January 2020 Holdings for the Web.Xlsx

Mirae Asset Discovery Funds

Emerging Markets Fund 1/31/2020

Name Weight (%) Alibaba Group Holding Ltd. Sponsored ADR 6.23% Tencent Holdings Ltd. 4.84% Samsung Electronics Co., Ltd. 4.17% ICICI Bank Limited 3.31% IHH Healthcare Bhd. 2.40% TAL Education Group Sponsored ADR Class A 2.36% SBI Life Insurance Co. Ltd. 2.26% Taiwan Semiconductor Manufacturing Co., Ltd. 2.26% Prosus N.V. Class N 2.26% Rumo SA 2.07% Banco do Brasil S.A. 2.06% Narayana Hrudayalaya Ltd. 1.85% HDFC Bank Limited 1.80% Samsung Electronics Co Ltd Pfd Non-Voting 1.77% Lojas Renner S.A. 1.76% Phu Nhuan Jewelry JSC 1.74% Companhia de Locacao das Americas 1.72% Universal Robina Corp. 1.70% GAIL (India) Limited 1.57% Sberbank Russia PJSC Sponsored ADR 1.54% Al Rajhi Bank 1.48% AIA Group Limited 1.45% Suzano S.A. 1.43% SK hynix Inc 1.42% Dalmia Bharat Ltd. 1.41% NOVATEK JSC Sponsored GDR RegS 1.40% Yandex NV Class A 1.35% Guangzhou Baiyun International Airport Company Limited Class A 1.32% Lemon Tree Hotels Ltd. 1.31% Raia Drogasil S.A. 1.31% KAZ Minerals PLC 1.26% Tencent Music Entertainment Group Sponsored ADR Class A 1.25% Tonghua Dongbao Pharmaceutical Co., Ltd. Class A 1.23% Grupo Financiero Banorte SAB de CV Class O 1.21% Samsung SDI Co., Ltd 1.18% PT Bank Central Asia Tbk 1.18% Ping An Insurance (Group) Company of China, Ltd. Class H 1.15% DLF Limited 1.15% Li Ning Company Limited 1.12% Security Bank Corp. (Philippines) 1.12% Name Weight (%) CSPC Pharmaceutical Group Limited 1.11% China Resources Gas Group Limited 1.10% Credicorp Ltd. 1.10% 3SBio, Inc. 1.09% Singapore Telecommunications Limited 1.06% Reliance Industries Limited 1.06% Meituan Dianping Class B 1.05% Vietnam Technological & Commercial Joint Stock Bank 1.04% China Petroleum & Chemical Corporation Class H 1.03% Industrial and Commercial Bank of China Limited Class H 1.01% China Overseas Land & Investment Limited 0.99% Detsky mir PJSC 0.93% Wal-Mart de Mexico SAB de CV 0.91% Halyk Savings Bank of Kazakhstan JSC Sponsored GDR RegS 0.82% Mr Price Group Limited 0.75% MercadoLibre, Inc. 0.75% CCC SA 0.73% Clicks Group Limited 0.73% CD Projekt S.A. 0.72% FirstRand Limited 0.69% Alsea, S.A.B. de C.V. 0.64% Titan Company Limited 0.62% Sunny Optical Technology (Group) Co., Ltd. 0.60% Dabur India Limited 0.59% BOC Aviation Limited 0.28% Cash 3.23% Total 100.00%

The portfolio holdings are subject to change and the information provided should not be considered as a recommendation to purchase or sell a particular security. There is no assurance that the securities mentioned remain in the Fund's portfolio or that securities sold have not been repurchased.

Risk: Investing involves risk, including the potential loss of principal.

An investor should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. This and other important information about the investment company can be found in the Fund's prospectus and summary prospectus. To obtain a prospectus or a summary prospectus, please contact your financial advisor or call (888) 335-3417. Please read the prospectus carefully before investing.