Mirae Asset Global Discovery Fund · 2015-08-27 · Mirae Asset Global Discovery Fund Société...

Mirae AssetGlobal Discovery FundSociété d’Investissement à Capital Variable

Annual Report and Audited Financial Statements for the Year Ended 31 March 2015

R.C.S Luxembourg B138.578

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Mirae Asset Global Discovery Fund

Mirae Asset Global Discovery FundSociété d’Investissement à Capital Variable

Annual Report and Audited Financial Statements for the year ended 31 March 2015

Table of Content

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

Investment Manager’s report ............................................................................................................4

Independent Auditor’s report ............................................................................................................6

Financial Statements..........................................................................................................................7Statement of Net Assets Statement of Operations and Changes in Net Assets

Statistical Information ........................................................................................................................13

Notes to the Financial Statements ....................................................................................................19

Schedule of Investments ...................................................................................................................24Mirae Asset Korea Equity Fund Mirae Asset China Sector Leader Equity Fund Mirae Asset India Sector Leader Equity Fund Mirae Asset Asia Sector Leader Equity Fund Mirae Asset Asia Pacific Equity Fund Mirae Asset GEM Sector Leader Equity Fund Mirae Asset ASEAN Sector Leader Equity Fund* Mirae Asset Asia Great Consumer Equity Fund Mirae Asset GEM Great Consumer Equity Fund Mirae Asset Global Great Consumer Equity Fund Mirae Asset Asia Growth Equity Fund*(1)

Mirae Asset Asia Pacific Dividend Equity Fund Mirae Asset China Growth Equity Fund*(1)

Mirae Asset Global Emerging Opportunities Bond Fund*

Industrial & Geographical Classification .........................................................................................45Mirae Asset Korea Equity Fund Mirae Asset China Sector Leader Equity Fund Mirae Asset India Sector Leader Equity Fund Mirae Asset Asia Sector Leader Equity Fund Mirae Asset Asia Pacific Equity Fund Mirae Asset GEM Sector Leader Equity Fund Mirae Asset ASEAN Sector Leader Equity Fund* Mirae Asset Asia Great Consumer Equity Fund Mirae Asset GEM Great Consumer Equity Fund Mirae Asset Global Great Consumer Equity Fund Mirae Asset Asia Growth Equity Fund*(1)

Mirae Asset Asia Pacific Dividend Equity Fund Mirae Asset China Growth Equity Fund*(1)


* Not authorized in Hong Kong and not available to Hong Kong Residents (1) Please refer to note 14

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General Information on Mirae Asset Global Discovery Fund Registered Office 31 z.a BourmichtL-8070 BertrangeLuxembourg

Board of Directors

ChairmanMr. RHEE Jung HoChief Executive Officer Mirae Asset Global Investments (Hong Kong) Limited Hong Kong

MembersMr. BERMAN Elliot Director, European Distribution Mirae Asset Global Investments (UK) LimitedUnited Kingdom

Mr. CHO WanyounChief Operating Officer Mirae Asset Global Investments (Hong Kong) Limited Hong Kong

Mr. CHO Young-RaeHead of Product Development & MarketingMirae Asset Global Investments (Hong Kong) Limited Hong Kong(Since 13 January 2015)

Mr. DALE Ashley Robert WilliamChief Marketing Officer Mirae Asset Global Investments (Hong Kong) Limited Hong Kong

Ms. YEUNG Wai ManHead of Product Development & MarketingMirae Asset Global Investments (Hong Kong) Limited Hong Kong (Until 24 August 2014)Client Portfolio Manager Mirae Asset Global Investments (UK) Limited United Kingdom (Since 25 August 2014 and until 24 October 2014)

Management CompanyRBS (Luxembourg) S.A.33, rue de GasperichL-5826 HesperangeLuxembourg

Boards of Directors of the Management Company

ChairmanMr. BROWN Kevin Charles Independent Non-Executive DirectorUnited Kingdom

MembersMr. CAREY Jonathan Director (non-executive)Director of CompaniesUnited Kingdom(Until 9 April 2014)

Ms. CASSIDY Lorna Mary Director, Head of FinanceRBS (Luxembourg) S.A.Luxembourg

Mrs GOEBEL GudrunDirector, Chief Operating OfficerRBS (Luxembourg) S.A.,Luxembourg(Since 25 July 2014)

Mr. KELLY Henry Cannell Director (non-executive), Managing DirectorKellyConsult S.à r.l.Luxembourg

Mr. VAREIKA Michel Marcel Director (non-executive) Director of CompaniesLuxembourg

Mr. WOOD Revel Justin Director, Chief Executive OfficerRBS (Luxembourg) S.A.Luxembourg

Mr. WRIGHT Simon AndrewDirector, Managing DirectorRBS Fund ServicesUnited Kingdom

Conducting PersonsMr. BORGESANO Antonino Mr. EYJOLFSSON Pall Moura (Until 5 February 2015)Mrs GOEBEL Gudrun (Since 25 July 2014)Mr. HAMROUNI SlimMr. THOMSON RossMr. WOOD Revel Justin

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* With effect from 31 October 2014, Citibank International plc (Luxembourg Branch) changed its name to Citibank International Limited, Luxembourg Branch.

Principal Investment ManagerMirae Asset Global Investments (Hong Kong) LimitedLevel 15, Three Pacific Place1 Queen’s Road East, Hong Kong

Investment ManagersMirae Asset Global Investments Co LtdEast Tower 18F Mirae Asset CENTER 167 Suha-Dong, Jung-GuSeoul, Korea 100-210

Mirae Asset Global Investments (USA) LLCOne Bryant Park, 39th FloorNew York, NY 10036United States of America

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

Custodian, Administrative Agent, Registrar and Transfer Agent, Paying AgentCitibank International Limited, Luxembourg Branch*31 z.a. BourmichtL-8070 Bertrange

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

Independent AuditorErnst & Young S.A.7, rue Gabriel LippmannParc d’Activité Syrdall 2L-5365 Munsbach, Luxembourg Legal AdvisorsArendt & Medernach14 rue ErasmeL-2082 Luxembourg

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

Corporate Governance Following its introduction in September 2009, the Board of Directors has adopted the ALFI Code of Conduct (the “Code”), which sets out the principles of good governance. The Board considers that the Company has been in compliance with the Code in all material respects throughout the financial year ended 31 March 2015.

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Investment Manager’s ReportMarket Overview for the Year Ended 31 March 2015

Central banks proved to be major market movers during the financial year 2014 as central banks around the world took steps to stimulate their economies. Developed markets saw the United States (US) Federal Reserve (Fed) and Bank of England (BoE) take a more hawkish stance with stronger growth and employment data, while the European Central Bank (ECB) and Bank of Japan (BoJ) embarked on a new round of asset purchases designed to stimulate their stuttering economies and combat disinflationary risks.

In the US, economic data continued to surprise to the upside with job creation trending upwards for the past year until the first quarter of 2015 which saw a pullback in employment growth. The unemployment rate declined from 6.6% to 5.5% in the year to March 2015 with manufacturing and consumer spending trends on an upward curve. The confidence in the US economic recovery has seen US stock markets outperform while the MSCI North American index was only surpassed by the MSCI Far East index. On 29 October 2014 the Fed announced it was ending its quantitative easing (QE) programme and would gradually reduce its holdings by not replacing maturing issues but the next challenge for the central bank will be to normalize rates without causing significant volatility in the bond markets.

In Europe, economic data was subdued as the Eurozone struggled with low inflation and sluggish growth with European equities underperforming other regions with the MSCI EMU ex Germany returning -9.45% for the year to 31 March 2015, the worst performing region in the developed markets. The threat to price stability and deflationary concerns prompted the ECB to announce a fully-fledged Asset Purchase Programme which involved the purchase of Euro-area bonds from central governments, agencies and European institutions with total QE amounting to EUR1.1 trillion. In January, the Swiss National Bank (SNB) unexpectedly removed its peg to the Euro to counter ECB QE effects and immediately saw the Swiss Franc strengthen across the board.

In Japan, the government continues to implement Abenomics and its three arrows of fiscal stimulus, monetary easing and structural reforms. In addition to its QE programme of purchasing JPY60-70 trillion of bonds every year, the BoJ announced an expansion of its asset purchases to now buy JPY80 trillion of bonds per year. This has seen the yields on Japanese Government Bonds (JGB’s) decline to record lows with the 10-year JGB yield reaching an all-time low of 0.195% in January 2015.

Geopolitical risks remained high during the year as turmoil in the Middle East saw a new threat emerge in the form of a radical group called the Islamic State which took over large swathes of Syria and Iraq. Russia’s annexation of Crimea brought international condemnation while it continues to support separatist rebels in the Ukraine. The Ukrainian Hryvnia was the worst performing currency of 2014 followed by the Russian Ruble showing the impact of the crisis in Crimea with no ceasefire in sight. Crude oil prices started to decline

in June 2014 and continued to decline as the Organization of the Petroleum Exporting Countries (OPEC) refused to cut production. The next 10 months saw crude oil prices plummet to US$40 a barrel with the above geopolitical risks contributing to the oil price decline. Finally we saw an Ebola virus outbreak which saw secondary cases brought to Italy, Spain, the United Kingdom (UK) and the US although the outbreak seems to have been contained to West Africa.

China

We continue to believe that a hard landing is a remote possibility for China, with its strong trade surplus and low fiscal deficit. Consumer demand has remained healthy versus other developed market peers. The People’s Bank of China (PBOC) is likely to continue with further rate cuts and the announcement of insurance for deposits of less than 500,000 Renminbi, are steps toward interest-rate liberalization. Slow but steady reforms aimed at opening up the Chinese economy, as well as improved capital allocation, will save China the agony of a “middle income trap.” The initiation of the Hong Kong-Shanghai Stock Connect is a move toward eventual capital account convertibility, with higher limits and more asset classes and markets in due course.

Under President Xi Jinping’s leadership, China is also starting an Asian Infrastructure Investment Bank and has enlisted 57 countries to sign up. Such a venture is designed to broaden China’s practice of using its state-owned companies and its workers on foreign capital projects. Both the US and Japan, leading shareholders of the World Bank and Asian Development Bank, have expressed concern over the new bank’s governance standards and the types of projects it might finance, however the UK, France and Germany have already signed on. The US is trying to compete with China’s economic influence in the region by opening Trans-Pacific trade deals with a number of countries, however many of those countries are also negotiating separate trade pacts with China and it is clear the US sees Chinese economic power as a major threat to its own.

Asia

Within emerging markets, we see Asia as having a more defensive growth profile, given the focus on further developing domestic demand in China and the favorable structural growth stories in Southeast Asia.

Monetary easing will likely be the growth driver in India in 2015, as wholesale inflation has collapsed to zero, thereby creating significant room for high, real interest rates to come down. We believe India remains one of the best structural stories globally. Growth acceleration in 2016 would reflect the efforts of Modi-nomics, with its promise of “minimum government, maximum governance.”

Indonesia, a long-term structural story, may remain under pressure for the next couple of quarters on the back of a slowing economy and commodity price correction. We believe that the new Jokowi-led government and the central bank will take measures in the best interest of the economy and, thus, we would use any significant weakness to help increase our exposure.

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A virtuous loop continues to play in the Philippines on the back of favorable demographics, low consumer debt and a large, current account surplus. Growth rates are likely to remain in excess of 6%; rising inflation would be mitigated by a fall in commodity prices.

Outlook for the next fiscal year

Apart from gross domestic product (GDP) growth differentials and lower commodity prices, other themes that will likely drive emerging markets in 2015 include: global central bank activity as the US Fed withdraws, while the ECB, BOJ and the PBOC look to potentially add liquidity; ongoing geopolitical challenges; progress on structural reforms; and export sensitivities to a stronger US economy.

The positioning toward each of these factors varies from country to country and 2015 could see the trend of wide, diverging returns within emerging markets continue to grow.

We remain overweight in China, India, the Philippines and Indonesia and are biased to the consumer discretionary, health care, technology and insurance sectors. We continue to believe that, although BOJ and the ECB will likely continue to expand their balance sheets to ward off deflationary pressures, in an era of dollar strength, there will be little free money. Both countries and companies with strong fundamentals and who remain proactive to enhance their competitiveness will be sought after.

Mirae Asset Global Investments (Hong Kong) Limited Principal Investment Manager

Jung Ho RHEE 18 June 2015

EYBuilding a betterworking world

Ernst & YoungSociété anonyme

7, rue Gabriel LippmannParc d’Activité Syrdall 2L-5365 Munsbach

Tel: +35242 124 1

www.ey.com/luxembourg

B.P. 780L-2017 Luxembourg

R.C.S. Luxembourg B 47 771TVA LU 16063074

To the Shareholders of


31 z.a. Bourmicht

L-8070 Bertrange

Luxembourg

Independent Auditor’s Report

We have audited the accompanying financial statements of MiraeAsset Global Discovery Fund and of each of its sub-funds (the“SICAV”), which comprise the Statement of Net Assets and theSchedule of Investments as at 31 March 2015 and the Statementof Operations and Changes in Net Assets for the year then ended,and a summary of significant accounting policies and otherexplanatory notes to the financial statements.

Responsibility of the Board of Directors of the SICAV for thefinancial statements

The Board of Directors of the SICAV is responsible for thepreparation and fair presentation of these financial statements inaccordance with Luxembourg legal and regulatory requirementsrelating to the preparation and presentation of the financialstatements and for such internal control as the Board of Directorsof the SICAV determines is necessary to enable the preparationand presentation of financial statements that are free from materialmisstatement, whether due to fraud or error.

Responsibility of the “réviseur d’entreprises agréé”

Our responsibility is to express an opinion on these financialstatements based on our audit. We conducted our audit inaccordance with International Standards on Auditing as adoptedfor Luxembourg by the “Commission de Surveillance du SecteurFinancier”. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the financial statements.The procedures selected depend on the judgement of the “réviseurd’entreprises agréé”, including the assessment of the risks ofmaterial misstatement of the financial statements, whether due tofraud or error. In making those risk assessments, the “réviseurd’entreprises agréé” considers internal control relevant to theentity’s preparation and fair presentation of the financialstatements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the entity’s internalcontrol.

An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of accountingestimates made by the Board of Directors of the SICAV, as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view ofthe financial position of Mirae Asset Global Discovery Fund and ofeach of its sub-funds as of 31 March 2015, and of the results oftheir operations and changes in their net assets for the year thenended in accordance with Luxembourg legal and regulatoryrequirements relating to the preparation and presentation of thefinancial statements.

Other matter

Supplementary information included in the annual report hasbeen reviewed in the context of our mandate but has not beensubject to specific audit procedures carried out in accordance withthe standards described above. Consequently, we express noopinion on such information. However, we have no observation tomake concerning such information in the context of the financialstatements taken as a whole.

Ernst & YoungSociété anonymeCabinet de revision agree

t:c L

Kerry Nichol

Luxembourg, 18 June 2015

6

A member firm of Crnst & Young Global Limited

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Mirae Asset Global Discovery Fund Statement of Net Assets as at 31 March 2015

Note Mirae Asset Korea Equity

Fund

Mirae Asset China Sector

Leader Equity Fund

Mirae Asset India Sector

Leader Equity Fund

Mirae Asset Asia Sector Leader

Equity Fund

Mirae Asset Asia Pacific Equity Fund

(USD) (USD) (USD) (USD) (USD)Investment in securities at cost 75,975,879 62,891,211 69,352,044 449,312,059 27,160,158Unrealised appreciation / (depreciation) 1,961,744 11,932,904 16,093,515 67,923,228 6,952,760Investment in securities at market value 2a 77,937,623 74,824,115 85,445,559 517,235,287 34,112,918Cash 5,520,763 1,502,778 3,224,039 2,062,834 837,009Cash at broker — — — — —Dividends and interest receivable 692,644 — — 209,384 32,001Other receivable — — — — —Receivables resulting from subscriptions — — 737,389 3,358,664 799Receivables resulting from sales of securities 541,185 2,371,028 643,876 2,465,955 80,339Unrealised gain on forward foreign exchange contracts 8 — — — — —

Total assets 84,692,215 78,697,921 90,050,863 525,332,124 35,063,066Bank overdraft 71 — — 383,634 —Payables resulting from redemptions 200 32,300 2,174,952 680,709 —Payables resulting from purchases of securities — 1,129,398 — 2,716,693 54,937Accrued expenses 126,430 89,838 108,777 574,910 60,927Total liabilities 126,701 1,251,536 2,283,729 4,355,946 115,864Net assets 84,565,514 77,446,385 87,767,134 520,976,178 34,947,202 Net asset value per I Capitalisation USD share 15.97 13.79 13.97 12.66 17.70Net asset value per I Capitalisation EUR share 11.88 — — 9.55 —Net asset value per I Capitalisation GBP share 8.30 — — 7.27 10.69Net asset value per A Capitalisation USD share 12.09 13.90 13.69 12.53 16.62Net asset value per A Capitalisation EUR share 11.11 — 9.11 10.01 14.26Net asset value per X Capitalisation USD share — 10.97 — — —Net asset value per J Capitalisation JPY share — — — 156.04 —Net asset value per K Capitalisation USD share — 10.70 14.34 16.52 13.36Net asset value per R Capitalisation USD share — — — — —Net asset value per R Capitalisation EUR share — — — — —Net asset value per R Capitalisation GBP share — — 7.93 7.27 —Number of I Capitalisation USD shares outstanding 4,644,067.251 875.657 1,156,438.506 6,713,899.277 900.090Number of I Capitalisation EUR shares outstanding 26,457.073 — — 2,739,805.953 —Number of I Capitalisation GBP shares outstanding 6,400.000 — — 26,406.802 150.000Number of A Capitalisation USD shares outstanding 821,782.625 11,831.371 219,136.428 7,374,544.706 9,604.488Number of A Capitalisation EUR shares outstanding 3,468.926 — 2,000.000 7,308,542.613 47,059.811Number of X Capitalisation USD shares outstanding — 284,713.048 — — —Number of J Capitalisation JPY shares outstanding — — — 119,187,878.700 —Number of K Capitalisation USD shares outstanding — 6,926,685.646 3,607,437.515 4,914,157.342 2,547,975.260Number of R Capitalisation USD shares outstanding — — — — —Number of R Capitalisation EUR shares outstanding — — — — —Number of R Capitalisation GBP shares outstanding — — 1,436,589.288 24,942.673 —

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

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

8

Note Mirae Asset GEM Sector

Leader Equity Fund

Mirae Asset ASEAN

Sector Leader Equity Fund*

Mirae Asset Asia Great Consumer

Equity Fund

Mirae Asset GEM Great Consumer

Equity Fund

Mirae Asset Global Great

Consumer Equity Fund

(USD) (USD) (USD) (USD) (USD)Investment in securities at cost 16,014,248 3,521,210 463,188,348 8,126,838 15,764,756Unrealised appreciation / (depreciation) 3,130,651 55,288 77,819,520 1,617,141 3,674,980Investment in securities at market value 2a 19,144,899 3,576,498 541,007,868 9,743,979 19,439,736Cash 477,069 678,006 27,962,573 304,573 2,489,214Cash at broker — — — — —Dividends and interest receivable 10,666 7,839 168,112 3,609 7,111Other receivable — — — — 10,880Receivables resulting from subscriptions — — 5,206,965 37 —Receivables resulting from sales of securities 49,429 47,870 366,048 3,253 —Unrealised gain on forward foreign exchange contracts 8 — — — — —

Total assets 19,682,063 4,310,213 574,711,566 10,055,451 21,946,941Bank overdraft — — — — —Payables resulting from redemptions 1,768 — 1,015,291 — —Payables resulting from purchases of securities 58,867 111,550 4,109,751 6,410 —Accrued expenses 48,058 34,242 568,093 42,755 46,575Total liabilities 108,693 145,792 5,693,135 49,165 46,575Net assets 19,573,370 4,164,421 569,018,431 10,006,286 21,900,366 Net asset value per I Capitalisation USD share 12.44 — 14.74 11.70 —Net asset value per I Capitalisation EUR share — — 9.95 — —Net asset value per I Capitalisation GBP share — — 7.27 — —Net asset value per A Capitalisation USD share 11.92 — 14.43 11.80 —Net asset value per A Capitalisation EUR share — — 12.57 — —Net asset value per X Capitalisation USD share — — — — —Net asset value per J Capitalisation JPY share — — — — —Net asset value per K Capitalisation USD share 9.97 9.94 15.34 12.12 15.63Net asset value per R Capitalisation USD share — — 10.41 — —Net asset value per R Capitalisation EUR share — — 9.70 — —Net asset value per R Capitalisation GBP share — — 7.28 — —Number of I Capitalisation USD shares outstanding 143,438.794 — 4,843,040.558 988.142 —Number of I Capitalisation EUR shares outstanding — — 557,010.222 — —Number of I Capitalisation GBP shares outstanding — — 24,942.673 — —Number of A Capitalisation USD shares outstanding 1,286.189 — 9,343,232.843 167,846.853 —Number of A Capitalisation EUR shares outstanding — — 666,660.855 — —Number of X Capitalisation USD shares outstanding — — — — —Number of J Capitalisation JPY shares outstanding — — — — —Number of K Capitalisation USD shares outstanding 1,783,051.804 419,000.000 22,293,387.466 661,168.903 1,401,159.691Number of R Capitalisation USD shares outstanding — — 21,689.000 — —Number of R Capitalisation EUR shares outstanding — — 999.840 — —Number of R Capitalisation GBP shares outstanding — — 508,178.673 — —



Mirae Asset Global Discovery Fund Statement of Net Assets as at 31 March 2015 (continued)

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Mirae Asset Global Discovery Fund Statement of Net Assets as at 31 March 2015 (continued)

Note Mirae Asset Asia Growth

Equity Fund*(1)

Mirae Asset Asia Pacific

DividendEquity Fund

Mirae Asset China Growth

Equity Fund*(1)

Mirae Asset Global Emerging

Opportunities Bond Fund*

Mirae Asset Global

Discovery Fund Combined

(USD) (USD) (USD) (USD) (EUR)Investment in securities at cost 4,156,209 9,154,390 8,692,702 10,871,505 1,139,621,632Unrealised appreciation / (depreciation) 182,210 1,095,783 162,795 327,876 179,603,794Investment in securities at market value 2a 4,338,419 10,250,173 8,855,497 11,199,381 1,319,225,426Cash 787,033 299,038 531,903 769,568 44,169,055Cash at broker — — — 6,207 5,778Dividends and interest receivable 5,072 39,870 — 143,655 1,228,787Other receivable — — — — 10,128Receivables resulting from subscriptions — — — — 8,661,193Receivables resulting from sales of securities 112,496 144,922 — — 6,354,870Unrealised gain on forward foreign exchange contracts 8 — 79 — — 74

Total assets 5,243,020 10,734,082 9,387,400 12,118,811 1,379,655,311Bank overdraft — — — — 357,201Payables resulting from redemptions — — — — 3,635,468Payables resulting from purchases of securities 105,459 361,166 211,379 — 8,253,221Accrued expenses 20,468 38,855 3,369 38,992 1,677,796Total liabilities 125,927 400,021 214,748 38,992 13,923,686Net assets 5,117,093 10,334,061 9,172,652 12,079,819 1,365,731,625 Net asset value per I Capitalisation USD share 10.23 — — 10.85 Net asset value per I Capitalisation EUR share — — — —Net asset value per I Capitalisation GBP share — — — —Net asset value per A Capitalisation USD share — — — 10.77Net asset value per A Capitalisation EUR share — — — —Net asset value per X Capitalisation USD share — — — —Net asset value per J Capitalisation JPY share — — — —Net asset value per K Capitalisation USD share — 10.33 10.16 10.93Net asset value per R Capitalisation USD share — — — —Net asset value per R Capitalisation EUR share — — — —Net asset value per R Capitalisation GBP share — — — —Number of I Capitalisation USD shares outstanding 500,000.000 — — 500,000.000Number of I Capitalisation EUR shares outstanding — — — —Number of I Capitalisation GBP shares outstanding — — — —Number of A Capitalisation USD shares outstanding — — — 50,000.000Number of A Capitalisation EUR shares outstanding — — — —Number of X Capitalisation USD shares outstanding — — — —Number of J Capitalisation JPY shares outstanding — — — —Number of K Capitalisation USD shares outstanding — 1,000,438.094 902,525.000 560,000.000Number of R Capitalisation USD shares outstanding — — — —Number of R Capitalisation EUR shares outstanding — — — —Number of R Capitalisation GBP shares outstanding — — — —


* Not authorized in Hong Kong and not available to Hong Kong Residents(1) Please refer to note 14

10

Mirae Asset Global Discovery Fund Statement of Operations and Changes in Net Assets for the Year Ended 31 March 2015

Note Mirae Asset Korea Equity

Fund

Mirae Asset China Sector

Leader Equity Fund

Mirae Asset India Sector

Leader Equity Fund

Mirae Asset Asia Sector

Leader Equity Fund

Mirae Asset Asia PacificEquity Fund

(USD) (USD) (USD) (USD) (USD)Net assets at the beginning of the year 61,520,200 77,207,173 42,730,623 327,941,276 42,447,569

Dividends (net of withholding tax) 2d 776,615 1,688,216 498,459 4,684,043 506,953

Net interest income 2c — — 307 — 9

Other income — — — — —Total income 776,615 1,688,216 498,766 4,684,043 506,962Management company fees 5 44,063 37,162 28,978 125,673 18,383

Investment management fees 6 1,085,368 497,654 439,544 2,918,648 224,734

Custody fees 3 45,572 48,328 67,654 210,470 40,395

Audit and legal fees 42,296 35,960 28,113 114,616 19,878

Administration and accounting fees 4 42,577 36,718 36,801 113,379 36,718

Registrar and transfer agent fees 4 27,128 24,463 18,365 35,091 20,337

Taxe d'abonnement 7 18,661 7,607 8,697 70,895 3,395

Publication & printing fees 480 480 480 480 480

Other taxes 9 2,000 2,000 690,323 727,689 92,672

Transaction costs 13 638,491 334,537 427,768 2,528,442 202,172

Other expenses 20,989 13,389 14,886 20,389 13,219Total expenses 1,967,625 1,038,298 1,761,609 6,865,772 672,383Net income / (loss) from investments (1,191,010) 649,918 (1,262,843) (2,181,729) (165,421)Net realised gain / (loss)

on sales of investments in securities 2e (1,178,039) 4,232,828 9,339,274 26,612,741 5,963,165

on forward foreign exchange contracts 2f (343) (2,955) — (115,358) (14,963)

on future contracts 2g — — — — —

on foreign exchange 2b (455,128) (28,225) (278,219) (1,471,259) (41,969)

Net change in unrealised appreciation /(depreciation)on investments in securities (3,394,569) 5,630,353 8,193,763 38,964,575 450,446

on forward foreign exchange contracts — 16 — (7,934) 1,744Net change in net assets for the year

resulting from operations (6,219,089) 10,481,935 15,991,975 61,801,036 6,193,002

Proceeds from subscriptions 96,568,070 240,167 39,740,178 283,371,802 1,092,095

Payments for redemptions (67,303,667) (10,482,890) (10,695,642) (152,137,936) (14,785,464)Net proceeds / (payment) from shares

transactions 29,264,403 (10,242,723) 29,044,536 131,233,866 (13,693,369)

Currency translation adjustment 2h — — — — —

Net assets at the end of the year 84,565,514 77,446,385 87,767,134 520,976,178 34,947,202


11


Mirae Asset Global Discovery Fund Statement of Operations and Changes in Net Assets for the Year Ended 31 March 2015 (continued)



Note Mirae Asset GEM Sector

Leader Equity Fund

Mirae Asset ASEAN Sector Leader Equity

Fund*


Equity Fund

Mirae Asset GEM GreatConsumer

Equity Fund


ConsumerEquity Fund

Mirae Asset Asia Growth

Equity Fund*(1)

(USD) (USD) (USD) (USD) (USD) (USD)Net assets at the beginning of the year 17,984,059 4,010,403 147,308,155 9,088,933 23,501,685 —

Dividends (net of withholding tax) 2d 311,437 97,914 1,750,708 108,909 267,122 8,453

Net interest income 2c 69 — — 53 — —

Other income — — 3,337 — — —Total income 311,506 97,914 1,754,045 108,962 267,122 8,453

Management company fees 5 18,218 18,218 103,471 18,218 18,218 11,294

Investment management fees 6 130,288 27,201 2,290,513 80,312 141,027 32,041

Custody fees 3 34,011 23,087 159,263 36,695 22,333 12,552

Audit and legal fees 19,663 14,176 64,050 19,545 15,163 8,566

Administration and accounting fees 4 36,718 24,946 96,134 36,718 36,718 2,188

Registrar and transfer agent fees 4 11,113 4,675 47,409 14,758 6,901 2,539

Taxe d'abonnement 7 1,825 398 58,556 1,681 2,059 354

Publication & printing fees 480 480 480 480 480 —

Other taxes 9 8,843 — 66,543 2,497 — 10,404

Transaction costs 13 80,826 19,531 1,421,612 39,531 43,569 44,366

Other expenses 12,775 8,823 28,525 12,569 11,533 6,115Total expenses 354,760 141,535 4,336,556 263,004 298,001 130,419Net income / (loss) from investments (43,254) (43,621) (2,582,511) (154,042) (30,879) (121,966)

Net realised gain / (loss)

on sales of investments in securities 2e 270,917 39,541 4,186,627 423,909 2,290,320 91,234

on forward foreign exchange contracts 2f (3,429) (1,640) (46,538) (2,681) 5,742 (538)

on future contracts 2g — — — — — —

on foreign exchange 2b (28,841) (7,597) (1,550,072) (27,550) (23,950) (33,847)

Net change in unrealised appreciation /(depreciation)on investments in securities 1,379,542 167,335 57,930,301 531,617 (719,622) 182,210

on forward foreign exchange contracts — — — — — —Net change in net assets for the year

resulting from operations 1,574,935 154,018 57,937,807 771,253 1,521,611 117,093

Proceeds from subscriptions 18,496 — 418,464,360 217,769 87,050 5,000,000

Payments for redemptions (4,120) — (54,691,891) (71,669) (3,209,980) —Net proceeds / (payment) from shares

transactions 14,376 — 363,772,469 146,100 (3,122,930) 5,000,000

Currency translation adjustment 2h — — — — — —

Net assets at the end of the year 19,573,370 4,164,421 569,018,431 10,006,286 21,900,366 5,117,093

12

Mirae Asset Global Discovery Fund Statement of Operations and Changes in Net Assets for the Year Ended 31 March 2015 (continued)



Note Mirae Asset Asia Pacific

Dividend Equity Fund


Equity Fund*(1)


OpportunitiesBond Fund*

Mirae Asset GEM Local

Bond Fund*(1)

Mirae Asset Global

Discovery FundCombined

(USD) (USD) (USD) (USD) (EUR)Net assets at the beginning of the year 10,056,631 — 11,675,275 9,441,153 568,839,464

Dividends (net of withholding tax) 2d 355,955 — 4,727 17,926 10,312,267

Net interest income 2c — — 404,580 362,135 714,162

Other income — — — — 3,106Total income 355,955 — 409,307 380,061 11,029,535Management company fees 5 18,218 353 18,218 16,152 460,656

Investment management fees 6 66,740 1,284 51,632 44,727 7,476,925

Custody fees 3 23,547 372 17,496 19,404 708,601

Audit and legal fees 14,381 236 15,067 9,122 391,763

Administration and accounting fees 4 36,579 105 36,718 32,011 563,236

Registrar and transfer agent fees 4 7,076 55 8,659 3,683 216,209

Taxe d'abonnement 7 976 226 1,345 756 165,175

Publication & printing fees 480 — 480 480 5,809

Other taxes 9 — — — — 1,492,246

Transaction costs 13 35,891 11,209 356 4,780 5,430,163

Other expenses 7,447 737 12,558 23,941 193,535Total expenses 211,335 14,577 162,529 155,056 17,104,318Net income / (loss) from investments 144,620 (14,577) 246,778 225,005 (6,074,783)Net realised gain / (loss)

on sales of investments in securities 2e (330,963) — (56,634) (1,350,772) 47,043,519

on forward foreign exchange contracts 2f (2,622) — 173 (320) (172,661)

on future contracts 2g — — (6,500) — (6,051)

on foreign exchange 2b (14,079) (816) (1,954) (59,142) (3,744,785)

Net change in unrealised appreciation /(depreciation)on investments in securities 480,395 162,795 222,681 592,487 103,122,611

on forward foreign exchange contracts 79 — — — (5,674)Net change in net assets for the year

resulting from operations 277,430 147,402 404,544 (592,742) 140,162,176

Proceeds from subscriptions 900,000 9,025,250 — — 795,684,829

Payments for redemptions (900,000) — — (8,848,411) (300,810,907)Net proceeds / (payment) from shares

transactions — 9,025,250 — (8,848,411) 494,873,922

Currency translation adjustment 2h — — — — 161,856,063

Net assets at the end of the year 10,334,061 9,172,652 12,079,819 — 1,365,731,625

13


Mirae Asset Global Discovery Fund Statistical Information as at 31 March 2015, 31 March 2014 and 31 March 2013

Mirae Asset Korea Equity

Fund

Mirae Asset China Sector Leader

Equity Fund

Mirae Asset India Sector Leader

Equity Fund


Equity Fund


Net assets as at31 March 2015 84,565,514 77,446,385 87,767,134 520,976,178 34,947,20231 March 2014 61,520,200 77,207,173 42,730,623 327,941,276 42,447,56931 March 2013 46,881,747 73,025,059 37,717,357 18,234,015 38,677,883

Net asset value per I Capitalisation USD share (in class currency)

31 March 2015 15.97 13.79 13.97 12.66 17.7031 March 2014 16.30 12.08 10.44 10.73 14.9431 March 2013 15.63 11.13 9.34 — 13.50

Net asset value per I Capitalisation EUR share (in class currency)

31 March 2015 11.88 — — 9.55 —31 March 2014 9.44 — — — —31 March 2013 9.75 — — — —

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

31 March 2015 8.30 — — 7.27 10.6931 March 2014 7.53 — — — 8.0231 March 2013 7.95 — — — 7.96

Net asset value per A CapitalisationUSD share (in class currency)

31 March 2015 12.09 13.90 13.69 12.53 16.6231 March 2014 12.40 12.25 10.28 10.68 14.1231 March 2013 11.96 11.35 9.24 — 12.81

Net asset value per A CapitalisationEUR share (in class currency)

31 March 2015 11.11 — 9.11 10.01 14.2631 March 2014 8.88 — — — 9.4231 March 2013 9.23 — — — 9.20

Net asset value per X CapitalisationUSD share (in class currency)

31 March 2015 — 10.97 — — —31 March 2014 — 9.52 — — —31 March 2013 — 8.69 — — —

Net asset value per J CapitalisationJPY share (in class currency)

31 March 2015 — — — 156.04 —31 March 2014 — — — 113.35 —31 March 2013 — — — — —

Net asset value per K CapitalisationUSD share (in class currency)

31 March 2015 — 10.70 14.34 16.52 13.3631 March 2014 — 9.35 10.68 13.95 11.2531 March 2013 — 8.59 9.51 12.16 10.12

Net asset value per R CapitalisationUSD share (in class currency)

31 March 2015 — — — — —31 March 2014 — — — — —31 March 2013 — — — — —

Net asset value per R CapitalisationEUR share (in class currency)


Net asset value per R CapitalisationGBP share (in class currency)

31 March 2015 — — 7.93 7.27 —31 March 2014 — — — — —31 March 2013 — — — — —

14

Mirae Asset Global Discovery Fund Statistical Information as at 31 March 2015, 31 March 2014 and 31 March 2013 (continued)

Mirae Asset Korea Equity

Fund

Mirae Asset China Sector Leader

Equity Fund

Mirae Asset India Sector Leader

Equity Fund


Equity Fund


Number of I Capitalisation USD shares outstanding 31 March 2015 4,644,067.251 875.657 1,156,438.506 6,713,899.277 900.09031 March 2014 1,452,879.302 875.657 198,854.454 1,177,644.523 900.09031 March 2013 1,355,074.680 875.657 175,000.000 — 900.090

Number of I Capitalisation EUR shares outstanding

31 March 2015 26,457.073 — — 2,739,805.953 —31 March 2014 26,457.073 — — — —31 March 2013 41,625.223 — — — —

Number of I Capitalisation GBP shares outstanding

31 March 2015 6,400.000 — — 26,406.802 150.00031 March 2014 9,000.000 — — — 150.00031 March 2013 103,250.000 — — — 150.000

Number of A Capitalisation USD shares outstanding

31 March 2015 821,782.625 11,831.371 219,136.428 7,374,544.706 9,604.48831 March 2014 3,010,281.335 2,122.702 192,117.568 3,349,877.746 3,267.16731 March 2013 1,990,513.447 5,371.000 175,000.000 — 113.076

Number of A Capitalisation EUR shares outstanding

31 March 2015 3,468.926 — 2,000.000 7,308,542.613 47,059.81131 March 2014 3,953.073 — — — 150.00031 March 2013 11,440.656 — — — 150.000

Number of X Capitalisation USD shares outstanding

31 March 2015 — 284,713.048 — — —31 March 2014 — 458,634.869 — — —31 March 2013 — 653,015.758 — — —

Number of J Capitalisation JPY shares outstanding 31 March 2015 — — — 119,187,878.700 —31 March 2014 — — — 235,199,523.960 —31 March 2013 — — — — —

Number of K Capitalisation USD shares outstanding 31 March 2015 — 6,926,685.646 3,607,437.515 4,914,157.342 2,547,975.26031 March 2014 — 7,787,383.879 3,622,987.515 1,520,422.907 3,768,552.04931 March 2013 — 7,836,383.879 3,622,987.515 1,500,000.000 3,818,752.049

Number of R Capitalisation USD shares outstanding 31 March 2015 — — — — —31 March 2014 — — — — —31 March 2013 — — — — —

Number of R Capitalisation EUR shares outstanding 31 March 2015 — — — — —31 March 2014 — — — — —31 March 2013 — — — — —

Number of R Capitalisation GBP shares outstanding 31 March 2015 — — 1,436,589.288 24,942.673 —31 March 2014 — — — — —31 March 2013 — — — — —

15




Mirae Asset GEM Sector Leader

Equity Fund


Fund*


Equity Fund


Equity Fund



Net assets as at31 March 2015 19,573,370 4,164,421 569,018,431 10,006,286 21,900,36631 March 2014 17,984,059 4,010,403 147,308,155 9,088,933 23,501,68531 March 2013 17,897,510 — 129,336,672 9,230,672 17,423,571


31 March 2015 12.44 — 14.74 11.70 —31 March 2014 11.48 — 11.86 10.80 12.4931 March 2013 11.46 — 11.38 10.88 9.95


31 March 2015 — — 9.95 — —31 March 2014 — — — — —31 March 2013 — — — — —




31 March 2015 11.92 — 14.43 11.80 —31 March 2014 11.06 — 11.68 10.95 —31 March 2013 11.10 — 11.27 11.09 —


31 March 2015 — — 12.57 — —31 March 2014 — — 7.92 — —31 March 2013 — — 8.23 — —






31 March 2015 9.97 9.94 15.34 12.12 15.6331 March 2014 9.16 9.57 12.30 11.15 14.5431 March 2013 9.12 — 11.76 11.20 11.54







16



Mirae Asset GEM Sector Leader

Equity Fund


Fund*


Equity Fund


Equity Fund



Number of I Capitalisation USD shares outstanding 31 March 2015 143,438.794 — 4,843,040.558 988.142 —31 March 2014 142,585.551 — 665,885.119 988.142 19,220.73431 March 2013 142,585.551 — 200,000.000 11,868.069 11,870.000


31 March 2015 — — 557,010.222 — —31 March 2014 — — — — —31 March 2013 — — — — —


31 March 2015 — — 24,942.673 — —31 March 2014 — — — — —31 March 2013 — — — — —


31 March 2015 1,286.189 — 9,343,232.843 167,846.853 —31 March 2014 917.431 — 1,515,659.981 167,801.047 —31 March 2013 917.431 — 2,155,003.224 167,801.047 —


31 March 2015 — — 666,660.855 — —31 March 2014 — — 54,200.542 — —31 March 2013 — — 54,200.542 — —



Number of J Capitalisation JPY shares outstanding 31 March 2015 — — — — —31 March 2014 — — — — —31 March 2013 — — — — —

Number of K Capitalisation USD shares outstanding 31 March 2015 1,783,051.804 419,000.000 22,293,387.466 661,168.903 1,401,159.69131 March 2014 1,783,051.804 419,000.000 9,844,877.796 649,325.828 1,600,341.72231 March 2013 1,783,051.804 — 8,692,767.080 646,548.323 1,500,000.000

Number of R Capitalisation USD shares outstanding 31 March 2015 — — 21,689.000 — —31 March 2014 — — — — —31 March 2013 — — — — —

Number of R Capitalisation EUR shares outstanding 31 March 2015 — — 999.840 — —31 March 2014 — — — — —31 March 2013 — — — — —

Number of R Capitalisation GBP shares outstanding 31 March 2015 — — 508,178.673 — —31 March 2014 — — — — —31 March 2013 — — — — —

17




Equity Fund*(1)

Mirae Asset Asia Pacific Dividend

Equity Fund


Equity Fund*(1)




Bond Fund*(1)

Net assets as at31 March 2015 5,117,093 10,334,061 9,172,652 12,079,819 —31 March 2014 — 10,056,631 — 11,675,275 9,441,15331 March 2013 — 10,050,670 — 12,078,423 9,935,417


31 March 2015 10.23 — — 10.85 —31 March 2014 — — — 10.50 9.4431 March 2013 — — — 10.57 9.94






31 March 2015 — — — 10.77 —31 March 2014 — — — 10.45 —31 March 2013 — — — 10.55 —








31 March 2015 — 10.33 10.16 10.93 —31 March 2014 — 10.06 — 10.55 —31 March 2013 — 10.05 — 10.60 —








18




Equity Fund*(1)

Mirae Asset Asia Pacific Dividend

Equity Fund


Equity Fund*(1)




Bond Fund*(1)

Number of I Capitalisation USD shares outstanding 31 March 2015 500,000.000 — — 500,000.000 —31 March 2014 — — — 500,000.000 1,000,000.00031 March 2013 — — — 531,178.134 1,000,000.000






31 March 2015 — — — 50,000.000 —31 March 2014 — — — 50,000.000 —31 March 2013 — — — 50,000.000 —





Number of J Capitalisation JPY shares outstanding 31 March 2015 — — — — —31 March 2014 — — — — —31 March 2013 — — — — —

Number of K Capitalisation USD shares outstanding 31 March 2015 — 1,000,438.094 902,525.000 560,000.000 —31 March 2014 — 1,000,000.000 — 560,000.000 —31 March 2013 — 1,000,000.000 — 560,000.000 —

Number of R Capitalisation USD shares outstanding 31 March 2015 — — — — —31 March 2014 — — — — —31 March 2013 — — — — —

Number of R Capitalisation EUR shares outstanding 31 March 2015 — — — — —31 March 2014 — — — — —31 March 2013 — — — — —

Number of R Capitalisation GBP shares outstanding 31 March 2015 — — — — —31 March 2014 — — — — —31 March 2013 — — — — —

19


Notes to the Financial StatementsFor the year ended 31 March 2015

1. Description of the Company

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

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

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

As of 31 March 2015, the Company issued shares of the following 14 sub-funds for subscription:

- Mirae Asset Korea Equity Fund - Mirae Asset China Sector Leader Equity Fund - Mirae Asset India Sector Leader Equity Fund - Mirae Asset Asia Sector Leader Equity Fund - Mirae Asset Asia Pacific Equity Fund - Mirae Asset GEM Sector Leader Equity Fund - Mirae Asset ASEAN Sector Leader Equity Fund* - Mirae Asset Asia Great Consumer Equity Fund - Mirae Asset GEM Great Consumer Equity Fund - Mirae Asset Global Great Consumer Equity Fund - Mirae Asset Asia Growth Equity Fund* (1)

- Mirae Asset Asia Pacific Dividend Equity Fund - Mirae Asset China Growth Equity Fund* (1)

- Mirae Asset Global Emerging Opportunities Bond Fund*

As of 31 March 2015, six classes of shares are offered to investors: Class A Capitalisation, Class I Capitalisation, Class J Capitalisation, Class K Capitalisation, Class R Capitalisation and Class X Capitalisation.

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

2. Significant Accounting Policies

The financial statements have been prepared in accordance with Luxembourg legal and regulatory requirements applicable to investment funds. The following is a summary of significant accounting policies followed by the sub-funds.

a) Valuation of Investment in Securities

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

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

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

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

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


20

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

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

b) Conversion of Foreign Currencies

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

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

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

Main exchange rates used as of 31 March 2015 are: 1 EUR = 3.945435 AED 1.411100 AUD 3.469930 BRL 1.369069 CAD 1.045035 CHF 7.470409 DKK 0.725786 GBP 8.329327 HKD 14,045.502092 IDR 67.225734 INR 128.799526 JPY 1,191.767904 KRW 16.468640 MXN 3.978298 MYR 48.017523 PHP 1.476488 SGD 34.954932 THB 2.809519 TRY 33.611815 TWD 1.074200 USD 13.120320 ZAR

c) Interest Income

Interest income includes interest applied to bonds and interest applied to bank accounts. It is accrued gross on a daily basis.

d) Dividend Income

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

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

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

f) Forward Foreign Exchange Contracts

Forward foreign exchange contracts, if any, are valued on the basis of forward foreign exchange rates prevailing on the net asset value date and the resulting net change in net unrealised appreciation or depreciation is included in the Statements of Operations and Changes in Net Assets, under the heading “Net change in unrealised appreciation / (depreciation) on forward foreign exchange contracts”. The realised gain / (loss) on forward foreign exchange contracts is disclosed in the Statements of Operations and Changes in Net Assets.

g) Futures Contracts

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

h) Combined Figures

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

For this purpose, the corresponding statements of each sub-fund have been translated into Euro at the exchange rates prevailing at the date of the financial statements. The difference between opening net assets stated at exchange rates ruling at the beginning of the period and its value at

21


the end of the period is shown as a “currency translation adjustment” in the Statements of Operations and Changes in Net Assets.

i) Formation Expenses

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

j) Legal Expenses

The ongoing legal and professional fees pertaining to the Company shall be distributed proportionately among its sub-funds based on the sub-funds’ Assets under Management (AUM). However, in order to prevent any adverse impact on the total expense ratio (TER) to the sub-funds whose AUM is not significant, only those sub-funds whose TER is below 2.00% and whose AUM is above USD 50 million shall be charged. The Principal Investment Manager shall pay the legal and professional fees of the sub-funds which do not meet the abovementioned criteria.

At the start of each financial year, the Principal Investment Manager shall make an estimate of the legal and professional fees to be incurred by the Company for the financial year. In addition, by performing an analysis of AUM and TER, it shall identify the sub-funds which shall bear its share of legal and professional fees (“Qualifying Funds”). Qualifying Funds shall accrue their allocated share of estimated annual legal and professional fees on a daily basis.

The evaluation of Qualifying Funds is held at the end of every March and September, when a new analysis of AUM and TER is performed using the abovementioned criteria. The new set of Qualifying Funds shall begin to accrue on a daily basis its portion of the estimated legal and professional fees. In case of sub-funds which become non-qualifying after evaluation, the excess accrual after reimbursing the Principal Investment Manager will be written off.

At the end of each financial year, the excess accrual after reimbursing the Principal Investment Manager with all legal and professional fees will be written off to all Qualifying Funds.

k) Use of Estimates

The preparation of the financial statements in conformity with Luxembourg legal and regulatory requirements requires management to make estimates and assumptions

that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates.

3. Custody Fees

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

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

The Company pays a fee typically ranging from 0.01% p.a. of the Net Assets of each sub-fund held in developed markets to 0.50% p.a. of the Net Asset Value of each sub-fund held in emerging markets. Settlement charges are on a per transaction basis, and vary depending on the countries in which the securities are settled. It ranges from USD 10 per transaction in developed markets to USD 90 per transaction in emerging markets.

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

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

Domiciliary, Administrative and Paying Agent fees are up to 0.04% p.a. of the Net Assets of each sub-fund.

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

5. Management Company Fees

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

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

6. Investment Management Fees

The Company pays to the Principal Investment Manager and Investment Managers an annual management fee

22

amounting to a set rate of the Net Asset Value of each sub-fund which is as follows:

Class Maximum ratesEquity sub-funds

(except Mirae Asset China Growth Equity Fund)

Maximum ratesBond sub-funds and Mirae Asset

China Growth Equity Fund

Class A 2.00% 0.75%Class I 1.00% 0.55%Class J 0.59% -Class K 0.65% 0.65%Class R 0.75% 0.75%Class X - -

The effective rates respectively charged to Class A, Class I, Class J, Class K and Class R shares for the year ended 31 March 2015 were respectively 1.50%, 1.00%, 0.59%, 0.65% and 0.75% for the Equity sub-funds (except Mirae Asset Asia Growth Equity Fund), and 0.75%, 0.55%, nil, 0.30% and nil for the Bond sub-funds.

There is no management fee for the Class X.

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

7. Taxation

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

The Company is, however, liable in Luxembourg to a taxe d’abonnement of 0.05% per annum of its Net Asset Value, such tax being payable quarterly and calculated on the Net Asset Value of the sub-funds at the end of the relevant calendar quarter.

However, such rate is decreased to 0.01% per annum of their Net Asset Value for specific classes of shares or sub-funds which are restricted to Institutional Investors as specified in the Prospectus.

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

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

8. Forward Foreign Exchange Contracts

As of 31 March 2015, the outstanding forward foreign exchange contract is as follows:

Mirae Asset Asia Pacific Dividend Equity Fund

Purchase Sale MaturityDate

Counterparty Unrealised Result in

(USD)Currency Amount Currency Amount

USD 48,149 AUD 63,173 7-Apr-15 Citibank London 79

Total 79

9. Other Taxes

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

10. Changes in the Investment Portfolio

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

11. Related Party Transactions

All transactions with related parties were entered into in the ordinary course of business and under normal commercial terms. The related parties to the Company are the Principal Investment Manager, the Investment Managers, the Global Distributor, Mirae Asset Wealth Management (HK) Limited (formerly known as Mirae Asset Securities (HK) Ltd.) and Mirae Asset Securities Co. Ltd. For the basis of the fee charged by the Principal Investment Manager and the Investment Managers, please refer to note 6 above.

The transactions with Mirae Asset Wealth Management (HK) Limited (formerly known Mirae Asset Securities (HK) Ltd.) and Mirae Asset Securities Co. Ltd. are as follows:

23


Mirae Asset Wealth Management (HK) Limited (formerly known Mirae Asset Securities (HK) Ltd.)

Total Transaction

Value (USD)

% of Total Transaction Value

in the Scheme

Total Brokerage Commission

(USD)

Average Rate of

Commission

$93,794,874.68 4.47% $164,690.25 0.18%

Mirae Asset Securities Co. Ltd.

Total Transaction

Value (USD)

% of Total Transaction Value

in the Scheme

Total Brokerage Commission

(USD)

Average Rate of

Commission

$92,987,631.34 4.43% $127,134.44 0.14%

12. Soft Commission

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

13. Transaction costs

The transaction costs related to purchases and sales of transferable securities are included in the Transaction costs in the Statements of Operations and Changes in Net Assets. The transaction costs mainly relate to brokerage fees.

14. Important Events

The Company launched the sub-funds Mirae Asset Asia Growth Equity Fund and Mirae Asset China Growth Equity Fund respectively on 6 August 2014 and 23 March 2015.

The sub-fund Mirae Asset GEM Local Bond Fund has been put in dormancy from 9 February 2015.

On 24 October 2014, Ms. YEUNG Wai Man resigned as director of the Company.

On 13 January 2015, Mr. CHO Young-Rae was appointed as director of the Company.

15. Global Exposure

The global risk exposure is calculated for each sub-fund on a daily basis using the commitment approach.

24

Mirae Asset Korea Equity FundSchedule of Investments (Expressed in USD) as at 31 March 2015

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

Equities860 Amorepacific Corp. 2,600,666 3.0740,000 Atto Company Limited 400,199 0.4742,700 Bioland Limited 1,052,637 1.24118,500 BS Financial Group Inc. 1,623,512 1.925,312 Cj Cheiljedang Corp. 1,809,853 2.147,930 Cj Corp. 1,257,996 1.494,483 CJ O Shopping Company Limited 925,736 1.0910,770 Cosmax Inc. 1,325,079 1.572,800 Cuckoo Electronics Company Limited 473,209 0.5624,100 Daesang Corp. 910,174 1.086,400 Daum Communications Corp. 665,701 0.7910,300 Eo Technics Company Limited 1,187,411 1.4027,130 Grand Korea Leisure Company Limited 925,570 1.1062,360 Hana Financial Group Inc. 1,615,985 1.916,476 Hana Tour Service Inc. 653,760 0.776,007 Hanmi Pharm Company Limited 1,226,364 1.4534,000 Hanmi Semiconductor Company Limited 494,931 0.596,500 Hanssem Company Limited 1,080,944 1.284,637 Hotel Shilla Company Limited 409,179 0.4871,930 Hynix Semiconductor Inc. 2,953,194 3.4917,700 Hyundai Engineering & Construction Company Limited 804,076 0.959,528 Hyundai Glovis Company Limited 1,940,902 2.3014,600 Hyundai Hyscompany 838,274 0.993,800 Hyundai Mobis 844,295 1.006,170 Hyundai Motor Company 937,084 1.1112,295 Hyundai Wia Corp. 1,568,116 1.8533,477 Imarketkorea Inc. 772,467 0.918,190 I-Sens Inc. 361,721 0.4332,399 Koh Young Technology Inc. 1,298,066 1.5339,150 Korea Aerospace Industries Limited 1,990,235 2.3559,150 Korea Electric Power Corp. 2,452,483 2.909,200 Korea Electric Terminal Company Limited 573,006 0.6823,102 Ko rea Plant Service & Engineering Company Limited 2,032,324 2.4021,700 Leeno Industrial Inc. 761,835 0.909,930 LG Chem Limited 2,022,792 2.3928,350 LG Display Company Limited 799,817 0.942,354 Lg Household & Health Care Limited 1,784,415 2.1138,000 Lg Telecom Limited 376,764 0.4535,610 Lig Insurance Company Limited 731,813 0.87620 Lotte Chilsung Beverage Company Limited 962,876 1.1410,569 Mando Corp. 1,524,219 1.807,230 Mando Corp. 461,387 0.5520,000 Mds Technology Company Limited 384,876 0.4614,800 MegaStudy Company Limited 901,783 1.075,252 Nhn Corp. 3,176,441 3.7522,000 O Media Holdings Company Limited 1,080,719 1.28124,488 Paradise Company Limited 2,721,026 3.221,294 Samsung Electronics Company Limited Pfd 1,287,647 1.524,714 Samsung Electronics Company Limited 6,122,757 7.254,400 Samsung Fire & Marine Insurance Company Limited 1,060,889 1.25226,700 SK Broadband 931,772 1.108,350 SK C&C Company Limited 1,749,858 2.0714,413 SK Telecom Company Limited 3,540,091 4.181,859 South Korea (Govt of) 1,940,356 2.2910,600 Suheung Company Limited 503,512 0.6017,500 Vieworks Company Limited 455,069 0.5450,000 Vitzrocell Company Limited 405,157 0.4811,652 Woongjin Coway Company Limited 960,982 1.14


25


Mirae Asset Korea Equity FundSchedule of Investments (Expressed in USD) as at 31 March 2015 (continued)


Equities20,320 YG Entertainment Inc. 856,246 1.018,700 Youngone Corp. 427,375 0.51

Total Equities 77,937,623 92.16

Total Transferable securities and money market instruments admitted to an official exchange listing 77,937,623 92.16

Portfolio of investments 77,937,623 92.16Cash 5,520,692 6.53Other net assets 1,107,199 1.31Total net assets 84,565,514 100.00


26

Mirae Asset China Sector Leader Equity FundSchedule of Investments (Expressed in USD) as at 31 March 2015


Equities433,600 Aia Group Limited 2,728,879 3.5214,884 Alibaba Group Holding 1,248,768 1.6111,702 Baidu.com - ADR 2,463,739 3.182,342,000 China Construction Bank Corp. 1,945,127 2.511,551,000 China Everbright International Limited 2,596,341 3.35481,000 China Life Insurance Company Limited - H 2,106,008 2.72178,000 China Mengniu Dairy Company Limited 945,785 1.221,214,500 China Merchants Bank Company Limited - H 2,966,557 3.83278,000 China Overseas Land & Investment Limited 898,106 1.161,598,000 China Pharmaceutical Group Limited 1,351,935 1.75984,000 China Resources Gas Group Limited 3,058,351 3.94542,000 China State Construction International Holdings Limited 754,915 0.97976,851 Chongqing Changan Automobile Company Limited 2,667,009 3.44633,500 CITIC Securities Company Limited - H 2,348,874 3.03788,000 CT Environmental Group Limited 849,587 1.10557,500 Great Wall Motor Company Limited 3,940,040 5.0971,000 Hong Kong Exchanges and Clearing Limited 1,739,751 2.257,112,000 Industrial & Commercial Bank of China - H 5,246,420 6.781,360,500 Luye Pharma Group Limited 1,644,044 2.12493,600 Man Wah Holdings Limited 474,249 0.61246,000 Orient Overseas International Limited 1,500,623 1.94665,000 Pax Global Technology Limited 695,533 0.90508,500 Ping An Insurance Group Company of China Limited 6,111,983 7.89397,200 Sands China Limited 1,644,332 2.12445,500 Shanghai Fosun Pharmaceutical Group Company Limited - H 1,485,195 1.923,960,000 Sihuan Pharmaceutical Holdings Group Limited 2,252,211 2.905,260,000 Sinopec Yizheng Chemical Fibre Company Limited 2,299,644 2.971,700,000 Sunny Optical Technology Group Company Limited 3,091,315 3.99107,000 Techtronic Industries Company 361,543 0.47394,000 Tencent Holdings Limited 7,479,615 9.6754,500 Xiabuxiabu Catering Management 30,083 0.04324,000 Xinao Gas Holdings Limited 1,986,876 2.57528,000 Xinjiang Goldwind Science & Technology Company Limited 992,811 1.289,388,000 Xinyi Solar Holdings Limited 2,917,866 3.77

Total Equities 74,824,115 96.61Total Transferable securities and money market instruments

admitted to an official exchange listing 74,824,115 96.61

Portfolio of investments 74,824,115 96.61Cash 1,502,778 1.94Other net assets 1,119,492 1.45Total net assets 77,446,385 100.00


27


Mirae Asset India Sector Leader Equity FundSchedule of Investments (Expressed in USD) as at 31 March 2015


Equities422,186 Adani Ports & Special Economic Zone Limited 2,079,151 2.37719,474 Axis Bank Limited 6,440,326 7.3473,450 Bharat Forge Limited 1,498,585 1.7160,662 Britannia Industries Limited 2,092,322 2.3851,845 Cadila Healthcare Limited 1,442,962 1.6478,184 Cognizant Technology Solutions Corp. - A 4,952,174 5.64279,867 Cox & Kings India Limited 1,450,044 1.65109,672 Cummins India Limited 1,543,294 1.76110,207 Glenmark Pharmaceuticals Limited 1,384,408 1.58117,350 Godrej Consumer Products Limited 1,951,922 2.22207,452 Hdfc Bank Limited 3,390,123 3.86117,982 Housing Development Finance Corp. 2,480,403 2.831,183,641 Icici Bank Limited 5,967,178 6.8074,432 Infosys Technologies Limited 2,638,392 3.0187,413 Kaveri Seed Company Limited 1,375,611 1.5774,031 Kotak Mahindra Bank Limited 1,553,498 1.77106,375 Larsen & Toubro Limited 2,923,003 3.33126,621 Lupin Limited 4,063,549 4.6469,986 Makemytrip Limited 1,577,484 1.8073,574 Maruti Suzuki India Limited 4,346,749 4.95173,542 Motherson Sumi Systems Limited 1,427,971 1.63701,311 Power Grid Corp. of India Limited 1,627,708 1.85325,558 Prestige Estates Projects Limited 1,395,461 1.59174,659 Reliance Industries Limited 2,305,264 2.637,895 Shree Cement Limited 1,361,683 1.55420,173 State Bank of India Limited 1,792,959 2.04149,375 Sun Pharmaceutical Industries Limited 2,443,909 2.7859,629 Tata Consultancy Services Limited 2,433,434 2.77357,939 Tata Motors Limited 3,146,873 3.59400,979 Thomas Cook India Limited 1,335,590 1.52175,993 Titan Industries Limited 1,101,254 1.2521,489 Ttk Prestige Limited 1,185,031 1.3544,420 Ultra Tech Cement Limited 2,042,697 2.33222,229 United Phosphorus Limited 1,570,073 1.7922,276 United Spirits Limited 1,301,809 1.48324,439 Voltas Limited 1,450,801 1.65181,963 Yes Bank Limited 2,371,864 2.70



Portfolio of investments 85,445,559 97.35Cash 3,224,039 3.67Other net assets (902,464) (1.02)Total net assets 87,767,134 100.00


28

Mirae Asset Asia Sector Leader Equity FundSchedule of Investments (Expressed in USD) as at 31 March 2015


Equities4,593,350 ABS-CBN Broadcasting Corp.** 6,453,192 1.241,679,738 Adani Ports & Special Economic Zone Limited 8,272,252 1.592,933,000 Aia Group Limited 18,458,955 3.54136,371 Alibaba Group Holding 11,441,527 2.204,894 Amorepacific Corp. 14,799,599 2.8471,327 Baidu.com - ADR 15,017,187 2.883,215,670 Banco de Oro Unibank Inc. 8,898,700 1.717,832,100 Bank Mandiri Tbk Pt 7,472,513 1.434,633,000 China Everbright International Limited 7,755,543 1.49891,500 China Mobile Limited 11,635,287 2.2312,982,000 China Pharmaceutical Group Limited 10,982,992 2.112,332,000 China Resources Gas Group Limited 7,248,044 1.392,427,638 Chongqing Changan Automobile Company Limited 6,627,962 1.27271,938 Cognizant Technology Solutions Corp. - A 17,224,553 3.311,040,674 DBS Group Holdings Limited 15,415,143 2.961,618,000 Galaxy Entertainment Group Limited 7,365,944 1.41593,740 Glenmark Pharmaceuticals Limited 7,458,497 1.43457,139 Godrej Consumer Products Limited 7,603,748 1.46639,464 Hdfc Bank Limited 10,449,944 2.0175,365 Hotel Shilla Company Limited 6,650,371 1.283,122,955 Icici Bank Limited 15,743,986 3.0118,268,000 Industrial & Commercial Bank of China - H 13,476,039 2.59387,083 Jd.Com Inc. - ADR 11,515,719 2.21249,930 Korea Electric Power Corp. 10,362,623 1.99264,960 Larsen & Toubro Limited 7,280,647 1.4017,655,300 LT Group Inc. 6,437,957 1.24495,634 Lupin Limited 15,905,998 3.0513,332,000 Luye Pharma Group Limited 16,110,542 3.094,545,543 Malaysia Airports Holdings Bhd 8,591,554 1.65396,296 Maruti Suzuki India Limited 23,413,150 4.507,523,300 Matahari Department Store Tbk Pt 11,335,025 2.1729,924,900 Media Nusantara Citra Tbk Pt 6,557,000 1.26252,208 Melco Crown Entertainment Limited - ADR 5,480,480 1.056,905,050 Minor International pcl - NVDR 7,426,968 1.4314,350 Nhn Corp. 8,678,964 1.671,677,500 Ping An Insurance Group Company of China Limited 20,162,932 3.87598,771 Reliance Industries Limited 7,902,971 1.523,281,100 Samsonite International SA 11,403,902 2.197,194,700 Semen Gresik Persero Tbk Pt 7,510,921 1.4419,543,000 Sihuan Pharmaceutical Holdings Group Limited 11,114,887 2.13520,663 Sun Pharmaceutical Industries Limited 8,518,514 1.644,278,000 Sunny Optical Technology Group Company Limited 7,779,203 1.491,486,000 Taiwan Semiconductor Manufacturing Company Limited 6,909,951 1.331,771,935 Tata Motors Limited 15,578,225 2.99945,900 Tencent Holdings Limited 17,956,773 3.4423,558,500 Touch Solutions Inc. 6,271,624 1.20116,808 United Spirits Limited 6,826,259 1.311,774,100 Universal Robina Corp. 8,969,576 1.728,611,000 Xiabuxiabu Catering Management** 4,753,052 0.91



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

29


Mirae Asset Asia Sector Leader Equity FundSchedule of Investments (Expressed in USD) as at 31 March 2015 (continued)

Quantity Description Market value % of Net assetsTransferable securities and money market instruments dealt in on another regulated market and recently issued transferable

securitiesWarrants Equities

212,062 Minor International - Wts 27,892 0.01Total Warrants Equities 27,892 0.01Total Transferable securities and money market instruments

dealt in on another regulated market and recently issued transferable securities

27,892 0.01

Portfolio of investments 517,235,287 99.28Cash 1,679,259 0.32Other net liabilities 2,061,632 0.40Total net assets 520,976,178 100.00


30

Mirae Asset Asia Pacific Equity Fund Schedule of Investments (Expressed in USD) as at 31 March 2014


Equities177,000 Aia Group Limited 1,113,957 3.197,042 Alibaba Group Holding 590,824 1.69309 Amorepacific Corp. 934,425 2.6720,117 Australia & New Zealand Banking Group Limited 561,107 1.614,393 Baidu.com - ADR 924,902 2.65195,790 Banco de Oro Unibank Inc. 541,808 1.55492,900 Bank Mandiri Tbk Pt 470,270 1.3561,738 Brambles Limited 541,418 1.55321,000 China Everbright International Limited 537,347 1.5455,000 China Mobile Limited 717,825 2.05838,000 China Pharmaceutical Group Limited 708,962 2.03156,000 China Resources Gas Group Limited 484,861 1.39197,648 Chongqing Changan Automobile Company Limited 539,621 1.5418,622 Cognizant Technology Solutions Corp. - A 1,179,517 3.3848,864 DBS Group Holdings Limited 723,805 2.07108,000 Galaxy Entertainment Group Limited 491,669 1.4140,490 Glenmark Pharmaceuticals Limited 508,631 1.4649,200 Hdfc Bank Limited 804,013 2.304,921 Hotel Shilla Company Limited 434,240 1.24171,113 Icici Bank Limited 862,645 2.471,129,000 Industrial & Commercial Bank of China - H 832,847 2.3819,493 Jd.Com Inc. - ADR 579,917 1.6616,750 Korea Electric Power Corp. 694,490 1.9917,542 Larsen & Toubro Limited 482,024 1.381,467,800 LT Group Inc. 535,230 1.5233,774 Lupin Limited 1,083,882 3.10882,500 Luye Pharma Group Limited 1,066,423 3.05266,460 Malaysia Airports Holdings Bhd 503,638 1.4426,498 Maruti Suzuki India Limited 1,565,501 4.49534,300 Matahari Department Store Tbk Pt 805,006 2.301,933,200 Media Nusantara Citra Tbk Pt 423,594 1.2121,742 Melco Crown Entertainment Limited - ADR 472,454 1.35532,300 Minor International pcl - NVDR 572,534 1.64763 Nhn Corp. 461,467 1.3289,444 Oil Search Limited 490,243 1.40106,000 Ping An Insurance Group Company of China Limited 1,274,081 3.6440,278 Reliance Industries Limited 531,615 1.52146,680 Resmed Inc. 1,038,439 2.97212,700 Samsonite International SA 739,267 2.12478,200 Semen Gresik Persero Tbk Pt 499,218 1.4332,337 Sun Pharmaceutical Industries Limited 529,062 1.51280,000 Sunny Optical Technology Group Company Limited 509,158 1.46134,000 Taiwan Semiconductor Manufacturing Company Limited 623,105 1.78120,553 Tata Motors Limited 1,059,859 3.0362,000 Tencent Holdings Limited 1,176,995 3.361,792,200 Touch Solutions Inc. 477,110 1.377,762 United Spirits Limited 453,611 1.30115,300 Universal Robina Corp. 582,939 1.67678,500 Xiabuxiabu Catering Management 374,515 1.07




31


Mirae Asset Asia Pacific Equity Fund Schedule of Investments (Expressed in USD) as at 31 March 2015 (continued)





2,847 0.01

Portfolio of investments 34,112,918 97.61Cash 837,757 2.40Other net liabilities (3,473) (0.01)Total net assets 34,947,202 100.00


32

Mirae Asset GEM Sector Leader Equity FundSchedule of Investments (Expressed in USD) as at 31 March 2015


Equities102,800 Aia Group Limited 646,976 3.314,282 Alibaba Group Holding 359,260 1.8485,846 Alsea SAB de CV 249,289 1.27180 Amorepacific Corp. 544,325 2.786,657 Aspen Pharmacare Holdings Limited 207,988 1.062,266 Baidu.com - ADR 477,084 2.4417,700 Banco Itau Holding Financeira SA 191,726 0.98362,099 Bank Mandiri Tbk Pt 345,474 1.7714,600 BB Seguridade Participacoes SA 148,927 0.7612,100 BRF - Brasil Foods SA 235,988 1.2122,500 China Mobile Limited 293,656 1.50522,000 China Pharmaceutical Group Limited 441,621 2.26116,000 China Resources Gas Group Limited 360,537 1.84102,951 Chongqing Changan Automobile Company Limited 281,078 1.4410,299 Cognizant Technology Solutions Corp. - A 652,339 3.332,158 Copa Holdings SA 220,353 1.13134,865 Corporacion Inmobiliaria Vesta SAB de CV 249,478 1.2878,700 Emaar Properties PJSC 139,491 0.7117,600 Empresa Brasileira de Aeronautica SA 136,049 0.7067,520 Fibra Uno Administracion SA de CV 175,504 0.9068,000 Galaxy Entertainment Group Limited 309,570 1.5822,123 Glenmark Pharmaceuticals Limited 277,907 1.4219,400 Grupo Aeroportuario del Pacifico SAB de CV - B 263,432 1.3529,596 Hdfc Bank Limited 483,651 2.463,621 Hotel Shilla Company Limited 319,525 1.6386,508 Icici Bank Limited 436,119 2.23625,000 Industrial & Commercial Bank of China - H 461,054 2.3570,900 Kazakhmys plc 222,463 1.148,566 Korea Electric Power Corp. 355,164 1.8115,049 Larsen & Toubro Limited 413,521 2.1121,397 Lupin Limited 686,677 3.50440,000 Luye Pharma Group Limited 531,701 2.71249,480 Malaysia Airports Holdings Bhd 471,543 2.4112,001 Maruti Suzuki India Limited 709,018 3.62239,100 Matahari Department Store Tbk Pt 360,241 1.841,390,600 Media Nusantara Citra Tbk Pt 304,702 1.56361,600 Minor International pcl - NVDR 388,932 1.9913,860 MMC Norilsk Nickel - ADR 249,965 1.2711,510 Mr Price Group Limited 244,542 1.252,875 Naspers Limited 424,201 2.16485 Nhn Corp. 293,331 1.5057,500 Ping An Insurance Group Company of China Limited 691,129 3.52124,800 Samsonite International SA 433,759 2.2244,900 Sanlam Limited 286,772 1.4727,980 Severstal - GDR 320,931 1.6464,000 Taiwan Semiconductor Manufacturing Company Limited 297,602 1.5255,636 Tata Motors Limited 489,132 2.5033,000 Tencent Holdings Limited 626,465 3.191,276,600 Touch Solutions Inc. 339,850 1.7489,834 Turkiye Garanti Bankasi AS 304,661 1.5676,160 Universal Robina Corp. 385,053 1.97397,000 Xiabuxiabu Catering Management 219,134 1.12




33


Mirae Asset GEM Sector Leader Equity FundSchedule of Investments (Expressed in USD) as at 31 March 2015 (continued)


securitiesEquities

2,000 MMC Norilsk Nickel - ADR 36,320 0.1934,600 Rosneft Oil Company - GDR 147,846 0.76

Total Equities 184,166 0.95Warrants Equities



186,009 0.96



34

Mirae Asset ASEAN Sector Leader Equity Fund*

Schedule of Investments (Expressed in USD) as at 31 March 2015


Equities7,300 Advanced Info Service pcl - NVDR 53,168 1.287,800 Airports of Thailand pcl - NVDR 67,117 1.61100,400 Astro Malaysia Holdings Bhd 86,750 2.0917,700 Axiata Group Bhd 33,837 0.8110,190 Ayala Corp. 181,229 4.3540,180 Banco de Oro Unibank Inc. 111,190 2.67158,600 Bangkok Dusit Medical Services pcl - NVDR 96,016 2.3090,600 Bank Central Asia Tbk Pt 102,724 2.47135,400 Bank Mandiri Tbk Pt 129,183 3.1036,000 Capitaland Limited 93,765 2.2525,500 Capitamall Trust 40,815 0.9811,900 DBS Group Holdings Limited 176,270 4.2495,700 Global Logistic Properties Limited 184,506 4.44141,300 Global Mediacom Tbk Pt 18,912 0.4550,000 IHH Healthcare BHD 81,140 1.952,800 Jardine Matheson Holdings Limited 176,960 4.25138,700 Jasa Marga Pt 76,376 1.833,200 Kasikornbank pcl - NVDR 22,520 0.5453,000 Keppel DC REIT 39,716 0.9591,900 LT Group Inc. 33,511 0.8050,000 M1 Limited 141,870 3.4129,900 Matahari Department Store Tbk Pt 45,049 1.08849,400 Melco Crown Philippines Resorts Corp. 174,058 4.1847,900 Minor International pcl - NVDR 51,521 1.2410,928 Oversea-Chinese Banking Corp. Limited 84,037 2.02237,200 Perusahaan Gas Negara Pt 87,077 2.0938,000 Petra Foods Limited 105,609 2.5426,950 Public Bank Bhd 137,387 3.3065,200 Semen Gresik Persero Tbk Pt 68,066 1.6358,600 Singapore Telecommunications Limited 186,735 4.48262,100 Sm Prime Holdings Inc. 117,152 2.814,056,300 Sumber Alfaria Trijaya Tbk Pt 176,829 4.241,058,400 Telekomunikasi Indonesia Tbk Pt 233,935 5.62117,800 Tower Bersama Infrastructure Tbk Pt 85,364 2.0515,050 Universal Robina Corp. 76,090 1.83



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

Warrants Equities105 Minor International - Wts 14 0.00

Total Warrants Equities 14 0.00Total Transferable securities and money market instruments


14 0.00


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

35


Mirae Asset Asia Great Consumer Equity FundSchedule of Investments (Expressed in USD) as at 31 March 2015


Equities4,068,800 Aia Group Limited 25,607,159 4.50291,588 Alibaba Group Holding 24,464,233 4.308,902 Amorepacific Corp. 26,919,908 4.73928,027 Apollo Hospitals Enterprise Limited 20,303,789 3.571,579,645 Asian Paints Limited 20,478,143 3.6062,816 Baidu.com - ADR 13,225,281 2.328,126,000 Brilliance China Automotive Holdings Limited 15,656,787 2.7517,168,000 China Pharmaceutical Group Limited 14,524,419 2.55817,380 Glenmark Pharmaceuticals Limited 10,267,838 1.80806,982 Hindustan Lever Limited 11,264,222 1.98232,046 Hotel Shilla Company Limited 20,476,241 3.60755,008 Jd.Com Inc. - ADR 22,461,488 3.95158,445,200 Kalbe Farma Tbk Pt 22,599,864 3.9710,884,000 Lenovo Group Limited 15,889,498 2.79422,875 Lupin Limited 13,570,999 2.3816,475,000 Luye Pharma Group Limited 19,908,578 3.5018,791,304 Minor International pcl - NVDR 20,211,645 3.555,199,600 Mitra Adiperkasa Tbk Pt 2,087,743 0.37898,000 Pc Home Online 11,680,567 2.051,996,000 Ping An Insurance Group Company of China Limited 23,991,184 4.226,033,600 Samsonite International SA 20,970,583 3.6923,970,000 Sihuan Pharmaceutical Holdings Group Limited 13,632,699 2.4021,076 South Korea (Govt of) 21,998,355 3.871,045,485 Sun Pharmaceutical Industries Limited 17,105,074 3.012,194,134 Tata Motors Limited 19,290,049 3.391,893,400 Tencent Holdings Limited 35,943,919 6.323,777,458 Unilever Indonesia Tbk Pt 11,454,885 2.015,718,620 Universal Robina Corp. 28,912,462 5.08558,521 Vipshop Holdings Limited 16,040,723 2.82




Warrants Equities528,650 Minor International - Wts 69,533 0.01

Total Warrants Equities 69,533 0.01

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

69,533 0.01

Portfolio of investments 541,007,868 95.08Cash 27,962,573 4.91Other net liabilities 47,990 0.01Total net assets 569,018,431 100.00


36

Mirae Asset GEM Great Consumer Equity FundSchedule of Investments (Expressed in USD) as at 31 March 2015


Equities53,600 Aia Group Limited 337,334 3.374,126 Alibaba Group Holding 346,171 3.4632,178 Alsea SAB de CV 93,442 0.93117 Amorepacific Corp. 353,811 3.5412,058 Apollo Hospitals Enterprise Limited 263,810 2.6421,107 Asian Paints Limited 273,626 2.733,997 Aspen Pharmacare Holdings Limited 124,880 1.25882 Baidu.com - ADR 185,696 1.869,900 Banco Itau Holding Financeira SA 107,237 1.0710,320 BB Seguridade Participacoes SA 105,269 1.0512,972 BR Malls Participacoes SA 67,867 0.684,800 BRF - Brasil Foods SA 93,615 0.93106,000 Brilliance China Automotive Holdings Limited 204,236 2.04246,000 China Pharmaceutical Group Limited 208,120 2.085,260 Coca-Cola Icecek AS 88,489 0.88944 Copa Holdings SA 96,392 0.96555 Credicorp Limited 78,161 0.7860,350 Emaar Properties PJSC 106,967 1.079,700 Empresa Brasileira de Aeronautica SA 74,982 0.758,980 Estacio Participacoes SA 52,736 0.5328,340 Fibra Uno Administracion SA de CV 73,664 0.7410,753 Glenmark Pharmaceuticals Limited 135,078 1.356,800 Gruma SAB de CV 87,950 0.8811,910 Grupo Aeroportuario del Pacifico SAB de CV - B 161,725 1.6210,716 Hindustan Lever Limited 149,579 1.493,080 Hotel Shilla Company Limited 271,786 2.7210,080 Jd.Com Inc. - ADR 299,880 3.002,096,400 Kalbe Farma Tbk Pt 299,021 2.99142,000 Lenovo Group Limited 207,305 2.078,267 Lupin Limited 265,306 2.65228,500 Luye Pharma Group Limited 276,122 2.763,430 Magnit OJSC 171,843 1.7212,085 Mediclinic International Limited 119,524 1.19244,896 Minor International pcl - NVDR 263,406 2.6445,900 Mitra Adiperkasa Tbk Pt 18,430 0.185,050 Mr Price Group Limited 107,293 1.071,275 Naspers Limited 188,124 1.8812,000 Pc Home Online 156,088 1.5626,500 Ping An Insurance Group Company of China Limited 318,520 3.1879,800 Samsonite International SA 277,356 2.7823,900 Sanlam Limited 152,647 1.53355,000 Sihuan Pharmaceutical Holdings Group Limited 201,903 2.02291 South Korea (Govt of) 303,735 3.049,658 Sun Pharmaceutical Industries Limited 158,014 1.5828,050 Tata Motors Limited 246,605 2.4725,800 Tencent Holdings Limited 489,783 4.8937,020 Turkiye Garanti Bankasi AS 125,548 1.2648,972 Unilever Indonesia Tbk Pt 148,504 1.4875,440 Universal Robina Corp. 381,413 3.80

5,400 Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA 75,310 0.75

7,839 Vipshop Holdings Limited 225,136 2.258,010 Yandex NV - A 122,553 1.22




37


Mirae Asset GEM Great Consumer Equity FundSchedule of Investments (Expressed in USD) as at 31 March 2015 (continued)





1,987 0.02



38

Mirae Asset GEM Great Consumer Equity FundSchedule of Investments (Expressed in USD) as at 31 March 2015 (continued)

Mirae Asset Global Great Consumer Equity FundSchedule of Investments (Expressed in USD) as at 31 March 2015


Equities7,069 Abbott Laboratories 332,809 1.527,626 Abbvie Inc. 444,138 2.033,163 Alibaba Group Holding 265,376 1.218,458 Alimentation Couche Tard Inc. 338,386 1.552,500 Allianz Se- Reg 435,991 1.993,728 Anheuser-Busch InBev NV 458,329 2.092,894 Avago Technologies Limited 377,812 1.734,546 Bayer AG 695,140 3.174,467 Bayerische Motoren Werke AG 566,217 2.591,060 Biogen Idec Inc. 457,517 2.093,850 Celgene Corp. 462,077 2.117,582 Comcast Corp. 429,217 1.966,379 CVS Caremark Corp. 662,332 3.014,367 Delphi Automotive plc 345,910 1.5812,774 Deutsche Post AG- Reg 403,010 1.84893 Google Inc. - A 501,094 2.295,512 Hain Celestial Group Inc. 354,311 1.622,978 Hansen Natural Corp. 418,230 1.9111,315 Hilton Worldwide Holdings Inc. 335,263 1.5314,881 Inditex SA 476,678 2.186,761 Las Vegas Sands Corp. 373,815 1.714,683 Mallinckrodt plc 609,399 2.786,177 Mastercard Inc. - A 541,538 2.474,160 Michael Kors Holdings Limited 275,642 1.267,950 Mobileye NV 336,285 1.545,439 Nike Inc. 548,740 2.505,363 Novartis AG- Reg 539,415 2.462,802 Pernod-Ricard SA 334,551 1.532,672 Perrigo Company 449,591 2.0515,856 Pfizer Inc. 554,960 2.53445 Priceline.Com Inc. 511,674 2.344,660 Procter & Gamble Company 385,475 1.761,413 Roche Holding AG 384,895 1.766,850 Starbucks Corp. 657,463 3.0027,629 Tencent Holdings Limited 524,503 2.391,482 Tesla Motors Inc. 282,425 1.293,519 Thermo Fisher Scientific Inc. 477,071 2.188,284 Visa Inc. - A 543,927 2.485,136 Walt Disney Company 545,032 2.4911,680 Wells Fargo & Company 639,714 2.922,000 Whirlpool Corp. 402,080 1.844,150 Whitbread plc 321,852 1.475,539 Yum! Brands Inc. 439,852 2.01



Portfolio of investments 19,439,736 88.76Cash 2,489,214 11.37Other net liabilities (28,584) (0.13)Total net assets 21,900,366 100.00


39


Mirae Asset Asia Growth Equity Fund*(1)



Equities15,400 Aia Group Limited 96,921 1.892,156 Alibaba Group Holding 180,887 3.5420 Amorepacific Corp. 60,481 1.18216,000 AviChina Industry & Technology Company - H 155,161 3.036,000 Ayala Corp. 106,710 2.09427 Baidu.com - ADR 89,901 1.7662,900 Bangkok Dusit Medical Services pcl - NVDR 38,080 0.74182,000 Beijing Enterprises Water Group Limited 123,931 2.4249,000 China Everbright International Limited 82,025 1.60112,000 China Longyuan Power Group Corp. 121,765 2.38184,000 China Pharmaceutical Group Limited 155,668 3.0448,000 China Resources Gas Group Limited 149,188 2.928,500 Chongqing Changan Automobile Company Limited 23,207 0.45139,400 Chow Tai Fook Jewellery Group 149,936 2.921,524 Cognizant Technology Solutions Corp. - A 96,530 1.893,000 Eclat Textile Company Limited 39,453 0.7714,000 Galaxy Entertainment Group Limited 63,735 1.25560,000 GCL Poly Energy Holdings Limited 148,053 2.89376 Glenmark Pharmaceuticals Limited 4,723 0.0965,200 Global Logistic Properties Limited 125,704 2.4531,800 IHH Healthcare BHD 51,604 1.011,182 Jd.Com Inc. - ADR 35,165 0.6916,480 Jollibee Foods Corp. 81,108 1.59178,500 Kalbe Farma Tbk Pt 25,460 0.5065,000 Kerry Logistics Network Limited 95,731 1.87428 Korea Aerospace Industries Limited 21,758 0.431,000 Largan Precision Company Limited 86,130 1.6878,000 Lenovo Group Limited 113,872 2.23126 LG Chem Limited 25,667 0.501,716 Lupin Limited 55,070 1.08113,500 Luye Pharma Group Limited 137,155 2.6820,900 Matahari Department Store Tbk Pt 31,489 0.623,000 MediaTek Inc. 40,604 0.79442,500 Melco Crown Philippines Resorts Corp. 90,676 1.7728,600 Minor International pcl - NVDR 30,762 0.60249 Nhn Corp. 150,597 2.944,273 Paradise Company Limited 93,398 1.8212,500 Ping An Insurance Group Company of China Limited 150,245 2.9414,400 Samsonite International SA 50,049 0.98600 Samsung Fire & Marine Insurance Company Limited 144,667 2.83124,000 Sihuan Pharmaceutical Holdings Group Limited 70,524 1.38621 Sun Pharmaceutical Industries Limited 10,160 0.2013,000 Taiwan Semiconductor Manufacturing Company Limited 60,450 1.183,703 Tata Motors Limited 32,555 0.6429,000 Techtronic Industries Company 97,988 1.919,300 Tencent Holdings Limited 176,549 3.452,872 Vipshop Holdings Limited 82,484 1.611,793 Wuxi Pharmatech Cayman Inc. - ADR 69,066 1.35130,000 Xinyi Solar Holdings Limited 40,405 0.793,221 YY Inc. - ADR 173,902 3.40



The accompanying notes form an integral part of these financial statements.* Not authorized in Hong Kong and not available to Hong Kong Residents(1) Please refer to note 14

40


Schedule of Investments (Expressed in USD) as at 31 March 2015 (continued)





1,070 0.02



41


Mirae Asset Asia Pacific Dividend Equity FundSchedule of Investments (Expressed in USD) as at 31 March 2015


Equities120,000 Advanced Semiconductor Engineering Inc. 162,032 1.5720,766 Amcor Limited 221,946 2.15302,700 Asian Pay Television Trust 196,001 1.908,592 Australia & New Zealand Banking Group Limited 239,650 2.32100,000 Bank Rakyat Indonesia 101,527 0.9820,000 Brambles Limited 175,392 1.7012,000 British American Tobacco Malaysia Bhd 222,471 2.15687,700 BTS Group Holdings pcl 193,373 1.87218,000 China Communications Construction Company Limited - H 307,011 2.9733,217 China Mobile Limited 433,526 4.19300,000 China Pharmaceutical Group Limited 253,805 2.4559,572 China Resources Gas Group Limited 185,155 1.7969,914 Chongqing Changan Automobile Company Limited 190,880 1.853,041 Colgate-Palmolive Company 97,879 0.9525,475 DBS Group Holdings Limited 377,352 3.6430,000 Delta Electronics Inc. 189,357 1.83120,000 Fosun International 232,448 2.25180,000 Fubon Financial Holding Company Limited 323,297 3.124,090 Globe Telecom Inc. 184,276 1.783,500 Halla Climate Control Corp. 121,141 1.17161,500 Hkbn Limited 200,782 1.9422,386 HSBC Holdings plc 192,421 1.8680,000 Huaneng Power International Inc. 94,713 0.9221,283 Hutchison Whampoa Limited 295,339 2.8639,799 Icici Bank Limited 200,642 1.9420,000 Indiabulls Housing Finance 178,294 1.73256,000 Industrial & Commercial Bank of China - H 188,847 1.83186,000 Jiangsu Expressway Company Limited - H 249,952 2.42300,000 Keppel DC REIT 224,809 2.182,512 Korea Plant Service & Engineering Company Limited 220,985 2.14100,947 Lenovo Group Limited 147,372 1.4387,000 M1 Limited 246,853 2.39130,000 Major Cineplex Group pcl - NVDR 130,837 1.2710,000 MediaTek Inc. 135,346 1.3142,000 Mtr Corp. 199,872 1.9316,500 Ping An Insurance Group Company of China Limited 198,324 1.922,000 Reliance Industries Limited 26,397 0.2633,357 Resmed Inc. 236,155 2.2992,200 Samsonite International SA 320,454 3.10290,000 Sihuan Pharmaceutical Holdings Group Limited 164,935 1.601,282 SK Telecom Company Limited 314,882 3.05130,000 Sunny Optical Technology Group Company Limited 236,395 2.2952,840 Sydney Airport 208,363 2.0279,000 Taiwan Semiconductor Manufacturing Company Limited 367,353 3.55529,100 Telekomunikasi Indonesia Tbk Pt 116,945 1.1320,000 Telstra Corp. Limited 96,070 0.939,000 Tencent Holdings Limited 170,854 1.6557,300 Unilever Indonesia Tbk Pt 173,758 1.6860,070 Universal Robina Corp. 303,705 2.94



Portfolio of investments 10,250,173 99.19Cash 299,357 2.90Other net assets (215,469) (2.09)Total net assets 10,334,061 100.00


42

Mirae Asset China Growth Equity Fund*(1)



Equities5,531 58.com Inc. - ADR 279,592 3.0565,400 Aia Group Limited 411,598 4.494,321 Alibaba Group Holding 362,532 3.95128,000 AviChina Industry & Technology Company - H 91,948 1.001,268 Baidu.com - ADR 266,965 2.9174,000 Brilliance China Automotive Holdings Limited 142,580 1.55132,000 China Everbright International Limited 220,965 2.4183,000 China Longyuan Power Group Corp. 90,236 0.98106,000 China Pacific Insurance Group Company Limited 504,438 5.50218,000 China Pharmaceutical Group Limited 184,432 2.0130,000 China Resources Gas Group Limited 93,242 1.0280,000 China Resources Land Limited 225,948 2.4677,500 CITIC Securities Company Limited - H 287,352 3.13396,000 Huadian Fuxin Energy Corp. - H 194,068 2.12439,000 Industrial & Commercial Bank of China - H 323,844 3.5313,670 Jd.Com Inc. - ADR 406,683 4.43194,000 Luye Pharma Group Limited 234,432 2.56132,000 Picc Property & Casualty Company Limited 260,800 2.8461,500 Ping An Insurance Group Company of China Limited 739,207 8.078,074 Qunar Cayman Islands Limited - ADR 330,792 3.6164,200 Samsonite International SA 223,136 2.43315,000 Sihuan Pharmaceutical Holdings Group Limited 179,153 1.95144,000 Sunny Optical Technology Group Company Limited 261,853 2.8543,700 Tencent Holdings Limited 829,591 9.0528,213 Vipshop Holdings Limited 810,276 8.8456,000 Vitasoy International Holdings Limited 87,532 0.953,647 Wuxi Pharmatech Cayman Inc. - ADR 140,482 1.532,331 YY Inc. - ADR 125,851 1.3727,000 Zhuzhou Csr Times Electric Company Limited - H 177,238 1.93



Undertakings for collective investments in transferable securitiesFunds

163,500 Db x-Trackers - CSI300 2D UCITS ETF 182,183 1.9989,400 Db x-Trackers - CSI300 Health Care UCITS ETF 186,548 2.03

Total Funds 368,731 4.02Total Undertakings for collective investments in transferable

securities 368,731 4.02

Portfolio of investments 8,855,497 96.54Cash 531,903 5.80Other liabilities (214,748) (2.34)Total net assets 9,172,652 100.00


43





Bonds100,000 Anglogold Ashanti Holdings plc 5.125% 1/Aug/22 95,137 0.79500,000 Baidu Inc. 3.500% 28/Nov/22 509,050 4.21200,000 Banco do Brasil SA 3.875% 23/Jan/17 203,022 1.68250,000 Bharti Airtel International Netherlands BV 5.125% 11/Mar/23 270,625 2.24500,000 Cnooc Nexen Finance 2014 Ulc 4.250% 30/Apr/24 531,545 4.40250,000 Export Credit Bank of Turkey 5.875% 24/Apr/19 263,054 2.19250,000 Export Credit Bank of Turkey 5.375% 4/Nov/16 260,263 2.15200,000 Halyk Savings Bank of Kazakhstan JSC 7.250% 3/May/17 201,599 1.67250,000 Hyundai Steel Company 4.625% 21/Apr/16 257,490 2.14500,000 Indian Oil Corp. Limited 5.625% 2/Aug/21 560,038 4.64750,000 Kazatomprom 6.250% 20/May/15 749,895 6.21250,000 Lembaga Pembiayaan Ekspor Indonesia 3.750% 26/Apr/17 256,673 2.12200,000 Magyar Export-Import Bank Zrt 4.000% 30/Jan/20 204,705 1.69200,000 Myriad International Holdings BV 6.000% 18/Jul/20 221,051 1.83250,000 Ntpc Limited 4.750% 3/Oct/22 269,139 2.23250,000 Perusahaan Listrik Negara Pt 5.500% 22/Nov/21 273,802 2.26500,000 Siam Commercial Bank pcl 3.500% 7/Apr/19 519,307 4.30250,000 Telefonica Emisiones SAU 5.462% 16/Feb/21 286,276 2.37500,000 Tencent Holdings Limited 4.625% 12/Dec/16 524,495 4.35250,000 Turkiye Garanti Bankasi AS 4.000% 13/Sep/17 254,124 2.10100,000 Vale Overseas Limited 8.250% 17/Jan/34 111,634 0.92200,000 Woori Bank 2.875% 2/Oct/18 205,840 1.70500,000 Woori Bank Company Limited 4.750% 30/Apr/24 535,162 4.43

Total Bonds 7,563,926 62.62Supranationals, Governments and Local Public Authorities, Debt Instruments

200,000 Croatia (Govt of) 6.625% 14/Jul/20 222,685 1.84200,000 Eskom Holdings Limited 5.750% 26/Jan/21 193,549 1.601,500,000,000 Export-Import Bank of Korea 8.000% 15/May/18 112,548 0.93200,000 Mfb Magyar Fejlesztesi Bank Zrt 6.250% 21/Oct/20 226,865 1.88250,000 Sri Lanka (Govt of) 5.875% 25/Jul/22 253,773 2.10

Total Supranationals, Governments and Local Public Authorities, Debt Instruments 1,009,420 8.35

Total Transferable securities and money market instruments admitted to an official exchange listing 8,573,346 70.97


Bonds200,000 Banco de Credito e Inversiones 4.000% 11/Feb/23 203,264 1.68250,000 Goldman Sachs Group Inc. 3.500% 23/Jan/25 254,085 2.10250,000 State Bank of India Limited 3.250% 18/Apr/18 255,934 2.12100,000 VTB Bank Via VTB Capital SA 6.551% 13/Oct/20 93,953 0.78

Total Bonds 807,236 6.68Supranationals, Governments and Local Public Authorities, Debt Instruments

700,000 United States Treasury N/B 1.500% 31/Dec/18 708,886 5.87Total Supranationals, Governments and Local Public Authorities, Debt

Instruments 708,886 5.87

Total Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities 1,516,122 12.55


44


Schedule of Investments (Expressed in USD) as at 31 March 2015 (continued)

Quantity Description Market value % of Net assetsUndertakings for collective investments in transferable securities

Funds

8,000 iShares $ High Yield Corporate Bond UCITS ETF 876,560 7.26

484 ishares Barclays Emerging Market Local Government Bond 34,093 0.28

1,800 IShares II plc - JPMorgan USD Emerging Markets Bond Fund 199,260 1.65

Total Funds 1,109,913 9.19

Total Undertakings for collective investments in transferable securities 1,109,913 9.19

Portfolio of investments 11,199,381 92.71

Cash 769,568 6.37

Other net assets 110,870 0.92

Total net assets 12,079,819 100.00


45


Mirae Asset Korea Equity FundIndustrial & Geographical Classification as at 31 March 2015

Industrial Classification as at 31 March 2015

% NAVSemiconductors 16.25Internet software and services 7.01Cosmetics and personal care 6.75Leisure and entertainment 6.58Food services 5.51Automobile parts and equipment 5.20Telecommunication services 4.63Financial services 3.83Engineering and construction 3.35Electrical utilities 2.90Electronic equipment 2.52Chemicals 2.39Aerospace and defence 2.35Transportation 2.30Insurance 2.12IT Consulting and services 2.07Pharmaceuticals 2.05Home furnishings 1.84Diversified companies 1.49Broadcasting, radio and television 1.28Agriculture 1.24Beverages 1.14Environment control and services 1.14Auto manufacturers 1.11Retail 1.09Commercial services 1.07Iron and steel 0.99Medical 0.97Apparel 0.51Electrical equipment 0.48Total investment in securities 92.16

Cash 6.53

Other net assets 1.31

Total net assets 100.00

Geographical Classification as at 31 March 2015

% NAV

Republic of Korea (South) 92.16

Total investment in securities 92.16

Cash 6.53



46

Mirae Asset China Sector Leader Equity FundIndustrial & Geographical Classification as at 31 March 2015


% NAVInternet software and services 14.46Insurance 14.13Banks 13.12Pharmaceuticals 8.69Auto manufacturers 8.53Oil and gas services 6.51Financial services 5.28Environment control and services 4.45Miscellaneous machinery 3.99Energy - alternate sources 3.77Chemicals 2.97Leisure and entertainment 2.12Transportation 1.94Electrical equipment 1.28Food 1.22Real estate 1.16Engineering and construction 0.97Computers and peripherals 0.90Retail 0.61Machinery 0.47Restaurants 0.04Total investment in securities 96.61

Cash 1.94




% NAV

China 41.46

Cayman Islands 29.02

Hong Kong 14.33

Bermuda 11.80


Cash 1.94



47


Mirae Asset India Sector Leader Equity FundIndustrial & Geographical Classification as at 31 March 2015


% NAVBanks 24.51

IT Consulting and services 11.42

Pharmaceuticals 10.64

Auto manufacturers 8.54

Engineering and construction 4.98

Building materials 3.88

Financial services 2.83

Oil and gas producers 2.63

Food services 2.38

Commercial services 2.37

Household products 2.22

Electrical utilities 1.85

Internet software and services 1.80

Chemicals 1.79

Machinery 1.76

Metal fabrication 1.71

Leisure and entertainment 1.65

Automobile parts and equipment 1.63

Real estate 1.59

Agriculture 1.57

Leisure 1.52

Beverages 1.48

Home furnishings 1.35

Retail 1.25


Cash 3.67

Other net liabilities (1.02)



% NAV

India 89.91

United States 5.64

Mauritius 1.80


Cash 3.67

Other net liabilities (1.02)


48

Mirae Asset Asia Sector Leader Equity FundIndustrial & Geographical Classification as at 31 March 2015

Industrial Classification as at 31 March 2015 % NAVBanks 13.71Pharmaceuticals 13.45Internet software and services 12.40Auto manufacturers 8.76Insurance 7.41Beverages 3.75Leisure and entertainment 3.74Household products 3.65Retail 3.60IT Consulting and services 3.31Engineering and construction 3.05Cosmetics and personal care 2.84Telecommunication services 2.23Electrical utilities 1.99Food services 1.72Commercial services 1.59Oil and gas producers 1.52Environment control and services 1.49Miscellaneous machinery 1.49Building materials 1.44Oil and gas services 1.39Semiconductors 1.33Broadcasting, radio and television 1.26Financial services 1.25Restaurants 0.91Total investment in securities 99.28Cash 0.32Other net liabilities 0.40Total net assets 100.00

Geographical Classification as at 31 March 2015 % NAV

India 25.91Cayman Islands 13.13Hong Kong 11.83Republic of Korea (South) 7.78China 7.73Philippines 7.11Bermuda 6.61Indonesia 6.30United States 3.31Singapore 2.96Luxembourg 2.19Malaysia 1.65Thailand 1.44Taiwan 1.33Total investment in securities 99.28Cash 0.32Other net liabilities 0.40Total net assets 100.00

49


Mirae Asset Asia Pacific Equity FundIndustrial & Geographical Classification as at 31 March 2015

Industrial Classification as at 31 March 2015 % NAVBanks 13.73Pharmaceuticals 11.15Internet software and services 10.68Auto manufacturers 9.06Insurance 6.83Beverages 4.19Leisure and entertainment 4.00Retail 3.94IT Consulting and services 3.38Healthcare supplies and equipment 2.97Oil and gas producers 2.92Engineering and construction 2.82Cosmetics and personal care 2.67Household products 2.12Telecommunication services 2.05Electrical utilities 1.99Semiconductors 1.78Food services 1.67Commercial services 1.55Environment control and services 1.54Miscellaneous machinery 1.46Building materials 1.43Oil and gas services 1.39Broadcasting, radio and television 1.21Restaurants 1.07Financial services 0.01Total investment in securities 97.61Cash 2.40Other net liabilities (0.01)Total net assets 100.00


India 22.56Cayman Islands 11.89Hong Kong 11.57China 7.56Republic of Korea (South) 7.22United States 6.35Indonesia 6.29Philippines 6.11Bermuda 4.44Australia 3.16Luxembourg 2.12Singapore 2.07Taiwan 1.78Thailand 1.65Malaysia 1.44Papua New Guinea 1.40Total investment in securities 97.61Cash 2.40Other net liabilities (0.01)Total net assets 100.00

50

Mirae Asset GEM Sector Leader Equity FundIndustrial & Geographical Classification as at 31 March 2015

Industrial Classification as at 31 March 2015 % NAVBanks 11.35Pharmaceuticals 9.89Insurance 9.06Internet software and services 8.97Auto manufacturers 7.56Retail 6.35Engineering and construction 5.87Broadcasting, radio and television 3.72IT Consulting and services 3.33Leisure and entertainment 3.21Real estate investment trust 2.89Cosmetics and personal care 2.78Mining (non precious) 2.60Household products 2.22Food services 1.97Oil and gas services 1.84Electrical utilities 1.81Beverages 1.74Iron and steel 1.64Semiconductors 1.52Telecommunication services 1.50Food 1.21Transportation 1.13Restaurants 1.12Healthcare supplies and equipment 1.06Oil and gas producers 0.76Aerospace and defence 0.70Financial services 0.01Total investment in securities 97.81Cash 2.44Other net liabilities (0.25)Total net assets 100.00


India 17.84Hong Kong 8.65Cayman Islands 8.59Republic of Korea (South) 7.72China 7.31South Africa 5.94Indonesia 5.17Mexico 4.80Bermuda 4.55Russian Federation 3.86Philippines 3.71Brazil 3.65United States 3.33Malaysia 2.41Luxembourg 2.22Thailand 2.00Turkey 1.56Taiwan 1.52United Kingdom 1.14Panama 1.13United Arab Emirates 0.71Total investment in securities 97.81Cash 2.44Other net liabilities (0.25)Total net assets 100.00

51


Mirae Asset ASEAN Sector Leader Equity Fund*

Industrial & Geographical Classification as at 31 March 2015

Industrial Classification as at 31 March 2015 % NAVBanks 18.34Telecommunication services 17.65Real estate 13.85Food services 8.61Healthcare services 4.25Diversified companies 4.25Leisure and entertainment 4.18Broadcasting, radio and television 2.54Retail 2.32Oil and gas services 2.09Real estate investment trust 1.93Transportation 1.83Building materials 1.63Engineering and construction 1.61Beverages 0.80Financial services 0.00Total investment in securities 85.88Cash 16.29Other net liabilities (2.17)Total net assets 100.00


Singapore 25.31Indonesia 24.56Philippines 16.64Malaysia 8.15Thailand 6.97Hong Kong 4.25Total investment in securities 85.88Cash 16.29Other net liabilities (2.17)Total net assets 100.00


52

Mirae Asset Asia Great Consumer Equity Fund Industrial & Geographical Classification as at 31 March 2015

Industrial Classification as at 31 March 2015 % NAVInternet software and services 21.76Pharmaceuticals 19.61Food services 8.95Insurance 8.72Household products 7.68Auto manufacturers 6.14Cosmetics and personal care 4.73Retail 3.92Leisure and entertainment 3.60Chemicals 3.60Healthcare services 3.57Computers and peripherals 2.79Financial services 0.01Total investment in securities 95.08Cash 4.91Other net liabilities 0.01Total net assets 100.00


India 19.73Cayman Islands 19.71Republic of Korea (South) 12.20Hong Kong 9.84Bermuda 8.65Indonesia 6.35Philippines 5.08China 4.22Luxembourg 3.69Thailand 3.56Taiwan 2.05Total investment in securities 95.08Cash 4.91Other net liabilities 0.01Total net assets 100.00

53


Mirae Asset GEM Great Consumer Equity FundIndustrial & Geographical Classification as at 31 March 2015

Industrial Classification as at 31 March 2015 % NAVInternet software and services 18.24Pharmaceuticals 15.43Insurance 9.13Food services 8.56Household products 5.75Retail 4.82Auto manufacturers 4.51Healthcare services 3.83Cosmetics and personal care 3.54Banks 3.11Chemicals 2.73Leisure and entertainment 2.72Computers and peripherals 2.07Broadcasting, radio and television 1.88Food 1.81Real estate investment trust 1.81Engineering and construction 1.62Commercial services 1.28Healthcare supplies and equipment 1.25Transportation 0.96Beverages 0.88Aerospace and defence 0.75Real estate 0.68Financial services 0.02Total investment in securities 97.38Cash 3.04Other net liabilities (0.42)Total net assets 100.00


Cayman Islands 15.46India 14.91Republic of Korea (South) 9.30Bermuda 7.60Hong Kong 7.52South Africa 6.92Brazil 5.76Indonesia 4.65Mexico 4.17Philippines 3.80China 3.18Luxembourg 2.78Thailand 2.66Turkey 2.14Russian Federation 1.72Taiwan 1.56Netherlands 1.22United Arab Emirates 1.07Panama 0.96Total investment in securities 97.38Cash 3.04Other net liabilities (0.42)Total net assets 100.00

54

Mirae Asset Global Great Consumer Equity FundIndustrial & Geographical Classification as at 31 March 2015

Industrial Classification as at 31 March 2015 % NAVPharmaceuticals 18.30Retail 11.75Internet software and services 8.23Beverages 5.53Broadcasting, radio and television 4.45Biotechnology 4.20Auto manufacturers 3.88Apparel 3.76Leisure and entertainment 3.18Banks 2.92Financial services 2.48Commercial services 2.47Electronic equipment 2.18Insurance 1.99Home furnishings 1.84Transportation 1.84Cosmetics and personal care 1.76Semiconductors 1.73Food services 1.62Automobile parts and equipment 1.58Electrical equipment 1.54Lodging 1.53Total investment in securities 88.76Cash 11.37Other net liabilities (0.13)Total net assets 100.00


United States 51.59Germany 9.59Ireland 4.83Switzerland 4.22Cayman Islands 3.60Spain 2.18Belgium 2.09Singapore 1.73Jersey - Channel Islands 1.58Canada 1.55Netherlands 1.54France 1.53United Kingdom 1.47Virgin Islands (British) 1.26Total investment in securities 88.76Cash 11.37Other net liabilities (0.13)Total net assets 100.00

55




Industrial Classification as at 31 March 2015 % NAVInternet software and services 17.39Pharmaceuticals 10.32Insurance 7.66Energy - alternate sources 6.06Retail 5.73Leisure and entertainment 4.84Real estate 4.54Aerospace and defence 3.46Oil and gas services 2.92Water utilities 2.42Computers and peripherals 2.23Semiconductors 1.97Machinery 1.91IT Consulting and services 1.89Transportation 1.87Healthcare services 1.75Miscellaneous machinery 1.68Environment control and services 1.60Cosmetics and personal care 1.18Auto manufacturers 1.09Household products 0.98Apparel 0.77Chemicals 0.50Financial services 0.02Total investment in securities 84.78Cash 15.38Other net liabilities (0.16)Total net assets 100.00


Cayman Islands 22.40Hong Kong 13.79Republic of Korea (South) 9.70Bermuda 9.40China 8.80Philippines 5.45Taiwan 4.42Singapore 2.45India 2.01United States 1.89Thailand 1.36Indonesia 1.12Malaysia 1.01Luxembourg 0.98Total investment in securities 84.78Cash 15.38Other net assets (0.16)Total net assets 100.00* Not authorized in Hong Kong and not available to Hong Kong Residents(1) Please refer to note 14

56

Mirae Asset Asia Pacific Dividend Equity FundIndustrial & Geographical Classification as at 31 March 2015

Industrial Classification as at 31 March 2015 % NAVTelecommunication services 13.47Banks 12.57Engineering and construction 7.13Semiconductors 6.43Transportation 6.22Financial services 4.85Household products 4.78Pharmaceuticals 4.05Food services 2.94Diversified companies 2.86Miscellaneous machinery 2.29Healthcare supplies and equipment 2.29Iron and steel 2.25Real estate investment trust 2.18Packaging and containers 2.15Tobacco 2.15Telecommunication equipment 1.94Insurance 1.92Investment companies 1.90Auto manufacturers 1.85Electrical equipment 1.83Oil and gas services 1.79Commercial services 1.70Internet software and services 1.65Computers and peripherals 1.43Leisure and entertainment 1.27Automobile parts and equipment 1.17Cosmetics and personal care 0.95Electrical utilities 0.92Oil and gas producers 0.26Total investment in securities 99.19Cash 2.90Other net assets (2.09)Total net assets 100.00


China 14.16Hong Kong 12.86Taiwan 11.38Singapore 10.11Australia 9.12Republic of Korea (South) 6.36Cayman Islands 5.88India 4.88Philippines 4.72Indonesia 3.79Bermuda 3.39Thailand 3.14Luxembourg 3.10United States 2.29Malaysia 2.15United Kingdom 1.86Total investment in securities 99.19Cash 2.90Other net assets (2.09)Total net assets 100.00

57


Mirae Asset China Growth Equity Fund*(1)


Industrial Classification as at 31 March 2015 % NAVInternet software and services 33.60Insurance 20.90Pharmaceuticals 8.05Open-ended Funds 4.02Leisure and entertainment 3.61Banks 3.53Financial services 3.13Miscellaneous machinery 2.85Real estate 2.46Household products 2.43Environment control and services 2.41Electrical utilities 2.12Electrical equipment 1.93Auto manufacturers 1.55Oil and gas services 1.02Aerospace and defence 1.00Energy - alternate sources 0.98Beverages 0.95Total investment in securities 96.54Cash 5.80Other net assets (2.34)Total net assets 100.00


Cayman Islands 44.05China 29.10Hong Kong 9.86Bermuda 7.08Luxembourg 6.45Total investment in securities 96.54Cash 5.80Other net assets (2.34)Total net assets 100.00


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Industrial Classification as at 31 March 2015 % NAVBanks 28.61Governments 12.62Open-ended Funds 9.19Oil and gas producers 9.04Internet software and services 8.56Mining (non precious) 6.21Telecommunication services 4.61Electrical utilities 4.49Iron and steel 3.06Financial services 2.10Media 1.83Government guaranteed bonds 1.60Precious metals 0.79Total investment in securities 92.71Cash 6.37Other net assets 0.92Total net assets 100.00


Cayman Islands 9.48Republic of Korea (South) 9.20Ireland 9.19India 8.99United States 7.97Turkey 6.44Kazakhstan 6.21Netherlands 5.74Canada 4.40Indonesia 4.38Thailand 4.30Hungary 3.57Spain 2.37Sri Lanka 2.10Croatia 1.84Chile 1.68Brazil 1.68South Africa 1.60Isle of Man 0.79Luxembourg 0.78Total investment in securities 92.71Cash 6.37Other net assets 0.92Total net assets 100.00


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Mirae Asset Global Discovery Fund · 2015-08-27 · Mirae Asset Global Discovery Fund Société...

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Transcript of Mirae Asset Global Discovery Fund · 2015-08-27 · Mirae Asset Global Discovery Fund Société...