Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number:	811-22406

Mirae Asset Discovery Funds

(Exact name of registrant as specified in charter)

1350 Avenue of the Americas, 33rd Floor, New York, NY 10019

(Address of principal executive offices) (Zip Code)

Citi Fund Services Ohio, Inc.
3435 Stelzer Road
Columbus, OH 43219

(Name and address of agent for service)


Registrant’s telephone number, including area code:	(212) 205-8300

Date of fiscal year end:	April 30

Date of reporting period:	January 31, 2014

Item 1. Schedule of Investments.


Mirae Asset Discovery Funds	Schedule of Portfolio Investments
Emerging Markets Fund	January 31, 2014
(Unaudited)


		Shares		Value
Common Stocks (94.0%)
Advanced Info Service Public Co. Ltd. (Wireless Telecommunication Services)		23,600	$	149,512
AIA Group Ltd. (Insurance)		101,400		466,929
Aspen Pharmacare Holdings Ltd. (Pharmaceuticals)		8,372		189,129
AVI Ltd. (Food Products)		40,899		189,178
Baidu, Inc. ^* (Internet Software & Services)		1,533		239,915
BR Malls Participacoes SA (Real Estate Management & Development)		18,000		113,395
Cemex Sab de CV ^* (Construction Materials)		394,660		487,866
China Resources Gas Group Ltd. (Oil, Gas & Consumable Fuels)		80,000		248,338
Cognizant Technology Solutions Corp. ^* (IT Services)		6,403		620,578
Companhia Brasileira de Distribuicao Group - Sponsored ADR (Food & Staples Retailing)		3,671		140,489
Copa Holdings SA (Airlines)		3,074		401,772
Credicorp Ltd. (Commercial Banks)		2,855		376,632
Eurasia Drilling Co. Ltd. - Registered GDR (Energy Equipment & Services)		8,815		304,999
Fibra Uno Administracion SA (Real Estate Investment Trusts)		129,135		416,801
Galaxy Entertainment Group Ltd. ^* (Hotels, Restaurants & Leisure)		77,000		756,749
Glenmark Pharmaceuticals Ltd. (Pharmaceuticals)		29,665		264,807
Global Logistic Properties Ltd. (Real Estate Management & Development)		107,000		235,561
Grupo Aeroportuario del Sureste SAB de CV (Airlines)		23,710		266,906
Grupo Financiero Banorte Sab de CV (Commercial Banks)		49,680		313,639
HFDC Bank Ltd. (Commercial Banks)		30,217		303,135
Hotel Shilla Co. Ltd. (Hotels, Restaurants & Leisure)		3,892		283,663
HSBC Holdings PLC (Commercial Banks)		25,096		261,673
Hutchison Whampoa Ltd. (Industrial Conglomerates)		32,000		397,135
Industrial & Commerical Bank of China Ltd. (Commercial Banks)		498,000		308,540
Lenovo Group Ltd. (Computers & Peripherals)		274,000		355,046
Life Healthcare Group Holdings Pte Ltd. (Health Care Providers & Services)		67,775		216,668
LT Group, Inc. (Beverages)		597,200		242,518
Lupin Ltd. (Pharmaceuticals)		19,341		272,255
Malayan Banking Bhd (Commercial Banks)		87,968		253,253
Minor International Public Co. Ltd. (Hotels, Restaurants & Leisure)		359,800		226,852
Mobile TeleSystems - Sponsored ADR (Wireless Telecommunication Services)		8,332		143,727
Naver Corp. ^* (Internet Software & Services)		505		318,515
ORION Corp. ^* (Food Products)		395		322,215
Ping An Insurance (Group) Co. of China Ltd. (Insurance)		43,000		348,382
Prada SpA (Textiles, Apparel & Luxury Goods)		23,800		174,585
PT Bank Mandiri Tbk (Commercial Banks)		366,301		261,108
PT Matahari Department Store Tbk ^* (Multiline Retail)		200,600		191,067
PT Media Nusantara Citra Tbk (Media)		814,000		149,061
Samsonite International SA (Textiles, Apparel & Luxury Goods)		104,700		289,275
Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		295		352,832
Severstal (Metals & Mining)		33,900		275,268
Sul America SA (Insurance)		25,728		141,820
Sun Art Retail Group Ltd. (Food & Staples Retailing)		121,500		159,004
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		94,000		325,796
Tata Motors Ltd. (Automobiles)		54,748		305,462
Tencent Holdings Ltd. (Internet Software & Services)		6,000		420,036
Universal Robina Corp. (Food Products)		92,150		240,188
Usinas Sider Minas GER - PF A ^* (Metals & Mining)		24,500		120,835
Yandex NV ^* (Internet Software & Services)		9,750		358,313

TOTAL COMMON STOCKS (Cost $13,323,426)				14,201,422

Preferred Stocks (3.6%)
Itau Unibanco Holding SA (Commercial Banks)		22,200		278,604
Vale SA - Sponsored ADR (Metals & Mining)		21,022		258,150

TOTAL PREFERRED STOCKS (Cost $789,118)				536,754

TOTAL INVESTMENTS (Cost $14,112,544) — 97.6%				14,738,176

Net other assets (liabilities) — 2.4%				367,002

NET ASSETS — 100.0%			$	15,105,178

*	Non-income producing security
ADR	American Depositary Receipt
GDR	Global Depositary Receipt

See accompanying notes to schedule of portfolio investments.


Mirae Asset Discovery Funds	Schedule of Portfolio Investments
Emerging Markets Fund	January 31, 2014
(Unaudited)


The Emerging Markets Fund invested in the following industries as of January 31, 2014:				The Emerging Markets Fund invested in securities with exposure to the following countries as of January 31, 2014:

		Value	% of Net Assets			Value	% of Net Assets
Airlines	$	668,678	4.5%	Brazil	$	1,053,293	7.0%
Automobiles		305,462	2.0%	China		1,830,923	12.1%
Beverages		242,518	1.6%	Cyprus		304,999	2.0%
Commercial Banks		2,356,584	15.6%	Hong Kong		2,420,099	15.9%
Computers & Peripherals		355,046	2.4%	India		1,766,237	11.7%
Construction Materials		487,866	3.1%	Indonesia		601,236	4.0%
Energy Equipment & Services		304,999	2.0%	Italy		174,585	1.2%
Food & Staples Retailing		299,493	2.0%	Malaysia		253,253	1.7%
Food Products		751,581	5.0%	Mexico		1,485,212	9.8%
Health Care Providers & Services		216,668	1.3%	Panama		401,772	2.7%
Hotels, Restaurants & Leisure		1,267,264	8.4%	Peru		376,632	2.5%
Industrial Conglomerates		397,135	2.6%	Philippines		482,706	3.2%
Insurance		957,131	6.3%	Russia		502,040	3.3%
Internet Software & Services		1,336,779	8.7%	Russian Federation		275,268	1.8%
IT Services		620,578	4.1%	Singapore		235,561	1.6%
Media		149,061	1.0%	South Africa		594,975	3.9%
Metals & Mining		654,253	4.3%	South Korea		1,277,225	8.5%
Multiline Retail		191,067	1.3%	Taiwan		325,796	2.2%
Oil, Gas & Consumable Fuels		248,338	1.6%	Thailand		376,364	2.5%
Pharmaceuticals		726,191	4.9%	Other		367,002	2.4%
Real Estate Investment Trusts		416,801	2.8%	Total	$	15,105,178	100.0%
Real Estate Management & Development		348,956	2.4%
Semiconductors & Semiconductor Equipment		678,628	4.6%
Textiles, Apparel & Luxury Goods		463,860	3.1%
Wireless Telecommunication Services		293,239	2.0%
Other		367,002	2.4%
Total	$	15,105,178	100.0%

See accompanying notes to schedule of portfolio investments.


Mirae Asset Discovery Funds	Schedule of Portfolio Investments
Asia Fund	January 31, 2014
(Unaudited)


		Shares		Value
Common Stocks (95.8%)
Advanced Info Service Public Co. Ltd. (Wireless Telecommunication Services)		30,000	$	190,058
AIA Group Ltd. (Insurance)		101,600		467,850
Baidu, Inc. ^* (Internet Software & Services)		1,677		262,451
China Everbright International Ltd. (Industrial Conglomerates)		152,000		200,484
China Longyuan Power Group Corp. (Independent Power Producers & Energy Traders)		163,000		196,097
China Resources Gas Group Ltd. (Oil, Gas & Consumable Fuels)		84,000		260,755
Chongqing Changan Automobile Co. Ltd. (Automobiles)		89,400		161,214
Cognizant Technology Solutions Corp. ^* (IT Services)		6,597		639,380
DBS Group Holdings Ltd. (Commercial Banks)		23,000		296,780
Galaxy Entertainment Group Ltd. ^* (Hotels, Restaurants & Leisure)		58,000		570,020
Glenmark Pharmaceuticals Ltd. (Pharmaceuticals)		30,574		272,921
Global Logistic Properties Ltd. (Real Estate Management & Development)		102,000		224,553
HFDC Bank Ltd. (Commercial Banks)		33,570		336,772
Hotel Shilla Co. Ltd. (Hotels, Restaurants & Leisure)		3,428		249,845
HSBC Holdings PLC (Commercial Banks)		28,377		295,883
Hutchison Whampoa Ltd. (Industrial Conglomerates)		33,000		409,546
Industrial & Commerical Bank of China Ltd. (Commercial Banks)		551,000		341,376
Lenovo Group Ltd. (Computers & Peripherals)		256,000		331,722
LT Group, Inc. (Beverages)		628,400		255,188
Lupin Ltd. (Pharmaceuticals)		21,113		297,200
Malayan Banking Bhd (Commercial Banks)		62,249		179,210
Melco Crown Entertainment Ltd. - Sponsored ADR ^* (Hotels, Restaurants & Leisure)		11,009		451,259
Minor International Public Co. Ltd. (Hotels, Restaurants & Leisure)		306,500		193,246
Naver Corp. ^* (Internet Software & Services)		492		310,316
ORION Corp. ^* (Food Products)		496		404,604
Ping An Insurance (Group) Co. of China Ltd. (Insurance)		52,000		421,300
Prada SpA (Textiles, Apparel & Luxury Goods)		24,900		182,654
PT Bank Mandiri Tbk (Commercial Banks)		297,179		211,836
PT Matahari Department Store Tbk ^* (Multiline Retail)		205,600		195,830
PT Media Nusantara Citra Tbk (Media)		838,700		153,584
Samsonite International SA (Textiles, Apparel & Luxury Goods)		106,200		293,419
Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		335		400,673
Shree Cement Ltd. (Construction Materials)		2,688		190,357
Sun Art Retail Group Ltd. (Food & Staples Retailing)		103,500		135,447
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		124,000		429,774
Tata Motors Ltd. (Automobiles)		59,098		329,732
Tencent Holdings Ltd. (Internet Software & Services)		5,400		378,034
United Spirits Ltd. (Beverages)		4,865		192,065
Universal Robina Corp. (Food Products)		97,570		254,315
WuXi PharmaTech Caymen, Inc. ^* (Life Sciences Tools & Services)		5,724		199,768

TOTAL COMMON STOCKS (Cost $10,454,295)				11,767,518

TOTAL INVESTMENTS (Cost $10,454,295) — 95.8%				11,767,518

Net other assets (liabilities) — 4.2%				520,466

NET ASSETS — 100.0%			$	12,287,984

*	Non-income producing security
ADR	American Depositary Receipt


The Asia Fund invested in the following industries as of January 31, 2014:				The Asia Fund invested in securities with exposure to the following countries as of January 31, 2014:

		Value	% of Net Assets			Value	% of Net Assets
Automobiles	$	490,946	4.0%	China	$	2,427,409	19.7%
Beverages		447,253	3.6%	Hong Kong		2,949,216	24.1%
Commercial Banks		1,661,857	13.6%	India		2,258,427	18.4%
Computers & Peripherals		331,722	2.7%	Indonesia		561,250	4.6%
Construction Materials		190,357	1.5%	Italy		182,654	1.5%
Food & Staples Retailing		135,447	1.1%	Malaysia		179,210	1.5%
Food Products		658,919	5.4%	Philippines		509,503	4.1%
Hotels, Restaurants & Leisure		1,464,370	12.0%	Singapore		521,333	4.2%
Independent Power Producers & Energy Traders		196,097	1.6%	South Korea		1,365,438	11.1%
Industrial Conglomerates		610,030	4.9%	Taiwan		429,774	3.5%
Insurance		889,150	7.3%	Thailand		383,304	3.1%
Internet Software & Services		950,801	7.7%	Other		520,466	4.2%
IT Services		639,380	5.3%	Total	$	12,287,984	100.0%
Life Sciences Tools & Services		199,768	1.6%
Media		153,584	1.2%
Multiline Retail		195,830	1.6%
Oil, Gas & Consumable Fuels		260,755	2.1%
Pharmaceuticals		570,121	4.6%
Real Estate Management & Development		224,553	1.8%
Semiconductors & Semiconductor Equipment		830,447	6.8%
Textiles, Apparel & Luxury Goods		476,073	3.9%
Wireless Telecommunication Services		190,058	1.5%
Other		520,466	4.2%
Total	$	12,287,984	100.0%

See accompanying notes to schedule of portfolio investments.


Mirae Asset Discovery Funds	Schedule of Portfolio Investments
Emerging Markets Great Consumer Fund	January 31, 2014
(Unaudited)


		Shares		Value
Common Stocks (92.7%)
Advanced Info Service Public Co. Ltd. (Wireless Telecommunication Services)		211,000	$	1,336,738
AIA Group Ltd. (Insurance)		379,400		1,747,070
Apollo Hospitals Enterprise Ltd. (Health Care Providers & Services)		146,571		2,176,223
Aspen Pharmacare Holdings Ltd. (Pharmaceuticals)		53,410		1,206,566
AVI Ltd. (Food Products)		215,085		994,876
Banregio Grupo Financiero SAB de CV (Commercial Banks)		336,280		1,840,839
BR Malls Participacoes SA (Real Estate Management & Development)		105,800		666,512
Brilliance China Automotive Holdings Ltd. (Automobiles)		1,096,000		1,679,942
Chongqing Changan Automobile Co. Ltd. (Automobiles)		551,476		994,469
Companhia Brasileira de Distribuicao Group - Sponsored ADR (Food & Staples Retailing)		25,195		964,213
Copa Holdings SA (Airlines)		16,330		2,134,331
Credicorp Ltd. (Commercial Banks)		18,760		2,474,819
Eurocash SA (Food & Staples Retailing)		103,187		1,343,154
Fibra Uno Administracion SA (Real Estate Investment Trusts)		631,600		2,038,577
Galaxy Entertainment Group Ltd. ^* (Hotels, Restaurants & Leisure)		299,000		2,938,547
Glenmark Pharmaceuticals Ltd. (Pharmaceuticals)		110,125		983,039
Godrej Consumer Products Ltd. (Personal Products)		40,507		487,312
Grupo Aeroportuario del Sureste SAB de CV (Airlines)		165,100		1,858,548
Hengan International Group Co. Ltd. (Personal Products)		86,500		934,235
Hotel Shilla Co. Ltd. (Hotels, Restaurants & Leisure)		42,598		3,104,695
Hypermarcas SA (Personal Products)		170,330		1,076,564
ITC Ltd. (Tobacco)		392,600		2,037,259
Lenovo Group Ltd. (Computers & Peripherals)		1,222,000		1,583,456
LG Household & Health Care Ltd. (Household Products)		1,782		795,922
Life Healthcare Group Holdings Pte Ltd. (Health Care Providers & Services)		320,960		1,026,066
LT Group, Inc. (Beverages)		1,572,800		638,701
Lupin Ltd. (Pharmaceuticals)		107,240		1,509,576
Magnit - Registered Sponsored GDR (Food & Staples Retailing)		37,224		1,963,566
Melco International Development Ltd. (Hotels, Restaurants & Leisure)		295,000		1,073,439
Minor International Public Co. Ltd. (Hotels, Restaurants & Leisure)		2,901,000		1,829,064
Mobile TeleSystems - Sponsored ADR (Wireless Telecommunication Services)		85,295		1,471,339
Naspers Ltd. (Media)		12,387		1,267,175
ORION Corp. ^* (Food Products)		3,290		2,683,769
Ping An Insurance (Group) Co. of China Ltd. (Insurance)		121,000		980,331
Prada SpA (Textiles, Apparel & Luxury Goods)		167,100		1,225,764
PT Kalbe Farma Tbk (Pharmaceuticals)		16,663,100		1,918,202
PT Mitra Adiperkasa Tbk (Multiline Retail)		1,655,500		739,244
PT Summarecon Agung Tbk (Real Estate Management & Development)		19,889,000		1,556,247
PT Telekomunikasi Indonesia Persero Tbk (Diversified Telecommunication Services)		6,694,600		1,247,867
Robinson Department Store Public Co. Ltd. (Multiline Retail)		981,900		1,324,479
Samsonite International SA (Textiles, Apparel & Luxury Goods)		675,600		1,866,611
Sands China Ltd. (Hotels, Restaurants & Leisure)		316,544		2,440,254
SM Prime Holdings, Inc. (Real Estate Management & Development)		4,280,500		1,466,196
Sul America SA (Insurance)		172,924		953,203
Sun Art Retail Group Ltd. (Food & Staples Retailing)		748,000		978,886
Tata Motors Ltd. (Automobiles)		180,135		1,005,047
Tencent Holdings Ltd. (Internet Software & Services)		47,700		3,339,296
Tofas Turk Otomobil Fabrikasi AS (Automobiles)		63,200		296,412
Universal Robina Corp. (Food Products)		998,430		2,602,396
Yandex NV ^* (Internet Software & Services)		66,583		2,446,925

TOTAL COMMON STOCKS (Cost $76,314,569)				77,247,961

Preferred Stocks (1.7%)
Itau Unibanco Holding SA (Commercial Banks)		110,787		1,390,347

TOTAL PREFERRED STOCK (Cost $1,666,571)				1,390,347

TOTAL INVESTMENTS (Cost $77,981,140) — 94.4%				78,638,308

Net other assets (liabilities) — 5.6%				4,672,724

NET ASSETS — 100.0%			$	83,311,032

*	Non-income producing security
ADR	American Depositary Receipt
GDR	Global Depositary Receipt

See accompanying notes to schedule of portfolio investments.


Mirae Asset Discovery Funds	Schedule of Portfolio Investments
Emerging Markets Great Consumer Fund	January 31, 2014
(Unaudited)


The Emerging Markets Great Consumer Fund invested in the following industries as of January 31, 2014:				The Emerging Markets Great Consumer Fund invested in securities with exposure to the following countries as of January 31, 2014:

		Value	% of Net Assets			Value	% of Net Assets
Airlines	$	3,992,879	4.8%	Brazil	$	5,050,839	6.1%
Automobiles		3,975,870	4.8%	China		8,810,673	10.5%
Beverages		638,701	0.8%	Hong Kong		11,745,863	14.0%
Commercial Banks		5,706,005	6.9%	India		8,198,456	9.8%
Computers & Peripherals		1,583,456	1.9%	Indonesia		5,461,560	6.5%
Diversified Telecommunication Services		1,247,867	1.5%	Italy		1,225,764	1.5%
Food & Staples Retailing		5,249,819	6.4%	Mexico		5,737,964	6.9%
Food Products		6,281,041	7.5%	Panama		2,134,331	2.6%
Health Care Providers & Services		3,202,289	3.8%	Peru		2,474,819	3.0%
Hotels, Restaurants & Leisure		11,385,999	13.6%	Philippines		4,707,293	5.7%
Household Products		795,922	1.0%	Poland		1,343,154	1.6%
Insurance		3,680,604	4.4%	Russia		5,881,830	7.1%
Internet Software & Services		5,786,221	6.8%	South Africa		4,494,683	5.4%
Media		1,267,175	1.5%	South Korea		6,584,386	7.9%
Multiline Retail		2,063,723	2.5%	Thailand		4,490,281	5.4%
Personal Products		2,498,111	3.0%	Turkey		296,412	0.4%
Pharmaceuticals		5,617,383	6.7%	Other		4,672,724	5.6%
Real Estate Investment Trusts		2,038,577	2.5%	Total	$	83,311,032	100.0%
Real Estate Management & Development		3,688,955	4.5%
Textiles, Apparel & Luxury Goods		3,092,375	3.7%
Tobacco		2,037,259	2.4%
Wireless Telecommunication Services		2,808,077	3.4%
Other		4,672,724	5.6%
Total	$	83,311,032	100.0%

See accompanying notes to schedule of portfolio investments.


Mirae Asset Discovery Funds	Schedule of Portfolio Investments
Asia Great Consumer Fund	January 31, 2014
(Unaudited)


		Shares		Value
Common Stocks (97.3%)
Advanced Info Service Public Co. Ltd. (Wireless Telecommunication Services)		63,500	$	402,289
AIA Group Ltd. (Insurance)		77,800		358,255
Apollo Hospitals Enterprise Ltd. (Health Care Providers & Services)		45,413		674,272
Brilliance China Automotive Holdings Ltd. (Automobiles)		358,000		548,740
Chongqing Changan Automobile Co. Ltd. (Automobiles)		87,235		157,310
Galaxy Entertainment Group Ltd. ^* (Hotels, Restaurants & Leisure)		92,000		904,169
Glenmark Pharmaceuticals Ltd. (Pharmaceuticals)		27,544		245,874
Hengan International Group Co. Ltd. (Personal Products)		31,500		340,212
Hotel Shilla Co. Ltd. (Hotels, Restaurants & Leisure)		13,737		1,001,201
ITC Ltd. (Tobacco)		121,297		629,428
Lenovo Group Ltd. (Computers & Peripherals)		374,000		484,626
LG Household & Health Care Ltd. (Household Products)		622		277,813
LT Group, Inc. (Beverages)		501,000		203,452
Lupin Ltd. (Pharmaceuticals)		36,604		515,260
Melco International Development Ltd. (Hotels, Restaurants & Leisure)		91,000		331,129
Minor International Public Co. Ltd. (Hotels, Restaurants & Leisure)		910,200		573,875
ORION Corp. ^* (Food Products)		1,048		854,891
Ping An Insurance (Group) Co. of China Ltd. (Insurance)		33,500		271,414
Prada SpA (Textiles, Apparel & Luxury Goods)		52,900		388,049
PT Kalbe Farma Tbk (Pharmaceuticals)		4,954,400		570,335
PT Mitra Adiperkasa Tbk (Multiline Retail)		859,000		383,576
PT Summarecon Agung Tbk (Real Estate Management & Development)		7,064,600		552,782
PT Telekomunikasi Indonesia Persero Tbk (Diversified Telecommunication Services)		2,150,000		400,758
Robinson Department Store Public Co. Ltd. (Multiline Retail)		300,900		405,882
Samsonite International SA (Textiles, Apparel & Luxury Goods)		219,900		607,560
Sands China Ltd. (Hotels, Restaurants & Leisure)		97,137		748,834
SM Prime Holdings, Inc. (Real Estate Management & Development)		1,594,800		546,266
Sun Art Retail Group Ltd. (Food & Staples Retailing)		239,000		312,772
Tata Motors Ltd. (Automobiles)		57,836		322,691
Tencent Holdings Ltd. (Internet Software & Services)		16,600		1,162,103
Universal Robina Corp. (Food Products)		316,460		824,849

TOTAL COMMON STOCKS (Cost $13,808,650)				16,000,667

TOTAL INVESTMENTS (Cost $13,808,650) — 97.3%				16,000,667

Net other assets (liabilities) — 2.7%				446,430

NET ASSETS — 100.0%			$	16,447,097

*	Non-income producing security


The Asia Great Consumer Fund invested in the following industries as of January 31, 2014:				The Asia Great Consumer Fund invested in securities with exposure to the following countries as of January 31, 2014:

		Value	% of Net Assets			Value	% of Net Assets
Automobiles	$	1,028,741	6.3%	China	$	2,728,437	16.5%
Beverages		203,452	1.2%	Hong Kong		3,498,687	21.3%
Computers & Peripherals		484,626	2.9%	India		2,387,525	14.5%
Diversified Telecommunication Services		400,758	2.4%	Indonesia		1,907,451	11.6%
Food & Staples Retailing		312,772	1.9%	Italy		388,049	2.4%
Food Products		1,679,740	10.3%	Philippines		1,574,567	9.6%
Health Care Providers & Services		674,272	4.1%	South Korea		2,133,905	13.0%
Hotels, Restaurants & Leisure		3,559,208	21.7%	Thailand		1,382,046	8.4%
Household Products		277,813	1.7%	Other		446,430	2.7%
Insurance		629,669	3.9%	Total	$	16,447,097	100.0%
Internet Software & Services		1,162,103	7.0%
Multiline Retail		789,458	4.8%
Personal Products		340,212	2.0%
Pharmaceuticals		1,331,469	8.1%
Real Estate Management & Development		1,099,048	6.7%
Textiles, Apparel & Luxury Goods		995,609	6.1%
Tobacco		629,428	3.8%
Wireless Telecommunication Services		402,289	2.4%
Other		446,430	2.7%
Total	$	16,447,097	100.0%

See accompanying notes to schedule of portfolio investments.


Mirae Asset Discovery Funds	Schedule of Portfolio Investments
Global Great Consumer Fund	January 31, 2014
(Unaudited)


		Shares		Value
Common Stocks (91.5%)
Amadeus IT Holding SA (IT Services)		9,610	$	380,442
Amazon.com, Inc. ^* (Internet & Catalog Retail)		1,450		520,101
Anheuser-Busch InBev NV (Beverages)		2,576		246,827
ARM Holdings PLC (Semiconductors & Semiconductor Equipment)		14,050		215,930
Astellas Pharma., Inc. (Pharmaceuticals)		3,518		220,344
Bank of America Corp. (Diversified Financial Services)		18,300		306,525
Bayerische Motoren Werke AG (Automobiles)		2,084		227,143
Brunello Cucinelli SpA (Textiles, Apparel & Luxury Goods)		13,044		356,220
Citigroup, Inc. (Diversified Financial Services)		5,463		259,110
Comcast Corp. (Media)		4,291		233,645
Compagnie Financiere Richemont AG (Textiles, Apparel & Luxury Goods)		2,300		213,532
eBay, Inc. ^* (Internet Software & Services)		2,968		157,898
Galaxy Entertainment Group Ltd. ^* (Hotels, Restaurants & Leisure)		37,600		369,530
Gilead Sciences, Inc. ^* (Biotechnology)		3,400		274,210
Google, Inc. ^* (Internet Software & Services)		616		727,477
Groupe FNAC SA ^* (Specialty Retail)		103		3,195
Industria de Diseno Textil SA (Specialty Retail)		1,300		194,077
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)		4,727		361,710
L'Oreal SA (Personal Products)		1,200		197,434
MasterCard, Inc. (IT Services)		7,070		535,057
Moncler SpA ^* (Textiles, Apparel & Luxury Goods)		22,000		418,929
NIKE, Inc. (Textiles, Apparel & Luxury Goods)		5,445		396,668
Prada SpA (Textiles, Apparel & Luxury Goods)		22,210		162,922
Sanofi (Pharmaceuticals)		1,700		166,903
Starbucks Corp. (Hotels, Restaurants & Leisure)		4,435		315,417
Tencent Holdings Ltd. (Internet Software & Services)		5,300		371,033
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		2,100		241,794
Unilever PLC (Food Products)		5,835		224,335
Union Pacific Corp. (Road & Rail)		1,213		211,353
Visa, Inc. (IT Services)		2,428		523,064
Walt Disney Co. (The) (Media)		4,325		314,038
Wells Fargo & Co. (Commercial Banks)		4,540		205,844
World Duty Free SpA ^* (Specialty Retail)		19,152		278,430
Yoox SpA ^* (Internet & Catalog Retail)		8,553		324,006

TOTAL COMMON STOCKS (Cost $7,107,734)				10,155,143

Preferred Stock (2.4%)
Volkswagen AG (Automobiles)		1,066		270,342

TOTAL PREFERRED STOCK (Cost $244,794)				270,342

Rights ( —% ) ^NM
Groupe FNAC SA ^* (Specialty Retail)		6		20

TOTAL RIGHTS (Cost $—)				20

TOTAL INVESTMENTS (Cost $7,352,528) — 93.9%				10,425,505

Net other assets (liabilities) — 6.1%				681,617

NET ASSETS — 100.0%			$	11,107,122

*	Non-income producing security
NM	Not meaningful, amount less than .05%


The Global Great Consumer Fund invested in the following industries as of January 31, 2014:				The Global Great Consumer Fund invested in securities with exposure to the following countries as of January 31, 2014:

		Value	% of Net Assets			Value	% of Net Assets
Automobiles	$	497,485	4.4%	Belgium	$	246,827	2.2%
Beverages		246,827	2.2%	China		371,033	3.3%
Biotechnology		274,210	2.5%	France		367,552	3.3%
Commercial Banks		205,844	1.9%	Germany		497,485	4.4%
Diversified Financial Services		565,635	5.1%	Hong Kong		369,530	3.3%
Food Products		224,335	2.1%	Italy		1,540,507	13.9%
Hotels, Restaurants & Leisure		1,046,657	9.4%	Japan		220,344	2.0%
Internet & Catalog Retail		844,107	7.6%	Spain		574,519	5.2%
Internet Software & Services		1,256,408	11.3%	Switzerland		213,532	1.9%
IT Services		1,438,563	13.0%	United Kingdom		440,265	4.0%
Life Sciences Tools & Services		241,794	2.2%	United States		5,583,911	50.4%
Media		547,683	4.9%	Other		681,617	6.1%
Personal Products		197,434	1.8%	Total	$	11,107,122	100.0%
Pharmaceuticals		387,247	3.5%
Road & Rail		211,353	1.9%
Semiconductors & Semiconductor Equipment		215,930	1.9%
Specialty Retail		475,722	4.2%
Textiles, Apparel & Luxury Goods		1,548,271	14.0%
Other		681,617	6.1%
Total	$	11,107,122	100.0%

See accompanying notes to schedule of portfolio investments.


Mirae Asset Discovery Funds	Schedule of Portfolio Investments
Global Dynamic Bond Fund	January 31, 2014
(Unaudited)


		Shares or Principal Amount		Value
Foreign Bonds ⁺ (2.0%)
Brazil — 0.9%
Banco Santander Brasil SA ^(a) , 8.00%, 3/18/16		300,000	$	115,012
Spain — 1.1%
Generalitat de Catalunya, 4.95%, 2/11/20		100,000		139,284

TOTAL FOREIGN BONDS (Cost $275,762)				254,296

Yankee Dollar Bonds (66.0%)
Banco de Costa Rica - Registered Shares, 5.25%, 8/12/18		200,000		199,000
Banco de Credito e Inversiones ^(a) , 4.00%, 2/11/23		250,000		234,042
Banco do Brasil SA, 3.88%, 1/23/17		200,000		202,900
Bank VTB North-West OJSC ^(b) , 5.01%, 9/29/15		500,000		510,624
Caixa Economica Federal ^(a) , 4.50%, 10/3/18		150,000		147,375
CNPC General Capital Ltd. ^(a) , 2.75%, 4/19/17		200,000		204,223
Croatia Government International Bond - Registered Shares, 6.63%, 7/14/20		250,000		265,000
Development Bank of Kazakhstan - Registered Shares, 5.50%, 12/20/15		250,000		264,813
Development Bank of Kazakhstan JSC ^(a) , 4.13%, 12/10/22		250,000		225,000
Embraer Overseas Ltd. - Registered Shares, 5.70%, 9/16/23		100,000		101,000
Eskom Holdings Ltd. - Registered Shares, 5.75%, 1/26/21		200,000		196,500
Golden Eagle Retail Group Ltd. ^(a) , 4.63%, 5/21/23		200,000		169,949
GTL Trade Finance, Inc. - Registered Shares, 7.25%, 10/20/17		100,000		112,000
Hana Bank ^(a) , 3.50%, 10/25/17		500,000		524,509
ICICI Bank Ltd. - Registered Shares, 4.75%, 11/25/16		200,000		209,795
Indian Oil Corp. Ltd. - Registered Shares, 5.63%, 8/2/21		400,000		406,605
KazAgro National Management Holding JSC ^(a) , 4.63%, 5/24/23		200,000		182,000
PT Pertamina ^(a) , 4.88%, 5/3/22		250,000		228,750
Republic of Indonesia ^(a) , 6.75%, 1/15/44		250,000		252,500
Russian Federation ^(a) , 4.88%, 9/16/23		200,000		201,000
Sberbank of Russia - Registered Shares, 6.13%, 2/7/22		250,000		261,250
State Bank of India ^(a) , 3.25%, 4/18/18		300,000		293,925
State Oil Co. of the Azerbaijan Republic, 5.45%, 2/9/17		250,000		263,750
Telefonica Emisiones SAU, 5.46%, 2/16/21		250,000		271,634
Tencent Holdings Ltd. - Registered Shares, 4.63%, 12/12/16		500,000		536,886
Turk EximBank ^(a) , 5.88%, 4/24/19		250,000		249,713
Turkiye Garanti Bankasi ^(a) , 4.00%, 9/13/17		250,000		241,500
VEB Leasing Invest Ltd., 5.13%, 5/27/16		250,000		263,125
Vnesheconombank - Registered Shares, 5.38%, 2/13/17		500,000		526,600
Votorantim Cimentos SA - Registered Shares, 7.25%, 4/5/41		250,000		232,500
VTB Bank OJSC ^(a) , 6.95%, 10/17/22		200,000		200,998
Woori Bank Co. Ltd. ^(a) , 2.88%, 10/2/18		200,000		202,836

TOTAL YANKEE DOLLAR BONDS (Cost $8,365,509)				8,382,302

Corporate Bond (0.8%)
United States — 0.8%
Southern Copper Corp., 7.50%, 7/27/35		100,000		104,652

TOTAL CORPORATE BOND (Cost $100,764)				104,652

Exchange Traded Funds (10.5%)
iShares iBoxx $ High Yield Corporate Bond ETF (Corp/Pref-High Yield)		2,500		233,125
iShares JPMorgan USD Emerging Markets Bond ETF (Corp/Pref-High Yield)		2,500		268,250
PIMCO 0-5 Year High Yield Corporate Bond Index ETF (Corp/Pref-High Yield)		6,000		634,260
SPDR Barclays Capital High Yield Bond ETF (Corp/Pref-High Yield)		5,000		203,950

TOTAL EXCHANGE TRADED FUNDS (Cost $1,351,233)				1,339,585

U.S. Treasury Obligation (3.9%)
U.S. Treasury Note, 0.25%, 7/31/15		500,000		500,313

TOTAL U.S. TREASURY OBLIGATION (Cost $499,321)				500,313

TOTAL INVESTMENTS (Cost $10,592,589) — 83.2%				10,581,148

Net other assets (liabilities) — 16.8%				2,139,936

NET ASSETS — 100.0%			$	12,721,084

+	Principal amounts are disclosed in local currency and value amounts are disclosed in U.S. Dollars.
(a)	Security is exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b)	Variable or Floating Rate Security. Rate disclosed is as of January 31, 2014.

ETF	Exchange Traded Fund
SPDR	Standard & Poor's Depositary Receipts
USD	United States Dollar

See accompanying notes to schedule of portfolio investments.


Mirae Asset Discovery Funds	Schedule of Portfolio Investments
Global Dynamic Bond Fund	January 31, 2014
(Unaudited)


The Global Dynamic Bond Fund invested in the following industries as of January 31, 2014:				The Global Dynamic Bond Fund invested in securities with exposure to the following countries as of January 31, 2014:

		Value	% of Net Assets			Value	% of Net Assets
Aerospace & Defense	$	101,000	0.8%	Azerbaijan	$	263,750	2.1%
Commercial Banks Non-US		3,606,891	28.4%	Brazil		697,787	5.5%
Corp/Pref-High Yield		1,339,585	10.5%	Cayman Islands		101,000	0.8%
Diversified Operations		414,500	3.2%	Chile		234,042	1.8%
Electric-Integrated		196,500	1.5%	China		911,058	7.2%
Export/import Bank		249,713	2.0%	Costa Rica		199,000	1.6%
Internet Application Software		536,886	4.3%	Croatia		265,000	2.1%
Metals & Mining		104,652	0.8%	India		910,325	7.2%
Municipal		139,284	1.1%	Indonesia		481,250	3.8%
Oil Companies - Exploration & Production		432,973	3.4%	Kazakhstan		671,813	5.3%
Oil Companies-Integrated		263,750	2.1%	Russia		1,963,597	15.4%
Oil Refining & Marketing		406,605	3.2%	South Africa		196,500	1.5%
Retail-Regional Department Store		169,949	1.3%	South Korea		727,345	5.7%
Sovereign		1,218,813	9.6%	Spain		410,918	3.2%
Special Purpose Banks		1,016,413	8.0%	Turkey		491,213	3.9%
Steel-specialty		112,000	0.9%	United States		1,944,550	15.2%
Telephone-Integrated		271,634	2.1%	Virgin Islands, British		112,000	0.9%
Other		2,139,936	16.8%	Other		2,139,936	16.8%
Total	$	12,721,084	100.0%	Total	$	12,721,084	100.0%

See accompanying notes to schedule of portfolio investments.

Mirae Asset Discovery Funds

Notes to Schedules of Portfolio Investments

January 31, 2014

(Unaudited)


1.	Organization

	Mirae Asset Discovery Funds (the “Trust”) is organized as a Delaware statutory trust pursuant to a Declaration of Trust dated April 7, 2010. The Trust is registered as an open-end investment company under the Investment Company Act of 1940 (the “1940 Act”). As of January 31, 2014, the Trust is comprised of the following six funds: Emerging Markets Fund, Asia Fund, Emerging Markets Great Consumer Fund, Asia Great Consumer Fund, Global Great Consumer Fund and Global Dynamic Bond Fund. Each may be referred to individually as a “Fund” and collectively as the “Funds.”

	The Emerging Markets Fund, Asia Fund, Emerging Markets Great Consumer Fund, Asia Great Consumer Fund and Global Great Consumer Fund are each classified as diversified under the 1940 Act. The Global Dynamic Bond Fund is classified as non-diversified under the 1940 Act. The Funds are authorized to issue an unlimited number of shares of beneficial interest of no par value. Each Fund offers three classes of shares: Class A Shares, Class C Shares, and Class I Shares. Class A, Class C and Class I Shares are identical except as to sales charges, distribution and other expenses borne by each class and voting rights on matters affecting a single class of Shares, and the exchange privilege of each class of shares. Class A Shares of the Funds have a maximum sales charge of 5.75% (4.50% for Class A Shares of Global Dynamic Bond Fund) as a percentage of the offering price. Class C Shares of the Funds are offered without any front-end sales charge but will be subject to a maximum deferred sales charge of 1.00% if redeemed less than one year after purchase. No sales charges are assessed with respect to Class I Shares of the Funds.

2.	Significant Accounting Policies

	The following is a summary of the significant accounting policies followed by the Funds in the preparation of their schedules of portfolio investments. The policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of schedules of portfolio investments in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts.

	Investment Valuation

	The Funds record investments at fair value. Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.

	Equity securities (e.g., preferred and common stocks), exchange-traded funds and rights listed on a national securities exchange, market or automated quotation system for which quotations are readily available, including securities traded over the counter, are valued at their last sale price on the relevant exchange as of the close of regular trading on that exchange. All equity securities that are not traded on a listed exchange or automated quotation system are valued at the last sale price at the close of the U.S. market (i.e., usually the close of the regular trading on the New York Stock Exchange (“NYSE”)) on each day the NYSE is open for trading. On a day that a security does not trade, then the mean between the bid and the asked prices will be used as long as it continues to reflect the value of the security. In the event that market quotations are not readily available, or if the mean between the bid and the asked prices of a non-exchange listed security does not reflect the value of the security, “fair value” of the security will be determined in accordance with fair value procedures approved by the Board of Trustees of the Trust (the “Board”, and the members thereof, the “Trustees”).

	Fixed-income securities, other than U.S. Government and agency securities, are generally valued by using market quotations or a matrix method provided by an independent pricing service. U.S. Government and agency securities are valued at the mean of the bid and asked quotes for those instruments. Fixed-income securities maturing within 60 days may be valued at amortized cost, which approximates fair value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant basis to the maturity of the security. In the absence of available quotations fixed income securities will be priced at fair value determined in accordance with fair value procedures approved by the Board.

	Most securities listed on a foreign exchange are valued at the last sale price at the close of the exchange on which the security is primarily traded. In certain countries, market maker prices are used since they are the most representative of the daily trading activity. In the case of certain foreign exchanges, the closing price reported by the exchange (which may sometimes be referred to by the exchange or one or more pricing agents as the “official close” or the “official closing price” or other similar term) will be considered the most recent sale price. Securities not traded on a particular day are valued at the mean between the last reported bid and asked quotes, or the last sale price where appropriate; otherwise fair value will be determined in accordance with fair value procedures approved by the Board.

Mirae Asset Discovery Funds

Notes to Schedules of Portfolio Investments, continued

January 31, 2014

(Unaudited)


	The Funds may invest in American Depositary Receipts (“ADRs”) as well as other “hybrid” forms of ADRs, including European Depositary Receipts (“EDRs”) and Global depositary Receipts (“GDRs”). These depositary receipts are certificates evidencing ownership of shares of a foreign issuer, and serve as an alternative to directly purchasing the underlying foreign securities in their national markets and currencies. These certificates are issued by depository banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country.

	Following the valuations of securities or other portfolio assets in terms of the currency in which the market quotation used is expressed (“Local Currency”), the value of these portfolio assets in terms of U.S. dollars is calculated by converting the Local Currency into U.S. dollars at the prevailing currency exchange rate on the valuation date as provided by an independent pricing service or reporting agency.

	Redeemable securities issued by open-end investment companies are valued at the last calculated net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities as described above.

	Securities for which market quotations are not readily available (including securities for which Mirae Asset Global Investments (USA) LLC (the “Manager”) determines that the closing market prices do not represent the securities' current value because of an intervening “significant event”) will be valued at fair value pursuant to valuation procedures approved by the Board. Circumstances in which market quotations may not be readily available include, but are not limited to, when the security's trading has been halted or suspended, when the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, or a significant event with respect to a security or securities has occurred after the close of the market or exchange on which the security or securities principally trades and before the time the Fund calculates the net asset value. The Manager believes that foreign securities values may be affected by volatility that occurs in global markets on a trading day after the close of any given foreign securities markets. The fair valuation procedures, therefore, include a procedure whereby foreign securities prices may be “fair valued” by an independent pricing service or by the Manager's Valuation Committee, in accordance with a valuation policy approved by the Board to take those factors into account.

	Each Fund uses fair value pricing to seek to ensure that such Fund's net asset value reflects the value of its underlying portfolio securities. There can be no assurance, however, that a fair value used by a Fund on any given day will more accurately reflect the market value of a security or securities than the market price of such security or securities. A security's valuation may differ depending on the method used for determining value. Fair valuation of a Fund's portfolio securities can serve to reduce arbitrage opportunities available to short term traders, but there is no assurance that fair value pricing policies will prevent dilution of a Fund's net asset value by short term traders.

	The valuation techniques described above maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds' investments are summarized in the three broad levels listed below: · Level 1 — quoted prices in active markets for identical assets · Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.) · Level 3 — significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investment) The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

	Pursuant to the valuation procedures noted previously, equity securities and exchange-traded funds (including foreign equity securities) are generally categorized as a Level 1 security in the fair value hierarchy (unless there is a fair valuation event, in which case affected securities are generally categorized as a Level 2 security). Fixed-income securities (including foreign bonds) and rights are all generally categorized as Level 2 securities in the fair value hierarchy.

Mirae Asset Discovery Funds

Notes to Schedules of Portfolio Investments, continued

January 31, 2014

(Unaudited)


	A summary of the valuations as of January 31, 2014, based upon the three levels defined above, are included in the table below:


		Level 1		Level 2		Level 3		Total Investments
Emerging Markets Fund
Common Stocks*	$	14,201,422	$	–	$	–	$	14,201,422
Preferred Stocks*		536,754		–		–		536,754
Total Investments	$	14,738,176	$	–	$	–	$	14,738,176

Asia Fund
Common Stocks*	$	11,767,518	$	–	$	–	$	11,767,518
Total Investments	$	11,767,518	$	–	$	–	$	11,767,518

Emerging Markets Great Consumer Fund
Common Stocks*	$	77,247,961	$	–	$	–	$	77,247,961
Preferred Stock*		1,390,347		–		–		1,390,347
Total Investments	$	78,638,308	$	–	$	–	$	78,638,308

Asia Great Consumer Fund
Common Stocks*	$	16,000,667	$	–	$	–	$	16,000,667
Total Investments	$	16,000,667	$	–	$	–	$	16,000,667

Global Great Consumer Fund
Common Stocks*	$	10,155,143	$	–	$	–	$	10,155,143
Preferred Stock*		270,342		–		–		270,342
Rights		20		–		–		20
Total Investments	$	10,425,505	$	–	$	–	$	10,425,505

Global Dynamic Bond Fund
Corporate Bond	$	–	$	104,652	$	–	$	104,652
Exchange Traded Funds		1,339,585		–		–		1,339,585
Foreign Bonds		–		254,296		–		254,296
U.S. Treasury Obligation		–		500,313		–		500,313
Yankee Dollar Bonds		–		8,382,302		–		8,382,302
Total Investments	$	1,339,585	$	9,241,563	$	–	$	10,581,148

(*) For detailed industry classifications, see accompanying Schedules of Portfolio Investments.


	For the quarter ended January 31, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value. The Trust recognizes transfers between fair value hierarchy levels at the reporting period end. There were no transfers from Level 1, 2 or 3 on the recognition dates.

	Cash Equivalents

	The Funds consider all unpledged temporary cash investments with a maturity date at the time purchase of three months or less to be cash equivalents.

Mirae Asset Discovery Funds

Notes to Schedules of Portfolio Investments, continued

January 31, 2014

(Unaudited)


	Foreign Currency Transactions

	The accounting records of the Funds are maintained in U.S. dollars. Financial instruments and other assets and liabilities of a Fund denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates. Purchases and sales of financial instruments, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the date of the transaction. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates from those resulting from changes in market values of financial instruments. Such fluctuations are included with the net realized and unrealized gains or losses from investments. Realized foreign exchange gains or losses arise from transactions in financial instruments and foreign currencies, currency exchange fluctuations between the trade and settlement date of such transactions, and the difference between the amount of assets and liabilities recorded and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including financial instruments, resulting from changes in currency exchange rates.

	The Funds may be subject to foreign taxes on gains in investments or currency repatriation. The Funds accrue such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

	Investment Transactions and Related Income

	Throughout the reporting period, investment transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, investment transactions are accounted for on trade date on the last business day of the reporting period.

3.	Investment Risks

	Foreign Securities Risk
	Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign currencies; imposition of additional taxes; trading, settlement, custodial and other operational risks; and risk arising from the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign investments more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market.

	Emerging Markets Risks
	The risks of foreign investments are typically greater in less developed countries. Risks of investment in developing or emerging economies and markets include (i) less social, political, and economic stability; (ii) the smaller size of the securities markets and the lower volume of trading, which may result in a lack of liquidity and in great price volatility; (iii) certain national policies that may restrict the Funds' investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to national interests, or expropriation or confiscation of assets or property, which could result in the funds' loss of their entire investment in that market; (iv) less developed legal and regulatory structures governing private or foreign investment or allowing for judicial redress for injury to private property; (v) inaccurate, incomplete or misleading financial information on companies in which the Funds invest; (vi) securities of companies may trade at prices not consistent with traditional valuation measures; (vii) limitations on foreign ownership, which may impact the price of a security purchased or held by the Funds; and (viii) higher levels of inflation, deflation or currency devaluation relative to more developed markets.

	Concentration Risk
	Concentration risk results from maintaining exposure to a limited number of issuers, industries, market sectors, countries or geographical regions. A Fund that concentrates its investments will be more susceptible to risks associated with that concentration and will be more sensitive to adverse impact from credit risk relating to such issuers than a Fund that is more diversified. Funds that focus their investments in particular countries or geographic regions may be particularly susceptible to economic, political or regulatory events affecting those countries or regions. These Funds may be more volatile than a more geographically diversified fund. The Schedule of Portfolio Investments provide information on each Fund's holdings, including industry and/or geographical composition, as relevant.

Mirae Asset Discovery Funds

Notes to Schedules of Portfolio Investments, continued

January 31, 2014

(Unaudited)


4.	Restricted Securities

	A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 ( the “1933 Act”) or pursuant to the resale limitations provided by rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Illiquid securities are securities that cannot be sold or disposed of within seven days in the ordinary course of business at approximately the prices at which they are valued. The Manager determines the liquidity of a Fund's investments under the supervision of the Board. At January 31, 2014, the Global Dynamic Bond Fund held restricted securities representing 29% of net assets, none of which have been deemed illiquid. The restricted securities held as of January 31, 2014 are identified below and are also presented in the Fund's Schedule of Portfolio Investments.


Global Dynamic Bond Fund	% of Net Assets	Acquisition Date		Acquisition Cost		Principal Amount		Fair Value
Banco Santander Brasil SA, 8.00%, 3/18/16	0.9%	5/2/13	$	151,134	$	300,000	$	115,012
Banco de Credito e Inversiones, 4.00%, 2/11/23	1.8%	2/6/13		248,188		250,000		234,042
Caixa Economica Federal, 4.50%, 10/3/18	1.2%	9/27/13		149,025		150,000		147,375
CNPC General Capital Ltd., 2.75%, 4/19/17	1.6%	4/12/12		199,982		200,000		204,223
Development Bank of Kazakhstan JSC, 4.13%, 12/10/22	1.8%	2/6/13		248,490		250,000		225,000
Golden Eagle Retail Group Ltd., 4.63%, 5/21/23	1.3%	5/14/13		199,162		200,000		169,949
Hana Bank, 3.50%, 10/25/17	4.1%	4/19/12		499,700		500,000		524,509
KazAgro National Management Holding JSC, 4.63%, 5/24/23	1.4%	5/17/13		200,000		200,000		182,000
PT Pertamina, 4.88%, 5/3/22	1.8%	4/26/12		248,535		250,000		228,750
Republic of Indonesia, 6.75%, 1/15/44	2.0%	1/9/14		251,625		250,000		252,500
Russian Federation, 4.88%, 9/16/23	1.6%	9/10/13		195,750		200,000		201,000
State Bank of India, 3.25%, 4/18/18	2.3%	5/3/13		302,520		300,000		293,925
Turk EximBank, 5.88%, 4/24/19	2.0%	4/13/12		247,318		250,000		249,713
Turkiye Garanti Bankasi, 4.00%, 9/13/17	1.9%	9/6/12		248,045		250,000		241,500
VTB Bank OJSC, 6.95%, 10/17/22	1.6%	10/24/12		206,700		200,000		200,998
Woori Bank Co. Ltd., 2.88%, 10/2/18	1.6%	9/24/13		198,682		200,000		202,836


5.	Federal Income Tax Information

	At January 31, 2014, the tax cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:


		Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Appreciation (Depreciation)		Net Tax Unrealized Appreciation (Depreciation)
Emerging Markets Fund	$	14,130,113	$	1,656,497	$	(1,048,434)	$	608,063
Asia Fund		10,532,490		1,710,587		(475,559)		1,235,028
Emerging Markets Great Consumer Fund		78,010,234		7,336,017		(6,707,943)		628,074
Asia Great Consumer Fund		13,821,133		3,046,951		(867,417)		2,179,534
Global Great Consumer Fund		7,352,528		3,135,282		(62,305)		3,072,977
Global Dynamic Bond Fund		10,592,589		213,799		(225,240)		(11,441)


6.	Subsequent Events

	Subsequent events occurring after the date of this report have been evaluated for potential impact to this report through the date of this filing. There are no subsequent events to report.

Item 2. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)	Mirae Asset Discovery Funds

By: (Signature and Title)	/s/ Peter Graham
	Peter Graham, President and Principal Executive Officer

Date:	March 28, 2014


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: (Signature and Title)	/s/ Peter Graham
	Peter Graham, President and Principal Executive Officer

Date:	March 28, 2014

By: (Signature and Title)	/s/ Joel Engle
	Joel Engle, Treasurer and Principal Financial Officer

Date:	March 28, 2014