| Mirae Asset Discovery Funds | Schedule of Portfolio Investments | |
| Emerging Markets VIT Fund | March 31, 2020(Unaudited) |
| Shares | Value | |||||||
| Common Stocks (97.1%) | ||||||||
| 3SBio, Inc.* (Biotechnology) | 27,500 | $ | 28,514 | |||||
| AIA Group Ltd. (Insurance) | 2,800 | 25,191 | ||||||
| AL Rajhi Bank (Banks) | 1,900 | 27,212 | ||||||
| Alibaba Group Holding Ltd. ADR* (Internet & Direct Marketing Retail) | 511 | 99,379 | ||||||
| Alsea SAB de CV* (Hotels, Restaurants & Leisure) | 12,100 | 7,680 | ||||||
| Azul SA ADR* (Airlines) | 1,580 | 16,100 | ||||||
| Banco do Brasil SA (Banks) | 4,800 | 25,639 | ||||||
| CCC SA (Textiles, Apparel & Luxury Goods) | 1,205 | 8,740 | ||||||
| CD Projekt SA (Entertainment) | 220 | 15,389 | ||||||
| China Mengniu Dairy Co. Ltd. (Food Products) | 6,000 | 20,782 | ||||||
| China Overseas Land & Investment Ltd. (Real Estate Management & Development) | 8,000 | 24,688 | ||||||
| China Petroleum & Chemical Corp. (Oil, Gas & Consumable Fuels) | 62,000 | 30,412 | ||||||
| China Resources Gas Group Ltd. (Gas Utilities) | 2,000 | 10,041 | ||||||
| Clicks Group Ltd. (Food & Staples Retailing) | 1,000 | 14,423 | ||||||
| Credicorp Ltd. (Banks) | 100 | 14,307 | ||||||
| CSPC Pharmaceutical Group Ltd. (Pharmaceuticals) | 12,000 | 23,884 | ||||||
| Dabur India Ltd. (Personal Products) | 5,879 | 34,662 | ||||||
| Dalmia Bharat Ltd. (Construction Materials) | 3,356 | 21,766 | ||||||
| Detsky Mir PJSC (Specialty Retail) | 15,410 | 17,830 | ||||||
| DLF Ltd. (Real Estate Management & Development) | 9,543 | 17,159 | ||||||
| FirstRand Ltd. (Diversified Financial Services) | 4,300 | 9,691 | ||||||
| Gail India Ltd. (Gas Utilities) | 26,746 | 26,717 | ||||||
| Grupo Financiero Banorte Sab de CV (Banks) | 4,500 | 12,337 | ||||||
| Guangzhou Baiyun International Airport Co. Ltd., Class A (Transportation Infrastructure) | 19,000 | 33,783 | ||||||
| Halyk Savings Bank of Kazakhstan JSC GDR (Banks) | 1,320 | 12,144 | ||||||
| HDFC Bank Ltd. (Banks) | 3,226 | 36,301 | ||||||
| ICICI Bank Ltd. (Banks) | 14,449 | 63,282 | ||||||
| IHH Healthcare Berhad (Health Care Providers & Services) | 36,800 | 43,575 | ||||||
| Industrial & Commerical Bank of China Ltd., H Shares (Banks) | 39,000 | 26,611 | ||||||
| KAZ Minerals PLC (Metals & Mining) | 6,564 | 28,418 | ||||||
| Lemon Tree Hotels Ltd. (Hotels, Restaurants & Leisure) | 44,999 | 12,950 | ||||||
| Li-Ning Co. Ltd. (Textiles, Apparel & Luxury Goods) | 16,000 | 46,424 | ||||||
| Lojas Renner SA (Multiline Retail) | 2,100 | 13,586 | ||||||
| Meituan Dianping, Class B* (Internet & Direct Marketing Retail) | 3,100 | 37,203 | ||||||
| MercadoLibre, Inc.* (Internet & Direct Marketing Retail) | 32 | 15,635 | ||||||
| Mr. Price Group Ltd. (Specialty Retail) | 1,100 | 6,982 | ||||||
| Narayana Hrudayalaya Ltd. (Health Care Providers & Services) | 9,627 | 31,280 | ||||||
| New Oriental Education & Technology Group, Inc. ADR* (Diversified Consumer Services) | 371 | 40,157 | ||||||
| Novatek OAO Spons GDR (Oil, Gas & Consumable Fuels) | 175 | 20,069 | ||||||
| Novatek OAO Spons GDR (Oil, Gas & Consumable Fuels) | 15 | 1,720 | ||||||
| Ping An Insurance (Group) Co. of China Ltd., H Shares (Insurance) | 2,500 | 24,456 | ||||||
| Prosus NV* (Internet & Direct Marketing Retail) | 580 | 40,176 | ||||||
| PT Bank Central Asia TBK (Banks) | 11,500 | 19,458 | ||||||
| Raia Drogasil SA (Food & Staples Retailing) | 1,100 | 21,448 | ||||||
| Reliance Industries Ltd. (Oil, Gas & Consumable Fuels) | 3,729 | 54,904 | ||||||
| Rumo SA* (Road & Rail) | 9,400 | 35,607 | ||||||
| Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | 1,329 | 43,387 | ||||||
| Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | 1,933 | 75,134 | ||||||
| Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components) | 107 | 20,908 | ||||||
| Sberbank of Russia ADR (Banks) | 2,200 | 20,845 | ||||||
| SBI Life Insurance Co. Ltd. (Insurance) | 5,358 | 44,745 | ||||||
| Security Bank Corp. (Banks) | 13,910 | 29,056 | ||||||
| Singapore Telecommunications Ltd. (Diversified Telecommunication Services) | 23,700 | 42,366 | ||||||
| SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 530 | 35,858 | ||||||
| Sunny Optical Technology Group Co. Ltd. (Electronic Equipment, Instruments & Components) | 400 | 5,335 | ||||||
| Suzano SA (Paper & Forest Products) | 3,600 | 24,856 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 4,000 | 35,712 | ||||||
| TAL Education Group ADR* (Diversified Consumer Services) | 931 | 49,585 | ||||||
| Tencent Holdings Ltd. (Interactive Media & Services) | 3,000 | 146,289 | ||||||
| Tencent Music Entertainment Group ADR* (Entertainment) | 2,543 | 25,583 | ||||||
| Titan Co. Ltd. (Textiles, Apparel & Luxury Goods) | 1,791 | 21,936 | ||||||
| Tonghua Dongbao Pharmaceutical Co. Ltd. (Pharmaceuticals) | 21,400 | 32,115 | ||||||
| Universal Robina Corp. (Food Products) | 16,390 | 33,521 | ||||||
| Wal-Mart de Mexico Sab de CV (Food & Staples Retailing) | 7,200 | 16,972 | ||||||
| Yandex NV (Interactive Media & Services) | 630 | 21,452 | ||||||
| TOTAL COMMON STOCKS (Cost $2,413,067) | 1,924,367 | |||||||
| TOTAL INVESTMENTS(Cost $2,413,067) — 97.1% | 1,924,367 | |||||||
| Other Net Assets (Liabilities) — 2.9% | 58,438 | |||||||
| NET ASSETS — 100.0% | $ | 1,982,805 | ||||||
| * | Non-income producing security |
| ADR | American Depositary Receipt |
| GDR | Global Depository Receipt |
| 1 |
| Mirae Asset Discovery Funds | Schedule of Portfolio Investments | |
| Emerging Markets VIT Fund | March 31, 2020(Unaudited) |
The Emerging Markets VIT Fund invested in the following industries as of March 31, 2020:
| Value | % of Net Assets | |||||||
| Airlines | $ | 16,100 | 0.8 | % | ||||
| Banks | 287,192 | 14.4 | % | |||||
| Biotechnology | 28,514 | 1.4 | % | |||||
| Construction Materials | 21,766 | 1.1 | % | |||||
| Diversified Consumer Services | 89,742 | 4.6 | % | |||||
| Diversified Financial Services | 9,691 | 0.5 | % | |||||
| Diversified Telecommunication Services | 42,366 | 2.1 | % | |||||
| Electronic Equipment, Instruments & Components | 26,243 | 1.4 | % | |||||
| Entertainment | 40,972 | 2.1 | % | |||||
| Food & Staples Retailing | 52,843 | 2.7 | % | |||||
| Food Products | 54,303 | 2.7 | % | |||||
| Gas Utilities | 36,758 | 1.8 | % | |||||
| Health Care Providers & Services | 74,855 | 3.8 | % | |||||
| Hotels, Restaurants & Leisure | 20,630 | 1.1 | % | |||||
| Insurance | 94,392 | 4.9 | % | |||||
| Interactive Media & Services | 167,741 | 8.6 | % | |||||
| Internet & Direct Marketing Retail | 192,393 | 9.8 | % | |||||
| Metals & Mining | 28,418 | 1.4 | % | |||||
| Multiline Retail | 13,586 | 0.7 | % | |||||
| Oil, Gas & Consumable Fuels | 107,105 | 5.3 | % | |||||
| Paper & Forest Products | 24,856 | 1.3 | % | |||||
| Personal Products | 34,662 | 1.7 | % | |||||
| Pharmaceuticals | 55,999 | 2.8 | % | |||||
| Real Estate Management & Development | 41,847 | 2.1 | % | |||||
| Road & Rail | 35,607 | 1.7 | % | |||||
| Semiconductors & Semiconductor Equipment | 71,570 | 3.6 | % | |||||
| Specialty Retail | 24,812 | 1.3 | % | |||||
| Technology Hardware, Storage & Peripherals | 118,521 | 5.9 | % | |||||
| Textiles, Apparel & Luxury Goods | 77,100 | 3.8 | % | |||||
| Transportation Infrastructure | 33,783 | 1.7 | % | |||||
| Other Net Assets | 58,438 | 2.9 | % | |||||
| Total | $ | 1,982,805 | 100.0 | % | ||||
The Emerging Markets VIT Fund invested in securities with exposure to the following countries as of March 31, 2020:
| Argentina | $ | 15,635 | 0.8 | % | ||||
| Brazil | 137,236 | 6.9 | % | |||||
| China | 625,846 | 31.7 | % | |||||
| Hong Kong | 104,586 | 5.3 | % | |||||
| India | 365,702 | 18.4 | % | |||||
| Indonesia | 19,458 | 1.0 | % | |||||
| Kazakstan | 12,144 | 0.6 | % | |||||
| Mexico | 36,989 | 1.9 | % | |||||
| Netherlands | 40,176 | 2.0 | % | |||||
| Peru | 14,307 | 0.7 | % | |||||
| Philippines | 62,577 | 3.2 | % | |||||
| Poland | 24,129 | 1.2 | % | |||||
| Russia | 81,916 | 4.1 | % | |||||
| Saudi Arabia | 27,212 | 1.4 | % | |||||
| Singapore | 42,366 | 2.1 | % | |||||
| South Africa | 31,096 | 1.6 | % | |||||
| South Korea | 218,862 | 11.0 | % | |||||
| Taiwan | 35,712 | 1.8 | % | |||||
| United Kingdom | 28,418 | 1.4 | % | |||||
| Other Net Assets | 58,438 | 2.9 | % | |||||
| Total | $ | 1,982,805 | 100.0 | % |
| 2 |
| Mirae Asset Discovery Funds | Schedule of Portfolio Investments | |
| Emerging Markets Great Consumer VIT Fund | March 31, 2020(Unaudited) |
| Shares | Value | |||||||
| Common Stocks (96.2%) | ||||||||
| AIA Group Ltd. (Insurance) | 3,600 | $ | 32,388 | |||||
| AL Rajhi Bank (Banks) | 1,940 | 27,784 | ||||||
| Alibaba Group Holding Ltd. (Internet & Direct Marketing Retail) | 4,700 | 110,561 | ||||||
| Alibaba Health Information Technology Ltd.* (Health Care Technology) | 34,000 | 56,463 | ||||||
| Alsea SAB de CV* (Hotels, Restaurants & Leisure) | 12,400 | 7,871 | ||||||
| Apollo Hospitals Enterprise Ltd. (Health Care Providers & Services) | 2,559 | 38,043 | ||||||
| Asian Paints Ltd. (Chemicals) | 2,840 | 61,998 | ||||||
| Azul SA ADR* (Airlines) | 1,610 | 16,406 | ||||||
| Banco do Brasil SA (Banks) | 4,900 | 26,173 | ||||||
| Britannia Industries Ltd. (Food Products) | 1,803 | 63,495 | ||||||
| CCC SA (Textiles, Apparel & Luxury Goods) | 1,225 | 8,885 | ||||||
| CD Projekt SA (Entertainment) | 220 | 15,389 | ||||||
| China Feihe Ltd. (Food Products) | 62,000 | 110,631 | ||||||
| China International Travel Service Corp. Ltd., Class A (Hotels, Restaurants & Leisure) | 12,700 | 120,891 | ||||||
| China Merchants Bank Co. Ltd. (Banks) | 13,500 | 60,609 | ||||||
| China Overseas Land & Investment Ltd. (Real Estate Management & Development) | 16,000 | 49,377 | ||||||
| Clicks Group Ltd. (Food & Staples Retailing) | 1,000 | 14,423 | ||||||
| CP All Public Co. Ltd. (Food & Staples Retailing) | 20,800 | 38,863 | ||||||
| Credicorp Ltd. (Banks) | 105 | 15,022 | ||||||
| Crompton Greaves Consumer Electricals (Household Durables) | 5,043 | 13,920 | ||||||
| Detsky Mir PJSC (Specialty Retail) | 13,860 | 16,037 | ||||||
| FirstRand Ltd. (Diversified Financial Services) | 4,600 | 10,367 | ||||||
| Foshan Haitian Flavouring & Food Co. Ltd., A Shares (Food Products) | 4,200 | 74,306 | ||||||
| Grupo Financiero Banorte Sab de CV (Banks) | 4,500 | 12,337 | ||||||
| Haidilao International Holding Ltd. (Hotels, Restaurants & Leisure) | 13,000 | 50,425 | ||||||
| Halyk Savings Bank of Kazakhstan JSC GDR (Banks) | 1,100 | 10,120 | ||||||
| HDFC Bank Ltd. (Banks) | 6,758 | 76,046 | ||||||
| Hindustan Unilever Ltd. (Household Products) | 2,364 | 71,164 | ||||||
| Jiangsu Hengrui Medicine Co. Ltd., Class A* (Pharmaceuticals) | 2,800 | 36,439 | ||||||
| KAZ Minerals PLC (Metals & Mining) | 6,665 | 28,855 | ||||||
| LG Household & Health Care Ltd. (Personal Products) | 38 | 34,766 | ||||||
| Li-Ning Co. Ltd. (Textiles, Apparel & Luxury Goods) | 34,500 | 100,101 | ||||||
| Lojas Renner SA (Multiline Retail) | 2,100 | 13,586 | ||||||
| MercadoLibre, Inc.* (Internet & Direct Marketing Retail) | 33 | 16,123 | ||||||
| Mr. Price Group Ltd. (Specialty Retail) | 1,170 | 7,426 | ||||||
| Nestle India Ltd. (Food Products) | 308 | 66,372 | ||||||
| New Oriental Education & Technology Group, Inc. ADR* (Diversified Consumer Services) | 762 | 82,479 | ||||||
| Ping An Healthcare & Technology Co. Ltd.* (Health Care Technology) | 2,200 | 20,410 | ||||||
| Ping An Insurance (Group) Co. of China Ltd., H Shares (Insurance) | 7,000 | 68,477 | ||||||
| Prosus NV* (Internet & Direct Marketing Retail) | 600 | 41,562 | ||||||
| PT Bank Central Asia TBK (Banks) | 35,000 | 59,219 | ||||||
| Raia Drogasil SA (Food & Staples Retailing) | 1,000 | 19,498 | ||||||
| Rumo SA* (Road & Rail) | 10,100 | 38,259 | ||||||
| Sberbank of Russia ADR (Banks) | 2,400 | 22,740 | ||||||
| Shanghai International Airport Co. Ltd., Class A (Transportation Infrastructure) | 8,700 | 74,897 | ||||||
| Suzano SA (Paper & Forest Products) | 3,600 | 24,856 | ||||||
| TAL Education Group ADR* (Diversified Consumer Services) | 498 | 26,523 | ||||||
| TCS Group Holdings PLC GDR (Banks) | 1,850 | 21,285 | ||||||
| Tencent Holdings Ltd. (Interactive Media & Services) | 1,300 | 63,392 | ||||||
| Wal-Mart de Mexico Sab de CV (Food & Staples Retailing) | 7,200 | 16,971 | ||||||
| Yandex NV (Interactive Media & Services) | 700 | $ | 23,835 | |||||
| TOTAL COMMON STOCKS (Cost $2,437,075) | 2,118,065 | |||||||
| TOTAL INVESTMENTS (Cost $2,437,075) — 96.2% | 2,118,065 | |||||||
| Other Net Assets (Liabilities) — 3.8% | 83,023 | |||||||
| NET ASSETS — 100.0% | $ | 2,201,088 | ||||||
| * | Non-income producing security |
| ADR | American Depositary Receipt |
| GDR | Global Depository Receipt |
| 3 |
| Mirae Asset Discovery Funds | Schedule of Portfolio Investments | |
| Emerging Markets Great Consumer VIT Fund | March 31, 2020(Unaudited) |
The Emerging Markets Great Consumer VIT Fund invested in the following industries as of March 31, 2020:
| Value | % of Net Assets | |||||||
| Airlines | $ | 16,406 | 0.7 | % | ||||
| Banks | 331,335 | 15.3 | % | |||||
| Chemicals | 61,998 | 2.8 | % | |||||
| Diversified Consumer Services | 109,002 | 5.0 | % | |||||
| Diversified Financial Services | 10,367 | 0.5 | % | |||||
| Entertainment | 15,389 | 0.7 | % | |||||
| Food & Staples Retailing | 89,755 | 4.1 | % | |||||
| Food Products | 314,804 | 14.2 | % | |||||
| Health Care Providers & Services | 38,043 | 1.7 | % | |||||
| Health Care Technology | 76,873 | 3.5 | % | |||||
| Hotels, Restaurants & Leisure | 179,187 | 8.1 | % | |||||
| Household Durables | 13,920 | 0.6 | % | |||||
| Household Products | 71,164 | 3.2 | % | |||||
| Insurance | 100,865 | 4.6 | % | |||||
| Interactive Media & Services | 87,227 | 4.0 | % | |||||
| Internet & Direct Marketing Retail | 168,246 | 7.6 | % | |||||
| Metals & Mining | 28,855 | 1.3 | % | |||||
| Multiline Retail | 13,586 | 0.6 | % | |||||
| Paper & Forest Products | 24,856 | 1.1 | % | |||||
| Personal Products | 34,766 | 1.6 | % | |||||
| Pharmaceuticals | 36,439 | 1.7 | % | |||||
| Real Estate Management & Development | 49,377 | 2.2 | % | |||||
| Road & Rail | 38,259 | 1.8 | % | |||||
| Specialty Retail | 23,463 | 1.0 | % | |||||
| Textiles, Apparel & Luxury Goods | 108,986 | 4.9 | % | |||||
| Transportation Infrastructure | 74,897 | 3.4 | % | |||||
| Other Net Assets | 83,023 | 3.8 | % | |||||
| Total | $ | 2,201,088 | 100.0 | % | ||||
The Emerging Markets Great Consumer VIT Fund invested in securities with exposure to the following countries as of March 31, 2020:
| Argentina | $ | 16,123 | 0.7 | % | ||||
| Brazil | 138,778 | 6.3 | % | |||||
| China | 1,000,141 | 45.3 | % | |||||
| Cyprus | 21,285 | 1.0 | % | |||||
| Hong Kong | 138,228 | 6.3 | % | |||||
| India | 391,038 | 17.7 | % | |||||
| Indonesia | 59,219 | 2.7 | % | |||||
| Kazakstan | 10,120 | 0.5 | % | |||||
| Mexico | 37,179 | 1.7 | % | |||||
| Netherlands | 41,562 | 1.9 | % | |||||
| Peru | 15,022 | 0.7 | % | |||||
| Poland | 24,274 | 1.1 | % | |||||
| Russia | 62,612 | 2.8 | % | |||||
| Saudi Arabia | 27,784 | 1.3 | % | |||||
| South Africa | 32,216 | 1.5 | % | |||||
| South Korea | 34,766 | 1.6 | % | |||||
| Thailand | 38,863 | 1.8 | % | |||||
| United Kingdom | 28,855 | 1.3 | % | |||||
| Other Net Assets | 83,023 | 3.8 | % | |||||
| Total | $ | 2,201,088 | 100.0 | % |
| 4 |
