UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22406
Mirae Asset Discovery Funds
(Exact name of registrant as specified in charter)
1212 Avenue of the Americas, 10th Floor New York, NY 10036
(Address of principal executive offices) (Zip code)
Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 205-8300
Date of fiscal year end: April 30
Date of reporting period: April 30, 2022
Item 1. Reports to Stockholders.
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April 30, 2022
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| Mirae Asset Discovery Funds | | | | | | | |
| TABLE OF CONTENTS | | | Page | | |||
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| Schedules of Portfolio Investments | | | | | | | |
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Shareholder Letter (unaudited) | April 30, 2022 |
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President
Mirae Asset Discovery Funds
Mirae Asset Discovery Funds |
Manager Commentary and Fund Performance (unaudited) | April 30, 2022 |
Mirae Asset Discovery Funds |
Manager Commentary and Fund Performance (unaudited) | April 30, 2022 |
Mirae Asset Discovery Funds |
Manager Commentary and Fund Performance (unaudited) | April 30, 2022 |
| | | | Average Annual Total Returns | | | Expense Ratios(a) | | ||||||||||||||||||||||||
| | | | One Year | | | Five Year | | | Ten Year | | | Gross | | | Net | | |||||||||||||||
| Class A (MALGX) | | | | | (20.37)% | | | | | | 3.88% | | | | | | 3.40% | | | | | | 1.80% | | | | | | 1.40% | | |
| Class A (with sales charge)(b) | | | | | (24.94)% | | | | | | 2.66% | | | | | | 2.79% | | | | | | 1.80% | | | | | | 1.40% | | |
| Class C (MCLGX) | | | | | (20.95)% | | | | | | 3.10% | | | | | | 2.62% | | | | | | 2.55% | | | | | | 2.15% | | |
| Class C (with sales charge)(c) | | | | | (21.68)% | | | | | | 3.10% | | | | | | 2.62% | | | | | | 2.55% | | | | | | 2.15% | | |
| Class I (MILGX) | | | | | (20.14)% | | | | | | 4.14% | | | | | | 3.65% | | | | | | 1.55% | | | | | | 1.15% | | |
| MSCI Emerging Markets Index(d) | | | | | (18.06)% | | | | | | 4.69% | | | | | | 3.26% | | | | | | | | | | | | | | |
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Mirae Asset Discovery Funds |
Manager Commentary and Fund Performance (unaudited) | April 30, 2022 |
Mirae Asset Discovery Funds |
Manager Commentary and Fund Performance (unaudited) | April 30, 2022 |
Mirae Asset Discovery Funds |
Manager Commentary and Fund Performance (unaudited) | April 30, 2022 |
| | | | Average Annual Total Returns | | | Expense Ratios(a) | | ||||||||||||||||||||||||
| | | | One Year | | | Five Year | | | Ten Year | | | Gross | | | Net | | |||||||||||||||
| Class A (MECGX) | | | | | (31.48)% | | | | | | 4.05% | | | | | | 3.07% | | | | | | 1.45% | | | | | | 1.40% | | |
| Class A (with sales charge)(b) | | | | | (35.42)% | | | | | | 2.83% | | | | | | 2.46% | | | | | | 1.45% | | | | | | 1.40% | | |
| Class C (MCCGX) | | | | | (31.99)% | | | | | | 3.28% | | | | | | 2.30% | | | | | | 2.20% | | | | | | 2.15% | | |
| Class C (with sales charge)(c) | | | | | (32.61)% | | | | | | 3.28% | | | | | | 2.30% | | | | | | 2.20% | | | | | | 2.15% | | |
| Class I (MICGX) | | | | | (31.34)% | | | | | | 4.31% | | | | | | 3.31% | | | | | | 1.20% | | | | | | 1.15% | | |
| MSCI Emerging Markets Index(d) | | | | | (18.06)% | | | | | | 4.69% | | | | | | 3.26% | | | | | | | | | | | | | | |
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Fund | | | | | | Beginning Account Value 11/1/21 | | | Actual Ending Account Value 4/30/22 | | | Hypothetical Ending Account Value 4/30/22 | | | Actual Expenses Paid During Period 11/1/21 – 4/30/22(1) | | | Hypothetical Expenses Paid During Period 11/1/21 – 4/30/22(1) | | | Annualized Expense Ratio During Period 11/1/21 – 4/30/22 | | ||||||||||||||||||
Emerging Markets Fund | | | Class A | | | | $ | 1,000.00 | | | | | $ | 781.10 | | | | | $ | 1,017.85 | | | | | $ | 6.18 | | | | | $ | 7.00 | | | | | | 1.40% | | |
| | | Class C | | | | | 1,000.00 | | | | | | 778.50 | | | | | | 1,014.13 | | | | | | 9.48 | | | | | | 10.74 | | | | | | 2.15% | | |
| | | Class I | | | | | 1,000.00 | | | | | | 782.70 | | | | | | 1,019.09 | | | | | | 5.08 | | | | | | 5.76 | | | | | | 1.15% | | |
Emerging Markets Great Consumer Fund | | | Class A | | | | | 1,000.00 | | | | | | 737.10 | | | | | | 1,017.85 | | | | | | 6.03 | | | | | | 7.00 | | | | | | 1.40% | | |
| Class C | | | | | 1,000.00 | | | | | | 734.60 | | | | | | 1,014.13 | | | | | | 9.25 | | | | | | 10.74 | | | | | | 2.15% | | | ||
| | | Class I | | | | | 1,000.00 | | | | | | 738.00 | | | | | | 1,019.09 | | | | | | 4.96 | | | | | | 5.76 | | | | | | 1.15% | | |
Mirae Asset Discovery Funds | Schedule of Portfolio Investments |
Emerging Markets Fund | April 30, 2022 |
| | | Shares | | | Value | | ||||||
Common Stocks (96.5%) | | | | | | | | | | | | | |
AIA Group Ltd. (Insurance) | | | | | 59,800 | | | | | $ | 584,256 | | |
AL Rajhi Bank (Banks) | | | | | 16,477 | | | | | | 770,141 | | |
Alibaba Group Holding Ltd.* (Internet & Direct Marketing Retail) | | | | | 102,280 | | | | | | 1,250,078 | | |
Alpha Services and Holdings SA* (Banks) | | | | | 407,351 | | | | | | 457,527 | | |
Banco Bradesco SA, Preference Shares (Banks) | | | | | 106,920 | | | | | | 390,833 | | |
BYD Co. Ltd., Class H (Automobiles) | | | | | 7,000 | | | | | | 205,670 | | |
China International Travel Service Corp. Ltd., Class A (Hotels, Restaurants & Leisure) | | | | | 24,100 | | | | | | 651,669 | | |
Clicks Group Ltd. (Food & Staples Retailing) | | | | | 20,700 | | | | | | 407,608 | | |
Dalmia Bharat Ltd. (Construction Materials) | | | | | 26,020 | | | | | | 512,384 | | |
FirstRand Ltd. (Diversified Financial Services) | | | | | 87,295 | | | | | | 376,175 | | |
Frontera Energy Corp.* (Oil, Gas & Consumable Fuels) | | | | | 39,400 | | | | | | 424,213 | | |
GAIL India Ltd. (Gas Utilities) | | | | | 456,608 | | | | | | 945,709 | | |
Ganfeng Lithium Co. Ltd., Class H (Metals & Mining) | | | | | 56,800 | | | | | | 681,534 | | |
Grab Holdings Ltd.* (Road & Rail) | | | | | 106,363 | | | | | | 313,771 | | |
Grupo Financiero Banorte Sab de CV (Banks) | | | | | 85,100 | | | | | | 561,032 | | |
Halyk Savings Bank of Kazakhstan JSC GDR (Banks) | | | | | 30,450 | | | | | | 297,583 | | |
HDFC Bank Ltd. (Banks) | | | | | 45,297 | | | | | | 813,398 | | |
Hindalco Industries Ltd. (Metals & Mining) | | | | | 45,295 | | | | | | 281,782 | | |
Hyundai Motor Co. (Automobiles) | | | | | 5,838 | | | | | | 848,409 | | |
ICICI Bank Ltd. (Banks) | | | | | 185,412 | | | | | | 1,791,057 | | |
IHH Healthcare Berhad (Health Care Providers & Services) | | | | | 1,148,900 | | | | | | 1,731,183 | | |
Infosys Ltd. (IT Services) | | | | | 36,998 | | | | | | 750,754 | | |
Jahez International Co.* (Internet & Direct Marketing Retail) | | | | | 698 | | | | | | 206,458 | | |
JD.com, Inc., Class A* (Internet & Direct Marketing Retail) | | | | | 32,142 | | | | | | 1,001,907 | | |
Kasikornbank Public Co. Ltd. NVDR (Banks) | | | | | 160,000 | | | | | | 708,846 | | |
Lemon Tree Hotels Ltd.* (Hotels, Restaurants & Leisure) | | | | | 761,560 | | | | | | 654,760 | | |
LG Chem Ltd. (Chemicals) | | | | | 1,610 | | | | | | 646,806 | | |
Locaweb Servicos de Internet SA (IT Services) | | | | | 122,900 | | | | | | 179,500 | | |
Lojas Renner SA (Multiline Retail) | | | | | 75,214 | | | | | | 363,031 | | |
LONGi Green Energy Technology Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | | | 65,997 | | | | | | 667,966 | | |
Mahindra & Mahindra Ltd. (Automobiles) | | | | | 83,957 | | | | | | 1,005,807 | | |
Mando Corp. (Auto Components) | | | | | 13,956 | | | | | | 591,977 | | |
Marico, Ltd. (Food Products) | | | | | 132,430 | | | | | | 898,559 | | |
MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | | | | | 10,000 | | | | | | 274,060 | | |
Meituan, Class B* (Internet & Direct Marketing Retail) | | | | | 78,600 | | | | | | 1,687,112 | | |
MercadoLibre, Inc.* (Internet & Direct Marketing Retail) | | | | | 481 | | | | | | 468,316 | | |
Mr. Price Group Ltd. (Specialty Retail) | | | | | 32,211 | | | | | | 436,211 | | |
Narayana Hrudayalaya Ltd.* (Health Care Providers & Services) | | | | | 104,442 | | | | | | 951,830 | | |
NAVER Corp. (Interactive Media & Services) | | | | | 2,312 | | | | | | 523,063 | | |
Network International Holdings PLC* (IT Services) | | | | | 100,833 | | | | | | 327,523 | | |
Novatek PJSC GDR(a) (Oil, Gas & Consumable Fuels) | | | | | 2,247 | | | | | | — | | |
NU Holdings Ltd., Class A* (Banks) | | | | | 16,850 | | | | | | 101,269 | | |
Ozon Holdings PLC ADR*(a)(b) (Internet & Direct Marketing Retail) | | | | | 12,600 | | | | | | — | | |
Phu Nhuan Jewelry JSC (Textiles, Apparel & Luxury Goods) | | | | | 225,970 | | | | | | 1,060,262 | | |
| | | Shares | | | Value | | ||||||
POSCO Holdings, Inc. (Metals & Mining) | | | | | 2,116 | | | | | $ | 479,559 | | |
Prestige Estates Projects, Ltd. (Real Estate Management & Development) | | | | | 91,156 | | | | | | 558,532 | | |
Prudential PLC (Insurance) | | | | | 63,750 | | | | | | 782,930 | | |
PT Bank Rakyat Indonesia Persero TBK (Banks) | | | | | 3,800,700 | | | | | | 1,263,477 | | |
Raia Drogasil SA (Food & Staples Retailing) | | | | | 91,800 | | | | | | 388,489 | | |
Reliance Industries Ltd. (Oil, Gas & Consumable Fuels) | | | | | 32,475 | | | | | | 1,174,348 | | |
Riyue Heavy Industry Co., Ltd. (Machinery) | | | | | 255,994 | | | | | | 626,216 | | |
Rosneft Oil Co. PJSC GDR(a)(b) (Oil, Gas & Consumable Fuels) | | | | | 31,700 | | | | | | 1 | | |
Rumo SA (Road & Rail) | | | | | 147,017 | | | | | | 492,793 | | |
Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | | | | | 12,693 | | | | | | 674,539 | | |
Samsung Electronics Co. Ltd. Pref. (Technology Hardware, Storage & Peripherals) | | | | | 14,081 | | | | | | 657,667 | | |
Saudi Tadawul Group Holding Co.* (Capital Markets) | | | | | 8,710 | | | | | | 469,556 | | |
Sea Ltd. ADR* (Entertainment) | | | | | 9,336 | | | | | | 772,647 | | |
Shinhan Financial Group Co. Ltd. (Banks) | | | | | 32,887 | | | | | | 1,092,657 | | |
Sibanye Stillwater, Ltd. (Metals & Mining) | | | | | 71,700 | | | | | | 247,769 | | |
Standard Chartered PLC (Banks) | | | | | 171,550 | | | | | | 1,150,855 | | |
Suzano SA (Paper & Forest Products) | | | | | 57,900 | | | | | | 585,628 | | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | | | 102,000 | | | | | | 1,862,097 | | |
Techtronic Industries Co. Ltd. (Machinery) | | | | | 45,500 | | | | | | 607,469 | | |
Tencent Holdings Ltd. (Interactive Media & Services) | | | | | 37,000 | | | | | | 1,735,543 | | |
The Saudi National Bank (Banks) | | | | | 24,100 | | | | | | 504,036 | | |
Tongwei Co. Ltd., Class A (Food Products) | | | | | 163,239 | | | | | | 999,591 | | |
Trip.com Group Ltd. ADR* (Internet & Direct Marketing Retail) | | | | | 33,941 | | | | | | 802,705 | | |
Vietnam Technological & Commercial Joint Stock Bank* (Banks) | | | | | 513,680 | | | | | | 978,026 | | |
Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | | | | | 174,000 | | | | | | 616,884 | | |
X5 Retail Group NV GDR(a)(b) (Food & Staples Retailing) | | | | | 23,720 | | | | | | — | | |
Yandex NV US, Class A*(a) (Interactive Media & Services) | | | | | 7,580 | | | | | | — | | |
Yandex NV Russia, Class A*(a)(b) (Interactive Media & Services) | | | | | 2,500 | | | | | | — | | |
Zomato Ltd.* (Internet & Direct Marketing Retail) | | | | | 112,408 | | | | | | 103,079 | | |
TOTAL COMMON STOCKS | | | | | | | | | | | | | |
(Cost $53,840,354) | | | | | | | | | | | 47,429,122 | | |
TOTAL INVESTMENTS | | | | | | | | | | | | | |
(Cost $53,840,354) – 96.5% | | | | | | | | | | | 47,429,122 | | |
Other Net Assets (Liabilities) – 3.5% | | | | | | | | | | | 1,727,611 | | |
NET ASSETS – 100.0% | | | | | | | | | | $ | 49,156,733 | | |
|
Mirae Asset Discovery Funds | Schedule of Portfolio Investments |
Emerging Markets Fund | April 30, 2022 |
| | | Value | | | % of Net Assets | | |||
Auto Components | | | | $ | 591,977 | | | | 1.2% | |
Automobiles | | | | | 2,059,886 | | | | 4.1% | |
Banks | | | | | 10,880,737 | | | | 22.2% | |
Capital Markets | | | | | 469,556 | | | | 1.0% | |
Chemicals | | | | | 646,806 | | | | 1.3% | |
Construction Materials | | | | | 512,384 | | | | 1.0% | |
Diversified Financial Services | | | | | 376,175 | | | | 0.8% | |
Entertainment | | | | | 772,647 | | | | 1.6% | |
Food & Staples Retailing | | | | | 1,412,981 | | | | 2.9% | |
Food Products | | | | | 1,898,150 | | | | 3.8% | |
Gas Utilities | | | | | 945,709 | | | | 1.9% | |
Health Care Providers & Services | | | | | 2,683,013 | | | | 5.4% | |
Hotels, Restaurants & Leisure | | | | | 1,306,429 | | | | 2.6% | |
Insurance | | | | | 1,367,186 | | | | 2.8% | |
Interactive Media & Services | | | | | 2,258,606 | | | | 4.6% | |
Internet & Direct Marketing Retail | | | | | 5,519,655 | | | | 11.3% | |
IT Services | | | | | 1,257,777 | | | | 2.6% | |
Machinery | | | | | 1,233,685 | | | | 2.5% | |
Metals & Mining | | | | | 1,690,644 | | | | 3.5% | |
Multiline Retail | | | | | 363,031 | | | | 0.7% | |
Oil, Gas & Consumable Fuels | | | | | 1,598,562 | | | | 3.4% | |
Paper & Forest Products | | | | | 585,628 | | | | 1.2% | |
Real Estate Management & Development | | | | | 558,532 | | | | 1.1% | |
Road & Rail | | | | | 806,564 | | | | 1.6% | |
Semiconductors & Semiconductor Equipment | | | | | 2,804,123 | | | | 5.7% | |
Specialty Retail | | | | | 436,211 | | | | 0.9% | |
Technology Hardware, Storage & Peripherals | | | | | 1,332,206 | | | | 2.7% | |
Textiles, Apparel & Luxury Goods | | | | | 1,060,262 | | | | 2.1% | |
Other Net Assets | | | | | 1,727,611 | | | | 3.5% | |
Total | | | | $ | 49,156,733 | | | | 100.0% | |
| | | Value | | | % of Net Assets | | ||||||
Argentina | | | | $ | 468,316 | | | | | | 1.0% | | |
Brazil | | | | | 2,501,543 | | | | | | 5.1% | | |
China | | | | | 10,309,991 | | | | | | 21.0% | | |
Colombia | | | | | 424,213 | | | | | | 0.9% | | |
Cyprus | | | | | — | | | | | | —%^ | | |
Greece | | | | | 457,527 | | | | | | 0.9% | | |
Hong Kong | | | | | 2,342,580 | | | | | | 4.8% | | |
India | | | | | 10,441,999 | | | | | | 21.2% | | |
Indonesia | | | | | 1,263,477 | | | | | | 2.6% | | |
Kazakhstan | | | | | 297,583 | | | | | | 0.6% | | |
Mexico | | | | | 1,177,916 | | | | | | 2.4% | | |
Russia | | | | | 1 | | | | | | —%^ | | |
Saudi Arabia | | | | | 1,950,191 | | | | | | 4.0% | | |
Singapore | | | | | 1,086,418 | | | | | | 2.2% | | |
South Africa | | | | | 1,467,763 | | | | | | 3.0% | | |
South Korea | | | | | 7,245,860 | | | | | | 14.7% | | |
Taiwan | | | | | 2,136,157 | | | | | | 4.3% | | |
Thailand | | | | | 708,846 | | | | | | 1.4% | | |
United Arab Emirates | | | | | 327,523 | | | | | | 0.7% | | |
United Kingdom | | | | | 782,930 | | | | | | 1.6% | | |
Vietnam | | | | | 2,038,288 | | | | | | 4.1% | | |
Other Net Assets | | | | | 1,727,611 | | | | | | 3.5% | | |
Total | | | | $ | 49,156,733 | | | | | | 100.0% | | |
Mirae Asset Discovery Funds | Schedule of Portfolio Investments |
Emerging Markets Great Consumer Fund | April 30, 2022 |
| | | Shares/ Principal | | | Value | | ||||||
Common Stocks (96.7%) | | | | | | | | | | | | | |
Airports of Thailand Public Co. Ltd. NVDR* (Transportation Infrastructure) | | | | | 7,555,200 | | | | | $ | 14,586,677 | | |
AL Rajhi Bank (Banks) | | | | | 309,993 | | | | | | 14,489,198 | | |
Alibaba Group Holding Ltd.* (Internet & Direct Marketing Retail) | | | | | 2,584,400 | | | | | | 31,586,827 | | |
Alpha Services and Holdings SA* (Banks) | | | | | 8,278,832 | | | | | | 9,298,588 | | |
Apollo Hospitals Enterprise Ltd. (Health Care Providers & Services) | | | | | 460,068 | | | | | | 26,533,455 | | |
Asian Paints Ltd. (Chemicals) | | | | | 511,701 | | | | | | 21,494,140 | | |
Ayala Land, Inc. (Real Estate Management & Development) | | | | | 17,353,405 | | | | | | 10,630,357 | | |
Banco Bradesco SA, Preference Shares (Banks) | | | | | 2,106,830 | | | | | | 7,701,262 | | |
Bangkok Dusit Medical Services Public Co. Ltd. NVDR (Health Care Providers & Services) | | | | | 10,874,100 | | | | | | 8,140,604 | | |
Britannia Industries Ltd. (Food Products) | | | | | 113,822 | | | | | | 4,859,670 | | |
BYD Co. Ltd., Class H (Automobiles) | | | | | 2,183,000 | | | | | | 64,139,581 | | |
China International Travel Service Corp. Ltd., Class A (Hotels, Restaurants & Leisure) | | | | | 704,154 | | | | | | 19,040,468 | | |
Clicks Group Ltd. (Food & Staples Retailing) | | | | | 416,900 | | | | | | 8,209,270 | | |
CP All Public Co. Ltd. (Food & Staples Retailing) | | | | | 12,030,500 | | | | | | 22,695,445 | | |
FirstRand Ltd. (Diversified Financial Services) | | | | | 1,729,609 | | | | | | 7,453,304 | | |
Foshan Haitian Flavouring & Food Co. Ltd., A Shares (Food Products) | | | | | 542,625 | | | | | | 6,679,196 | | |
Frontera Energy Corp.* (Oil, Gas & Consumable Fuels) | | | | | 801,252 | | | | | | 8,626,948 | | |
Grab Holdings Ltd.* (Road & Rail) | | | | | 1,683,907 | | | | | | 4,967,525 | | |
Grupo Financiero Banorte Sab de CV (Banks) | | | | | 1,651,643 | | | | | | 10,888,655 | | |
Haier Smart Home Co. Ltd., Class A (Household Durables) | | | | | 127,180 | | | | | | 492,802 | | |
Halyk Savings Bank of Kazakhstan JSC GDR (Banks) | | | | | 622,369 | | | | | | 6,082,322 | | |
HDFC Bank Ltd. (Banks) | | | | | 1,475,178 | | | | | | 26,489,779 | | |
Hindustan Unilever Ltd. (Household Products) | | | | | 385,984 | | | | | | 11,223,611 | | |
IHH Healthcare Berhad (Health Care Providers & Services) | | | | | 7,747,800 | | | | | | 11,674,519 | | |
Jahez International Co.* (Internet & Direct Marketing Retail) | | | | | 15,500 | | | | | | 4,584,664 | | |
JD.com, Inc., Class A* (Internet & Direct Marketing Retail) | | | | | 34,257 | | | | | | 1,067,834 | | |
Kakao Corp. (Interactive Media & Services) | | | | | 417,028 | | | | | | 29,073,355 | | |
Kasikornbank Public Co. Ltd. NVDR (Banks) | | | | | 2,918,800 | | | | | | 12,931,118 | | |
LG Household & Health Care Ltd. (Personal Products) | | | | | 34,727 | | | | | | 24,689,932 | | |
Li-Ning Co. Ltd. (Textiles, Apparel & Luxury Goods) | | | | | 8,044,000 | | | | | | 62,903,644 | | |
Locaweb Servicos de Internet SA (IT Services) | | | | | 2,331,300 | | | | | | 3,404,941 | | |
Lojas Renner SA (Multiline Retail) | | | | | 1,630,548 | | | | | | 7,870,064 | | |
MercadoLibre, Inc.* (Internet & Direct Marketing Retail) | | | | | 9,956 | | | | | | 9,693,460 | | |
Midea Group Co. Ltd., Class A (Household Durables) | | | | | 2,830,514 | | | | | | 24,290,089 | | |
Mr. Price Group Ltd. (Specialty Retail) | | | | | 611,480 | | | | | | 8,280,852 | | |
NAVER Corp. (Interactive Media & Services) | | | | | 125,812 | | | | | | 28,463,518 | | |
Nestle India Ltd. (Food Products) | | | | | 57,066 | | | | | | 13,625,952 | | |
Network International Holdings PLC* (IT Services) | | | | | 2,060,637 | | | | | | 6,693,313 | | |
NU Holdings Ltd., Class A* (Banks) | | | | | 321,600 | | | | | | 1,932,816 | | |
Ozon Holdings PLC ADR*(a)(b) (Internet & Direct Marketing Retail) | | | | | 221,400 | | | | | | 3 | | |
PT Bank Central Asia TBK (Banks) | | | | | 45,266,400 | | | | | | 25,320,968 | | |
| | | Shares/ Principal | | | Value | | ||||||
PT Bank Rakyat Indonesia Persero TBK (Banks) | | | | | 43,863,800 | | | | | $ | 14,581,761 | | |
PT Telekomunikasi Indonesia Persero TBK (Diversified Telecommunication Services) | | | | | 24,215,400 | | | | | | 7,718,189 | | |
Raia Drogasil SA (Food & Staples Retailing) | | | | | 1,986,500 | | | | | | 8,406,680 | | |
Reliance Industries Ltd. (Oil, Gas & Consumable Fuels) | | | | | 746,104 | | | | | | 26,980,318 | | |
Rosneft Oil Co. PJSC GDR(a)(b) (Oil, Gas & Consumable Fuels) | | | | | 764,700 | | | | | | 8 | | |
Rumo SA (Road & Rail) | | | | | 2,813,991 | | | | | | 9,432,340 | | |
Saudi Tadawul Group Holding Co.* (Capital Markets) | | | | | 172,445 | | | | | | 9,296,499 | | |
Sea Ltd. ADR* (Entertainment) | | | | | 23,876 | | | | | | 1,975,978 | | |
Shanghai International Airport Co. Ltd., Class A* (Transportation Infrastructure) | | | | | 2,770,879 | | | | | | 20,542,688 | | |
Sibanye Stillwater, Ltd. (Metals & Mining) | | | | | 1,125,900 | | | | | | 3,890,692 | | |
SM Prime Holdings, Inc. (Real Estate Management & Development) | | | | | 7,390,400 | | | | | | 4,940,324 | | |
Suzano SA (Paper & Forest Products) | | | | | 1,179,300 | | | | | | 11,928,025 | | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | | | 422,000 | | | | | | 7,703,970 | | |
TCS Group Holdings PLC GDR(a)(b) (Banks) | | | | | 144,770 | | | | | | 1 | | |
Tencent Holdings Ltd. (Interactive Media & Services) | | | | | 547,000 | | | | | | 25,657,897 | | |
The Saudi National Bank (Banks) | | | | | 485,200 | | | | | | 10,147,652 | | |
Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | | | | | 3,813,900 | | | | | | 13,521,458 | | |
X5 Retail Group NV GDR(a)(b) (Food & Staples Retailing) | | | | | 573,800 | | | | | | 6 | | |
Xpeng, Inc., A Shares* (Automobiles) | | | | | 2,086,500 | | | | | | 25,963,685 | | |
Yandex NV US, Class A*(a) (Interactive Media & Services) | | | | | 176,301 | | | | | | 1 | | |
Yandex NV Russia, Class A*(a)(b) (Interactive Media & Services) | | | | | 53,100 | | | | | | 1 | | |
Zomato Ltd.* (Internet & Direct Marketing Retail) | | | | | 1,536,298 | | | | | | 1,408,793 | | |
TOTAL COMMON STOCKS | | | | | | | | | | | | | |
(Cost $931,817,491) | | | | | | | | | | | 826,907,692 | | |
Foreign Bond (0.0%)NM | | | | | | | | | | | | | |
India (0.0%)NM | | | | | | | | | | | | | |
Britannia Industries Ltd., 5.50%, 6/3/24+ | | | | | 9,985,483 | | | | | | 129,346 | | |
TOTAL FOREIGN BOND | | | | | | | | | | | | | |
(Cost $136,982) | | | | | | | | | | | 129,346 | | |
TOTAL INVESTMENTS | | | | | | | | | | | | | |
(Cost $931,954,473) – 96.7% | | | | | | | | | | | 827,037,038 | | |
Other Net Assets (Liabilities) – 3.3% | | | | | | | | | | | 28,583,293 | | |
NET ASSETS – 100.0% | | | | | | | | | | $ | 855,620,331 | | |
|
Mirae Asset Discovery Funds | Schedule of Portfolio Investments |
Emerging Markets Great Consumer Fund | April 30, 2022 |
| | | Value | | | % of Net Assets | | |||
Automobiles | | | | $ | 90,103,266 | | | | 10.5% | |
Banks | | | | | 139,864,120 | | | | 16.4% | |
Capital Markets | | | | | 9,296,499 | | | | 1.1% | |
Chemicals | | | | | 21,494,140 | | | | 2.5% | |
Diversified Financial Services | | | | | 7,453,304 | | | | 0.9% | |
Diversified Telecommunication Services | | | | | 7,718,189 | | | | 0.9% | |
Entertainment | | | | | 1,975,978 | | | | 0.2% | |
Food & Staples Retailing | | | | | 52,832,859 | | | | 6.2% | |
Food Products | | | | | 25,294,164 | | | | 3.0% | |
Health Care Providers & Services | | | | | 46,348,578 | | | | 5.5% | |
Hotels, Restaurants & Leisure | | | | | 19,040,468 | | | | 2.2% | |
Household Durables | | | | | 24,782,891 | | | | 2.9% | |
Household Products | | | | | 11,223,611 | | | | 1.3% | |
Interactive Media & Services | | | | | 83,194,772 | | | | 9.7% | |
Internet & Direct Marketing Retail | | | | | 48,341,581 | | | | 5.6% | |
IT Services | | | | | 10,098,254 | | | | 1.2% | |
Metals & Mining | | | | | 3,890,692 | | | | 0.5% | |
Multiline Retail | | | | | 7,870,064 | | | | 0.9% | |
Oil, Gas & Consumable Fuels | | | | | 35,607,274 | | | | 4.1% | |
Paper & Forest Products | | | | | 11,928,025 | | | | 1.4% | |
Personal Products | | | | | 24,689,932 | | | | 2.9% | |
Real Estate Management & Development | | | | | 15,570,681 | | | | 1.8% | |
Road & Rail | | | | | 14,399,865 | | | | 1.7% | |
Semiconductors & Semiconductor Equipment | | | | | 7,703,970 | | | | 0.9% | |
Specialty Retail | | | | | 8,280,852 | | | | 0.9% | |
Textiles, Apparel & Luxury Goods | | | | | 62,903,644 | | | | 7.4% | |
Transportation Infrastructure | | | | | 35,129,365 | | | | 4.1% | |
Other Net Assets | | | | | 28,583,293 | | | | 3.3% | |
Total | | | | $ | 855,620,331 | | | | 100.0% | |
| | | Value | | | % of Net Assets | | ||||||
Argentina | | | | $ | 9,693,460 | | | | | | 1.1% | | |
Brazil | | | | | 50,676,128 | | | | | | 5.9% | | |
China | | | | | 282,364,711 | | | | | | 33.0% | | |
Colombia | | | | | 8,626,948 | | | | | | 1.0% | | |
Cyprus | | | | | 4 | | | | | | —%^ | | |
Greece | | | | | 9,298,588 | | | | | | 1.1% | | |
India | | | | | 132,745,064 | | | | | | 15.5% | | |
Indonesia | | | | | 47,620,918 | | | | | | 5.6% | | |
Kazakhstan | | | | | 6,082,322 | | | | | | 0.7% | | |
Mexico | | | | | 24,410,113 | | | | | | 2.9% | | |
Philippines | | | | | 15,570,681 | | | | | | 1.8% | | |
Russia | | | | | 16 | | | | | | —%^ | | |
Saudi Arabia | | | | | 38,518,013 | | | | | | 4.5% | | |
Singapore | | | | | 6,943,503 | | | | | | 0.8% | | |
South Africa | | | | | 27,834,118 | | | | | | 3.3% | | |
South Korea | | | | | 93,901,324 | | | | | | 11.0% | | |
Taiwan | | | | | 7,703,970 | | | | | | 0.9% | | |
Thailand | | | | | 58,353,844 | | | | | | 6.8% | | |
United Arab Emirates | | | | | 6,693,313 | | | | | | 0.8% | | |
Other Net Assets | | | | | 28,583,293 | | | | | | 3.3% | | |
Total | | | | $ | 855,620,331 | | | | | | 100.0% | | |
Mirae Asset Discovery Funds |
Statements of Assets and Liabilities | April 30, 2022 |
| | | | Emerging Markets Fund | | | Emerging Markets Great Consumer Fund | | ||||||
| Assets: | | | | | | | | | | | | | |
| Investments, at value (Cost $53,840,354 and $931,954,473) | | | | $ | 47,429,122 | | | | | $ | 827,037,038 | | |
| Foreign currency, at value (Cost $24,148 and $16,255,572) | | | | | 27,412 | | | | | | 16,278,299 | | |
| Cash | | | | | 1,798,203 | | | | | | 19,712,724 | | |
| Dividends and interest receivable | | | | | 91,039 | | | | | | 980,213 | | |
| Receivable for investments sold | | | | | 109,664 | | | | | | 7 | | |
| Receivable for capital shares issued | | | | | 139,674 | | | | | | 1,013,919 | | |
| Reclaims receivable | | | | | 3,332 | | | | | | 7,715 | | |
| Prepaid expenses | | | | | 27,600 | | | | | | 66,711 | | |
| Total Assets | | | | | 49,626,046 | | | | | | 865,096,626 | | |
| Liabilities: | | | | | | | | | | | | | |
| Payable for investments purchased | | | | | 115,511 | | | | | | 2,043,458 | | |
| Payable for capital shares redeemed | | | | | 84,733 | | | | | | 2,777,558 | | |
| Payable to Manager | | | | | 33,655 | | | | | | 732,473 | | |
| Deferred foreign taxes | | | | | 198,396 | | | | | | 3,555,913 | | |
| Accrued expenses: | | | | | | | | | | | | | |
| Administration | | | | | 5,754 | | | | | | 7,472 | | |
| Distribution | | | | | 2,541 | | | | | | 16,796 | | |
| Fund accounting | | | | | 7,603 | | | | | | 13,358 | | |
| Transfer agent | | | | | 3,524 | | | | | | 94,317 | | |
| Custodian | | | | | 9,995 | | | | | | 112,442 | | |
| Legal and audit fees | | | | | 3,492 | | | | | | 51,708 | | |
| Trustee | | | | | 1,038 | | | | | | 22,111 | | |
| Printing | | | | | 819 | | | | | | 17,449 | | |
| Other | | | | | 2,252 | | | | | | 31,240 | | |
| Total Liabilities | | | | | 469,313 | | | | | | 9,476,295 | | |
| Net Assets | | | | $ | 49,156,733 | | | | | $ | 855,620,331 | | |
| Net Assets consist of: | | | | | | | | | | | | | |
| Paid in Capital | | | | $ | 55,554,661 | | | | | $ | 1,156,940,843 | | |
| Total distributable earnings/(accumulated loss) | | | | | (6,397,928) | | | | | | (301,320,512) | | |
| Net Assets | | | | $ | 49,156,733 | | | | | $ | 855,620,331 | | |
| Net Assets: | | | | | | | | | | | | | |
| Class A | | | | $ | 5,229,042 | | | | | $ | 28,652,217 | | |
| Class C | | | | | 1,670,493 | | | | | | 12,011,000 | | |
| Class I | | | | | 42,257,198 | | | | | | 814,957,114 | | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value): | | ||||||||||||
| Class A | | | | | 458,510 | | | | | | 2,263,526 | | |
| Class C | | | | | 160,893 | | | | | | 1,044,721 | | |
| Class I | | | | | 3,614,577 | | | | | | 62,539,948 | | |
| Net Asset Value (redemption price per share): | | | | | | | | | | | | | |
| Class A | | | | $ | 11.40 | | | | | $ | 12.66 | | |
| Class C(a) | | | | $ | 10.38 | | | | | $ | 11.50 | | |
| Class I | | | | $ | 11.69 | | | | | $ | 13.03 | | |
| Maximum Sales Charge: | | | | | | | | | | | | | |
| Class A | | | | | 5.75% | | | | | | 5.75% | | |
| Maximum Offering Price Per Share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent per share): | | ||||||||||||
| Class A | | | | $ | 12.10 | | | | | $ | 13.43 | | |
Mirae Asset Discovery Funds |
Statements of Operations | For the year ended April 30, 2022 |
| | | | Emerging Markets Fund | | | Emerging Markets Great Consumer Fund | | ||||||
| Investment Income: | | | | | | | | | | | | | |
| Dividend income | | | | $ | 985,100 | | | | | $ | 14,820,904 | | |
| Interest income | | | | | 677 | | | | | | 10,890 | | |
| Foreign tax withholding | | | | | (128,910) | | | | | | (1,568,169) | | |
| Total Investment Income | | | | | 856,867 | | | | | | 13,263,625 | | |
| Expenses: | | | | | | | | | | | | | |
| Manager fees | | | | | 585,842 | | | | | | 14,497,618 | | |
| Administration fees | | | | | 70,000 | | | | | | 134,567 | | |
| Distribution fees – Class A | | | | | 15,383 | | | | | | 120,813 | | |
| Distribution fees – Class C | | | | | 20,960 | | | | | | 183,911 | | |
| Fund accounting fees | | | | | 59,524 | | | | | | 169,390 | | |
| Transfer agent fees | | | | | 23,531 | | | | | | 646,163 | | |
| Custodian fees | | | | | 68,283 | | | | | | 832,445 | | |
| Trustee fees | | | | | 7,847 | | | | | | 203,778 | | |
| Legal and audit fees | | | | | 14,319 | | | | | | 258,993 | | |
| State registration and filing fees | | | | | 44,180 | | | | | | 171,560 | | |
| Line of credit fees | | | | | 3,127 | | | | | | 26,160 | | |
| Other fees | | | | | 20,970 | | | | | | 396,801 | | |
| Total Expenses before fee reductions | | | | | 933,966 | | | | | | 17,642,199 | | |
| Waivers and/or reimbursements from the Manager | | | | | (217,539) | | | | | | (523,873) | | |
| Total Net Expenses | | | | | 716,427 | | | | | | 17,118,326 | | |
| Net Investment Income (Loss) | | | | | 140,440 | | | | | | (3,854,701) | | |
| Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Transactions: | | | | | | | | | | | | | |
| Net realized gains (losses) on investments | | | | | 5,773,371 | | | | | | (185,211,694) | | |
| Net realized losses on foreign currency transactions | | | | | (157,908) | | | | | | (1,890,573) | | |
| Foreign taxes on realized gains | | | | | (637,850) | | | | | | (2,321,877) | | |
| Change in unrealized appreciation/depreciation on investments and foreign currency transactions | | | | | (17,621,410) | | | | | | (295,467,764) | | |
| Net change in foreign taxes on unrealized gains (losses) | | | | | 67,721 | | | | | | 1,481,312 | | |
| Net Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Transactions | | | | | (12,576,076) | | | | | | (483,410,596) | | |
| Change in Net Assets Resulting From Operations | | | | $ | (12,435,636) | | | | | $ | (487,265,297) | | |
| | | | Emerging Markets Fund | | | Emerging Markets Great Consumer Fund | | ||||||||||||||||||
| | | | Year Ended April 30, 2022 | | | Year Ended April 30, 2021 | | | Year Ended April 30, 2022 | | | Year Ended April 30, 2021 | | ||||||||||||
| From Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | | $ | 140,440 | | | | | $ | 100,906 | | | | | $ | (3,854,701) | | | | | $ | (1,432,849) | | |
| Net realized gains (losses) on investments | | | | | 5,773,371 | | | | | | 9,478,436 | | | | | | (185,211,694) | | | | | | 131,315,296 | | |
| Net realized losses on foreign currency transactions | | | | | (157,908) | | | | | | (101,755) | | | | | | (1,890,573) | | | | | | (1,246,891) | | |
| Foreign taxes on realized gains | | | | | (637,850) | | | | | | (192,360) | | | | | | (2,321,877) | | | | | | (2,388,103) | | |
| Change in unrealized appreciation/depreciation on investments, foreign currency transactions and foreign taxes | | | | | (17,553,689) | | | | | | 16,375,961 | | | | | | (293,986,452) | | | | | | 168,188,225 | | |
| Change in net assets resulting from operations | | | | | (12,435,636) | | | | | | 25,661,188 | | | | | | (487,265,297) | | | | | | 294,435,678 | | |
| Distributions to Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A | | | | | (509,633) | | | | | | (43,264) | | | | | | (3,395,746) | | | | | | (2,077,572) | | |
| Class C | | | | | (161,206) | | | | | | (14,972) | | | | | | (1,375,091) | | | | | | (994,998) | | |
| Class I | | | | | (3,367,713) | | | | | | (759,071) | | | | | | (91,007,872) | | | | | | (45,355,772) | | |
| Change in net assets from distributions | | | | | (4,038,552) | | | | | | (817,307) | | | | | | (95,778,709) | | | | | | (48,428,342) | | |
| Change in net assets from capital transactions | | | | | 2,676,837 | | | | | | (13,078,178) | | | | | | (267,220,893) | | | | | | 866,344,588 | | |
| Change in net assets | | | | | (13,797,351) | | | | | | 11,765,703 | | | | | | (850,264,899) | | | | | | 1,112,351,924 | | |
| Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 62,954,084 | | | | | | 51,188,381 | | | | | | 1,705,885,230 | | | | | | 593,533,306 | | |
| End of period | | | | $ | 49,156,733 | | | | | $ | 62,954,084 | | | | | $ | 855,620,331 | | | | | $ | 1,705,885,230 | | |
| Capital Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares issued | | | | $ | 4,337,843 | | | | | $ | 189,906 | | | | | $ | 14,593,064 | | | | | $ | 25,188,291 | | |
| Dividends reinvested | | | | | 380,276 | | | | | | 37,324 | | | | | | 3,209,874 | | | | | | 2,025,487 | | |
| Cost of shares redeemed | | | | | (1,046,533) | | | | | | (579,658) | | | | | | (25,088,608) | | | | | | (15,337,930) | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares issued | | | | | 185,664 | | | | | | 135,451 | | | | | | 1,087,753 | | | | | | 4,959,042 | | |
| Dividends reinvested | | | | | 148,576 | | | | | | 13,612 | | | | | | 1,328,541 | | | | | | 965,310 | | |
| Cost of shares redeemed | | | | | (225,278) | | | | | | (502,678) | | | | | | (5,483,418) | | | | | | (4,221,565) | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares issued | | | | | 13,494,427 | | | | | | 14,042,494 | | | | | | 569,568,861 | | | | | | 1,035,559,903 | | |
| Dividends reinvested | | | | | 2,885,984 | | | | | | 622,938 | | | | | | 77,464,574 | | | | | | 38,548,315 | | |
| Cost of shares redeemed | | | | | (17,484,122) | | | | | | (27,037,567) | | | | | | (903,901,534) | | | | | | (221,342,265) | | |
| Change in net assets resulting from capital transactions | | | | $ | 2,676,837 | | | | | $ | (13,078,178) | | | | | $ | (267,220,893) | | | | | $ | 866,344,588 | | |
| Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | |
| Issued | | | | | 276,286 | | | | | | 14,206 | | | | | | 783,670 | | | | | | 1,366,132 | | |
| Reinvested | | | | | 28,787 | | | | | | 2,607 | | | | | | 207,893 | | | | | | 103,924 | | |
| Redeemed | | | | | (77,281) | | | | | | (44,989) | | | | | | (1,499,447) | | | | | | (835,933) | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | |
| Issued | | | | ��� | 14,238 | | | | | | 9,463 | | | | | | 63,389 | | | | | | 283,393 | | |
| Reinvested | | | | | 12,320 | | | | | | 1,026 | | | | | | 94,491 | | | | | | 53,569 | | |
| Redeemed | | | | | (18,087) | | | | | | (40,132) | | | | | | (343,245) | | | | | | (250,892) | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | |
| Issued | | | | | 949,517 | | | | | | 1,027,603 | | | | | | 32,570,928 | | | | | | 52,921,005 | | |
| Reinvested | | | | | 213,303 | | | | | | 42,667 | | | | | | 4,878,122 | | | | | | 1,931,317 | | |
| Redeemed | | | | | (1,174,846) | | | | | | (2,117,396) | | | | | | (54,235,749) | | | | | | (11,496,346) | | |
| Change in shares | | | | | 224,237 | | | | | | (1,104,945) | | | | | | (17,479,948) | | | | | | 44,076,169 | | |
Mirae Asset Discovery Funds |
Financial Highlights for the periods indicated | Selected data for a share of beneficial interest outstanding throughout the periods indicated |
| | | Net Asset Value, Beginning of Period | | | Net Investment Income (Loss)(a) | | | Net Realized and Unrealized Gains (Losses) on Investments | | | Total from Investment Activities | | | Net Investment Income | | | Net Realized Gains From Investments | | | Total Distributions | | | Net Asset Value, End of Period | | | Total Return (excludes sales charge)(b) | | | Ratio of Net Expenses to Average Net Assets | | | Ratio of Net Investment Income (Loss) to Average Net Assets | | | Ratio of Gross Expenses to Average Net Assets | | | Net Assets, End of Period (000’s) | | | Portfolio Turnover(c) | | ||||||||||||||||||||||||||||||||||||||||||
Emerging Markets Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended April 30, 2022 | | | | $ | 15.46 | | | | | | —(d) | | | | | | (3.01) | | | | | | (3.01) | | | | | | — | | | | | | (1.05) | | | | | | (1.05) | | | | | $ | 11.40 | | | | | | (20.37)% | | | | | | 1.40% | | | | | | (0.02)% | | | | | | 1.78% | | | | | $ | 5,229 | | | | | | 106% | | |
Year Ended April 30, 2021 | | | | $ | 9.86 | | | | | | —(d) | | | | | | 5.78 | | | | | | 5.78 | | | | | | (0.18) | | | | | | — | | | | | | (0.18) | | | | | $ | 15.46 | | | | | | 58.79% | | | | | | 1.40% | | | | | | (0.02)% | | | | | | 1.80% | | | | | $ | 3,566 | | | | | | 123% | | |
Year Ended April 30, 2020 | | | | $ | 11.64 | | | | | | (0.02) | | | | | | (1.76) | | | | | | (1.78) | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 9.86 | | | | | | (15.29)% | | | | | | 1.40% | | | | | | (0.15)% | | | | | | 1.86% | | | | | $ | 2,552 | | | | | | 95% | | |
Year Ended April 30, 2019 | | | | $ | 13.16 | | | | | | 0.02 | | | | | | (1.06) | | | | | | (1.04) | | | | | | — | | | | | | (0.48) | | | | | | (0.48) | | | | | $ | 11.64 | | | | | | (7.31)% | | | | | | 1.43%(e) | | | | | | 0.18% | | | | | | 1.87% | | | | | $ | 2,898 | | | | | | 156% | | |
Year Ended April 30, 2018 | | | | $ | 10.80 | | | | | | (0.03) | | | | | | 2.39 | | | | | | 2.36 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 13.16 | | | | | | 21.85% | | | | | | 1.50% | | | | | | (0.22)% | | | | | | 2.08% | | | | | $ | 4,889 | | | | | | 72% | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended April 30, 2022 | | | | $ | 14.28 | | | | | | (0.09) | | | | | | (2.76) | | | | | | (2.85) | | | | | | — | | | | | | (1.05) | | | | | | (1.05) | | | | | $ | 10.38 | | | | | | (20.95)% | | | | | | 2.15% | | | | | | (0.70)% | | | | | | 2.52% | | | | | $ | 1,670 | | | | | | 106% | | |
Year Ended April 30, 2021 | | | | $ | 9.12 | | | | | | (0.09) | | | | | | 5.34 | | | | | | 5.25 | | | | | | (0.09) | | | | | | — | | | | | | (0.09) | | | | | $ | 14.28 | | | | | | 57.69% | | | | | | 2.15% | | | | | | (0.78)% | | | | | | 2.55% | | | | | $ | 2,176 | | | | | | 123% | | |
Year Ended April 30, 2020 | | | | $ | 10.85 | | | | | | (0.06) | | | | | | (1.67) | | | | | | (1.73) | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 9.12 | | | | | | (15.94)% | | | | | | 2.15% | | | | | | (0.53)% | | | | | | 2.60% | | | | | $ | 1,661 | | | | | | 95% | | |
Year Ended April 30, 2019 | | | | $ | 12.40 | | | | | | (0.08) | | | | | | (0.99) | | | | | | (1.07) | | | | | | — | | | | | | (0.48) | | | | | | (0.48) | | | | | $ | 10.85 | | | | | | (8.01)% | | | | | | 2.18%(e) | | | | | | (0.78)% | | | | | | 2.69% | | | | | $ | 2,466 | | | | | | 156% | | |
Year Ended April 30, 2018 | | | | $ | 10.26 | | | | | | (0.11) | | | | | | 2.25 | | | | | | 2.14 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 12.40 | | | | | | 20.86% | | | | | | 2.25% | | | | | | (0.93)% | | | | | | 2.92% | | | | | $ | 2,162 | | | | | | 72% | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended April 30, 2022 | | | | $ | 15.78 | | | | | | 0.04 | | | | | | (3.08) | | | | | | (3.04) | | | | | | — | | | | | | (1.05) | | | | | | (1.05) | | | | | $ | 11.69 | | | | | | (20.14)% | | | | | | 1.15% | | | | | | 0.31% | | | | | | 1.52% | | | | | $ | 42,258 | | | | | | 106% | | |
Year Ended April 30, 2021 | | | | $ | 10.05 | | | | | | 0.03 | | | | | | 5.91 | | | | | | 5.94 | | | | | | (0.21) | | | | | | — | | | | | | (0.21) | | | | | $ | 15.78 | | | | | | 59.28% | | | | | | 1.15% | | | | | | 0.22% | | | | | | 1.55% | | | | | $ | 57,212 | | | | | | 123% | | |
Year Ended April 30, 2020 | | | | $ | 11.84 | | | | | | 0.06 | | | | | | (1.85) | | | | | | (1.79) | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 10.05 | | | | | | (15.12)% | | | | | | 1.15% | | | | | | 0.54% | | | | | | 1.60% | | | | | $ | 46,976 | | | | | | 95% | | |
Year Ended April 30, 2019 | | | | $ | 13.39 | | | | | | 0.03 | | | | | | (1.07) | | | | | | (1.04) | | | | | | (0.03) | | | | | | (0.48) | | | | | | (0.51) | | | | | $ | 11.84 | | | | | | (7.14)% | | | | | | 1.18%(e) | | | | | | 0.27% | | | | | | 1.66% | | | | | $ | 76,438 | | | | | | 156% | | |
Year Ended April 30, 2018 | | | | $ | 10.96 | | | | | | —(d) | | | | | | 2.43 | | | | | | 2.43 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 13.39 | | | | | | 22.17% | | | | | | 1.25% | | | | | | 0.03% | | | | | | 1.94% | | | | | $ | 66,004 | | | | | | 72% | | |
Emerging Markets Great Consumer Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended April 30, 2022 | | | | $ | 20.02 | | | | | | (0.09) | | | | | | (5.98) | | | | | | (6.07) | | | | | | — | | | | | | (1.29) | | | | | | (1.29) | | | | | $ | 12.66 | | | | | | (31.48)% | | | | | | 1.40% | | | | | | (0.49)% | | | | | | 1.44% | | | | | $ | 28,652 | | | | | | 71% | | |
Year Ended April 30, 2021 | | | | $ | 14.86 | | | | | | (0.07) | | | | | | 6.09 | | | | | | 6.02 | | | | | | — | | | | | | (0.86) | | | | | | (0.86) | | | | | $ | 20.02 | | | | | | 40.70% | | | | | | 1.40% | | | | | | (0.35)% | | | | | | 1.45% | | | | | $ | 55,496 | | | | | | 49% | | |
Year Ended April 30, 2020 | | | | $ | 15.03 | | | | | | —(d) | | | | | | (0.07) | | | | | | (0.07) | | | | | | (0.04) | | | | | | (0.06) | | | | | | (0.10) | | | | | $ | 14.86 | | | | | | (0.50)% | | | | | | 1.40% | | | | | | —%(d) | | | | | | 1.58% | | | | | $ | 31,766 | | | | | | 60% | | |
Year Ended April 30, 2019 | | | | $ | 14.89 | | | | | | —(d) | | | | | | 0.14 | | | | | | 0.14 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 15.03 | | | | | | 0.94% | | | | | | 1.43%(e) | | | | | | —%(d) | | | | | | 1.66% | | | | | $ | 27,673 | | | | | | 46% | | |
Year Ended April 30, 2018 | | | | $ | 11.82 | | | | | | (0.08) | | | | | | 3.15 | | | | | | 3.07 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 14.89 | | | | | | 25.97% | | | | | | 1.50% | | | | | | (0.53)% | | | | | | 1.78% | | | | | $ | 45,145 | | | | | | 52% | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended April 30, 2022 | | | | $ | 18.46 | | | | | | (0.20) | | | | | | (5.47) | | | | | | (5.67) | | | | | | — | | | | | | (1.29) | | | | | | (1.29) | | | | | $ | 11.50 | | | | | | (31.99)% | | | | | | 2.15% | | | | | | (1.23)% | | | | | | 2.19% | | | | | $ | 12,011 | | | | | | 71% | | |
Year Ended April 30, 2021 | | | | $ | 13.85 | | | | | | (0.19) | | | | | | 5.66 | | | | | | 5.47 | | | | | | — | | | | | | (0.86) | | | | | | (0.86) | | | | | $ | 18.46 | | | | | | 39.68% | | | | | | 2.15% | | | | | | (1.11)% | | | | | | 2.20% | | | | | $ | 22,710 | | | | | | 49% | | |
Year Ended April 30, 2020 | | | | $ | 14.08 | | | | | | (0.08) | | | | | | (0.09) | | | | | | (0.17) | | | | | | — | | | | | | (0.06) | | | | | | (0.06) | | | | | $ | 13.85 | | | | | | (1.24)% | | | | | | 2.15% | | | | | | (0.59)% | | | | | | 2.33% | | | | | $ | 15,850 | | | | | | 60% | | |
Year Ended April 30, 2019 | | | | $ | 14.05 | | | | | | (0.12) | | | | | | 0.15 | | | | | | 0.03 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 14.08 | | | | | | 0.21% | | | | | | 2.18%(e) | | | | | | (0.93)% | | | | | | 2.41% | | | | | $ | 18,556 | | | | | | 46% | | |
Year Ended April 30, 2018 | | | | $ | 11.24 | | | | | | (0.16) | | | | | | 2.97 | | | | | | 2.81 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 14.05 | | | | | | 25.00% | | | | | | 2.25% | | | | | | (1.20)% | | | | | | 2.53% | | | | | $ | 18,221 | | | | | | 52% | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended April 30, 2022 | | | | $ | 20.52 | | | | | | (0.04) | | | | | | (6.16) | | | | | | (6.20) | | | | | | — | | | | | | (1.29) | | | | | | (1.29) | | | | | $ | 13.03 | | | | | | (31.34)% | | | | | | 1.15% | | | | | | (0.24)% | | | | | | 1.19% | | | | | $ | 814,957 | | | | | | 71% | | |
Year Ended April 30, 2021 | | | | $ | 15.18 | | | | | | (0.02) | | | | | | 6.22 | | | | | | 6.20 | | | | | | — | | | | | | (0.86) | | | | | | (0.86) | | | | | $ | 20.52 | | | | | | 41.03% | | | | | | 1.15% | | | | | | (0.10)% | | | | | | 1.20% | | | | | $ | 1,627,679 | | | | | | 49% | | |
Year Ended April 30, 2020 | | | | $ | 15.34 | | | | | | —(d) | | | | | | (0.03) | | | | | | (0.03) | | | | | | (0.07) | | | | | | (0.06) | | | | | | (0.13) | | | | | $ | 15.18 | | | | | | (0.23)% | | | | | | 1.15% | | | | | | 0.01% | | | | | | 1.33% | | | | | $ | 545,917 | | | | | | 60% | | |
Year Ended April 30, 2019 | | | | $ | 15.15 | | | | | | —(d) | | | | | | 0.19 | | | | | | 0.19 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 15.34 | | | | | | 1.25% | | | | | | 1.18%(e) | | | | | | 0.03% | | | | | | 1.41% | | | | | $ | 336,482 | | | | | | 46% | | |
Year Ended April 30, 2018 | | | | $ | 12.00 | | | | | | (0.03) | | | | | | 3.18 | | | | | | 3.15 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 15.15 | | | | | | 26.25% | | | | | | 1.25% | | | | | | (0.23)% | | | | | | 1.53% | | | | | $ | 217,808 | | | | | | 52% | | |
Mirae Asset Discovery Funds |
Notes to Financial Statements | April 30, 2022 |
Mirae Asset Discovery Funds |
Notes to Financial Statements | April 30, 2022 |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total Investments | | ||||||||||||
Emerging Markets Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 9,406,830 | | | | | $ | 38,022,291 | | | | | $ | 1 | | | | | $ | 47,429,122 | | |
Total Investments | | | | $ | 9,406,830 | | | | | $ | 38,022,291 | | | | | $ | 1 | | | | | $ | 47,429,122 | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total Investments | | ||||||||||||
Emerging Markets Great Consumer Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 137,862,744 | | | | | $ | 689,044,928 | | | | | $ | 20 | | | | | $ | 826,907,692 | | |
Foreign Bond | | | | | — | | | | | | 129,346 | | | | | | — | | | | | | 129,346 | | |
Total Investments | | | | $ | 137,862,744 | | | | | $ | 689,174,274 | | | | | $ | 20 | | | | | $ | 827,037,038 | | |
Mirae Asset Discovery Funds |
Notes to Financial Statements | April 30, 2022 |
Mirae Asset Discovery Funds |
Notes to Financial Statements | April 30, 2022 |
| Emerging Markets Fund | | | | | 0.99% | | |
| Emerging Markets Great Consumer Fund | | | | | 0.99% | | |
| ��� | | | Class A | | | Class C | | | Class I | | |||||||||
| Emerging Markets Fund | | | | | 1.40% | | | | | | 2.15% | | | | | | 1.15% | | |
| Emerging Markets Great Consumer Fund | | | | | 1.40% | | | | | | 2.15% | | | | | | 1.15% | | |
| | | Expires 4/30/23 | | | Expires 4/30/24 | | | Expires 4/30/25 | | | Total | | ||||||||||||
Emerging Markets Fund | | | | $ | 290,813 | | | | | $ | 221,218 | | | | | $ | 217,539 | | | | | $ | 729,570 | | |
Emerging Markets Great Consumer Fund | | | | | 831,534 | | | | | | 569,714 | | | | | | 523,873 | | | | | | 1,925,121 | | |
Mirae Asset Discovery Funds |
Notes to Financial Statements | April 30, 2022 |
| | | Amount Outstanding at April 30, 2022 | | | Average Borrowings* | | | Days Outstanding | | | Average Rate | | | Maximum Borrowings During the Year | | |||||||||||||||
Emerging Markets Fund | | | | $ | — | | | | | $ | 14,431,250 | | | | | | 61 | | | | | | 1.39% | | | | | $ | 50,000,000 | | |
Emerging Markets Great Consumer Fund | | | | | — | | | | | | 10,000,000 | | | | | | 15 | | | | | | 1.36% | | | | | | 10,000,000 | | |
| | | Class A | | | Class C | | ||||||
Emerging Markets Fund | | | | $ | 235 | | | | | $ | — | | |
Emerging Markets Great Consumer Fund | | | | | 6,893 | | | | | | — | | |
| Emerging Markets Fund | | | | $ | 27 | | |
| Emerging Markets Great Consumer Fund . | | | | | 1,355 | | |
| | | Name of Affiliate Broker/Dealer | | | Aggregate Amount of Brokerage Commissions Paid to Affiliate | | |||
Emerging Markets Fund | | | Mirae Asset Securities (Hong Kong) Ltd. | | | | $ | 9,076 | | |
Emerging Markets Great Consumer Fund | | | Mirae Asset Securities (Hong Kong) Ltd. | | | | | 144,402 | | |
| | | Purchases | | | Sales | | ||||||
Emerging Markets Fund | | | | $ | 60,798,340 | | | | | $ | 63,651,583 | | |
Emerging Markets Great Consumer Fund | | | | | 978,587,880 | | | | | | 1,319,468,889 | | |
Mirae Asset Discovery Funds |
Notes to Financial Statements | April 30, 2022 |
Mirae Asset Discovery Funds |
Notes to Financial Statements | April 30, 2022 |
| | | Short Term Amount | | | Long-Term Amount | | | Total | | |||||||||
Emerging Markets Great Consumer Fund | | | | $ | 161,509,743 | | | | | $ | — | | | | | $ | 161,509,743 | | |
| | | Late Year Ordinary Loss Deferred | | | Total | | ||||||
Emerging Markets Fund | | | | $ | 367,070 | | | | | $ | 367,070 | | |
Emerging Markets Great Consumer Fund | | | | | 3,546,108 | | | | | | 3,546,108 | | |
| | | Total Distributable Earnings/ (Accumulated Loss) | | | Paid in Capital | | ||||||
Emerging Markets Great Consumer Fund | | | | $ | 4,521,069 | | | | | $ | (4,521,069) | | |
| | | Ordinary Income | | | Net Long-Term Capital Gains | | | Total Taxable Distributions | | |||||||||
Emerging Markets Fund | | | | $ | — | | | | | $ | 4,038,552 | | | | | $ | 4,038,552 | | |
Emerging Markets Great Consumer Fund | | | | | 40,740,902 | | | | | | 55,037,807 | | | | | | 95,778,709 | | |
| | | | Ordinary Income | | | Net Long-Term Capital Gains | | | Total Taxable Distributions | | |||||||||
| Emerging Markets Fund | | | | $ | 817,307 | | | | | $ | — | | | | | $ | 817,307 | | |
| Emerging Markets Great Consumer Fund | | | | | 3,495,957 | | | | | | 44,932,385 | | | | | | 48,428,342 | | |
Mirae Asset Discovery Funds |
Notes to Financial Statements | April 30, 2022 |
| | | Undistributed Long-Term Capital Gains | | | Late Year Ordinary Loss Deferrals | | | Capital Loss Carryover | | | Unrealized Appreciation/ (Depreciation)(a)(b) | | | Total Accumulated Earnings/ (Deficit) | | |||||||||||||||
Emerging Markets Fund | | | | $ | 2,887,713 | | | | | $ | (367,070) | | | | | $ | — | | | | | $ | (8,918,571) | | | | | $ | (6,397,928) | | |
Emerging Markets Great Consumer Fund | | | | | — | | | | | | (3,546,108) | | | | | | (161,509,743) | | | | | | (136,264,661) | | | | | | (301,320,512) | | |
| | | Tax Cost | | | Tax Unrealized Appreciation | | | Tax Unrealized Depreciation | | | Net Unrealized Appreciation/ (Depreciation) | | ||||||||||||
Emerging Markets Fund | | | | $ | 56,150,446 | | | | | $ | 3,776,278 | | | | | $ | (12,497,602) | | | | | $ | (8,721,324) | | |
Emerging Markets Great Consumer Fund | | | | | 959,776,436 | | | | | | 72,141,262 | | | | | | (204,880,660) | | | | | | (132,739,398) | | |
| | | Beneficial Ownership | | |||
Emerging Markets Fund | | | | | 29% | | |
Emerging Markets Great Consumer Fund | | | | | 31% | | |
April 30, 2022
Mirae Asset Discovery Funds
Cleveland, Ohio
June 29, 2022
Mirae Asset Discovery Funds |
Supplemental Information (unaudited) | April 30, 2022 |
| | | | Amount | | |||
| Emerging Markets Fund | | | | | 92.26% | | |
| Emerging Markets Great Consumer Fund | | | | | 30.46% | | |
| | | | Amount | | |||
| Emerging Markets Great Consumer Fund | | | | $ | 40,740,902 | | |
| Emerging Markets Fund | | | | $ | 4,038,552 | | |
| Emerging Markets Great Consumer Fund | | | | | 55,037,807 | | |
| | | | Foreign Source Income | | | Foreign Tax Expense | | ||||||
| Emerging Markets Fund | | | | $ | 0.23 | | | | | $ | 0.18 | | |
| Emerging Markets Great Consumer Fund | | | | | 0.20 | | | | | | 0.06 | | |
Mirae Asset Discovery Funds |
Trustees and Officers (unaudited) | April 30, 2022 |
| Name and Year of Birth | | | Position(s) with the Trusts | | | Term of Office and Length of Time Served | | | PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS | | | PORTFOLIOS IN FUND COMPLEX OVERSEEN BY NOMINEE | | | OTHER PUBLIC COMPANY AND INVESTMENT COMPANY DIRECTORSHIPS HELD BY NOMINEE DURING THE PAST 5 YEARS | |
| INDEPENDENT TRUSTEES | | | | | | |||||||||||
| KEITH M. SCHAPPERT (1951) | | | Trustee, Chairman of the Board and Chairman of the Nominating and Governance Committee | | | Trustee (2010 to present); Chairman of the Board (January 2019 to present) | | | President of Schappert Consulting LLC (investment industry consulting) since 2008. | | | 2 | | | Director of The Commonfund (investment management); Director of Calamos Asset Management, Inc. (investment management) from August 2012 to March 2017; Director of the Angel Oak Funds Trust (investment management); Director of Metropolitan Series Fund, Inc. from August 2009 to June 2015 (investment management); Director of Met Investors Series Trust from April 2012 to June 2015 (investment management) | |
| SUSAN OH (1963) | | | Trustee | | | January 2022 to present | | | Consultant/Owner, L&W Partners, LLC; (consulting) (2020 to present); Head of Institutional Business, Janus Henderson Investors (investment management) (2011 to 2017). | | | 2 | | | None | |
| LAURENCE R. SMITH (1958) | | | Trustee and Chairman of the Audit Committee | | | Trustee (January 2020 to present); Chairman of the Board (January 1, 2022 to present) | | | Chairman, CEO, CIO and Founder, Third Wave Global Investors (investment management) (2004 to 2021). | | | 2 | | | Board Member, Horton Point (2017 to present) and Amplified Technology Holdings (2019 to present) (financial technology). | |
| INTERESTED TRUSTEE | | | | | | |||||||||||
| Joon Hyuk Heo, CFA (1974) | | | Trustee | | | December 2019 to present | | | Chief Compliance Officer of Mirae Asset Global Investments (USA) LLC since March 2022, Chief Executive Officer since December 2019, and Head of Global Fixed Income Investments since May 2011. | | | 2 | | | None | |
Mirae Asset Discovery Funds |
Trustees and Officers (unaudited) | April 30, 2022 |
| Name and Year of Birth | | | POSITION(S) HELD WITH FUNDS | | | TERM OF OFFICE AND LENGTH OF TIME SERVED* | | | PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS | |
| Joon Hyuk Heo, CFA (1974) | | | President | | | December 2019 to present | | | Chief Compliance Officer of Mirae Asset Global Investments (USA) LLC since March 2022, Chief Executive Officer since December 2019, and Head of Global Fixed Income Investments since May 2011. | |
| Robert Creamer (1984) | | | Secretary | | | March 2022 to present | | | Head of Sales and Marketing of Mirae Asset Global Investments (USA) LLC since February 2021, and Vice President, Institutional Sales (February 2010 to Februrary 2021) | |
| Patrick Keniston (1964) | | | Chief Compliance Officer | | | March 2022 to present | | | Managing Director of Foreside Fund Officer Services, LLC (F/K/A Foreside Compliance Services, LLC) since October 2008. | |
| Denise Lewis (1963) | | | Treasurer | | | June 16, 2022 to present | | | Senior Vice President, Financial Administration, Citi Fund Services Ohio, Inc. (2020 to present); Senior Group Leader, BNY Mellon (2015 to 2020). | |
Mirae Asset Discovery Funds |
Statement Regarding Liquidity Risk Management Program Disclosure (unaudited) | April 30, 2022 |
P.O. Box 183165
Columbus, Ohio 43218-3165
4249 Easton Way, Ste. 400
Columbus, Ohio 43219
Item 2. Code of Ethics.
(a) The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as Exhibit 13 (a)(1).
(b) During the period covered by the report, with respect to the Registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, not any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.
Item 3. Audit Committee Financial Expert.
3(a)(1) | The Registrant’s board of directors has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. |
3(a)(2) | The audit committee financial expert is Enrique R. Arzac, who is “independent” for purposes of this Item 3 of Form N-CSR. Mr. Arzac was appointed to the board effective 2010. |
Item 4. Principal Accountant Fees and Services.
For the fiscal years ended April 30, 2021 and April 30, 2022, the aggregate fees billed by Cohen & Company, Ltd. for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal year for the Registrant are shown in the tables below.
(a) | Audit Fees: |
2021 | $ | 25,000 | ||
2022 | $ | 26,000 |
Audit fees include amounts related to the audit of the Registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.
(b) | Audit-Related Fees: |
2021 | $ | 0 | ||
2022 | $ | 0 |
(c) | Tax Fees: |
2021 | $ | 7,000 | ||
2022 | $ | 7,000 |
Represents the aggregate tax fee billed for professional services rendered by Cohen & Company Ltd. for tax compliance, tax advice and tax planning. Such tax services included the review of income and excise tax returns for the Registrant. Tax fees for 2021 and 2022 are for recurring fees for the preparation of the federal and state tax returns and procedures performed relating to the Registrant’s analysis of complex securities.
(d) | All Other Fees: |
2021 | $ | 0 | ||
2022 | $ | 0 |
For the fiscal years ended April 30, 2021 and April 30, 2022, there were no fees billed for professional services rendered by Cohen & Company Ltd. to the Registrant, other than the services reported in (a) through (c) of this item.
(e)(1) | Except as permitted by Rule 2-01 (c)(7)(i)(c) of Regulation S-X, the Mirae Asset Discovery Funds’ Audit Committee must pre-approve all audit and non-audit services provided by the independent accountants relating to the operations or financial reporting of the Funds. Prior to the commencement of any audit or non-audit services to a Fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law. |
(e)(2) | None of the services summarized in (b)-(d) above, were approved by the Audit Committee pursuant to Rule 2-01 (c)(7)(i)(c) of Regulation S-X. |
(f) | Not applicable. |
(g) | For the fiscal years ended April 30, 2021 and April 30, 2022, the aggregate non-audit fees billed by Cohen & Company Ltd. for services rendered to the Registrant and the Advisers and any entity controlling, controlled by, or under common control with the Advisers that provided ongoing services to the Registrant were $0 and $0, respectively. |
(h) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
(a) | Included as part of report to stockholders under Item 1. | |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) | The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. |
(b) | The Registrant’s principal executive officer and principal financial officer are aware of no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | The Registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached hereto. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Mirae Asset Discovery Funds |
By (Signature and Title) | /s/ Joon Hyuk Heo | |
Joon Hyuk Heo, President and Principal Executive Officer |
Date | 6/28/2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Joon Hyuk Heo | |
Joon Hyuk Heo, President and Principal Executive Officer |
Date | 6/28/2022 |
By (Signature and Title) | /s/ Denise Lewis | |
Denise Lewis, Treasurer and Principal Financial and Accounting Officer |
Date | 6/28/2022 |