 500,000.000 5,014,909.370 — 516,450.217 500,000.000

Number of I Cap ^ EUR shares outstanding 30 September 2019 — 2,060,828.897 — — — 31 March 2019 — 2,032,817.629 — — — 31 March 2018 — 2,018,612.428 — — —

Number of I Cap ^ EUR Hedged shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Number of I Cap ^ GBP shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Number of J Cap ^ JPY shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —


17


Mirae Asset Islamic Asia



Equity Fund





Mirae Asset Asia Growth Equity

Fund*

Number of K Cap ^ USD shares outstanding 30 September 2019 — 12,803,316.076 256,302.539 — 5,600,377.932 31 March 2019 — 14,278,211.793 267,102.539 — 3,899,423.971 31 March 2018 — 15,105,766.710 280,865.779 — —

Number of N Cap ^ AUD shares outstanding 30 September 2019 — 154,466.599 — — — 31 March 2019 — 2,093,047.116 — — — 31 March 2018 — 2,103,057.126 — — —

Number of R Cap ^ USD shares outstanding 30 September 2019 — 2,680,209.253 — — — 31 March 2019 — 3,184,817.379 — — — 31 March 2018 — 3,208,613.149 — — —

Number of R Cap ^ EUR shares outstanding 30 September 2019 — 1,039,781.438 — — — 31 March 2019 — 598,388.050 — — — 31 March 2018 — 432,664.637 — — —

Number of R Cap ^ EUR Hedged shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Number of R Cap ^ GBP shares outstanding 30 September 2019 — 412,310.081 — — — 31 March 2019 — 313,051.759 — — — 31 March 2018 — 287,557.358 — — —

Number of Z Cap ^ GBP shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — —


18



Mirae Asset Next Asia Pacific

Equity Fund*


Mirae Asset Global Dynamic

Bond Fund*

Mirae Asset Asia Bond Fund*

Net assets as at 30 September 2019 135,133,523 55,798,615 298,561,355 21,580,301 13,386,659 31 March 2019 112,916,262 68,930,546 405,598,537 24,727,667 12,837,701 31 March 2018 102,195,050 111,197,722 484,485,519 104,561,662 18,305,496

Net asset value per A Cap ^ USD share (in class currency) 30 September 2019 11.77 — — 12.17 — 31 March 2019 11.75 — — 11.75 — 31 March 2018 11.94 — — 11.57 —

Net asset value per A Cap ^ EUR share (in class currency)

30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — 8.26 —

Net asset value per A Cap ^ EUR Hedged share (in class currency) 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Net asset value per A Cap ^ CHF Hedged share (in class currency) 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Net asset value per A Cap ^ GBP share (in class currency) 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Net asset value per B Cap ^ USD share (in class currency)

30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — 13.35 — — —

Net asset value per C Cap ^ USD share (in class currency) 30 September 2019 — — — — — 31 March 2019 — — — — —

Net asset value per E Cap ^ USD share (in class currency) 30 September 2019 — — — — — 31 March 2019 — — — — — Net asset value per I Cap ^ USD share (in class currency) 30 September 2019 10.18 — 9.35 12.44 10.79 31 March 2019 10.13 — 10.15 11.97 10.35 31 March 2018 10.23 — 10.03 11.74 10.00

Net asset value per I Cap ^ EUR share (in class currency) 30 September 2019 11.57 — — — — 31 March 2019 11.20 — — — — 31 March 2018 — — — — —


19




Equity Fund*



Bond Fund*


Fund*

Net asset value per I Cap ^ EUR Hedged share (in class currency) 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — 9.47 —

Net asset value per I Cap ^ GBP share (in class currency)

30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Net asset value per J Cap ^ JPY share (in class currency) 30 September 2019 — 132.72 81.46 — — 31 March 2019 — 132.09 90.50 — — 31 March 2018 — 137.46 85.20 — —

Net asset value per K Cap ^ USD share (in class currency) 30 September 2019 15.60 — — 12.70 — 31 March 2019 15.49 — — 12.20 — 31 March 2018 15.60 — — 11.93 —

Net asset value per N Cap ^ AUD share (in class currency) 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Net asset value per R Cap ^ USD share (in class currency) 30 September 2019 9.41 — 8.18 — — 31 March 2019 9.36 — 8.86 — — 31 March 2018 — — 8.73 — —

Net asset value per R Cap ^ EUR share (in class currency)

30 September 2019 8.35 — — — — 31 March 2019 8.06 — — — — 31 March 2018 — — — — —

Net asset value per R Cap ^ EUR Hedged share (in class currency) 30 September 2019 9.09 — — — — 31 March 2019 9.19 — — — — 31 March 2018 — — — — —

Net asset value per R Cap ^ GBP share (in class currency) 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Net asset value per Z Cap ^ GBP share (in class currency) 30 September 2019 — — — — — 31 March 2019 — — — — —

Number of A Cap ^ USD shares outstanding 30 September 2019 2,753,646.786 — — 13,090.705 — 31 March 2019 5,122.915 — — 39,717.730 — 31 March 2018 2,000.000 — — 56,886.427 —

Number of A Cap ^ EUR shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — 530.786 —


20




Equity Fund*



Bond Fund*


Fund*

Number of A Cap ^ EUR Hedged shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Number of A Cap ^ CHF Hedged shares outstanding

30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Number of A Cap ^ GBP shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Number of B Cap ^ USD shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — 165,604.041 — — —

Number of C Cap ^ USD shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — —

Number of E Cap ^ USD shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — —

Number of I Cap ^ USD shares outstanding 30 September 2019 1,231,641.768 — 485,695.378 165,565.475 1,240,832.356 31 March 2019 659,899.571 — 485,695.378 520,176.417 1,240,832.356 31 March 2018 809,528.138 — 240,726.065 414,925.944 1,830,000.000

Number of I Cap ^ EUR shares outstanding 30 September 2019 286.369 — — — — 31 March 2019 286.369 — — — — 31 March 2018 — — — — —

Number of I Cap ^ EUR Hedged shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — 52,660.677 —

Number of I Cap ^ GBP shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Number of J Cap ^ JPY shares outstanding 30 September 2019 — 45,370,719.090 389,521,803.815 — — 31 March 2019 — 57,793,364.792 489,024,113.954 — — 31 March 2018 — 84,490,629.532 599,316,910.873 — —

Number of K Cap ^ USD shares outstanding

30 September 2019 5,430,150.262 — — 1,525,005.318 — 31 March 2019 6,023,800.932 — — 1,478,204.977 — 31 March 2018 6,016,847.978 — — 8,246,839.742 —

Number of N Cap ^ AUD shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —


21




Equity Fund*



Bond Fund*


Number of R Cap ^ USD shares outstanding 30 September 2019 182,275.000 — 457.643 — — 31 March 2019 199,475.000 — 118,233.000 — — 31 March 2018 — — 250.000 — —

Number of R Cap ^ EUR shares outstanding

30 September 2019 389,334.786 — — — — 31 March 2019 1,184,854.336 — — — — 31 March 2018 — — — — —

Number of R Cap ^ EUR Hedged shares outstanding 30 September 2019 22,270.000 — — — — 31 March 2019 22,270.000 — — — — 31 March 2018 — — — — —

Number of R Cap ^ GBP shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — — 31 March 2018 — — — — —

Number of Z Cap ^ GBP shares outstanding 30 September 2019 — — — — — 31 March 2019 — — — — —


22

Notes to the Financial Statements For the period ended 30 September 2019

1. Description of the Company

Mirae Asset Global Discovery Fund (referred to hereafter as the “Company”) is an open-ended investment company with variable capital incorporated under the laws of the Grand Duchy of Luxembourg as a “Société d’Investissement à Capital Variable” (SICAV) under the form of a “société anonyme”. The Company is governed by the law of the Grand Duchy of Luxembourg of 10 August 1915 on commercial companies, as amended, and by Part I of the law of 17 December 2010, as amended.

The Company was incorporated for an unlimited period of time on 30 April 2008. The registered office of the Company is established at 31, z.a. Bourmicht, L-8070 Bertrange, Grand Duchy of Luxembourg.

The Articles have been deposited with the Chancery of the District Court of Luxembourg and published in the Memorial on 16 June 2008. The Articles have been last amended on 29 June 2012, with publication in the Memorial dated 24 August 2012.

As of 30 September 2019, the Company issued shares of the following 16 sub-funds for subscription:

- Mirae Asset Korea Equity Fund*- Mirae Asset China Sector Leader Equity Fund- Mirae Asset India Sector Leader Equity Fund- Mirae Asset Asia Sector Leader Equity Fund- Mirae Asset Asia Pacific Equity Fund- Mirae Asset GEM Sector Leader Equity Fund- Mirae Asset Islamic Asia Sector Leader Equity Fund*- Mirae Asset Asia Great Consumer Equity Fund- Mirae Asset Global Great Consumer Equity Fund- Mirae Asset Asia Pacific Health Care Opportunities Equity

Fund*- Mirae Asset Asia Growth Equity Fund*- Mirae Asset China Growth Equity Fund*- Mirae Asset Next Asia Pacific Equity Fund*- Mirae Asset India Mid Cap Equity Fund*- Mirae Asset Global Dynamic Bond Fund*- Mirae Asset Asia Bond Fund*

As of 30 September 2019, 9 classes of shares are offered to investors: Class A Capitalisation, Class C Capitalisation, Class E Capitalisation, Class I Capitalisation, Class J Capitalisation, Class K Capitalisation, Class N Capitalisation, Class R Capitalisation and Class Z Capitalisation.

The Company may in the future create new sub-funds and new share classes.

2. Significant Accounting Policies

requirements applicable to investment funds. The following is a summary of significant accounting policies followed by the sub-funds.

a) Valuation of Investment in Securities

Securities which are listed or traded on any Regulated Market, stock exchange in an Other State or Other Regulated Market are valued at the closing price on such markets.

If a security is listed or traded on several markets, the closing price at the market which constitutes the main market for such securities is determined.

Securities not listed or traded on any Regulated Market, stock exchange in an Other State or Other Regulated Market are valued at their last available market price.

Securities for which no price quotation is available or for which the closing price at the market is not representative of the fair market value, are valued prudently, and in good faith by the Board of Directors on the basis of their reasonably foreseeable sales prices.

Units or shares of open-ended UCIs (undertakings for collective investment) are valued at their last official net asset values, excluding redemption fees, if any, as reported or provided by such UCIs or their agents, or at their last unofficial net asset values (i.e. estimates of net asset values) if more recent than their last official net asset values, provided that due diligence has been carried out by the Investment Manager, in accordance with instructions and under the overall control and responsibility of the Board of Directors, as to the reliability of such unofficial net asset values. The Net Asset Value calculated on the basis of unofficial net asset values of target UCIs may differ from the net asset value which would have been calculated, on the relevant Valuation Day, on the basis of the official net asset values determined by the administrative agents of the target UCIs. The Net Asset Value is final and binding notwithstanding any different later determination. Units or shares of quoted closed-ended UCIs are valued at their last available stock market value.

The Board of Directors has appointed a Pricing Committee which shall be entitled to approve the mechanisms of monitoring for significant events, along with decisions on whether a substantial proportion of the investments have been affected by the significant event and a fair value pricing of the portfolios is needed.

In a case where none of the members of the Pricing Committee is available for making a decision, it shall be the responsibility of the Board to decide how to proceed with the fair valuation of the assets in order to serve the best interests of shareholders.

The financial statements have been prepared in accordance with Luxembourg legal and regulatory

* Not authorized in Hong Kong and not available to Hong Kong Residents.

23

b) Conversion of Foreign Currencies

The financial statements and accounting records of each sub-fund are expressed in the reference currency of the relevant sub-fund.

Transactions in currencies other than the sub-fund’s reference currency are translated into the sub-fund’s reference currency at the exchange rate ruling at the date of the transactions.

Assets and liabilities denominated in currencies other than the sub-fund’s reference currency are translated into the sub-fund’s reference currency at the exchange rate on the Statement of Net Assets date. Any resulting gains or losses are recognised in the Statement of Operations and Changes in Net Assets under the heading “Net realised gain / (loss) on foreign exchange”.

Main exchange rates used as of 30 September 2019 are:

1 USD = 1.481152 AUD

0.995200 CHF

0.915583 EUR

0.812942 GBP

107.920036 JPY

c) Interest Income

Interest income includes interest applied to bonds and to bank accounts. It is accrued gross on a daily basis. Interest income is not applied to bank accounts associated with the Mirae Asset Islamic Asia Sector Leader Equity Fund.

d) Dividend Income

Dividends are credited to income on an ‘’ex-dividend’’ basis net of any irrecoverable withholding tax.

e) Net Realised Gain / (Loss) on Sales of Investments inSecurities

The net realised gain or loss on sales of investments in securities is calculated on the basis of average cost of securities sold.

f) Forward Foreign Exchange Contracts

Forward foreign exchange contracts, if any, are valued on the basis of forward foreign exchange rates prevailing on the net asset value date and the resulting net change in net unrealised appreciation or depreciation is included in the Statement of Operations and Changes in Net Assets, under

the heading “Net change in unrealised appreciation / (depreciation) on forward foreign exchange contracts”. The realised gain / (loss) on forward foreign exchangecontracts is disclosed in the Statement of Operationsand Changes in Net Assets.

g) Futures Contracts

Outstanding futures contracts, if any, are valued on the basis of futures exchange values prevailing on the net asset value date. The realized gain / (loss) on futures contracts is disclosed in the Statement of Operations and Changes in Net Assets under the heading “Net realized gain / (loss) on futures contracts”. The unrealized gain / (loss) on futures contracts is disclosed in the Statement of Net Assets under the heading “Unrealized gain / (loss) on futures contracts”.

h) Options Contracts

Outstanding options contracts, if any, are valued at the close of business market price or the last available market price of the instruments.

The market value of options, if any, is included in the Statement of Net Assets under the line “Options at market value”.

The realised gain/ (loss) on options, if any, is disclosed in the Statement of Operations and Changes in Net Assets under the line “Net realised profit/(loss) on options”.

i) Combined Figures

The combined Statement of Net Assets and the combined Statement of Operations and Changes in Net Assets are expressed in Euro and are presented for information purposes only.

For this purpose, the corresponding statements of each sub-fund have been translated into Euro at the exchange rates prevailing at the date of the financial statements. The difference between opening net assets stated at exchange rates ruling at the beginning of the period and its value at the end of the period is shown as a “currency translation adjustment” in the Statement of Operations and Changes in Net Assets.

j) Formation Expenses

The formation expenses represent the cost of establishing the Company and its sub-funds. The formation costs are amortised on a straight line basis over 5 years from the date on which sub-funds commenced business.

k) Legal, Regulatory and Professional Expenses

In cases where the legal, regulatory and professional fees incurred by the Company can be directly attributed to the

Notes to the Financial Statements For the period ended 30 September 2019 (continued)

24

relevant sub-fund which incurred such fees, this sub-fund is the one bearing such fees.

In cases where these fees cannot be attributed to a specific sub-fund or affect the Company as a whole, such fees are attributed to all sub-funds on an equitable basis pro rata to their respective net asset value as at the date of the relevant invoice. The Board of Directors, the Management Company and/or the Principal Investment Manager shall in such case endeavour to ensure that such fees are fair and reasonable.

A portion of the expenses attributable to each sub-fund may however be borne by the Principal Investment Manager on a fair and equitable basis; reducing, as the case may be, the expenses to be charged to the sub-funds. No such fees were borne by the Principal Investment Manager for the period from 1 April 2019 to 30 September 2019.

l) Use of Estimates

The preparation of the financial statements in conformity with Luxembourg legal and regulatory requirements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates.

3. Depositary Fees

The Company pays a depositary fee calculated principally by reference to the Net Asset Value of the Company on each dealing day and payable monthly in arrears.

The fee paid by the Company depends upon the markets in which the assets of the Company are invested and custodied.

The maximum fee payable to the Depositary is 0.0225% per annum, plus any applicable custody fees, which vary by jurisdiction and do not exceed 0.50% per annum in any jurisdiction, in each case based on the Net Asset Value of the sub-fund, unless the Net Asset Value of the sub-fund falls below certain levels in which case agreed minimums will apply. In addition, the fees for settlement vary depending upon the country in which the relevant activity takes place, up to a maximum of USD 90 per transaction.

4. Registrar and Transfer Agent, Domiciliary,Administrative and Paying Agent fees

The Company pays fees for these services at the commercial rates agreed from time to time between the parties plus reasonable out-of-pocket expenses.

Domiciliary, Administrative and Paying Agent fees are up to 0.04% per annum of the Net Assets of each sub-fund, unless the Net Asset Value of the sub-fund falls below certain levels in which case agreed minimums will apply.

Registrar and Transfer Agent fees are calculated on a per transaction basis, the maximum amount being USD 20.

5. Management Company Fees

The Company pays to the Management Company an annual management company fee amounting to a maximum rate of 0.05% per year of the Net Asset Value of each sub-fund. The Management Company fee is payable monthly in arrears and calculated on the last Net Asset Value of each month with a minimum annual fee of EUR 15,000 per sub-fund, according to the following schedule:

Assets under management (in EUR) Rate

50,000,000 0.05% 100,000,000 0.04% 500,000,000 0.03% 999,999,999,999 0.02%

The list of the funds managed by the Management Company, may be obtained, on simple request, at the registered office of the Management Company.

6. Investment Management Fees

The Company pays to the Principal Investment Manager and Investment Managers an annual management fee, accrued daily and payable monthly in arrears, amounting to a set rate of the Net Asset Value of each sub-fund which is as follows:

Class Maximum rates

Equity sub-funds Maximum rates

Bond sub-funds

Class A 2.00% 0.95%

Class B 0.65% -

Class E 0.25% -

Class I 1.00% 0.55%

Class J 0.65%* -

Class K 0.65% 0.65%

Class R 0.75% 0.50%

Class Z 0.50% -

There is no management fee for Class C and Class N.

* The maximum rate is 0.59% for Mirae Asset Asia SectorLeader Equity Fund – Class J and Mirae Asset India MidCap Equity Fund – Class J.

Notes to the Financial Statem

ents

For the period ended 30 September 2019 (continued)

25

The effective rates respectively charged to the classes are as follows :

Class Effective rates

Equity sub-funds Effective rates

Bond sub-funds

Class A 1.50% 0.95%

Class B 0.65% -

Class E 0.25% -

Class I 1.00%** 0.55%

Class J 0.59%*** -

Class K 0.65% 0.65% ****

Class R 0.75% -

Class Z 0.50% -

The Principal Investment Manager is responsible for the payment of the fees of the Investment Managers.

In addition, the Company will pay management fees of the target UCITS in the case of investment in other UCITS. However, when the Sub-Fund invests in the shares or units of other UCITS and/or other UCIs that are managed, directly or by delegation, by the same management company or by any other company to which the management company is linked by common management or control or by a substantial direct or indirect holding, that management company or other company may not charge any subscription nor redemption fees on account of the Sub-Fund’ investment in the units of other UCITS and/or other UCI.

For Mirae Asset Asia Pacific Multi-Asset Income Fund, the maximum level of management fees that may be charged at the level of such target UCITS and/or UCIs may not exceed 1.5% of the relevant net assets under management.

** 0.80% for Mirae Asset Asia Pacific Multi-Asset Income Fund

*** 0.65% for Mirae Asset Next Asia Pacific Equity Fund

**** 0.25% for Mirae Asset Global Dynamic Bond Fund

7. Fees payable to the Shariah Service Providers

The Shariah Supervisory Board (“SSB”) was appointed to confirm Mirae Asset Islamic Asia Sector Leader Equity Fund’s compliance with Shariah principles and to ensure the Sub-Fund’s ongoing adherence to the Shariah Investment Guidelines.

The Shariah Stock Screening Provider (“SSSP”) was appointed by the Company to provide screening of the equities held by the Sub-Fund based on Shariah criteria. A different Shariah stock screening provider may be appointed by the Company from time to time.

With regards to the SSB, the Company shall pay to the SSB a maximum annual fee of USD 50,000 out of the assets of the Sub-Fund.

With regards to the SSSP, the Company shall pay to the SSSP an annual fee of USD 17,000 plus 0.01% of the Net Asset Value of the Sub-Fund, out of the assets of the Sub-Fund.

8. Taxation

Under current law and practice, the Company is not liable to any Luxembourg tax on income or capital gains, nor are dividends (if any) paid by the Company liable to any Luxembourg withholding tax.

The Company is, however, liable in Luxembourg to a taxe d’abonnement of 0.05% per annum of its Net Asset Value, such tax being payable quarterly and calculated on the Net Asset Value of the sub-funds at the end of the relevant calendar quarter. However, such rate is decreased to 0.01% per annum of their Net Asset Value for specific classes of shares or sub-funds which are restricted to Institutional Investors as specified in the Prospectus.

No Luxembourg tax is payable on the realised capital appreciation of the assets of the Company.

Dividends, capital gains and interest received by the Company on its investments may be subject to non-recoverable withholdings or other taxes in the countries of origin.

9. Forward Foreign Exchange Contracts

As of 30 September 2019, the following sub-funds are committed to outstanding forward foreign exchange contracts as follows:

Mirae Asset Asia Sector Leader Equity Fund

Notes to the Financial Statements For the period ended 30 September 2019 (continued)

26

Mirae Asset China Growth Equity Fund

10. Options

As of 30 September 2019, the Company has no outstanding options contracts.

11. Futures contracts

As of 30 September 2019, the Company has no outstanding futures contracts

12. Other Taxes

The Company pays to the Brazilian government a tax on all purchases of Brazilian securities denominated in Brazilian real. The Company also pays a tax on its capital gains when it sells securities in India. The Indian tax rate is provided by the Company’s tax consultant in India, based on the current tax regulations and applicable factors such as the length of holding of the security and if the security is sold on a recognized stock exchange.

The excess Indian capital gain tax paid for previous accounting years, and expected to be recovered, is shown under other receivable and other income in the Statement of Net Assets and Statement of Operations respectively.

13. Changes in the Investment Portfolio

The details of the changes in portfolio composition are held at the disposal of the shareholders at the registered office of the Company and are available upon request free of charge.

14. Related Party Transactions

All transactions with related parties were entered into in the ordinary course of business and under normal commercial terms. The related parties to the Company are the Principal Investment Manager, the Investment Managers, the Global Distributor, the Hong Kong Representative, Mirae Asset Securities (HK) Limited and Daiwa Capital Markets Hong Kong Limited. For the basis of the fee charged by the Principal Investment Manager and the Investment Managers, please refer to note 6.

The transactions with Mirae Asset Securities (HK) Limited and Daiwa Capital Markets Hong Kong Limited are as follows:

Mirae Asset Securities (HK) Limited

Total Transaction Value (USD)

% of Total Transaction Value in the

Scheme

Total Brokerage Commission

(USD)

Average Rate of Commission

95,864,299.17 6.11% 144,387.15 0.15%

Daiwa Capital Markets Hong Kong Limited

Total Transaction Value (USD)

% of Total Transaction Value in the

Scheme

Total Brokerage Commission

(USD)

Average Rate of Commission

83,661,805.11 5.33% 122,486.50 0.15%

15. Soft Commission

The Principal Investment Manager and Investment Managers do not enter into any soft commission arrangements in relation to the Company. Neither the Principal Investment Manager and Investment Managers nor any of their connected persons have or are entitled to retain any cash rebates from any broker or dealer in consideration for directing transactions on behalf of sub-funds to that broker or dealer. Any such cash rebates received shall be held for the accounts of the relevant sub-fund.

16. Transaction costs

The transaction costs related to purchases and sales of transferable securities are included in the Statement of Operations and Changes in Net Assets, under the heading

Notes to the Financial Statements

For the period ended 30 September 2019 (continued)Mirae Asset Asia Great Consumer Equity Fund

As of 30 September 2019, the purpose of all the forward foreign exchange contracts shown above is to hedge the currency exposure of the share classes.

27

17. Global Exposure

The global risk exposure is calculated for each sub-fund on a

daily basis using the commitment approach.

Notes to the Financial StatementsFor the period ended 30 September 2019 (continued)“Transaction costs”. The transaction costs mainly relate to brokerage fees.

28

Mirae Asset Korea Equity Fund* Schedule of Investments (Expressed in USD) as at 30 September 2019

Quantity Description Market value % of Net assets

Transferable securities and money market instruments admitted to an official exchange listing

Equities

950 BH Company 15,170 0.50 210 Celltrion Inc. 28,793 0.95 635 CJ ENM Company Limited 89,929 2.94 485 Cosmax Inc. 29,680 0.97 2,035 Hana Financial Group Inc. 59,971 1.97 1,005 Hotel Shilla Company Limited 72,425 2.38 1,635 Hyundai Engineering & Construction Company Limited 63,287 2.08 100 Hyundai Heavy Industries Holdings Company Limited 29,219 0.96 510 Hyundai Mobis 107,445 3.53 1,120 Hyundai Motor Company 125,470 4.12 3,155 KB Financial Group Inc. 112,626 3.69 1,330 KMW Company Limited 81,058 2.66 1,920 Korea Electric Power Corp. 41,574 1.37 1,035 Korea Shipbuilding & Offshore Engineering Company Limited 107,295 3.52 80 Korea Zinc Company Limited 29,963 0.98 340 KT&G Corp. 29,988 0.98 310 LG Chem Limited 77,620 2.55 385 LG Electronics Inc. 21,694 0.71 40 LG Household & Health Care Limited 43,708 1.44 1,300 LG Telecom Limited 14,835 0.49 65 Lotte Chemical Corp. 12,825 0.42 760 Lotte IT Tech Company Limited 28,846 0.95 765 LS Corp. 30,347 1.00 1,125 LS Industrial Systems Company Limited 45,286 1.49 505 Mando Corp. 15,283 0.50 70 Medy-Tox Inc. 21,074 0.69 415 Naver Corp. 54,471 1.79 40 Ncsoft Corp. 17,423 0.57 875 Oscotec Inc. 13,935 0.46 835 Peptron Inc. 8,377 0.28 215 Posco 40,802 1.34 315 POSCO Chemical Company Limited 11,627 0.38 410 RFHIC Corp. 13,951 0.46 110 Samsung Biologics Company Limited 28,278 0.93 380 Samsung Electro-Mechanics Company Limited 32,721 1.07 7,005 Samsung Electronics Company Limited 287,252 9.42 455 Samsung SDI Company Limited 84,827 2.79 165 Samsung Sds Company Limited 26,278 0.86 185 SK Holdings Company Limited 31,552 1.04 3,940 SK hynix Inc. 270,760 8.89 650 SK Innovation Company Limited 90,207 2.96 325 SK Materials Company Limited 45,239 1.49 540 SK Telecom Company Limited 109,026 3.58 3,515 Skckolonpi Inc. 82,722 2.72 6,830 Solid Inc. 34,717 1.14 1,450 Wonik IPS Company Limited 35,033 1.15 985 Youngone Corp. 29,398 0.97 415 Yuhan Corp. 79,278 2.60

Total Equities 2,763,285 90.73 Total Transferable securities and money market instruments admitted to an official exchange listing 2,763,285 90.73

Investment in securities at market value 2,763,285 90.73 Cash 256,333 8.42 Other net assets 26,034 0.85 Total net assets 3,045,652 100.00

* Not authorized in Hong Kong and not available to Hong Kong Residents.The accompanying notes form an integral part of these financial statements.

29

Mirae Asset China Sector Leader Equity Fund Schedule of Investments (Expressed in USD) as at 30 September 2019



Equities

150,500 3SBio Inc. 249,561 3.03 17,800 Aia Group Limited 168,129 2.04 4,313 Alibaba Group Holding Limited 715,872 8.69 355,000 Babytree Group 103,243 1.25 24,400 Budweiser Brewing Company APAC Limited 87,768 1.07 52,000 China Construction Bank Corp. 39,665 0.48 18,027 China International Travel Service Corp. Limited 234,856 2.85 76,000 China Mengniu Dairy Company Limited 284,524 3.45 9,500 China Merchants Bank Company Limited - H 45,199 0.55 10,693 Foshan Haitian Flavouring & Food Company Limited 164,533 2.00 57,000 Geely Automobile Holdings Limited 96,699 1.17 26,000 HKT Trust and Hkt Limited 41,256 0.50 8,058 Huya Inc. 192,506 2.34 44,500 Innovent Biologics Inc. 141,621 1.72 38,700 Jiangsu Hengli Hydraulic Company Limited 208,588 2.53 18,650 Jiangsu Hengrui Medicine Company 210,649 2.56 150,000 Kingdee International Software Group Company Limited 158,041 1.91 2,889 Kweichow Moutai Company Limited - A 465,116 5.64 93,500 Li Ning Company Limited 268,344 3.26 53,108 Longi Green Energy Technology Company Limited 195,018 2.37 4,246 New Oriental Education & Technology Group - ADR 450,967 5.47 14,600 Ping An Healthcare & Technology Company Limited 85,387 1.04 49,500 Ping An Insurance Group Company of China Limited 568,573 6.91 22,534 Shanghai International Airport - A 251,680 3.06 22,200 Shenzhou International Group Holdings Limited 289,968 3.52 125,000 Sino Biopharmaceutical 158,806 1.93 9,527 Tal Education Group - ADR 321,727 3.91 26,000 Techtronic Industries Company 180,911 2.20 17,400 Tencent Holdings Limited 732,864 8.91 18,300 Venustech Group Inc. 81,930 1.00 54,000 Vitasoy International Holdings Limited 218,693 2.66 7,500 Wuliangye Yibin Company Limited 136,286 1.66 21,500 Wuxi Biologics Cayman Inc. 219,395 2.66 35,000 Yihai International Holdinging Limited 208,042 2.53 10,600 Zhejiang Dingli Machinery Company Limited 89,334 1.09


Investment in securities at market value 8,065,751 97.96 Cash 207970 2.53 Other net liabilities (40,188) (0.49) Total net assets 8,233,533 100.00

The accompanying notes form an integral part of these financial statements.

30

Mirae Asset India Sector Leader Equity Fund Schedule of Investments (Expressed in USD) as at 30 September 2019



Equities

109,161 ACC Limited 2,478,903 1.46 82,988 Asian Paints Limited 2,065,017 1.21 930,924 Axis Bank Limited 9,004,721 5.29 464,601 Bharat Petroleum Corp. Limited 3,084,153 1.81 704,968 Bharti Airtel Limited 3,653,929 2.15 596,370 Capacite Infraprojects Limited* 1,666,162 0.98 1,149,789 Coal India Limited 3,244,799 1.91 390,889 Container Corp.. 3,338,065 1.96 295,109 CreditAccess Grameen Limited 2,738,290 1.61 375,026 Dabur India Limited 2,368,521 1.39 235,788 Dalmia Bharat Limited 2,738,898 1.60 1,469,034 Fortis Healthcare Limited 2,803,583 1.65 2,232,147 Gail India Limited 4,239,460 2.49 163,974 Godrej Properties Limited 2,405,086 1.41 257,300 Hcl Technologies Limited 3,926,180 2.31 333,086 HDFC Bank Limited 5,773,320 3.39 82,676 Hindustan Lever Limited 2,313,863 1.36 365,819 Housing Development Finance Corp. 10,212,906 5.99 2,032,229 Icici Bank Limited 12,445,935 7.30 1,023,761 Icici Prudential Life Insurance Company 6,700,601 3.93 1,754,711 Indian Oil Corp. Limited 3,652,318 2.14 193,612 IndusInd Bank Limited 3,782,619 2.22 859,105 Infosys Technologies Limited 9,773,680 5.74 114,143 Kotak Mahindra Bank Limited 2,650,546 1.56 216,472 Larsen & Toubro Limited 4,506,489 2.65 3,332,695 Lemon Tree Hotels Limited 2,684,829 1.58 436,756 Marico Limited 2,431,510 1.43 9,857 Maruti Suzuki India Limited 934,777 0.55 1,175,660 Narayana Hrudayalaya Limited* 3,720,395 2.18 18,062 Nestle India Limited 3,542,604 2.08 2,478,336 NTPC Limited 4,112,098 2.41 710,507 Prestige Estates Projects Limited 2,897,550 1.70 636,100 Reliance Industries Limited 11,966,759 7.03 665,501 SBI Life Insurance Company Limited 7,954,078 4.68 385,026 Sobha Limited 2,659,213 1.56 279,928 State Bank of India Limited 1,070,435 0.63 428,646 Sun Pharmaceutical Industries Limited 2,357,306 1.38 155,620 Titan Company Limited 2,797,540 1.64 292,629 UPL Limited 2,495,651 1.47 271,707 Voltas Limited 2,607,280 1.53 749,455 Westlife Development Limited* 3,120,413 1.83


Investment in securities at market value 168,920,482 99.19 Cash 2,213,971 1.30 Other net liabilities (832,881) (0.49) Total net assets 170,301,572 100.00

* illiquid security The accompanying notes form an integral part of these financial statements.

31

Mirae Asset Asia Sector Leader Equity Fund Schedule of Investments (Expressed in USD) as at 30 September 2019



Equities

3,991,000 3SBio Inc. 6,617,936 2.22 981,000 Aia Group Limited 9,265,984 3.10 113,449 Alibaba Group Holding Limited 18,830,264 6.31 2,539,200 Bank Central Asia Tbk Pt 5,429,210 1.82 91,004 Baozun Inc. - ADR 3,865,850 1.29 445,600 Boc Aviation Limited 4,112,266 1.38 1,224,000 China Mengniu Dairy Company Limited 4,582,337 1.53 858,000 China Overseas Land & Investment Limited 2,697,750 0.90 7,202,000 China Petroleum & Chemical Corp. 4,280,914 1.43 424,000 China Resources Gas Group Limited 2,095,729 0.70 3,000,000 CSPC Pharmaceutical Group Limited 6,023,146 2.01 840,887 Dabur India Limited 5,310,720 1.78 419,853 Dalmia Bharat Limited 4,876,985 1.63 238,715 DBS Group Holdings Limited 4,315,478 1.44 2,045,006 Dlf Limited 4,493,344 1.50 3,298,902 Gail India Limited 6,265,520 2.10 48,000 Galaxy Entertainment Group Limited 298,479 0.10 2,793,513 Guangzhou Baiyun International Airport Company Limited 8,779,761 2.94 86,000 Hansoh Pharmaceutical Group Company Limited 263,274 0.09 378,932 HDFC Bank Limited 6,567,961 2.20 188,652 Huya Inc. 4,506,896 1.51 1,554,542 Icici Bank Limited 9,520,446 3.18 8,904,150 IHH Healthcare Bhd 12,079,166 4.05 2,524,661 Indian Oil Corp. Limited 5,254,919 1.76 5,059,472 Lemon Tree Hotels Limited 4,075,926 1.36 1,091 LG Chem Limited 273,173 0.09 22,500 Meituan Dianping - B 229,886 0.08 1,872,197 Narayana Hrudayalaya Limited* 5,924,598 1.98 1,864,120 Phu Nhuan Jewelry JSC 6,444,636 2.15 764,500 Ping An Insurance Group Company of China Limited 8,781,298 2.94 418,196 Reliance Industries Limited 7,867,397 2.64 220,188 Samsung Electronics Company Limited Pfd 7,271,222 2.43 289,789 Samsung Electronics Company Limited 11,883,314 3.99 18,231 Samsung SDI Company Limited 3,398,850 1.14 941,440 SBI Life Insurance Company Limited 11,252,104 3.77 1,391,380 Security Bank Corp. 5,288,521 1.77 106,572 Shinhan Financial Group Company Limited 3,724,227 1.24 1,033,800 Singapore Telecommunications Limited 2,317,434 0.78 71,414 SK hynix Inc. 4,907,630 1.64 309,300 Sunny Optical Technology Group Company Limited 4,544,958 1.52 1,305,000 Taiwan Semiconductor Manufacturing Company Limited 11,441,426 3.83 127,449 Tal Education Group - ADR 4,303,953 1.44 14,903,600 Telekomunikasi Indonesia Tbk Pt 4,525,322 1.51 347,200 Tencent Holdings Limited 14,623,599 4.90 340,698 Tencent Music Entertainment Group 4,388,190 1.47 280,164 Titan Company Limited 5,036,435 1.69 2,188,964 Tonghua Dongbao Pharmaceutical Company - A 5,362,809 1.80 1,974,430 Universal Robina Corp. 5,942,766 1.99 3,309,335 Vietnam Prosperity JSC 3,137,746 1.05 4,774,900 Vietnam Technological & Commercial Joint Stock Bank 4,794,238 1.61 490,833 Voltas Limited 4,709,997 1.58


Investment in securities at market value 296,785,990 99.36 Cash 3,026,282 1.01 Other net liabilities (1,126,603) (0.37) Total net assets 298,685,669 100.00

* illiquid securityThe accompanying notes form an integral part of these financial statements.

32

Mirae Asset Asia Pacific Equity Fund Schedule of Investments (Expressed in USD) as at 30 September 2019



Equities

573,500 3SBio Inc. 950,986 2.15 132,600 Aia Group Limited 1,252,466 2.83 17,732 Alibaba Group Holding Limited 2,943,157 6.65 310,600 Bank Central Asia Tbk Pt 664,112 1.50 15,558 Baozun Inc. - ADR 660,904 1.49 14,433 BHP Group Limited 357,816 0.81 50,200 Boc Aviation Limited 463,276 1.05 185,000 China Mengniu Dairy Company Limited 692,592 1.57 170,000 China Overseas Land & Investment Limited 534,519 1.21 1,364,000 China Petroleum & Chemical Corp. 810,770 1.83 70,000 China Resources Gas Group Limited 345,993 0.78 4,453 CSL Limited 702,576 1.59 454,000 CSPC Pharmaceutical Group Limited 911,503 2.06 105,950 Dabur India Limited 669,140 1.51 68,760 Dalmia Bharat Limited 798,712 1.81 33,568 DBS Group Holdings Limited 606,841 1.37 318,675 Dlf Limited 700,202 1.58 462,371 Gail India Limited 878,169 1.99 7,000 Galaxy Entertainment Group Limited 43,528 0.10 383,414 Guangzhou Baiyun International Airport Company Limited 1,205,036 2.72 60,546 HDFC Bank Limited 1,049,433 2.37 26,609 Huya Inc. 635,689 1.44 218,081 Icici Bank Limited 1,335,588 3.01 1,219,300 IHH Healthcare Bhd 1,654,074 3.74 379,615 Indian Oil Corp. Limited 790,144 1.79 826,703 Lemon Tree Hotels Limited 665,994 1.51 165 LG Chem Limited 41,314 0.09 7,100 Meituan Dianping - B 72,542 0.16 240,335 Narayana Hrudayalaya Limited 760,544 1.72 163,816 Phu Nhuan Jewelry JSC 566,345 1.28 115,500 Ping An Insurance Group Company of China Limited 1,326,671 3.00 57,702 Reliance Industries Limited 1,085,531 2.45 29,578 Samsung Electronics Company Limited Pfd 976,748 2.21 35,925 Samsung Electronics Company Limited 1,473,169 3.32 2,626 Samsung SDI Company Limited 489,572 1.11 140,807 SBI Life Insurance Company Limited 1,682,928 3.80 227,760 Security Bank Corp. 865,697 1.96 16,433 Shinhan Financial Group Company Limited 574,261 1.29 39,300 Singapore Telecommunications Limited 88,097 0.20 10,799 SK hynix Inc. 742,116 1.68 46,600 Sunny Optical Technology Group Company Limited 684,756 1.55 156,000 Taiwan Semiconductor Manufacturing Company Limited 1,367,711 3.09 19,203 Tal Education Group - ADR 648,485 1.47 2,228,900 Telekomunikasi Indonesia Tbk Pt 676,783 1.53 57,700 Tencent Holdings Limited 2,430,247 5.49 59,388 Tencent Music Entertainment Group 764,917 1.73 40,733 Titan Company Limited 732,246 1.66 295,575 Tonghua Dongbao Pharmaceutical Company - A 724,138 1.64 76,198 Treasury Wine Estates Limited 955,335 2.16 238,150 Universal Robina Corp. 716,799 1.62 349,977 Vietnam Prosperity JSC 331,831 0.75 675,120 Vietnam Technological & Commercial Joint Stock Bank 677,854 1.53




33

Mirae Asset GEM Sector Leader Equity Fund Schedule of Investments (Expressed in USD) as at 30 September 2019



Equities

114,500 3SBio Inc. 189,866 1.63 30,600 Aia Group Limited 289,031 2.49 3,562 Alibaba Group Holding Limited 591,221 5.10 33,360 Alsea SAB de CV 76,579 0.66 17,904 Banco do Brasil SA 195,289 1.68 78,500 Bank Central Asia Tbk Pt 167,845 1.44 3,421 Baozun Inc. - ADR 145,324 1.25 15,300 Boc Aviation Limited 141,198 1.22 1,350 Cd Projekt Red SA 82,488 0.71 37,000 China Mengniu Dairy Company Limited 138,518 1.19 300,000 China Petroleum & Chemical Corp. 178,322 1.53 12,000 China Resources Gas Group Limited 59,313 0.51 4,730 Clicks Group Limited 67,114 0.58

14,300 Companhia de Locacao das Americas 172,010 1.48 350 Credicorp Limited 74,428 0.64 96,000 CSPC Pharmaceutical Group Limited 192,741 1.66 27,131 Dabur India Limited 171,349 1.47 12,518 Dalmia Bharat Limited 145,408 1.25 75,944 Dlf Limited 166,866 1.44 75,185 DP Eurasia NV 80,647 0.69 17,262 Firstrand Limited 71,738 0.62 117,034 Gail India Limited 222,280 1.91 19,600 Grupo Financiero Banorte SAB de CV 106,295 0.91 83,300 Guangzhou Baiyun International Airport Company Limited 261,804 2.25 4,900 Halyk Savings Bank Kazakhstan - GDR 58,800 0.51 10,694 HDFC Bank Limited 185,357 1.60 6,648 Huya Inc. 158,820 1.36 45,439 Icici Bank Limited 278,280 2.40 279,400 IHH Healthcare Bhd 379,028 3.26 28,474 Kaz Minerals plc 150,086 1.29 196,382 Lemon Tree Hotels Limited 158,206 1.36 13,100 Lojas Renner SA 158,143 1.35 5,200 Mr Price Group Limited 55,048 0.47 48,949 Narayana Hrudayalaya Limited 154,900 1.33 760 Novatek PJSC - GDR 158,232 1.36 20,000 Ping An Insurance Group Company of China Limited 229,727 1.98 2,797 Prosus NV 205,502 1.77 5,200 Raia Drogasil SA 120,282 1.04 11,782 Reliance Industries Limited 221,651 1.91 37,869 Rumo SA 217,826 1.87 6,681 Samsung Electronics Company Limited 273,966 2.36 6,660 Samsung Electronics Company Limited Pfd 219,932 1.89 9,193 Sberbank of Russia PJSC - ADR 131,874 1.13 35,264 SBI Life Insurance Company Limited 421,475 3.62 55,140 Security Bank Corp. 209,583 1.81 4,164 Shinhan Financial Group Company Limited 145,514 1.25 1,995 SK hynix Inc. 137,098 1.18 8,700 Sunny Optical Technology Group Company Limited 127,841 1.10 16,700 Suzano SA 135,593 1.17 48,000 Taiwan Semiconductor Manufacturing Company Limited 420,834 3.63 4,811 Tal Education Group - ADR 162,467 1.40 674,200 Telekomunikasi Indonesia Tbk Pt 204,714 1.76 12,800 Tencent Holdings Limited 539,119 4.64 12,484 Tencent Music Entertainment Group 160,794 1.38 7,733 Titan Company Limited 139,014 1.20 68,618 Tonghua Dongbao Pharmaceutical Company - A 168,109 1.45 58,520 Universal Robina Corp. 176,137 1.52 196,990 Vietnam Technological & Commercial Joint Stock Bank 197,788 1.70 30,100 Wal-Mart de Mexico SAB de CV 89,118 0.77 2,286 X5 Retail Group NV - GDR- Reg 79,484 0.68 3,239 Yandex NV 114,207 0.98


Undertakings for collective investments in transferable securities

5,800 Invesco MSCI Saudi Arabia UCITS ETF 120,423 1.04 Total Undertakings for collective investments in transferable securities 120,423 1.04

Investment in securities at market value 11,252,646 96.83 Cash, net of bank overdraft 403,505 3.47 Other net liabilities (35,071) (0.30) Total net assets 11,621,080 100.00


34

Mirae Asset Islamic Asia Sector Leader Equity Fund* Schedule of Investments (Expressed in USD) as at 30 September 2019



Equities

12,500 3SBio Inc. 20,728 3.04 935 ACC Limited 21,233 3.11 349 Alibaba Group Holding Limited 57,927 8.49 374 Asian Paints Limited 9,306 1.37 535 Aurobindo Pharma Limited 4,450 0.65 8,500 Baic Motor Corp. Limited 5,248 0.77 1,744 Bharat Petroleum Corp. Limited 11,577 1.70 5,000 China Mengniu Dairy Company Limited 18,719 2.74 600 China Mobile Limited 4,963 0.73 26,000 China Petroleum & Chemical Corp. 15,455 2.27 1,500 China Resources Gas Group Limited 7,414 1.09 2,000 China Resources Land Limited 8,380 1.23 4,500 China Vanke Company Limited - H 15,670 2.30 10,000 CSPC Pharmaceutical Group Limited 20,076 2.95 2,112 Dabur India Limited 13,339 1.96 11,101 Gail India Limited 21,084 3.09 1,327 Hcl Technologies Limited 20,249 2.97 22,100 IHH Healthcare Bhd 29,980 4.40 17 LG Chem Limited 4,257 0.62 1,831 Marico Limited 10,194 1.49 144 Maruti Suzuki India Limited 13,656 2.00 7,810 Narayana Hrudayalaya Limited 24,715 3.62 24,000 Petrochina Company Limited 12,337 1.81 4,413 Prestige Estates Projects Limited 17,997 2.64 1,994 Reliance Industries Limited 37,512 5.49 1,562 Samsung Electronics Company Limited 64,053 9.38 63 Samsung SDI Company Limited 11,745 1.72 7,300 Singapore Telecommunications Limited 16,364 2.40 701 SK hynix Inc. 48,173 7.06 2,222 Sobha Limited 15,346 2.25 72,800 Telekomunikasi Indonesia Tbk Pt 22,105 3.24 748 Titan Company Limited 13,447 1.97 5,800 Tonghua Dongbao Pharmaceutical Company - A 14,210 2.08 6,000 Unilever Indonesia Tbk Pt 19,655 2.89

Total Equities 651,564 95.52 Total Transferable securities and money market instruments admitted to an official exchange listing 651,564 95.52

Investment in securities at market value 651,564 95.52 Cash 33,804 4.96 Other net liabilities (3,243) (0.48) Total net assets 682,125 100.00


35

Mirae Asset Asia Great Consumer Equity Fund Schedule of Investments (Expressed in USD) as at 30 September 2019



Equities

2,002,000 Aia Group Limited 18,909,786 3.73 198,617 Alibaba Group Holding Limited 32,966,450 6.50 364,637 Apollo Hospitals Enterprise Limited 7,185,484 1.42 757,908 Asian Paints Limited 18,859,267 3.72 8,620,000 Bank Central Asia Tbk Pt 18,430,918 3.64 530,981 Britannia Industries Limited 22,075,186 4.36 2,751,566 China International Travel Service Corp. Limited 35,847,478 7.08 1,127,000 China Merchants Bank Company Limited - H 5,362,042 1.06 3,416,000 China Overseas Land & Investment Limited 10,740,692 2.12 5,069,300 CP All pcl - NVDR 13,466,849 2.66 1,722,537 Crompton Greaves Consumer Electricals Limited 6,088,283 1.20 1,121,360 Foshan Haitian Flavouring & Food Company Limited 17,254,322 3.41 682,603 Godrej Consumer Products Limited 6,624,910 1.31 3,186,000 Haidilao International Holding Limited 13,614,073 2.69 1,719,247 HDFC Bank Limited 29,799,401 5.88 739,843 Hindustan Lever Limited 20,706,072 4.08 1,588,973 Jiangsu Hengrui Medicine Company 17,947,255 3.54 1,664,320 Jollibee Foods Corp. 7,128,729 1.41 1,893,785 Jonjee Hi-Tech Industrial And Commercial Holding Company Limited 11,249,140 2.22 6,720,500 Li Ning Company Limited 19,287,751 3.80 77,082 Luckin Coffee Inc. 1,465,329 0.29 110,883 Nestle India Limited 21,748,120 4.29 228,899 New Oriental Education & Technology Group - ADR 24,311,363 4.79 2,013,500 Ping An Insurance Group Company of China Limited 23,127,721 4.57 1,504,672 Shanghai International Airport - A 16,805,502 3.32 1,368,600 Shenzhou International Group Holdings Limited 17,876,150 3.53 110,443 Tal Education Group - ADR 3,729,660 0.74 423,100 Tencent Holdings Limited 17,820,405 3.52 2,267,541 Unilever Indonesia Tbk Pt 7,428,294 1.47 2,419,410 Vietnam Dairy Products JSC 13,493,292 2.66


Other transferable securities and money market instruments

Bonds

635,139 Britannia Industries Limited 8.000% 28/Aug/22 267,322 0.05 Total Bonds 267,322 0.05 Total Other transferable securities and money market instruments 267,322 0.05

Investment in securities at market value 481,617,246 95.06 Cash 24,590,192 4.85 Other net assets 445,947 0.09 Total net assets 506,653,385 100.00


36

Mirae Asset Global Great Consumer Equity Fund Schedule of Investments (Expressed in USD) as at 30 September 2019



Equities

1,767 Abbott Laboratories 144,611 3.03 1,087 Airbus SE 141,279 2.96 1,481 Alibaba Group Holding Limited 245,816 5.15 127 Alphabet Inc. - A 155,696 3.26 175 Amazon.com Inc. 301,955 6.33 416 Boeing Company 159,270 3.33 102 Booking Holdings Inc. 198,314 4.15 771 Burlington Stores Inc. 153,498 3.21 3,104 Chewy Inc. 80,735 1.69 654 Estee Lauder Companies Inc. 128,400 2.69 933 Facebook Inc. - A 165,234 3.46 5,205 Glaxosmithkline plc 110,446 2.31 1,682 Godaddy Inc. 110,036 2.30 1,103 Guidewire Software Inc. 112,352 2.35 2,356 LiveRamp Holdings Inc. 101,025 2.12 546 L'Oreal SA 151,113 3.16 672 Lululemon Athletica Inc. 127,492 2.67 1,021 MongoDB Inc. 119,794 2.51 677 NetFlix Inc. 178,105 3.73 1,509 Neurocrine Biosciences Inc. 136,082 2.85 1,801 Nike Inc. 166,250 3.48 2,191 Novartis AG- Reg 190,170 3.99 1,067 Ollie's Bargain Outlet Holdings 63,871 1.34 2,551 Restaurant Brands International Inc. 178,366 3.73 4,700 Tencent Holdings Limited 197,958 4.14 883 UnitedHealth Group Inc. 190,075 3.98 1,381 Visa Inc. - A 240,294 5.03 4,048 Yandex NV - A 142,732 2.99 3,421 Yum China Holdings Inc. 153,774 3.22


Investment in securities at market value 4,544,743 95.16 Cash 269,509 5.64 Other net liabilities (38,339) (0.80) Total net assets 4,775,913 100.00


37

Mirae Asset Asia Pacific Health Care Opportunities Equity Fund* Schedule of Investments (Expressed in USD) as at 30 September 2019



Equities

146,500 3SBio Inc. 242,929 4.65 10,473 Apollo Hospitals Enterprise Limited 206,379 3.95 28,641 Aurobindo Pharma Limited 238,215 4.56 1,117 Celltrion Healthcare Company Limited 47,065 0.90 953 Celltrion Inc. 130,663 2.50 49,000 China Medical System Holdings Limited 58,252 1.12 17,252 Cipla Limited 103,658 1.99 1,001 Cochlear Limited 140,673 2.69 3,206 CSL Limited 505,829 9.69 194,000 CSPC Pharmaceutical Group Limited 389,497 7.46 2,035 Genexine Company Limited 86,426 1.66 2,245 Handok Inc. 39,133 0.75 10,000 Hansoh Pharmaceutical Group Company Limited 30,613 0.59 178,700 IHH Healthcare Bhd 242,421 4.64 3,402 Inbody Company Limited 64,278 1.23 32,500 Innovent Biologics Inc. 103,431 1.98 43,607 Jiangsu Hengrui Medicine Company 492,536 9.43 4,584 Lupin Limited 46,328 0.89 56,569 Narayana Hrudayalaya Limited 179,014 3.43 2,407 Ramsay Health Care Limited 105,419 2.02 2,017 Resmed Inc. 269,471 5.16 21 Samsung Biologics Company Limited 5,399 0.10 109,000 Sino Biopharmaceutical 138,479 2.65 24,000 Sinopharm Group Company 75,155 1.44 37,538 Sun Pharmaceutical Industries Limited 206,437 3.95 68,960 Tonghua Dongbao Pharmaceutical Company - A 168,947 3.24 19,847 UPL Limited 169,263 3.24 29,500 Wuxi Biologics Cayman Inc. 301,029 5.77




38

Mirae Asset Asia Growth Equity Fund* Schedule of Investments (Expressed in USD) as at 30 September 2019



Equities

846,500 3SBio Inc. 1,403,679 2.87 157,600 Aia Group Limited 1,488,603 3.04 24,457 Alibaba Group Holding Limited 4,059,374 8.30 62,000 Anta Sports Products Limited 512,860 1.05 22,880 Ayala Corp. 390,460 0.80 177,407 Beijing Easpring Material Technology Company Limited - A 619,168 1.27 368,000 Brilliance China Automotive Holdings Limited 395,237 0.81 24,062 Celltrion Healthcare Company Limited 1,013,862 2.07 4,060,000 Chinasoft International Limited 1,791,842 3.66 9,620 Ctrip.com International Limited - ADR 279,172 0.57 65,100 DBS Group Holdings Limited 1,176,875 2.40 30,122 Duzone Bizon Company Limited 1,646,942 3.37 16,100 Foshan Haitian Flavouring & Food Company Limited 247,730 0.51 635,000 Geely Automobile Holdings Limited 1,077,266 2.20 14,459 Genexine Company Limited 614,071 1.26 47,393 HDFC Bank Limited 821,454 1.68 660,106 Hoa Phat Group JSC 623,041 1.27 8,571 Huya Inc. 204,761 0.42 62,000 Innovent Biologics Inc. 197,315 0.40 34,112 Jiangsu Hengrui Medicine Company 385,291 0.79 32,900 Juewei Food Company Limited 186,814 0.38 366,000 Kingdee International Software Group Company Limited 385,619 0.79 6,554 Koh Young Technology Inc. 487,108 1.00 6,500 Kweichow Moutai Company Limited - A 1,046,470 2.14 12,530 L&F Company Limited 221,029 0.45 4,592 LG Chem Limited 1,149,782 2.35 455,950 Longi Green Energy Technology Company Limited 1,674,292 3.42 6,000 Momo Inc. 187,320 0.38 6,014 New Oriental Education & Technology Group - ADR 638,747 1.31 27,900 Ping An Healthcare & Technology Company Limited 163,170 0.33 147,000 Ping An Insurance Group Company of China Limited 1,688,490 3.45 95,250 Reliance Industries Limited 1,791,910 3.66 32,311 Samsung Electronics Company Limited 1,324,970 2.71 32,378 Samsung Electronics Company Limited Pfd 1,069,212 2.19 1,173 Samsung SDI Company Limited 218,685 0.45 55,292 SBI Life Insurance Company Limited 660,851 1.35 14,200 Shanghai International Airport - A 158,598 0.32 111,500 Sino Biopharmaceutical 141,655 0.29 453,530 SSI Securities Corp. 448,541 0.92 35,600 Sunny Optical Technology Group Company Limited 523,118 1.07 293,000 Taiwan Semiconductor Manufacturing Company Limited 2,568,841 5.24 31,518 Tal Education Group - ADR 1,064,363 2.17 25,427 Tata Consultancy Services Limited 753,763 1.54 63,400 Tencent Holdings Limited 2,670,323 5.46 162,619 Venustech Group Inc. 728,057 1.49 86,000 Vitasoy International Holdings Limited 348,289 0.71 203,000 Wise Talent Information Technology Company Limited 477,997 0.98 47,500 Wuxi Biologics Cayman Inc. 484,709 0.99 734,000 Xinyi Solar Holdings Limited 440,039 0.90 14,438 Zto Express Cayman Inc. 297,134 0.61




39

Mirae Asset China Growth Equity Fund* Schedule of Investments (Expressed in USD) as at 30 September 2019

Quantity Description Market value % of Net assets Transferable securities and money market instruments admitted to an official exchange listing

Equities

8,494 58.com Inc. - ADR 415,526 0.31 60,927 Alibaba Group Holding Limited 10,112,664 7.48 4,420,000 Babytree Group 1,285,448 0.95 557,200 China International Capital Corporation 1,080,319 0.80 473,267 China International Travel Service Corp. Limited 6,165,736 4.56 894,000 China Mengniu Dairy Company Limited 3,346,903 2.48 2,938,000 Chinasoft International Limited 1,296,658 0.96 943,111 Chongqing Fuling Zhacai Group Company Limited 2,948,269 2.18 397,622 Foshan Haitian Flavouring & Food Company Limited 6,118,194 4.53 1,363,000 Haidilao International Holding Limited 5,824,225 4.31 430,631 Hangzhou Tigermed Consulting Company - A 3,740,785 2.77 93,405 Huazhu Group Limited 3,054,344 2.26 328,506 Huya Inc. 7,848,008 5.81 617,500 Jiangsu Hengrui Medicine Company 6,974,587 5.16 2,951,000 Kingdee International Software Group Company Limited 3,109,186 2.30 82,041 Kweichow Moutai Company Limited - A 13,208,223 9.78 387,800 Meituan Dianping - B 3,962,213 2.93 475,275 Midea Group Company Limited - A 3,400,020 2.51 61,293 New Oriental Education & Technology Group - ADR 6,509,930 4.82 178,075 Oppein Home Group Inc. 2,778,674 2.06 557,000 Ping An Insurance Group Company of China Limited 6,397,885 4.73 377,100 Sunny Optical Technology Group Company Limited 5,541,234 4.10 308,605 Tal Education Group - ADR 10,421,590 7.71 119,400 Tencent Holdings Limited 5,028,968 3.72 382,692 Venustech Group Inc. 1,713,340 1.27 1,048,000 Vitasoy International Holdings Limited 4,244,265 3.14 756,400 Wise Talent Information Technology Company Limited 1,781,069 1.32 320,689 Wuliangye Yibin Company Limited 5,827,394 4.31



* Not authorized in Hong Kong and not available to Hong Kong Residents. The accompanying notes form an integral part of these financial statements.

40



Equities

109,200 Aia Group Limited 1,031,443 1.85 16,000 Air Water Inc. 286,434 0.51 14,758 Alibaba Group Holding Limited 2,449,533 4.39 4,300 All Nippon Airways Company Limited 144,794 0.26 54,000 Anritsu Corp. 1,060,286 1.90 37,395 Apollo Hospitals Enterprise Limited 736,900 1.32 65,786 Asian Paints Limited 1,636,975 2.93 566,000 Bank Central Asia Tbk Pt 1,210,198 2.18 40,285 Britannia Industries Limited 1,674,822 3.01 21,000 Casio Computer Company Limited 325,936 0.58 187,710 China International Travel Service Corp. Limited 2,445,491 4.38 85,000 China Merchants Bank Company Limited - H 404,413 0.72 3,650 CSL Limited 575,882 1.03 16,600 Daifuku Company Limited 856,764 1.54 8,600 Daikin Industries Limited 1,129,985 2.03 14,600 Daiwa House Industry Company Limited 474,310 0.85 87,781 Foshan Haitian Flavouring & Food Company Limited 1,350,683 2.42 12,900 Fujimori Kogyo Company Limited 381,908 0.68 9,400 Gmo Payment Gateway Inc. 629,744 1.13 87,315 Godrej Consumer Products Limited 847,424 1.52 120,000 Haidilao International Holding Limited 512,771 0.92 21,621 Hangzhou Hikvision Digital Technology Company Limited 97,767 0.18 18,200 Han's Laser Technology 90,579 0.16 133,366 HDFC Bank Limited 2,311,610 4.15 53,942 Hindustan Lever Limited 1,509,681 2.70 14,600 House Foods Corp. 546,553 0.98 6,500 Hoya Corp. 531,166 0.95 23,000 Hua Hong Semiconductor Limited 45,767 0.08 124,114 Jiangsu Hengrui Medicine Company 1,401,852 2.51 138,201 Jonjee Hi-Tech Industrial And Commercial Holding Company Limited 820,918 1.47 5,100 Kao Corp. 377,302 0.68 700 Keyence Corp. 433,932 0.78 11,600 Kito Corp 166,497 0.30 6,500 Kyoritsu Maintenance Company Limited 278,563 0.50 414,000 Li Ning Company Limited 1,188,175 2.12 2,331 Luckin Coffee Inc. 44,312 0.08 13,900 Meiko Electronics Company Limited 191,782 0.34 14,400 Menicon Company Limited 505,708 0.90 2,900 Mitsubishi Corp. 71,237 0.13 112,300 Mitsubishi Ufj Financial Group Inc. 570,657 1.02 33,100 Mitsui Chemicals Inc. 741,008 1.33 7,200 Murata Manufacturing Company Limited 345,923 0.62 10,100 NEC Corp. 426,760 0.76 1,260 Nestle India Limited 247,131 0.44 17,211 New Oriental Education & Technology Group - ADR 1,827,980 3.27 20,300 Nichias Corp. 359,651 0.64 5,000 Nitori Holdings Company Limited 732,487 1.31 14,400 Nitto Boseki Company Limited 443,662 0.80 2,800 Oriental Land Company Limited 426,538 0.76 29,500 Pacific Industrial Company Limited 431,621 0.77 25,200 Pan Pacific International Holdings Corp. 421,479 0.76 28,100 Pigeon Corp. 1,159,983 2.07 139,500 Ping An Insurance Group Company of China Limited 1,602,343 2.87 13,000 Ryohin Keikaku Company Limited 243,087 0.44 11,600 Sakata Seed Corp. 396,627 0.71 13,479 Samsung Electronics Company Limited 552,730 0.99 22,400 Santen Pharmaceutical Company Limited 389,800 0.70 15,800 Sato Holdings Corp. 427,209 0.77 118,508 Shanghai International Airport - A 1,323,602 2.37 53,400 Shenzhou International Group Holdings Limited 697,491 1.25 8,700 Shin-Etsu Chemical Company Limited 931,912 1.67 1,400 SMC Corp. 598,035 1.07 24,500 SMS Company Limited 596,608 1.07 18,700 Sony Corp. 1,099,786 1.97 8,000 Sumitomo Mitsui Trust Holdings Inc. 288,806 0.52 52,643 Sydney Airport Finance Company Pty Limited 285,402 0.51 6,300 Sysmex Corp. 422,179 0.76 123,000 Taiwan Semiconductor Manufacturing Company Limited 1,078,387 1.94 7,705 Tal Education Group - ADR 260,198 0.47 9,500 Tayca Corp 172,095 0.31 29,800 Tencent Holdings Limited 1,255,136 2.25 8,000 Toyota Industries Corp. 459,599 0.83 5,100 Unicharm Corp. 161,620 0.29 185,796 Vietnam Dairy Products JSC 1,036,203 1.86 454,387 Vietnam Prosperity JSC 430,827 0.77 12,300 Yamaha Corp. 552,770 1.00



Bonds

45,152 Britannia Industries Limited 8.000% 28/Aug/22 19,004 0.03 Total Bonds 19,004 0.03 Total Other transferable securities and money market instruments 19,004 0.03



Mirae Asset Next Asia Pacific Equity Fund* Schedule of Investments (Expressed in USD) as at 30 September 2019

41

Mirae Asset India Mid Cap Equity Fund* Schedule of Investments (Expressed in USD) as at 30 September 2019



Equities

2,684,962 Aditya Birla Fashion and Retail Limited 8,013,198 2.69 494,678 Ajanta Pharma Limited 7,059,392 2.37 1,097,045 Axis Bank Limited 10,611,590 3.55 550,492 Balkrishna Industries Limited 6,034,177 2.02 3,075,118 Bharat Electronics Limited 4,702,791 1.58 878,578 Bharat Forge Limited 5,537,597 1.85 194,742 Biocon Limited 613,102 0.21 1,451,115 Capacite Infraprojects Limited** 4,054,183 1.36 508,329 Ceat Limited 6,870,173 2.30 222,834 Dabur India Limited 1,407,334 0.47 170,049 Divi's Laboratories Limited 3,999,302 1.34 377,024 Dr Lal Pathlabs Limited 7,414,940 2.48 3,707,608 Equitas Holdings Limited 5,434,463 1.82 619,904 Escorts Limited 5,080,189 1.70 1,105,703 Exide Industries Ltd 3,047,781 1.02 8,217,330 Federal Bank Limited 10,489,737 3.51 571,145 Finolex Cables Limited** 3,131,693 1.05 1,472,981 Gateway Distriparks Limited** 2,252,636 0.75 3,302,048 Gujarat Pipavav Port Limited** 4,014,690 1.34 2,380,247 Gujarat State Petronet Limited 7,292,008 2.44 157,924 Havell's India Limited 1,601,841 0.54 1,407,168 Hindustan Petroleum Corp. 5,994,966 2.01 2,453,815 Icici Bank Limited 15,027,844 5.04 103,795 Indian Hotels Company Limited 234,217 0.08 461,127 IndusInd Bank Limited 9,009,089 3.02 140,535 Info Edge India Limited 4,010,962 1.34 539,298 Ipca Laboratories Limited 6,876,731 2.31 1,555,117 Jindal Steel & Power Limited 2,273,938 0.76 264,985 Jubilant Foodworks Limited 5,086,675 1.70 2,862,616 Jyothy Laboratories Limited** 6,825,424 2.29 852,387 Kajaria Ceramics Limited 6,609,875 2.21 8,453 Kotak Mahindra Bank Limited 196,289 0.07 199,772 Larsen & Toubro Infotech 4,263,207 1.43 1,263,404 Max Financial Services Limited 7,614,337 2.55 602,732 MindTree Limited 6,024,212 2.02 939,021 Muthoot Finance Limited 8,962,377 3.00 593,417 Natco Pharma Limited 4,876,532 1.63 5,799,317 National Aluminium Company Limited 3,803,891 1.27 3,020,446 NTPC Limited 5,011,577 1.68 23,609 Page Industries Limited 7,507,061 2.51 842,184 Raymond Limited 6,638,978 2.22 1,534,090 Rbl Bank Limited 7,123,840 2.39 123,399 SRF Limited 4,795,320 1.61 2,164,277 State Bank of India Limited 8,276,123 2.77 764,790 Syngene International Limited 3,348,416 1.12 757,994 Tata Chemicals Limited 6,303,905 2.11 2,616,544 Tata Global Beverages Limited 10,197,708 3.42 1,466,313 Tata Steel Limited 7,464,443 2.50 135,018 Thermax Limited 2,150,442 0.72 160,867 Torrent Pharmaceuticals Limited 3,787,671 1.27 136,183 Trent Limited 930,559 0.31 780,078 TVS Motor Company Limited 4,648,533 1.56 972,889 Voltas Limited 9,335,770 3.12 864,024 Zee Entertainment Enterprises Limited 3,239,334 1.08


Investment in securities at market value 297,113,063 99.51

Cash 1,476,838 0.49 Other net liabilities (28,546) 0.00 Total net assets 298,561,355 100.00


* Not authorized in Hong Kong and not available to Hong Kong

** Illiquid security

Residents.

42

Mirae Asset Global Dynamic Bond Fund* Schedule of Investments (Expressed in USD) as at 30 September 2019



Bonds

200,000 ACWA Power Management and Investments One Limited 5.950% 15/Dec/39 217,187 1.01 200,000 Altria Group Inc. 2.850% 9/Aug/22 202,492 0.94 200,000 Azerbaijan (Govt of) 3.500% 1/Sep/32 194,506 0.90 250,000 Codelco Inc. 3.625% 1/Aug/27 262,386 1.22 800,000 Empresa Nacional del Petroleo 5.250% 10/Aug/20 818,927 3.79 100,000 Enel Generacion Chile SA 4.250% 15/Apr/24 105,696 0.49 200,000 Equate Petrochemical BV 3.000% 3/Mar/22 201,279 0.93 300,000 Eskom Holdings SOC Limited 6.350% 10/Aug/28 321,854 1.49 500,000 Ford Motor Credit Company FRN - 28/Mar/22 493,175 2.29 200,000 Gold Fields Orogen Holdings BVI Limited 6.125% 15/May/29 222,631 1.03 100,000 Israel Chemicals Limited 6.375% 31/May/38 122,625 0.57 700,000 JPMorgan Chase & Company FRN - 24/Oct/23 711,547 3.30 1,000,000 Kookmin Bank 2.125% 21/Oct/20 997,934 4.62

200,000 Korea Development Bank FRN - 30/Oct/22 201,994 0.94 250,000 Listrindo Capital BV 4.950% 14/Sep/26 254,598 1.18 200,000 Marble II PTE Limited 5.300% 20/Jun/22 201,837 0.94 200,000 Minejesa Capital 5.625% 10/Aug/37 216,850 1.00 500,000 Mizuho Financial Group Inc. FRN - 13/Sep/21 505,790 2.34 250,000 Mong Duong Finance Holdings BV 5.125% 7/May/29 254,506 1.18 250,000 NTPC Limited 4.750% 3/Oct/22 262,314 1.22 250,000 Pertamina Persero PT 6.450% 30/May/44 322,337 1.49 200,000 Petrobras Global Finance BV 5.999% 27/Jan/28 222,748 1.03 268,000 Petroleos Mexicanos 6.490% 23/Jan/27 277,907 1.29 400,000 Petroleos Mexicanos 6.875% 4/Aug/26 428,510 1.99 200,000 Petroleos Mexicanos 6.840% 23/Jan/30 206,914 0.96 200,000 SURA Asset Management SA 4.875% 17/Apr/24 215,868 1.00 200,000 Thaioil Treasury Center Company 4.875% 23/Jan/43 242,799 1.13 200,000 Ultrapar International SA 5.250% 6/Jun/29 209,875 0.97

Total Bonds 8,897,086 41.24

Supranationals, Governments and Local Public Authorities, Debt Instruments

200,000 Azerbaijan (Govt of) 4.750% 18/Mar/24 212,588 0.99 200,000 Brazil (Govt of) 6.000% 7/Apr/26 231,458 1.07 1,000,000 China Development FRN - 6/Mar/20 1,000,467 4.64 200,000 Egypt (Govt of) 7.500% 31/Jan/27 215,355 1.00 500,000 Export-Import Bank of Korea 5.000% 11/Apr/22 534,350 2.48 20,000 Mexico (Govt of) 8.000% 7/Dec/23 106,233 0.49 200,000 Mexico (Govt of) 4.350% 15/Jan/47 206,369 0.96 200,000 Oman (Govt of) 5.625% 17/Jan/28 197,346 0.91 250,000 Saudi (Govt) 2.375% 26/Oct/21 250,668 1.16 400,000 South Africa (Govt of) 5.875% 30/May/22 428,887 1.99 200,000 Turkey (Govt of) 7.250% 23/Dec/23 211,821 0.98 200,000 Turkey (Govt of) 7.625% 26/Apr/29 212,953 0.99 2,500,000 United States Treasury Note/Bond 2.375% 30/Apr/20 2,507,031 11.61 1,500,000 United States Treasury Note/Bond 2.875% 30/Nov/23 1,577,227 7.30

Total Supranationals, Governments and Local Public Authorities, Debt Instruments 7,892,753 36.57

Total Transferable securities and money market instruments admitted to an official exchange listing 16,789,839 77.81

Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities

Bonds

200,000 Tengizchevroil Finance Company International Limited 4.000% 15/Aug/26 209,300 0.97 200,000 UniCredit SpA 3.750% 12/Apr/22 203,903 0.94

Total Bonds 413,203 1.91

Mortgage and Asset Backed Securities

707,704.675921 Fannie Mae Interest Strip 3.500% 25/Jan/42 110,687 0.51 600,238.232301 Freddie Mac 4.000% 15/Jan/43 112,619 0.52

Total Mortgage and Asset Backed Securities 223,306 1.03

Total Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities 636,509 2.94


13,000 iShares II plc - JPMorgan USD Emerging Markets Bond Fund 1,468,350 6.80 10,000 iShares JPMorgan EM Local Government Bond UCITS ETF 594,600 2.76 13,000 iShares USD Corporate Bond UCITS ETF 1,581,060 7.33

Total Undertakings for collective investments in transferable securities 3,644,010 16.89




43

Mirae Asset Asia Bond Fund* Schedule of Investments (Expressed in USD) as at 30 September 2019



Bonds

200,000 ABJA Investment Company Pte Limited 5.950% 31/Jul/24 210,217 1.57 200,000 Adani Ports & Special Economic Zone Limited 3.375% 24/Jul/24 200,895 1.50 200,000 Adani Transmission Limited 4.000% 3/Aug/26 204,711 1.53 200,000 Alam Synergy Pte Limited 6.625% 24/Apr/22 190,023 1.42 200,000 Australia & New Zealand Banking Group Limited 4.400% 19/May/26 213,466 1.60 200,000 Bangkok Bank pcl FRN - 25/Sep/34 202,489 1.51 200,000 Bdo Unibank Inc. 2.950% 6/Mar/23 202,571 1.51 200,000 Busan Bank 3.625% 25/Jul/26 201,255 1.50 300,000 Ccci Treasure Limited FRN - 29/Dec/49 300,120 2.25 200,000 CDBL Funding 1 3.000% 24/Apr/23 200,323 1.50 200,000 Chalco Hong Kong Investment Company Limited 4.875% 7/Sep/21 206,139 1.54 200,000 China Construction Bank Corp. FRN - 16/Dec/66 202,809 1.52 200,000 China Huadian Overseas Development Management Company Limited FRN -

29/Nov/67 203,927 1.52

200,000 Chinalco Capital Holdings Limited FRN - 11/Mar/68 200,210 1.50 200,000 CICC Hong Kong Finance 2016 MTN Limited FRN - 11/Sep/21 200,711 1.50 200,000 CNAC HK Finbridge Company Limited 3.375% 19/Jun/24 201,823 1.51 200,000 Commonwealth Bank of Australia FRN - 12/Sep/34 200,267 1.50 200,000 Country Garden Holdings Company Limited 4.750% 28/Sep/23 197,349 1.47 200,000 Dianjian Haiyu Limited FRN - 14/Dec/65 199,720 1.49 200,000 Easy Tactic Limited 7.000% 25/Apr/21 198,652 1.48 200,000 GLP Pte Limited 3.875% 4/Jun/25 201,985 1.51 200,000 Greenko Dutch BV 5.250% 24/Jul/24 201,000 1.50 200,000 Hilong Holding Limited 8.250% 26/Sep/22 202,500 1.51 200,000 Hutchison Whampoa International 3.625% 31/Oct/24 209,520 1.57 200,000 ICBCIL Finance Company Limited FRN - 15/May/21 199,963 1.49 200,000 Indika Energy Capital II 6.875% 10/Apr/22 207,732 1.55 200,000 Indonesia Asahan Aluminium Persero PT 6.530% 15/Nov/28 244,831 1.82 200,000 Industrial & Commercial Bank of China Macau Limited FRN - 12/Sep/29 198,055 1.48 200,000 Ioi Investment Bhd 4.375% 27/Jun/22 206,542 1.54 200,000 Kasikornbank pcl FRN - 2/Oct/31 198,701 1.48 200,000 Kookmin Bank FRN - 2/Jan/68 204,750 1.53 200,000 Leading Affluence Limited 4.500% 24/Jan/23 205,679 1.53 197,640 LLPL Capital Pte Limited 6.875% 4/Feb/39 229,911 1.72 200,000 Longfor Group Holdings Limited 3.875% 13/Jul/22 203,072 1.52 200,000 Malayan Banking Bhd FRN - 16/Aug/24 200,997 1.50 200,000 Medco Straits Services Pte Limited 8.500% 17/Aug/22 214,625 1.60 400,000 Minejesa Capital 4.625% 10/Aug/30 412,010 3.08 250,000 Mong Duong Finance Holdings BV 5.125% 7/May/29 254,507 1.90 200,000 Pertamina Persero PT 3.650% 30/Jul/29 205,863 1.54 200,000 Perusahaan Listrik Negara PT 4.125% 15/May/27 210,735 1.57 200,000 Power Finance Corp Limited 3.250% 16/Sep/24 200,027 1.49 200,000 PTTEP Canada International Finance Limited 6.350% 12/Jun/42 286,556 2.14 200,000 PTTEP Treasury Center FRN - 17/Jan/67 204,427 1.53 200,000 Reliance Industries Limited 3.667% 30/Nov/27 209,929 1.57 200,000 Ronshine China Holdings Limited 8.750% 25/Oct/22 200,257 1.50 200,000 Sands China Limited 5.125% 8/Aug/25 219,832 1.64 200,000 Shimao Property Holdings Limited 4.750% 3/Jul/22 203,911 1.53 200,000 Shinhan Financial Group Company Limited FRN - 13/Feb/67 215,219 1.61 200,000 Sinopec Group Overseas Development 2016 Limited 3.500% 3/May/26 209,155 1.56 200,000 SK Hynix Inc. 3.000% 17/Sep/24 199,035 1.49 200,000 State Bank of India 4.375% 24/Jan/24 211,746 1.58 200,000 Studio City Finance Limited 7.250% 11/Feb/24 210,918 1.58 250,000 Temasek Financial I Limited 3.375% 23/Jul/42 275,151 2.06 200,000 United Overseas Bank Limited FRN - 19/Apr/67 201,400 1.50 200,000 Vedanta Resources Finance II plc 8.000% 23/Apr/23 201,650 1.51 200,000 Voyage Bonds Limited 3.375% 28/Sep/22 200,966 1.50 200,000 Westpac Banking Corp FRN - 24/Jul/34 208,588 1.56 200,000 Yuzhou Properties Company 6.000% 25/Oct/23 183,583 1.37

Total Bonds 12,393,005 92.58


200,000 Sri Lanka (Govt of) 6.250% 4/Oct/20 203,186 1.52 100,000 United States Treasury Note/Bond 1.125% 31/Aug/21 98,961 0.74 100,000 United States Treasury Note/Bond 1.375% 31/Aug/20 99,578 0.74

Total Supranationals, Governments and Local Public Authorities, Debt Instruments 401,725 3.00


Investment in securities at market value 12,794,730 95.58 Cash 700,304 5.23 Other net liabilities (108,375) (0.81) Total net assets 13,386,659 100.00


44

Mirae Asset Korea Equity Fund* Industrial & Geographical Classification as at 30 September 2019

Industrial Classification as at 30 September 2019

% NAV

Semiconductors 19.46 Financial services 8.32 Retail 5.32 Automobile parts and equipment 4.99 Auto manufacturers 4.12 Telecommunication services 4.07 Pharmaceuticals 4.01 Telecommunication equipment 3.93 Machinery 3.52 Chemicals 2.97 Oil and gas producers 2.96 Plastics and Rubber 2.72 Electrical equipment 2.70 Cosmetics and personal care 2.41 Internet software and services 2.36 Engineering and construction 2.08 Biotechnology 1.90 IT Consulting and services 1.90 Miscellaneous machinery 1.87 Electronic equipment 1.53 Electrical utilities 1.37 Iron and steel 1.34 Diversified companies 1.00 Mining (non precious) 0.98 Tobacco 0.98 Apparel 0.97 Software 0.95

Total investment in securities 90.73

Cash 8.42 Other net assets 0.85 Total net assets 100.00

Geographical Classification as at 30 September 2019

% NAV

Republic of Korea (South) 90.73




45

Mirae Asset China Sector Leader Equity Fund Industrial & Geographical Classification as at 30 September 2019


% NAV

Internet software and services 18.85 Beverages 11.03 Commercial services 9.38 Insurance 8.95 Food 7.98 Pharmaceuticals 7.15 Machinery 5.82 Biotechnology 4.75 Software 3.95 Apparel 3.52 Retail 3.26 Transportation 3.06 Leisure 2.85 Energy - alternate sources 2.37 Financial services 2.34 Auto manufacturers 1.17 Banks 1.03 Telecommunication services 0.50


Cash 2.53 Other net liabilities (0.49) Total net assets 100.00


% NAV

Cayman Islands 54.66 China 35.23 Hong Kong 8.07



46

Mirae Asset India Sector Leader Equity Fund Industrial & Geographical Classification as at 30 September 2019


% NAV

Banks 20.39 Oil and gas producers 10.98 Insurance 8.61 Financial services 7.60 IT Consulting and services 5.74 Engineering and construction 5.16 Healthcare services 3.83 Building materials 3.06 Household products 2.79 Chemicals 2.68 Oil and gas services 2.49 Electrical utilities 2.41 Software 2.31 Telecommunication services 2.15 Food 2.08 Transportation 1.96 Coal 1.91 Restaurants 1.83 Real estate 1.70 Retail 1.64 Lodging 1.58 Home builders 1.56 Real estate investment trust 1.41 Cosmetics and personal care 1.39 Pharmaceuticals 1.38 Auto manufacturers 0.55




% NAV

India 99.19



47

Mirae Asset Asia Sector Leader Equity Fund Industrial & Geographical Classification as at 30 September 2019


% NAV

Internet software and services 12.58 Banks 12.02 Semiconductors 11.89 Insurance 9.81 Healthcare services 6.03 Oil and gas producers 5.83 Financial services 5.18 Pharmaceuticals 3.90 Retail 3.84 Transportation 2.94 Oil and gas services 2.80 Telecommunication services 2.29 Biotechnology 2.22 Food services 1.99 Cosmetics and personal care 1.78 Building materials 1.63 Engineering and construction 1.58 Food 1.53 Miscellaneous machinery 1.52 Real estate investment trust 1.50 Software 1.47 Commercial services 1.44 Lodging 1.36 Telecommunication equipment 1.14 Real estate 0.90 Leisure and entertainment 0.10 Chemicals 0.09




% NAV

India 27.17 Cayman Islands 22.36 Republic of Korea (South) 10.53 China 9.11 Hong Kong 6.11 Vietnam 4.81 Malaysia 4.05 Taiwan 3.83 Philippines 3.76 Singapore 3.60 Indonesia 3.33 Bermuda 0.70



48

Mirae Asset Asia Pacific Equity Fund Industrial & Geographical Classification as at 30 September 2019


% NAV

Internet software and services 13.79 Banks 11.74 Semiconductors 10.30 Insurance 9.63 Oil and gas producers 6.07 Healthcare services 5.46 Financial services 4.53 Biotechnology 3.74 Pharmaceuticals 3.70 Retail 2.94 Oil and gas services 2.77 Transportation 2.72 Beverages 2.16 Building materials 1.81 Software 1.73 Telecommunication services 1.73 Food services 1.62 Real estate investment trust 1.58 Food 1.57 Miscellaneous machinery 1.55 Cosmetics and personal care 1.51 Lodging 1.51 Commercial services 1.47 Real estate 1.21 Telecommunication equipment 1.11 Mining (non precious) 0.81 Leisure and entertainment 0.10 Chemicals 0.09




% NAV

India 25.20 Cayman Islands 23.70 Republic of Korea (South) 9.70 China 9.19 Hong Kong 6.20 Australia 4.56 Malaysia 3.74 Philippines 3.58 Vietnam 3.56 Taiwan 3.09 Indonesia 3.03 Singapore 2.62 Bermuda 0.78



49

Mirae Asset GEM Sector Leader Equity Fund Industrial & Geographical Classification as at 30 September 2019


% NAV

Banks 14.44 Internet software and services 11.97 Semiconductors 9.06 Insurance 8.09 Retail 6.07 Oil and gas producers 4.80 Healthcare services 4.59 Financial services 3.83 Pharmaceuticals 3.11 Commercial services 2.88 Oil and gas services 2.42 Transportation 2.25 Food services 2.20 Software 2.09 Agriculture 1.87 Investment companies 1.77 Telecommunication services 1.76 Biotechnology 1.63 Cosmetics and personal care 1.47 Real estate investment trust 1.44 Lodging 1.36 Mining (non precious) 1.29 Building materials 1.25 Food 1.19 Consumer goods 1.17 Miscellaneous machinery 1.10 Open-ended Funds 1.04 Restaurants 0.69


Cash, net of bank overdraft 3.47 Other net liabilities (0.30) Total net assets 100.00


% NAV

India 19.49 Cayman Islands 19.05 Brazil 8.59 China 7.21 Republic of Korea (South) 6.68 Hong Kong 4.15 Taiwan 3.63 Philippines 3.33 Malaysia 3.26 Indonesia 3.20 Russian Federation 3.17 Netherlands 2.75 Mexico 2.34 United Kingdom 1.98 Vietnam 1.70 South Africa 1.67 Singapore 1.22 Bermuda 1.15 Ireland 1.04 Poland 0.71 Kazakhstan 0.51


Cash, net of bank overdraft 3.47 Other net liabilities (0.30) Total net assets 100.00

50

Mirae Asset Islamic Asia Sector Leader Equity Fund* Industrial & Geographical Classification as at 30 September 2019


% NAV Semiconductors 16.44 Oil and gas producers 11.27 Internet software and services 8.49 Healthcare services 8.02 Telecommunication services 6.37 Pharmaceuticals 5.68 Household products 4.38 Oil and gas services 4.18 Real estate 3.87 Building materials 3.11 Biotechnology 3.04 Software 2.97 Auto manufacturers 2.77 Food 2.74 Real estate investment trust 2.30 Home builders 2.25 Chemicals 1.99 Retail 1.97 Cosmetics and personal care 1.96 Telecommunication equipment 1.72




% NAV India 34.31 Republic of Korea (South) 18.78 Cayman Islands 15.50 China 9.23 Indonesia 6.13 Malaysia 4.40 Hong Kong 3.68 Singapore 2.40 Bermuda 1.09




51

Mirae Asset Asia Great Consumer Equity Fund Industrial & Geographical Classification as at 30 September 2019


% NAV

Food 14.77 Banks 10.58 Internet software and services 10.02 Insurance 8.30 Retail 7.87 Leisure 7.08 Household products 6.86 Commercial services 5.53 Chemicals 3.72 Pharmaceuticals 3.54 Apparel 3.53 Transportation 3.32 Restaurants 2.69 Financial services 2.22 Real estate 2.12 Healthcare services 1.42 Electrical equipment 1.20 Beverages 0.29




% NAV

India 26.31 Cayman Islands 25.86 China 25.20 Hong Kong 5.85 Indonesia 5.11 Thailand 2.66 Vietnam 2.66 Philippines 1.41



52

Mirae Asset Global Great Consumer Equity Fund Industrial & Geographical Classification as at 30 September 2019


% NAV

Internet software and services 31.91 Pharmaceuticals 12.18 Retail 7.22 Restaurants 6.95 Aerospace and defence 6.29 Cosmetics and personal care 5.85 Financial services 5.03 Software 4.86 Construction and Building materials 4.15 Healthcare services 3.98 Apparel 3.48 Media 3.26




% NAV

United States 66.73 Cayman Islands 9.29 Netherlands 5.95 Switzerland 3.99 Canada 3.73 France 3.16 United Kingdom 2.31



53

Mirae Asset Asia Pacific Health Care Opportunities Equity Fund* Industrial & Geographical Classification as at 30 September 2019


% NAV

Pharmaceuticals 46.12 Biotechnology 18.08 Healthcare services 14.04 Healthcare supplies and equipment 10.20 Chemicals 3.24




% NAV

India 22.01 Cayman Islands 16.76 Australia 14.40 China 14.11 Hong Kong 7.46 Republic of Korea (South) 7.14 United States 5.16 Malaysia 4.64




54

Mirae Asset Asia Growth Equity Fund* Industrial & Geographical Classification as at 30 September 2019


% NAV

Internet software and services 15.69 Semiconductors 11.14 Software 9.64 Insurance 7.84 Biotechnology 4.53 Energy - alternate sources 4.32 Pharmaceuticals 4.14 Commercial services 4.09 Banks 4.08 Oil and gas producers 3.66 Auto manufacturers 3.01 Beverages 2.85 Chemicals 2.35 IT Consulting and services 1.54 Electrical equipment 1.27 Steel and Chemical plants 1.27 Miscellaneous machinery 1.07 Retail 1.05 Investment companies 0.92 Financial services 0.80 Real estate 0.80 Food 0.51 Electronic equipment 0.45 Telecommunication equipment 0.45 Transportation 0.32




% NAV

Cayman Islands 28.32 China 18.00 Republic of Korea (South) 15.85 India 8.23 Hong Kong 5.95 Taiwan 5.24 Singapore 2.40 Vietnam 2.19 Bermuda 0.81 Philippines 0.80




55

Mirae Asset China Growth Equity Fund* Industrial & Geographical Classification as at 30 September 2019


% NAV

Beverages 17.23 Internet software and services 16.71 Commercial services 15.30 Food 9.19 Financial services 5.81 Pharmaceuticals 5.16 Insurance 4.73 Home furnishings 4.57 Leisure 4.56 Software 4.53 Restaurants 4.31 Miscellaneous machinery 4.10 Lodging 2.26 Investment companies 0.80




% NAV

Cayman Islands 50.50 China 45.62 Hong Kong 3.14




56

Mirae Asset Next Asia Pacific Equity Fund* Industrial & Geographical Classification as at 30 September 2019


% NAV

Banks 8.59 Food 7.76 Chemicals 6.75 Internet software and services 6.64 Electronic equipment 5.53 Insurance 4.72 Retail 4.63 Leisure 4.38 Financial services 4.35 Household products 4.22 Commercial services 3.74 Pharmaceuticals 3.21 Cosmetics and personal care 3.04 Semiconductors 3.01 Building materials 2.67 Transportation 2.63 Machinery 2.61 Home furnishings 1.97 Leisure and entertainment 1.76 Healthcare supplies and equipment 1.66 Automobile parts and equipment 1.60 Healthcare services 1.32 Apparel 1.25 IT Consulting and services 1.07 Biotechnology 1.03 Food services 0.98 Restaurants 0.92 Home builders 0.85 Textiles 0.80 Business and office equipment 0.77 Agriculture 0.71 Electrical equipment 0.58 Engineering and construction 0.51 Real estate investment trust 0.50 Industrials 0.16 Distribution and wholesale 0.13 Beverages 0.08




% NAV

Japan 37.99 China 17.08 India 16.10 Cayman Islands 14.75 Vietnam 2.63 Indonesia 2.18 Taiwan 1.94 Hong Kong 1.93 Australia 1.54 Republic of Korea (South) 0.99




57

Mirae Asset India Mid Cap Equity Fund* Industrial & Geographical Classification as at 30 September 2019


% NAV

Banks 20.35 Pharmaceuticals 8.92 Apparel 5.20 Financial services 4.82 Engineering and construction 4.48 Automobile parts and equipment 4.32 Textiles 3.83 IT Consulting and services 3.45 Beverages 3.42 Iron and steel 3.26 Electrical equipment 2.61 Insurance 2.55 Healthcare services 2.48 Oil and gas services 2.44 Consumer goods 2.29 Building materials 2.21 Chemicals 2.11 Oil and gas producers 2.01 Metal fabrication 1.85 Miscellaneous machinery 1.70 Retail 1.70 Electrical utilities 1.68 Leisure and entertainment 1.64 Electronic equipment 1.58 Commercial services 1.34 Employment services 1.34 Mining (non precious) 1.27 Healthcare products 1.12 Broadcasting, radio and television 1.08 Transportation 0.75 Machinery 0.72 Cosmetics and personal care 0.47 Stores 0.31 Biotechnology 0.21


Cash 0.49 Other net liabilities 0.00 Total net assets 100.00


% NAV

India 99.51


Cash 0.49 Other net liabilities 0.00 Total net assets 100.00


58

Mirae Asset Global Dynamic Bond Fund* Industrial & Geographical Classification as at 30 September 2019


% NAV

Governments 33.77 Open-ended Funds 16.89 Banks 15.84 Oil and gas producers 11.52 Electrical utilities 5.56 Financial services 2.90 Auto manufacturers 2.29 Mortgage and Asset Backed Securities 2.03 Metal fabrication 1.22 Investment companies 1.13 Mining (non precious) 1.03 Consumer goods 1.01 Software 0.94 Tobacco 0.94 Chemicals 0.57




% NAV

United States 26.47 Ireland 16.89 Republic of Korea (South) 8.04 Mexico 5.69 Chile 5.50 Netherlands 5.32 China 4.64 South Africa 3.48 Japan 2.34 Turkey 1.97 Azerbaijan 1.89 Indonesia 1.49 India 1.22 Saudi Arabia 1.16 Thailand 1.13 Brazil 1.07 Virgin Islands (British) 1.03 United Arab Emirates 1.01 Curacao 1.00 Egypt 1.00 Bermuda 0.97 Luxembourg 0.97 Italy 0.94 Singapore 0.94 Oman 0.91 Israel 0.57




59

Mirae Asset Asia Bond Fund* Industrial & Geographical Classification as at 30 September 2019


% NAV

Banks 19.77 Financial services 9.11 Industrials 6.71 Mining (non precious) 6.37 Real estate investment trust 5.98 Real estate 5.93 Oil and gas producers 5.28 Electrical utilities 5.15 Energy - alternate sources 4.60 Leisure and entertainment 3.22 Mortgage and Asset Backed Securities 3.08 Governments 3.00 Investment companies 2.06 Diversified companies 1.57 Iron and steel 1.57 Public services 1.57 Media 1.56 Agriculture 1.54 Chemicals 1.51 Oil and gas services 1.51 Metal fabrication 1.50 Transportation 1.50 Semiconductors 1.49




% NAV

Virgin Islands (British) 14.42 Cayman Islands 13.61 Singapore 12.93 India 7.67 Netherlands 6.48 Republic of Korea (South) 6.13 Indonesia 4.93 Australia 4.66 Hong Kong 4.53 Thailand 4.52 Malaysia 3.04 China 3.02 Canada 2.14 Sri Lanka 1.52 Philippines 1.51 United Kingdom 1.51 Macau 1.48 United States 1.48




60

Unaudited Supplementary Information

Information on Remuneration

FundRock Management Company S.A. (“FundRock”) has

established and applies a remuneration policy in

accordance with the principles laid out under the AIFMD

and UCITS V directive, and any related legal & regulatory

provisions applicable in Luxembourg. The remuneration

policy is aligned with the business strategy, objectives,

values and interests of the Management Company and the

Funds that it manages and of the investors in such Funds,

and which includes, inter alia, measures to avoid conflicts of

interest; and it is consistent with and promotes sound and

effective risk management and does not encourage risk

taking which is inconsistent with the risk profiles, rules or

instruments of incorporation of the Funds that the

Management Company manages.

As an independent management company relying on a full-

delegation model (i.e. delegation of the collective portfolio

management function), FundRock ensures that its

remuneration policy adequately reflects the predominance

of its oversight activity within its core activities. As such, it

should be noted that FundRock’s employees who are

identified as risk-takers under UCITS V are not

remunerated based on the performance of the funds under

management.

A paper version of the remuneration policy is made

available free of charge to investors at FundRock’s

registered office.

The amount of remuneration, including social charges and

benefits, for the financial year ending December 31, 2018

was:

EUR 6,459,595.00

Fixed remuneration: EUR 6,271,345.00

Variable remuneration: EUR 188,250.00

This does not include the remuneration to SEB Fund

Services/FundRock Nordics for the period from January 1,

2018 till December 21, 2018 prior to the merger of SEB

Fund Services/FundRock Nordics with FundRock

Management Company on December 21, 2018.

Number of beneficiaries: 64

The aggregated amount of remuneration for the financial

year ending December 31, 2018 of Identified staff/risk

takers is as follows:

Identified staff/risk takers: EUR 1,069,358.00

Other risk takers: EUR Nil

The remuneration to SEB Fund Services/FundRock Nordics

for the period from January 1, 2018 till December 21, 2018

prior to the merger of SEB Fund Services/FundRock

Nordics with FundRock Management Company on

December 21, 2018, including social charges and benefits

was: EUR 2,286,192.83

Fixed remuneration: EUR 2,245,970.33

Variable remuneration: EUR 40,222.50


The aggregated amount of remuneration for the period from

January 1, 2018 till December 21, 2018 prior to the merger

of SEB Fund Services/Fund Rock Nordics with Fund Rock

Management Company of Identified staff/risk takers is as

follows:

Identified staff/risk takers: EUR 489,625.06


The total amount of remuneration is based on a

combination of the assessment of the performance of the

individual, the overall results of FundRock, and when

assessing individual performance, financial as well as non-

financial criteria are taken into account.

The total amount of remuneration is based on a

combination of the assessment of the performance of the

individual, the overall results of FundRock, and when

assessing individual performance, financial as well as non-

financial criteria are taken into account.

The Policy is subject to annual review by the Compliance

Officer and the update is performed by HR department of

FundRock and is presented for review to the Remuneration

Committee and approval by the Board of FundRock.

The policy was last updated in February 2019, to reflect the

additional requirements of the “UCITS V” Directive.

European Regulation (EU) 2015/2365 on the transparency of financial transactions in securities and reuse of collateral (Securities Financing Transactions or SFTR)

During the period from 1 April 2019 to 30 September 2019, the Company did not enter into securities financing transactions and total return swaps.

Mirae Asset Global Discovery FundSociété d’Investissement à Capital Variable

Annual Report and Audited Financial Statements for the Year Ended 31 March 2019

R.C.S Luxembourg B138.578

No subscription may be accepted on the basis of this report. Subscriptions are accepted only on the basis of the current prospectus and key investor information documents accompanied by the latest annual report and the latest semi-annual report if available.

2

Mirae Asset Global Discovery FundSociété d’Investissement à Capital Variable

Annual Report and Audited Financial Statements for the year ended 31 March 2019

Table of Content

General Information ....................................................................................................................... 3

Principal Investment Manager’s Report............................................................................................ 5

Independent Auditor’s Report .......................................................................................................... 7

Financial Statements ....................................................................................................................10Statement of Net AssetsStatement of Operations and Changes in Net Assets

Statistical Information ..................................................................................................................17

Notes to the Financial Statements ...............................................................................................25

Schedule of Investments ..............................................................................................................31Mirae Asset Korea Equity Fund*Mirae Asset China Sector Leader Equity FundMirae Asset India Sector Leader Equity FundMirae Asset Asia Sector Leader Equity FundMirae Asset Asia Pacific Equity FundMirae Asset GEM Sector Leader Equity FundMirae Asset Islamic Asia Sector Leader Equity Fund*Mirae Asset Asia Great Consumer Equity FundMirae Asset Global Great Consumer Equity FundMirae Asset Asia Pacific Health Care Opportunities Equity Fund*Mirae Asset Asia Growth Equity Fund*Mirae Asset China Growth Equity Fund*Mirae Asset Next Asia Pacific Equity Fund*Mirae Asset India Mid Cap Equity Fund*Mirae Asset Global Dynamic Bond Fund*Mirae Asset Asia Bond Fund*

Industrial & Geographical Classification .....................................................................................51Mirae Asset Korea Equity Fund*Mirae Asset China Sector Leader Equity FundMirae Asset India Sector Leader Equity FundMirae Asset Asia Sector Leader Equity FundMirae Asset Asia Pacific Equity FundMirae Asset GEM Sector Leader Equity FundMirae Asset Islamic Asia Sector Leader Equity Fund*Mirae Asset Asia Great Consumer Equity FundMirae Asset Global Great Consumer Equity FundMirae Asset Asia Pacific Health Care Opportunities Equity Fund*Mirae Asset Asia Growth Equity Fund*Mirae Asset China Growth Equity Fund*Mirae Asset Next Asia Pacific Equity Fund*Mirae Asset India Mid Cap Equity Fund*Mirae Asset Global Dynamic Bond Fund*Mirae Asset Asia Bond Fund*

Unaudited Supplementary Information ........................................................................................67

* Not authorized in Hong Kong and not available to Hong Kong Residents


3

General Information Registered Office31 z.a. BourmichtL-8070 BertrangeGrand Duchy of Luxembourg

Board of Directors

ChairmanMr. RHEE Jung HoChief Executive OfficerMirae Asset Global Investments (Hong Kong) LimitedHong Kong

MembersMr. BERMAN ElliotManaging Director, OperationsMirae Asset Global Investments (UK) LimitedUnited Kingdom

Mr. KIM Byung HaChief Operating OfficerMirae Asset Global Investments (Hong Kong) LimitedHong Kong

Mr. CHO Young-RaeHead of Business Development and ProductMirae Asset Global Investments (Hong Kong) LimitedHong Kong

Management CompanyFundRock Management Company S.A33, rue de GasperichL-5826 HesperangeGrand Duchy of Luxembourg

Board of Directors of the Management Company

ChairmanMr. BROWN Kevin Charles (until 11 April 2018)Independent Non-Executive DirectorLondon, United Kingdom

Mr. VAREIKA Michel Marcel (since 11 April 2018)Independent Non-Executive DirectorLuxembourg, Grand Duchy of Luxembourg

MembersMr. DENIS RomainExecutive Director, Information SystemFundRock Management Company S.A.Luxembourg, Grand Duchy of Luxembourg

Mr. DOUCHE Christophe (until 15 June 2018)Executive Director, Risks & OperationsFundRock Management Company S.A.Luxembourg, Grand Duchy of Luxembourg

Mr. MAY EricNon-Executive DirectorFounding PartnerBlackFin Capital PartnersParis, France

Mrs. MCDERMOTT TraceyIndependent Non-Executive DirectorLuxembourg, Grand Duchy of Luxembourg

Mr. THOMSON RossExecutive Director – Managing Director, LuxembourgFundRock Management Company S.A. (Ireland Branch)Dublin, Ireland

Mr. WOOD Revel Justin (until 4 December 2018)Executive Director, Chief Executive OfficerFundRock Management Company S.A.Luxembourg, Grand Duchy of Luxembourg

Mr. Grégory NICOLAS (since 15 November 2018)Executive Director – Legal, Compliance, CorporateFundRock Management Company S.A.Grand Duchy of Luxembourg

Mr. Serge RAGOZIN (since 15 November 2018)Executive Director – Chief Operating OfficerFundRock Management Company S.A.Grand Duchy of Luxembourg

4

Conducting PersonsMr. DENIS RomainMr. DOUCHE Christophe (until 15 June 2018)Mr. FAHY EndaMr. NICOLAS GregoryMr. WOOD Revel Justin (until 4 December 2018)

Principal Investment Manager *Mirae Asset Global Investments (Hong Kong) LimitedLevel 15, Three Pacific Place1 Queen’s Road EastHong Kong

Investment Managers **Mirae Asset Global Investments Co Ltd13F, Tower 1, 33, Jong-roJongno-gu, Seoul, 03159,Republic of Korea

Mirae Asset Global Investments (USA) LLC625 Madison Avenue, 3rd FloorNew York, NY 10022United States of America

MAPS Capital Management LimitedLevel 15, Three Pacific Place1 Queen’s Road EastHong Kong

Daiwa Asset Management Co. Ltd.Gran Tokyo North Tower 9-1Marunouchi 1- ChomeChiyoda-ku, Tokyo100-6753 Japan

Global Distributor *Mirae Asset Global Investments (Hong Kong) LimitedLevel 15, Three Pacific Place1 Queen’s Road EastHong Kong

Depositary, Administrative Agent *, Registrar and Transfer Agent *, Paying Agent *Citibank Europe Plc, Luxembourg Branch31 z.a. BourmichtL-8070 BertrangeGrand Duchy of Luxembourg

Hong Kong RepresentativeMirae Asset Global Investments (Hong Kong) LimitedLevel 15, Three Pacific Place1 Queen’s Road EastHong Kong

Independent AuditorErnst & Young S.A.35E, avenue John F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Legal AdvisorsArendt & Medernach S.A.41A, avenue J.F. KennedyL-2082 LuxembourgGrand Duchy of Luxembourg

Information to ShareholdersCopies of the prospectus and any information relating thereto may be obtained from the registered office of the Company at 31 z.a. Bourmicht, L-8070 Bertrange, Grand Duchy of Luxembourg, from Mirae Asset Global Investments (Hong Kong) Limited and from the appointed fund distributors.

Corporate GovernanceFollowing its introduction in September 2009, the Board of Directors has adopted the ALFI Code of Conduct (the “Code”), which sets out the principles of good governance. The Board considers that the Company has been in compliance with the Code in all material respects throughout the year ended 31 March 2019.

* Delegated by the Management Company** Delegated by the Principal Investment Manager


5

Principal Investment Manager’s ReportMarket Overview for the Year Ended 31 March 2019

Global financial markets have had a volatile year as macro and political events significantly affected investor sentiment. Emerging markets overall witnessed higher market volatility, particularly for second half of 2018 whilst the US performed well on the back of strengthening labor market and higher consumer spending and confidence. 2019 started off in a more optimistic mode as some of the concerns on rising interest rates, and a strong US Dollar have receded.

AsiaAsian ex-Japan equities witnessed a volatile period in the second half of 2019 as macro concerns about US-China trade, rising interest rates and a strong US Dollar significantly affected investor sentiment. As a result, Asian markets, particularly China, experienced high-selling pressure. As some of these macro headwinds receded at the beginning of 2019, investor sentiment rebounded and Asian markets became more attractive to investors.

In India, earlier concerns on inflation and the current account deficit have largely alleviated since oil prices have declined from October’s peak levels. The Reserve Bank of India has turned more dovish. This was mostly driven by a deceleration in high-frequency indicators this year as well as reduced inflation expectations. The first phase of India’s national elections began on April 11th. Opinion polls indicate that Prime Minister Narendra Modi’s Bharatiya Janata Party-led National Democratic Alliance is likely to retain power. The outcome will likely influence the market in the short-term; however, is important to note that India has maintained economic growth under various parties and coalitions over the past two decades, and we do not expect the election outcome to materially change the broader economic growth outlook.

Taiwan and South Korea’s trade data have trended weaker in since the second half of 2018. Domestic demand remains subdued as employment and wage growth continue to be sluggish. In the ASEAN region, recent inflation data has softened and combined with a more dovish US Fed, Asian central banks should have room to cut rates this year.

ChinaSince the second half of 2018, China’s macro data including GDP, manufacturing, and consumer spending point to signs that China’s economy is softening. This is partly due to the lingering effects of the governments’ earlier deleveraging efforts as well as regulatory changes that affected certain sectors. Since July 2018, when US-China trade tensions began, Chinese policymakers have shifted towards policy stimulus, including tax cuts, monetary easing, fiscal spending, as well as supportive policies to targeted industries including autos and home appliances. We expect policy support to continue as uncertainties surrounding US-China trade persists. Importantly, the Chinese government still has many levers it can utilize to stimulate the economy, particularly given that the stimulus, thus far, has been very measured.

Overall, the portfolios are positioned away from exporters and more geared toward domestic demand stories in China, including leading names in education, consumer staples and internet/e-commerce. We believe that these sectors will be more resilient in the current environment, particularly if policymakers target to further support domestic demand, which we have already seen via various tax cuts and spending policies.

A positive development was MSCI’s announcement in February that will raise the China A-Share inclusion factor from the current 5% to 20%, beginning from

6

May 2019 in three stages. Currently, the weight of A-shares in the MSCI EM Index is 0.8%. At 20% inclusion factor, the pro-forma weight of A-shares in MSCI EM Index will become approximately 3.3%. Foreign investors have been increasing their exposure to the onshore market. As at the end of 2018, foreign investors accounted for approximately 6.7% of the free-float market cap of the onshore equity market. This level is still low compared to other major markets in the region such as Taiwan, Korea and Japan, which are in the range of 20-35% foreign ownership.

GEMThe multi-year rally in EM equities saw a correction in 2018, but continued on a positive path into 2019. Last year’s volatility came from a combination of escalating trade tension between the US and China, continued US rate hikes, and fears over a hard “Brexit”. This combination led investors to fear slower global economic growth and move into more conservative asset classes. Additionally, emerging markets faced uncertain and polarizing elections in Brazil, Mexico, Colombia, and Turkey.

In EM ex-Asia, the US signed a new trade agreement with Mexico and Canada, erasing fears that President Trump would end the North American Free Trade Agreement (NAFTA) relationship. Brazil, for the first time in fourteen years, elected a market friendly President that supports fiscal responsibility and central bank autonomy. Russia’s Central Bank continued to keep inflation under control, which allowed for single digit interest rates, which stimulated borrowing and growth. Looking into the rest of 2019, the market will keep a close eye on elections in South Africa and Argentina.

Outlook for the next fiscal yearOur view is that US-China trade will be a key area to watch along with central bank and government policy going forward. US-China trade tensions remain the key downside risk, but our current base case is that the re-escalation in trade tensions is temporary and we see a more gradual growth recovery. Increased tariffs will likely negatively impact growth; however, we believe that further easing policies will be able to mitigate some of these effects.

We continue to focus on finding quality companies focused on building sustainable businesses that take advantage of rising incomes, financial inclusion, changing spending patterns, and consumption. Moreover, short term market dislocations can provide an opportunity to build larger positions in high conviction positions.

Mirae Asset Global Investments (Hong Kong) Limited

Principal Investment Manager

Jung Ho RHEE

17 June 2019

7

Independent auditor’s report

To the Shareholders of


31 z.a. Bourmicht

L-8070 Bertrange

Grand Duchy of Luxembourg

Opinion

We have audited the financial statements of Mirae Asset Global Discovery Fund (the “Fund) and of each of

its sub-funds, which comprise the statement of net assets and the schedule of investments as at

31 March 2019 , and the statement of operations and changes in net assets for the year then ended , and

the notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the

Fund and each of its sub-funds as at 31 March 2019, and of the results of their operations and changes in

their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements

relating to the preparation and presentation of the financial statements.

Basis for Opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (the “Law of

23 July 2016”) and with International Standards on Auditing (“ISAs”) as adopted for Luxembourg by the

“Commission de Surveillance du Secteur Financier” (“CSSF”). Our responsibilities under the Law of 23 July

2016 and ISAs are further described in the “responsibilities of the “réviseur d’entreprises agréé” for the audit

of the financial statements” section of our report. We are also independent of the Fund in accordance with

the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants

(“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical requirements that are

relevant to our audit of the financial statements, and have fulfilled our other ethical responsibilities under

those ethical requirements. We believe that the audit evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises

the information included in the annual report but does not include the financial statements and our report of

the “réviseur d’entreprises agréé” thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form

of assurance conclusion thereon.

Lucie.Grandjean

Tampon

4‘

EVBuilding a betterworking world

In connection with our audit of the financial statements, our responsibility is to read the other informationand. in doing so, consider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or othenrvise appears to be materially misstated. if, basedon the work we have performed. we conclude that there is a material misstatement of this other information,we are required to report this fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund and those charged with governance for thefinancial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financialstatements in accordance with Luxembourg legal and regulatory requirements relating to the preparation andpresentation of the financial statements, and for such internal control as the Board of Directors of the Funddetermines is necessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing theFund’s and each of its sub-funds’ ability to continue as a going concern. disclosing, as applicable. mattersrelated to going concern and using the going concern basis of accounting unless the Board of Directors ofthe Fund either intends to liquidate the Fund or any of its sub-funds or to cease operations, or has norealistic alternative but to do so.

Those charged with governance are responsible for overseeing the Fund’s financial reporting process.

Responsibilities of the “réviseur d'entreprises agréé” for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error. and to issue a report of the “réviseurd’entreprises agréé" that includes our opinion. Reasonable assurance is a high level of assurance. but is nota guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adoptedfor Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if, individually or in the aggregate, they couldreasonably be expected to influence the economic decisions of users taken on the basis of these financialstatements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg bythe CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. Wealso:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraudor error. design and perform audit procedures responsive to those risks, and obtain audit evidence thatis sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error. as fraud may involvecollusion, forgery. intentional omissions, misrepresentations, or the override of internal control.

AmemberfirmnffimstaYowGiobalUmted

EYBuilding a betterworking world

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures thatare appropriate in the circumstances. but not for the purpose of expressing an opinion on theeffectiveness of the Fund's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by the Board of Directors of the Fund.

- Conclude on the appropriateness of Board of Directors of the Fund use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a material uncertainty exists related toevents or conditions that may cast significant doubt on the Fund's or any of its sub-funds' ability tocontinue as a going concern. If we conclude that a material uncertainty exists, we are required to drawattention in our report of the “réviseur d’entreprises agréé" to the related disclosures in the financialstatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based onthe audit evidence obtained up to the date of our report of the “réviseur d’entreprises agréé". However.future events or conditions may cause the Fund or any of its sub-funds‘ to cease to continue as a goingconcern.

- Evaluate the overall presentation, structure and content of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and events in amanner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scopeand timing of the audit and significant audit findings, including any significant deficiencies in internal controlthat we identify during our audit.

Ernst & YoungSociété anonyme

Cabinet de révision agréé

//%Michael Ferguson

Luxembourg. 26 July 2019

Amember firm oft-Ernst & Voung Global Limited

Financial StatementsStatement of Net Assets as at 31 March 2019

10

Note Mirae Asset Korea

Equity Fund*


Leader Equity Fund


Leader Equity Fund


Leader Equity Fund


(USD) (USD) (USD) (USD) (USD)

Investment in securities at cost 2,689,583 7,530,691 127,405,241 428,403,942 44,402,380Unrealised appreciation / (depreciation) 70,422 1,364,417 18,442,770 35,944,690 4,659,769

Investment in securities at market value 2a 2,760,005 8,895,108 145,848,011 464,348,632 49,062,149Cash 504,190 639,125 3,037,077 4,926,847 476,922Cash at broker 11 — — — — —Dividends and interest receivable 42,031 — 101,797 831,634 104,257Formation expenses 2j — — — — —Other receivable 12 — — 209,585 — —Receivables resulting from subscriptions 162 108 6,670 389,072 108Receivables resulting from sales of securities 18,062 112,314 1,652,535 4,010,264 296,844Unrealised gain on forward foreign exchange contracts 9 — — — — —

Total assets 3,324,450 9,646,655 150,855,675 474,506,449 49,940,280

Bank overdraft — — — — —Payables resulting from redemptions 4,012 84,643 3,445,562 850,820 3,027Payables resulting from purchases of securities — 82,795 494,467 3,828,770 423,308Accrued expenses 33,616 36,012 1,510,736 512,469 67,440Unrealised loss on forward foreign exchange contracts 9 — — — 2,606 —Unrealised loss on future contracts 11 — — — — —

Total liabilities 37,628 203,450 5,450,765 5,194,665 493,775

Net assets 3,286,822 9,443,205 145,404,910 469,311,784 49,446,505

Net asset value per A Cap USD share ^ 10.86 17.33 16.27 13.36 18.07Net asset value per A Cap EUR share ^ 9.54 — 10.37 10.22 14.83Net asset value per A Cap EUR Hedged share ^ — — — 10.28 —Net asset value per A Cap CHF Hedged share ^ — — — — —Net asset value per A Cap GBP share ^ — — — 8.78 —Net asset value per C Cap USD share ^ — — — 10.58 —Net asset value per E Cap USD share ^ — — — — —Net asset value per I Cap USD share ^ 14.65 — 16.98 13.80 19.66Net asset value per I Cap EUR share ^ — — 9.42 9.96 —Net asset value per I Cap GBP share ^ — — — 8.94 13.49Net asset value per J Cap JPY share ^ — — — 159.62 —Net asset value per K Cap USD share ^ — 13.81 17.68 18.25 15.05Net asset value per N Cap AUD share ^ — — — 12.61 —Net asset value per R Cap USD share ^ — — 12.78 11.28 —Net asset value per R Cap EUR share ^ — — — 9.62 —Net asset value per R Cap EUR Hedged share ^ — — — 6.64 —Net asset value per R Cap GBP share ^ — — 10.98 9.02 —Net asset value per Z Cap GBP share ^ — — — 7.51 —Number of A Cap USD shares outstanding ^ 165,450.644 51,264.472 108,795.063 1,470,648.115 50,543.340Number of A Cap EUR shares outstanding ^ 926.181 — 225,464.141 2,376,924.921 28,307.454Number of A Cap EUR Hedged shares outstanding ^ — — — 10,963.619 —Number of A Cap CHF Hedged shares outstanding ^ — — — — —Number of A Cap GBP shares outstanding ^ — — — 16,715.637 —Number of C Cap USD shares outstanding ^ — — — 27,975.867 —Number of E Cap USD shares outstanding ^ — — — — —Number of I Cap USD shares outstanding ^ 101,043.666 — 220,726.782 8,213,224.697 73,500.090Number of I Cap EUR shares outstanding ^ — — 139,452.367 291,459.000 —Number of I Cap GBP shares outstanding ^ — — — 1,638.000 150.000Number of J Cap JPY shares outstanding ^ — — — 28,868,106.680 —Number of K Cap USD shares outstanding ^ — 619,447.966 4,269,579.262 463,590.376 3,096,929.280Number of N Cap AUD shares outstanding ^ — — — 886,137.241 —Number of R Cap USD shares outstanding ^ — — 2,679,284.122 10,858,948.490 —Number of R Cap EUR shares outstanding ^ — — — 1,653,037.750 —Number of R Cap EUR Hedged shares outstanding ^ — — — 28,534.533 —Number of R Cap GBP shares outstanding ^ — — 1,811,206.372 865,133.023 —Number of Z Cap GBP shares outstanding ^ — — — 9,792,359.666 —

* Not authorized in Hong Kong and not available to Hong Kong Residents.^ Cap refers to CapitalisationThe accompanying notes form an integral part of these financial statements.


Financial Statements

11

Statement of Net Assets as at 31 March 2019 (continued)

Note Mirae Asset GEM Sector Leader

Equity Fund

Mirae Asset Islamic Asia Sector Leader

Equity Fund*


Equity Fund

Mirae Asset Global Great Consumer

Equity Fund




Investment in securities at cost 10,469,845 679,777 425,705,558 3,787,595 4,160,820Unrealised appreciation / (depreciation) 635,544 67,619 141,284,744 1,318,996 923,559

Investment in securities at market value 2a 11,105,389 747,396 566,990,302 5,106,591 5,084,379Cash 388,118 21,735 4,218,232 121,682 417,358Cash at broker 11 — — — — —Dividends and interest receivable 15,301 1,889 48,157 2,335 6,026Formation expenses 2j — 17,372 — — —Other receivable 12 — — — 8,084 —Receivables resulting from subscriptions 537 — 124,938 — —Receivables resulting from sales of securities 74,762 12,021 6,003,303 — —

Unrealised gain on forward foreign exchange contracts 9 — — 18 — —

Total assets 11,584,107 800,413 577,384,950 5,238,692 5,507,763

Bank overdraft 124 — — — —Payables resulting from redemptions 1,937 — 3,800,862 — —Payables resulting from purchases of securities 87,536 11,143 — — —Accrued expenses 36,146 15,993 620,776 31,035 31,794Unrealised loss on forward foreign exchange contracts 9 — — 12,105 — —Unrealised loss on future contracts 11 — — — — —

Total liabilities 125,743 27,136 4,433,743 31,035 31,794

Net assets 11,458,364 773,277 572,951,207 5,207,657 5,475,969

Net asset value per A Cap USD share ^ 13.46 7.39 16.37 — —Net asset value per A Cap EUR share ^ — — 13.64 — —Net asset value per A Cap EUR Hedged share ^ — — 10.59 — —Net asset value per A Cap CHF Hedged share ^ — — 11.41 — —Net asset value per A Cap GBP share ^ — — 7.47 — —Net asset value per C Cap USD share ^ — — — — —Net asset value per E Cap USD share ^ 9.63 — — — —Net asset value per I Cap USD share ^ — 9.53 17.08 — 10.60Net asset value per I Cap EUR share ^ — — 11.03 — —Net asset value per I Cap GBP share ^ — — — — —Net asset value per J Cap JPY share ^ — — — — —Net asset value per K Cap USD share ^ 11.64 — 18.03 19.50 —Net asset value per N Cap AUD share ^ — — 21.80 — —Net asset value per R Cap USD share ^ — — 12.17 — —Net asset value per R Cap EUR share ^ — — 10.85 — —Net asset value per R Cap EUR Hedged share ^ — — — — —Net asset value per R Cap GBP share ^ — — 9.61 — —Net asset value per Z Cap GBP share ^ — — — — —Number of A Cap USD shares outstanding ^ 91,216.150 515.111 6,033,304.492 — —Number of A Cap EUR shares outstanding ^ — — 820,559.567 — —Number of A Cap EUR Hedged shares outstanding ^ — — 117,669.204 — —Number of A Cap CHF Hedged shares outstanding ^ — — 70,420.000 — —Number of A Cap GBP shares outstanding ^ — — 5,000.000 — —Number of C Cap USD shares outstanding ^ — — — — —Number of E Cap USD shares outstanding ^ 236,992.680 — — — —Number of I Cap USD shares outstanding ^ — 80,769.231 5,526,182.043 — 516,450.217Number of I Cap EUR shares outstanding ^ — — 2,032,817.629 — —Number of I Cap GBP shares outstanding ^ — — — — —Number of J Cap JPY shares outstanding ^ — — — — —Number of K Cap USD shares outstanding ^ 682,999.118 — 14,278,211.793 267,102.539 —Number of N Cap AUD shares outstanding ^ — — 2,093,047.116 — —Number of R Cap USD shares outstanding ^ — — 3,184,817.379 — —Number of R Cap EUR shares outstanding ^ — — 598,388.050 — —Number of R Cap EUR Hedged shares outstanding ^ — — — — —Number of R Cap GBP shares outstanding ^ — — 313,051.759 — —Number of Z Cap GBP shares outstanding ^ — — — — —



12

Statement of Net Assets as at 31 March 2019 (continued)


Note Mirae Asset Asia Growth Equity

Fund*



Equity Fund*

Mirae Asset India Mid Cap Equity

Fund*


Bond Fund*


Fund*

Mirae Asset Global Discovery Fund Combined

(USD) (USD) (USD) (USD) (USD) (USD) (EUR)

Investment in securities at cost 30,318,225 98,352,149 50,213,336 408,589,474 24,432,662 12,369,653 1,495,490,789Unrealised appreciation / (depreciation) 1,179,355 10,191,612 17,363,392 (6,857,569) (230,234) 86,121 201,634,128

Investment in securities at market value 2a 31,497,580 108,543,761 67,576,728 401,731,905 24,202,428 12,455,774 1,697,124,917Cash 3,482,222 4,590,847 1,229,386 9,046,807 949,772 87,940 30,397,810Cash at broker 11 — — — 540 104,059 — 93,138Dividends and interest receivable 33,040 — 203,944 483,889 233,534 123,541 1,986,888Formation expenses 2j — — — — — — 15,469Other receivable 12 — 441 — 728,308 — — 842,721Receivables resulting from subscriptions — — — — 1,042 — 465,373Receivables resulting from sales of securities 87,498 — — 1,896,554 — 404,636 12,972,524Unrealised gain on forward foreign exchange contracts 9 — 47 — — — — 58

Total assets 35,100,340 113,135,096 69,010,058 413,888,003 25,490,835 13,071,891 1,743,898,898

Bank overdraft — — — 1,115,304 — — 993,213Payables resulting from redemptions — 99,268 — 3,611,900 522,413 — 11,063,126Payables resulting from purchases of securities — — — 3,213,931 196,920 200,000 7,603,286Accrued expenses 51,022 117,834 79,512 348,331 42,083 34,190 3,177,943Unrealised loss on forward foreign exchange contracts 9 — 1,732 — — — — 14,642Unrealised loss on future contracts 11 — — — — 1,752 — 1,560

Total liabilities 51,022 218,834 79,512 8,289,466 763,168 234,190 22,853,770

Net assets 35,049,318 112,916,262 68,930,546 405,598,537 24,727,667 12,837,701 1,721,045,128

Net asset value per A Cap USD share ^ — 11.75 — — 11.75 —Net asset value per A Cap EUR share ^ — — — — — —Net asset value per A Cap EUR Hedged share ^ — — — — — —Net asset value per A Cap CHF Hedged share ^ — — — — — —Net asset value per A Cap GBP share ^ — — — — — —Net asset value per C Cap USD share ^ — — — — — —Net asset value per E Cap USD share ^ — — — — — —Net asset value per I Cap USD share ^ 12.97 10.13 — 10.15 11.97 10.35Net asset value per I Cap EUR share ^ — 11.20 — — — —Net asset value per I Cap GBP share ^ — — — — — —Net asset value per J Cap JPY share ^ — — 132.09 90.50 — —Net asset value per K Cap USD share ^ 8.97 15.49 — — 12.20 —Net asset value per N Cap AUD share ^ — — — — — —Net asset value per R Cap USD share ^ — 9.36 — 8.86 — —Net asset value per R Cap EUR share ^ — 8.06 — — — —Net asset value per R Cap EUR Hedged share ^ — 9.19 — — — —Net asset value per R Cap GBP share ^ — — — — — —Net asset value per Z Cap GBP share ^ — — — — — —Number of A Cap USD shares outstanding ^ — 5,122.915 — — 39,717.730 —Number of A Cap EUR shares outstanding ^ — — — — — —Number of A Cap EUR Hedged shares outstanding ^ — — — — — —Number of A Cap CHF Hedged shares outstanding ^ — — — — — —Number of A Cap GBP shares outstanding ^ — — — — — —Number of C Cap USD shares outstanding ^ — — — — — —Number of E Cap USD shares outstanding ^ — — — — — —Number of I Cap USD shares outstanding ^ 4,606.142 659,899.571 — 485,695.378 520,176.417 1,240,832.356Number of I Cap EUR shares outstanding ^ — 286.369 — — — —Number of I Cap GBP shares outstanding ^ — — — — — —Number of J Cap JPY shares outstanding ^ — — 57,793,364.792 489,024,113.954 — —Number of K Cap USD shares outstanding ^ 3,899,423.971 6,023,800.932 — — 1,478,204.977 —Number of N Cap AUD shares outstanding ^ — — — — — —Number of R Cap USD shares outstanding ^ — 199,475.000 — 118,233.000 — —Number of R Cap EUR shares outstanding ^ — 1,184,854.336 — — — —Number of R Cap EUR Hedged shares outstanding ^ — 22,270.000 — — — —Number of R Cap GBP shares outstanding ^ — — — — — —Number of Z Cap GBP shares outstanding ^ — — — — — —



13

Statement of Operations and Changes in Net Assets for the Year Ended 31 March 2019

Note Mirae Asset Korea

Equity Fund*


Leader Equity Fund

Mirae Asset India Sector Leader

Equity Fund


Equity Fund



Net assets at the beginning of the year 5,084,562 27,453,146 172,688,549 578,787,880 81,265,176Dividends (net of withholding tax) 2d 53,451 219,822 1,775,821 7,160,668 982,944Net interest income 2c 4,377 13,044 29,737 67,689 34Other income 12 33 — — — —

Total income 57,861 232,866 1,805,558 7,228,357 982,978

Management company fees 5 17,512 17,512 62,767 166,795 29,235Investment management fees 6 53,169 110,704 1,114,601 4,551,160 407,761Custodian and depositary fees 3 21,713 24,650 154,842 305,840 60,623Audit and legal fees 21,554 19,993 84,201 114,529 62,393Administration and accounting fees 4 36,758 36,758 61,636 142,110 36,752Registrar and transfer agent fees 4 24,076 27,488 51,642 110,929 34,692Taxe d’abonnement 8 1,284 1,590 40,703 137,540 6,150Formation expenses 2j — — — — —Other taxes 12 19 41 1,235,650 223,938 74,482Tax calculation and reporting fees 1,245 554 6,443 11,393 4,463Transaction costs 16 33,379 64,259 935,599 3,579,952 439,947Shariah compliance fees 7 — — — — —Sub-fund closing fees 17 — — — — —Other expenses 15,266 18,378 47,419 101,372 29,588

Total expenses 225,975 321,927 3,795,503 9,445,558 1,186,086

Net income / (loss) from investments (168,114) (89,061) (1,989,945) (2,217,201) (203,108)

Net realised gain / (loss)on sales of investments in securities 2e 194,569 4,521,083 1,522,393 (18,755,430) 1,086,840on forward foreign exchange contracts 2f — (130) 1,599 (214,400) (9,717)on future contracts 2g — — — — —on foreign exchange 2b (21,692) (18,153) (1,029,179) (2,325,259) (289,573)on options 2h — — — — —

Net change in unrealised appreciation / (depreciation)on investments in securities (981,007) (6,968,530) 773,928 (58,659,740) (9,292,199)on forward foreign exchanges contracts — — — (1,569) —on future contracts — — — — —

Net change in net assets for the year resulting from operations (976,244) (2,554,791) (721,204) (82,173,599) (8,707,757)

Proceeds from subscriptions 326,083 4,225,752 32,076,257 322,580,589 1,787,136Payments for redemptions (1,147,579) (19,680,902) (58,638,692) (349,883,086) (24,898,050)

Net proceeds / (payment) from share transactions (821,496) (15,455,150) (26,562,435) (27,302,497) (23,110,914)

Currency translation adjustment 2i — — — — —

Net assets at the end of the year 3,286,822 9,443,205 145,404,910 469,311,784 49,446,505

* Not authorized in Hong Kong and not available to Hong Kong Residents.(1) Please refer to note 18The accompanying notes form an integral part of these financial statements.


14

Statement of Operations and Changes in Net Assets for the Year Ended 31 March 2019 (continued)


Note Mirae Asset GEM Sector Leader

Equity Fund

Mirae Asset Islamic Asia Sector Leader

Equity Fund*


Equity Fund

Mirae Asset Global Great Consumer

Equity Fund




Net assets at the beginning of the year 15,467,147 6,481,684 646,385,053 5,201,008 6,105,355Dividends (net of withholding tax) 2d 192,571 37,105 5,023,445 29,565 36,008Net interest income 2c 6,292 — 137,266 4,247 3,877Other income 12 — — — — —

Total income 198,863 37,105 5,160,711 33,812 39,885

Management company fees 5 17,512 17,512 189,325 17,524 17,512Investment management fees 6 86,572 17,199 5,113,614 33,879 55,651Custodian and depositary fees 3 50,050 27,328 344,454 19,209 20,658Audit and legal fees 51,063 20,535 124,044 12,991 16,066Administration and accounting fees 4 36,758 36,758 157,230 36,758 35,958Registrar and transfer agent fees 4 30,486 3,444 132,638 10,811 2,593Taxe d’abonnement 8 1,705 86 121,796 512 551Formation expenses 2j — 6,682 — — —Other taxes 12 2,858 25,611 2,844 26 27Tax calculation and reporting fees 8,326 306 17,236 7,387 306Transaction costs 16 94,620 18,807 1,183,355 5,675 8,048Shariah compliance fees 7 — 47,912 — — —Sub-fund closing fees 17 — — — — —Other expenses 17,817 12,756 118,950 9,309 8,711

Total expenses 397,767 234,936 7,505,486 154,081 166,081

Net income / (loss) from investments (198,904) (197,831) (2,344,775) (120,269) (126,196)

Net realised gain / (loss)on sales of investments in securities 2e (480,087) 735,934 (32,090,326) 224,280 339,853on forward foreign exchange contracts 2f (5,877) (371) (194,742) (231) 14on future contracts 2g — — — — —on foreign exchange 2b (44,155) (24,656) (877,924) (2,537) (4,726)on options 2h — — — — —

Net change in unrealised appreciation / (depreciation)on investments in securities (1,720,502) (776,483) 8,774,327 195,961 (838,331)on forward foreign exchanges contracts — — (7,151) — —on future contracts — — — — —

Net change in net assets for the year resulting from operations (2,449,525) (263,407) (26,740,591) 297,204 (629,386)

Proceeds from subscriptions 6,054,178 5,000 172,709,271 525,000 —Payments for redemptions (7,613,436) (5,450,000) (219,402,526) (815,555) —

Net proceeds / (payment) from share transactions (1,559,258) (5,445,000) (46,693,255) (290,555) —


Net assets at the end of the year 11,458,364 773,277 572,951,207 5,207,657 5,475,969



15


Note Mirae Asset Asia Growth Equity Fund*



Equity Fund*


Mirae Asset Asia Income

Balanced Fund*(1)


Net assets at the beginning of the year 7,334,867 102,195,050 111,197,722 484,485,519 8,967,179Dividends (net of withholding tax) 2d 402,091 1,843,075 960,903 4,462,332 131,511Net interest income 2c 36,353 74,233 12,043 3 45,221Other income 12 — — — 711,255 —

Total income 438,444 1,917,308 972,946 5,173,590 176,732

Management company fees 5 20,313 56,388 39,295 157,413 8,188Investment management fees 6 243,515 893,611 548,499 2,764,592 23,517Custodian and depositary fees 3 52,326 58,138 58,535 454,807 12,146Audit and legal fees 28,775 30,329 30,142 108,172 6,960Administration and accounting fees 4 36,758 53,850 38,379 134,165 17,603Registrar and transfer agent fees 4 3,494 27,964 13,045 34,093 2,413Taxe d’abonnement 8 3,781 16,697 7,926 44,559 233Formation expenses 2j — — — — —Other taxes 12 234 487 — 2,575 3,615Tax calculation and reporting fees 306 306 306 605 —Transaction costs 16 385,149 478,963 95,607 1,849,399 22,634Shariah compliance fees 7 — — — — —Sub-fund closing fees 17 — — — — 50,000Other expenses 17,122 45,966 20,526 69,540 5,218

Total expenses 791,773 1,662,699 852,260 5,619,920 152,527

Net income / (loss) from investments (353,329) 254,609 120,686 (446,330) 24,205

Net realised gain / (loss)on sales of investments in securities 2e (5,701,923) (13,437,815) 4,813,543 (42,087,018) (454,289)on forward foreign exchange contracts 2f (171) (11,997) (33,884) (39,161) (2,381)on future contracts 2g — — — — (7,643)on foreign exchange 2b (278,785) (77,858) (64,251) (1,031,654) (23,935)on options 2h — — — — —

Net change in unrealised appreciation / (depreciation)on investments in securities (383,019) 1,124,540 (12,792,154) 39,766,077 (278,014)on forward foreign exchanges contracts — (1,685) — — —on future contracts — — — — —

Net change in net assets for the year resulting from operations (6,717,227) (12,150,206) (7,956,060) (3,838,086) (742,057)

Proceeds from subscriptions 54,259,000 129,962,307 1,353,230 44,091,816 —Payments for redemptions (19,827,322) (107,090,889) (35,664,346) (119,140,712) (8,225,122)

Net proceeds / (payment) from share transactions 34,431,678 22,871,418 (34,311,116) (75,048,896) (8,225,122)


Net assets at the end of the year 35,049,318 112,916,262 68,930,546 405,598,537 —



16


Note Mirae Asset Asia Pacific Multi-Asset

Income Fund*(1)


Bond Fund*



Combined(USD) (USD) (USD) (EUR)

Net assets at the beginning of the year 19,612,285 104,561,662 18,305,496 1,948,859,320Dividends (net of withholding tax) 2d 139,753 141,105 — 21,007,230Net interest income 2c 9,749 1,629,436 598,580 2,379,396Other income 12 72 — — 633,418

Total income 149,574 1,770,541 598,580 24,020,044

Management company fees 5 15,640 22,273 17,524 792,698Investment management fees 6 84,021 122,267 78,006 14,516,128Custodian and depositary fees 3 21,354 26,967 21,432 1,544,964Audit and legal fees 14,397 24,955 12,971 698,161Administration and accounting fees 4 33,103 36,836 36,758 894,820Registrar and transfer agent fees 4 2,681 32,631 2,670 487,770Taxe d’abonnement 8 222 3,782 1,390 347,720Formation expenses 2j — — — 5,950Other taxes 12 — 136 70 1,400,305Tax calculation and reporting fees 23 572 306 53,500Transaction costs 16 6,671 18,987 — 8,210,722Shariah compliance fees 7 — — — 42,662Sub-fund closing fees 17 70,000 — — 106,852Other expenses 10,128 21,154 7,907 513,893

Total expenses 258,240 310,560 179,034 29,616,145

Net income / (loss) from investments (108,666) 1,459,981 419,546 (5,596,101)

Net realised gain / (loss)on sales of investments in securities 2e (765,375) (2,637,184) (594,093) (92,217,662)on forward foreign exchange contracts 2f (87) (2,731) — (457,920)on future contracts 2g (19,821) (16,483) — (39,132)on foreign exchange 2b (20,964) (21,092) — (5,481,851)on options 2h 5,844 — — 5,204

Net change in unrealised appreciation / (depreciation)on investments in securities 187,011 865,676 521,727 (36,045,351)on forward foreign exchanges contracts — 724 — (8,620)on future contracts — 35,661 — 31,754

Net change in net assets for the year resulting from operations (722,058) (315,448) 347,180 (139,809,679)

Proceeds from subscriptions 2,052,000 6,231,640 2,879,240 695,533,145Payments for redemptions (20,942,227) (85,750,187) (8,694,215) (973,122,164)

Net proceeds / (payment) from share transactions (18,890,227) (79,518,547) (5,814,975) (277,589,019)

Currency translation adjustment 2i — — — 189,584,506

Net assets at the end of the year — 24,727,667 12,837,701 1,721,045,128




17

Statistical Information as at 31 March 2019, 31 March 2018 and 31 March 2017Mirae Asset

Korea Equity Fund*


Equity Fund


Equity Fund


Equity Fund


Net assets as at31 March 2019 3,286,822 9,443,205 145,404,910 469,311,784 49,446,50531 March 2018 5,084,562 27,453,146 172,688,549 578,787,880 81,265,17631 March 2017 22,672,187 31,045,852 154,567,940 415,486,902 71,880,470

Net asset value per A Cap ^ USD share (in class currency)31 March 2019 10.86 17.33 16.27 13.36 18.0731 March 2018 13.64 18.72 16.41 15.51 20.6131 March 2017 11.93 13.01 14.62 12.08 16.26

Net asset value per A Cap ^ EUR share (in class currency)31 March 2019 9.54 — 10.37 10.22 14.8331 March 2018 10.92 — 9.53 10.81 15.4231 March 2017 11.02 — 9.79 9.71 14.03

Net asset value per A Cap ^ EUR Hedged share (in class currency)31 March 2019 — — — 10.28 —31 March 2018 — — — 12.37 —31 March 2017 — — — 9.87 —

Net asset value per A Cap ^ CHF Hedged share (in class currency)31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Net asset value per A Cap ^ GBP share (in class currency)31 March 2019 — — — 8.78 —31 March 2018 — — — 9.51 —31 March 2017 — — — 8.36 —

Net asset value per B Cap ^ USD share (in class currency)31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Net asset value per C Cap ^ USD share (in class currency)31 March 2019 — — — 10.58 —

Net asset value per E Cap ^ USD share (in class currency)31 March 2019 — — — — —

Net asset value per I Cap ^ USD share (in class currency)31 March 2019 14.65 — 16.98 13.80 19.6631 March 2018 18.31 — 17.03 15.94 22.3131 March 2017 15.92 — 15.08 12.34 17.50

Net asset value per I Cap ^ EUR share (in class currency)31 March 2019 — — 9.42 9.96 –31 March 2018 — — 8.60 10.48 —31 March 2017 11.91 — — 9.36 —

Net asset value per I Cap ^ EUR Hedged share (in class currency)31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Net asset value per I Cap ^ GBP share (in class currency)31 March 2019 — — — 8.94 13.4931 March 2018 — — — 9.63 14.2431 March 2017 — — — 8.41 12.60

Net asset value per J Cap ^ JPY share (in class currency)31 March 2019 — — — 159.62 —31 March 2018 — — — 176.73 —31 March 2017 — — — 143.02 —

Net asset value per K Cap ^ USD share (in class currency)31 March 2019 — 13.81 17.68 18.25 15.0531 March 2018 — 14.79 17.66 21.02 17.0231 March 2017 — 10.19 15.59 16.22 13.30

Net asset value per N Cap ^ AUD share (in class currency)31 March 2019 — — — 12.61 —31 March 2018 — — — 13.33 —31 March 2017 — — — — —

Net asset value per R Cap ^ USD share (in class currency)31 March 2019 — — 12.78 11.28 —31 March 2018 — — 12.79 13.01 —31 March 2017 — — 11.31 10.05 —

Net asset value per R Cap ^ EUR share (in class currency)31 March 2019 — — — 9.62 —31 March 2018 — — — 10.11 —31 March 2017 — — — 9.01 —

Net asset value per R Cap ^ EUR Hedged share (in class currency)31 March 2019 — — — 6.64 —31 March 2018 — — — 7.93 —31 March 2017 — — — — —

Net asset value per R Cap ^ GBP share (in class currency)31 March 2019 — — 10.98 9.02 —31 March 2018 — — 10.24 9.69 —31 March 2017 — — 10.22 8.45 —

Net asset value per X Cap ^ USD share (in class currency)31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — 10.58 — — —

Net asset value per Z Cap ^ GBP share (in class currency)31 March 2019 — — — 7.51 —



18

Statistical Information as at 31 March 2019, 31 March 2018 and 31 March 2017 (continued)


Mirae Asset Korea

Equity Fund*


Equity Fund


Equity Fund


Equity Fund


Number of A Cap ^ USD shares outstanding31 March 2019 165,450.644 51,264.472 108,795.063 1,470,648.115 50,543.34031 March 2018 223,640.722 92,942.860 187,308.256 3,664,967.692 78,364.01931 March 2017 430,133.466 22,377.603 199,794.263 2,923,034.689 39,505.938

Number of A Cap ^ EUR shares outstanding31 March 2019 926.181 — 225,464.141 2,376,924.921 28,307.45431 March 2018 916.884 — 377,703.385 3,408,817.025 58,535.24231 March 2017 12,661.417 — 281,450.568 2,581,328.676 19,781.855

Number of A Cap ^ EUR Hedged shares outstanding31 March 2019 — — — 10,963.619 —31 March 2018 — — — 73,870.379 —31 March 2017 — — — 62,433.330 —

Number of A Cap ^ CHF Hedged shares outstanding31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Number of A Cap ^ GBP shares outstanding31 March 2019 — — — 16,715.637 —31 March 2018 — — — 23,885.707 —31 March 2017 — — — 13,769.852 —

Number of B Cap ^ USD shares outstanding31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Number of C Cap ^ USD shares outstanding31 March 2019 — — — 27,975.867 —

Number of E Cap ^ USD shares outstanding31 March 2019 — — — — —

Number of I Cap ^ USD shares outstanding31 March 2019 101,043.666 — 220,726.782 8,213,224.697 73,500.09031 March 2018 110,494.361 — 1,180,029.470 14,019,292.354 900.09031 March 2017 1,072,746.609 — 1,239,294.002 14,289,572.722 900.090

Number of I Cap ^ EUR shares outstanding31 March 2019 — — 139,452.367 291,459.000 —31 March 2018 — — 87,143.397 1,225,691.495 —31 March 2017 24,687.073 — — 795,798.070 —

Number of I Cap ^ EUR Hedged shares outstanding31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Number of I Cap ^ GBP shares outstanding31 March 2019 — — — 1,638.000 150.00031 March 2018 — — — 10,776.911 150.00031 March 2017 — — — 31,057.057 150.000

Number of J Cap ^ JPY shares outstanding31 March 2019 — — — 28,868,106.680 —31 March 2018 — — — 36,071,218.700 —31 March 2017 — — — 54,134,956.390 —

Number of K Cap ^ USD shares outstanding31 March 2019 — 619,447.966 4,269,579.262 463,590.376 3,096,929.28031 March 2018 — 1,738,308.681 4,575,625.254 475,975.897 4,613,763.82331 March 2017 — 2,919,059.863 5,119,633.165 465,355.536 5,331,258.710

Number of N Cap ^ AUD shares outstanding31 March 2019 — — — 886,137.241 —31 March 2018 — — — 151,340.996 —31 March 2017 — — — — —

Number of R Cap ^ USD shares outstanding31 March 2019 — — 2,679,284.122 10,858,948.490 —31 March 2018 — — 2,899,518.855 5,374,683.473 —31 March 2017 — — 2,429,574.979 2,268,227.605 —

Number of R Cap ^ EUR shares outstanding31 March 2019 — — — 1,653,037.750 —31 March 2018 — — — 73,708.228 —31 March 2017 — — — 41,800.000 —

Number of R Cap ^ EUR Hedged shares outstanding31 March 2019 — — — 28,534.533 —31 March 2018 — — — 307.125 —31 March 2017 — — — — —

Number of R Cap ^ GBP shares outstanding31 March 2019 — — 1,811,206.372 865,133.023 —31 March 2018 — — 1,823,395.901 6,856,803.492 —31 March 2017 — — 1,783,817.945 6,457,976.242 —

Number of X Cap ^ USD shares outstanding31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — 95,316.612 — — —

Number of Z Cap ^ GBP shares outstanding31 March 2019 — — — 9,792,359.666 —



19


* Not authorized in Hong Kong and not available to Hong Kong Residents. ^ Cap refers to Capitalisation


Equity Fund


Leader Equity Fund*


Equity Fund



Mirae Asset Asia Pacific Health Care Opportunities

Equity Fund*Net assets as at

31 March 2019 11,458,364 773,277 572,951,207 5,207,657 5,475,96931 March 2018 15,467,147 6,481,684 646,385,053 5,201,008 6,105,35531 March 2017 11,671,110 5,174,811 481,169,527 19,323,242 4,701,302

Net asset value per A Cap ^ USD share (in class currency)31 March 2019 13.46 7.39 16.37 — —31 March 2018 15.53 — 17.00 — —31 March 2017 12.12 — 12.56 — —

Net asset value per A Cap ^ EUR share (in class currency)31 March 2019 — — 13.64 — —31 March 2018 — — 12.91 — —31 March 2017 — — 11.00 — —

Net asset value per A Cap ^ EUR Hedged share (in class currency)31 March 2019 — — 10.59 — —31 March 2018 — — 11.38 — —31 March 2017 — — 8.61 — —

Net asset value per A Cap ^ CHF Hedged share (in class currency)31 March 2019 — — 11.41 — —31 March 2018 — — 12.28 — —31 March 2017 — — 9.34 — —

Net asset value per A Cap ^ GBP share (in class currency)31 March 2019 — — 7.47 — —31 March 2018 — — 7.23 — —31 March 2017 — — — — —

Net asset value per B Cap ^ USD share (in class currency)31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Net asset value per C Cap ^ USD share (in class currency)31 March 2019 — — — — —

Net asset value per E Cap ^ USD share (in class currency)31 March 2019 9.63 — — — —

Net asset value per I Cap ^ USD share (in class currency)31 March 2019 — 9.53 17.08 — 10.6031 March 2018 — 12.96 17.63 — 11.8231 March 2017 — 10.35 12.96 — 9.10

Net asset value per I Cap ^ EUR share (in class currency)31 March 2019 — — 11.03 — —31 March 2018 — — 10.38 — —31 March 2017 — — 8.80 — —


Net asset value per I Cap ^ GBP share (in class currency)31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Net asset value per J Cap ^ JPY share (in class currency)31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Net asset value per K Cap ^ USD share (in class currency)31 March 2019 11.64 — 18.03 19.50 —31 March 2018 13.32 — 18.55 18.52 —31 March 2017 10.31 — 13.58 15.71 —

Net asset value per N Cap ^ AUD share (in class currency)31 March 2019 — — 21.80 — —31 March 2018 — — 20.60 — —31 March 2017 — — 15.05 — —

Net asset value per R Cap ^ USD share (in class currency)31 March 2019 — — 12.17 — —31 March 2018 — — 12.54 — —31 March 2017 — — 9.20 — —

Net asset value per R Cap ^ EUR share (in class currency)31 March 2019 — — 10.85 — —31 March 2018 — — 10.19 — —31 March 2017 — — 8.62 — —

Net asset value per R Cap ^ EUR Hedged share (in class currency)31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Net asset value per R Cap ^ GBP share (in class currency)31 March 2019 — — 9.61 — —31 March 2018 — — 9.23 — —31 March 2017 — — 7.64 — —

Net asset value per X Cap ^ USD share (in class currency)31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — 10.99 — —

Net asset value per Z Cap ^ GBP share (in class currency)31 March 2019 — — — — —


20


* Not authorized in Hong Kong and not available to Hong Kong Residents. ^ Cap refers to Capitalisation


Equity Fund


Leader Equity Fund*


Equity Fund



Mirae Asset Asia Pacific Health Care Opportunities

Equity Fund*Number of A Cap ^ USD shares outstanding

31 March 2019 91,216.150 515.111 6,033,304.492 — —31 March 2018 8,351.741 — 8,943,914.404 — —31 March 2017 1,815.888 — 11,218,990.248 — —

Number of A Cap ^ EUR shares outstanding31 March 2019 — — 820,559.567 — —31 March 2018 — — 998,967.474 — —31 March 2017 — — 1,056,449.331 — —

Number of A Cap ^ EUR Hedged shares outstanding31 March 2019 — — 117,669.204 — —31 March 2018 — — 68,631.509 — —31 March 2017 — — 278.707 — —

Number of A Cap ^ CHF Hedged shares outstanding31 March 2019 — — 70,420.000 — —31 March 2018 — — 28,939.853 — —31 March 2017 — — 3,205.885 — —

Number of A Cap ^ GBP shares outstanding31 March 2019 — — 5,000.000 — —31 March 2018 — — 5,000.000 — —31 March 2017 — — — — —

Number of B Cap ^ USD shares outstanding31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Number of C Cap ^ USD shares outstanding31 March 2019 — — — — —

Number of E Cap ^ USD shares outstanding31 March 2019 236,992.680 — — — —

Number of I Cap ^ USD shares outstanding31 March 2019 — 80,769.231 5,526,182.043 — 516,450.21731 March 2018 — 500,000.000 5,014,909.370 — 516,450.21731 March 2017 — 500,000.000 5,018,131.661 — 516,450.217

Number of I Cap ^ EUR shares outstanding31 March 2019 — — 2,032,817.629 — —31 March 2018 — — 2,018,612.428 — —31 March 2017 — — 1,942,466.501 — —


Number of I Cap ^ GBP shares outstanding31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Number of J Cap ^ JPY shares outstanding31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Number of K Cap ^ USD shares outstanding31 March 2019 682,999.118 — 14,278,211.793 267,102.539 —31 March 2018 1,151,599.267 — 15,105,766.710 280,865.779 —31 March 2017 1,130,331.541 — 15,516,888.852 1,229,622.760 —

Number of N Cap ^ AUD shares outstanding31 March 2019 — — 2,093,047.116 — —31 March 2018 — — 2,103,057.126 — —31 March 2017 — — 465,896.494 — —

Number of R Cap ^ USD shares outstanding31 March 2019 — — 3,184,817.379 — —31 March 2018 — — 3,208,613.149 — —31 March 2017 — — 2,130,714.382 — —

Number of R Cap ^ EUR shares outstanding31 March 2019 — — 598,388.050 — —31 March 2018 — — 432,664.637 — —31 March 2017 — — 36,305.641 — —

Number of R Cap ^ EUR Hedged shares outstanding31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Number of R Cap ^ GBP shares outstanding31 March 2019 — — 313,051.759 — —31 March 2018 — — 287,557.358 — —31 March 2017 — — 633,403.799 — —

Number of X Cap ^ USD shares outstanding31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — 229,014.696 — —

Number of Z Cap ^ GBP shares outstanding31 March 2019 — — — — —



21


* Not authorized in Hong Kong and not available to Hong Kong Residents. ** The net assets, net asset values and number of shares disclosed are as at the last NAV date of 14 September 2018. (1) Please refer to note 18^ Cap refers to Capitalisation

Mirae Asset Asia Growth Equity Fund*



Equity Fund*



Balanced Fund*(1)

Net assets as at31 March 2019 35,049,318 112,916,262 68,930,546 405,598,537 709,703 **31 March 2018 7,334,867 102,195,050 111,197,722 484,485,519 8,967,17931 March 2017 4,691,116 10,708,851 456,480,648 — 18,507,832

Net asset value per A Cap ^ USD share (in class currency)31 March 2019 — 11.75 — — —31 March 2018 — 11.94 — — —31 March 2017 — — — — —

Net asset value per A Cap ^ EUR share (in class currency)31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Net asset value per A Cap ^ EUR Hedged share (in class currency)31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Net asset value per A Cap ^ CHF Hedged share (in class currency)31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Net asset value per A Cap ^ GBP share (in class currency)31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Net asset value per B Cap ^ USD share (in class currency)31 March 2019 — — — — —31 March 2018 — — 13.35 — —31 March 2017 — — 10.09 — —

Net asset value per C Cap ^ USD share (in class currency)31 March 2019 — — — — —

Net asset value per E Cap ^ USD share (in class currency)31 March 2019 — — — — —

Net asset value per I Cap ^ USD share (in class currency)31 March 2019 12.97 10.13 — 10.15 9.46 **31 March 2018 14.67 10.23 — 10.03 11.8931 March 2017 9.38 — — — 10.60

Net asset value per I Cap ^ EUR share (in class currency)31 March 2019 — 11.20 — — —31 March 2018 — — — — —31 March 2017 — — — — —


Net asset value per I Cap ^ GBP share (in class currency)31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Net asset value per J Cap ^ JPY share (in class currency)31 March 2019 — — 132.09 90.50 —31 March 2018 — — 137.46 85.20 —31 March 2017 — — 109.05 — —

Net asset value per K Cap ^ USD share (in class currency)31 March 2019 8.97 15.49 — — —31 March 2018 — 15.60 — — 12.0231 March 2017 — 9.90 — — 10.69

Net asset value per N Cap ^ AUD share (in class currency)31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Net asset value per R Cap ^ USD share (in class currency)31 March 2019 — 9.36 — 8.86 —31 March 2018 — — — 8.73 —31 March 2017 — — — — —

Net asset value per R Cap ^ EUR share (in class currency)31 March 2019 — 8.06 — — —31 March 2018 — — — — —31 March 2017 — — — — —

Net asset value per R Cap ^ EUR Hedged share (in class currency)31 March 2019 — 9.19 — — —31 March 2018 — — — — —31 March 2017 — — — — —

Net asset value per R Cap ^ GBP share (in class currency)31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Net asset value per X Cap ^ USD share (in class currency)31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Net asset value per Z Cap ^ GBP share (in class currency)31 March 2019 — — — — —


22


* Not authorized in Hong Kong and not available to Hong Kong Residents. ** The net assets, net asset values and number of shares disclosed are as at the last NAV date of 14 September 2018. (1) Please refer to note 18^ Cap refers to Capitalisation




Equity Fund*



Balanced Fund*(1)

Number of A Cap ^ USD shares outstanding31 March 2019 — 5,122.915 — — —31 March 2018 — 2,000.000 — — —31 March 2017 — — — — —

Number of A Cap ^ EUR shares outstanding31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Number of A Cap ^ EUR Hedged shares outstanding31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Number of A Cap ^ CHF Hedged shares outstanding31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Number of A Cap ^ GBP shares outstanding31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Number of B Cap ^ USD shares outstanding31 March 2019 — — — — —31 March 2018 — — 165,604.041 — —31 March 2017 — — 365,604.041 — —

Number of C Cap ^ USD shares outstanding31 March 2019 — — — — —

Number of E Cap ^ USD shares outstanding31 March 2019 — — — — —

Number of I Cap ^ USD shares outstanding31 March 2019 4,606.142 659,899.571 — 485,695.378 75,000.000 **31 March 2018 500,000.000 809,528.138 — 240,726.065 75,000.00031 March 2017 500,000.000 — — — 898,803.589

Number of I Cap ^ EUR shares outstanding31 March 2019 — 286.369 — — —31 March 2018 — — — — —31 March 2017 — — — — —


Number of I Cap ^ GBP shares outstanding31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Number of J Cap ^ JPY shares outstanding31 March 2019 — — 57,793,364.792 489,024,113.954 —31 March 2018 — — 84,490,629.532 599,316,910.873 —31 March 2017 — — 464,357,763.551 — —

Number of K Cap ^ USD shares outstanding31 March 2019 3,899,423.971 6,023,800.932 — — —31 March 2018 — 6,016,847.978 — — 671,808.70431 March 2017 — 1,082,146.744 — — 840,008.704

Number of N Cap ^ AUD shares outstanding31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Number of R Cap ^ USD shares outstanding31 March 2019 — 199,475.000 — 118,233.000 —31 March 2018 — — — 250.000 —31 March 2017 — — — — —

Number of R Cap ^ EUR shares outstanding31 March 2019 — 1,184,854.336 — — —31 March 2018 — — — — —31 March 2017 — — — — —

Number of R Cap ^ EUR Hedged shares outstanding31 March 2019 — 22,270.000 — — —31 March 2018 — — — — —31 March 2017 — — — — —

Number of R Cap ^ GBP shares outstanding31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Number of X Cap ^ USD shares outstanding31 March 2019 — — — — —31 March 2018 — — — — —31 March 2017 — — — — —

Number of Z Cap ^ GBP shares outstanding31 March 2019 — — — — —



23


* Not authorized in Hong Kong and not available to Hong Kong Residents. *** The net assets, net asset values and number of shares disclosed are as at the last NAV date of 18 February 2019. (1) Please refer to note 18^ Cap refers to Capitalisation

Mirae Asset Asia Pacific Multi-Asset

Income Fund*(1)


Bond Fund*


Fund*Net assets as at

31 March 2019 4,820,245 *** 24,727,667 12,837,70131 March 2018 19,612,285 104,561,662 18,305,49631 March 2017 7,160,384 97,156,361 —

Net asset value per A Cap ^ USD share (in class currency)31 March 2019 — 11.75 —31 March 2018 — 11.57 —31 March 2017 — 11.35 —

Net asset value per A Cap ^ EUR share (in class currency)31 March 2019 — — —31 March 2018 — 8.26 —31 March 2017 — — —

Net asset value per A Cap ^ EUR Hedged share (in class currency)31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Net asset value per A Cap ^ CHF Hedged share (in class currency)31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Net asset value per A Cap ^ GBP share (in class currency)31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Net asset value per B Cap ^ USD share (in class currency)31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Net asset value per C Cap ^ USD share (in class currency)31 March 2019 — — —

Net asset value per E Cap ^ USD share (in class currency)31 March 2019 — — —

Net asset value per I Cap ^ USD share (in class currency)31 March 2019 9.93 *** 11.97 10.3531 March 2018 10.66 11.74 10.0031 March 2017 10.35 11.48 —

Net asset value per I Cap ^ EUR share (in class currency)31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Net asset value per I Cap ^ EUR Hedged share (in class currency)31 March 2019 — — —31 March 2018 — 9.47 —31 March 2017 — 9.48 —

Net asset value per I Cap ^ GBP share (in class currency)31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Net asset value per J Cap ^ JPY share (in class currency)31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Net asset value per K Cap ^ USD share (in class currency)31 March 2019 — 12.20 —31 March 2018 — 11.93 —31 March 2017 — 11.63 —

Net asset value per N Cap ^ AUD share (in class currency)31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Net asset value per R Cap ^ USD share (in class currency)31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Net asset value per R Cap ^ EUR share (in class currency)31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Net asset value per R Cap ^ EUR Hedged share (in class currency)31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Net asset value per R Cap ^ GBP share (in class currency)31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Net asset value per X Cap ^ USD share (in class currency)31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Net asset value per Z Cap ^ GBP share (in class currency)31 March 2019 — — —


24


* Not authorized in Hong Kong and not available to Hong Kong Residents. *** The net assets, net asset values and number of shares disclosed are as at the last NAV date of 18 February 2019. (1) Please refer to note 18^ Cap refers to Capitalisation

Mirae Asset Asia Pacific Multi-

Asset Income Fund*(1)


Bond Fund*


Fund*

Number of A Cap ^ USD shares outstanding31 March 2019 — 39,717.730 —31 March 2018 — 56,886.427 —31 March 2017 — 473,968.123 —

Number of A Cap ^ EUR shares outstanding31 March 2019 — — —31 March 2018 — 530.786 —31 March 2017 — — —

Number of A Cap ^ EUR Hedged shares outstanding31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Number of A Cap ^ CHF Hedged shares outstanding31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Number of A Cap ^ GBP shares outstanding31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Number of B Cap ^ USD shares outstanding31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Number of C Cap ^ USD shares outstanding31 March 2019 — — —

Number of E Cap ^ USD shares outstanding31 March 2019 — — —

Number of I Cap ^ USD shares outstanding31 March 2019 485,442,436 *** 520,176.417 1,240,832.35631 March 2018 1,839,868.703 414,925.944 1,830,000.00031 March 2017 691,642.085 2,604,538.022 —

Number of I Cap ^ EUR shares outstanding31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Number of I Cap ^ EUR Hedged shares outstanding31 March 2019 — — —31 March 2018 — 52,660.677 —31 March 2017 — 102,000.000 —

Number of I Cap ^ GBP shares outstanding31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Number of J Cap ^ JPY shares outstanding31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Number of K Cap ^ USD shares outstanding31 March 2019 — 1,478,204.977 —31 March 2018 — 8,246,839.742 —31 March 2017 — 5,231,564.039 —

Number of N Cap ^ AUD shares outstanding31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Number of R Cap ^ USD shares outstanding31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Number of R Cap ^ EUR shares outstanding31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Number of R Cap ^ EUR Hedged shares outstanding31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Number of R Cap ^ GBP shares outstanding31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Number of X Cap ^ USD shares outstanding31 March 2019 — — —31 March 2018 — — —31 March 2017 — — —

Number of Z Cap ^ GBP shares outstanding31 March 2019 — — —


25

Notes to the Financial StatementsFor the year ended 31 March 2019

1. Description of the Company

Mirae Asset Global Discovery Fund (referred to hereafter as the “Company”) is an open-ended investment company with variable capital incorporated under the laws of the Grand Duchy of Luxembourg as a “Société d’Investissement à Capital Variable” (SICAV) under the form of a “société anonyme”. The Company is governed by the law of the Grand Duchy of Luxembourg of 10 August 1915 on commercial companies, as amended, and by Part I of the law of 17 December 2010, as amended.

The Company was incorporated for an unlimited period of time on 30 April 2008. The registered office of the Company is established at 31, z.a. Bourmicht, L-8070 Bertrange, Grand Duchy of Luxembourg.

The Articles have been deposited with the Chancery of the District Court of Luxembourg and published in the Memorial on 16 June 2008. The Articles have been last amended on 29 June 2012, with publication in the Memorial dated 24 August 2012.

As of 31 March 2019, the Company issued shares of the following 16 sub-funds for subscription:

– Mirae Asset Korea Equity Fund*– Mirae Asset China Sector Leader Equity Fund– Mirae Asset India Sector Leader Equity Fund– Mirae Asset Asia Sector Leader Equity Fund– Mirae Asset Asia Pacific Equity Fund– Mirae Asset GEM Sector Leader Equity Fund– Mirae Asset Islamic Asia Sector Leader Equity Fund*– Mirae Asset Asia Great Consumer Equity Fund– Mirae Asset Global Great Consumer Equity Fund– Mirae Asset Asia Pacific Health Care Opportunities Equity Fund*– Mirae Asset Asia Growth Equity Fund*– Mirae Asset China Growth Equity Fund*– Mirae Asset Next Asia Pacific Equity Fund*– Mirae Asset India Mid Cap Equity Fund*– Mirae Asset Global Dynamic Bond Fund*– Mirae Asset Asia Bond Fund*

As of 31 March 2019, 9 classes of shares are offered to investors: Class A Capitalisation, Class C Capitalisation, Class E Capitalisation, Class I Capitalisation, Class J Capitalisation, Class K Capitalisation, Class N Capitalisation, Class R Capitalisation and Class Z Capitalisation.

The Company may in the future create new sub-funds and new share classes.

2. Significant Accounting Policies

The financial statements have been prepared in accordance with Luxembourg legal and regulatory requirements applicable to investment funds. The following is a summary of significant accounting policies followed by the sub-funds.

a) Valuation of Investment in Securities

Securities which are listed or traded on any Regulated Market, stock exchange in an Other State or Other Regulated Market are valued at the closing price on such markets.

If a security is listed or traded on several markets, the closing price at the market which constitutes the main market for such securities is determined.

Securities not listed or traded on any Regulated Market, stock exchange in an Other State or Other Regulated Market are valued at their last available market price.

Securities for which no price quotation is available or for which the closing price at the market is not representative of the fair market value, are valued prudently, and in good faith by the Board of Directors on the basis of their reasonably foreseeable sales prices.

Units or shares of open-ended UCIs (undertakings for collective investment) are valued at their last official net asset values, excluding redemption fees, if any, as reported or provided by such UCIs or their agents, or at their last unofficial net asset values (i.e. estimates of net asset values) if more recent than their last official net asset values, provided that due diligence has been carried out by the Investment Manager, in accordance with instructions and under the overall control and responsibility of the Board of Directors, as to the reliability of such unofficial net asset values. The Net Asset Value calculated on the basis of unofficial net asset values of target UCIs may differ from the net asset value which would have been calculated, on the relevant Valuation Day, on the basis of the official net asset values determined by the administrative agents of the target UCIs. The Net Asset Value is final and binding notwithstanding any different later determination. Units or shares of quoted closed-ended UCIs are valued at their last available stock market value.

The Board of Directors has appointed a Pricing Committee which shall be entitled to approve the mechanisms of monitoring for significant events, along with decisions on whether a substantial proportion of the investments have been affected by the significant event and a fair value pricing of the portfolios is needed.

* Not authorized in Hong Kong and not available to Hong Kong Residents

26

Notes to the Financial StatementsFor the year ended 31 March 2019 (continued)

In a case where none of the members of the Pricing Committee is available for making a decision, it shall be the responsibility of the Board to decide how to proceed with the fair valuation of the assets in order to serve the best interests of shareholders.

b) Conversion of Foreign Currencies

The financial statements and accounting records of each sub-fund are expressed in the reference currency of the relevant sub-fund.

Transactions in currencies other than the sub-fund’s reference currency are translated into the sub-fund’s reference currency at the exchange rate ruling at the date of the transactions.

Assets and liabilities denominated in currencies other than the sub-fund’s reference currency are translated into the sub-fund’s reference currency at the exchange rate on the Statement of Net Assets date. Any resulting gains or losses are recognised in the Statement of Operations and Changes in Net Assets under the heading “Net realised gain/(loss) on foreign exchange”.

Main exchange rates used as of 31 March 2019 are:

1 USD = 1.409940 AUD 0.995800 CHF 0.890432 EUR 0.763038 GBP 110.745037 JPY

c) Interest Income

Interest income includes interest applied to bonds and to bank accounts. It is accrued gross on a daily basis. Interest income is not applied to bank accounts associated with the Mirae Asset Islamic Asia Sector Leader Equity Fund.

d) Dividend Income

Dividends are credited to income on an “ex-dividend’’ basis net of any irrecoverable withholding tax.

e) Net Realised Gain/(Loss) on Sales of Investments in Securities

The net realised gain or loss on sales of investments in securities is calculated on the basis of average cost of securities sold.

f) Forward Foreign Exchange Contracts

Forward foreign exchange contracts, if any, are valued on the basis of forward foreign exchange rates prevailing on the net asset value date and the resulting net change in net unrealised appreciation or depreciation is included in the Statement of Operations and Changes in Net Assets, under the heading “Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts”. The realised gain/(loss) on forward foreign exchange contracts is disclosed in the Statement of Operations and Changes in Net Assets.

g) Futures Contracts

Outstanding futures contracts, if any, are valued on the basis of futures exchange values prevailing on the net asset value date. The realized gain/(loss) on futures contracts is disclosed in the Statement of Operations and Changes in Net Assets under the heading “Net realized gain/(loss) on futures contracts”. The unrealized gain/(loss) on futures contracts is disclosed in the Statement of Net Assets under the heading “Unrealized gain/(loss) on futures contracts”.

h) Options Contracts

Outstanding options contracts, if any, are valued at the close of business market price or the last available market price of the instruments.

The market value of options, if any, is included in the Statement of Net Assets under the line “Options at market value”.

The realised gain/(loss) on options, if any, is disclosed in the Statement of Operations and Changes in Net Assets under the line “Net realised profit/(loss) on options”.

i) Combined Figures

The combined Statement of Net Assets and the combined Statement of Operations and Changes in Net Assets are expressed in Euro and are presented for information purposes only.

For this purpose, the corresponding statements of each sub-fund have been translated into Euro at the exchange rates prevailing at the date of the financial statements. The difference between opening net assets stated at exchange rates ruling at the beginning of the period and its value at the end of the period is shown as a “currency translation adjustment” in the Statement of Operations and Changes in Net Assets.

j) Formation Expenses

The formation expenses represent the cost of establishing the Company and its sub-funds. The formation costs are amortised on a straight line basis over 5 years from the date on which sub-funds commenced business.


27


k) Legal, Regulatory and Professional Expenses

In cases where the legal, regulatory and professional fees incurred by the Company can be directly attributed to the relevant sub-fund which incurred such fees, this sub-fund is the one bearing such fees.

In cases where these fees cannot be attributed to a specific sub-fund or affect the Company as a whole, such fees are attributed to all sub-funds on an equitable basis pro rata to their respective net asset value as at the date of the relevant invoice. The Board of Directors, the Management Company and/or the Principal Investment Manager shall in such case endeavour to ensure that such fees are fair and reasonable.

A portion of the expenses attributable to each sub-fund may however be borne by the Principal Investment Manager on a fair and equitable basis; reducing, as the case may be, the expenses to be charged to the sub-funds. No such fees were borne by the Principal Investment Manager for the year ended 31 March 2019.

l) Use of Estimates

The preparation of the financial statements in conformity with Luxembourg legal and regulatory requirements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates.

3. Depositary Fees

The Company pays a depositary fee calculated principally by reference to the Net Asset Value of the Company on each dealing day and payable monthly in arrears.

The fee paid by the Company depends upon the markets in which the assets of the Company are invested and custodied.

The maximum fee payable to the Depositary is 0.0225% per annum, plus any applicable custody fees, which vary by jurisdiction and do not exceed 0.50% per annum in any jurisdiction, in each case based on the Net Asset Value of the sub-fund, unless the Net Asset Value of the sub-fund falls below certain levels in which case agreed minimums will apply. In addition, the fees for settlement vary depending upon the country in which the relevant activity takes place, up to a maximum of USD90 per transaction.

4. Registrar and Transfer Agent , Domici l iary , Administrative and Paying Agent fees

The Company pays fees for these services at the commercial rates agreed from time to time between the parties plus reasonable out-of-pocket expenses.

Domiciliary, Administrative and Paying Agent fees are up to 0.04% per annum of the Net Assets of each sub-fund, unless the Net Asset Value of the sub-fund falls below certain levels in which case agreed minimums will apply.

Registrar and Transfer Agent fees are calculated on a per transaction basis, the maximum amount being USD20.

5. Management Company Fees

The Company pays to the Management Company an annual management company fee amounting to a maximum rate of 0.05% per year of the Net Asset Value of each sub-fund. The Management Company fee is payable monthly in arrears and calculated on the last Net Asset Value of each month with a minimum annual fee of EUR 15,000 per sub-fund, according to the following schedule:

Assets under management (in EUR) Rate

50,000,000 0.05%

100,000,000 0.04%

500,000,000 0.03%

999,999,999,999 0.02%

The list of the funds managed by the Management Company, may be obtained, on simple request, at the registered office of the Management Company.

6. Investment Management Fees

The Company pays to the Principal Investment Manager and Investment Managers an annual management fee, accrued daily and payable monthly in arrears, amounting to a set rate of the Net Asset Value of each sub-fund which is as follows:

Class Maximum rates Equity sub-funds

Maximum rates Bond sub-funds

Class A 2.00% 0.95%Class B 0.65% –Class E 0.25% –Class I 1.00% 0.55%Class J 0.65%* –Class K 0.65% 0.65%Class R 0.75% 0.50%Class Z 0.50% –

There is no management fee for Class C and Class N.

* The maximum rate is 0.59% for Mirae Asset Asia Sector Leader Equity Fund – Class J and Mirae Asset India Mid Cap Equity Fund – Class J.

28


The effective rates respectively charged to the classes are as follows:

Class Effective rates Equity sub-funds

Effective rates Bond sub-funds

Class A 1.50% 0.95%Class B 0.65% –Class E 0.25% –Class I 1.00%** 0.55%Class J 0.59%*** –Class K 0.65% 0.65% ****Class R 0.75% –Class Z 0.50% –

The Principal Investment Manager is responsible for the payment of the fees of the Investment Managers.

In addition, the Company will pay management fees of the target UCITS in the case of investment in other UCITS. However, when the Sub-Fund invests in the shares or units of other UCITS and/or other UCIs that are managed, directly or by delegation, by the same management company or by any other company to which the management company is linked by common management or control or by a substantial direct or indirect holding, that management company or other company may not charge any subscription nor redemption fees on account of the Sub-Fund’ investment in the units of other UCITS and/or other UCI.

For Mirae Asset Asia Pacific Multi-Asset Income Fund, the maximum level of management fees that may be charged at the level of such target UCITS and/or UCIs may not exceed 1.5% of the relevant net assets under management.

** 0.80% for Mirae Asset Asia Pacific Multi-Asset Income Fund

*** 0.65% for Mirae Asset Next Asia Pacific Equity Fund

**** 0.25% for Mirae Asset Global Dynamic Bond Fund

7. Fees payable to the Shariah Service Providers

The Shariah Supervisory Board (“SSB”) was appointed to confirm Mirae Asset Islamic Asia Sector Leader Equity Fund’s compliance with Shariah principles and to ensure the Sub-Fund’s ongoing adherence to the Shariah Investment Guidelines.

The Shariah Stock Screening Provider (“SSSP”) was appointed by the Company to provide screening of the equities held by the Sub-Fund based on Shariah criteria. A different Shariah stock screening provider may be appointed by the Company from time to time.

With regards to the SSB, the Company shall pay to the SSB a maximum annual fee of USD50,000 out of the assets of the Sub-Fund.

With regards to the SSSP, the Company shall pay to the SSSP an annual fee of USD17,000 plus 0.01% of the Net Asset Value of the Sub-Fund, out of the assets of the Sub-Fund.

8. Taxation

Under current law and practice, the Company is not liable to any Luxembourg tax on income or capital gains, nor are dividends (if any) paid by the Company liable to any Luxembourg withholding tax.

The Company is, however, liable in Luxembourg to a taxe d’abonnement of 0.05% per annum of its Net Asset Value, such tax being payable quarterly and calculated on the Net Asset Value of the sub-funds at the end of the relevant calendar quarter. However, such rate is decreased to 0.01% per annum of their Net Asset Value for specific classes of shares or sub-funds which are restricted to Institutional Investors as specified in the Prospectus.

No Luxembourg tax is payable on the realised capital appreciation of the assets of the Company.

Dividends, capital gains and interest received by the Company on its investments may be subject to non-recoverable withholdings or other taxes in the countries of origin.

9. Forward Foreign Exchange Contracts

As of 31 March 2019, the following sub-funds are committed to outstanding forward foreign exchange contracts as follows:


Purchase Sale Maturity Date Counterparty

Unrealised Result in

(USD)Currency Amount Currency Amount

EUR 185,746 USD 210,790 30-Apr-2019 Citibank (1,619)

EUR 113,246 USD 128,515 30-Apr-2019 Citibank (987)

Unrealised loss on forward foreign exchange contracts (2,606)

Mirae Asset Asia Great Consumer Equity Fund




EUR 28,000 USD 31,513 30-Apr-2019 Citibank 18

Unrealised gain on forward foreign exchange contracts 18




EUR 1,143,293 USD 1,297,441 30-Apr-2019 Citibank (9,966)

CHF 780,776 USD 788,435 30-Apr-2019 Citibank (1,974)




29


Mirae Asset China Growth Equity Fund




USD 5,777 EUR 5,088 30-Apr-2019 Citibank 47

Unrealised gain on forward foreign exchange contracts 47




EUR 197,336 USD 223,942 30-Apr-2019 Citibank (1,720)



As of 31 March 2019, the purpose of all the forward foreign exchange contracts shown above is to hedge the currency exposure of the share classes.

10. Options

As of 31 March 2019, the Company has no outstanding options contracts.

11. Futures contracts

As of 31 March 2019, the Company has the following outstanding futures contracts.

Mirae Asset Global Dynamic Bond Fund

Description Contracts

Number of

ContractsCurrency Maturity

Date CounterpartyCommitment (in future’s currency)


(USD)

Euro Bond Future (EUX) (1) EUR 06-Jun-19 Royal Bank

Of Scotland (1,06,012) (1,752)

Total (1,752)

The collateral associated with futures contracts is recorded in the statement of net assets under “cash at broker”. Collateral is held for the following sub-funds and with the following counterparties:

Mirae Asset India Mid Cap Equity Fund– Goldman Sachs: USD540.Mirae Asset Global Dynamic Bond Fund:– Royal Bank Of Scotland: USD104,059.

12. Other Taxes

The Company pays to the Brazilian government a tax on all purchases of Brazilian securities denominated in Brazilian real. The Company also pays a tax on its capital gains when it sells securities in India. The Indian tax rate is provided by the Company’s tax consultant in India, based on the current tax regulations and applicable factors such as the length of holding of the security and if the security is sold on a recognized stock exchange.

The excess Indian capital gain tax paid for previous accounting years, and expected to be recovered are shown under other receivable and other income in the Statement of Net Assets and Statement of Operations respectively.

13. Changes in the Investment Portfolio

The details of the changes in portfolio composition are held at the disposal of the shareholders at the registered office of the Company and are available upon request free of charge.

14. Related Party Transactions

All transactions with related parties were entered into in the ordinary course of business and under normal commercial terms. The related parties to the Company are the Principal Investment Manager, the Investment Managers, the Global Distributor, the Hong Kong Representative, Mirae Asset Securities (HK) Limited and Daiwa Capital Markets Hong Kong Limited. For the basis of the fee charged by the Principal Investment Manager and the Investment Managers, please refer to note 6.

The transactions with Mirae Asset Securities (HK) Limited and Daiwa Capital Markets Hong Kong Limited are as follows:

Mirae Asset Securities (HK) LimitedTotal Transaction

Value (USD)% of Total

Transaction Value in the Scheme

Total Brokerage Commission (USD)

Average Rate of

Commission259,189,813 6.78% 390,2812 0.15%

Daiwa Capital Markets Hong Kong LimitedTotal Transaction

Value (USD)% of Total

Transaction Value in the Scheme

Total Brokerage Commission (USD)

Average Rate of

Commission278,214,006 7.27% 420,667 0.15%

15. Soft Commission

The Principal Investment Manager and Investment Managers do not enter into any soft commission arrangements in relation to the Company. Neither the Principal Investment Manager and Investment Managers nor any of their connected persons have or are entitled to retain any cash rebates from any broker or dealer in consideration for directing transactions on behalf of sub-funds to that broker or dealer. Any such cash rebates received shall be held for the accounts of the relevant sub-fund.

16. Transaction costs

The transaction costs related to purchases and sales of transferable securities are included in the Statement of Operations and Changes in Net Assets, under the heading “Transaction costs”. The transaction costs mainly relate to brokerage fees.

30


17. Sub-fund closing fees

The sub-fund Mirae Asset Asia Income Balanced Fund was closed as at 14 September 2018. Closing fees of USD50,000 were recorded.

The sub fund Mirae Asset Asia Pacific Multi Asset Income Fund was closed as at 18 February 2019. Closing fees of USD70,000 were recorded.

18. Important Events

The sub-fund Mirae Asset Asia Income Balanced Fund was closed as at 14 September 2018.

The sub fund Mirae Asset Asia Pacific Multi-Asset Income Fund was closed as at 18 February 2019.

19. Global Exposure

The global risk exposure is calculated for each sub-fund on a daily basis using the commitment approach.


31

Schedule of Investments (Expressed in USD)as at 31 March 2019




Equities

55 CJ Cheiljedang Corp. 15,651 0.48165 CJ ENM Company Limited 33,869 1.03245 Cosmax Inc. 32,700 0.992,035 Hana Financial Group Inc. 65,258 1.99765 Hana Tour Service Inc. 48,794 1.48600 Hanjin Kal Corp. 13,585 0.41107 Hanmi Pharm Company Limited 42,985 1.31750 Hotel Shilla Company Limited 63,035 1.92655 Hyundai Department Store Company Limited 58,281 1.771,245 Hyundai Engineering & Construction Company Limited 58,570 1.78780 Hyundai Heavy Industries Company Limited 81,773 2.4960 Hyundai Heavy Industries Holdings Company Limited 17,602 0.54540 Hyundai Mobis 99,190 3.01920 Hyundai Motor Company 96,855 2.953,155 KB Financial Group Inc. 116,321 3.53270 Kolon Life Science Inc. 17,887 0.541,920 Korea Electric Power Corp. 50,575 1.5485 Korea Zinc Company Limited 34,821 1.06330 LG Chem Limited 106,404 3.241,030 LG Electronics Inc. 68,147 2.0735 LG Household & Health Care Limited 43,692 1.332,400 LG Uplus Corp. 32,667 0.99190 Lotte Chemical Corp. 48,626 1.48760 Lotte Confectionery Company Limited 33,075 1.00760 LOTTE Himart Company Limited 34,281 1.04370 LS Industrial Systems Company Limited 15,483 0.47240 Maeil Dairies Company Limited 18,289 0.5641 Medy-Tox Inc. 21,087 0.64445 Naver Corp. 48,612 1.48875 Oscotec Inc. 20,196 0.61290 Posco 64,638 1.97110 Samsung Biologics Company Limited 30,962 0.94510 Samsung C&T Corp. 48,075 1.46370 Samsung Electro-Mechanics Company Limited 34,063 1.047,715 Samsung Electronics Company Limited 303,474 9.2465 Samsung Fire & Marine Insurance Company Limited 17,236 0.528,355 Samsung Heavy Industries Company Limited 60,798 1.85170 Samsung SDI Company Limited 32,125 0.98205 SK Holdings Company Limited 48,853 1.494,105 SK hynix Inc. 268,339 8.17650 SK Innovation Company Limited 102,788 3.13220 SK Materials Company Limited 32,871 1.00540 SK Telecom Company Limited 119,646 3.64570 Skckolonpi Inc. 15,266 0.46985 SM Entertainment Company 34,190 1.04300 SPC Samlip Company Limited 37,662 1.15200 Studio Dragon Corp. 15,734 0.48260 Yuhan Corp. 54,974 1.68

Total Equities 2,760,005 83.97Total Transferable securities and money market instruments admitted to an official exchange listing 2,760,005 83.97

Investment in securities at market value 2,760,005 83.97Cash 504,190 15.34Other net assets 22,627 0.69Total net assets 3,286,822 100.00


32

Schedule of Investments (Expressed in USD)as at 31 March 2019 (continued)




Equities

143,000 3SBio Inc. 281,264 2.9714,600 Aia Group Limited 145,350 1.545,027 Alibaba Group Holding Limited 893,449 9.45421,500 Babytree Group 326,999 3.4637,600 Beijing Easpring Material Technology Company Limited - A 154,092 1.63311,000 China Construction Bank Corp. 266,629 2.8329,000 China Merchants Bank Company Limited - H 140,937 1.4918,500 China Mobile Limited 188,536 2.0048,200 China Vanke Company Limited - H 202,625 2.15374,000 Chinasoft International Limited 231,071 2.4413,893 Foshan Haitian Flavouring & Food Company Limited 179,179 1.90151,000 Geely Automobile Holdings Limited 288,536 3.0691,000 Haidilao International Holding Limited 290,969 3.088,416 Huya Inc. 226,895 2.4018,000 Innovent Biologics Inc. 65,695 0.7026,450 Jiangsu Hengrui Medicine Company 257,400 2.73159,000 Kingdee International Software Group Company Limited 183,914 1.954,889 Kweichow Moutai Company Limited - A 621,076 6.58116,000 Lifestyle International Holdings Limited 200,969 2.1339,637 Longi Green Energy Technology Company Limited 153,891 1.633,646 New Oriental Education & Technology Group - ADR 314,540 3.3343,000 Ping An Insurance Group Company of China Limited 481,492 5.10324,000 Sa Sa International Holdings Limited 110,614 1.1733,254 Shanghai International Airport - A 307,437 3.26222,000 Sino Biopharmaceutical Limited 202,487 2.1413,191 Tal Education Group - ADR 471,183 4.9915,000 Techtronic Industries Company 100,797 1.0717,800 Tencent Holdings Limited 818,576 8.6754,000 Vitasoy International Holdings Limited 261,402 2.7781,600 Wise Talent Information Technology Company Limited 240,643 2.5512,700 Wuliangye Yibin Company Limited 179,473 1.9011,000 Wuxi Biologics Cayman Inc. 106,988 1.13


Investment in securities at market value 8,895,108 94.20Cash 639,125 6.77Other net liabilities (91,028) (0.97)Total net assets 9,443,205 100.00

Mirae Asset China Sector Leader Equity Fund


33





Equities

96,460 ACC Limited 2,320,156 1.60109,291 Asian Paints Limited 2,354,907 1.62120,946 Aurobindo Pharma Limited 1,369,187 0.94856,105 Axis Bank Limited 9,605,159 6.6162,804 Bharti Airtel Limited 301,980 0.21506,089 Capacite Infraprojects Limited 1,656,864 1.14136,167 Cipla Limited 1,039,590 0.71615,295 Coal India Limited 2,106,759 1.4547,211 Cognizant Technology Solutions Corp. - A 3,379,363 2.32225,178 CreditAccess Grameen Ltd 1,638,224 1.13431,937 Dabur India Limited 2,548,872 1.75593,304 Gail India Limited 2,977,394 2.05195,066 Hcl Technologies Limited 3,062,017 2.11237,839 HDFC Bank Limited 7,961,261 5.485,720 Hindustan Lever Limited 140,927 0.10223,646 Housing Development Finance Corp. 6,354,161 4.371,732,245 Icici Bank Limited 10,014,486 6.88864,011 Icici Prudential Life Insurance Company 4,368,318 3.001,792,462 Indian Oil Corp. Limited 4,213,612 2.90140,972 IndusInd Bank Limited 3,622,177 2.49917,856 Infosys Technologies Limited 9,855,456 6.78555,250 ITC Limited 2,382,469 1.64161,364 Kotak Mahindra Bank Limited 3,108,437 2.1418,736 Larsen & Toubro Infotech 460,475 0.32110,215 Larsen & Toubro Limited 2,203,947 1.512,217,256 Lemon Tree Hotels Limited 2,581,291 1.78239,136 Mahindra & Mahindra Limited 2,326,255 1.60419,472 Marico Limited 2,098,993 1.447,598 Maruti Suzuki India Limited 731,826 0.50745,212 Narayana Hrudayalaya Limited* 2,287,505 1.5722,422 Nestle India Limited 3,547,638 2.441,943,912 NTPC Limited 3,779,732 2.60166,449 Odisha Cement Limited 2,377,463 1.63597,240 Prestige Estates Projects Limited 2,179,429 1.50677,098 Reliance Industries Limited 13,324,282 9.16475,931 SBI Life Insurance Company Limited 4,007,995 2.76581,676 State Bank of India Limited 2,693,175 1.85320,783 Sun Pharmaceutical Industries Limited 2,217,317 1.53183,336 Tech Mahindra Limited 2,053,385 1.41184,671 Titan Industries Limited 3,043,859 2.09180,652 UPL Limited 2,500,404 1.7256,949 Voltas Limited 517,445 0.36351,144 Westlife Development Limited 2,172,979 1.49367,115 Zee Entertainment Enterprises Limited 2,360,840 1.62


Investment in securities at market value 145,848,011 100.30Cash 3,037,077 2.09Other net liabilities (3,480,178) (2.39)Total net assets 145,404,910 100.00

Mirae Asset India Sector Leader Equity Fund

34


* illiquid security The accompanying notes form an integral part of these financial statements.



Equities

4,162,000 3SBio Inc. 8,186,180 1.742,202,800 Aia Group Limited 21,929,865 4.67132,600 Alibaba Group Holding Limited 23,566,998 5.015,333,700 Bank Central Asia Tbk Pt 10,393,274 2.21844,700 Boc Aviation Limited 6,892,132 1.4716,602,000 China Construction Bank Corp. 14,233,359 3.032,650,000 China Mengniu Dairy Company Limited 9,857,361 2.10677,000 China Mobile Limited 6,899,388 1.4711,202,000 China Petroleum & Chemical Corp. 8,833,202 1.882,252,000 China Resources Gas Group Limited 10,614,561 2.26603,629 Cipla Limited 4,608,509 0.9895,748 Cognizant Technology Solutions Corp. - A 6,853,642 1.463,902,000 CSPC Pharmaceutical Group Limited 7,257,249 1.5511,154,000 CTBC Financial Holding Company Limited 7,400,909 1.57133,473 Ctrip.com International Limited - ADR 5,802,071 1.241,286,338 Dabur India Limited 7,590,717 1.62788,915 DBS Group Holdings Limited 14,689,532 3.142,140,742 Gail India Limited 10,742,945 2.29351,000 Galaxy Entertainment Group Limited 2,389,939 0.51363,937 HDFC Bank Limited 12,182,180 2.602,433,841 Icici Bank Limited 14,070,564 3.0011,008,300 IHH Healthcare Bhd 15,558,581 3.313,518,288 Indian Oil Corp. Limited 8,270,579 1.766,383,014 Lemon Tree Hotels Limited 7,430,995 1.5821,016 LG Chem Limited 6,776,371 1.4417,739 Mando Corp. 446,952 0.1068,400 Meituan Dianping 460,939 0.102,154,704 Narayana Hrudayalaya Limited* 6,614,085 1.41436,286 Odisha Cement Limited 6,231,662 1.331,398,090 Phu Nhuan Jewelry JSC 5,981,728 1.271,681,500 Ping An Insurance Group Company of China Limited 18,828,585 4.01653,913 Reliance Industries Limited 12,868,036 2.7516,586,000 Sa Sa International Holdings Limited 5,662,502 1.211,191,300 Samsonite International SA 3,816,727 0.81250,637 Samsung Electronics Company Limited Pfd 8,004,224 1.71366,649 Samsung Electronics Company Limited 14,422,416 3.0716,918 Samsung SDI Company Limited 3,196,998 0.681,508,134 SBI Life Insurance Company Limited 12,700,568 2.711,652,825 Shanghai International Airport - A 15,280,571 3.26180,329 Shinhan Financial Group Company Limited 6,672,382 1.42110,452 SK hynix Inc. 7,220,105 1.541,838,000 Taiwan Semiconductor Manufacturing Company Limited 14,640,577 3.12269,423 Tal Education Group - ADR 9,623,790 2.0524,951,000 Telekomunikasi Indonesia Tbk Pt 6,920,634 1.47480,200 Tencent Holdings Limited 22,083,163 4.71354,348 Tencent Music Entertainment Group 6,098,329 1.30414,766 Titan Industries Limited 6,836,424 1.463,931,564 Tonghua Dongbao Pharmaceutical Company - A 10,152,820 2.161,926,814 Vietnam Prosperity JSC 1,673,631 0.364,432,850 Vietnam Technological & Commercial Joint Stock Bank 4,879,681 1.04



Equities

150 Tencent Music Entertainment Group* 0 0.00Total Equities 0 0.00Total Other transferable securities and money market instruments 0 0.00

Investment in securities at market value 464,348,632 98.94Cash 4,926,847 1.05Other net assets 36,305 0.01Total net assets 469,311,784 100.00



35





Equities

390,500 3SBio Inc. 768,069 1.55246,400 Aia Group Limited 2,453,023 4.9615,107 Alibaba Group Holding Limited 2,684,967 5.42591,300 Bank Central Asia Tbk Pt 1,152,210 2.3314,433 Bhp Billiton Limited 394,007 0.8085,200 Boc Aviation Limited 695,169 1.411,949,000 China Construction Bank Corp. 1,670,933 3.37266,000 China Mengniu Dairy Company Limited 989,456 2.0067,500 China Mobile Limited 687,901 1.391,140,000 China Petroleum & Chemical Corp. 898,933 1.82234,000 China Resources Gas Group Limited 1,102,934 2.2347,811 Cipla Limited 365,021 0.749,520 Cognizant Technology Solutions Corp. - A 681,442 1.385,472 CSL Limited 756,565 1.53412,000 CSPC Pharmaceutical Group Limited 766,270 1.55966,000 CTBC Financial Holding Company Limited 640,961 1.30121,664 Dabur India Limited 717,943 1.4572,268 DBS Group Holdings Limited 1,345,624 2.723,692 Domino’s Pizza Enterprises Limited 113,697 0.23183,480 Gail India Limited 920,763 1.8622,000 Galaxy Entertainment Group Limited 149,797 0.3037,018 HDFC Bank Limited 1,239,115 2.51259,898 Icici Bank Limited 1,502,527 3.04839,800 IHH Healthcare Bhd 1,186,931 2.40377,904 Indian Oil Corp. Limited 888,354 1.80606,035 Lemon Tree Hotels Limited 705,535 1.432,206 LG Chem Limited 711,300 1.447,100 Meituan Dianping 47,846 0.1047,755 Odisha Cement Limited 682,105 1.38115,727 Oil Search Limited 644,323 1.30168,000 Ping An Insurance Group Company of China Limited 1,881,179 3.8080,621 Reliance Industries Limited 1,586,502 3.211,722,000 Sa Sa International Holdings Limited 587,895 1.19194,700 Samsonite International SA 623,786 1.2644,882 Samsung Electronics Company Limited 1,765,468 3.5629,343 Samsung Electronics Company Limited Pfd 937,084 1.901,909 Samsung SDI Company Limited 360,744 0.73152,436 SBI Life Insurance Company Limited 1,283,721 2.60169,374 Shanghai International Airport - A 1,565,884 3.1718,904 Shinhan Financial Group Company Limited 699,470 1.4112,250 SK hynix Inc. 800,767 1.62181,000 Taiwan Semiconductor Manufacturing Company Limited 1,441,754 2.9224,851 Tal Education Group - ADR 887,678 1.802,800,700 Telekomunikasi Indonesia Tbk Pt 776,827 1.5742,000 Tencent Holdings Limited 1,931,472 3.9134,514 Tencent Music Entertainment Group 593,986 1.2043,412 Titan Industries Limited 715,543 1.45448,925 Tonghua Dongbao Pharmaceutical Company - A 1,159,299 2.34110,613 Treasury Wine Estates Limited 1,171,292 2.37249,977 Vietnam Prosperity JSC 217,130 0.44464,160 Vietnam Technological & Commercial Joint Stock Bank 510,947 1.03



Equities




36





Equities

77,000 3SBio Inc. 151,450 1.3247,600 Aia Group Limited 473,880 4.132,629 Alibaba Group Holding Limited 467,252 4.0824,360 Alsea SAB de CV 51,187 0.4514,504 Banco do Brasil SA 179,663 1.57115,300 Bank Central Asia Tbk Pt 224,674 1.9617,300 Boc Aviation Limited 141,155 1.231,100 Capitec Bank Holdings Limited 101,463 0.891,500 Cd Projekt Red SA 78,751 0.6918,932 Cemex SAB de CV - ADR 86,330 0.75332,000 China Construction Bank Corp. 284,633 2.4945,000 China Mengniu Dairy Company Limited 167,389 1.4612,500 China Mobile Limited 127,389 1.11230,000 China Petroleum & Chemical Corp. 181,364 1.5846,000 China Resources Gas Group Limited 216,816 1.8914,900 Cia de Locacao das Americas 144,711 1.2616,528 Cipla Limited 126,186 1.105,530 Clicks Group Limited 67,826 0.592,488 Cognizant Technology Solutions Corp. - A 178,091 1.5572,000 CSPC Pharmaceutical Group Limited 133,911 1.17259,000 CTBC Financial Holding Company Limited 171,852 1.4920,884 Dabur India Limited 123,237 1.0875,185 DP Eurasia NV 85,724 0.7516,062 Firstrand Limited 68,615 0.6039,862 Gail India Limited 200,041 1.756,000 Galaxy Entertainment Group Limited 40,854 0.3619,600 Grupo Financiero Banorte SAB de CV 107,614 0.947,157 HDFC Bank Limited 239,569 2.0951,143 Icici Bank Limited 295,669 2.59193,400 IHH Healthcare Bhd 273,342 2.3917,874 Kaz Minerals plc 145,562 1.2795,530 Lemon Tree Hotels Limited 111,214 0.97371 LG Chem Limited 119,625 1.0426,100 Lojas Americanas SA Pfd 108,868 0.956,900 Mr Price Group Limited 85,997 0.751,147 MultiChoice Group Limited 9,386 0.081,147 Naspers Limited 260,862 2.28800 Novatek PJSC - GDR 136,400 1.1910,013 Odisha Cement Limited 143,020 1.252,100 Pampa Energia SA - ADR 56,847 0.5030,000 Ping An Insurance Group Company of China Limited 335,925 2.939,500 Raia Drogasil SA 159,288 1.3915,140 Reliance Industries Limited 297,932 2.6038,469 Rumo SA 184,972 1.61408,000 Sa Sa International Holdings Limited 139,292 1.2235,700 Samsonite International SA 114,377 1.006,097 Samsung Electronics Company Limited Pfd 194,711 1.707,724 Samsung Electronics Company Limited 303,829 2.659,593 Sberbank - ADR 127,587 1.1128,939 SBI Life Insurance Company Limited 243,706 2.1333,524 Shanghai International Airport - A 309,934 2.703,829 Shinhan Financial Group Company Limited 141,677 1.242,909 SK hynix Inc. 190,158 1.669,600 Suzano Papel e Celulose SA 114,905 1.0042,000 Taiwan Semiconductor Manufacturing Company Limited 334,551 2.924,327 Tal Education Group - ADR 154,560 1.35528,300 Telekomunikasi Indonesia Tbk Pt 146,534 1.2811,000 Tencent Holdings Limited 505,862 4.426,508 Tencent Music Entertainment Group 112,002 0.97

Mirae Asset GEM Sector Leader Equity Fund


37





Equities

7,101 Titan Industries Limited 117,043 1.0293,718 Tonghua Dongbao Pharmaceutical Company - A 242,016 2.1125,600 Wal-Mart de Mexico SAB de CV 68,874 0.602,686 X5 Retail Group NV - GDR- Reg 67,687 0.593,639 Yandex NV - A 129,548 1.13



Equities


Investment in securities at market value 11,105,389 96.92Cash, net of bank overdraft 387,994 3.39Other net liabilities (35,019) (0.31)Total net assets 11,458,364 100.00


38





Equities

8,000 3SBio Inc. 15,735 2.03163 58.com Inc. - ADR 10,235 1.32506 ACC Limited 12,171 1.57392 Alibaba Group Holding Limited 69,670 9.01509 Asian Paints Limited 10,967 1.421,129 Aurobindo Pharma Limited 12,781 1.6514,500 Baic Motor Corp. Limited 9,476 1.238,000 China Mengniu Dairy Company Limited 29,758 3.851,500 China Mobile Limited 15,287 1.9838,000 China Petroleum & Chemical Corp. 29,964 3.874,000 China Resources Gas Group Limited 18,853 2.442,000 China Resources Land Limited 8,968 1.164,000 China Vanke Company Limited - H 16,815 2.171,462 Cipla Limited 11,162 1.448,000 CSPC Pharmaceutical Group Limited 14,879 1.92336 Ctrip.com International Limited - ADR 14,606 1.892,438 Dabur India Limited 14,387 1.863,633 Gail India Limited 18,232 2.361,043 Hcl Technologies Limited 16,372 2.1218,900 IHH Healthcare Bhd 26,713 3.468,815 Indian Oil Corp. Limited 20,722 2.682,300 Keppel Corp. Limited 10,558 1.3756 LG Chem Limited 18,057 2.3383 Mando Corp. 2,091 0.272,379 Marico Limited 11,904 1.5459 Maruti Suzuki India Limited 5,683 0.738,021 Narayana Hrudayalaya Limited 24,621 3.1830,000 Petrochina Company Limited 19,452 2.5251 Posco 11,367 1.473,683 Reliance Industries Limited 72,477 9.371,716 Samsung Electronics Company Limited 67,500 8.7366 Samsung SDI Company Limited 12,472 1.61422 SK hynix Inc. 27,586 3.571,500 Techtronic Industries Company 10,080 1.3051,600 Telekomunikasi Indonesia Tbk Pt 14,312 1.85702 Titan Industries Limited 11,571 1.507,300 Tonghua Dongbao Pharmaceutical Company - A 18,851 2.453,200 Unilever Indonesia Tbk Pt 11,061 1.43

Total Equities 747,396 96.65Total Transferable securities and money market instruments admitted to an official exchange listing 747,396 96.65

Investment in securities at market value 747,396 96.65Cash 21,735 2.81Other net assets 4,146 0.54Total net assets 773,277 100.00

Mirae Asset Islamic Asia Sector Leader Equity Fund*


39





Equities

1,380,600 Aia Group Limited 13,744,495 2.40308,568 Alibaba Group Holding Limited 54,841,791 9.57633,062 Apollo Hospitals Enterprise Limited 11,218,116 1.96936,001 Asian Paints Limited 20,168,130 3.528,914,500 Bank Central Asia Tbk Pt 17,370,839 3.03530,093 Britannia Industries Limited 23,609,914 4.121,846,433 China International Travel Service Corp. Limited 19,248,603 3.363,779,500 China Merchants Bank Company Limited - H 18,367,956 3.213,784,300 CP All pcl - NVDR 8,913,719 1.562,112,631 Crompton Greaves Consumer Electricals Limited 6,928,652 1.21408,449 Ctrip.com International Limited - ADR 17,755,278 3.102,339,041 Foshan Haitian Flavouring & Food Company Limited 30,166,749 5.271,492,093 Godrej Consumer Products Limited 14,775,317 2.58871,090 HDFC Bank Limited 29,158,275 5.091,037,227 Hindustan Lever Limited 25,554,844 4.462,468,918 Jiangsu Hengrui Medicine Company 24,026,404 4.201,692,460 Jollibee Foods Corp. 10,217,293 1.7880,142,472 Kalbe Farma Tbk Pt* 8,553,959 1.49258,316 New Oriental Education & Technology Group - ADR 22,284,921 3.892,361,000 Ping An Insurance Group Company of China Limited 26,437,281 4.612,629,772 Shanghai International Airport - A 24,312,566 4.241,059,400 Shenzhou International Group Holdings Limited 14,197,361 2.481,394,000 Taiwan Semiconductor Manufacturing Company Limited 11,103,897 1.94882,912 Tal Education Group - ADR 31,537,617 5.501,220,000 Tencent Holdings Limited 56,104,664 9.792,923,241 Unilever Indonesia Tbk Pt 10,104,415 1.762,809,890 Vietnam Dairy Products JSC 16,287,246 2.84


Investment in securities at market value 566,990,302 98.96Cash 4,218,232 0.74Other net assets 1,742,673 0.30Total net assets 572,951,207 100.00


40





Equities

1,979 Abbott Laboratories 157,212 3.02440 Abiomed Inc. 124,916 2.401,164 Airbus Group NV 151,979 2.92634 Alexion Pharmaceuticals Inc. 84,487 1.62572 Alibaba Group Holding Limited 101,662 1.95146 Alphabet Inc. - A 171,151 3.291,176 Amadeus IT Holding SA - A 92,027 1.77192 Amazon.com Inc. 340,496 6.531,976 Black Knight Inc. 107,870 2.0788 Booking Holdings Inc. 152,142 2.92771 Burlington Stores Inc. 118,503 2.271,900 Charles Schwab Corp. 81,111 1.56270 Domino’s Pizza Inc. 68,558 1.32654 Estee Lauder Companies Inc. 107,531 2.06933 Facebook Inc. - A 154,458 2.975,205 Glaxosmithkline plc 108,460 2.081,682 Godaddy Inc. 126,335 2.431,103 Guidewire Software Inc. 105,634 2.03812 International Flavors & Fragrances Inc. 105,325 2.02693 L’Oreal SA 185,696 3.57672 Lululemon Athletica Inc. 112,587 2.161,021 MongoDB Inc. 149,250 2.862,576 Monster Beverage Corp. 140,289 2.693,004 Morgan Stanley 125,958 2.42758 Netflix Inc. 268,794 5.162,168 Neurocrine Biosciences Inc. 185,473 3.561,479 Nike Inc. 124,295 2.391,577 Novartis AG - Reg 151,017 2.901,207 Ollie’s Bargain Outlet Holdings 102,909 1.981,556 Perrigo Company plc 73,754 1.42289 Regeneron Pharmaceuticals Inc. 116,996 2.253,800 Tencent Holdings Limited 174,752 3.36764 United Health Group Inc. 185,064 3.551,744 Visa Inc. - A 269,744 5.181,665 Worldpay Inc. 185,531 3.562,658 Yandex NV - A 94,625 1.82



Mirae Asset Global Great Consumer Equity Fund


41

Schedule of Investments (Expressed in USD)as at 31 March 2019 (continued)Quantity Description Market value % of Net assets


Equities

146,500 3SBio Inc. 288,149 5.2613,249 Apollo Hospitals Enterprise Limited 234,778 4.2927,138 Aurobindo Pharma Limited 307,220 5.6123,821 Cadila Healtcare Limited 119,335 2.181,116 Celltrion Healthcare Company Limited 65,676 1.20953 Celltrion Inc. 151,963 2.7849,000 China Medical System Holdings Limited 47,502 0.8717,252 Cipla Limited 131,713 2.411,001 Cochlear Limited 123,022 2.253,430 CSL Limited 474,236 8.66194,000 CSPC Pharmaceutical Group Limited 360,817 6.592,035 Genexine Company Limited 152,208 2.782,245 Handok Inc. 59,334 1.08178,700 IHH Healthcare Bhd 252,565 4.613,402 Inbody Company Limited 65,037 1.1956,707 Jiangsu Hengrui Medicine Company 551,847 10.0741,028 Narayana Hrudayalaya Limited 125,940 2.302,407 Ramsay Health Care Limited 109,856 2.012,017 Resmed Inc. 207,146 3.7721 Samsung Biologics Company Limited 5,911 0.1187,000 Sino Biopharmaceutical Limited 79,353 1.4520,400 Sinopharm Group Company 84,979 1.5532,652 Sun Pharmaceutical Industries Limited 225,697 4.1268,960 Tonghua Dongbao Pharmaceutical Company - A 178,081 3.2519,932 UPL Limited 275,879 5.04602 Viromed Company Limited 148,392 2.7126,500 Wuxi Biologics Cayman Inc. 257,743 4.71




Mirae Asset Asia Pacific Health Care Opportunities Equity Fund*

42





Equities

731,000 3SBio Inc. 1,437,795 4.10124,400 Aia Group Limited 1,238,458 3.538,000 Airtac International Group 103,568 0.3013,384 Alibaba Group Holding Limited 2,378,738 6.7816,700 Ayala Corp. 298,953 0.85160,805 Beijing Easpring Material Technology Company Limited - A 659,011 1.88166,600 Boe Technology Group Company Limited 96,652 0.28790,000 Brilliance China Automotive Holdings Limited 782,958 2.233,849 Celltrion Healthcare Company Limited 226,512 0.651,730,000 Chinasoft International Limited 1,068,857 3.059,620 Ctrip.com International Limited - ADR 418,181 1.1959,000 DBS Group Holdings Limited 1,098,575 3.1332,347 Douzone Bizon Company Limited 1,327,964 3.78577,000 Geely Automobile Holdings Limited 1,102,552 3.158,642 Genexine Company Limited 646,380 1.84414 Hanmi Pharm Company Limited 166,315 0.4741,694 HDFC Bank Limited 1,395,637 3.99520,274 Hoa Phat Group JSC 720,371 2.06117,000 Innovent Biologics Inc. 427,014 1.2298,712 Jiangsu Hengrui Medicine Company 960,621 2.74514,000 Kingdee International Software Group Company Limited 594,540 1.705,043 Koh Young Technology Inc. 379,858 1.086,100 Kweichow Moutai Company Limited - A 774,915 2.2115,588 L&F Company Limited 393,442 1.124,496 LG Chem Limited 1,449,684 4.14143,176 Longi Green Energy Technology Company Limited 555,882 1.59828 Maruti Suzuki India Limited 79,752 0.23409 Medy-Tox Inc. 210,355 0.606,000 Momo Inc. 225,540 0.6424,700 Ping An Healthcare & Technology Company Limited 139,390 0.4063,500 Ping An Insurance Group Company of China Limited 711,041 2.0353,206 Reliance Industries Limited 1,047,015 2.9919,521 Samsung Electronics Company Limited 767,873 2.19810 Samsung SDI Company Limited 153,066 0.4473,360 SBI Life Insurance Company Limited 617,792 1.7631,100 Shanghai International Airport - A 287,523 0.825,000 Shenzhou International Group Holdings Limited 67,007 0.19778,500 Sino Biopharmaceutical Limited 710,074 2.03342,230 SSI Securities Corp 400,272 1.14131,000 Taiwan Semiconductor Manufacturing Company Limited 1,043,480 2.9813,850 Tal Education Group - ADR 494,722 1.4122,895 Tata Consultancy Services Limited 661,524 1.8933,800 Tencent Holdings Limited 1,554,375 4.4357,619 Venustech Group Inc. 252,676 0.7269,600 Wise Talent Information Technology Company Limited 205,254 0.5954,000 Wuxi Biologics Cayman Inc. 525,212 1.5058,200 Xiaomi Corp. 84,372 0.2468,992 Zee Entertainment Enterprises Limited 443,673 1.276,238 Zto Express Cayman Inc. 112,159 0.32





43



Equities

55,121 Alibaba Group Holding Limited 9,796,656 8.684,833,500 Babytree Group 3,749,825 3.32348,400 China International Capital Corporation 806,871 0.71228,151 China International Travel Service Corp. Limited 2,378,417 2.11980,000 China Mengniu Dairy Company Limited 3,645,364 3.233,668,000 Chinasoft International Limited 2,266,225 2.011,014,011 Chongqing Fuling Zhacai Group Company Limited 4,679,032 4.14444,400 Foshan Haitian Flavouring & Food Company Limited 5,731,453 5.081,145,000 Haidilao International Holding Limited 3,661,096 3.2426,734 Huazhu Group Limited 1,075,241 0.95169,267 Huya Inc. 4,563,438 4.04381,309 Jiangsu Hengrui Medicine Company 3,710,728 3.29472,000 Kingdee International Software Group Company Limited 545,959 0.4890,741 Kweichow Moutai Company Limited - A 11,527,308 10.212,586,500 Lifestyle International Holdings Limited 4,481,086 3.97186,600 Midea Group Company Limited - A 1,352,632 1.2067,225 New Oriental Education & Technology Group - ADR 5,799,501 5.14147,845 Oppein Home Group Inc. 2,669,912 2.36494,000 Ping An Insurance Group Company of China Limited 5,531,562 4.9033,700 Suofeiya Home Collection Company Limited 128,585 0.11279,099 Tal Education Group - ADR 9,969,416 8.8394,800 Tencent Holdings Limited 4,359,608 3.8689,100 Venustech Group Inc. 390,730 0.351,112,000 Vitasoy International Holdings Limited 5,382,950 4.77820,000 Wise Talent Information Technology Company Limited 2,418,225 2.14551,442 Wuliangye Yibin Company Limited 7,792,826 6.9029,000 Yihai International Holdinging Limited 129,115 0.11


Investment in securities at market value 108,543,761 96.13Cash 4,590,847 4.07Other net liabilities (218,346) (0.20)Total net assets 112,916,262 100.00



44





Equities

67,800 Aia Group Limited 674,980 0.9823,091 Alibaba Group Holding Limited 4,103,963 5.9537,395 Apollo Hospitals Enterprise Limited 662,654 0.9686,576 Asian Paints Limited 1,865,464 2.70279,400 Bangkok Dusit Medical Services pcl - NVDR 218,344 0.32387,300 Bank Central Asia Tbk Pt 754,695 1.0945,152 Britannia Industries Limited 2,011,034 2.9281,300 China International Travel Service Corp. Limited 847,532 1.23279,500 China Merchants Bank Company Limited - H 1,358,339 1.973,650 CSL Limited 504,653 0.7318,316 Ctrip.com International Limited - ADR 796,197 1.1613,400 Daifuku Company Limited 696,952 1.0111,700 Daikin Industries Limited 1,370,256 1.9917,500 Daiwa House Industry Company Limited 556,075 0.815,900 Disco Corp. 840,155 1.2271,124 Foshan Haitian Flavouring & Food Company Limited 917,290 1.3332,000 Galaxy Entertainment Group Limited 217,886 0.32128,184 Godrej Consumer Products Limited 1,269,331 1.84112,521 Hangzhou Hikvision Digital Technology Company Limited 587,004 0.85158,400 Han’s Laser Technology 994,350 1.4477,358 HDFC Bank Limited 2,589,429 3.7651,842 Hindustan Lever Limited 1,277,265 1.8510,500 Hitachi Transport System Limited 311,459 0.4515,000 House Foods Corp. 602,736 0.8723,000 Hua Hong Semiconductor Limited 53,911 0.0854,900 Isuzu Motors Limited 720,796 1.05211,014 Jiangsu Hengrui Medicine Company 2,053,494 2.971,921,300 Kalbe Farma Tbk Pt 205,069 0.3028,300 Kaneka Corp. 1,059,221 1.5423,600 Konami Corp. 1,023,955 1.4935,100 Mandom Corp. 902,023 1.31195,400 Mitsubishi Ufj Financial Group Inc. 970,427 1.4152,900 Mitsui Chemicals Inc. 1,275,867 1.8526,400 Murata Manufacturing Company Limited 1,313,980 1.9122,874 New Oriental Education & Technology Group - ADR 1,973,340 2.8610,100 Nidec Corp. 1,279,087 1.8618,400 Otsuka Holdings Company Limited 722,575 1.0529,700 Pacific Industrial Company Limited 417,294 0.6122,300 Pan Pacific International Holdings Corp 1,475,994 2.1433,700 Pigeon Corp. 1,376,969 2.00209,500 Ping An Insurance Group Company of China Limited 2,345,874 3.403,500 Ryohin Keikaku Company Limited 886,180 1.2924,100 Sakata Seed Corp. 819,328 1.1916,999 Samsung Electronics Company Limited 668,669 0.9744,000 Sands China Limited 221,122 0.32145,008 Shanghai International Airport - A 1,340,616 1.955,600 Shimadzu Corp. 161,813 0.2310,100 Shin-Etsu Chemical Company Limited 846,340 1.2328,700 Sony Corp. 1,203,770 1.754,400 Square Enix Holdings Company Limited 154,156 0.2220,300 Star Micronics Company Limited 308,867 0.4519,000 Sumitomo Corp. 262,666 0.3810,000 Sumitomo Mitsui Trust Holdings Inc. 359,023 0.5252,643 Sydney Airport Finance Company Pty Limited 277,414 0.40229,000 Taiwan Semiconductor Manufacturing Company Limited 1,824,097 2.6468,299 Tal Education Group - ADR 2,439,640 3.542,250,100 Telekomunikasi Indonesia Tbk Pt 624,108 0.9193,500 Tencent Holdings Limited 4,299,825 6.2321,600 Tokyo Rope Mfg Company Limited 190,362 0.2820,000 Trend Micro Inc. 973,407 1.41

Mirae Asset Next Asia Pacific Equity Fund*


45



Equities

31,100 Unicharm Corp. 1,028,663 1.49185,796 Vietnam Dairy Products JSC 1,076,948 1.56691,227 Vietnam Prosperity JSC 600,400 0.8712,700 Yakult Honsha Company Limited 887,606 1.2918,500 Yamaha Corp. 923,789 1.34





46


* illiquid security* Not authorized in Hong Kong and not available to Hong Kong Residents.The accompanying notes form an integral part of these financial statements.



Equities

2,713,586 Aditya Birla Fashion and Retail Limited 8,631,245 2.13493,766 Ajanta Pharma Limited 7,378,401 1.82250,879 Apollo Tyres Limited 806,675 0.201,165,530 Axis Bank Limited 13,076,785 3.23550,492 Balkrishna Industries Limited 7,910,593 1.951,732,186 Berger Paints India Limited 8,095,079 2.006,210,745 Bharat Electronics Limited 8,360,059 2.06807,186 Bharat Financial Inclusion Limited 13,168,786 3.26752,868 Bharat Forge Limited 5,568,584 1.37389,071 Biocon Limited 3,428,995 0.851,446,551 Capacite Infraprojects Limited* 4,735,803 1.17549,609 Ceat Limited 8,884,846 2.19307,341 Century Textile & Industries Limited 4,139,668 1.021,325,226 Dabur India Limited 7,820,196 1.93242,689 Divi’s Laboratories Limited 5,966,327 1.47407,688 Dr Lal Pathlabs Limited* 6,145,681 1.524,184,653 Equitas Holdings Limited 8,269,508 2.04552,269 Escorts Limited 6,346,113 1.562,567,635 Exide Industries Ltd 8,105,856 2.006,844,693 Federal Bank Limited 9,529,563 2.35571,145 Finolex Cables Limited 3,919,837 0.973,302,048 Gujarat Pipavav Port Limited 4,742,674 1.172,380,247 Gujarat State Petronet Limited 6,552,236 1.62906,921 Havell’s India Limited 10,113,110 2.491,275,260 Hindustan Petroleum Corp. 5,225,218 1.292,876,920 Icici Bank Limited 16,632,101 4.11103,795 Indian Hotels Company Limited 232,084 0.06325,368 Info Edge India Limited 8,653,881 2.13539,298 Ipca Laboratories Limited 7,643,473 1.881,555,117 Jindal Steel & Power Limited 4,033,926 0.9910,471 Jubilant Foodworks Limited 218,259 0.052,862,616 Jyothy Laboratories Limited* 7,561,901 1.86912,254 Kajaria Ceramics Limited 7,767,372 1.92520,877 Kotak Mahindra Bank Limited 10,033,918 2.47199,772 Larsen & Toubro Infotech 4,909,803 1.2169,892 Mahanagar Gas Limited 1,064,430 0.2621,866 Mahindra & Mahindra Limited 212,707 0.051,205,376 Max Financial Services Limited 7,572,307 1.87331,984 MindTree Limited 4,526,223 1.121,250,921 Muthoot Finance Limited 11,115,917 2.74351,384 Natco Pharma Limited 2,908,669 0.726,483,203 National Aluminium Company Limited 5,189,290 1.282,127,284 NTPC Limited 4,136,279 1.0211,926 Page Industries Limited 4,299,018 1.062,903,700 Petronet Lng Limited 10,543,695 2.59120,880 PI Industries Limited 1,800,652 0.444,334,329 Power Finance Corp. Limited 7,701,879 1.90731,170 Raymond Limited 8,564,927 2.111,306,454 RBL Bank Limited 12,830,492 3.1756,294 SRF Limited 1,952,687 0.481,431,249 State Bank of India Limited 6,626,720 1.63930,981 Tata Chemicals Limited 7,912,713 1.954,082,002 Tata Global Beverages Limited 12,017,488 2.961,277,455 Tata Steel Limited 9,607,273 2.37306,799 Torrent Pharmaceuticals Limited 8,634,747 2.13165,259 Trent Limited 863,317 0.211,166,412 TVS Motor Company Limited 7,928,617 1.951,180,994 Voltas Limited 10,730,642 2.642,279,112 Wipro Limited 8,382,660 2.06


Investment in securities at market value 401,731,905 99.05Cash, net of bank overdraft 7,931,503 1.96Other net liabilities (4,064,871) (1.01)Total net assets 405,598,537 100.00



47





Bonds

200,000 ACWA Power Management and Investments One Limited 5.950% 15/Dec/39 202,127 0.82200,000 Alfa SA 6.875% 25/Mar/44 217,277 0.88100,000 BBVA Banco Continental FRN - 22/Sep/29 105,679 0.43200,000 BBVA Bancomer SA 6.750% 30/Sep/22 215,350 0.87500,000 Centrais Eletricas Brasileiras SA 6.875% 30/Jul/19 506,395 2.05250,000 Codelco Inc. 3.625% 1/Aug/27 250,917 1.01800,000 Empresa Nacional del Petroleo 5.250% 10/Aug/20 818,732 3.31100,000 Enel Generacion Chile SA 4.250% 15/Apr/24 101,911 0.41200,000 Equate Petrochemical BV 3.000% 3/Mar/22 197,402 0.80500,000 Ford Motor Credit Company LLC FRN - 28/Mar/22 485,248 1.962,000,000 Industrial & Commercial Bank of China 1.875% 14/Jul/19 1,994,675 8.06100,000 Israel Chemicals Limited 6.375% 31/May/38 108,250 0.44700,000 JPMorgan Chase & Company FRN - 24/Oct/23 709,286 2.87200,000 Kazakhstan Temir Zholy Finance BV 6.950% 10/Jul/42 229,193 0.93200,000 Klabin Austria GmbH 7.000% 3/Apr/49 198,158 0.801,000,000 Kookmin Bank 2.125% 21/Oct/20 989,254 4.00200,000 Korea Development Bank FRN - 30/Oct/22 201,350 0.82250,000 Listrindo Capital BV 4.950% 14/Sep/26 242,223 0.98200,000 Marble II PTE Limited 5.300% 20/Jun/22 198,835 0.80500,000 Mizuho Financial Group Inc. FRN - 13/Sep/21 505,794 2.05250,000 NTPC Limited 4.750% 3/Oct/22 259,019 1.05250,000 Pertamina Persero PT 6.450% 30/May/44 286,008 1.16200,000 Petrobras Global Finance BV 5.999% 27/Jan/28 202,317 0.82300,000 Petrobras Global Finance BV 8.750% 23/May/26 354,275 1.43400,000 Petroleos Mexicanos 5.500% 21/Jan/21 407,690 1.65200,000 Petroleos Mexicanos 6.875% 4/Aug/26 207,700 0.84200,000 SASOL Financing USA LLC 6.500% 26/Sep/28 217,779 0.88200,000 Southern Copper Corp. 5.250% 8/Nov/42 208,500 0.84200,000 SURA Asset Management SA 4.875% 17/Apr/24 208,000 0.84200,000 Teva Pharmaceutical Finance Netherlands III BV 2.200% 21/Jul/21 190,803 0.77200,000 Teva Pharmaceutical Finance Netherlands III BV 6.750% 1/Mar/28 201,754 0.82200,000 Thaioil Treasury Center Company 4.875% 23/Jan/43 208,964 0.85200,000 Tupras Turkiye Petrol Rafinerileri 4.500% 18/Oct/24 175,428 0.71200,000 Vale Overseas Limited 6.250% 10/Aug/26 217,750 0.881,000,000 Wells Fargo & Company FRN - 24/Jan/23 1,011,249 4.09

Total Bonds 12,835,292 51.92


500,000 African Development Bank 28.000% 22/Oct/20* 89,771 0.36300,000 Argentina (Govt of) 7.500% 22/Apr/26 252,820 1.02100,000 Argentina (Govt of) 4.625% 11/Jan/23 81,905 0.33200,000 Brazil (Govt of) 6.000% 7/Apr/26 221,269 0.891,000 Brazil (Govt of) Letra do Tesouro Nacional 100.000% 1/Jan/25 274,316 1.111,000,000 China Development Bank Corp. FRN - 6/Mar/20 1,000,082 4.05200,000 Egypt (Govt of) 7.500% 31/Jan/27 209,828 0.854,000,000 European Bank for Reconstruction & Development 30.000% 4/Nov/19 79,105 0.32200,000 Italy (Govt of) 6.875% 27/Sep/23 222,840 0.90200,000 Mexico (Govt of) 4.350% 15/Jan/47 188,154 0.7620,000 Mexico (Govt of) Bonos 8.000% 7/Dec/23 104,248 0.42200,000 Oman (Govt of) 5.625% 17/Jan/28 187,441 0.76250,000 Saudi (Govt) 2.375% 26/Oct/21 246,149 1.00400,000 South Africa (Govt of) 5.875% 30/May/22 422,188 1.71200,000 Turkey (Govt of) 7.625% 26/Apr/29 197,135 0.80200,000 Turkey (Govt of) 7.250% 23/Dec/23 201,651 0.822,450,000 United States Treasury N/B 1.250% 30/Jun/19 2,442,344 9.87



Mirae Asset Global Dynamic Bond Fund*

48




Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities

Bonds

200,000 Tengizchevroil Finance Company International Limited 4.000% 15/Aug/26 195,662 0.79200,000 UniCredit SpA 3.750% 12/Apr/22 198,651 0.80

Total Bonds 394,313 1.59

Mortgage and Asset Backed Securities

759,302.930253 Fannie Mae Interest Strip PERP 3.500% 25/Jan/42 140,537 0.57657,832.537369 Freddie Mac PERP 4.000% 15/Jan/43 154,722 0.62

Total Mortgage and Asset Backed Securities 295,259 1.19


600,000 United States Treasury Note/Bond 2.625% 31/Dec/23 610,359 2.472,000,000 United States Treasury Note/Bond 2.875% 30/Nov/23 2,056,719 8.31


Total Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities 3,356,650 13.56


Bonds

200,000 Azerbaijan (Govt of) 3.500% 1/Sep/32 176,000 0.71Total Bonds 176,000 0.71

Total Other transferable securities and money market instruments 176,000 0.71


13,000 iShares - JPMorgan EM Local Government Bond UCITS ETF 759,720 3.086,000 iShares II plc - JPMorgan USD Emerging Markets Bond Fund 653,520 2.64

Total Undertakings for collective investments in transferable securities 1,413,240 5.72




49





Bonds

200,000 ABJA Investment Company 5.450% 24/Jan/28 189,026 1.47200,000 Adani Ports & Special Economic Zone Limited 3.950% 19/Jan/22 200,656 1.56200,000 Adani Transmission Limited 4.000% 3/Aug/26 186,059 1.45200,000 Bank of East Asia Limited FRN - 3/Nov/26 200,634 1.56200,000 Bank of the Philippine Islands 4.250% 4/Sep/23 206,346 1.61200,000 Bank Rakyat Indonesia Persero Tbk PT 3.950% 28/Mar/24 201,053 1.57200,000 Bdo Unibank Inc. 2.950% 6/Mar/23 196,059 1.53300,000 CCCI Treasure Limited PERP FRN - 29/Dec/49 298,980 2.33200,000 CDBL Funding 1 3.000% 24/Apr/23 194,539 1.52200,000 Chalco Hong Kong Investment Company Limited 4.875% 7/Sep/21 205,021 1.60200,000 China Construction Bank Corp. FRN - 27/Feb/29 202,464 1.58200,000 China Construction Bank Corp. PERP FRN - 16/Dec/66 200,474 1.56200,000 China Mengniu Dairy Company Limited 4.250% 7/Aug/23 204,742 1.59200,000 China Oil & Gas Group Limited 5.000% 7/May/20 200,544 1.56200,000 CICC Hong Kong Finance 2016 MTN Ltd FRN - 11/Sep/21 200,707 1.56200,000 CIFI Holdings Group Company Limited 5.500% 23/Jan/22 196,889 1.53200,000 CNAC HK Finbridge Company Limited 3.500% 19/Jul/22 199,908 1.56200,000 Country Garden Holdings Company Limited 7.125% 25/Apr/22 208,899 1.62200,000 Country Garden Holdings Company Limited 6.500% 8/Apr/24 200,213 1.56300,000 Crcc Yupeng Limited PERP FRN - 28/Feb/49 300,525 2.34200,000 Ehi Car Services Limited 5.875% 14/Aug/22 188,011 1.46200,000 GLP Pte Limited 3.875% 4/Jun/25 192,661 1.50200,000 Gohl Capital Limited 4.250% 24/Jan/27 199,168 1.55200,000 Greenko Dutch BV 4.875% 24/Jul/22 197,544 1.54200,000 Hanjin International FRN - 28/Sep/20 201,242 1.57200,000 Hanwha Total Petrochemical Company Limited 3.875% 23/Jan/24 205,238 1.60200,000 Hilong Holding Limited 7.250% 22/Jun/20 199,134 1.55200,000 Huarong Finance II Company Limited 2.750% 3/Jun/19 199,776 1.56200,000 Hutchison Whampoa International 3.625% 31/Oct/24 204,240 1.59200,000 Hyundai Capital America FRN - 12/Mar/21 199,624 1.55200,000 ICBCIL Finance Company Limited FRN - 15/May/21 199,381 1.55200,000 Indo Energy Finance II BV 6.375% 24/Jan/23 200,633 1.56200,000 Indonesia Asahan Aluminium Persero PT 5.710% 15/Nov/23 216,154 1.69200,000 Industrial & Commercial Bank of China Asia Limited PERP FRN - 29/Dec/49 197,119 1.54200,000 Industrial & Commercial Bank of China Limited FRN - 5/Mar/21 200,236 1.56200,000 Inventive Global Investments Limited FRN - 19/Sep/21 200,489 1.56200,000 JSW Steel Limited 4.750% 12/Nov/19 200,393 1.56200,000 LLPL Capital Pte Limited 6.875% 4/Feb/39 216,469 1.69200,000 Longfor Properties Company 3.875% 13/Jul/22 200,522 1.57200,000 Mcc Holding Hk Corp. 2.950% 31/May/20 199,136 1.55200,000 Medco Straits Services Pte Limited 8.500% 17/Aug/22 212,866 1.66200,000 Melco Resorts Finance 4.875% 6/Jun/25 198,958 1.55200,000 Minejesa Capital BV 4.625% 10/Aug/30 194,323 1.51200,000 New Metro Global Limited 6.500% 23/Apr/21 202,640 1.58200,000 Pelabuhan Indonesia II 5.375% 5/May/45 197,318 1.54200,000 Perusahaan Listrik Negara PT 4.125% 15/May/27 196,787 1.53200,000 Petronas Capital Limited 4.500% 18/Mar/45 221,931 1.73200,000 PTT Exploration & Production pcl PERP FRN - 18/Dec/66 199,987 1.56200,000 PTTEP Canada International Finance Limited 6.350% 12/Jun/42 249,664 1.94200,000 Saka Energi Indonesia Pt 4.450% 5/May/24 197,600 1.54200,000 Sands China Limited 4.600% 8/Aug/23 206,002 1.61400,000 Shinhan Bank Company Limited 3.750% 20/Sep/27 395,343 3.07200,000 Sinopec Group Overseas Development 2017 Limited 3.625% 12/Apr/27 201,233 1.57200,000 State Bank of India 4.375% 24/Jan/24 205,196 1.59200,000 United Overseas Bank Limited PERP FRN - 19/Apr/67 193,561 1.51160,000 West China Cement Limited 6.500% 11/Sep/19 160,787 1.25200,000 Yuzhou Properties Company 7.900% 11/May/21 206,625 1.61

Total Bonds 11,851,729 92.31


50






200,000 Indian Railway Finance Corp. Limited 3.730% 29/Mar/24 200,294 1.56200,000 Sri Lanka (Govt of) 6.250% 4/Oct/20 203,024 1.59100,000 United States Treasury N/B 2.250% 15/Nov/27 98,930 0.77100,000 United States Treasury Note/Bond 2.625% 15/Feb/29 101,797 0.79

Total Supranationals, Governments and Local Public Authorities, Debt Instruments 604,045 4.71


Investment in securities at market value 12,455,774 97.02Cash 87,940 0.69Other net assets 293,987 2.29Total net assets 12,837,701 100.00



51

Industrial & Geographical Classification as at 31 March 2019


Industrial Classification as at 31 March 2019

% NAV

Semiconductors 17.41Retail 7.33Financial services 5.52Chemicals 4.72Telecommunication services 4.63Machinery 4.34Pharmaceuticals 4.14Automobile parts and equipment 3.55Oil and gas producers 3.13Auto manufacturers 2.95Electrical equipment 2.54Cosmetics and personal care 2.32Home furnishings 2.08Iron and steel 1.97Leisure and entertainment 1.96Engineering and construction 1.78Biotechnology 1.58Electrical utilities 1.54IT Consulting and services 1.49Food services 1.48Internet software and services 1.48Mining (non precious) 1.06Electronic equipment 1.04Miscellaneous machinery 1.00Telecommunication equipment 0.98Food 0.56Insurance 0.52Plastics and Rubber 0.46Holding companies 0.41


Cash 15.34Other net assets 0.69Total net assets 100.00

Geographical Classification as at 31 March 2019

% NAV

Republic of Korea (South) 83.97




52

Industrial & Geographical Classification as at 31 March 2019 (continued)Industrial Classification as at 31 March 2019

% NAV

Internet software and services 24.13Beverages 11.25Commercial services 8.32Insurance 6.64Pharmaceuticals 6.00Software 4.39Banks 4.32Biotechnology 3.67Retail 3.30Transportation 3.26Restaurants 3.08Auto manufacturers 3.06Financial services 2.40Real estate investment trust 2.15Telecommunication services 2.00Food 1.90Electrical equipment 1.63Energy - alternate sources 1.63Machinery 1.07


Cash 6.77Other net liabilities (0.97)Total net assets 100.00


% NAV

Cayman Islands 48.95China 33.64Hong Kong 11.61



Mirae Asset China Sector Leader Equity Fund


53


% NAV

Banks 25.45Oil and gas producers 12.06IT Consulting and services 9.42Insurance 5.76Financial services 5.50Software 3.52Chemicals 3.34Building materials 3.23Pharmaceuticals 3.18Engineering and construction 3.01Electrical utilities 2.60Food 2.44Auto manufacturers 2.10Retail 2.09Oil and gas services 2.05Lodging 1.78Cosmetics and personal care 1.75Tobacco 1.64Broadcasting, radio and television 1.62Healthcare services 1.57Household products 1.54Real estate 1.50Restaurants 1.49Coal 1.45Telecommunication services 0.21




% NAV

India 97.98United States 2.32



Mirae Asset India Sector Leader Equity Fund

54


% NAV

Banks 15.02Insurance 11.39Internet software and services 11.06Semiconductors 9.44Oil and gas producers 6.39Financial services 4.82Healthcare services 4.72Pharmaceuticals 4.69Oil and gas services 4.55Retail 3.94Transportation 3.26Telecommunication services 2.94Food 2.10Commercial services 2.05Biotechnology 1.74Cosmetics and personal care 1.62Lodging 1.58IT Consulting and services 1.46Chemicals 1.44Building materials 1.33Software 1.30Household products 0.81Telecommunication equipment 0.68Leisure and entertainment 0.51Automobile parts and equipment 0.10




% NAV

India 23.49Cayman Islands 17.01China 15.58Republic of Korea (South) 9.96Hong Kong 9.41Taiwan 4.69Singapore 4.61Indonesia 3.68Malaysia 3.31Vietnam 2.67Bermuda 2.26United States 1.46Luxembourg 0.81





55


% NAV

Banks 15.00Insurance 11.36Semiconductors 10.00Internet software and services 9.43Oil and gas producers 8.13Pharmaceuticals 4.63Financial services 4.56Oil and gas services 4.09Transportation 3.17Biotechnology 3.08Telecommunication services 2.96Retail 2.64Healthcare services 2.40Beverages 2.37Food 2.00Commercial services 1.80Cosmetics and personal care 1.45Chemicals 1.44Lodging 1.43Building materials 1.38IT Consulting and services 1.38Household products 1.26Software 1.20Mining (non precious) 0.80Telecommunication equipment 0.73Leisure and entertainment 0.30Restaurants 0.23




% NAV

India 21.47Cayman Islands 15.98China 14.50Republic of Korea (South) 10.66Hong Kong 9.39Australia 4.93Taiwan 4.22Singapore 4.13Indonesia 3.90Malaysia 2.40Bermuda 2.23Vietnam 1.47United States 1.38Papua New Guinea 1.30Luxembourg 1.26




56


% NAV

Banks 13.35Internet software and services 9.63Insurance 9.19Semiconductors 8.93Retail 6.97Oil and gas producers 5.37Financial services 4.85Pharmaceuticals 4.38Oil and gas services 3.64Transportation 2.70Commercial services 2.61Telecommunication services 2.47Healthcare services 2.39Broadcasting, radio and television 2.28Building materials 2.00Software 1.66Agriculture 1.61IT Consulting and services 1.55Food 1.46Biotechnology 1.32Mining (non precious) 1.27Cosmetics and personal care 1.08Chemicals 1.04Consumer goods 1.00Household products 1.00Lodging 0.97Restaurants 0.75Food services 0.59Electrical utilities 0.50Leisure and entertainment 0.36




% NAV

India 16.58Cayman Islands 13.60China 11.81Republic of Korea (South) 8.29Hong Kong 7.99Brazil 7.78South Africa 5.19Taiwan 4.41Indonesia 3.24Russian Federation 2.89Mexico 2.74Malaysia 2.39United Kingdom 2.02Bermuda 1.89United States 1.55Singapore 1.23Netherlands 1.13Luxembourg 1.00Poland 0.69Argentina 0.50


Cash, net of bank overdraft 3.39Other net liabilities (0.31)Total net assets 100.00



57


% NAV

Oil and gas producers 18.44Semiconductors 12.30Internet software and services 12.22Pharmaceuticals 7.46Healthcare services 6.64Oil and gas services 4.80Food 3.85Telecommunication services 3.83Chemicals 3.75Household products 2.97Real estate investment trust 2.17Software 2.12Biotechnology 2.03Auto manufacturers 1.96Cosmetics and personal care 1.86Telecommunication equipment 1.61Building materials 1.57Retail 1.50Iron and steel 1.47Diversified companies 1.37Machinery 1.30Real estate 1.16Automobile parts and equipment 0.27




% NAV

India 31.42Republic of Korea (South) 17.98Cayman Islands 17.37China 14.13Hong Kong 5.20Malaysia 3.46Indonesia 3.28Bermuda 2.44Singapore 1.37




Mirae Asset Islamic Asia Sector Leader Equity Fund*

58


% NAV

Internet software and services 22.46Food 12.23Banks 11.33Commercial services 9.39Household products 8.80Insurance 7.01Pharmaceuticals 5.69Transportation 4.24Chemicals 3.52Leisure 3.36Retail 3.34Apparel 2.48Healthcare services 1.96Semiconductors 1.94Electrical equipment 1.21




% NAV

Cayman Islands 31.23China 27.99India 22.94Indonesia 6.28Vietnam 2.84Hong Kong 2.40Taiwan 1.94Philippines 1.78Thailand 1.56





59


% NAV

Internet software and services 24.22Pharmaceuticals 12.98Financial services 10.30Software 8.73Retail 7.73Cosmetics and personal care 5.63Biotechnology 3.87Healthcare services 3.55Media 3.29Aerospace and defence 2.92Construction and Building materials 2.92Beverages 2.69Banks 2.42Healthcare supplies and equipment 2.40Apparel 2.39Chemicals 2.02




% NAV

United States 76.27Cayman Islands 5.31Netherlands 4.74France 3.57Switzerland 2.90United Kingdom 2.08Spain 1.77Ireland 1.42



Mirae Asset Global Great Consumer Equity Fund

60


% NAV

Pharmaceuticals 49.71Biotechnology 16.81Healthcare services 13.21Healthcare supplies and equipment 8.08Chemicals 5.04




% NAV

India 25.95China 14.87Australia 12.92Cayman Islands 12.29Republic of Korea (South) 11.85Hong Kong 6.59Malaysia 4.61United States 3.77




Mirae Asset Asia Pacific Health Care Opportunities Equity Fund*


61

Industrial & Geographical Classification as at 31 March 2019 (continued)


Industrial Classification as at 31 March 2019

% NAV

Internet software and services 13.63Software 9.65Biotechnology 7.76Pharmaceuticals 7.39Insurance 7.32Banks 7.12Semiconductors 6.25Auto manufacturers 5.61Chemicals 4.14Oil and gas producers 2.99Beverages 2.21Steel and Chemical plants 2.06IT Consulting and services 1.89Electrical equipment 1.88Commercial services 1.73Energy - alternate sources 1.59Electronic equipment 1.40Broadcasting, radio and television 1.27Investment companies 1.14Real estate 0.85Transportation 0.82Telecommunication equipment 0.68Miscellaneous machinery 0.30Apparel 0.19




% NAV

Cayman Islands 25.85China 16.51Republic of Korea (South) 16.31India 12.13Hong Kong 6.68Vietnam 3.20Singapore 3.13Taiwan 2.98Bermuda 2.23Philippines 0.85




62


% NAV

Beverages 21.88Internet software and services 18.00Commercial services 13.97Food 12.56Insurance 4.90Financial services 4.04Retail 3.97Home furnishings 3.56Pharmaceuticals 3.29Restaurants 3.24Software 2.84Leisure 2.11Lodging 0.95Investment companies 0.71Furniture and bedding 0.11




% NAV

Cayman Islands 47.88China 43.48Hong Kong 4.77






63


% NAV

Internet software and services 14.75Banks 8.75Chemicals 7.32Food 7.10Commercial services 6.40Cosmetics and personal care 4.80Insurance 4.38Pharmaceuticals 4.32Household products 3.69Semiconductors 3.69Retail 3.43Electronic equipment 3.21Transportation 2.40Machinery 2.23Building materials 1.99Leisure and entertainment 1.98Electrical equipment 1.86Home furnishings 1.75Software 1.71Industrials 1.44Healthcare services 1.28Leisure 1.23Agriculture 1.19Auto manufacturers 1.05Telecommunication services 0.91Financial services 0.87Food services 0.87Home builders 0.81Biotechnology 0.73Automobile parts and equipment 0.61Engineering and construction 0.40Distribution and wholesale 0.38Metal fabrication 0.28Healthcare supplies and equipment 0.23




% NAV

Japan 37.64Cayman Islands 18.90China 16.30India 14.03Taiwan 2.64Vietnam 2.43Indonesia 2.30Hong Kong 1.38Australia 1.13Republic of Korea (South) 0.97Thailand 0.32





64


% NAV

Banks 16.96Financial services 9.94Pharmaceuticals 8.02Electrical equipment 5.46Chemicals 4.39IT Consulting and services 4.39Automobile parts and equipment 4.34Oil and gas services 4.21Engineering and construction 3.81Iron and steel 3.36Apparel 3.19Beverages 2.96Building materials 2.94Textiles 2.59Employment services 2.13Electronic equipment 2.06Leisure and entertainment 2.01Cosmetics and personal care 1.93Insurance 1.87Consumer goods 1.86Miscellaneous machinery 1.56Healthcare services 1.52Metal fabrication 1.37Oil and gas producers 1.29Mining (non precious) 1.28Commercial services 1.17Electrical utilities 1.02Biotechnology 0.85Gas 0.26Stores 0.21Auto manufacturers 0.05Retail 0.05




% NAV

India 99.05


Cash, net of bank overdraft 1.96Other net liabilities (1.01)Total net assets 100.00




65


% NAV

Governments 33.87Banks 27.58Oil and gas producers 9.92Open-ended Funds 5.72Electrical utilities 4.49Financial services 2.43Auto manufacturers 1.96Mining (non precious) 1.72Pharmaceuticals 1.59Chemicals 1.32Mortgage and Asset Backed Securities 1.19Metal fabrication 1.01Transportation 0.93Diversified companies 0.88Investment companies 0.85Consumer goods 0.82Packaging and containers 0.80Software 0.80




% NAV

United States 32.48China 12.11Netherlands 6.55Ireland 5.72Mexico 5.42Republic of Korea (South) 4.82Chile 4.73Brazil 4.05Turkey 2.33Japan 2.05South Africa 1.71Italy 1.70Argentina 1.35Indonesia 1.16India 1.05Saudi Arabia 1.00Cayman Islands 0.88Egypt 0.85Thailand 0.85Curacao 0.84United Arab Emirates 0.82Austria 0.80Singapore 0.80Bermuda 0.79Oman 0.76Azerbaijan 0.71Supranational 0.68Israel 0.44Peru 0.43





66


% NAV

Banks 18.68Oil and gas producers 10.01Financial services 9.29Real estate investment trust 6.37Mining (non precious) 6.31Governments 4.71Leisure and entertainment 4.71Industrials 4.67Transportation 4.67Real estate 4.60Chemicals 3.16Electrical utilities 3.14Iron and steel 3.03Diversified companies 1.59Food 1.59Oil and gas services 1.56Auto manufacturers 1.55Industrial goods 1.55Energy - alternate sources 1.54Public services 1.53Mortgage and Asset Backed Securities 1.51Construction and Building materials 1.25




% NAV

Cayman Islands 18.76Virgin Islands (British) 11.76Indonesia 7.87Singapore 7.83Hong Kong 7.76India 7.72China 7.04United States 4.68Republic of Korea (South) 4.67Netherlands 4.61Philippines 3.14Canada 1.94Malaysia 1.73Sri Lanka 1.59Bermuda 1.56Thailand 1.56Isle of Man 1.55Jersey - Channel Islands 1.25






67

Unaudited Supplementary Information Information on Remuneration

FundRock Management Company S.A. (“FundRock”) has established and applies a remuneration policy in accordance with the principles laid out under the AIFMD and UCITS V directive, and any related legal & regulatory provisions applicable in Luxembourg. The remuneration policy is aligned with the business strategy, objectives, values and interests of the Management Company and the Funds that it manages and of the investors in such Funds, and which includes, inter alia, measures to avoid conflicts of interest; and it is consistent with and promotes sound and effective risk management and does not encourage risk taking which is inconsistent with the risk profiles, rules or instruments of incorporation of the Funds that the Management Company manages.

As an independent management company relying on a full-delegation model (i.e. delegation of the collective portfolio management function), FundRock ensures that its remuneration policy adequately reflects the predominance of its oversight activity within its core activities. As such, it should be noted that FundRock’s employees who are identified as risk-takers under UCITS V are not remunerated based on the performance of the funds under management.

A paper version of the remuneration policy is made available free of charge to investors at FundRock’s registered office.

The amount of remuneration, including social charges and benefits, for the financial year ending December 31, 2018 was:

EUR6,459,595.00

Fixed remuneration: EUR6,271,345.00

Variable remuneration: EUR188,250.00

This does not include the remuneration to SEB Fund Services/FundRock Nordics for the period from January 1, 2018 till December 21, 2018 prior to the merger of SEB Fund Services/FundRock Nordics with FundRock Management Company on December 21, 2018.


The aggregated amount of remuneration for the financial year ending December 31, 2018 of Identified staff/risk takers is as follows:

Identified staff/risk takers: EUR1,069,358.00


The remuneration to SEB Fund Services/FundRock Nordics for the period from January 1, 2018 till December 21, 2018 prior to the merger of SEB Fund Services/FundRock Nordics with FundRock Management Company on December 21, 2018, including social charges and benefits was:

EUR2,286,192.83

Fixed remuneration: EUR2,245,970.33

Variable remuneration: EUR40,222.50


The aggregated amount of remuneration for the period from January 1, 2018 till December 21, 2018 prior to the merger of SEB Fund Services/Fund Rock Nordics with Fund Rock Management Company of Identified staff/risk takers is as follows:

Identified staff/risk takers: EUR489,625.06


The total amount of remuneration is based on a combination of the assessment of the performance of the individual, the overall results of FundRock, and when assessing individual performance, financial as well as non-financial criteria are taken into account.

The total amount of remuneration is based on a combination of the assessment of the performance of the individual, the overall results of FundRock, and when assessing individual performance, financial as well as non-financial criteria are taken into account.

The Policy is subject to annual review by the Compliance Officer and the update is performed by HR department of FundRock and is presented for review to the Remuneration Committee and approval by the Board of FundRock.

The policy was last updated in February 2019, to reflect the additional requirements of the “UCITS V” Directive.

European Regulation (EU) 2015/2365 on the transparency of financial transactions in securities and reuse of collateral (Securities Financing Transactions or SFTR)

During the year ended 31 March 2019, the Company did not enter into securities financing transactions and total return swaps.

Documents

Mirae Asset Global Discovery Fund · Mirae Asset Global Discovery Fund ... 57 *Not authorized in Hong Kong and not available to Hong Kong Residents. Semi-Annual Report and Financial