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, 2023
Item 1. Reports to Stockholders.
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April 30, 2023
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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, 2023 |
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President
Mirae Asset Discovery Funds
| | | For Approval | | | Against Approval | | | Abstain | | |||||||||
Emerging Markets Fund | | | | | 1,186,997 | | | | | | 4,538 | | | | | | 192,770 | | |
Emerging Markets Great Consumer Fund | | | | | 17,090,685 | | | | | | 177,063 | | | | | | 1,690,289 | | |
Mirae Asset Discovery Funds |
Manager Commentary and Fund Performance (unaudited) | April 30, 2023 |
Mirae Asset Discovery Funds |
Manager Commentary and Fund Performance (unaudited) | April 30, 2023 |
Mirae Asset Discovery Funds |
Manager Commentary and Fund Performance (unaudited) | April 30, 2023 |
| | | | Average Annual Total Returns | | | Expense Ratios(a) | | ||||||||||||||||||||||||
| | | | One Year | | | Five Year | | | Ten Year | | | Gross | | | Net | | |||||||||||||||
| Class I (MILGX) | | | | | (3.50)% | | | | | | (0.66)% | | | | | | 2.96% | | | | | | 1.52% | | | | | | 1.15% | | |
| MSCI Emerging Markets Index(b) | | | | | (6.09)% | | | | | | (0.67)% | | | | | | 2.18% | | | | | | | | | | | | | | |
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Mirae Asset Discovery Funds |
Manager Commentary and Fund Performance (unaudited) | April 30, 2023 |
Mirae Asset Discovery Funds |
Manager Commentary and Fund Performance (unaudited) | April 30, 2023 |
Mirae Asset Discovery Funds |
Manager Commentary and Fund Performance (unaudited) | April 30, 2023 |
| | | | Average Annual Total Returns | | | Expense Ratios(a) | | ||||||||||||||||||||||||
| | | | One Year | | | Five Year | | | Ten Year | | | Gross | | | Net | | |||||||||||||||
| Class I (MICGX) | | | | | (9.36)% | | | | | | (2.38)% | | | | | | 1.03% | | | | | | 1.19% | | | | | | 1.15% | | |
| MSCI Emerging Markets Index(b) | | | | | (6.09)% | | | | | | (0.67)% | | | | | | 2.18% | | | | | | | | | | | | | | |
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Fund | | | | | | Beginning Account Value 11/1/22 | | | Actual Ending Account Value 4/30/23 | | | Hypothetical Ending Account Value 4/30/23 | | | Actual Expenses Paid During Period 11/1/22 – 4/30/23(1) | | | Hypothetical Expenses Paid During Period 11/1/22 – 4/30/23(1) | | | Annualized Expense Ratio During Period 11/1/22 – 4/30/23 | | ||||||||||||||||||
Emerging Markets Fund | | | Class I | | | | $ | 1,000.00 | | | | | $ | 1,131.40 | | | | | $ | 1,019.09 | | | | | $ | 6.08 | | | | | $ | 5.76 | | | | | | 1.15% | | |
Emerging Markets Great Consumer Fund | | | Class I | | | | | 1,000.00 | | | | | | 1,093.50 | | | | | | 1,019.09 | | | | | | 5.97 | | | | | | 5.76 | | | | | | 1.15% | | |
Mirae Asset Discovery Funds | Schedule of Portfolio Investments |
Emerging Markets Fund | April 30, 2023 |
| | | Shares | | | Value | | ||||||
Common Stocks (75.6%) | | | | | | | | | | | | | |
AIA Group Ltd. (Insurance) | | | | | 43,400 | | | | | $ | 473,560 | | |
Alibaba Group Holding Ltd. ADR* (Broadline Retail) | | | | | 4,253 | | | | | | 360,187 | | |
Alibaba Group Holding Ltd.* (Broadline Retail) | | | | | 107,080 | | | | | | 1,123,229 | | |
Alpha Services and Holdings SA (Banks) | | | | | 119,874 | | | | | | 150,880 | | |
Arcos Dorados Holdings, Inc., Class A (Hotels, Restaurants & Leisure) | | | | | 19,442 | | | | | | 154,369 | | |
Bangkok Dusit Medical Services PLC NVDR (Health Care Providers & Services) | | | | | 804,400 | | | | | | 690,797 | | |
Bank of America Corp. (Banks) | | | | | 6,000 | | | | | | 175,680 | | |
BYD Co. Ltd., Class H (Automobile Components) | | | | | 8,500 | | | | | | 256,594 | | |
Capitec Bank Holdings Ltd. (Banks) | | | | | 1,190 | | | | | | 103,666 | | |
Chevron Corp. (Oil, Gas & Consumable Fuels) | | | | | 850 | | | | | | 143,293 | | |
China Tourism Group Duty Free Corp Ltd., Class H* (Specialty Retail) | | | | | 14,900 | | | | | | 318,446 | | |
Clicks Group Ltd. (Consumer Staples Distribution) | | | | | 12,100 | | | | | | 176,912 | | |
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | | | | | 1,400 | | | | | | 165,676 | | |
FirstRand Ltd. (Financial Services) | | | | | 50,370 | | | | | | 177,603 | | |
Frontera Energy Corp.* (Oil, Gas & Consumable Fuels) | | | | | 16,355 | | | | | | 154,773 | | |
Ganfeng Lithium Co. Ltd., Class H (Metals & Mining) | | | | | 18,880 | | | | | | 124,429 | | |
Globant SA (IT Services) | | | | | 702 | | | | | | 110,123 | | |
Grab Holdings Ltd. (Ground Transportation) | | | | | 56,669 | | | | | | 164,907 | | |
Grupo Financiero Banorte Sab de CV (Banks) | | | | | 28,200 | | | | | | 244,437 | | |
HDFC Bank Ltd. ADR (Banks) | | | | | 11,138 | | | | | | 777,432 | | |
ICICI Bank Ltd. ADR (Banks) | | | | | 34,363 | | | | | | 781,759 | | |
Itau Unibanco Holding SA ADR (Banks) | | | | | 29,500 | | | | | | 151,925 | | |
JPMorgan Chase & Co. (Banks) | | | | | 1,280 | | | | | | 176,947 | | |
Lojas Renner SA (Specialty Retail) | | | | | 58,600 | | | | | | 185,648 | | |
Meituan, Class B* (Hotels, Restaurants & Leisure) | | | | | 35,310 | | | | | | 602,629 | | |
MercadoLibre, Inc.* (Broadline Retail) | | | | | 106 | | | | | | 135,414 | | |
Mytilineos SA (Industrial Conglomerates) | | | | | 3,335 | | | | | | 96,639 | | |
Naspers Ltd., Class N (Broadline Retail) | | | | | 810 | | | | | | 144,467 | | |
NU Holdings Ltd., Class A* (Banks) | | | | | 17,563 | | | | | | 90,625 | | |
PDD Holdings, Inc. ADR* (Broadline Retail) | | | | | 6,097 | | | | | | 415,511 | | |
Prudential PLC (Insurance) | | | | | 49,200 | | | ��� | | | 742,954 | | |
Reliance Industries Ltd. GDR (Oil, Gas & Consumable Fuels) | | | | | 13,830 | | | | | | 824,268 | | |
Samsonite International SA* (Textiles, Apparel & Luxury Goods) | | | | | 145,800 | | | | | | 462,190 | | |
Samsung Electronics Co. Ltd. GDR (Technology Hardware, Storage & Peripherals) | | | | | 908 | | | | | | 1,120,472 | | |
Samsung Electronics Co. Ltd., Registered Shares GDR (Technology Hardware, Storage & Peripherals) | | | | | 229 | | | | | | 282,586 | | |
Sands China Ltd.* (Hotels, Restaurants & Leisure) | | | | | 156,800 | | | | | | 559,764 | | |
Sea Ltd. ADR (Entertainment) | | | | | 4,866 | | | | | | 370,643 | | |
Sociedad Quimica y Minera de Chile SA ADR (Chemicals) | | | | | 1,299 | | | | | | 87,657 | | |
Standard Chartered PLC (Banks) | | | | | 68,400 | | | | | | 540,446 | | |
Suzano SA ADR (Paper & Forest Products) | | | | | 30,200 | | | | | | 240,694 | | |
Swire Pacific, Ltd., Class A (Real Estate Management & Development) | | | | | 57,000 | | | | | | 452,410 | | |
| | | Shares | | | Value | | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) | | | | | 9,265 | | | | | $ | 781,040 | | |
Tencent Holdings Ltd. (Interactive Media & Services) | | | | | 24,800 | | | | | | 1,097,118 | | |
Trip.com Group Ltd. ADR* (Hotels, Restaurants & Leisure) | | | | | 19,192 | | | | | | 681,508 | | |
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA (Ground Transportation) | | | | | 61,600 | | | | | | 150,069 | | |
Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail) | | | | | 66,400 | | | | | | 267,683 | | |
TOTAL COMMON STOCKS | | | | | | | | | | | | | |
(Cost $17,285,947) | | | | | | | | | | | 17,490,059 | | |
Exchange-Traded Funds (7.9%) | | | | | | | | | | | | | |
iShares MSCI India ETF (Exchange-Traded Funds) | | | | | 17,149 | | | | | | 705,167 | | |
iShares MSCI Saudi Arabia ETF (Exchange-Traded Funds) | | | | | 10,100 | | | | | | 415,817 | | |
iShares MSCI South Korea ETF (Exchange-Traded Funds) | | | | | 11,545 | | | | | | 700,435 | | |
TOTAL EXCHANGE-TRADED FUNDS | | | | | | | | | | | | | |
(Cost $1,797,813) | | | | | | | | | | | 1,821,419 | | |
TOTAL INVESTMENTS | | | | | | | | | | | | | |
(Cost $19,083,760) – 83.5% | | | | | | | | | | | 19,311,478 | | |
Other Net Assets (Liabilities) – 16.5% | | | | | | | | | | | 3,826,161 | | |
NET ASSETS – 100.0% | | | | | | | | | | $ | 23,137,639 | | |
|
Mirae Asset Discovery Funds | Schedule of Portfolio Investments |
Emerging Markets Fund | April 30, 2023 |
| | | Value | | | % of Net Assets | | |||
Automobile Components | | | | $ | 256,594 | | | | 1.1% | |
Banks | | | | | 3,193,797 | | | | 13.8% | |
Broadline Retail | | | | | 2,178,808 | | | | 9.4% | |
Chemicals | | | | | 87,657 | | | | 0.4% | |
Consumer Staples Distribution | | | | | 176,912 | | | | 0.8% | |
Consumer Staples Distribution & Retail | | | | | 267,683 | | | | 1.1% | |
Entertainment | | | | | 370,643 | | | | 1.6% | |
Exchange-Traded Funds | | | | | 1,821,419 | | | | 7.9% | |
Financial Services | | | | | 177,603 | | | | 0.8% | |
Ground Transportation | | | | | 314,976 | | | | 1.3% | |
Health Care Providers & Services | | | | | 690,797 | | | | 3.0% | |
Hotels, Restaurants & Leisure | | | | | 1,998,270 | | | | 8.7% | |
Industrial Conglomerates | | | | | 96,639 | | | | 0.4% | |
Insurance | | | | | 1,216,514 | | | | 5.2% | |
Interactive Media & Services | | | | | 1,097,118 | | | | 4.7% | |
IT Services | | | | | 110,123 | | | | 0.5% | |
Metals & Mining | | | | | 124,429 | | | | 0.5% | |
Oil, Gas & Consumable Fuels | | | | | 1,288,010 | | | | 5.6% | |
Paper & Forest Products | | | | | 240,694 | | | | 1.0% | |
Real Estate Management & Development | | | | | 452,410 | | | | 2.0% | |
Semiconductors & Semiconductor Equipment | | | | | 781,040 | | | | 3.4% | |
Specialty Retail | | | | | 504,094 | | | | 2.2% | |
Technology Hardware, Storage & Peripherals | | | | | 1,403,058 | | | | 6.1% | |
Textiles, Apparel & Luxury Goods | | | | | 462,190 | | | | 2.0% | |
Other Net Assets | | | | | 3,826,161 | | | | 16.5% | |
Total | | | | $ | 23,137,639 | | | | 100.0% | |
| | | Value | | | % of Net Assets | | |||
Argentina | | | | $ | 289,783 | | | | 1.3% | |
Brazil | | | | | 818,961 | | | | 3.5% | |
Chile | | | | | 87,657 | | | | 0.4% | |
China | | | | | 4,979,651 | | | | 21.4% | |
Colombia | | | | | 154,773 | | | | 0.7% | |
Greece | | | | | 247,519 | | | | 1.1% | |
Hong Kong | | | | | 2,488,370 | | | | 10.8% | |
India | | | | | 2,383,459 | | | | 10.3% | |
Luxembourg | | | | | 110,123 | | | | 0.5% | |
Mexico | | | | | 512,120 | | | | 2.2% | |
Singapore | | | | | 535,550 | | | | 2.3% | |
South Africa | | | | | 602,648 | | | | 2.6% | |
South Korea | | | | | 1,403,058 | | | | 6.1% | |
Taiwan | | | | | 781,040 | | | | 3.4% | |
Thailand | | | | | 690,797 | | | | 3.0% | |
United Kingdom | | | | | 742,954 | | | | 3.2% | |
United States | | | | | 2,483,015 | | | | 10.7% | |
Other Net Assets | | | | | 3,826,161 | | | | 16.5% | |
Total | | | | $ | 23,137,639 | | | | 100.0% | |
Mirae Asset Discovery Funds | Schedule of Portfolio Investments |
Emerging Markets Great Consumer Fund | April 30, 2023 |
| | | Shares | | | Value | | ||||||
Common Stocks (85.3%) | | | | | | | | | | | | | |
Airports of Thailand Public Co. Ltd. NVDR* (Transportation Infrastructure) | | | | | 4,348,900 | | | | | $ | 9,344,894 | | |
Alibaba Group Holding Ltd.* (Broadline Retail) | | | | | 2,269,900 | | | | | | 23,810,397 | | |
Alpha Services and Holdings SA (Banks) | | | | | 2,531,483 | | | | | | 3,186,259 | | |
ANTA Sports Products Ltd. (Textiles, Apparel & Luxury Goods) | | | | | 413,800 | | | | | | 5,145,043 | | |
Arcos Dorados Holdings, Inc., Class A (Hotels, Restaurants & Leisure) | | | | | 481,595 | | | | | | 3,823,865 | | |
Bangkok Dusit Medical Services PLC NVDR (Health Care Providers & Services) | | | | | 11,241,900 | | | | | | 9,654,245 | | |
Bank of America Corp. (Banks) | | | | | 108,700 | | | | | | 3,182,736 | | |
BYD Co. Ltd., Class H (Automobile Components) | | | | | 542,500 | | | | | | 16,376,762 | | |
Capitec Bank Holdings Ltd. (Banks) | | | | | 33,950 | | | | | | 2,957,519 | | |
Chevron Corp. (Oil, Gas & Consumable Fuels) | | | | | 18,200 | | | | | | 3,068,156 | | |
China Merchants Bank Co. Ltd., Class H (Banks) | | | | | 2,482,500 | | | | | | 11,942,383 | | |
China Tourism Group Duty Free Corp Ltd., Class H* (Specialty Retail) | | | | | 656,700 | | | | | | 14,035,148 | | |
Clicks Group Ltd. (Consumer Staples Distribution) | | | | | 276,478 | | | | | | 4,042,332 | | |
Coupang, Inc.* (Broadline Retail) | | | | | 566,460 | | | | | | 9,493,870 | | |
CP All Public Co. Ltd.* (Consumer Staples Distribution) | | | | | 6,011,900 | | | | | | 11,419,911 | | |
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | | | | | 35,700 | | | | | | 4,224,738 | | |
FirstRand Ltd. (Financial Services) | | | | | 1,188,784 | | | | | | 4,191,623 | | |
Frontera Energy Corp.* (Oil, Gas & Consumable Fuels) | | | | | 379,256 | | | | | | 3,589,032 | | |
Galaxy Entertainment Group Ltd.* (Hotels, Restaurants & Leisure) | | | | | 1,835,000 | | | | | | 13,045,906 | | |
Globant SA (IT Services) | | | | | 16,975 | | | | | | 2,662,868 | | |
Grab Holdings Ltd. (Ground Transportation) | | | | | 1,035,322 | | | | | | 3,012,787 | | |
Grupo Financiero Banorte Sab de CV (Banks) | | | | | 680,743 | | | | | | 5,900,669 | | |
HDFC Bank Ltd. ADR (Banks) | | | | | 187,724 | | | | | | 13,103,135 | | |
ICICI Bank Ltd. ADR (Banks) | | | | | 473,512 | | | | | | 10,772,398 | | |
Itau Unibanco Holding SA ADR (Banks) | | | | | 757,700 | | | | | | 3,902,155 | | |
JPMorgan Chase & Co. (Banks) | | | | | 30,170 | | | | | | 4,170,701 | | |
Li-Ning Co. Ltd. (Textiles, Apparel & Luxury Goods) | | | | | 1,651,500 | | | | | | 11,819,848 | | |
Localiza Rent A Car SA (Ground Transportation) | | | | | 307,220 | | | | | | 3,567,150 | | |
Meituan, Class B* (Hotels, Restaurants & Leisure) | | | | | 742,760 | | | | | | 12,676,547 | | |
MercadoLibre, Inc.* (Broadline Retail) | | | | | 2,354 | | | | | | 3,007,211 | | |
Mytilineos SA (Industrial Conglomerates) | | | | | 75,800 | | | | | | 2,196,472 | | |
Naspers Ltd., Class N (Broadline Retail) | | | | | 19,279 | | | | | | 3,438,503 | | |
Nongfu Spring Co., Ltd., Class H (Beverages) | | | | | 311,400 | | | | | | 1,684,309 | | |
NU Holdings Ltd., Class A* (Banks) | | | | | 445,200 | | | | | | 2,297,232 | | |
| | | Shares | | | Value | | ||||||
PDD Holdings, Inc. ADR* (Broadline Retail) | | | | | 105,711 | | | | | $ | 7,204,205 | | |
Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | | | | | 1,251,500 | | | | | | 9,120,555 | | |
PT Bank Central Asia TBK (Banks) | | | | | 17,167,700 | | | | | | 10,614,775 | | |
PT Bank Rakyat Indonesia Persero TBK (Banks) | | | | | 12,369,700 | | | | | | 4,308,994 | | |
Raia Drogasil SA (Consumer Staples Distribution) | | | | | 771,000 | | | | | | 4,062,695 | | |
Reliance Industries Ltd. GDR (Oil, Gas & Consumable Fuels) | | | | | 112,432 | | | | | | 6,700,947 | | |
Sands China Ltd.* (Hotels, Restaurants & Leisure) | | | | | 2,074,800 | | | | | | 7,406,868 | | |
Sea Ltd. ADR (Entertainment) | | | | | 66,704 | | | | | | 5,080,844 | | |
Sociedad Quimica y Minera de Chile SA ADR (Chemicals) | | | | | 29,548 | | | | | | 1,993,899 | | |
Suzano SA ADR (Paper & Forest Products) | | | | | 691,900 | | | | | | 5,514,443 | | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) | | | | | 129,945 | | | | | | 10,954,364 | | |
Tencent Holdings Ltd. (Interactive Media & Services) | | | | | 455,600 | | | | | | 20,155,126 | | |
Trip.com Group Ltd. ADR* (Hotels, Restaurants & Leisure) | | | | | 427,134 | | | | | | 15,167,528 | | |
Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail) | | | | | 1,584,200 | | | | | | 6,386,503 | | |
TOTAL COMMON STOCKS | | | | | | | | | | | | | |
(Cost $364,867,705) | | | | | | | | | | | 355,418,550 | | |
Exchange-Traded Funds (7.8%) | | | | | | | | | | | | | |
iShares MSCI India ETF (Exchange-Traded Funds) | | | | | 232,877 | | | | | | 9,575,902 | | |
iShares MSCI Saudi Arabia ETF (Exchange-Traded Funds) | | | | | 227,150 | | | | | | 9,351,766 | | |
iShares MSCI South Korea ETF (Exchange-Traded Funds) | | | | | 220,551 | | | | | | 13,380,829 | | |
TOTAL EXCHANGE-TRADED FUNDS | | | | | | | | | | | | | |
(Cost $31,591,565) | | | | | | | | | | | 32,308,497 | | |
TOTAL INVESTMENTS | | | | | | | | | | | | | |
(Cost $396,459,270) – 93.1% | | | | | | | | | | | 387,727,047 | | |
Other Net Assets (Liabilities) – 6.9% | | | | | | | | | | | 28,889,327 | | |
NET ASSETS – 100.0% | | | | | | | | | | $ | 416,616,374 | | |
Mirae Asset Discovery Funds | Schedule of Portfolio Investments |
Emerging Markets Great Consumer Fund | April 30, 2023 |
| | | Value | | | % of Net Assets | | |||
Automobile Components | | | | $ | 16,376,762 | | | | 3.9% | |
Banks | | | | | 76,338,956 | | | | 18.3% | |
Beverages | | | | | 1,684,309 | | | | 0.4% | |
Broadline Retail | | | | | 46,954,186 | | | | 11.3% | |
Chemicals | | | | | 1,993,899 | | | | 0.5% | |
Consumer Staples Distribution | | | | | 19,524,938 | | | | 4.8% | |
Consumer Staples Distribution & Retail | | | | | 6,386,503 | | | | 1.5% | |
Entertainment | | | | | 5,080,844 | | | | 1.2% | |
Exchange-Traded Funds | | | | | 32,308,497 | | | | 7.8% | |
Financial Services | | | | | 4,191,623 | | | | 1.0% | |
Ground Transportation | | | | | 6,579,937 | | | | 1.6% | |
Health Care Providers & Services | | | | | 9,654,245 | | | | 2.3% | |
Hotels, Restaurants & Leisure | | | | | 52,120,714 | | | | 12.5% | |
Industrial Conglomerates | | | | | 2,196,472 | | | | 0.5% | |
Insurance | | | | | 9,120,555 | | | | 2.2% | |
Interactive Media & Services | | | | | 20,155,126 | | | | 4.8% | |
IT Services | | | | | 2,662,868 | | | | 0.6% | |
Oil, Gas & Consumable Fuels | | | | | 17,582,873 | | | | 4.3% | |
Paper & Forest Products | | | | | 5,514,443 | | | | 1.3% | |
Semiconductors & Semiconductor Equipment | | | | | 10,954,364 | | | | 2.6% | |
Specialty Retail | | | | | 14,035,148 | | | | 3.4% | |
Textiles, Apparel & Luxury Goods | | | | | 16,964,891 | | | | 4.1% | |
Transportation Infrastructure | | | | | 9,344,894 | | | | 2.2% | |
Other Net Assets | | | | | 28,889,327 | | | | 6.9% | |
Total | | | | $ | 416,616,374 | | | | 100.0% | |
| | | Value | | | % of Net Assets | | |||
Argentina | | | | $ | 6,831,076 | | | | 1.6% | |
Brazil | | | | | 19,343,675 | | | | 4.6% | |
Chile | | | | | 1,993,899 | | | | 0.5% | |
China | | | | | 149,137,851 | | | | 35.9% | |
Colombia | | | | | 3,589,032 | | | | 0.9% | |
Greece | | | | | 5,382,731 | | | | 1.3% | |
Hong Kong | | | | | 20,452,774 | | | | 4.9% | |
India | | | | | 30,576,480 | | | | 7.4% | |
Indonesia | | | | | 14,923,769 | | | | 3.6% | |
Luxembourg | | | | | 2,662,868 | | | | 0.6% | |
Mexico | | | | | 12,287,172 | | | | 2.9% | |
Singapore | | | | | 8,093,631 | | | | 1.9% | |
South Africa | | | | | 14,629,977 | | | | 3.5% | |
South Korea | | | | | 9,493,870 | | | | 2.3% | |
Taiwan | | | | | 10,954,364 | | | | 2.6% | |
Thailand | | | | | 30,419,050 | | | | 7.3% | |
United States | | | | | 46,954,828 | | | | 11.3% | |
Other Net Assets | | | | | 28,889,327 | | | | 6.9% | |
Total | | | | $ | 416,616,374 | | | | 100.0% | |
Mirae Asset Discovery Funds |
Statements of Assets and Liabilities | April 30, 2023 |
| | | | Emerging Markets Fund | | | Emerging Markets Great Consumer Fund | | | | ||||||||||
| Assets: | | | | | | | | | | | | | | | | ||||
| Investments, at value (Cost $19,083,760 and $396,459,270) | | | | $ | 19,311,478 | | | | | $ | 387,727,047 | | | | | ||||
| Foreign currency, at value (Cost $753,942 and $4,108,973) | | | | | 748,214 | | | | | | 4,174,663 | | | | | ||||
| Cash | | | | | 4,311,250 | | | | | | 33,976,301 | | | | | ||||
| Dividends and interest receivable | | | | | 43,039 | | | | | | 106,431 | | | | | ||||
| Receivable for investments sold | | | | | 94,417 | | | | | | 9,528,782 | | | | | ||||
| Receivable for capital shares issued | | | | | 515,490 | | | | | | 213,013 | | | | | ||||
| Reclaims receivable | | | | | 3,112 | | | | | | 19,182 | | | | | ||||
| Receivable from Manager | | | | | 21,609 | | | | | | — | | | | | ||||
| Prepaid expenses | | | | | 20,266 | | | | | | 53,206 | | | | | ||||
| Total Assets | | | | | 25,068,875 | | | | | | 435,798,625 | | | | | ||||
| Liabilities: | | | | | | | | | | | | | | | | ||||
| Payable for investments purchased | | | | | 1,857,743 | | | | | | 4,049,609 | | | | | ||||
| Payable for capital shares redeemed | | | | | 5,514 | | | | | | 14,183,580 | | | | | ||||
| Payable to Manager, net | | | | | — | | | | | | 95,822 | | | | | ||||
| Deferred foreign taxes | | | | | 3,688 | | | | | | 294,574 | | | | | ||||
| Accrued expenses: | | | | | | | | | | | | | | | | ||||
| Administration | | | | | 5,754 | | | | | | 5,753 | | | | | ||||
| Distribution | | | | | 1,283 | | | | | | 9,413 | | | | | ||||
| Fund accounting | | | | | 10,781 | | | | | | 11,930 | | | | | ||||
| Transfer agent | | | | | 4,466 | | | | | | 61,414 | | | | | ||||
| Custodian | | | | | 14,731 | | | | | | 51,957 | | | | | ||||
| Legal and audit fees | | | | | 6,765 | | | | | | 90,562 | | | | | ||||
| Trustee | | | | | 1,829 | | | | | | 33,874 | | | | | ||||
| Printing | | | | | 986 | | | | | | 18,258 | | | | | ||||
| Line of credit | | | | | 15,708 | | | | | | 262,751 | | | | | ||||
| Other | | | | | 1,988 | | | | | | 12,754 | | | | | ||||
| Total Liabilities | | | | | 1,931,236 | | | | | | 19,182,251 | | | | | ||||
| Net Assets | | | | $ | 23,137,639 | | | | | $ | 416,616,374 | | | | | ||||
| Net Assets consist of: | | | | | | | | | | | | | | | | ||||
| Paid in Capital | | | | $ | 33,196,952 | | | | | $ | 781,839,294 | | | | | ||||
| Total distributable earnings/(loss) | | | | | (10,059,313) | | | | | | (365,222,920) | | | | | ||||
| Net Assets | | | | $ | 23,137,639 | | | | | $ | 416,616,374 | | | | | ||||
| Net Assets: | | | | | | | | | | | | | | | | ||||
| Class I | | | | $ | 23,137,639 | | | | | $ | 416,616,374 | | | | | ||||
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value): | | | | | | | | ||||||||||||
| Class I | | | | | 2,288,585 | | | | | | 35,272,881 | | | | | ||||
| Net Asset Value (redemption price per share): | | | | | | | | | | | | | | | | ||||
| Class I | | | | $ | 10.11 | | | | | $ | 11.81 | | | | |
Mirae Asset Discovery Funds |
Statements of Operations | For the year ended April 30, 2023 |
| | | | Emerging Markets Fund | | | Emerging Markets Great Consumer Fund | | ||||||
| Investment Income: | | | | | | | | | | | | | |
| Dividend income | | | | $ | 617,219 | | | | | $ | 7,377,525 | | |
| Non-cash dividends(a) | | | | | 75,188 | | | | | | 931,368 | | |
| Foreign tax withholding | | | | | (69,563) | | | | | | (899,226) | | |
| Total Investment Income | | | | | 622,844 | | | | | | 7,409,667 | | |
| Expenses: | | | | | | | | | | | | | |
| Manager fees | | | | | 326,814 | | | | | | 5,543,338 | | |
| Administration fees | | | | | 70,000 | | | | | | 70,826 | | |
| Distribution fees – Class A | | | | | 5,409 | | | | | | 58,414 | | |
| Distribution fees – Class C | | | | | 18,389 | | | | | | 93,327 | | |
| Fund accounting fees | | | | | 59,854 | | | | | | 89,727 | | |
| Transfer agent fees | | | | | 24,483 | | | | | | 379,317 | | |
| Custodian fees | | | | | 64,956 | | | | | | 338,790 | | |
| Trustee fees | | | | | 11,638 | | | | | | 189,336 | | |
| Legal and audit fees | | | | | 16,020 | | | | | | 245,869 | | |
| State registration and filing fees | | | | | 41,040 | | | | | | 86,067 | | |
| Line of credit fees | | | | | 30,036 | | | | | | 303,552 | | |
| Other fees | | | | | 26,546 | | | | | | 318,950 | | |
| Total Expenses before fee reductions | | | | | 695,185 | | | | | | 7,717,513 | | |
| Waivers and/or reimbursements from the Manager | | | | | (292,352) | | | | | | (1,203,567) | | |
| Total Net Expenses | | | | | 402,833 | | | | | | 6,513,946 | | |
| Net Investment Income (Loss) | | | | | 220,011 | | | | | | 895,721 | | |
| Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Transactions: | | | | | | | | | | | | | |
| Net realized losses on investments | | | | | (7,928,806) | | | | | | (166,522,198) | | |
| Net realized losses on foreign currency transactions | | | | | (147,721) | | | | | | (1,297,172) | | |
| Foreign taxes on realized gains | | | | | (304,450) | | | | | | (3,619,690) | | |
| Change in unrealized appreciation/depreciation on investments and foreign currency transactions | | | | | 6,631,198 | | | | | | 96,226,569 | | |
| Net change in foreign taxes on unrealized gains (losses) | | | | | 194,708 | | | | | | 3,261,339 | | |
| Net Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Transactions | | | | | (1,555,071) | | | | | | (71,951,152) | | |
| Change in Net Assets Resulting From Operations | | | | $ | (1,335,060) | | | | | $ | (71,055,431) | | |
| | | | Emerging Markets Fund | | | Emerging Markets Great Consumer Fund | | ||||||||||||||||||
| | | | Year Ended April 30, 2023 | | | Year Ended April 30, 2022 | | | Year Ended April 30, 2023 | | | Year Ended April 30, 2022 | | ||||||||||||
| From Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | | $ | 220,011 | | | | | $ | 140,440 | | | | | $ | 895,721 | | | | | $ | (3,854,701) | | |
| Net realized gains (losses) on investments | | | | | (7,928,806) | | | | | | 5,773,371 | | | | | | (166,522,198) | | | | | | (185,211,694) | | |
| Net realized losses on foreign currency transactions | | | | | (147,721) | | | | | | (157,908) | | | | | | (1,297,172) | | | | | | (1,890,573) | | |
| Foreign taxes on realized gains | | | | | (304,450) | | | | | | (637,850) | | | | | | (3,619,690) | | | | | | (2,321,877) | | |
| Change in unrealized appreciation/depreciation on investments, foreign currency transactions and foreign taxes | | | | | 6,825,906 | | | | | | (17,553,689) | | | | | | 99,487,908 | | | | | | (293,986,452) | | |
| Change in net assets resulting from operations | | | | | (1,335,060) | | | | | | (12,435,636) | | | | | | (71,055,431) | | | | | | (487,265,297) | | |
| Distributions to Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A | | | | | (118,225) | | | | | | (509,633) | | | | | | — | | | | | | (3,395,746) | | |
| Class C | | | | | (219,820) | | | | | | (161,206) | | | | | | — | | | | | | (1,375,091) | | |
| Class I | | | | | (2,549,669) | | | | | | (3,367,713) | | | | | | — | | | | | | (91,007,872) | | |
| Change in net assets from distributions | | | | | (2,887,714) | | | | | | (4,038,552) | | | | | | — | | | | | | (95,778,709) | | |
| Change in net assets from capital transactions | | | | | (21,796,320) | | | | | | 2,676,837 | | | | | | (367,948,526) | | | | | | (267,220,893) | | |
| Change in net assets | | | | | (26,019,094) | | | | | | (13,797,351) | | | | | | (439,003,957) | | | | | | (850,264,899) | | |
| Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 49,156,733 | | | | | | 62,954,084 | | | | | | 855,620,331 | | | | | | 1,705,885,230 | | |
| End of period | | | | $ | 23,137,639 | | | | | $ | 49,156,733 | | | | | $ | 416,616,374 | | | | | $ | 855,620,331 | | |
| Capital Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares issued | | | | $ | 269,411 | | | | | $ | 4,337,843 | | | | | $ | 4,862,192 | | | | | $ | 14,593,064 | | |
| Dividends reinvested | | | | | 101,138 | | | | | | 380,276 | | | | | | — | | | | | | 3,209,874 | | |
| Cost of shares redeemed | | | | | (4,353,344) | | | | | | (1,046,533) | | | | | | (13,682,674) | | | | | | (25,088,608) | | |
| Cost of shares redeemed from class conversion (see Note 1) | | | | | (910,010) | | | | | | — | | | | | | (17,335,612) | | | | | | — | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares issued | | | | | 1,265,677 | | | | | | 185,664 | | | | | | 1,412,081 | | | | | | 1,087,753 | | |
| Dividends reinvested | | | | | 205,957 | | | | | | 148,576 | | | | | | — | | | | | | 1,328,541 | | |
| Cost of shares redeemed | | | | | (1,385,219) | | | | | | (225,278) | | | | | | (4,235,481) | | | | | | (5,483,418) | | |
| Cost of shares redeemed from class conversion (see Note 1) | | | | | (1,444,378) | | | | | | — | | | | | | (8,017,481) | | | | | | — | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares issued | | | | | 19,923,472 | | | | | | 13,494,427 | | | | | | 192,628,279 | | | | | | 569,568,861 | | |
| Proceeds from shares issued from class conversion (see Note 1) | | | | | 2,354,388 | | | | | | — | | | | | | 25,353,093 | | | | | | — | | |
| Dividends reinvested | | | | | 2,429,922 | | | | | | 2,885,984 | | | | | | — | | | | | | 77,464,574 | | |
| Cost of shares redeemed | | | | | (40,253,334) | | | | | | (17,484,122) | | | | | | (548,932,923) | | | | | | (903,901,534) | | |
| Change in net assets resulting from capital transactions | | | | $ | (21,796,320) | | | | | $ | 2,676,837 | | | | | $ | (367,948,526) | | | | | $ | (267,220,893) | | |
| Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | |
| Issued | | | | | 24,813 | | | | | | 276,286 | | | | | | 413,992 | | | | | | 783,670 | | |
| Reinvested | | | | | 10,416 | | | | | | 28,787 | | | | | | — | | | | | | 207,893 | | |
| Redeemed | | | | | (400,447) | | | | | | (77,281) | | | | | | (1,156,623) | | | | | | (1,499,447) | | |
| Redeemed from class conversion (see Note 1) | | | | | (93,292) | | | | | | — | | | | | | (1,520,895) | | | | | | — | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | |
| Issued | | | | | 130,778 | | | | | | 14,238 | | | | | | 133,466 | | | | | | 63,389 | | |
| Reinvested | | | | | 23,701 | | | | | | 12,320 | | | | | | — | | | | | | 94,491 | | |
| Redeemed | | | | | (149,491) | | | | | | (18,087) | | | | | | (397,935) | | | | | | (343,245) | | |
| Redeemed from class conversion (see Note 1) | | | | | (165,881) | | | | | | — | | | | | | (780,252) | | | | | | — | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | |
| Issued | | | | | 1,827,874 | | | | | | 949,517 | | | | | | 15,430,809 | | | | | | 32,570,928 | | |
| Issued from class conversion (see Note 1) | | | | | 234,114 | | | | | | — | | | | | | 2,155,362 | | | | | | — | | |
| Reinvested | | | | | 242,992 | | | | | | 213,303 | | | | | | — | | | | | | 4,878,122 | | |
| Redeemed | | | | | (3,630,972) | | | | | | (1,174,846) | | | | | | (44,853,238) | | | | | | (54,235,749) | | |
| Change in shares | | | | | (1,945,395) | | | | | | 224,237 | | | | | | (30,575,314) | | | | | | (17,479,948) | | |
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 | | ||||||||||||||||||||||||||||||||||||||||||
Emerging Markets Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended April 30, 2023 | | | | $ | 11.69 | | | | | | 0.08 | | | | | | (0.50) | | | | | | (0.42) | | | | | | — | | | | | | (1.16) | | | | | | (1.16) | | | | | $ | 10.11 | | | | | | (3.50)% | | | | | | 1.15% | | | | | | 0.74% | | | | | | 2.05% | | | | | $ | 23,138 | | | | | | 116% | | |
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%(c) | | | | | | 0.27% | | | | | | 1.66% | | | | | $ | 76,438 | | | | | | 156% | | |
Emerging Markets Great Consumer Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended April 30, 2023 | | | | $ | 13.03 | | | | | | 0.02 | | | | | | (1.24) | | | | | | (1.22) | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 11.81 | | | | | | (9.36)% | | | | | | 1.15% | | | | | | 0.19% | | | | | | 1.36% | | | | | $ | 416,616 | | | | | | 69% | | |
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 | | | | | | — | | | | | | (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%(c) | | | | | | 0.03% | | | | | | 1.41% | | | | | $ | 336,482 | | | | | | 46% | | |
Mirae Asset Discovery Funds |
Notes to Financial Statements | April 30, 2023 |
Mirae Asset Discovery Funds |
Notes to Financial Statements | April 30, 2023 |
Mirae Asset Discovery Funds |
Notes to Financial Statements | April 30, 2023 |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total Investments | | ||||||||||||
Emerging Markets Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 9,717,010 | | | | | $ | 7,773,049 | | | | | $ | — | | | | | $ | 17,490,059 | | |
Exchange-Traded Funds | | | | | 1,821,419 | | | | | | — | | | | | | — | | | | | | 1,821,419 | | |
Total Investments | | | | $ | 11,538,429 | | | | | $ | 7,773,049 | | | | | $ | — | | | | | $ | 19,311,478 | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total Investments | | ||||||||||||
Emerging Markets Great Consumer Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 155,478,957 | | | | | $ | 199,939,593 | | | | | $ | — | | | | | $ | 355,418,550 | | |
Exchange-Traded Funds | | | | | 32,308,497 | | | | | | — | | | | | | — | | | | | | 32,308,497 | | |
Total Investments | | | | $ | 187,787,454 | | | | | $ | 199,939,593 | | | | | $ | — | | | | | $ | 387,727,047 | | |
Mirae Asset Discovery Funds |
Notes to Financial Statements | April 30, 2023 |
| Emerging Markets Fund | | | | | 0.99% | | |
| Emerging Markets Great Consumer Fund | | | | | 0.99% | | |
| | | | Class I | | |||
| Emerging Markets Fund | | | | | 1.15% | | |
| Emerging Markets Great Consumer Fund | | | | | 1.15% | | |
Mirae Asset Discovery Funds |
Notes to Financial Statements | April 30, 2023 |
| | | Expires 4/30/24 | | | Expires 4/30/25 | | | Expires 4/30/26 | | | Total | | ||||||||||||
Emerging Markets Fund | | | | $ | 221,218 | | | | | $ | 217,539 | | | | | $ | 292,352 | | | | | $ | 731,109 | | |
Emerging Markets Great Consumer Fund | | | | | 569,714 | | | | | | 523,873 | | | | | | 1,203,567 | | | | | | 2,297,154 | | |
| | | Amount Outstanding at April 30, 2023 | | | Average Borrowings* | | | Days Outstanding | | | Average Rate | | | Maximum Borrowings During the Year | | |||||||||||||||
Emerging Markets Fund | | | | $ | — | | | | | $ | 891,176 | | | | | | 43 | | | | | | 7.32% | | | | | $ | 1,300,000 | | |
Emerging Markets Great Consumer Fund | | | | | — | | | | | | 8,000,000 | | | | | | 4 | | | | | | 7.28% | | | | | | 8,000,000 | | |
| | | Class A | | | Class C | | ||||||
Emerging Markets Fund | | | | $ | 8 | | | | | $ | — | | |
Emerging Markets Great Consumer Fund | | | | | 1,201 | | | | | | — | | |
| Emerging Markets Fund | | | | $ | 8 | | |
| Emerging Markets Great Consumer Fund | | | | | 244 | | |
| | | Name of Affiliate Broker/Dealer | | | Aggregate Amount of Brokerage Commissions Paid to Affiliate | | |||
Emerging Markets Fund | | | Mirae Asset Securities (Hong Kong) Ltd. | | | | $ | 4,840 | | |
Emerging Markets Great Consumer Fund | | | Mirae Asset Securities (Hong Kong) Ltd. | | | | | 67,716 | | |
Mirae Asset Discovery Funds |
Notes to Financial Statements | April 30, 2023 |
| | | Purchases | | | Sales | | ||||||
Emerging Markets Fund | | | | $ | 36,293,416 | | | | | $ | 63,196,631 | | |
Emerging Markets Great Consumer Fund | | | | | 373,815,924 | | | | | | 743,999,903 | | |
Mirae Asset Discovery Funds |
Notes to Financial Statements | April 30, 2023 |
| | | Short Term Amount | | | Long-Term Amount | | | Total | | |||||||||
Emerging Markets Fund | | | | $ | 4,289,579 | | | | | $ | 4,213,481 | | | | | $ | 8,503,060 | | |
Emerging Markets Great Consumer Fund | | | | | 249,705,241 | | | | | | 85,033,719 | | | | | | 334,738,960 | | |
| | | Late Year Ordinary Loss Deferred | | | Total | | ||||||
Emerging Markets Fund | | | | $ | 37,095 | | | | | $ | 37,095 | | |
Emerging Markets Great Consumer Fund | | | | | 406,649 | | | | | | 406,649 | | |
| | | Total Distributable Earnings/ (Accumulated Loss) | | | Paid in Capital | | ||||||
Emerging Markets | | | | $ | 561,389 | | | | | $ | (561,389) | | |
Emerging Markets Greater Consumer Fund | | | | | 7,153,023 | | | | | | (7,153,023) | | |
| | | Ordinary Income | | | Net Long Term Capital Gains | | | Total Taxable Distributions | | |||||||||
Emerging Markets Fund | | | | $ | — | | | | | $ | 2,887,714 | | | | | $ | 2,887,714 | | |
Mirae Asset Discovery Funds |
Notes to Financial Statements | April 30, 2023 |
| | | 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 | | |
| | | Late Year Ordinary Loss Deferrals | | | Capital Loss Carryover | | | Unrealized Appreciation/ (Depreciation)(a)(b) | | | Total Accumulated Earnings/ (Deficit) | | ||||||||||||
Emerging Markets Fund | | | | $ | (37,095) | | | | | $ | (8,503,060) | | | | | $ | (1,519,158) | | | | | $ | (10,059,313) | | |
Emerging Markets Great Consumer Fund | | | | | (406,649) | | | | | | (334,738,960) | | | | | | (30,077,311) | | | | | | (365,222,920) | | |
| | | Tax Cost | | | Tax Unrealized Appreciation | | | Tax Unrealized Depreciation | | | Net Unrealized Appreciation/ (Depreciation) | | ||||||||||||
Emerging Markets Fund | | | | $ | 20,820,345 | | | | | $ | 858,294 | | | | | $ | (2,367,161) | | | | | $ | (1,508,867) | | |
Emerging Markets Great Consumer Fund | | | | | 417,581,792 | | | | | | 18,639,995 | | | | | | (48,494,740) | | | | | | (29,854,745) | | |
| | | Beneficial Ownership | | |||
Emerging Markets Great Consumer Fund | | | | | 39.5% | | |
April 30, 2023
Mirae Asset Discovery Funds
![[MISSING IMAGE: sg_cohenandcompany-bw.jpg]](https://capedge.com/proxy/N-CSR/0001104659-23-079167/sg_cohenandcompany-bw.jpg)
Milwaukee, Wisconsin
June 29, 2023
Mirae Asset Discovery Funds |
Supplemental Information (unaudited) | April 30, 2023 |
| Emerging Markets Fund | | | | $ | 2,887,714 | | |
| | | | Foreign Source Income | | | Foreign Tax Expense | | ||||||
| Emerging Markets Fund | | | | $ | 0.30 | | | | | $ | 0.16 | | |
| Emerging Markets Great Consumer Fund | | | | | 0.21 | | | | | | 0.13 | | |
Mirae Asset Discovery Funds |
Trustee and Officers (unaudited) | April 30, 2023 |
| Name and Year of Birth* | | | Position(s) with the Trust | | | Term of Office and Length of Time Serviced | | | 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 | | | January 2020 to present | | | Chairman, CEO, CIO and Founder, Third Wave Global Investors (investment management) (2004 to 2021). | | | 2 | | | Board Member, First Eagle Private Credit Fund (March 2023 to present), First Eagle Global Opportunities Fund (October 2022 to present), Horton Point (2017 to present) and Amplified Technology (financial technology) (2017 to present). | |
| Interested Trustee: | | | | | | |||||||||||
| Joon Hyuk Heo, CFA (1974) | | | Trustee | | | December 2019 to present | | | Co-Chief Executive Officer since January 2023, and Head of Global Fixed Income Investments since May 2011. | | | 2 | | | None. | |
Mirae Asset Discovery Funds |
Trustee and Officers (unaudited) | April 30, 2023 |
| Name and Year of Birth* | | | Position(s) with the Trust | | | Term of Office and Length of Time Serviced | | | 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 February 2021). | |
| Patrick Keniston (1968) | | | 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 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, 2023 |
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 Laurence R. Smith, who is “independent” for purposes of this Item 3 of Form N-CSR. Mr. Smith was appointed to the board effective 2020. |
Item 4. Principal Accountant Fees and Services.
For the fiscal years ended April 30, 2022 and April 30, 2023, 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:
2022 | $ | 26,000 | ||
2023 | $ | 30,000 |
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:
2022 | $ | 0 | ||
2023 | $ | 0 |
(c) Tax Fees:
2022 | $ | 7,000 | ||
2023 | $ | 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 2022 and 2023 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:
2022 | $ | 0 | ||
2023 | $ | 0 |
For the fiscal years ended April 30, 2022 and April 30, 2023, 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, 2022 and April 30, 2023, 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 | 6/30/2023 |
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 | 6/30/2023 |
By (Signature and Title) | /s/ Denise Lewis | |
Denise Lewis, Treasurer and Principal Financial and Accounting Officer |
Date | 6/30/2023 |