Mirae Asset Mutual Fund

Annual Report 2021-22 (Abridged)

Board of Directors Asset Management Company:
Mirae Asset Trustee Company Private Limited Mirae Asset Investment Managers (India) Private Limited
CA Uttam Prakash Agarwal Director (Independent) Registered & Corporate Office:
Unit No.606, Windsor Building,
Dr. Manoj Vaish Director (Independent) Off. C.S.T. Road, Kalina, Santacruz (East),
Dr. Barendra Kumar Bhoi Director (Independent) Mumbai - 400 098.
Mr. K.Ramasubramanian Director (Associate) CIN: U65990MH2019PTC324625

Mirae Asset Investment Managers (India) Private Limited* Custodian:

Mr. Yogesh Chadha Director (Independent) M/s. Deutsche Bank AG, Mumbai
Ms. Malini Thadani Director (Independent) Block 1, Nirlon Knowledge Park,
Off. Western Express Highway,
Mr. Swarup Mohanty Director & CEO (Associate) Goregaon (East),
Mr. Jun Young Hong Director & CBO (Associate) Mumbai - 400 063, India.

Sponsor: Statutory Auditor:

Mirae Asset Global Investments Company Limited M/s. M.P. Chitale & Co.,
Registered office: 1st Floor, Hamam House,
13F, Tower 1, 33, Ambala Doshi Marg, Fort,
Jong-ro, Jongno-gu, Seoul 03159 Mumbai - 400 001.
Republic of Korea.
Registrar & Transfer Agent:
Trustee:
KFin Technologies Limited
Mirae Asset Trustee Company Private Limited Karvy Selenium, Tower-B, Plot No. 31 & 32,
Registered office: Financial District, Nankramguda,
Unit No.606, Windsor Building, Serilingampally Mandal, Ranga Reddy District,
Off. C.S.T. Road, Kalina, Santacruz (East), Hyderabad - 500 032.
Mumbai - 400 098.
CIN: U65191MH2007FTC170231

Trustee:
Mirae Asset Trustee Company Private Limited
Registered Office: Unit No.606, Windsor Building, Off. C.S.T. Road, Kalina, Santacruz (East), Mumbai - 400 098
CIN: U65191MH2007FTC170231

THE AMC BRANCH OFFICES:

OFFICIAL POINT OF Acceptance OF TRANSACTIONS (OPAT): ● Ahmedabad - Unit No.104, 1st Floor, SPG Empressa, Mithakhali - 380 009. ● Bangalore
- Unit No. 204, 2nd Floor, Prestige Meridian II, No. 30, M.G Road, Bangalore - 560 001. Tel-080-44227777. ● Bhubaneswar - Offce No. 202, 2nd Floor,
Janpath Tower, Ashok Nagar, Bhubaneswar-751009. Tel-7381029019. ● Chandigarh - SCO 2473-2474, First Floor, Sector 22 C,Chandigarh - 160022.
Tel-0172-5030688. ● Chennai - New No.3, Old.No.2, Burkit Road, T. Nagar - 600017. Tel-044-44227777. ● Indore - Ground Floor, G -2, Vitrag 30/1, South
Tukoganj, Indore (M.P) - 452001. ● Jaipur - Unit 804, 8th Floor, Okay Plus Tower, Ajmer Road, Jaipur-302001. Tel-0141-2377222. ● Kanpur - Offce No. 303
& 304, 3rd Floor, 14/113 KAN Chambers, Civil Lines, Kanpur-208 001. Tel-81770 00201. ● Kochi - 1st Floor, Business Communication Centre, Chiramel
Chambers, Kurisupally Road, Ravipuram, Kochi - 682015. ● Kolkata - Krishna Building, 5th Floor, Room No 510, 224, A.J.C. Bose Road, Kolkata-700017.
Tel-033-44227777. ● Lucknow - Offce No. 308, 3rd Floor, Saran Chamber-II, 5, Park Road, Lucknow-226001. Tel-0522 - 4241511. ● Mumbai (Corporate
Office) - Unit No. 606, 6th Floor, Windsor Bldg., Off. CST Road, Kalina, Santacruz (E), Mumbai-400 098.Tel-022-67800300. ● Mumbai (Branch Office) - Ground
Floor, 3, 4, 9, Rahimtoola House, 7, Homji Street, Fort, Mumbai - 400001. Tel-022-49763740. ● Nagpur - Office No. 510, SAS Business Centre, Level 5,
Landmark Building, Ramdaspeth, Wardha Road, Nagpur - 440010. ● New Delhi - 1110 Ansal Bhavan, 16 K. G. Marg, New Delhi-110001. Tel-011-44227777.
● Patna - D-215, Dumraon Place, Fraser Road, Patna - 800001. ● Pune - 75/76, 4th Floor, C-Wing, Shreenath Plaza, Dnyaneshwar Paduka Chowk, Shivaji
Nagar, Pune-411 005. Tel-020-44227777.● Rajkot - Office No. 406, 4th Floor, The Imperia, Near Limbda Chowk, Opposite Shastri Maidaan, Rajkot - 360 002
● Secunderabad - No. 208, Legend Crystal Building, 2nd Floor, PG Road, Secunderabad - 500 003. Tel-040-66666723. ● Surat - D-112, International Trade
Center (ITC Building), Majuragate, Ring Road, Surat - 395002 ● Vadodara - Offce No FF-7, Concorde Building, R C Dutt Road, Alkapuri, Vadodara-390007.
Tel-9375504443. ● Varanasi - Shop No. 63, First Floor, Kuber Complex, Rathyatra, Varanasi, U P - 221010.
* Securities and Exchange Board of India (“SEBI”) vide its letter dated November 20, 2019 bearing reference no. SEBI/HO/IMD/DF5/OW/P/2019/30719/1 (“SEBI NOC”) had granted
their non-objection to transfer the AMC Business from ‘Mirae Asset Global Investments (India) Pvt Ltd’ to ‘Mirae Asset Investment Managers (India) Private Limited’. Accordingly,
the business was transferred with effect from January 1, 2020.
Dear Investor,

Hope you and your family members are doing well.

We are happy to share with you that Mirae Asset Mutual Fund (“MAMF/MF”) has continued with its strong momentum this year
as well. We crossed INR 100,000 lakh crores AUM (INR 102,842.23 Lakh crores as on 31 March 2022). The MF has now
established a stronger foothold in the Indian Mutual Fund Industry and is one of the fastest growing MFs in India based on
the rate of AUM growth and the Industry participants are recognizing the same. We are happy to share the trust our investors
have showed, as investor folios crossed 50 lakh folios (51.40 lakh folios as on 31 March 2022) of which as 22.52 lakh folios
are in systematic investment plans.

In the financial year 2021-2022, MAMF launched 11 funds to enhance its offering. MAMF started its passive business in 2020
by launching plain vanilla ETF products however this year, Mirae Asset Investment Managers (India) Private Limited (“AMC”)
continued to launch many interesting products in the passive side starting with Mirae Asset NYSE FANG+ ETF & Mirae Asset
NYSE FANG+ ETF Fund of Fund, Mirae Asset S&P 500 Top 50 ETF & Mirae Asset S&P 500 Top 50 ETF Fund of Fund, Mirae
Asset Hang Seng TECH ETF & Mirae Asset Hang Seng TECH ETF & Fund of Fund, Mirae Asset Nifty Financial Services
ETF, Mirae Asset Nifty India Manufacturing ETF & Mirae Asset Nifty India Manufacturing ETF Fund of Fund, Mirae Asset Nifty
Midcap 150 ETF and Mirae Asset Nifty SDL Jun 2027 Index Fund which has helped build up a strong presence in the passive
business. This year we have also expanded our Debt product offering with Mirae Asset Money Market Fund. We will keep
enhancing our product offering, with more products in this financial year.

ETFs need special attention as the role of AMC is to focus on maintaining liquidity and ensuring that the trades are executed
close to Indicative NAV (iNAV). This year as the regulator brought a freeze on investing in foreign securities due to overall
ceiling being hit, the AMC through its appointed Authorized Participants worked tirelessly to ensure that the tracking error and
tracking difference is kept in check.

The AMC continues to enhance its online transactions through the website to make it user friendly and provide ease of navigation.
We will be launching a completely revamped investor transaction website with many features, payment options in H1 CY 2023.
The AMC continues to update its investors on the funds, markets and important events through the website and emails and
also shares insightful articles on investor education through Investor Awareness Initiatives. Last 2 years due to Covid we had
restricted physical meetings, however since April 2022, we have ramped up our efforts to arrange regular Investor Awareness
Programs (IAP) and webinars with our investors. The AMC has enhanced its Corporate websites with powerful knowledge
content, and has launched an investor training module for enriching your financial awareness, presently we have two modules
Beginner Level and Intermediate Level. (https://www.miraeassetmf.co.in/learning-module).

The AMC’s goal in the long term is to become one of the major players in the Indian Mutual Fund Industry with a complete
product basket across asset classes and endeavor to deliver risk adjusted returns to our investors.

The AMC would like to thank the investors for investing in its funds and wishes you a very happy investing in the future.

Thanking you,

Swarup Mohanty
CEO - Mirae Asset Investment Managers (India) Private Limited

Note: For break up of AUM, visit https://www.miraeassetmf.co.in/downloads/statutory-disclosure/other-disclosure

 TRUSTEE REPORT OF
MIRAE ASSET MUTUAL FUND FOR THE YEAR ENDED MARCH 31, 2022

Dear Unit holder,

The Trustee Company presents its Fourteenth report and the audited financial statements of the Schemes of Mirae Asset Mutual Fund (“Fund/MAMF/MF”),
for the year ended March 31, 2022.

MIRAE ASSET MUTUAL FUND

We are happy to share with you that Mirae Asset Mutual Fund (“MAMF/MF”) has continued with its strong momentum this year as well as we crossed Rs
100,000 lakh crores AUM (INR 102,842.23 Lakh crores as on 31 March 2022). The MF has now established a stronger foothold in the Indian Mutual Fund
Industry and is one of the fastest growing MFs in India based on the rate of AUM growth and the Industry participants are recognizing the same. We are happy
to share the trust our investors have showed, as investor folios crossed 50 lakh folios (51.40 lakh folios as on 31 March 2022) of which as 22.52 lakh folios
are in systematic investment plans.
In the financial year 2021-2022, SEBI introduced multiple measures through various circulars to decode operational technicalities and MAMF has adopted all
of them, some major ones being:
● Alignment of interest of Key Employees of AMC with the unitholders of the mutual fund schemes - 20 % of annual earnings of the Key Employees to be
invested in schemes.
● Potential Risk Class Matrix (PRC) for debt schemes based on Interest Rate Risk and Credit Risk - similar to scheme risk-o-meter additional table on PRC
to be included
● Adopted Risk Management Framework
● Adoption of Investment Charter and disclosure of investor complaints on the MF website
● 2 factor authentication enabled for redemptions.
Additionally, MAMF has undertaken some more measures to further strengthen the commitment to keep unitholders interest paramount.
● A dedicated Trustee Officer has been appointed to actively monitor and report scheme related matters to the Trustees.
Scheme vs Benchmark performance (as on 31/Mar/2022)
● 40.9% (direct plan) and 24% (regular plan) of schemes have outperformed the benchmark in 1 year period.
● 66.7% (direct plan) and 38.5% (regular plan) of schemes have outperformed the benchmark in 3 year period.
● 77.8% (direct plan) and 33.3% (regular plan) of schemes have outperformed the benchmark in 5 year period.
● 75% (regular plan) of schemes have outperformed the benchmark in 10 year period.
● 59.6% (direct plan) and 38.9% (regular plan) of schemes have outperformed the benchmark since inception.
MAMF has also launched 11 schemes in 2021-22 to cater to investor interests. In that process some first in the Industry has also been achieved.
● First ETF on Nifty Financial services Index
● First ETF on Nifty India Manufacturing Index
While the Fund House endeavours to become one of major players in the Indian Mutual Fund Industry with a complete product basket across asset classes
and endeavours to deliver risk adjusted returns to our investors, the Trustee Company shall continue to ensure protection of the interest of the investors of
the Fund, at all points of time. We are happy to share that MAMF has complied with all the regulatory updates of SEBI.

Scheme Performance, Future Outlook and Operations of the Schemes

1. PERFORMANCE AND OPERATIONS OF THE SCHEMES.
I. MIRAE ASSET LARGE CAP FUND (MALCF), Large Cap Fund - An open-ended equity scheme predominantly investing across large cap
stocks
The performance of Mirae Asset Large Cap Fund (erstwhile known as Mirae Asset India Equity Fund) as on March 31, 2022 is as follows:
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualized Growth Returns (CAGR) Scheme returns (%) Nifty 100 (TRI) Scheme returns (%) Nifty 100 (TRI)
Since Inception 15.74 11.75 17.52 14.01
Last 1 year 18.18 20.63 19.45 20.63
Last 3 years 14.79 15.68 16.04 15.68
Last 5 years 14.17 14.66 15.30 14.66
NAV as on 31/03/2022 74.41 - 84.43 -
Since Inception date of the Scheme: April 04, 2008; Direct Plan was introduced on January 01, 2013
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualized growth returns (CAGR) and are calculated on Rs.10/- invested at inception.
For Regular Plan - Growth Option and Direct Plan - Growth Option, there is a slight underperformance in the 1-year period with respect to the
Benchmark due to the stock selection in Sectors of Consumer Non-Durables, Insurance, Power, Energy, and Petroleum Product. Since inception,
there is outperformance with respect to the Benchmark.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit (Rs.) IDCW Per Unit (Rs.)
31/03/2022 Individual Non-Individual
Mirae Asset Large Cap Fund - Regular Plan - IDCW Option 23.368 - -
Mirae Asset Large Cap Fund- Regular Plan - Growth Option 77.414 NA NA
Mirae Asset Large Cap Fund- Direct Plan - IDCW Option 52.006 - -
Mirae Asset Large Cap Fund- Direct - Growth Option 84.437 NA NA
The Scheme aims to maximize the long-term capital appreciation by finding investment opportunities resulting from Indian economic growth and
its structural shifts through investing in equities, equities related securities with risk mitigating and controlling measures. The Scheme does not
guarantee or assure any returns.

Mirae Asset Mutual Fund - Annual Report 2021-2022 1

 The net assets of Mirae Asset Large Cap Fund stood at Rs. 31,929.34 crores as at March 31, 2022 as against Rs. 23,762.37 crores as at
March 31, 2021 and out of the total net assets as on March 31, 2022, 96.67% was invested in equity shares and 3.33% in Cash, TREPS and others.
The Scheme has flexibility to invest between 80% to 100% of its net asset in equities and equity related securities of large cap companies and 20%
in equities and equity related securities of Companies other than large cap companies and up to 20% into money market instruments/debt securities
Instruments. The exact mix of equity and debt is a function of equity market valuation and outlook, interest rates and the outlook for the same.
Note: *Mirae Asset India Equity Fund has been changed to Mirae Asset Large Cap Fund from May 1, 2019. The category of the fund has also been
changed from Multicap Fund to Large Cap Fund.

II. MIRAE ASSET EMERGING BLUECHIP FUND (MAEBF), Large & Mid Cap Fund - An open-ended equity scheme investing in both large
cap and mid cap stocks:
The performance of Mirae Asset Emerging Bluechip Fund as on March 31, 2022 is as follows: -
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualized Growth Returns (CAGR) Scheme returns Nifty Large Midcap Scheme returns Nifty Large Midcap
(%) 250 (TRI) (%) 250 (TRI)
Since Inception 21.16 13.44 24.08 16.06
Last 1 year 21.07 22.90 22.30 22.90
Last 3 years 21.23 18.31 22.48 18.31
Last 5 years 17.44 15.11 18.53 15.11
NAV as on 31/03/2022 95.098 - 103.711 -
Since Inception date of the Scheme: July 09, 2010; Direct Plan was introduced on January 01, 2013
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualized growth returns (CAGR) and are calculated on Rs.10/- invested at inception.
For Regular Plan - Growth Option and Direct Plan - Growth Option, the Scheme has almost slight underperformance with respect to the Benchmark
in the 1-year period. Higher Exposure into Consumer Non-Durables, Energy, and Lower Exposure into IT and Petroleum Products has dragged the
fund performance Since inception, there is outperformance with respect to the Benchmark. The performance on 5 years period remained healthy
with outperformance with respect to the Benchmark.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit (Rs.) IDCW Per Unit (Rs.)
March 31, 2022 Individual Non-Individual
Mirae Asset Emerging Bluechip Fund - Regular Plan - IDCW Option 40.663 3. 50 3.50
Mirae Asset Emerging Bluechip Fund - Regular Plan - Growth Option 95.098 NA NA
Mirae Asset Emerging Bluechip Fund - Direct Plan - IDCW Option 67.697 5.75 5.75
Mirae Asset Emerging Bluechip Fund - Direct Plan - Growth Option 103.711 NA NA
The investment objective of the scheme is to generate income and capital appreciation from a portfolio primarily investing in Indian equities and equity
related securities of large cap and mid cap companies at the time of investment. From time to time, the fund manager may also seek participation
in other Indian equity and equity related securities to achieve optimal Portfolio construction. The Scheme does not guarantee or assure any returns.
The net assets of Mirae Asset Emerging Bluechip Fund stood at Rs. 21,932.38 crores as at March 31, 2022 as against Rs. 16,190.40 crores as at
March 31, 2021 and out of the total net assets as on March 31, 2022, 99.54% of the net assets were invested in equity shares, 0.46% in MF Units,
TREPS and others.
The Scheme has flexibility to invest between 35% to 65% of its net asset in Indian Equities and Equity Related Securities of companies which are
part of the top 100 stocks by market capitalization and 35% to 65% of its net assets into Indian Equities and Equity Related Securities of Mid cap
companies which are not part of the Top100 stocks but fall within Top 250 stocks by market capitalization at the time of investment and rest upto
30% into Other Indian Equities and Equity Related Securities/Money market instruments (including Tri-party repo)/debt securities Instruments. The
exact mix of equity and debt is a function of equity market valuation and outlook, interest rates and the outlook for the same.

III. MIRAE ASSET HYBRID EQUITY FUND (MAHEF), Aggressive Hybrid Fund - An open-ended hybrid scheme investing predominantly in
equity and equity related instruments
The performance of Mirae Asset Hybrid Equity Fund (erstwhile known as Mirae Asset Prudence Fund) as on March 31, 2022 is as follows:-
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualized Growth Returns Scheme returns CRISIL Hybrid 35+65 - Scheme returns CRISIL Hybrid 35+65 -
(CAGR) (%) Aggressive Index (%) Aggressive Index
Since Inception 12.38 12.05 14.24 12.05
Last 1 year 15.93 15.29 17.58 15.29
Last 3 years 13.84 14.54 15.57 14.54
Last 5 years 12.62 12.79 14.39 12.79
NAV as on 31/03/2022 21.799 - 24.32 -
Since Inception date of the Scheme: July 29, 2015
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualized growth returns (CAGR) and are calculated on Rs.10/- invested at inception.
For Regular Plan - Growth Option and Direct Plan - Growth Option, the Scheme has outperformance with respect to the Benchmark in the 1-year
period due to being overweight in Equity as compared to the Benchmark. Since inception, there is marginal outperformance with respect to the
Benchmark.

2 Mirae Asset Mutual Fund - Annual Report 2021-2022

 The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022
INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Hybrid Equity Fund - Regular Plan - IDCW Option 15.156 1.25 1.25
Mirae Asset Hybrid Equity Fund - Regular Plan - Growth Option 21.799 NA NA
Mirae Asset Hybrid Equity Fund - Direct Plan - IDCW Option 17.689 1.50 1.50
Mirae Asset Hybrid Equity Fund - Direct Plan - Growth Option 24.324 NA NA
The investment objective of the Scheme is to generate capital appreciation along with current income from a combined portfolio of predominantly
investing in equity & equity related instruments and balance in debt and money market instruments. The Scheme does not guarantee or assure
any returns.
The net assets of Mirae Asset Hybrid Equity Fund stood at Rs.4993.32 Crores as at March 31, 2022 as against Rs.4,828.91 Crores as at March 31,
2021 and out of the total net assets as on March 31, 2022, 74.61% was invested in equity shares, 25.39% in Debt and Money market instruments,
MF Units, TREPS and others.
The Scheme has flexibility to invest between 65% to 80% of its net asset in Equities and Equity Related Securities and 20%-35% shall be invested
in Debt & Money Market Instruments. Further the scheme can invest up to 10% in units issued by REITS and InvITS. The Scheme shall not invest
in securitized debt and shall not engage into stock lending/short selling. Further, the Scheme may, pending deployment of funds invest in units of
money market/liquid schemes of Mirae Asset Mutual Fund and/or any other mutual fund.

IV. MIRAE ASSET DYNAMIC BOND FUND (MADBF), Dynamic Bond Fund - an open-ended dynamic debt scheme investing across duration.
A relatively high interest rate risk and relatively high credit risk
Mirae Asset Dynamic Bond Fund (MADBF), an open-ended income scheme, was launched by the AMC on March 24, 2017.
The performance of Mirae Asset Dynamic Bond Fund as on March 31, 2022 is as follows: -
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualized Growth Returns (CAGR) Scheme returns (%) CRISIL Composite Scheme returns (%) CRISIL Composite
Bond Fund Index Bond Fund Index
Since Inception 6.36 9.48 7.63 9.48
Last 1 year 3.64 4.48 4.63 4.48
Last 3 years 7.44 8.21 8.53 8.21
Last 5 years 6.27 7.29 7.53 7.29
NAV 13.630 - 14.465 -
Since Inception date of the Scheme: March 24, 2017
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualized growth returns (CAGR) and are calculated on Rs.10/- invested at inception.
The objective of the Scheme is to generate optimal returns through active management of a portfolio of debt and money market instruments. However,
there is no assurance that the investment objective of the Scheme will be realized and the Scheme does not assure or guarantee any returns.
There is an underperformance with respect to the Benchmark is due to unfavorable interest rate movement and less risky Debt instruments in the
portfolio as compared to the Benchmark.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022
INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Dynamic Bond Fund - Direct Plan - IDCW Option 14.465 - -
Mirae Asset Dynamic Bond Fund - Direct Plan - Growth Option 14.465 NA NA
Mirae Asset Dynamic Bond Fund - Regular Plan - IDCW Option 13.630 - -
Mirae Asset Dynamic Bond Fund - Regular Plan - Growth Option 13.630 NA NA
The net assets of Mirae Asset Dynamic Bond Fund stood at Rs. 286.13 As at March 31, 2022 as against Rs. 148.29 as at March 31, 2021 and out
of the total net assets as on March 31, 2022, 96.95% of the net assets were invested in G-sec, money market instruments, Bond and TREPS and
remining in Cash.
The Scheme has flexibility to invest between 0% to 100% of its net asset in Money Market Instruments and Debt Instruments.

V. Mirae Asset Corporate Bond Fund - (MACBF) An open-ended debt scheme predominantly investing in AA+ and above rated
corporate bonds. A relatively high interest rate risk and moderate credit risk.
The performance of Mirae Asset Corporate Bond Fund as on March 31, 2022 is as follows: -
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualized Growth Scheme returns CRISIL Corporate Bond Scheme returns CRISIL Corporate Bond
Returns (CAGR) (%) Fund Index (%) Fund Index
Since Inception 4.20 8.38 4.67 8.38
Last 1 year 3.95 5.54 4.42 5.54
NAV 10.436 - 10.485 -
Since Inception date of the Scheme: March 17, 2021
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualized growth returns (CAGR) and are calculated on Rs.10/- invested at inception.

Mirae Asset Mutual Fund - Annual Report 2021-2022 3

 The scheme underperformed with respect to the Benchmark in 1 year period and since inception. This may be attributable to the narrow performance
band within the asset class, the impact of expenses on the fund vis-à-vis the gross performance of index.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Corporate Bond Fund - Regular Plan - IDCW Option 10.4364 - -
Mirae Asset Corporate Bond Fund - Regular Plan - Growth Option 10.4364 NA NA
Mirae Asset Corporate Bond Fund - Direct Plan - IDCW Option 10.4846 - -
Mirae Asset Corporate Bond Fund - Direct Plan - Growth Option 10.4849 NA NA
The investment objective of the scheme is to provide income and capital appreciation by investing predominantly in AA+ and above rated corporate
bonds. The Scheme does not guarantee or assure any returns.
The Scheme has flexibility to invest between 80% to 100% of its net asset in Corporate Debt rated AA+ and above, 0% to 20% in Government
Securities (G-sec), other debt and Money Market Instruments and up to 10% in Units issued by REITs & InvITs.
The net assets of Mirae Asset Corporate Bond Fund stood at Rs.116.49 Crores as at March 31, 2022 compared to Rs. 99.30 as on March 31,2021.
Out of the total net assets as on March 31, 2022, 83.62% of the net assets is invested in Corporate Bonds, and remaining in G-sec, money market
instruments, Cash & Cash Equivalent and TREPS.

VI. MIRAE ASSET GREAT CONSUMER FUND (MAGCF), Sectoral/Thematic Fund - An open-ended equity scheme following consumption
theme
The performance of Mirae Asset Great Consumer Fund as on March 31, 2022 is as follows: -
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualized Growth Returns (CAGR) Scheme returns Nifty India Scheme returns Nifty India
(%) Consumption (%) Consumption
Index (TRI) Index (TRI)
Since Inception 16.43 14.54 17.54 13.43
Last 1 year 19.60 16.04 21.50 16.04
Last 3 years 15.30 13.42 17.18 13.42
Last 5 years 15.81 12.64 17.58 12.64
NAV 53.407 - 60.630 -
Inception date of the Scheme: March 29, 2011; Direct Plan was introduced on January 01, 2013
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualized growth returns (CAGR) and are calculated on Rs.10/- invested at inception.
For Regular Plan - Growth Option and Direct Plan - Growth Option, the Scheme has outperformed with respect to the Benchmark in the 1-year
period due to the stock selection in Sectors of Consumer non-durables and consumer Durables. Since inception, there is outperformance with
respect to the Benchmark. The performance on 5 years period remained healthy with outperformance with respect to the Benchmark.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022
INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Great Consumer Fund - Regular Plan - IDCW Option 19.1820 1.60 1.60
Mirae Asset Great Consumer Fund - Regular Plan - Growth Option 53.4070 NA NA
Mirae Asset Great Consumer Fund - Direct Plan - IDCW Option 46.6220 3.80 3.80
Mirae Asset Great Consumer Fund - Direct Plan - Growth Option 60.6300 NA NA
The investment objective of the scheme is to generate long term capital appreciation by investing in a portfolio of companies/funds that are likely
to benefit either directly or indirectly from consumption led demand in India. The Scheme does not guarantee or assure any returns.
The net assets of Mirae Asset Great Consumer Fund stood at Rs. 1656.4216 Crores as at March 31, 2022 as against Rs. 1,173.79 Crores as at
March 31, 2021 and out of the total net assets as on March 31, 2022, 98.88% of the net assets were invested in equity shares and 1.12% in MF
Units, TREPS and others.
The Scheme has flexibility to invest between 80% to 100% of its net asset in Indian Equities and Equity Related Securities of companies that are
likely to benefit either directly or indirectly from consumption led demand and upto 20% of its net asset in Money market instruments/debt securities
Instruments and/or units of debt/liquid schemes of domestic/international Mutual Funds.

VII. MIRAE ASSET HEALTHCARE FUND (MAHF), Sectoral/Thematic Fund - An open-ended equity scheme investing in healthcare and allied sectors
The performance of Mirae Asset Healthcare Fund as on March 31, 2022 is as follows: -
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualised Growth Returns (CAGR) Scheme returns S&P BSE Health Scheme returns S&P BSE Health
(%) Care - TRI (%) Care - TRI
Since Inception 23.97 16.78 25.97 16.78
Last 1 year 19.24 14.59 21.11 14.59
Last 3 years 28.03 19.88 30.10 19.88
NAV 22.377 - 23.758 -
Inception date of the Scheme: 02 July 2018

4 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualized growth returns (CAGR) and are calculated on Rs.10/- invested at inception.
For Regular Plan - Growth Option and Direct Plan - Growth Option, there is an outperformance with respect to the Benchmark in the 1-year and
3-year period due to the stock selection in Sector of Pharma. Since inception, there is outperformance with respect to the Benchmark.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Healthcare Fund - Regular Plan - IDCW Option 22.3740 1.8 1.8
Mirae Asset Healthcare Fund - Regular Plan - Growth Option 22.3770 NA NA
Mirae Asset Healthcare Fund - Direct Plan - IDCW Option 23.7482 1.9 1.9
Mirae Asset Healthcare Fund- Direct - Growth Option 23.7580 NA NA
The investment objective of the scheme is to seek to generate long term capital appreciation through investing in equity and equity related securities
of companies benefitting directly or indirectly in Healthcare and allied sectors in India. The Scheme does not guarantee or assure any returns.
The net assets of Mirae Asset Healthcare Fund stood at Rs. 1817.4681 Crores as at March 31, 2022 as against Rs. 1,268.97 Crores as at March
31, 2021 and out of the total net assets as on March 31, 2022, 99.94% of the net assets were invested in equity shares and 0.06% in MF Units,
TREPS and others.
The Scheme has flexibility to invest between 80% to 100% of its net asset in Indian Equities and Equity Related Securities of companies that
are likely to benefit either directly or indirectly from Healthcare and allied sectors and upto 20% of its net asset in other equities, Money market
instruments/debt securities Instruments and/or units of debt/liquid schemes of domestic/international Mutual Funds.

VIII. Mirae Asset Ultra Short Duration Fund - (MAUSDF) - An Open ended ultra-short term debt scheme investing in instruments
such that the Macaulay duration* of the portfolio is between 3 months to 6 months (*please refer to page no.33 of SID). A relatively low
interest rate risk and moderate credit risk
The performance of Mirae Asset Ultra Short Duration Fund as on March 31, 2022 is as follows: -
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualised Growth Returns Scheme returns (%) Nifty Ultra Short Scheme returns (%) Nifty Ultra Short
(CAGR) Duration Debt Index Duration Debt Index
Since Inception 3.59 4.15 3.83 4.15
Last 1 year 3.66 4.05 3.88 4.05
NAV 1053.5006 - 1057.1166 -
Inception date of the Scheme: 07 October, 2020
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualized growth returns (CAGR) and are calculated on Rs.1000/- invested at inception.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022
INDIVIDUAL NON INDIVIDUAL
Mirae Asset Ultra Short Duration Fund - Regular Plan - IDCW Option 1053.2100 -- --
Mirae Asset Ultra Short Duration Fund - Regular Plan - Growth Option 1053.5006 NA NA
Mirae Asset Ultra Short Duration Fund - Direct Plan - IDCW Option 1057.1932 -- --
Mirae Asset Ultra Short Duration Fund - Direct Plan - Growth Option 1057.1166 NA NA
The investment objective of the scheme is to generate regular income and provide liquidity by investing primarily in a portfolio comprising of debt
& money market instruments. There is no assurance or guarantee that the investment objective of the scheme will be realized.
The Scheme has flexibility to invest between 0% to 100% of its net asset in Debt & Money market instruments such that the Macaulay Duration of
the portfolio shall be between 3 months and 6 months and upto 10% in Units issued by REITs & InvITs.
The net assets of Mirae Asset Ultra Short Duration Fund stood at Rs. 269.25 Crores as at March 31, 2022 as against Rs. 253.51 Crores as at
March 31, 2021. Out of the total net assets as on March 31, 2022, 97.64% of the net assets invested in Debt and money market instruments and
balance in Cash & Cash Equivalent.

IX. MIRAE ASSET SAVINGS FUND (MASF), Low Duration Fund - An Open ended low duration Debt Scheme investing in instruments with
Macaulay duration of the portfolio between 6 months and 12 months (please refer to page no. 33 of SID). A moderate interest rate risk
and moderate credit risk.
The performance of Mirae Asset Savings Fund as on March 31, 2022 is as follows:-
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualised Growth Returns (CAGR) Scheme returns CRISIL Low Scheme returns CRISIL Low
(%) Duration Debt Index (%) Duration Debt Index
Since Inception 6.45 8.06 7.07 8.06
Last 1 year 3.30 4.49 3.97 4.49
Last 3 years 4.70 6.33 5.37 6.33
Last 5 years 5.41 6.79 6.11 6.79
NAV 1841.5595 - 1965.338 -
Since Inception date of the Scheme: March 05, 2008; Direct Plan was introduced on January 01, 2013

Mirae Asset Mutual Fund - Annual Report 2021-2022 5

 Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualized growth returns (CAGR) and are calculated on Rs.1000/- invested at inception.
For Regular Plan - Growth Option and Direct Plan - Growth Option, there is an underperformance with respect to the Benchmark in the 1-year
period and since inception due to less risky Debt instruments from Credit perspective in the portfolio as compared to the Benchmark.
The investment objective of the scheme is to seek to generate returns with a portfolio comprising of debt and money market instruments, such that
Macaulay duration of the portfolio is between 6 months - 12 months. The Scheme does not guarantee any returns.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV IDCW Per Unit (Rs.)
INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Savings Fund (Daily Income Distribution Cum Capital
1208.9337 0.2777 0.2777
Withdrawal)-Direct Plan
Mirae Asset Savings Fund (Growth)-Direct Plan 1965.3380 NA NA
Mirae Asset Savings Fund (Monthly Income Distribution Cum Capital
1160.9615 3.5227 3.5227
Withdrawal)-Direct Plan
Mirae Asset Savings Fund (Quarterly Income Distribution Cum Capital
1009.8105 11.0000 11.0000
Withdrawal)-Direct Plan
Mirae Asset Savings Fund (Weekly Income Distribution Cum Capital
1454.7190 1.6601 1.6601
Withdrawal)-Direct Plan
Mirae Asset Savings Fund-Regular Savings Plan (Daily Income Distribution
1005.1646 0.2152 0.2152
Cum Capital Withdrawal)
Mirae Asset Savings Fund-Regular Savings Plan(Growth) 1841.5595 NA NA
Mirae Asset Savings Fund-Regular Savings Plan (Monthly Income
1088.3113 2.7806 2.7806
Distribution Cum Capital Withdrawal)
Mirae Asset Savings Fund-Regular Savings Plan (Quarterly Income
1008.2095 10.0000 10.0000
Distribution Cum Capital Withdrawal)
Mirae Asset Savings Fund-Regular Savings Plan (Weekly Income
1106.8727 1.1426 1.1426
Distribution Cum Capital Withdrawal)
The net assets of Mirae Asset Savings Fund stood at Rs. 743.52 Crores as at March 31, 2022 as against Rs. 1,057.99 Crores as at March 31, 2021
and out of the total net assets as on March 31, 2022,84% of the net assets were invested in Debt Securities and balance in TREPS and others.
The Scheme has flexibility to invest upto 100% of its net asset in Money Market Instruments and Debt Instruments such that the Macaulay duration
of the portfolio is between 6 months and 12 months.

X. Mirae Asset Banking and Financial Services Fund - (MABFSF) An open-ended equity scheme investing in Banking & Financial
Services Sector
The performance of Mirae Asset Banking Financial Services Fund as on March 31, 2022 is as follows:
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualised Growth Returns Scheme returns Nifty Financial Scheme returns Nifty Financial
(CAGR) (%) Services - TRI (%) Services - TRI
Since Inception 15.64 14.24 17.73 14.24
Last 1 year 9.83 9.71 11.78 9.71
NAV 12.082 - 12.366 -
Since Inception date of the Scheme: 11-Dec-2020
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualized growth returns (CAGR) and are calculated on Rs.10/- invested at inception.
There is an outperformance with respect to the Benchmark in the 1-year and since inception period. This may be attributable to effective stock
selection effect during the abovementioned assessment period.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON INDIVIDUAL
Mirae Asset Banking and Financial Services Fund - IDCW - Direct Plan 12.3350 N.A N.A
Mirae Asset Banking and Financial Services Fund - Growth Option - 12.3660 N.A N.A
Direct Plan
Mirae Asset Banking and Financial Services Fund -Regular Plan - IDCW 12.0970 N.A N.A
Mirae Asset Banking and Financial Services Fund -Regular Plan - Growth 12.0820 N.A N.A
The investment objective of the scheme is to generate long-term capital appreciation from a portfolio that is invested predominantly in equity and
equity related securities of companies engaged in banking and financial services sector. The Scheme does not guarantee or assure any returns.
The Scheme has flexibility to invest between 80% to 100% of its net asset in Equity and equity related instruments of companies in the Banking and
Financial Services Sector in India, 0% to 20% in Other equities and equity related Instruments, 0% to 20% in Debt and Money Market Instruments
including schemes of Mutual Fund and upto 10% in Units issued by REITs & InvITs.
The net assets of Mirae Asset Banking and Financial Services Fund stood at Rs. 993 Crores as at March 31, 2022 as against Rs 514 cr in March
31, 2021. Out of the total net assets as on March 31, 2021, 98.82% of the net assets invested in Equity and balance in Cash & Cash Equivalent
and TREPS.

6 Mirae Asset Mutual Fund - Annual Report 2021-2022

 XI. Mirae Asset Equity Allocator Fund of Fund - (MAEAF) An open-ended fund of fund scheme predominantly investing in units
of domestic equity ETFs
The performance of Mirae Asset Equity Allocator Fund of Fund as on March 31, 2022 is as follows:
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualised Growth Returns (CAGR) Scheme returns Nifty 200 TRI Scheme returns Nifty 200 TRI
(%) (%)
Since Inception 34.81 36.34 34.99 36.34
Last 1 year 19.65 21.37 19.78 21.37
NAV 15.762 - 15.793 -
Since Inception date of the Scheme: September 21, 2020
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualised growth returns (CAGR) and are calculated on Rs.10/- invested at inception.
The fund underperformed its benchmark in the 1-year period and in the period since inception. This may be attributable to volatility in the midcap
segment which impacted the fund vis-à-vis the benchmark.
The Scheme has flexibility to invest between 95% to 100% of its net asset in Units of domestic Equity Exchange Traded Funds (ETFs) and 0% to
5% in Money market instruments/debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON INDIVIDUAL
Mirae Asset Equity Allocator FoF - IDCW - Direct Plan 15.8010 N.A N.A
Mirae Asset Equity Allocator FoF -Growth Option - Direct Plan 15.7930 N.A N.A
Mirae Asset Equity Allocator FoF- Regular Plan - IDCW Option 15.7640 N.A N.A
Mirae Asset Equity Allocator FoF- Regular Plan - Growth Option 15.7620 N.A N.A
The investment objective of the scheme is to provide long-term capital appreciation from a portfolio investing predominantly in units of domestic
equity ETFs. There is no assurance that the investment objective of the Scheme will be realized.
The net assets of Mirae Asset Equity Allocator Fund of Fund stood at Rs. 260 Crores as at March 31, 2022 as against Rs. 96 crores as at March
31, 2021. Out of the total net assets as on March 31, 2022, 100 % of the net assets invested in ETFs and Cash & Cash Equivalent and TREPS.

XII. Mirae Asset Arbitrage Fund (“MAAF”), An open-ended scheme investing in arbitrage opportunities
The performance of Mirae Asset Arbitrage Fund as on March 31, 2022 is as follows:
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualised Growth Returns (CAGR) Scheme returns Nifty 50 Arbitrage Scheme returns Nifty 50 Arbitrage
(%) Index (%) Index
Since Inception 3.45 3.45 4.16 3.45
Last 1 year 3.67 3.82 4.37 3.82
NAV as on 31/03/2022 10.622 10.752
Since Inception date of the Scheme: 19-June-2020
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualised growth returns (CAGR) and are calculated on Rs.10/- invested at inception.
For Regular Plan - Growth Option, there is a marginal underperformance with respect to the Benchmark in the 1-year period. This may be attributable
to our risk averse allocation strategy in the debt component as also the impact of the expenses on the fund vis-à-vis the gross performance of the
benchmark. Since inception, there is outperformance with respect to the Benchmark for Direct Plan.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON INDIVIDUAL
Mirae Asset Arbitrage Fund - IDCW Option - Direct Plan 10.7490 -- --
Mirae Asset Arbitrage Fund - Growth Option - Direct Plan 10.7520 N.A N.A
Mirae Asset Arbitrage Fund - Regular Plan - IDCW Option 10.6210 -- --
Mirae Asset Arbitrage Fund - Regular Plan - Growth Option 10.6220 N.A N.A
The investment objective of the scheme is to generate capital appreciation and income by predominantly investing in arbitrage opportunities in the
cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the
balance in debt and money market instruments. There is no assurance or guarantee that the investment objective of the scheme will be realized.
The Scheme has flexibility to invest between 65% to 90% of its net asset in Equities and Equity Linked instruments, 10% to 35% in Debt securities
and Money Market Instruments (including the margin money deployed in derivative transactions) and upto 10% in Units issued by REITs & InvITs.
The net assets of Mirae Asset Arbitrage Fund stood at Rs. 380 Crores as at March 31, 2022 as against Rs. 292 crores as at March 31, 2021. The
asset allocation of the fund was as follows: Equity: 70.96% Equity futures: 71.29% Debt: 22.44% and balance in Cash and Cash equivalent.

Mirae Asset Mutual Fund - Annual Report 2021-2022 7

 XIII. Mirae Asset Midcap Fund (“MAMCF”), An open-ended equity scheme predominantly investing in mid cap stocks
The performance of Mirae Asset Midcap Fund as on March 31, 2022 is as follows:-
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualised Growth Returns (CAGR) Scheme returns Nifty Midcap 150 Scheme returns Nifty Midcap 150
(%) Index (TRI)) (%) Index (TRI))
Since Inception 30.95 28.73 32.98 28.73
Last 1 year 27.89 25.05 29.67 25.05
NAV 20.564 21.431
Mirae Asset Midcap Fund was launched by the AMC on July 29, 2019.
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualized growth returns (CAGR) and are calculated on Rs.10/- invested at inception.
There is outperformance with respect to the Benchmark in the 1-year period due to sector and stock selection in especially in the Financial Services
Industrial manufacturing and Consumer Durables sector. Since inception, there is outperformance with respect to the Benchmark.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Midcap Fund - IDCW Option - Direct Plan 19.7060 1.70 1.70
Mirae Asset Midcap Fund - Growth Option -Direct Plan 21.4310 N.A N.A
Mirae Asset Midcap Fund - Regular Plan - IDCW Option 18.8820 1.65 1.65
Mirae Asset Midcap Fund - Regular Plan - Growth Option 20.5640 N.A N.A
The investment objective of the scheme is to provide long-term capital appreciation from a portfolio investing predominantly in Indian equity and
equity related securities of midcap companies. From time to time, the fund manager may also participate in other Indian equities and equity related
securities for optimal portfolio construction. There is no assurance that the investment objective of the Scheme will be realized.
The Scheme has flexibility to invest between 65% to 100% of its net asset in Equities and equity related securities of midcap companies, 0% to
35% in Equities and equity related securities other than above and 0% to 35% in Money market instruments/debt securities, Instruments and/or
units of debt/liquid schemes of domestic Mutual Funds.
The net assets of Mirae Asset Midcap Fund stood at Rs. 7475 Crores as at March 31, 2022 as against Rs. 4223 crores as at March 31, 2021. Out
of the total net assets as on March 31, 2022, 99.72% of the net assets invested in Equity and balance in Cash & Cash Equivalent and TREPS.

XIV. MIRAE ASSET FOCUSED FUND (“MAFF”), An open-ended equity scheme investing in a maximum of 30 stocks intending to focus in large
cap, mid cap and small cap category (i.e. Multi-Cap)
The performance of Mirae Asset Focused Fund as on March 31, 2022 is as follows:-
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualized Growth Returns (CAGR) Scheme returns Nifty 500 Index Scheme returns Nifty 500 Index
(%) (TRI) (%) (TRI)
Since Inception 25.13 19.76 27.09 19.76
Last 1 year 21.17 22.29 22.89 22.29
NAV 19.081 19.958
Since Inception date of the Scheme: May 14, 2019
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualized growth returns (CAGR) and are calculated on Rs.10/- invested at inception.
There is an underperformance with respect to the Benchmark in the 1-year period in the Regular Plan. This may be attributable to allocation effect
coming in from Insurance, Power and Metals sector. Since inception, there is outperformance with respect to the Benchmark.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Focused Fund - IDCW Option - Direct Plan 19.9540 -- --
Mirae Asset Focused Fund - Growth Option - Direct Plan 19.9580 N.A N.A
Mirae Asset Focused Fund - Regular Plan - IDCW Option 19.0830 -- --
Mirae Asset Focused Fund - Regular Plan - Growth Option 19.0810 N.A N.A
The investment objective of the Scheme is to generate long term capital appreciation/income by investing in equity & equity related instruments of
up to 30 companies. There is no assurance that the investment objective of the Scheme will be realized.
The Scheme has flexibility to invest between 80% to 100% of its net asset in Indian Equities and Equity Related Securities and 0% to 20% in
Money market instruments/debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds. The Scheme shall invest in
maximum 30 stocks.
The net assets of Mirae Asset Focused Fund stood at Rs. 8483 Crores as at March 31, 2022 as against Rs. 5471 crores as at March 31, 2021. Out
of the total net assets as on March 31, 2022, 95.31% of the net assets invested in Equity and balance in Cash & Cash Equivalent and TREPS.

8 Mirae Asset Mutual Fund - Annual Report 2021-2022

 XV. MIRAE ASSET TAX SAVER FUND (MATSF), ELSS - An open-ended equity linked saving scheme with a statutory lock in of 3 years and
tax benefit.
The performance of Mirae Asset Tax Saver Fund as on March 31, 2022 is as follows: -
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualised Growth Returns (CAGR) Scheme returns Nifty 500 (TRI) Scheme returns Nifty 500 (TRI)
(%) (%)
Since Inception 19.55 14.95 21.26 14.95
Last 1 year 20.26 22.29 21.82 22.29
Last 3 year 20.21 16.78 22.02 16.78
Last 5 years 17.85 14.55 19.51 14.55
NAV 30.576 33.432
Since Inception date of the Scheme: December 28, 2015
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualized growth returns (CAGR) and are calculated on Rs.10/- invested at inception.
For Regular Plan - Growth Option and Direct Plan - Growth Option, the Scheme has underperformed with respect to the Benchmark in the one-year
period due to the allocation effect in Sectors such as Insurance, Power and Minerals. Since inception, there is outperformance with respect to the
Benchmark. The outperformance on 5 years period remained healthy with outperformance with respect to the Benchmark.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit (Rs.) IDCW Per Unit (Rs.)
March 31, 2022 Individual Non- Individual
Mirae Asset Tax Saver Fund - IDCW Option - Direct Plan 23.6550 2.00 2.00
Mirae Asset Tax Saver Fund - Growth Option - Direct Plan 33.4320 N.A N.A
Mirae Asset Tax Saver Fund - Regular Plan - IDCW Option 20.7860 1.75 1.75
Mirae Asset Tax Saver Fund - Regular Plan - Growth Option 30.5760 N.A N.A
The investment objective of the scheme is to generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity
related instruments. The Scheme does not guarantee or assure any returns.
The net assets of Mirae Asset Tax Saver Fund stood at Rs. 11,790 Crores as on March 31, 2022 as against Rs. 6934 Crores as on March 31, 2021.
Out of the total net assets as on March 31, 2022, 98.74% was invested in equity shares and 1.26% in units of Mutual Fund, TREPS and others.
The Scheme has the flexibility to invest between 80% to 100% of its net asset in Equities and Equity Related Securities and upto 20% of its net
assets in Debt Instruments, Money Market Instruments, G-Secs, Cash, TREPS, Reverse Repo, etc. The Scheme shall not invest in derivative
instruments, securitized debt and shall not engage into stock lending/short selling.

XVI. Mirae Asset Nifty 100 ESG Sector Leaders Fund of Fund* - (MAESGSLF) An open-ended fund of fund scheme predominantly
investing in Mirae Asset Nifty 100 ESG Sector Leaders ETF
The performance of Mirae Asset Nifty 100 ESG Sector Leaders Fund of Fund as on March 31, 2022 is as follows:-
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualised Growth Returns (CAGR) Scheme returns Nifty 100 ESG Scheme returns Nifty 100 ESG
(%) Sector Leaders (%) Sector Leaders
- TRI - TRI
Since Inception 21.96 23.50 22.30 23.50
Last 1 year 17.29 18.65 17.50 18.65
NAV 13.111 13.161
Since Inception date of the Scheme: November 18, 2020.
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualized growth returns (CAGR) and are calculated on Rs.10/- invested at inception.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Nifty 100 ESG Sector Leaders FoF - IDCW Option - Direct Plan 13.1590 -- --
Mirae Asset Nifty 100 ESG Sector Leaders FoF - Growth Option -Direct Plan 13.1610 N.A N.A
Mirae Asset Nifty 100 ESG Sector Leaders FoF - Regular Plan - IDCW Option 13.0850 -- --
Mirae Asset Nifty 100 ESG Sector Leaders FoF - Regular Plan - Growth Option 13.1110 N.A N.A
The investment objective of the scheme is to provide long-term capital appreciation from a portfolio investing predominantly in units of Mirae Asset
Nifty 100 ESG Sector Leaders ETF. There is no assurance that the investment objective of the Scheme will be realized.
The Scheme has flexibility to invest between 95% to 100% of its net asset in Units of Mirae Asset Nifty 100 ESG Sector Leaders ETF and 0% to
5% in Money market instruments/debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.
The net assets of Mirae Asset Nifty 100 ESG Sector Leaders Fund of Fund stood at Rs. 141 Crores as at March 31, 2022 as against Rs. 106 crores
as at March 31, 2021. Out of the total net assets as on March 31, 2022, 99.51% of the net assets was invested in units of Mirae Asset Nifty 100
ESG Sector Leaders ETF and balance in Cash & Cash Equivalent and TREPS.
*The Scheme name was changed from Mirae Asset ESG Sector Leaders ETF Fund of Fund to Mirae Asset Nifty 100 ESG Sector Leaders ETF
Fund of Fund with effect from July 1, 2022.

Mirae Asset Mutual Fund - Annual Report 2021-2022 9

 XVII. MIRAE ASSET EQUITY SAVINGS FUND (MAESF), An open-ended scheme investing in equity, arbitrage and debt.
The performance of Mirae Asset Equity Savings Fund as on March 31, 2022 is as follows:-
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualised Growth Returns (CAGR) Scheme returns Nifty Equity Savings Scheme returns Nifty Equity Savings
(%) Index (TRI) (%) Index (TRI)
Since Inception 12.17 10.32 13.40 10.32
Last 1 year 10.99 9.95 12.13 9.95
Last 3 Years 12.18 9.89 13.38 9.89
NAV 14.5880 - 15.1180 -
Inception date of the Scheme: 17 Dec 2018
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualised growth returns (CAGR) and are calculated on Rs.10/- invested at inception.
The Scheme has outperformed with respect to the Benchmark across tenures due to overweight in Equity and stock selection process as compared
to the Benchmark.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
NAV per unit IDCW Per Unit (Rs.)
Scheme Description March 22, 2022 INDIVIDUAL NON INDIVIDUAL
Mirae Asset Equity Savings Fund - Direct Plan - IDCW Option 15.1129 1.05 1.05
Mirae Asset Equity Savings Fund - Direct Plan - Growth Option 15.1180 Nil Nil
Mirae Asset Equity Savings Fund - Regular Plan - IDCW Option 14.5835 1.10 1.10
Mirae Asset Equity Savings Fund - Regular Plan - Growth Option 14.5880 Nil Nil
The investment objective of the scheme is to provide capital appreciation and income distribution to the investors by using equity and equity related
instruments, arbitrage opportunities, and investments in debt and money market instruments. The Scheme does not assure or guarantee any returns.
The net assets of Mirae Asset Equity Savings Fund stood at Rs.510.79 Crores as at March 31, 2022 as against Rs.206.29 Crores as at March 31,
2021 and out of the total net assets as on March 31, 2022, 65.69 % of the net assets were invested in equity shares out of which 39.29% was in
unhedged equity. -26.29% were invested in equity futures and rest in G-sec, T-bills, corporate bonds, Cash and other receivables.
The Scheme has flexibility to invest between 20% to 45% of its net asset in Equities & equity related instruments (unhedged), 20% to 70% in Equities,
equity related instruments and derivatives including index futures, stock futures, index options & stock options etc. as part of hedged/arbitrage exposure.
And upto 10% to 35 % in Money market instruments/debt securities Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.

XVIII. MIRAE ASSET CASH MANAGEMENT FUND (MACMF), LIQUID FUND - An open-ended liquid scheme. A relatively low interest rate risk
and moderate credit risk
The performance of Mirae Asset Cash Management Fund as on March 31, 2022 is as follows:
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualised Growth Returns (CAGR) Scheme returns CRISIL Liquid Fund Scheme returns CRISIL Liquid Fund
(%) Index (%) Index
Since Inception 6.20 7.06 6.71 6.85
Last 1 year 3.38 3.68 3.48 3.68
Last 3 years 4.35 4.70 4.45 4.70
Last 5 years 5.44 5.71 5.54 5.71
NAV 2,216.3280 - 2,247.0629 -
Since Inception date of the Scheme: January 12, 2009; Direct Plan was introduced on January 01, 2013
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualised growth returns (CAGR) and are calculated on Rs.1000/- invested at inception.
For Regular Plan - Growth Option and Direct Plan - Growth Option, there is an underperformance with respect to the Benchmark in the 1-year
period and since inception due to less risky Debt instruments from Credit perspective in the portfolio as compared to the Benchmark.
The scheme is meant for investors to deploy their funds for a short period of time. The intention is to offer superior returns at lower level of risk
while maintaining the liquidity profile.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Cash Management Fund - Regular Plan - Daily IDCW Option 1,880.0397 34.6866 34.6866
Mirae Asset Cash Management Fund - Regular Plan - Weekly IDCW Option 1,908.4291 38.1291 38.1291
Mirae Asset Cash Management Fund - Regular Plan - Monthly IDCW Option 1,911.8388 34.9476 34.9476
Mirae Asset Cash Management Fund - Regular Plan - Growth Option 2,216.3280 N.A N.A
Mirae Asset Cash Management Fund - Direct Plan - Daily IDCW Option 1,669.5041 35.934 35.934
Mirae Asset Cash Management Fund - Direct Plan - Growth Option 2,247.0629 N.A N.A
Mirae Asset Cash Management Fund - Direct Plan - Weekly IDCW Option 1,823.9987 41.2692 41.2692
Mirae Asset Cash Management Fund - Direct Plan - Monthly IDCW Option 1,370.1556 35.3529 35.3529
The investment objective of the scheme is to generate consistent returns with a high level of liquidity in a judicious portfolio mix comprising of money
market and debt instruments. The Scheme does not guarantee any returns.

10 Mirae Asset Mutual Fund - Annual Report 2021-2022

 The net assets of Mirae Asset Cash Management Fund stood at Rs. 3,047.50 Crores as at March 31, 2022 as against Rs. 3,462.17 Crores as
at March 31, 2021 and out of the total net assets as on March 31, 2022, 100% of the net assets were invested in money market instruments and
TREPS.
The Scheme has flexibility to invest between 20% to 100% in Money Market Instruments (including Cash, Reverse Repo, Tri-party repo) MIBOR &
MIBOR linked instruments upto 91 days. Further it can invest maximum 80% of its net asset in Debt Instruments with residual maturity up to 91 days.

XIX. MIRAE ASSET SHORT TERM FUND (MASTF), Short Duration Fund - An open-ended short-term debt scheme investing in instruments
such that the Macaulay duration* of the portfolio is between 1 year to 3 years (please refer to page no. 31 of SID). A relatively high interest
rate risk and Moderate credit risk
The performance of Mirae Asset Short Term Fund as on March 31, 2022 is as follows:-
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualised Growth Returns (CAGR) Scheme returns CRISIL Short Term Scheme returns CRISIL Short Term
(%) Bond Fund Index (%) Bond Fund Index
Since Inception 6.45 7.52 7.29 7.52
Last 1 year 3.79 5.19 4.65 5.19
Last 3 years 6.31 7.58 7.17 7.58
NAV 12.8752 - 13.2927 -
Since Inception date of the Scheme: March 16, 2018
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualized growth returns (CAGR) and are calculated on Rs.10/- invested at inception.
There is an underperformance with respect to the Benchmark due to less risky Debt instruments from Credit perspective and lower duration paper
on account of raising interest rate in the portfolio as compared to the Benchmark.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Short Term Fund - IDCW Option - Regular Plan 12.8779 - -
Mirae Asset Short Term Fund - IDCW Option - Direct Plan 13.2804 - -
Mirae Asset Short Term Fund - Growth Option - Regular Plan 12.8752 NA NA
Mirae Asset Short Term Fund - Growth Option - Direct Plan 13.2927 NA NA
The investment objective of the scheme is to seek to generate returns through an actively managed diversified portfolio of debt and money market
instruments with Macaulay duration of the portfolio is between 1 year to 3 years. However, there is no assurance that the investment objective of
the Scheme will be realized and the Scheme does not assure or guarantee any returns.
The net assets of Mirae Asset Short Term Fund stood at Rs. 495.62 Crores as at March 31, 2022 as against Rs. 785.46 Crores as at March 31,
2021, out of the total net assets as on March 31, 2022,100 % of the net assets were invested in money market instruments, G-sec/SDL or Corporate
Bond and TREPS. Macaulay duration of the fund is 1.44 years as on March 31, 2022.
The Scheme has flexibility to invest between 0% to 100% of its net asset in Money Market Instruments and Debt Instruments with Macaulay duration
of the portfolio between 1 year to 3 years. Further the scheme may invest upto 10% of the allocation in units issued by REITs and InVITs.

XX. Mirae Asset Overnight Fund (“MAOF”), An open-ended debt scheme investing in overnight securities. A relatively low interest rate risk
and relatively low credit risk
The performance of Mirae Asset Overnight Fund as on March 31, 2022 is as follows: -
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualised Growth Returns (CAGR) Scheme returns CRISIL Overnight Scheme returns CRISIL Overnight
(%) Index (%) Index
Since Inception 3.44 3.50 3.54 3.50
Last 1 year 3.24 3.36 3.34 3.36
NAV 1,086.8686 - 1,089.4549 -
Since Inception date of the Scheme: October 15, 2019
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualized growth returns (CAGR) and are calculated on Rs.1000/- invested at inception.
There is almost equal performance with respect to the Benchmark in 1-year period and since inception. The difference is mainly on account of
expense ratio.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Overnight Fund - (Daily-IDCW)-Direct Plan 1,000.0007 32.0716 32.0716
Mirae Asset Overnight Fund - (Monthly IDCW)-Direct Plan 1000.6348 29.855 29.855
Mirae Asset Overnight Fund - (Weekly-IDCW)-Direct Plan 1000.0992 32.7466 32.7466
Mirae Asset Overnight Fund - Regular Plan (Daily IDCW) 1,000.0000 31.203 31.203
Mirae Asset Overnight Fund - Regular Plan (Monthly IDCW) 1000.6229 29.0431 29.0431
Mirae Asset Overnight Fund - Regular Plan (Weekly IDCW) 1000.0958 31.8346 31.8346
Mirae Asset Overnight Fund - Regular Plan - Growth Option 1089.4549 NA NA
Mirae Asset Overnight Fund - Direct Plan - Growth Option 1086.8686 NA NA

Mirae Asset Mutual Fund - Annual Report 2021-2022 11

 The investment objective of the scheme is to generate returns commensurate with low risk and providing high level of liquidity, through investments
made primarily in overnight securities having maturity of 1 business day. However, there is no assurance or guarantee that the investment objective
of the Scheme will be achieved. The scheme does not assure or guarantee any returns.
The Scheme has flexibility to invest between 0% to 100% of its net asset in Overnight securities or Debt Securities and Money Market Instruments
(including MIBOR Linked instruments with daily call and put options).
The net assets of Mirae Asset Overnight Fund stood at Rs. 799.51 Crores as at March 31, 2022 against Rs. 235.16 Crores as at March 31, 2021.
Out of the total net assets as on March 31, 2022, 100% of the net assets invested in Cash & Cash Equivalent and TREPS.

XXI. Mirae Asset Nifty SDL Jun 2027 Index Fund (MANJF)- An open-ended target maturity Index Fund investing in the constituents
of Nifty SDL Jun 2027 Index. A scheme with relatively high interest rate risk and relatively low credit risk
Mirae Asset Nifty SDL Jun 2027 Index Fund was launched by the AMC on 30 March 2022.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022
INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Nifty SDL Jun 2027 Index Fund - Regular Plan - IDCW Option 10.0071 Nil Nil
Mirae Asset Nifty SDL Jun 2027 Index Fund - Regular Plan - Growth Option 10.0071 NA NA
Mirae Asset Nifty SDL Jun 2027 Index Fund - Direct Plan - IDCW Option 10.0072 Nil Nil
Mirae Asset Nifty SDL Jun 2027 Index Fund - Direct Plan - Growth Option 10.0072 NA NA
Kindly note that since the Scheme has not completed one year, performance of the Scheme is not disclosed as per the extant guidelines.
The investment objective of the scheme is to track the Nifty SDL Jun 2027 Index by investing in State Development Loans (SDL), maturing on or
before June 15, 2027, subject to tracking errors. However, there is no assurance that the investment objective of the Scheme will be realized and
the Scheme does not assure or guarantee any returns
The Scheme tracks the Nifty SDL Jun 2027 Index by investing in State Development Loans (SDL), maturing on or before June 15, 2027 and invest
95% to 100% in it and has flexibility to invest 0% - 5% in Money Market instruments (Treasury Bills, Government Securities and Tri-party Repo on
government securities or T-bills Only).
The net assets of Mirae Asset Nifty SDL Jun 2027 Index Fund stood at Rs. 184.98 Crores as at March 31, 2022. Out of the total net assets as on
March 31, 2022, 79.37% of the net assets invested in SDL and balance in Cash & Other receivables.

XXII. Mirae Asset Banking and PSU Debt Fund (“MABPF”), An open-ended debt scheme predominantly investing in debt instruments
of banks, Public Sector Undertakings, Public Financial Institutions and Municipal Bonds. A relatively high interest rate risk and moderate
credit risk.
The performance of Mirae Asset Banking and PSU Debt Fund as on March 31, 2022 is as follows:-
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Compounded Annualised Growth Returns (CAGR) Scheme returns NIFTY Banking and Scheme returns NIFTY Banking and
(%) PSU Debt Index (%) PSU Debt Index
Since Inception 3.62 4.85 4.09 4.85
Last 1 year 3.87 4.93 4.33 4.93
NAV 10.6177 - 10.6979 -
Since Inception date of the Scheme: July 24, 2020.
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualized growth returns (CAGR) and are calculated on Rs.10/- invested at inception.
There is an underperformance with respect to the Benchmark due to less risky Debt instruments from Credit perspective and lower duration paper
on account of raising interest rate in the portfolio as compared to the Benchmark.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022
INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Banking and PSU Debt Fund - Regular Plan - IDCW Option 10.6181 Nil Nil
Mirae Asset Banking and PSU Debt Fund - Regular Plan - Growth Option 10.6177 NA NA
Mirae Asset Banking and PSU Debt Fund - Direct Plan - IDCW Option 10.6984 Nil Nil
Mirae Asset Banking and PSU Debt Fund - Direct Plan - Growth Option 10.6979 NA NA
The investment objective of the scheme is to generate income/capital appreciation through predominantly investing in debt and money market
instruments issued by Banks, Public Sector Undertakings (PSUs) and Public Financial Institutions (PFIs) and Municipal Bonds. The Scheme does
not guarantee or assure any returns.
The Scheme has flexibility to invest between 80% to 100% of its net asset in Debt and Money Market Instruments, issued by Scheduled Commercial
Banks, Public Sector Undertakings (PSUs) & Public Financial Institutions (PFIs) Municipal Bonds and 0% to 20% in Debt (including government
securities) and Money Market Instruments issued by entities other than Banks, PFIs, PSUs and Municipal Bonds and upto 10% in Units issued by
REITs & InvITs.
The net assets of Mirae Asset Banking and PSU Debt Fund stood at Rs. 144.04 Crores as at March 31, 2022 as against Rs. 235.26 Crores as at
March 31, 2022. Out of the total net assets as on March 31, 2022, 86.34% of the net assets invested in Debt and money market instruments and
balance in Cash & Cash Equivalent and TREPS.

12 Mirae Asset Mutual Fund - Annual Report 2021-2022

 XXIII. MIRAE ASSET NIFTY 50 ETF (MAN50ETF), An open-ended scheme replicating/tracking Nifty 50 Index (NSE Symbol: MAN50ETF BSE Scrip
Code: 542131)
The performance of Mirae Asset NIFTY 50 as on March 31, 2022 is as follows:-
Compounded Annualised Growth Returns (CAGR) Scheme returns (%) Nifty 50 - TRI
Last 1 year 20.17 20.26
Last 3 years 15.71 15.82
Since Inception 17.21 17.15
NAV 180.47 -
Since Inception date of the Scheme: November 20, 2018
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualised growth returns (CAGR) and are calculated at allotment NAV i.e Rs. 105.24
invested at inception.
The Scheme has marginally underperformed with respect to the Benchmark in the 1-year period due to expenses incurred in managing the ETF.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022
INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Nifty 50 ETF 180.47 Nil Nil
The investment objective of the scheme is to generate returns, before expenses, that are commensurate with the performance of the Nifty 50 Index,
subject to tracking error. The Scheme does not guarantee or assure any returns.
The net assets of Mirae Asset Nifty 50 ETF stood at Rs.795.34 Crores as at March 31, 2022 as against Rs. 551.48 Crores as at March 31, 2021.
The Scheme has flexibility to invest between 95% to 100% of its net asset in Securities included in the Nifty 50 Index and upto 5% of its net asset
in Money market instruments/debt securities Instruments and/or units of debt/liquid schemes of domestic Mutual Funds. Out of the total net assets
as on March 31, 2022, 100% of the net assets invested in equity securities and Cash & other receivables.

XXIV. MIRAE ASSET NIFTY NEXT 50 ETF (MANXT50ETF), An open-ended scheme replicating/tracking Nifty Next 50 Index (NSE Symbol: MANXT50
BSE Scrip Code: 542922)
The performance of Mirae Asset NIFTY Next 50 ETF as on March 31, 2022 is as follows:-
Compounded Annualised Growth Returns (CAGR) Scheme returns (%) Nifty Next 50 - TRI
Last 1 year 21.47 21.58
Since Inception 17.78 18.20
NAV 413.18 -
Since Inception date of the Scheme: January 24, 2020
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualised growth returns (CAGR) and are calculated at the allotment NAV i.e Rs.
289.43 invested at inception.
The Scheme has marginally underperformed with respect to the Benchmark in the 1-year period and since inception due to expenses incurred in
managing the ETF.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Nifty Next 50 ETF 413.18 Nil Nil
The investment objective of the scheme is to generate returns, before expenses, that are commensurate with the performance of the Nifty Next 50
Index, subject to tracking error. The Scheme does not guarantee or assure any returns.
The net assets of Mirae Asset Nifty Next 50 ETF stood at Rs.103.15 Crores as at March 31, 2022 as against Rs. 57.02 Crores as at March 31, 2021
and out of the total net assets as on March 31, 2022, 100% of the net assets were invested in equity shares and TREPS and cash equivalent.
The Scheme has flexibility to invest between 95% to 100% of its net asset in Securities included in the Nifty Next 50 Index and upto 5% of its net
asset in Money market instruments/debt securities Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.

XXV. MIRAE ASSET NIFTY 100 ESG SECTOR LEADERS ETF (MAESGLETF)*, An open-ended scheme replicating/tracking Nifty 100 ESG Sector
Leaders Index (NSE Symbol: MAESGETF BSE Scrip Code: 543246)
The performance of Mirae Asset Nifty 100 ESG Sector Leaders ETF as on March 31, 2022 is as follows:-
Compounded Annualized Growth Returns (CAGR) Scheme returns (%) Nifty 100 ESG Sector Leaders - TRI
Last 1 year 18.03 18.65
Since Inception 22.94 23.56
NAV 29.557 -
Since Inception date of the Scheme: 17th November 2020
Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then
prevailing NAV. The returns shown above are compounded annualised growth returns (CAGR) and are calculated at the allotment NAV i.e
Rs. 22.305 invested at inception.
The Scheme has marginally underperformed with respect to the Benchmark in the 1-year period and since inception due to expenses incurred in
managing the ETF.

Mirae Asset Mutual Fund - Annual Report 2021-2022 13

 The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Nifty 100 ESG Sector Leaders ETF 29.557 Nil Nil
The investment objective of the scheme is to generate returns, before expenses, that are commensurate with the performance of the Nifty 100 ESG
Sector Leaders Index, subject to tracking error. The Scheme does not guarantee or assure any returns.
The net assets of Mirae Asset Nifty 100 ESG Sector Leaders ETF stood at Rs.166.67 Crores as at March 31, 2022 as against Rs. 129.31 Crores
as at March 31, 2021 and out of the total net assets as on March 31, 2022, 99.94% of the net assets were invested in equity shares and 0.06% in
TREPS and others.
The Scheme has flexibility to invest between 95% to 100% of its net asset in Securities included in the Nifty 100 ESG Sector Leaders Index and
upto 5% of its net asset in Money market instruments/debt securities Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.
*The Scheme name was changed from Mirae Asset ESG Sector Leaders ETF to Mirae Asset Nifty 100 ESG Sector Leaders ETF with effect from
July 1, 2022.

XXVI. MIRAE ASSET NYSE FANG+ ETF, an open-ended scheme replicating/tracking NYSE FANG+ Total Return Index (NSE Symbol: MAFANG
BSE Scrip Code: 543291)
Mirae Asset NYSE Fang+ ETF was launched on May 6, 2021.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset NYSE FANG+ ETF 50.121 Nil Nil
Kindly note that since the Scheme has not completed one year, performance of the Scheme is not disclosed as per the extant guidelines.
The investment objective of the scheme is to generate returns, before expenses, that are commensurate with the performance of the NYSE FANG+
Index, subject to tracking error. The Scheme does not guarantee or assure any returns.
The net assets of Mirae Asset NYSE FANG+ ETF stood at Rs.1298.65 Crores as at March 31, 2022 and out of the total net assets as on March
31, 2022, 99.94% of the net assets were invested in equity shares and 0.06% in TREPS and others.
The Scheme has flexibility to invest between 95% to 100% of its net asset in Securities included in the NYSE FANG+ Index and upto 5% of its net
asset in Money market instruments/debt securities Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.

XXVII.MIRAE ASSET NIFTY FINANCIAL SERVICES ETF, an open-ended scheme replicating/tracking Nifty Financial Services Total Return Index
(NSE Symbol: MAFSETF BSE Scrip Code: 543323)
Mirae Asset Nifty Financial Services ETF was launched on July 30, 2021.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Nifty Financial Services ETF 17.141 Nil Nil
Kindly note that since the Scheme has not completed one year, performance of the Scheme is not disclosed as per the extant guidelines.
The investment objective of the scheme is to generate returns, before expenses, that are commensurate with the performance of the Nifty Financial
Services Index, subject to tracking error. The Scheme does not guarantee or assure any returns.
The net assets of Mirae Asset Nifty Financial Services ETF stood at Rs.155.79 Crores as at March 31, 2022 and out of the total net assets as on
March 31, 2022, 100% of the net assets were invested in equity instruments.
The Scheme has flexibility to invest between 95% to 100% of its net asset in Securities included in the Nifty Financial Services Index and upto 5%
of its net asset in Money market instruments/debt securities Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.

XXVIII. MIRAE ASSET S&P 500 TOP 50 ETF, an open-ended scheme replicating/tracking S&P 500 Top 50 Total Return Index (INR)
(NSE Symbol: MASPTOP50 BSE Scrip Code: 543365)
Mirae Asset S&P 500 Top 50 ETF was launched on September 20, 2021.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset S&P 500 Top 50 ETF 29.692 Nil Nil
Kindly note that since the Scheme has not completed one year, performance of the Scheme is not disclosed as per the extant guidelines.
The investment objective of the scheme is to generate returns, before expenses, that are commensurate with the performance of the S&P 500 Top
50 Index, subject to tracking error. The Scheme does not guarantee or assure any returns.
The net assets of Mirae Asset S&P 500 Top 50 ETF stood at Rs.526.80 Crores as at March 31, 2022 and out of the total net assets as on March
31, 2022, 99.77% of the net assets were invested in equity shares and 0.23% in TREPS and others.
The Scheme has flexibility to invest between 95% to 100% of its net asset in Securities included in the S&P 500 Top 50 Index and upto 5% of its
net asset in Money market instruments/debt securities Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.

14 Mirae Asset Mutual Fund - Annual Report 2021-2022

 XXIX. MIRAE ASSET Hang Seng TECH ETF, an open-ended scheme replicating/tracking Hang Seng TECH Total Return Index (INR)
(NSE Symbol: MAHKTECH BSE Scrip Code: 543414)
Mirae Asset Hang Seng TECH ETF was launched on December 6, 2021.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Hang Seng TECH ETF 14.654 Nil Nil
Kindly note that since the Scheme has not completed one year, performance of the Scheme is not disclosed as per the extant guidelines.
The investment objective of the scheme is to generate returns, before expenses, that are commensurate with the performance of the Hang Seng
TECH Index, subject to tracking error. The Scheme does not guarantee or assure any returns.
The net assets of Mirae Asset Hang Seng TECH ETF stood at Rs.110.36 Crores as at March 31, 2022 and out of the total net assets as on March
31, 2022, 99.80% of the net assets were invested in equity shares and 0.20% in TREPS and others.
The Scheme has flexibility to invest between 95% to 100% of its net asset in Securities included in the Hang Seng TECH Index and upto 5% of its
net asset in Money market instruments/debt securities Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.

XXX. MIRAE ASSET NIFTY INDIA MANUFACTURING ETF, an open-ended scheme replicating/tracking Nifty India Manufacturing Total Return
Index (NSE Symbol: MAMFGETF BSE Scrip Code: 543454)
Mirae Asset Nifty India Manufacturing ETF was launched on January 27, 2022.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Nifty India Manufacturing ETF 79.823 Nil Nil
Kindly note that since the Scheme has not completed one year, performance of the Scheme is not disclosed as per the extant guidelines.
The investment objective of the scheme is to generate returns, before expenses, that are commensurate with the performance of the Nifty India
Manufacturing Index, subject to tracking error. The Scheme does not guarantee or assure any returns.
The net assets of Mirae Asset Nifty India Manufacturing ETF stood at Rs.67.81 Crores as at March 31, 2022 and out of the total net assets as on
March 31, 2022, 99.92% of the net assets were invested in equity shares and 0.08% in TREPS and others.
The Scheme has flexibility to invest between 95% to 100% of its net asset in Securities included in the Nifty India Manufacturing Index and upto
5% of its net asset in Money market instruments/debt securities Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.

XXXI. MIRAE ASSET NIFTY MIDCAP 150 ETF, an open-ended scheme replicating/tracking Nifty Midcap 150 Total Return Index
(NSE Symbol: MAM150ETF BSE Scrip Code: 543481)
Mirae Asset Nifty Midcap ETF was launched on March 11, 2022.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Nifty Midcap 150 ETF 11.112 Nil Nil
Kindly note that since the Scheme has not completed one year, performance of the Scheme is not disclosed as per the extant guidelines.
The investment objective of the scheme is to generate returns, before expenses, that are commensurate with the performance of the Nifty Midcap
150 Index, subject to tracking error. The Scheme does not guarantee or assure any returns.
The net assets of Mirae Asset Nifty Midcap 150 ETF stood at Rs.66.80 Crores as at March 31, 2022 and out of the total net assets as on March
31, 2022, 99.92% of the net assets were invested in equity shares and 0.08% in TREPS and others.
The Scheme has flexibility to invest between 95% to 100% of its net asset in Securities included in the Nifty Midcap 150 Index and upto 5% of its
net asset in Money market instruments/debt securities Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.

XXXII.Mirae Asset NYSE FANG+ ETF Fund of Fund - An open-ended fund of fund scheme predominantly investing in Mirae Asset NYSE
FANG+ ETF
Mirae Asset NYSE FANG+ ETF Fund of Fund was launched by the AMC on 10th May 2021.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.) March 31, 2022
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset NYSE FANG+ ETF FoF -Direct Plan - Growth Option 10.961 N.A N.A
Mirae Asset NYSE FANG+ ETF FoF-Regular Plan - Growth Option 10.913 N.A N.A
Kindly note that since the Scheme has not completed one year, performance of the Scheme is not disclosed as per the extant guidelines.
The investment objective of the scheme is to provide long-term capital appreciation from a portfolio investing predominantly in units of Mirae Asset
NYSE FANG+ ETF. There is no assurance that the investment objective of the Scheme will be realized.
The Scheme has flexibility to invest between 95% to 100% of its net asset in Units of Mirae Asset NYSE FANG+ ETF and 0% to 5% in Money
market instruments/debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.
The net assets of Mirae Asset NYSE FANG+ ETF Fund of Fund stood at Rs. 1,004.45 Crores as at March 31, 2022. Out of the total net assets as
on March 31, 2022, 99.95% of the net assets invested in ETF and balance 0.05% in Cash & Cash Equivalent and TREPS.

Mirae Asset Mutual Fund - Annual Report 2021-2022 15

 XXXIII. Mirae Asset S&P 500 TOP 50 ETF Fund of Fund - An open-ended fund of fund scheme predominantly investing in Mirae Asset
S&P 500 TOP 50 ETF
Mirae Asset S&P 500 TOP 50 ETF Fund of Fund was launched by the AMC on 22nd September 2021.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset S&P 500 TOP 50 ETF FoF - Direct Plan - Growth Option 10.929 N.A N.A
Mirae Asset S&P 500 TOP 50 ETF FoF - Regular Plan - Growth Option 10.900 N.A N.A
Kindly note that since the Scheme has not completed one year, performance of the Scheme is not disclosed as per the extant guidelines.
The investment objective of the scheme is to provide long-term capital appreciation from a portfolio investing predominantly in units of Mirae Asset
S&P 500 TOP 50 ETF. There is no assurance that the investment objective of the Scheme will be realized.
The Scheme has flexibility to invest between 95% to 100% of its net asset in Units of Mirae Asset S&P 500 TOP 50 ETF and 0% to 5% in Money
market instruments/debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.
The net assets of Mirae Asset S&P 500 TOP 50 ETF Fund of Fund stood at Rs. 406.97 Crores as at March 31, 2022. Out of the total net assets as
on March 31, 2022, 99.80% of the net assets invested in ETF and balance in Cash & Cash Equivalent and TREPS.

XXXIV. Mirae Asset HANG SENG TECH ETF Fund of Fund - An open-ended fund of fund scheme predominantly investing in Mirae Asset
HANG SENG TECH ETF.
Mirae Asset HANG SENG TECH ETF Fund of Fund was launched by the AMC on 8th December 2021.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset HANG SENG TECH ETF FoF -Direct Plan - Growth Option 7.669 N.A N.A
Mirae Asset HANG SENG TECH ETF FoF- Regular Plan - Growth Option 7.650 N.A N.A
Kindly note that since the Scheme has not completed one year, performance of the Scheme is not disclosed as per the extant guidelines.
The investment objective of the scheme is to provide long-term capital appreciation from a portfolio investing predominantly in units of Mirae Asset
HANG SENG TECH ETF. There is no assurance that the investment objective of the Scheme will be realized.
The Scheme has flexibility to invest between 95% to 100% of its net asset in Units of Mirae Asset HANG SENG TECH ETF and 0% to 5% in Money
market instruments/debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.
The net assets of Mirae Asset HANG SENG TECH ETF Fund of Fund stood at Rs. 66.94 Crores as at March 31, 2022. Out of the total net assets
as on March 31, 2022, 100% of the net assets invested in units of Mirae Asset HANG SENG TECH ETF.

XXXV. Mirae Asset NIFTY INDIA MANUFACTURING ETF Fund of Fund - An open-ended fund of fund scheme predominantly investing in Mirae
Asset Nifty India Manufacturing ETF.
Mirae Asset Nifty India Manufacturing ETF Fund of Fund was launched by the AMC on January 31, 2022.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Nifty India Manufacturing ETF Fund of Fund - Direct Plan - Growth Option 10.098 N.A N.A
Mirae Asset Nifty India Manufacturing ETF Fund of Fund - Direct Plan - IDCW Option 10.099 N.A N.A
Mirae Asset Nifty India Manufacturing ETF Fund of Fund - Regular Plan - Growth Option 10.091 N.A N.A
Mirae Asset Nifty India Manufacturing ETF Fund of Fund - Regular Plan - IDCW Option 10.131 N.A N.A
Kindly note that since the Scheme has not completed one year, performance of the Scheme is not disclosed as per the extant guidelines.
The investment objective of the scheme is to provide long-term capital appreciation from a portfolio investing predominantly in units of Mirae Asset
Nifty India Manufacturing ETF. There is no assurance that the investment objective of the Scheme will be realized.
The Scheme has flexibility to invest between 95% to 100% of its net asset in Units of Mirae Asset Nifty India Manufacturing ETF and 0% to 5% in
Money market instruments/debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.
The net assets of Mirae Asset Nifty India Manufacturing ETF Fund of Fund stood at Rs. 36.15 Crores as at March 31, 2022. and out of the total net
assets as on March 31, 2022, 100% of the net assets were invested in equity shares and cash and other receivables.

XXXVI. MIRAE ASSET MONEY MARKET FUND - An open-ended debt scheme investing in money market instruments. A relatively low interest
rate risk and moderate credit risk.
Mirae Asset Money Market Fund was launched on August 11, 2021.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON-INDIVIDUAL
Mirae Asset Money Market Fund - Direct Plan - IDCW Payout 1,022.759 -- --
Mirae Asset Money Market Fund - Regular Plan - IDCW Payout 1,020.396 -- --
Mirae Asset Money Market Fund - Regular Plan - Growth Option 1,020.3918 NA NA
Mirae Asset Money Market Fund - Direct Plan - Growth Option 1,022.9871 NA NA

16 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Kindly note that since the Scheme has not completed one year, performance of the Scheme is not disclosed as per the extant guidelines.
The investment objective of the scheme is to generate reasonable returns with low risk and provide liquidity by investing in money market instruments.
However, there is no assurance or guarantee that the investment objective of the scheme will be realized.
The net assets of Mirae Asset Money Market Fund stood at Rs.48.59 Crores as at March 31, 2022 and out of the total net assets as on March 31,
2022, 43.34% of the net assets were invested in debt securities and 56.66% in cash and other receivables.
The Scheme invests 100% of its net asset in Money market instruments having maturity upto 1 year like commercial papers, commercial bills,
treasury bills, Government securities and any other like instruments as specified by the Reserve Bank of India from time to time. The Scheme
shall not invest in securitised debt. However, it may invest in derivatives up to 50% of the net assets of the Scheme for the purpose of hedging and
portfolio balancing purposes.

XXXVII. MIRAE ASSET FIXED MATURIY PLAN- SERIES III- 1122 days (“MIRAE FMP”)*, A Close Ended Income Fund
Mirae Asset Fixed Maturity Plan - Series III-1122 Days, A Close ended Income Fund was launched by the AMC on March 18, 2019. The performance
of Mirae Asset Fixed Maturity Plan - Series III-1122 Days, as on March 31, 2022 is as follows:-
Particulars Regular Plan - Growth Option Direct Plan - Growth Option
Absolute Returns Scheme returns Crisil Composite Scheme returns Crisil Composite
(%) Bond Fund Index (%) Bond Fund Index
Since Inception 7.50% 8.30% 7.72% 8.30%
1 years 3.99% 4.48% 4.20% 4.48%
3 years 7.39% 8.21% 7.60% 8.21%
NAV 12.4633 4,010.0811 12.5389 4,010.0811
Since Inception date of the Scheme: March 18, 2019
The Scheme has slight underperformance compared to the benchmark in a one-year period and since Inception.
The details of the NAV and Income Distribution Cum Capital Withdrawal (IDCW) declared by the fund during the financial year 2021-22 are as
follows:
Scheme Description NAV per unit IDCW Per Unit (Rs.)
March 31, 2022 INDIVIDUAL NON INDIVIDUAL
Mirae Asset Fixed Maturity Plan - Series - III - 1122 Days -
12.5389 Nil Nil
Direct Plan - Income Distribution Cum Capital Withdrawal option
Mirae Asset Fixed Maturity Plan - Series - III - 1122 Days -
12.5389 Nil Nil
Direct Plan - Growth option
Mirae Asset Fixed Maturity Plan - Series - III - 1122 Days -
12.4633 Nil Nil
Regular Plan - Income Distribution Cum Capital Withdrawal option
Mirae Asset Fixed Maturity Plan - Series - III - 1122 Days -
12.4633 Nil Nil
Regular Plan - Growth Option
The Scheme has flexibility to invest between 80% to 100% of its net asset in Debt instruments and government securities and upto 20% in Money
Market Instruments. The Scheme will not invest in Securitized Debt and will not engage in derivatives transactions. The Scheme may invest in
repo/reverse repo in corporate bonds.
The net assets of Mirae Asset Fixed Maturity Plan-Series III- 1122 days stood at Rs. 34.15 Crores as at March 31, 2022. Out of the total net assets
as on March 31, 2022, 100 % of the net assets invested in debt and money market instruments.
*The Scheme has matured on April 12, 2022.

2. FUTURE OUTLOOK
The Mutual Fund Industry saw its Average Assets Under Management (AUM) rise by 5 lakh crore in FY21-22. The Indian Mutual Fund Industry for the
month of March 2022 stood at Rs. 37.70 lakh crores from 32.17 lakh crore in March 2021. Despite last two years of pandemic, the Industry received
record flows in 2020-21 and 2021-22. Many new investors entered the industry and most of them seem to have taken the SIP route, overall the monthly
SIP contribution increased to 12,328 crore (March 2022) as compared to 9,138 crore (March 2021). Number of SIP investors also increased to 5.27 crore
(March 2022) from 3.80 crore (March 2021). AMFI continues to create awareness among investors through their investor education campaign called
“Mutual Funds Sahi Hai”. In the last year they focused on volatility, stay invested and ETFs.
ETFs, Index funds and FOFs investing overseas as a segment have emerged as a strong category in FY201-22 registering a 54% growth. The AUM
of these categories of Funds stood at 4.96 lakh crore (March 2022) compared to 3.21 lakh crore (March 2021). We believe in the coming years’ more
investors will adopt index investing either through Index Funds or ETFs.
The AMC continues to enhance its online transaction through the website to make it user friendly and provide ease of navigation. We will be launching
a completely revamped investor transaction website with many features, payment options in H1 FY 2023. The AMC continues to update its investors
on the funds, markets and important events through the website and emails and also share insightful articles on investor education through Investor
Awareness Initiatives. We request investors to visit our dedicated section on our website https://www.miraeassetmf.co.in/knowledge-center to read the
various educational material that we keep posting. Our learning module is also an interesting addition in our website and we request investors to check
the section https://www.miraeassetmf.co.in/learning-module.

OPERATIONS AND INVESTOR SERVICES

Mirae Asset Mutual Fund (MAMF) as at March 31, 2022 had offered 37 Schemes. These include 26 Equity Schemes (including 1 Equity Linked Savings
Scheme & 9 Exchange Traded Funds), 1 Liquid Scheme and 10 Debt Schemes (including 1 Fixed Maturity Plan) across 129 NAVs. The total assets
under management across all these Schemes as on March 31, 2022 was INR 1,02,842.23 Cr. The AMC operates from 22 branches as official point of
acceptance including Mumbai as the Head office.
Periodic monitoring of the transaction processing through appointed service providers and stronger focus on enhancing operational efficiencies for schemes
of MAMF, has helped achieve maximum deliverables in the aligned direction. This was coupled with requisite compliance on the guidelines which were
introduced by the regulators from time to time.
In our ongoing efforts, we have been in extensive talks with service providers to enhance service experience of both our Investor and Distributor fraternity,
which will help us to stay in line with the competition and also aid efficiencies on the turnaround times for processing and query resolution.

Mirae Asset Mutual Fund - Annual Report 2021-2022 17

 During the period 2021-2022, we were able to introduce Mirae Asset Money Market Fund, Mirae Asset Nifty SDL Jun 2027 Index Fund, Mirae Asset Nifty
India Manufacturing ETF Fund of Fund, Mirae Asset HANG SENG TECH ETF Fund of Fund, Mirae Asset S&P 500 Top 50 ETF Fund of Fund, Mirae
Asset NYSE Fang + ETF Fund of Fund, Mirae Asset NIFTY Midcap 150 ETF, Mirae Asset Hang Seng Tech ETF, Mirae Asset NYSE FANG+ETF, Mirae
Asset Nifty India Manufacturing ETF, MIRAE ASSET S&P 500 Top 50 ETF, Mirae Asset Nifty Financial Services ETF. We are also in the final stages on
rolling out the new DIT portal to enhance the experience of our distributors’ fraternity on the digital side. Also, we have more compatible website for our
investors which will help, enhance and improve seamlessness on online transaction side.

3. BRIEF BACKGROUND OF THE TRUST, SPONSORS, TRUSTEE AND ASSET MANAGEMENT COMPANY
i. Sponsors:
Mirae Asset Mutual Fund is sponsored by Mirae Asset Global Investments Co. Limited, a company incorporated in South Korea. Mirae Asset Global
Investments Company Limited (MAGICL) is a part of Mirae Asset Financial Group (Mirae Asset). Mirae Asset was established in 1997 and is South
Korea’s leading independent financial services provider. With Asset Management as its core activity, Mirae Asset is engaged in a broad range of
financial services including Investment Banking, Wealth Management and Life Insurance. Other significant activities of the group include Alternate
Investment including Private Equity, Venture Capital and Real Estate.
Mirae Asset introduced the concept of mutual funds to Korea. It is the largest asset manager in Korea and is the pioneer of Systematic Investment
Plan (known as Regular Savings Plan) in Korea and over the years has emerged as the undisputed leader in Korea.
Korea’s largest equity fund manager, Mirae Asset, is now a leading investor in Asian equities, with offices in USA, UK, Canada, China, Columbia,
Japan, Korea, Taiwan, Hong Kong, Australia, Vietnam, India, Brazil and rapidly expanding to other parts of the globe. With its strong foundation in
Asia and presence in major financial markets in this region, Mirae Asset has established a leadership position in the Asia Pacific region.
The Sponsor has entrusted a sum of Rs. 1,00,000/- to the Trustee as the initial contribution towards the corpus of the Mutual Fund.
The Sponsor holds 100% of the equity share capital of Mirae Asset Global Investments (India) Private Limited (MAGI India). MAGI India is the
holding company of the AMC and holds 100% of the paid up equity capital of the AMC. Thus, the Sponsor indirectly holds 100% of the paid-up
equity capital of the AMC.

ii. Mirae Asset Mutual Fund (MAMF):

Mirae Asset Mutual Fund (MAMF) was set up as a Trust by the Sponsor, Mirae Asset Global Investments Company Limited (MAGIC) on October 11,
2007 with Mirae Asset Trustee Company Private Limited (the Trustee) as a Trustee in accordance with the provisions of the Indian Trust Act, 1882
(2 of 1882) and is duly registered under the Indian Registration Act, 1908. The Trustee has entered into an Investment Management Agreement
dated January 1, 2020 with Mirae Asset Investment Managers (India) Private Limited (the AMC) to function as the Investment Manager for all the
Schemes of MAMF. MAMF was registered with SEBI on 30th November, 2007 vide Registration No. MF/055/07/03.

iii. Mirae Asset Trustee Company Private Limited:

Mirae Asset Trustee Company Private Limited (the Trustee) is the exclusive owner of the Trust Fund and holds the same in trust for the benefit
of the unitholders. The Trustee through its Board of Directors shall discharge its obligations as trustee of Mirae Asset Mutual Fund as provided
in the Regulations and the Trust Deed. The Trustees shall ensure that the transactions entered into by the AMC are in accordance with the SEBI
Regulations and will also review the activities carried on by the AMC.
Mirae Asset Trustee Company Private Limited is registered under the Companies Act, 1956 and was incorporated on April 23, 2007. The Sponsors
have executed a Trust Deed on October 11, 2007 appointing Mirae Asset Trustee Company Private Limited as Trustee of Mirae Asset Mutual Fund.
The Trustee seeks to ensure that MAMF and the Schemes floated thereunder are managed by the Mirae Asset Investment Managers (India) Private
Limited accordance with the Trust Deed, the Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association of
Mutual Funds in India and other regulatory agencies.

Share Capital:
During the year under review, there has been no change in the equity shareholding pattern of Mirae Asset Trustee Company Private Limited. The
shareholding pattern of Mirae Asset Trustee Company Private Limited as on 31st March, 2022 is as follows:
Sr. Shareholder’s Name Paid-up capital in Number of shares % of
No. Rs. (Equity Shares of (Equity Shares of Shareholding
Rs.10/- each) Rs.10/- each)
i. Mirae Asset Global Investments Co. Ltd. (MAGI), Korea. (Sponsor) 99980 9998 99.98
ii. Mr. Jun Young Hong (Nominee shareholder of MAGI) 10 1 0.01
iii. Mr. Mi Seob Kim 10 1 0.01
TOTAL 100,000 10,000 100.00

Change in Composition of Board Members:

There has been no change in the Composition of Board Members during the year.
Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 requires that the Board of Trustee Company shall comprise of two-thirds
of the Directors who are not associated in any manner with the Sponsors which is being complied with.

iv. Mirae Asset Investment Managers (India) Private Limited:

Securities and Exchange Board of India (“SEBI”) vide its letter dated November 20, 2019 bearing reference no. SEBI/HO/IMD/DF5/OW/P/2019/30719/1
(“SEBI NOC”) had granted their non-objection to transfer the AMC Business from ‘Mirae Asset Global Investments (India) Pvt Ltd’ to ‘Mirae Asset
Investment Managers (India) Private Limited’. Subsequently, Mirae Asset Investment Managers (India) Pvt Ltd, a company registered under the
Companies Act, 2013 and having its registered office at Unit 606, 6th Floor, Windsor, off CST Road, Kalina, Santacruz (E), Mumbai - 400 098 was
appointed as the Asset Management Company (AMC) of Mirae Asset Mutual Fund by the Trustee vide Investment Management Agreement (“IMA”)
dated January 01, 2020 entered into between Mirae Asset Trustee Company Private Limited and Mirae Asset Investment Managers (India) Private
Limited.
The AMC manages the Scheme/options of the Fund in accordance with the provisions of the Investment Management Agreement, the Trust Deed,
the Regulations and the objectives of each Scheme/option. The AMC can be removed by the Trustee, subject to the Regulations.
SEBI vide its letter dated February 5, 2008 having reference no. IMD/PM/116190/2008 has conveyed it’s no objection for the AMC to undertake
non-binding Advisory services to its group companies operating offshore funds domiciled in Korea and managed by offices located in Singapore,
United Kingdom and Hong Kong and in case of other funds which are in nature of offshore funds.

18 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Accordingly, the AMC has entered into agreement with Mirae Asset Global Investments (Hong Kong) Limited (“Mirae HK”) for providing advisory
services to India dedicated funds.
The AMC provides investment advice to Mirae Asset Global Investments Company Limited, Korea (Mirae Korea) for providing advisory services to
Mirae Korea for Insight Fund and Korea domiciled Fixed Income Fund.
An assignment agreement was entered with aforesaid entities effective from January 1, 2020 for assigning the advisory services from Mirae Asset
Global Investments (India) Private Limited to Mirae Asset Investment Managers (India) Private Limited pursuant to the group restructuring.
Further, SEBI vide its email dated July 13, 2020 has conveyed it’s no objection for the AMC for undertake non-binding Advisory services to non-
broad-based funds. The AMC thus entered into a non-binding advisory agreement dated July 14, 2020 on perpetual basis with Mirae Asset Capital
Markets (India) Pvt. Ltd for providing equity advisory services to its proprietary capital portfolio.
The Advisory function is not in conflict with the activities of the mutual fund. The above said activities are in compliance with the provisions of
Regulation 24(b) of SEBI (Mutual fund) Regulations, 1996 and are not in conflict with the mutual fund activities.
The fund management of the Scheme (including the international portion) shall rest with the AMC. The fees related to these services would be
borne by the AMC and would not be charged to the scheme.
SEBI vide its letter no. IMD/DF3/OW/P/2018/3489/1 dated February 1, 2018 granted ‘no objection’ to the AMC for providing asset management
services to an Alternative Investment Fund. Further, SEBI vide its letter dated May 09, 2018 having reference no. SEBI/HO/IMD/OW/P/2018/12658/1
granted registration to Mirae Asset AIF vide registration no. IN/AIF2/18-19/0541.
SEBI vide its letter dated September 16, 2019 bearing reference no. IMD/DF-6/OW/24111/2019 had granted approval for change in Investment
Manager ‘Mirae Asset Global Investments (India) Pvt Ltd’ to ‘Mirae Asset Investment Managers (India) Private Limited’. Subsequently, Mirae Asset
Investment Managers (India) Pvt Ltd, was appointed as the Asset Management Company (AMC) of Mirae Asset AIF vide Investment Management
Agreement (“IMA”) dated January 01, 2020. The AMC acts as the Asset Manager to Mirae Asset AIF for Category II Fund viz. Mirae Asset Credit
Opportunities Fund.
The above said activities are in compliance with the provisions of Regulation 24(b) of SEBI (Mutual fund) Regulations, 1996 and are not in conflict
with the mutual fund activities.
The same are not in conflict with the mutual fund activities.

Share Capital:
During the year under review, there has been no change in the equity shareholding pattern of Mirae Asset Investment Managers (India) Private
Limited. The shareholding pattern of the Mirae Asset Investment Managers (India) Private Limited as on 31st March, 2021 is as follows:
Sr. Shareholder’s Name Paid-up capital in Number of shares % of
No. Rs. (Equity Shares (Equity Shares of Shareholding
of Rs.10/- each) Rs.10/- each)
1 Mirae Asset Global Investments (India) Private Limited (MAGI) India 54,99,99,990 5,49,99,999 99.99
2 Mr. Swarup Anand Mohanty (Nominee shareholder of MAGI)* 10 1 0.00#

TOTAL 55,00,00,000 55,00,00,000 100.00

#less than 0.00%
[Mirae Asset Global Investments (India) Private Limited has appointed Mr. Swarup Anand Mohanty as the nominee shareholder vide their resolution
dated April 11, 2019. Kindly note that though Mr. Swarup Anand Mohanty is being appointed as nominee shareholder, the ultimate beneficial owner
being Mirae Asset Global Investments Co. Ltd. (MAGICL).]

Change in Composition of Board Members:

There has been no change in the Composition of Board Members.
As required under the provisions of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, 50% of the Directors on the
Board of the AMC are Independent Directors who are not an associate of or associated in any manner with the sponsor or any of its subsidiaries
or the Trustee Company. Mr. Yogesh Chadha and Ms. Malini Thadani are the independent directors on the Board of AMC.

4. SIGNIFICANT ACCOUNTING POLICIES:

The significant accounting policies form part of the notes to the Accounts annexed to the Balance Sheet of the Schemes. The Accounting Policies are in
accordance with Securities Exchange Board of India (Mutual Funds) Regulations, 1996.

5. UNCLAIMED REDEMPTIONS & DIVIDENDS:

The Summary of number of investors and Corresponding amount of unclaimed redemption and dividend as at March 31, 2022 is as follows:
Particulars Unclaimed Redemptions Unclaimed Dividends
Name of the Scheme Amount (Rs) No of Folios Amount (Rs) No of Folios
Mirae Asset Banking and PSU Debt Fund 10,143.02 1 -- --
Mirae Asset Cash Management Fund 6,56,920.75 35 -- --
Mirae Asset Equity Allocator Fund of Fund 6,108.12 1 -- --
Mirae Asset Emerging Bluechip Fund 69,89,344.23 319 3,57,035.90 66
Mirae Asset Equity Savings Fund 22,443.66 4 -- --
Mirae Asset Focused Fund 75,619.69 11 -- --
Mirae Asset NYSE FANG+ ETF Fund of Fund 5,796.54 3 -- --
Mirae Asset Healthcare Fund 86,606.28 7 -- --
Mirae Asset Great Consumer Fund 9,66,561.66 46 3,62,121.55 130
Mirae Asset Large Cap Fund 74,90,052.71 247 40,60,245.26 537
Mirae Asset Savings Fund 77,373.93 10 4,063.29 2
Mirae Asset Midcap Fund 3,55,645.40 15 -- --
Mirae Asset Hybrid - Equity Fund 3,10,065.03 21 3,36,209.70 24

Mirae Asset Mutual Fund - Annual Report 2021-2022 19

 Particulars Unclaimed Redemptions Unclaimed Dividends
Name of the Scheme Amount (Rs) No of Folios Amount (Rs) No of Folios
Mirae Asset Short Term Fund 84,256.54 3 -- --
Mirae Asset Tax Saver Fund 1,06,704.72 14 2,51,592.80 77
Mirae Asset Ultra Short Duration Fund 6,773.46 1 -- --
Details of Investor Complaints: The Fund is also prompt in redressing the complaints/requests received from the investors. The Statement on Status of
Redressal of Complaints received against Mirae Asset Mutual Fund during the financial year 2021-22 is annexed and forms part of the Trustee Report as
Annexure I. In the said statement, details of complaints on data corrections in Investor details have also been mentioned as per the AMFI Best Practice
Circular No. 135/BP/25/11-12 dated March 07, 2012.

6. ROLE OF MUTUAL FUNDS IN CORPORATE GOVERNANCE OF PUBLIC LISTED COMPANIES:

In terms of the Securities and Exchange Board of India (“SEBI”) circular no. SEBI/IMD/CIR No. 18/198647/2010 dated March 15, 2010 and clarificatory
email received from SEBI on June 23, 2011 and subsequent SEBI Circular No. CIR/CFD/CMD1/168/2019 dated December 24, 2019 and SEBI Circular
No. SEBI/HO/IMD/DF4/CIR/P/2021/29 dated March 05, 2021, the MAMF has framed a general voting policy and procedures for exercising the voting
rights in respect of shares held by its Schemes (“Voting Policy”). The Board of Directors of Mirae Asset Trustee Company Private Limited has adopted
the Voting Policy. The Voting Policy and the auditor’s certification on the voting report for financial year 2021-22 is annexed as Annexure II and Annexure
III respectively.
In adherence to the SEBI circular dated March 04, 2021, Mirae Asset Mutual Fund has uploaded the disclosure of votes cast alongwith the detailed
report with summary on its website within the stipulated timeline in the SEBI prescribed format. The details pertaining to the disclosure of votes cast can
be accessed by clicking the given link: https://www.miraeassetmf.co.in/docs/default-source/voting-policy/summary-details-of-votes-cast-by-mirae-asset-
mutual-fund-during-the-fy-2021-22.xls?sfvrsn=6631bff0_2

7. LIABILITY AND RESPONSIBILITY OF TRUSTEE AND SPONSORS:

The main responsibility of the Trustee is to safeguard the interest of the Unitholders and inter-alia ensure that Mirae Asset Investment Managers (India)
Private Limited (the AMC) functions in the interest of investors and in accordance with the Securities and Exchange Board of India (Mutual Funds)
Regulations, 1996, the provisions of the Trust Deed and the Statement of Additional Information, Scheme Information Document/Offer Document of
the respective Schemes. From the information provided to the Trustee and the reviews the Trustee has undertaken, the Trustee believes the AMC has
operated in the interests of the Unitholders.
The Sponsors are not responsible or liable for any loss or shortfall resulting from the operation of the Schemes beyond the initial contribution of Rs. 1 lakh
made by them towards setting up of Mirae Asset Mutual Fund.

8. IMPLEMENTATION OF STEWARDSHIP POLICY:

In terms of the Securities and Exchange Board of India (“SEBI”) circular no. CIR/CFD/CMD1/168/2019 dated December 24, 2019, the AMC have framed
a Stewardship code based on the principles indicated in the Circular. The purpose of the Stewardship Code is to enhance the quality of engagement
between institutional investors and the investee companies to help improve the Corporate Governance practices with a view to enhance long term returns
to Unitholders and the governance responsibilities.
The following are the principles adopted by the AMC for their conduct at general meetings of the Investee Company and disclosures thereto:
Principle 1: Institutional Investors should formulate a comprehensive policy on the discharge of their stewardship responsibilities, publicly
disclose it, review and update it periodically:
i. Policy for exercising Voting Rights:
The AMC have acted in the best interest of the Unitholders and have executed the Voting rights based on the Voting Rights Policy.
ii. Policy for Prevention of Conflicts of Interests:
The AMC have ensured that there are no conflicts of interests and have conducted its business fairly.
The Investment Committee is in charge of shareholder engagement activities and voting rights and ensuring utilization of the corporate monitoring materials
provided by the analysts and fund managers. The Compliance Team is responsibly monitoring the potential conflicts of interests, which may arise during
the course of carrying out the stewardship activities.
Principle 2: Institutional investors should have a clear policy on how they manage conflicts of interest in fulfilling their stewardship responsibilities
and publicly disclose it:
As part of our policy for the prevention of conflicts of interests, the management have established information exchange barriers (Chinese Wall) that
safeguards the information between different management. These exchange barriers serve to prevent undisclosed material information from being accessed
by unauthorized employees, departments, or external parties.
The AMC have complied with the said principle in a consistent manner with an aim to prioritize the best interests of unitholders.
Principle 3: Institutional investors should monitor their investee companies
The analysts and fund managers of the AMC monitors the investee companies on a regular basis and has effective communication and dialogue with
such companies.
The Equity Investment team of the AMC which is also responsible for actively monitoring the investee companies have complied with all the aspects of
this principle.
Principle 4: Institutional investors should have a clear policy on intervention in their investee companies. Institutional investors should also
have a clear policy for collaboration with other institutional investors where required, to preserve the interests of the ultimate investors, which
should be disclosed
There has been no such instance in the Financial year 2021-22 where intervention of the AMC was required in order to protect value of its investment
and discharge its stewardship responsibility.
Principle 5: Institutional investors should have a clear policy on voting and disclosure of voting activity:
The AMC has disclosed the exercise of voting rights in order to ensure transparency and have uploaded the details of actual voting i.e. whether voted for/
against/abstained and the rationale for such voting on the website on a quarterly basis.

20 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Principle 6: Institutional investors should report periodically on their stewardship activities:
The AMC have timely disclosed all the activities undertaken by the Equity Investment team, as mandated by the Investment Committee, in regard to
implementing this stewardship policy and discharging its responsibilities, on its website, as part of public disclosure on an annual basis.
The Status of Compliance with the Stewardship Code is stated below:
Principle Compliance Status
Principle 1: Institutional Investors should formulate a comprehensive policy on the discharge of their stewardship responsibilities, Complied
publicly disclose it, review and update it periodically:
Principle 2: Institutional investors should have a clear policy on how they manage conflicts of interest in fulfilling their stewardship Complied
responsibilities and publicly disclose it:
Principle 3: Institutional investors should monitor their investee companies Complied
Principle 4: Institutional investors should have a clear policy on intervention in their investee companies. Institutional investors Complied
should also have a clear policy for collaboration with other institutional investors where required, to preserve the interests of the
ultimate investors, which should be disclosed.
Principle 5: Institutional investors should have a clear policy on voting and disclosure of voting activity: Complied
Principle 6: Institutional investors should report periodically on their stewardship activities: Complied

9. PRODUCT LABELING OF SCHEMES - RISK-O-METER:

In accordance with SEBI circular No. SEBI/HO/IMD/DF3/CIR/P/2020/197 dated October 05, 2020 (‘Circular’) Product Labelling in Mutual Fund schemes
- Risk-o-meter, AMC/Mutual Fund need to evaluate Risk-o-meter on a monthly basis and disclose the Risk-o-meter along with portfolio disclosure for all
their schemes on their respective website and on AMFI website within stipulated timelines. The said circular was effective from January 1, 2021.
To comply with the Circular, the Fund/the AMC has evaluated the risk-o-meter of all schemes starting from March 2021 to March 2022. As per SEBI
mandate and in order to inform investors about the change in risk-o-meter of schemes during the financial year, the below table indicates the changes in
risk-o-meter of the schemes during Financial Year 2021-22.
Scheme Name Risk-o-meter Level at the Risk-o-meter Level at the Number of Changes in
start of the Financial Year end of the Financial Year Risk-o-meter during the
- March 31, 2022 financial year 2021- 2022
Mirae Asset Arbitrage Fund Low Low 2
Mirae Asset Banking and Financial Services Fund Very High Very High 0
Mirae Asset Banking and PSU Debt Fund Moderate Low to Moderate 3
Mirae Asset Cash Management Fund Low to Moderate Low to Moderate 2
Mirae Asset Corporate Bond Fund Low to Moderate Low to Moderate 2
Mirae Asset Dynamic Bond Fund Moderate Moderate 4
Mirae Asset Emerging Blue Chip Fund Very High Very High 0
Mirae Asset Equity Allocator Fund of Fund Very High Very High 0
Mirae Asset Equity Savings Fund Moderately High Moderately High 0
MIRAE ASSET ESG SECTOR LEADERS ETF Very High Very High 0
Mirae Asset ESG Sector Leaders Fund of Fund Very High Very High 0
Mirae Asset Fixed Maturity Plan - Series III -1122 Low to Moderate Low to Moderate 0
Mirae Asset Focused Fund Very High Very High 0
Mirae Asset Great Consumer Fund Very High Very High 0
MIRAE ASSET HANG SENG TECH ETF - Very High 0
MIRAE ASSET HANG SENG TECH ETF FUND OF FUND - Very High 0
Mirae Asset Healthcare Fund Very High Very High 0
Mirae Asset Hybrid Equity Fund Very High Very High 0
Mirae Asset Large Cap Fund Very High Very High 0
Mirae Asset Midcap Fund Very High Very High 0
Mirae Asset Money Market Fund - Low to Moderate 4
Mirae Asset Nifty 50 ETF (MAN50ETF) Very High Very High 0
Mirae Asset Nifty Financial Services ETF - Very High 0
Mirae Asset Nifty India Manufacturing ETF - Very High 0
Mirae Asset Nifty India Manufacturing ETF FOF - Very High 0
Mirae Asset Nifty Midcap 150 ETF - Very High 1
Mirae Asset Nifty Next 50 ETF (MANXT50ETF) Very High Very High 0
Mirae Asset Nifty SDL Jun 2027 Index Fund - Moderate 0
MIRAE ASSET NYSE FANG+ ETF - Very High 0
Mirae Asset NYSE FANG+ETF Fund of Fund - Very High 0
Mirae Asset Overnight Fund Low Low 0
Mirae Asset S&P 500 TOP 50 ETF - Very High 0
Mirae Asset S&P 500 TOP 50 ETF Fund of Fund - Very High 0
Mirae Asset Savings Fund Low to Moderate Low to Moderate 0
Mirae Asset Short Term Fund Low to Moderate Low to Moderate 2
Mirae Asset Tax Saver Fund Very High Very High 0
Mirae Asset Ultra Short Duration Fund Low to Moderate Low to Moderate 2

Mirae Asset Mutual Fund - Annual Report 2021-2022 21

10. POTENTIAL RISK CLASS (PRC) MATRIX OF DEBT SCHEMES:
In accordance with the SEBI Circular no. SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/573 dated June 07, 2021, all debt Mutual fund schemes were classified
in terms of a PRC matrix consisting of parameters based on maximum interest rate risk and maximum credit risk a fund can undertake. In this regard, the
PRC matrix of all debt schemes as on March 31, 2022 is as under:
Scheme Name Potential Risk Class (PRC) Matrix
Mirae Asset Overnight Fund
Potential Risk Class
Mirae Asset Fixed Maturity Plan - Series III -1122 Days
Credit Risk
Relatively Low Moderate Relatively High
Interest Rate (Class A) (Class B) (Class C)
Risk
Relatively Low (Class I) A-I
Moderate (Class II)
Relatively High (Class III)
Mirae Asset Nifty SDL Jun 2027 Index Fund
Potential Risk Class
Credit Risk
Relatively Low Moderate Relatively High
Interest Rate (Class A) (Class B) (Class C)
Risk
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) A-III
Mirae Asset Cash Management Fund
Potential Risk Class
Mirae Asset Ultra Short Duration Fund
Credit Risk
Mirae Asset Money Market Fund Relatively Low Moderate Relatively High
Interest Rate (Class A) (Class B) (Class C)
Risk
Relatively Low (Class I) B-I
Moderate (Class II)
Relatively High (Class III)
Mirae Asset Savings Fund
Potential Risk Class
Credit Risk
Relatively Low Moderate Relatively High
Interest Rate (Class A) (Class B) (Class C)
Risk
Relatively Low (Class I)
Moderate (Class II) B-II
Relatively High (Class III)
Mirae Asset Banking and PSU Debt Fund
Potential Risk Class
Mirae Asset Short Term Fund
Credit Risk
Mirae Asset Corporate Bond Fund Relatively Low Moderate Relatively High
Interest Rate (Class A) (Class B) (Class C)
Risk
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) B-III
Mirae Asset Dynamic Bond Fund
Potential Risk Class
Credit Risk
Relatively Low Moderate Relatively High
Interest Rate (Class A) (Class B) (Class C)
Risk
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) C-III

22 Mirae Asset Mutual Fund - Annual Report 2021-2022

11. STATUTORY INFORMATION:
(a) The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes of the Fund beyond their initial contribution (to
the extent contributed) of Rs.1 Lakh for setting up the Fund, and such other accretions/additions to the same.
(b) The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying
investments.
(c) Full Annual Report is available on the website (www.miraeassetmf.co.in) and shall be available for inspection at the Head Office of the mutual fund.
Present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund/AMC at a price.

12. Acknowledgement:
The Trustees thanks SEBI, AMFI, the investors, Investors Service Centers, distributors, key partners, service providers, Mirae Asset Investment Managers
(India) Private Limited and its employees for their commitment and looks forward to their continued support.
Investors may note that the Full Annual Report shall be disclosed on the website (www.miraeassetmf.co.in) and shall also be available for inspection at
the Head Office of the Mutual Fund. On written request present and prospective unit holders/investors can obtain a copy of the Trust Deed, the Annual
Report at a price and the text of the relevant Scheme.
The Balance Sheet as at March 31, 2022 and the Revenue Account for the year ended March 31, 2022 for the various schemes are annexed to this
Report.

For Mirae Asset Trustee Company Private Limited

Sd/- Sd/-
Dr. Manoj Vaish C A Uttam Prakash Agarwal
Director Director
Place: Mumbai
Date: July 26, 2022.

Mirae Asset Mutual Fund - Annual Report 2021-2022 23

 ANNEXURE - I
Redressal of Complaints received against Mirae Asset Mutual Fund during the period from April, 2021 to March, 2022
Total Number of folios as on 31st March 2022 - 4987422
Complaint Type of Complaint# (a) No. of Action on (a) and (b)
Code complaints
pending at (b) No. of Resolved Non Pending
the Complaints Actionable*
Within 30-60 60-180 Beyond 0-3 3-6 6-9 9-12
beginning received 30 days days days 180 Months months months months
of the year during the days
year
IA Non receipt of Dividend on Units 0 2 2 0 0 0 0 0 0 0 0
IB Interest on delayed payment of
Dividend 0 2 2 0 0 0 0 0 0 0 0
IC Non receipt of Redemption
Proceeds 3 115 116 0 0 0 0 2 0 0 0
ID Interest on delayed payment of
Redemption 0 0 0 0 0 0 0 0 0 0 0
II A Non receipt of Statement of
Account/Unit Certificate 10 30 40 0 0 0 0 0 0 0 0
II B Discrepancy in Statement of
Account 1 15 16 0 0 0 0 0 0 0 0
II C Data corrections in Investor details 0 0 0 0 0 0 0 0 0 0 0
II D Non receipt of Annual Report/
Abridged Summary 2 2 4 0 0 0 0 0 0 0 0
III A Wrong switch between Schemes 0 3 3 0 0 0 0 0 0 0 0
III B Unauthorized switch between
Schemes 0 2 2 0 0 0 0 0 0 0 0
III C Deviation from Scheme attributes 0 3 3 0 0 0 0 0 0 0 0
III D Wrong or excess charges/load 0 3 3 0 0 0 0 0 0 0 0
III E Non updation of changes viz.
address, PAN, bank details,
nomination, etc. 1 12 13 0 0 0 0 0 0 0 0
IV Others* 28 1507 1506 0 0 0 0 29 0 0 0
Total 45 1696 1710 0 0 0 0 31 0 0 0
# Including against its authorized persons/distributors/employees. etc
* Non actionable means the complaint that are incomplete/outside the scope of the mutual fund

Classification of Complaints
Type I Delay/Non-receipt of Money
IA Dividend on Units
IB Interest on delayed payment of Dividend
IC Redemption Proceeds
ID Interest on delayed payment of Redemption
Type II Statement of Account/Unit Certificate/Annual Report
II A Non receipt of Statement of Account/Unit Certificate
II B Discrepancy in Statement of Account
II C Data corrections in Investor details
II D Non receipt of Annual Report/Abridged Summary
Type III Services Related
III A Wrong switch between Schemes
III B Unauthorized switch between Schemes
III C Deviation from Scheme Attributes
III D Wrong or excess charges/load
III E Non updation of changes viz. Address, Pan, Bank details, Nomination, etc.
Type IV Others
*** SIP Related Queries, Scheme related queries.

24 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Annexure - II
VOTING RIGHTS POLICY OF MIRAE ASSET MUTUAL FUND

Introduction ● Corporate governance matters

Mirae Asset AMC support resolutions that change the state of
Mirae Asset Investment Managers (India) Pvt. Ltd. (Mirae Asset AMC) is the
incorporation, merger and other corporate restructuring which are in the
Asset Management company for Mirae Asset Mutual Fund. In this role, Mirae
interest of the unitholders. However, Mirae Asset AMC will vote against
AMC has an obligation to act in the best interests of the unitholders. This
resolutions pertaining to takeover by an acquirer, etc which in their opinion
responsibility includes exercising the voting rights attached to securities held
are against the interest of the unit holder.
by the schemes/funds. It is the policy of Mirae AMC to exercise the voting
rights of the schemes in accordance with the best interests of the unitholders. ● Auditors and auditor compensation
Where all members of an issuer’s audit committee are independent, Mirae
This Policy contains the principles that form the basis of all votes. Mirae Asset
AMC will generally support the election of directors, the appointment of
AMC believes that these principles are essential to ensure the long-term
auditors and the approval of the recommended auditor compensation.
performance of assets managed by Mirae Asset AMC. Mirae Asset AMC will
manage voting rights with the same level of care and skill as it manages the ● Management compensation
funds. In general, Mirae Asset AMC does not have the intention to participate The goal of Mirae Asset AMC is to support compensation arrangements
directly or indirectly in the management of the companies but it will use its that are tied to long-term corporate performance and shareholder value.
influence as a shareholder amongst others by exercising its voting rights in These arrangements should induce management to purchase and hold
accordance with the best interests of its unit holders. equity in the company to better align management’s interests with those of
shareholders. Stock option plans that are overly generous or excessively
The exercise of voting rights requires the ongoing review of the corporate
dilutive to other shareholders will not be supported.
governance and performance of management of an issuer and the
consideration of the potential impact of a vote on the value of the securities ● Changes in capitalization
of the issuer held by the Funds. In order to discharge its obligations Mirae Asset AMC recognizes the need for management of an issuer
under this policy, Mirae Asset AMC accesses and utilizes research on to have flexibility in the issue or buyback of shares to meet changing
management performance and corporate governance issues, drawn from financial conditions. Changes in capitalization will generally be supported
portfolio manager and analyst due diligence, information provided by leading where a reasonable need for the change is demonstrated, however
independent research firms and involvement in organizations. In terms of the changes resulting in excessive dilution of existing shareholder value will
Securities and Exchange Board of India (“SEBI”) circular no. SEBI/IMD/CIR not be supported.
No.18/198647/2010 dated March 15, 2010 and clarificatory email received
● Social and corporate responsibility issues
from SEBI on June 23, 2011 and subsequent SEBI Circular No. CIR/CFD/
Mirae Asset AMC recognizes the need of role of government, demands
CMD1/168/2019 dated December 24, 2019 and SEBI Circular No. SEBI/
for greater disclosures, increased investor education, environmental
HO/IMD/DF4/CIR/P/2021/29 dated March 05, 2021, we have framed the
benefits, benefits to the community and the general public.
general voting policy and procedures for exercising the voting rights (“Voting
Policy”). This Voting Policy shall be applicable to all equity holdings across Other issues, including those business issues specific to the issuer or those
all our mutual fund schemes. raised by shareholders of the issuer, are addressed on a case-by-case basis
with a focus on the potential impact of the vote on shareholder value. Mirae
What does voting right mean? Asset AMC reserves the right to vote against any resolution that goes against
Voting Right means, the right of a stockholder to vote on matters of corporate the interest of its unit holders.
policy. Voting often involves decisions on issuing securities, initiating corporate Mirae Asset AMC shall compulsorily vote in case of below mentioned matters:
actions and making substantial changes in the corporation’s operations
a. Corporate governance matters, including changes in the state of
such as the election of the company’s directors, merger/amalgamations,
incorporation. merger and other corporate restructuring, and anti-
appointment of auditors, etc.
takeover provisions.
Equity mutual funds, and other mutual funds with an equity component, hold
b. Changes to capital structure, including increases and decreases of capital
shares of companies. The funds are entitled to exercise the voting rights
and preferred stock issuances.
attached to those shares. The shareholders do not necessarily need to be
physically present at the site of the company’s annual meeting/extra-ordinary c. Stock option plans and other management compensation issues.
general meeting in order to exercise their right to vote. It is common for d. Social and corporate responsibility issues.
shareholders to voice their vote by proxy.
e. Appointment and Removal of Directors.
Voting Guidelines
f. Any other issue that may affect the interest of the shareholders in general
Issuers’ proxies most frequently contain proposals to elect corporate directors, and interest of the unit-holders in particular.
to appoint external auditors and set their compensation, to adopt or amend
Related party transactions of the investee companies (excluding own group
management compensation plans and to amend the capitalization of the
companies). For this purpose, “Related Party Transactions” shall have
company.
same meaning as assigned to them in clause (zc) of Sub-Regulation (1) of
The Company shall exercise votes in the direction of improving the economic Regulation (2) of the SEBI (Listing Obligation and Disclosure Requirements)
value of the portfolio and protecting the rights of the unitholders considering Regulations, 2015.
the following factors:
For all remaining resolutions which are not covered above, Mirae Asset AMC
1. Protecting the rights of unitholders shall compulsorily cast its votes with effect from April 01, 2022.
2. Improving operating profits The vote shall be cast at the Mutual Fund Level. However, in case Fund
3. Raising the intrinsic value of the Company Manager/(s) of any specific scheme has a strong view against the views of
Fund Manager/(s) of the other schemes, the voting at scheme level shall be
4. Improving the Company’s governance and financial structure. allowed subject to recording of detailed rationale for the same.
These guidelines summarize the corporate governance principles which the
Procedure for use of Voting Guidelines
MAMF will generally support through the exercise of votes on these issues.
A decision to invest in an issuer is based in part on a fund manager’s analysis
● Boards of directors
of the performance of management and the corporate governance of the
Mirae Asset AMC supports resolutions that promote the effectiveness
issuer. Since a decision to invest is generally an endorsement of management
of boards in acting in the best interests of shareholders. It generally
of the issuer, Mirae Asset AMC will generally vote with management on routine
votes in favour of the election of directors for boards having a majority
matters. However, since a fund manager must be focused on shareholder
of independent directors and an independent chair, where the chairs of
value on an ongoing basis, it is the responsibility of the fund manager to be
all board committees and at least a majority of committee members are
aware of the potential investment implications of any issue on which security
independent.
holders are asked to vote.

Mirae Asset Mutual Fund - Annual Report 2021-2022 25

The Guidelines indicate the principles of corporate governance which the management company to insider and price sensitive information for which use
Funds will generally support through the exercise of votes. and/or disclosure of such information could generate conflicts of interest. The
parent of the AMC is a global investment manager and has various offices
While Mirae Asset AMC will generally vote the Funds’ proxies strictly in
around the world. Hence, the investment manager is an affiliate of many
accordance with the Funds’ Voting Guidelines, there may be circumstances
diversified financial organization across the globe, however the investment
where it believes it is in the best interests of a Fund to vote differently than
manager is a stand-alone entity in India. Any financial transaction, where:
the manner contemplated by the Guidelines. The ultimate decision as to the
manner in which the Funds’ proxies will be voted rests with Mirae Asset AMC. i) The investment is made into group companies of the AMC, or
The AMC shall abide by the following procedure for exercising the voting rights:
ii) The investee companies have subscribed to the units of their schemes,
1. The Investment team shall examine and decide on AGMs/EGMs which may lead to conflict of interest.
have been submitted to its authority. If a consensus cannot be achieved,
Generally, the AMC shall abstain to vote for any matters connected with the
the final voting decision will be taken by the Chief Investment Officer.
above. However, the AMC will make its best efforts to avoid any conflicts
2. In most cases, the AMC exercises its funds’ voting rights by appointing and ensure that any conflicts of interest are resolved in the best interest of
an authorized agent. It may, however, if deemed necessary, be physically the unit-holders.
present at a meeting and vote in person.
Additionally, Mirae Asset AMC has implemented procedures and appropriate
3. Authorized Officials and/or authorized representatives of Custodian of controls and monitoring routines in order to prevent conflict of interest.
the Fund would submit voting instructions for General Meetings where
Further, the AMC has Stewardship Policy in place which has been drafted
the AMC chooses to vote i.e. either FOR or AGAINST.
in accordance with SEBI Circular no. CIR/CFD/CMD1/168/2019 dated
4. The AMC may also abstain from voting for the Investee Companies in December 24, 2019.
case the Mutual Fund has no economic interest on the day of voting.
Review and control process
In case of any escalation or conflict, it may be referred to the Investment
Committee. 1. On analysis of AGM/EGM resolutions, if any conflict of interest is identified
with the AMC’s voting policy, then the same shall be alerted to the Chief
Mechanism of Voting Investment Officer.
With the introduction of voting through electronic platforms, the Investment 2. The AMC shall be responsible for maintaining records for votes cast
Manager casts its votes on the voting platforms offered by CDSL/NSDL and abstentions, proxy statements and any other relevant record in this
and other service providers. At times, even after voting through electronic regard.
means, the fund managers may attend the general meetings of the Investee
3. All the voting rights exercised/abstentions in the previous month shall
Companies as it provides an opportunity to pose questions to the directors
be reported to the Investment committee meeting in the next month.
of the investee companies. Where e-voting is not mandated or in cases
where e-voting is not possible, Investment Manager endeavours to vote 4. Every record, including the voting statements, abstentions shall be
through proxy. retained for audit purpose.
5. The process of exercise of votes as listed above shall be reviewed by
Use of Outside Advisory Services:
the AMC, from time to time.
The AMC may utilize any other outside professionals’ advisory services to
6. Fund Managers/Decision makers shall submit a declaration on quarterly
secure expertise and objectivity of voting rights and also to enhance the
basis to the Trustees that the votes cast by them have not been influenced
fidelity of voting rights execution.
by any factor other than the best interest of the unit holders.
However, even if such services are used, the obligation to faithfully execute
voting rights is with the AMC. Therefore, while the recommendations from Disclosures
the external advisory professionals are utilized for reference purposes only, The policy shall be available on the website i.e. www.miraeassetmf.co.in.
the final determination and decisions are made by the AMC. The AMC may
choose not to act upon the recommendations of the external advisors, in case Further, the following periodical disclosures shall be made available on the
it has valid justification for the same. website:
1. Disclosure of vote cast on our website (in machine readable spreadsheet
Voting Records format) on a quarterly basis within 10 working days from the end of the
In this section, you can find out how voting rights were exercised on behalf quarter. A detailed report in this regard along with summary thereof shall
of the Mirae Asset AMC that held voting securities. Disclosure of exercise also be disclosed on the website.
of votes cast (for/abstain/against) in equity holdings across all schemes 2. Disclosure of votes cast on the website, on an annual basis. Further,
(including passive investment schemes like Index Funds, Exchange Traded Mirae Asset AMC shall provide the web link in the annual report regarding
Funds) of Mirae Asset Mutual Fund including the rationale supporting its the disclosure of voting details.
voting decision shall be made accessible in the Annual Report distributed
to the Unitholders and/or on the website of Mirae Asset AMC in the format 3. Scrutinizer’s certification on the Voting Reports shall be disclosed in the
prescribed by SEBI from time to time. annual report and on the website.

Conflict of interest provision Review by Board of AMC and Trustee

Voting is exercised in the exclusive interest of holders. All votes are centralized, The Voting Policy shall be reviewed periodically by the Board of AMC and
which ensures uniformity and adherence to the aforementioned principles. Mirae Asset Trustee Company Private Limited.
The strict separation of Mirae AMC’s asset management activities from other
activities within the Mirae Asset Financial Group prevents access of the asset ===x===

26 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Annexure - III

B 305, Sai Jyote,

A. SEKAR Lalubhai Park West,
B.COM, FCMA, ACS, LLB (GEN) VILE PARLE WEST, MUMBAI 400 056
HELLO: 98202-29134
COMPANY SECRETARY EMAIL: [email protected]

CERTIFICATION OF THE VOTING REPORTS

Pursuant to SEBI Circular SEBI/IMD/CIR No. 18/198647/2010 dated 15th March, 2010 read
with Circular No. CIR/IMD/DF/05/2014 dated 24th March, 2014 and read with circular ref
SEBI/HO/IMD/DF/CIR/P/2016/68 dated 10th August, 2016, I having been appointed as a
Scrutinizer” in terms of Rule 20 (3) (ix) of Companies (Management and Administration)
Rules, 2014 to certify the voting exercised by MIRAE ASSET INVESTMENT MANAGERS
(INDIA) PRIVATE LIMITED for the financial year ended 31st March, 2022. I hereby report as
under: -
1. I have verified the voting disclosures made by MIRAE ASSET INVESTMENT MANAGERS
(INDIA) PRIVATE LIMITED (the company) on the basis of the data obtained from the
custodians.

2. On the basis of the said data, the Company was required to exercise its votes on 1646
agenda items for the year under review and its voting was as under: -

Voting For/ Against / Abstained No. of Agenda Items

FOR 1552
AGAINST 81
ABSTAINED 13*
TOTAL 1646
* includes 9 agenda items in respect of which the AMC had decided to vote in favour of
the resolutions but could not cast the votes due to technical / connectivity issue and 4
agenda items where the companies had withdrawn the resolution.

3. On the basis of documentation maintained by the company, I certify that it has provided
brief rationale for the voting exercised by it and the same is in accordance with the
voting policy approved by the Board of Directors of the Company.
This certificate has been issued for submission to the Board of Directors of Mirae Asset
Trustee Company Private Limited and to be disclosed in the Annual report & website of
Mirae Asset Mutual Fund in terms of the cited circular CIR/IMD/DF/05/2014 dated
24th March, 2014 read with circular ref SEBI/HO/IMD/DF/CIR/P/2016/68 dated 10th August,
2016

Digitally signed by
ANANTHANARAYAN SEKAR
Date: 2022.05.24 11:13:26 +05'30'

A SEKAR
COMPANY SECRETARY
ACS 8649 CP 2450
UDIN A008649D000372617
Mumbai, dated 24th May, 2022

Mirae Asset Mutual Fund - Annual Report 2021-2022 27

 INDEPENDENT AUDITORS’ REPORT
To, As part of an audit in accordance with SAs, we exercise professional judgment
The Directors, and maintain professional scepticism throughout the audit. We also:
Mirae Asset Tustee Company Pvt. Ltd. ● Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit
Report on the audit of Financial Statements procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
Opinion of not detecting a material misstatement resulting from fraud is higher
We have audited the accompanying financial statements of Mirae Asset than for one resulting from error, as fraud may involve collusion, forgery,
Large Cap Fund (the ‘scheme’) which comprises the Balance Sheet as at intentional omissions, misrepresentations, or the override of internal
31 March 2022, the Revenue Account and the Cash Flow Statement for control.
the year April 01, 2021 to March 31, 2022 (“the year”) and notes to financial ● Obtain an understanding of internal financial control relevant to the audit in
statements, including summary of significant accounting policies and other order to design audit procedures that are appropriate in the circumstances
explanatory information. but not for the purpose of expressing an opinion on the effectiveness of
In our opinion and to the best of our information and according to the the Scheme’s internal control.
explanations given to us, the aforesaid financial statements of the Schemes ● Evaluate the appropriateness of accounting policies used and the
give a true and fair view in conformity with the accounting principles generally reasonableness of accounting estimates and related disclosures made
accepted in India, including the accounting policies and standards specified by the management.
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual
● Conclude on the appropriateness of management’s use of the going
Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
concern basis of accounting and, based on the audit evidence obtained,
a) in the case of the Balance Sheet, of the state of affairs of the Scheme whether a material uncertainty exists related to events or conditions that
as at 31st March 2022; may cast significant doubt on the Scheme’s ability to continue as a going
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme concern. If we conclude that a material uncertainty exists, we are required
for the year ended 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
c) in the case of the Cash Flow Statement, of the cash flows of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position, financial consequences of doing so would reasonably be expected to outweigh the
performance and cash flows of the Scheme in accordance with accounting public interest benefits of such communication.
policies and standards as specified in the Ninth Schedule of the SEBI
Regulations and in accordance with the accounting principles generally Report on Other Legal and Regulatory Requirements
accepted in India. This responsibility includes maintenance of adequate 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
accounting records in accordance with the provisions of the SEBI Regulations Schedule to the SEBI Regulations, we report that:
for safeguarding the assets of the Scheme and for preventing and detecting (a) We have obtained all the information and explanations which to the
frauds and other irregularities; selection and application of appropriate best of our knowledge and belief were necessary for the purposes
accounting policies; making judgments and estimates that are reasonable and of our audit;
prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy (b) In our opinion, the Balance Sheet, the Revenue Account and the
and completeness of the accounting records, relevant to the preparation and Cash Flow Statement dealt with by this report are in agreement with
presentation of the financial statements that give a true and fair view and are the books of account of the Scheme; and
free from material misstatement, whether due to fraud or error. (c) The balance sheet, the revenue account and the cash flow statement,
In preparing the financial statements, managements of the Investment has been prepared in accordance with the accounting policies and
Manager and the Board of Trustees are responsible for assessing the standards as specified in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916

28 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To, As part of an audit in accordance with SAs, we exercise professional judgment
The Directors, and maintain professional scepticism throughout the audit. We also:
Mirae Asset Tustee Company Pvt. Ltd. ● Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit
Report on the audit of Financial Statements procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
Opinion of not detecting a material misstatement resulting from fraud is higher
We have audited the accompanying financial statements of Mirae Asset than for one resulting from error, as fraud may involve collusion, forgery,
Emerging Bluechip Fund (the ‘scheme’) which comprises the Balance Sheet intentional omissions, misrepresentations, or the override of internal
as at 31 March 2022, the Revenue Account and the Cash Flow Statement for control.
the year April 01, 2021 to March 31, 2022 (“the year”) and notes to financial ● Obtain an understanding of internal financial control relevant to the audit in
statements, including summary of significant accounting policies and other order to design audit procedures that are appropriate in the circumstances
explanatory information. but not for the purpose of expressing an opinion on the effectiveness of
In our opinion and to the best of our information and according to the the Scheme’s internal control.
explanations given to us, the aforesaid financial statements of the Schemes ● Evaluate the appropriateness of accounting policies used and the
give a true and fair view in conformity with the accounting principles generally reasonableness of accounting estimates and related disclosures made
accepted in India, including the accounting policies and standards specified by the management.
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual
● Conclude on the appropriateness of management’s use of the going
Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
concern basis of accounting and, based on the audit evidence obtained,
a) in the case of the Balance Sheet, of the state of affairs of the Scheme whether a material uncertainty exists related to events or conditions that
as at 31st March 2022; may cast significant doubt on the Scheme’s ability to continue as a going
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme concern. If we conclude that a material uncertainty exists, we are required
for the year ended 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
c) in the case of the Cash Flow Statement, of the cash flows of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position, financial consequences of doing so would reasonably be expected to outweigh the
performance and cash flows of the Scheme in accordance with accounting public interest benefits of such communication.
policies and standards as specified in the Ninth Schedule of the SEBI
Regulations and in accordance with the accounting principles generally Report on Other Legal and Regulatory Requirements
accepted in India. This responsibility includes maintenance of adequate 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
accounting records in accordance with the provisions of the SEBI Regulations Schedule to the SEBI Regulations, we report that:
for safeguarding the assets of the Scheme and for preventing and detecting (a) We have obtained all the information and explanations which to the
frauds and other irregularities; selection and application of appropriate best of our knowledge and belief were necessary for the purposes
accounting policies; making judgments and estimates that are reasonable and of our audit;
prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy (b) In our opinion, the Balance Sheet, the Revenue Account and the
and completeness of the accounting records, relevant to the preparation and Cash Flow Statement dealt with by this report are in agreement with
presentation of the financial statements that give a true and fair view and are the books of account of the Scheme; and
free from material misstatement, whether due to fraud or error. (c) The Balance Sheet, the Revenue Account and the Cash Flow
In preparing the financial statements, managements of the Investment Statement has been prepared in accordance with the accounting
Manager and the Board of Trustees are responsible for assessing the policies and standards as specified in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916

Mirae Asset Mutual Fund - Annual Report 2021-2022 29

 INDEPENDENT AUDITORS’ REPORT
To, As part of an audit in accordance with SAs, we exercise professional judgment
The Directors, and maintain professional scepticism throughout the audit. We also:
Mirae Asset Tustee Company Pvt. Ltd. ● Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit
Report on the audit of Financial Statements procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
Opinion of not detecting a material misstatement resulting from fraud is higher
We have audited the accompanying financial statements of Mirae Asset than for one resulting from error, as fraud may involve collusion, forgery,
Hybrid Equity Fund (the ‘scheme’) which comprises the Balance Sheet as intentional omissions, misrepresentations, or the override of internal
at March 31, 2022, the Revenue Account and the Cash Flow Statement for control.
the year April 01, 2021 to March 31, 2022 (“the year”) and notes to financial ● Obtain an understanding of internal financial control relevant to the audit in
statements, including summary of significant accounting policies and other order to design audit procedures that are appropriate in the circumstances
explanatory information. but not for the purpose of expressing an opinion on the effectiveness of
In our opinion and to the best of our information and according to the the Scheme’s internal control.
explanations given to us, the aforesaid financial statements of the Schemes ● Evaluate the appropriateness of accounting policies used and the
give a true and fair view in conformity with the accounting principles generally reasonableness of accounting estimates and related disclosures made
accepted in India, including the accounting policies and standards specified by the management.
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual
● Conclude on the appropriateness of management’s use of the going
Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
concern basis of accounting and, based on the audit evidence obtained,
a) in the case of the Balance Sheet, of the state of affairs of the Scheme whether a material uncertainty exists related to events or conditions that
as at 31st March 2022; may cast significant doubt on the Scheme’s ability to continue as a going
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme concern. If we conclude that a material uncertainty exists, we are required
for the year ended 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
c) in the case of the Cash Flow Statement, of the cash flows of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position, financial consequences of doing so would reasonably be expected to outweigh the
performance and cash flows of the Scheme in accordance with accounting public interest benefits of such communication.
policies and standards as specified in the Ninth Schedule of the SEBI
Regulations and in accordance with the accounting principles generally Report on Other Legal and Regulatory Requirements
accepted in India. This responsibility includes maintenance of adequate 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
accounting records in accordance with the provisions of the SEBI Regulations Schedule to the SEBI Regulations, we report that:
for safeguarding the assets of the Scheme and for preventing and detecting (a) We have obtained all the information and explanations which to the
frauds and other irregularities; selection and application of appropriate best of our knowledge and belief were necessary for the purposes
accounting policies; making judgments and estimates that are reasonable and of our audit;
prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy (b) In our opinion, the Balance Sheet, the Revenue Account and the
and completeness of the accounting records, relevant to the preparation and Cash Flow Statement dealt with by this report are in agreement with
presentation of the financial statements that give a true and fair view and are the books of account of the Scheme; and
free from material misstatement, whether due to fraud or error. (c) The balance sheet, the revenue account and the cash flow statement,
In preparing the financial statements, managements of the Investment has been prepared in accordance with the accounting policies and
Manager and the Board of Trustees are responsible for assessing the standards as specified in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916

30 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To, As part of an audit in accordance with SAs, we exercise professional judgment
The Directors, and maintain professional scepticism throughout the audit. We also:
Mirae Asset Tustee Company Pvt. Ltd. ● Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit
Report on the audit of Financial Statements procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
Opinion of not detecting a material misstatement resulting from fraud is higher
We have audited the accompanying financial statements of Mirae Asset than for one resulting from error, as fraud may involve collusion, forgery,
Tax Saver Fund (the ‘scheme’) which comprises the Balance Sheet as at intentional omissions, misrepresentations, or the override of internal
March 31, 2022, the Revenue Account and the Cash Flow Statement for control.
the year April 01, 2021 to March 31, 2022 (“the year”) and notes to financial ● Obtain an understanding of internal financial control relevant to the audit in
statements, including summary of significant accounting policies and other order to design audit procedures that are appropriate in the circumstances
explanatory information. but not for the purpose of expressing an opinion on the effectiveness of
In our opinion and to the best of our information and according to the the Scheme’s internal control.
explanations given to us, the aforesaid financial statements of the Schemes ● Evaluate the appropriateness of accounting policies used and the
give a true and fair view in conformity with the accounting principles generally reasonableness of accounting estimates and related disclosures made
accepted in India, including the accounting policies and standards specified by the management.
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual
● Conclude on the appropriateness of management’s use of the going
Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
concern basis of accounting and, based on the audit evidence obtained,
a) in the case of the Balance Sheet, of the state of affairs of the Scheme whether a material uncertainty exists related to events or conditions that
as at 31st March 2022; may cast significant doubt on the Scheme’s ability to continue as a going
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme concern. If we conclude that a material uncertainty exists, we are required
for the year ended 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
c) in the case of the Cash Flow Statement, of the cash flows of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position, financial consequences of doing so would reasonably be expected to outweigh the
performance and cash flows of the Scheme in accordance with accounting public interest benefits of such communication.
policies and standards as specified in the Ninth Schedule of the SEBI
Regulations and in accordance with the accounting principles generally Report on Other Legal and Regulatory Requirements
accepted in India. This responsibility includes maintenance of adequate 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
accounting records in accordance with the provisions of the SEBI Regulations Schedule to the SEBI Regulations, we report that:
for safeguarding the assets of the Scheme and for preventing and detecting (a) We have obtained all the information and explanations which to the
frauds and other irregularities; selection and application of appropriate best of our knowledge and belief were necessary for the purposes
accounting policies; making judgments and estimates that are reasonable and of our audit;
prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy (b) In our opinion, the Balance Sheet, the Revenue Account and the
and completeness of the accounting records, relevant to the preparation and Cash Flow Statement dealt with by this report are in agreement with
presentation of the financial statements that give a true and fair view and are the books of account of the Scheme; and
free from material misstatement, whether due to fraud or error. (c) The balance sheet, the revenue account and the cash flow statement,
In preparing the financial statements, managements of the Investment has been prepared in accordance with the accounting policies and
Manager and the Board of Trustees are responsible for assessing the standards as specified in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916

Mirae Asset Mutual Fund - Annual Report 2021-2022 31

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset
Great Consumer Fund (the ‘scheme’) which comprises the Balance Sheet as ● Obtain an understanding of internal financial control relevant to the audit in
at March 31, 2022, the Revenue Account and the Cash Flow Statement for order to design audit procedures that are appropriate in the circumstances
the year April 01, 2021 to March 31, 2022 (“the year”) and notes to financial but not for the purpose of expressing an opinion on the effectiveness of
statements, including summary of significant accounting policies and other the Scheme’s internal control.
explanatory information. ● Evaluate the appropriateness of accounting policies used and the
In our opinion and to the best of our information and according to the reasonableness of accounting estimates and related disclosures made
explanations given to us, the aforesaid financial statements of the Schemes by the management.
give a true and fair view in conformity with the accounting principles generally ● Conclude on the appropriateness of management’s use of the going
accepted in India, including the accounting policies and standards specified concern basis of accounting and, based on the audit evidence obtained,
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual whether a material uncertainty exists related to events or conditions that
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): may cast significant doubt on the Scheme’s ability to continue as a going
a) in the case of the Balance Sheet, of the state of affairs of the Scheme concern. If we conclude that a material uncertainty exists, we are required
as at 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position and financial consequences of doing so would reasonably be expected to outweigh the
performance of the Scheme in accordance with accounting policies and public interest benefits of such communication.
standards as specified in the Ninth Schedule of the SEBI Regulations and
in accordance with the accounting principles generally accepted in India. Report on Other Legal and Regulatory Requirements
This responsibility includes maintenance of adequate accounting records 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
in accordance with the provisions of the SEBI Regulations for safeguarding Schedule to the SEBI Regulations, we report that:
the assets of the Scheme and for preventing and detecting frauds and other (a) We have obtained all the information and explanations which to the
irregularities; selection and application of appropriate accounting policies; best of our knowledge and belief were necessary for the purposes
making judgments and estimates that are reasonable and prudent; and design, of our audit;
implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of (b) In our opinion, the Balance Sheet and the Revenue Account dealt
the accounting records, relevant to the preparation and presentation of the with by this report are in agreement with the books of account of the
financial statements that give a true and fair view and are free from material Scheme; and
misstatement, whether due to fraud or error. (c) The Balance Sheet and the Revenue Account has been prepared in
In preparing the financial statements, managements of the Investment accordance with the accounting policies and standards as specified
Manager and the Board of Trustees are responsible for assessing the in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916
As part of an audit in accordance with SAs, we exercise professional judgment
and maintain professional scepticism throughout the audit. We also:

32 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset
Healthcare Fund (the ‘scheme’) which comprises the Balance Sheet as at ● Obtain an understanding of internal financial control relevant to the audit in
March 31, 2022, the Revenue Account and the Cash Flow Statement for order to design audit procedures that are appropriate in the circumstances
the year April 01, 2021 to March 31, 2022 (“the year”) and notes to financial but not for the purpose of expressing an opinion on the effectiveness of
statements, including summary of significant accounting policies and other the Scheme’s internal control.
explanatory information. ● Evaluate the appropriateness of accounting policies used and the
In our opinion and to the best of our information and according to the reasonableness of accounting estimates and related disclosures made
explanations given to us, the aforesaid financial statements of the Schemes by the management.
give a true and fair view in conformity with the accounting principles generally ● Conclude on the appropriateness of management’s use of the going
accepted in India, including the accounting policies and standards specified concern basis of accounting and, based on the audit evidence obtained,
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual whether a material uncertainty exists related to events or conditions that
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): may cast significant doubt on the Scheme’s ability to continue as a going
a) in the case of the Balance Sheet, of the state of affairs of the Scheme concern. If we conclude that a material uncertainty exists, we are required
as at 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position and financial consequences of doing so would reasonably be expected to outweigh the
performance of the Scheme in accordance with accounting policies and public interest benefits of such communication.
standards as specified in the Ninth Schedule of the SEBI Regulations and
in accordance with the accounting principles generally accepted in India. Report on Other Legal and Regulatory Requirements
This responsibility includes maintenance of adequate accounting records 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
in accordance with the provisions of the SEBI Regulations for safeguarding Schedule to the SEBI Regulations, we report that:
the assets of the Scheme and for preventing and detecting frauds and other (a) We have obtained all the information and explanations which to the
irregularities; selection and application of appropriate accounting policies; best of our knowledge and belief were necessary for the purposes
making judgments and estimates that are reasonable and prudent; and design, of our audit;
implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of (b) In our opinion, the Balance Sheet and the Revenue Account dealt
the accounting records, relevant to the preparation and presentation of the with by this report are in agreement with the books of account of the
financial statements that give a true and fair view and are free from material Scheme; and
misstatement, whether due to fraud or error. (c) the Balance Sheet and the Revenue Account has been prepared in
In preparing the financial statements, managements of the Investment accordance with the accounting policies and standards as specified
Manager and the Board of Trustees are responsible for assessing the in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916
As part of an audit in accordance with SAs, we exercise professional judgment
and maintain professional scepticism throughout the audit. We also:

Mirae Asset Mutual Fund - Annual Report 2021-2022 33

 INDEPENDENT AUDITORS’ REPORT
To,
The Directors,
Mirae Asset Trustee Company Pvt. Ltd.

Report on the audit of Financial Statements

Opinion
We have audited the accompanying financial statements of Mirae Asset Nifty 50 Fund (the ‘Scheme’) which comprises the Balance Sheet as at March 31,
2022, the Revenue Account and the Cash Flow Statement for the year April 01, 2021 to March 31, 2022 (“the year”) and notes to financial statements, including
summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements of the Schemes give a true
and fair view in conformity with the accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth
Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March 2022;
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme for the year ended 31st March 2022; and
c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended 31st March 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities
under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. In conducting
the audit, we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, and matters which
are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical
requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Sr. No. Key Audit Matter Auditor’s Response
1 Valuation and existence of Investments: Principal audit procedures performed:
The valuation and existence of the portfolio of We gained an understanding of the internal control structure and operating effectiveness of
investments is considered as a key audit matter due to key controls surrounding valuation and existence of investments.
the magnitude of potential misstatement as the portfolio
We tested the valuation of the investments by comparing the prices used in the calculation
of investments represents the principal element of the
of the Fund NAV from prices obtained from independent sources.
net asset of the Scheme.
We tested the existence of the Investments by obtaining and reconciling the direct
confirmation from the custodian of the Scheme.
We matched the holdings as per above confirmations with the Scheme’s accounting records.
We have obtained the reconciliations and reviewed the differences, if any.
2 Multiple Information Technology (IT) Systems Principal audit procedures performed:
The controls over IT Systems and the operating We obtained an understanding of the entity’s IT related control environment. We identified
effectiveness thereof is considered as a key audit key IT applications, databases and operating systems that are relevant to our audit and
matter as the Scheme is highly dependent on have identified key applications relevant for financial reporting.
technology due to the significant number of transactions
We obtained an understanding of the entity’s IT control environment and key changes during
that are processed daily and discrete IT Systems used.
the audit period that may be relevant to the audit.
The audit approach relies extensively on automated
We tested the design, implementation and operating effectiveness of the Entity’s General IT
controls and therefore on the effectiveness of controls
over IT systems. controls over the key IT systems that are critical to financial reporting. This included evaluation
of entity’s controls to evaluate segregation of duties and access rights being provisioned /
IT application controls are critical to ensure that
modified based on duly approved requests, access for exit cases being revoked in a timely
changes to applications and underlying data are made
manner and access of all users being re-certified during the period of audit.
in an appropriate manner.
We also tested key automated and manual business cycle controls and logic for system
Further, the prevailing COVID-19 situation has caused
generated reports relevant to the audit; including testing of compensating controls or
the required IT applications to be made accessible to
performed alternate procedures to assess whether there were any unaddressed IT risks
the employees on a remote basis.
that would materially impact the financial statements.
We have also placed reliance on System and cyber security audit reports of AMC and other
service providers.

Information Other than the Financial Statements and Auditor’s Report Thereon
The Managements of Mirae Global Investments (India) Pvt. Ltd. (the “Investment Manager”) and the Board of Directors of Mirae Asset Trustee Company Pvt.
Ltd. are responsible for the other information. The other information comprises the Trustee Report of Mirae Asset Mutual Fund, but does not include the financial
statements and our auditor’s report thereon. The Trustee Report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated.

34 Mirae Asset Mutual Fund - Annual Report 2021-2022

Responsibilities of Management for the Financial Statements
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the “Investment Manager”) and Mirae Asset Trustee Company Pvt. Ltd. are responsible
for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Scheme in
accordance with accounting policies and standards as specified in the Ninth Schedule of the SEBI Regulations and in accordance with the accounting principles
generally accepted in India. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the SEBI Regulations
for safeguarding the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, managements of the Investment Manager and the Trustee Company are responsible for assessing the Scheme’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.
The Management of the Investment Manager and the Trustee Company are responsible for overseeing the Scheme’s financial reporting process.

Auditors’ Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
● Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances
but not for the purpose of expressing an opinion on the effectiveness of the Scheme’s internal control.
● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
● Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast significant doubt on the Scheme’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Scheme to cease to continue as a going concern.
● Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the management of the AMC, among other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit. We also provide to the management of the AMC with a statement that we have
complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance,
we determine those matters that were of most significance in the audit of the financial statements for the financial year/period ended March 31, 2022 and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh Schedule to the SEBI Regulations, we report that:
(a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, the Balance Sheet, the Revenue Account and the Cash Flow Statement dealt with by this report are in agreement with the books of
account of the Scheme; and
(c) The balance sheet, the revenue account and the cash flow statement, has been prepared in accordance with the accounting policies and standards
as specified in the Ninth Schedule to the SEBI.
2. In our opinion, and on the basis of information and explanations given to us, the methods used to value non-traded securities as at March 31, 2022 are
in accordance with the SEBI Regulations and other guidelines approved by the Trustees of Mirae Asset Mutual Fund and are fair and reasonable.

For M. P. Chitale & Co.

Chartered Accountants
Firm Reg. No. 101851W

Sd/-
Vidya V. Barje
Partner
Mem. No. 104994
Mumbai, July 26, 2022
UDIN No. 22104994ANTHII4916

Mirae Asset Mutual Fund - Annual Report 2021-2022 35

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset Equity
Savings Fund (the ‘scheme’) which comprises the Balance Sheet as at March ● Obtain an understanding of internal financial control relevant to the audit in
31, 2022 and the Revenue Account for the year April 01, 2021 to March 31, order to design audit procedures that are appropriate in the circumstances
2022 (“the year”) and notes to financial statements, including summary of but not for the purpose of expressing an opinion on the effectiveness of
significant accounting policies and other explanatory information. the Scheme’s internal control.
In our opinion and to the best of our information and according to the ● Evaluate the appropriateness of accounting policies used and the
explanations given to us, the aforesaid financial statements of the Schemes reasonableness of accounting estimates and related disclosures made
give a true and fair view in conformity with the accounting principles generally by the management.
accepted in India, including the accounting policies and standards specified ● Conclude on the appropriateness of management’s use of the going
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual concern basis of accounting and, based on the audit evidence obtained,
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): whether a material uncertainty exists related to events or conditions that
a) in the case of the Balance Sheet, of the state of affairs of the Scheme may cast significant doubt on the Scheme’s ability to continue as a going
as at 31st March 2022; and concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme financial statements or, if such disclosures are inadequate, to modify our
for the year ended 31st March 2022. opinion. Our conclusions are based on the audit evidence obtained up
Basis for Opinion to the date of our auditor’s report. However, future events or conditions
may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our ● Evaluate the overall presentation, structure and content of the financial
responsibilities under those Standards are further described in the “Auditor’s statements, including the disclosures, and whether the financial
Responsibilities for the Audit of the Financial Statements” section of our report. statements represent the underlying transactions and events in a manner
In conducting the audit, we have taken into account the provisions of the SEBI that achieves fair presentation.
Regulations, the accounting standards issued by the ICAI, as applicable, We communicate with the management of the AMC, among other matters, the
and matters which are required to be included in the audit report under the planned scope and timing of the audit and significant audit findings, including
provisions of the SEBI Regulations. We are independent of the Scheme in any significant deficiencies in internal control that we identify during our audit.
accordance with the ethical requirements that are relevant to our audit of We also provide to the management of the AMC with a statement that we
the financial statements, and we have fulfilled our other responsibilities in have complied with relevant ethical requirements regarding independence,
accordance with these requirements. We believe that the audit evidence we and to communicate with them all relationships and other matters that may
have obtained is sufficient and appropriate to provide a basis for our audit reasonably be thought to bear on our independence, and where applicable,
opinion on the financial statements. related safeguards. From the matters communicated with those charged with
governance, we determine those matters that were of most significance in
Responsibilities of Management for the Financial Statements the audit of the financial statements for the financial year/period ended March
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the 31, 2022 and are therefore the key audit matters. We describe these matters
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee in our auditor’s report unless law or regulation precludes public disclosure
Company Pvt. Ltd. are responsible for the preparation of these financial about the matter or when, in extremely rare circumstances, we determine
statements that give a true and fair view of the financial position and financial that a matter should not be communicated in our report because the adverse
performance of the Scheme in accordance with accounting policies and consequences of doing so would reasonably be expected to outweigh the
standards as specified in the Ninth Schedule of the SEBI Regulations and public interest benefits of such communication.
in accordance with the accounting principles generally accepted in India.
This responsibility includes maintenance of adequate accounting records Report on Other Legal and Regulatory Requirements
in accordance with the provisions of the SEBI Regulations for safeguarding 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
the assets of the Scheme and for preventing and detecting frauds and other Schedule to the SEBI Regulations, we report that:
irregularities; selection and application of appropriate accounting policies; (a) We have obtained all the information and explanations which to the
making judgments and estimates that are reasonable and prudent; and design, best of our knowledge and belief were necessary for the purposes
implementation and maintenance of adequate internal financial controls, that of our audit;
were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the (b) In our opinion, the Balance Sheet and the Revenue Account dealt
financial statements that give a true and fair view and are free from material with by this report are in agreement with the books of account of the
misstatement, whether due to fraud or error. Scheme; and
In preparing the financial statements, managements of the Investment (c) The Balance Sheet and the Revenue Account has been prepared in
Manager and the Board of Trustees are responsible for assessing the accordance with the accounting policies and standards as specified
Scheme’s ability to continue as a going concern, disclosing, as applicable, in the Ninth Schedule to the SEBI.
matters related to going concern and using the going concern basis of 2. In our opinion, and on the basis of information and explanations given
accounting unless management either intends to liquidate the entity or to to us, the methods used to value non-traded securities as at March 31,
cease operations, or has no realistic alternative but to do so. 2022 are in accordance with the SEBI Regulations and other guidelines
The Management of the Investment Manager and the Trustee Company are approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
responsible for overseeing the Scheme’s financial reporting process. Ltd. and are fair and reasonable.

Auditors’ Responsibility for the Audit of the Financial Statements

For M. P. Chitale & Co.
Our objectives are to obtain reasonable assurance about whether the financial Chartered Accountants
statements as a whole are free from material misstatement, whether due Firm Reg. No. 101851W
to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee Sd/-
that an audit conducted in accordance with SAs will always detect a material Vidya V. Barje
misstatement when it exists. Misstatements can arise from fraud or error Partner
and are considered material if, individually or in the aggregate, they could Mem. No. 104994
reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements. Mumbai, July 26, 2022
As part of an audit in accordance with SAs, we exercise professional judgment UDIN No. 22104994ANTHII4916
and maintain professional scepticism throughout the audit. We also:

36 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To, As part of an audit in accordance with SAs, we exercise professional judgment
The Directors, and maintain professional scepticism throughout the audit. We also:
Mirae Asset Tustee Company Pvt. Ltd. ● Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit
Report on the audit of Financial Statements procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
Opinion of not detecting a material misstatement resulting from fraud is higher
We have audited the accompanying financial statements of Mirae Asset Cash than for one resulting from error, as fraud may involve collusion, forgery,
Management Fund (the ‘scheme’) which comprises the Balance Sheet as intentional omissions, misrepresentations, or the override of internal
at March 31, 2022, the Revenue Account and the Cash Flow Statement for control.
the year April 01, 2021 to March 31, 2022 (“the year”) and notes to financial ● Obtain an understanding of internal financial control relevant to the audit in
statements, including summary of significant accounting policies and other order to design audit procedures that are appropriate in the circumstances
explanatory information. but not for the purpose of expressing an opinion on the effectiveness of
In our opinion and to the best of our information and according to the the Scheme’s internal control.
explanations given to us, the aforesaid financial statements of the Schemes ● Evaluate the appropriateness of accounting policies used and the
give a true and fair view in conformity with the accounting principles generally reasonableness of accounting estimates and related disclosures made
accepted in India, including the accounting policies and standards specified by the management.
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual
● Conclude on the appropriateness of management’s use of the going
Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
concern basis of accounting and, based on the audit evidence obtained,
a) in the case of the Balance Sheet, of the state of affairs of the Scheme whether a material uncertainty exists related to events or conditions that
as at 31st March 2022; may cast significant doubt on the Scheme’s ability to continue as a going
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme concern. If we conclude that a material uncertainty exists, we are required
for the year ended 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
c) in the case of the Cash Flow Statement, of the cash flows of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position, financial consequences of doing so would reasonably be expected to outweigh the
performance and cash flows of the Scheme in accordance with accounting public interest benefits of such communication.
policies and standards as specified in the Ninth Schedule of the SEBI
Regulations and in accordance with the accounting principles generally Report on Other Legal and Regulatory Requirements
accepted in India. This responsibility includes maintenance of adequate 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
accounting records in accordance with the provisions of the SEBI Regulations Schedule to the SEBI Regulations, we report that:
for safeguarding the assets of the Scheme and for preventing and detecting (a) We have obtained all the information and explanations which to the
frauds and other irregularities; selection and application of appropriate best of our knowledge and belief were necessary for the purposes
accounting policies; making judgments and estimates that are reasonable and of our audit;
prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy (b) In our opinion, the Balance Sheet, the Revenue Account and the
and completeness of the accounting records, relevant to the preparation and Cash Flow Statement dealt with by this report are in agreement with
presentation of the financial statements that give a true and fair view and are the books of account of the Scheme; and
free from material misstatement, whether due to fraud or error. (c) The Balance Sheet, the Revenue Account and the Cash Flow
In preparing the financial statements, managements of the Investment Statement has been prepared in accordance with the accounting
Manager and the Board of Trustees are responsible for assessing the policies and standards as specified in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916

Mirae Asset Mutual Fund - Annual Report 2021-2022 37

 INDEPENDENT AUDITORS’ REPORT
To, As part of an audit in accordance with SAs, we exercise professional judgment
The Directors, and maintain professional scepticism throughout the audit. We also:
Mirae Asset Tustee Company Pvt. Ltd. ● Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit
Report on the audit of Financial Statements procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
Opinion of not detecting a material misstatement resulting from fraud is higher
We have audited the accompanying financial statements of Mirae Asset than for one resulting from error, as fraud may involve collusion, forgery,
Savings Fund (the ‘scheme’) which comprises the Balance Sheet as at 31 intentional omissions, misrepresentations, or the override of internal
March 2022, the Revenue Account and the Cash Flow Statement for the control.
year April 01, 2021 to March 31, 2022 (“the year”) and notes to financial ● Obtain an understanding of internal financial control relevant to the audit in
statements, including summary of significant accounting policies and other order to design audit procedures that are appropriate in the circumstances
explanatory information. but not for the purpose of expressing an opinion on the effectiveness of
In our opinion and to the best of our information and according to the the Scheme’s internal control.
explanations given to us, the aforesaid financial statements of the Schemes ● Evaluate the appropriateness of accounting policies used and the
give a true and fair view in conformity with the accounting principles generally reasonableness of accounting estimates and related disclosures made
accepted in India, including the accounting policies and standards specified by the management.
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual
● Conclude on the appropriateness of management’s use of the going
Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
concern basis of accounting and, based on the audit evidence obtained,
a) in the case of the Balance Sheet, of the state of affairs of the Scheme whether a material uncertainty exists related to events or conditions that
as at 31st March 2022; may cast significant doubt on the Scheme’s ability to continue as a going
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme concern. If we conclude that a material uncertainty exists, we are required
for the year ended 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
c) in the case of the Cash Flow Statement, of the cash flows of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position, financial consequences of doing so would reasonably be expected to outweigh the
performance and cash flows of the Scheme in accordance with accounting public interest benefits of such communication.
policies and standards as specified in the Ninth Schedule of the SEBI
Regulations and in accordance with the accounting principles generally Report on Other Legal and Regulatory Requirements
accepted in India. This responsibility includes maintenance of adequate 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
accounting records in accordance with the provisions of the SEBI Regulations Schedule to the SEBI Regulations, we report that:
for safeguarding the assets of the Scheme and for preventing and detecting (a) We have obtained all the information and explanations which to the
frauds and other irregularities; selection and application of appropriate best of our knowledge and belief were necessary for the purposes
accounting policies; making judgments and estimates that are reasonable and of our audit;
prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy (b) In our opinion, the Balance Sheet, the Revenue Account and the
and completeness of the accounting records, relevant to the preparation and Cash Flow Statement dealt with by this report are in agreement with
presentation of the financial statements that give a true and fair view and are the books of account of the Scheme; and
free from material misstatement, whether due to fraud or error. (c) The balance sheet, the revenue account and the cash flow statement,
In preparing the financial statements, managements of the Investment has been prepared in accordance with the accounting policies and
Manager and the Board of Trustees are responsible for assessing the standards as specified in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916

38 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To, As part of an audit in accordance with SAs, we exercise professional judgment
The Directors, and maintain professional scepticism throughout the audit. We also:
Mirae Asset Tustee Company Pvt. Ltd. ● Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit
Report on the audit of Financial Statements procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
Opinion of not detecting a material misstatement resulting from fraud is higher
We have audited the accompanying financial statements of Mirae Asset than for one resulting from error, as fraud may involve collusion, forgery,
Dynamic Bond Fund (the ‘scheme’) which comprises the Balance Sheet as intentional omissions, misrepresentations, or the override of internal
at March 31, 2022, the Revenue Account and the Cash Flow Statement for control.
the year April 01, 2021 to March 31, 2022 (“the year”) and notes to financial ● Obtain an understanding of internal financial control relevant to the audit in
statements, including summary of significant accounting policies and other order to design audit procedures that are appropriate in the circumstances
explanatory information. but not for the purpose of expressing an opinion on the effectiveness of
In our opinion and to the best of our information and according to the the Scheme’s internal control.
explanations given to us, the aforesaid financial statements of the Schemes ● Evaluate the appropriateness of accounting policies used and the
give a true and fair view in conformity with the accounting principles generally reasonableness of accounting estimates and related disclosures made
accepted in India, including the accounting policies and standards specified by the management.
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual
● Conclude on the appropriateness of management’s use of the going
Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
concern basis of accounting and, based on the audit evidence obtained,
a) in the case of the Balance Sheet, of the state of affairs of the Scheme whether a material uncertainty exists related to events or conditions that
as at 31st March 2022; may cast significant doubt on the Scheme’s ability to continue as a going
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme concern. If we conclude that a material uncertainty exists, we are required
for the year ended 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
c) in the case of the Cash Flow Statement, of the cash flows of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position, financial consequences of doing so would reasonably be expected to outweigh the
performance and cash flows of the Scheme in accordance with accounting public interest benefits of such communication.
policies and standards as specified in the Ninth Schedule of the SEBI
Regulations and in accordance with the accounting principles generally Report on Other Legal and Regulatory Requirements
accepted in India. This responsibility includes maintenance of adequate 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
accounting records in accordance with the provisions of the SEBI Regulations Schedule to the SEBI Regulations, we report that:
for safeguarding the assets of the Scheme and for preventing and detecting (a) We have obtained all the information and explanations which to the
frauds and other irregularities; selection and application of appropriate best of our knowledge and belief were necessary for the purposes
accounting policies; making judgments and estimates that are reasonable and of our audit;
prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy (b) In our opinion, the Balance Sheet, the Revenue Account and the
and completeness of the accounting records, relevant to the preparation and Cash Flow Statement dealt with by this report are in agreement with
presentation of the financial statements that give a true and fair view and are the books of account of the Scheme; and
free from material misstatement, whether due to fraud or error. (c) The Balance Sheet, the Revenue Account and the Cash Flow
In preparing the financial statements, managements of the Investment Statement has been prepared in accordance with the accounting
Manager and the Board of Trustees are responsible for assessing the policies and standards as specified in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916

Mirae Asset Mutual Fund - Annual Report 2021-2022 39

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset Short
Term Fund (the ‘scheme’) which comprises the Balance Sheet as at 31 March ● Obtain an understanding of internal financial control relevant to the audit in
2022 and the Revenue Account for the year April 01, 2021 to March 31, 2022 order to design audit procedures that are appropriate in the circumstances
(“the year”) and notes to financial statements, including summary of significant but not for the purpose of expressing an opinion on the effectiveness of
accounting policies and other explanatory information. the Scheme’s internal control.
In our opinion and to the best of our information and according to the ● Evaluate the appropriateness of accounting policies used and the
explanations given to us, the aforesaid financial statements of the Schemes reasonableness of accounting estimates and related disclosures made
give a true and fair view in conformity with the accounting principles generally by the management.
accepted in India, including the accounting policies and standards specified ● Conclude on the appropriateness of management’s use of the going
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual concern basis of accounting and, based on the audit evidence obtained,
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): whether a material uncertainty exists related to events or conditions that
a) in the case of the Balance Sheet, of the state of affairs of the Scheme may cast significant doubt on the Scheme’s ability to continue as a going
as at 31st March 2022; and concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme financial statements or, if such disclosures are inadequate, to modify our
for the year ended 31st March 2022. opinion. Our conclusions are based on the audit evidence obtained up
Basis for Opinion to the date of our auditor’s report. However, future events or conditions
may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our ● Evaluate the overall presentation, structure and content of the financial
responsibilities under those Standards are further described in the “Auditor’s statements, including the disclosures, and whether the financial
Responsibilities for the Audit of the Financial Statements” section of our report. statements represent the underlying transactions and events in a manner
In conducting the audit, we have taken into account the provisions of the SEBI that achieves fair presentation.
Regulations, the accounting standards issued by the ICAI, as applicable, We communicate with the management of the AMC, among other matters, the
and matters which are required to be included in the audit report under the planned scope and timing of the audit and significant audit findings, including
provisions of the SEBI Regulations. We are independent of the Scheme in any significant deficiencies in internal control that we identify during our audit.
accordance with the ethical requirements that are relevant to our audit of We also provide to the management of the AMC with a statement that we
the financial statements, and we have fulfilled our other responsibilities in have complied with relevant ethical requirements regarding independence,
accordance with these requirements. We believe that the audit evidence we and to communicate with them all relationships and other matters that may
have obtained is sufficient and appropriate to provide a basis for our audit reasonably be thought to bear on our independence, and where applicable,
opinion on the financial statements. related safeguards. From the matters communicated with those charged with
governance, we determine those matters that were of most significance in
Responsibilities of Management for the Financial Statements the audit of the financial statements for the financial year/period ended March
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the 31, 2022 and are therefore the key audit matters. We describe these matters
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee in our auditor’s report unless law or regulation precludes public disclosure
Company Pvt. Ltd. are responsible for the preparation of these financial about the matter or when, in extremely rare circumstances, we determine
statements that give a true and fair view of the financial position and financial that a matter should not be communicated in our report because the adverse
performance of the Scheme in accordance with accounting policies and consequences of doing so would reasonably be expected to outweigh the
standards as specified in the Ninth Schedule of the SEBI Regulations and public interest benefits of such communication.
in accordance with the accounting principles generally accepted in India.
This responsibility includes maintenance of adequate accounting records Report on Other Legal and Regulatory Requirements
in accordance with the provisions of the SEBI Regulations for safeguarding 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
the assets of the Scheme and for preventing and detecting frauds and other Schedule to the SEBI Regulations, we report that:
irregularities; selection and application of appropriate accounting policies; (a) We have obtained all the information and explanations which to the
making judgments and estimates that are reasonable and prudent; and design, best of our knowledge and belief were necessary for the purposes
implementation and maintenance of adequate internal financial controls, that of our audit;
were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the (b) In our opinion, the Balance Sheet and the Revenue Account dealt
financial statements that give a true and fair view and are free from material with by this report are in agreement with the books of account of the
misstatement, whether due to fraud or error. Scheme; and
In preparing the financial statements, managements of the Investment (c) The balance sheet and the revenue account has been prepared in
Manager and the Board of Trustees are responsible for assessing the accordance with the accounting policies and standards as specified
Scheme’s ability to continue as a going concern, disclosing, as applicable, in the Ninth Schedule to the SEBI.
matters related to going concern and using the going concern basis of 2. In our opinion, and on the basis of information and explanations given
accounting unless management either intends to liquidate the entity or to to us, the methods used to value non-traded securities as at March 31,
cease operations, or has no realistic alternative but to do so. 2022 are in accordance with the SEBI Regulations and other guidelines
The Management of the Investment Manager and the Trustee Company are approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
responsible for overseeing the Scheme’s financial reporting process. Ltd. and are fair and reasonable.

Auditors’ Responsibility for the Audit of the Financial Statements

For M. P. Chitale & Co.
Our objectives are to obtain reasonable assurance about whether the financial Chartered Accountants
statements as a whole are free from material misstatement, whether due Firm Reg. No. 101851W
to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee Sd/-
that an audit conducted in accordance with SAs will always detect a material Vidya V. Barje
misstatement when it exists. Misstatements can arise from fraud or error Partner
and are considered material if, individually or in the aggregate, they could Mem. No. 104994
reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements. Mumbai, July 26, 2022
As part of an audit in accordance with SAs, we exercise professional judgment UDIN No. 22104994ANTHII4916
and maintain professional scepticism throughout the audit. We also:

40 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To,
The Directors,
Mirae Asset Trustee Company Pvt. Ltd.

Report on the audit of Financial Statements

Opinion
We have audited the accompanying financial statements of Mirae Asset Fixed Maturity Plan - Series III-1122 (the ‘Scheme’) which comprises the Balance
Sheet as at March 31, 2022, the Revenue Account and the Cash Flow Statement for the year April 01, 2021 or the launch date to March 31, 2022 (“the year/
the period”) and notes to financial statements, including summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements of the Schemes give a true
and fair view in conformity with the accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth
Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March 2022;
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme for the year ended 31st March 2022; and
c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended 31st March 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities
under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. In conducting
the audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, and matters which
are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical
requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Sr. No. Key Audit Matter Auditor’s Response
1 Valuation and existence of Investments: Principal audit procedures performed:
The valuation and existence of the portfolio of We gained an understanding of the internal control structure and operating effectiveness of
investments is considered as a key audit matter due to key controls surrounding valuation and existence of investments.
the magnitude of potential misstatement as the portfolio
We tested the valuation of the investments by comparing the prices used in the calculation
of investments represents the principal element of the
of the Fund NAV from prices obtained from independent sources.
net asset of the Scheme.
We tested the existence of the Investments by obtaining and reconciling the direct
confirmation from the custodian of the Scheme.
We matched the holdings as per above confirmations with the Scheme’s accounting records.
We have obtained the reconciliations and reviewed the differences, if any.
2 Multiple Information Technology (IT) Systems Principal audit procedures performed:
The controls over IT Systems and the operating We obtained an understanding of the entity’s IT related control environment. We identified
effectiveness thereof is considered as a key audit key IT applications, databases and operating systems that are relevant to our audit and
matter as the Scheme is highly dependent on have identified key applications relevant for financial reporting.
technology due to the significant number of transactions
We obtained an understanding of the entity’s IT control environment and key changes during
that are processed daily and discrete IT Systems used.
the audit period that may be relevant to the audit.
The audit approach relies extensively on automated
We tested the design, implementation and operating effectiveness of the Entity’s General IT
controls and therefore on the effectiveness of controls
over IT systems. controls over the key IT systems that are critical to financial reporting. This included evaluation
of entity’s controls to evaluate segregation of duties and access rights being provisioned /
IT application controls are critical to ensure that
modified based on duly approved requests, access for exit cases being revoked in a timely
changes to applications and underlying data are made
manner and access of all users being re-certified during the period of audit.
in an appropriate manner.
We also tested key automated and manual business cycle controls and logic for system
Further, the prevailing COVID-19 situation has caused
generated reports relevant to the audit; including testing of compensating controls or
the required IT applications to be made accessible to
performed alternate procedures to assess whether there were any unaddressed IT risks
the employees on a remote basis.
that would materially impact the financial statements.
We have also placed reliance on System and cyber security audit reports of AMC and other
service providers.

Information Other than the Financial Statements and Auditor’s Report Thereon
The Managements of Mirae Global Investments (India) Pvt. Ltd. (the “Investment Manager”) and the Board of Directors of Mirae Asset Trustee Company Pvt.
Ltd. are responsible for the other information. The other information comprises the Trustee Report of Mirae Asset Mutual Fund, but does not include the financial
statements and our auditor’s report thereon. The Trustee Report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated.

Mirae Asset Mutual Fund - Annual Report 2021-2022 41

Responsibilities of Management for the Financial Statements
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the “Investment Manager”) and Mirae Asset Trustee Company Pvt. Ltd. are responsible
for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Scheme in
accordance with accounting policies and standards as specified in the Ninth Schedule of the SEBI Regulations and in accordance with the accounting principles
generally accepted in India. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the SEBI Regulations
for safeguarding the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, managements of the Investment Manager and the Trustee Company are responsible for assessing the Scheme’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.
The Management of the Investment Manager and the Trustee Company are responsible for overseeing the Scheme’s financial reporting process.

Auditors’ Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
● Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances
but not for the purpose of expressing an opinion on the effectiveness of the Scheme’s internal control.
● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
● Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast significant doubt on the Scheme’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Scheme to cease to continue as a going concern.
● Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the management of the AMC, among other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit. We also provide to the management of the AMC with a statement that we have
complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance,
we determine those matters that were of most significance in the audit of the financial statements for the financial year/period ended March 31, 2022 and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh Schedule to the SEBI Regulations, we report that:
(a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, the Balance Sheet, the Revenue Account and the Cash Flow Statement dealt with by this report are in agreement with the books of
account of the Scheme; and
(c) The Balance Sheet, the Revenue Account and the Cash Flow Statement has been prepared in accordance with the accounting policies and standards
as specified in the Ninth Schedule to the SEBI.
2. In our opinion, and on the basis of information and explanations given to us, the methods used to value non-traded securities as at March 31, 2022 are
in accordance with the SEBI Regulations and other guidelines approved by the Trustees of Mirae Asset Mutual Fund and are fair and reasonable.

For M. P. Chitale & Co.

Chartered Accountants
Firm Reg. No. 101851W

Sd/-
Vidya V. Barje
Partner
Mem. No. 104994
Mumbai, July 26, 2022
UDIN No. 22104994ANTHII4916

42 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To, As part of an audit in accordance with SAs, we exercise professional judgment
The Directors, and maintain professional scepticism throughout the audit. We also:
Mirae Asset Tustee Company Pvt. Ltd. ● Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit
Report on the audit of Financial Statements procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
Opinion of not detecting a material misstatement resulting from fraud is higher
We have audited the accompanying financial statements of Mirae Asset than for one resulting from error, as fraud may involve collusion, forgery,
Focused Fund (the ‘scheme’) which comprises the Balance Sheet as at intentional omissions, misrepresentations, or the override of internal
March 31, 2022, the Revenue Account and the Cash Flow Statement for control.
the year April 01, 2021 to March 31, 2022 (“the year”) and notes to financial ● Obtain an understanding of internal financial control relevant to the audit in
statements, including summary of significant accounting policies and other order to design audit procedures that are appropriate in the circumstances
explanatory information. but not for the purpose of expressing an opinion on the effectiveness of
In our opinion and to the best of our information and according to the the Scheme’s internal control.
explanations given to us, the aforesaid financial statements of the Schemes ● Evaluate the appropriateness of accounting policies used and the
give a true and fair view in conformity with the accounting principles generally reasonableness of accounting estimates and related disclosures made
accepted in India, including the accounting policies and standards specified by the management.
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual
● Conclude on the appropriateness of management’s use of the going
Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
concern basis of accounting and, based on the audit evidence obtained,
a) in the case of the Balance Sheet, of the state of affairs of the Scheme whether a material uncertainty exists related to events or conditions that
as at 31st March 2022; may cast significant doubt on the Scheme’s ability to continue as a going
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme concern. If we conclude that a material uncertainty exists, we are required
for the year ended 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
c) in the case of the Cash Flow Statement, of the cash flows of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position, financial consequences of doing so would reasonably be expected to outweigh the
performance and cash flows of the Scheme in accordance with accounting public interest benefits of such communication.
policies and standards as specified in the Ninth Schedule of the SEBI
Regulations and in accordance with the accounting principles generally Report on Other Legal and Regulatory Requirements
accepted in India. This responsibility includes maintenance of adequate 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
accounting records in accordance with the provisions of the SEBI Regulations Schedule to the SEBI Regulations, we report that:
for safeguarding the assets of the Scheme and for preventing and detecting (a) We have obtained all the information and explanations which to the
frauds and other irregularities; selection and application of appropriate best of our knowledge and belief were necessary for the purposes
accounting policies; making judgments and estimates that are reasonable and of our audit;
prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy (b) In our opinion, the Balance Sheet, the Revenue Account and the
and completeness of the accounting records, relevant to the preparation and Cash Flow Statement dealt with by this report are in agreement with
presentation of the financial statements that give a true and fair view and are the books of account of the Scheme; and
free from material misstatement, whether due to fraud or error. (c) The Balance Sheet, the Revenue Account and the Cash Flow
In preparing the financial statements, managements of the Investment Statement has been prepared in accordance with the accounting
Manager and the Board of Trustees are responsible for assessing the policies and standards as specified in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916

Mirae Asset Mutual Fund - Annual Report 2021-2022 43

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset Mid
Cap Fund (the ‘scheme’) which comprises the Balance Sheet as at March 31, ● Obtain an understanding of internal financial control relevant to the audit in
2022, the Revenue Account and the Cash Flow Statement for the year April 01, order to design audit procedures that are appropriate in the circumstances
2021 to March 31, 2022 (“the year”) and notes to financial statements, including but not for the purpose of expressing an opinion on the effectiveness of
summary of significant accounting policies and other explanatory information. the Scheme’s internal control.
In our opinion and to the best of our information and according to the ● Evaluate the appropriateness of accounting policies used and the
explanations given to us, the aforesaid financial statements of the Schemes reasonableness of accounting estimates and related disclosures made
give a true and fair view in conformity with the accounting principles generally by the management.
accepted in India, including the accounting policies and standards specified ● Conclude on the appropriateness of management’s use of the going
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual concern basis of accounting and, based on the audit evidence obtained,
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): whether a material uncertainty exists related to events or conditions that
a) in the case of the Balance Sheet, of the state of affairs of the Scheme may cast significant doubt on the Scheme’s ability to continue as a going
as at 31st March 2022; and concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme financial statements or, if such disclosures are inadequate, to modify our
for the year ended 31st March 2022. opinion. Our conclusions are based on the audit evidence obtained up
Basis for Opinion to the date of our auditor’s report. However, future events or conditions
may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our ● Evaluate the overall presentation, structure and content of the financial
responsibilities under those Standards are further described in the “Auditor’s statements, including the disclosures, and whether the financial
Responsibilities for the Audit of the Financial Statements” section of our report. statements represent the underlying transactions and events in a manner
In conducting the audit, we have taken into account the provisions of the SEBI that achieves fair presentation.
Regulations, the accounting standards issued by the ICAI, as applicable, We communicate with the management of the AMC, among other matters, the
and matters which are required to be included in the audit report under the planned scope and timing of the audit and significant audit findings, including
provisions of the SEBI Regulations. We are independent of the Scheme in any significant deficiencies in internal control that we identify during our audit.
accordance with the ethical requirements that are relevant to our audit of We also provide to the management of the AMC with a statement that we
the financial statements, and we have fulfilled our other responsibilities in have complied with relevant ethical requirements regarding independence,
accordance with these requirements. We believe that the audit evidence we and to communicate with them all relationships and other matters that may
have obtained is sufficient and appropriate to provide a basis for our audit reasonably be thought to bear on our independence, and where applicable,
opinion on the financial statements. related safeguards. From the matters communicated with those charged with
governance, we determine those matters that were of most significance in
Responsibilities of Management for the Financial Statements the audit of the financial statements for the financial year/period ended March
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the 31, 2022 and are therefore the key audit matters. We describe these matters
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee in our auditor’s report unless law or regulation precludes public disclosure
Company Pvt. Ltd. are responsible for the preparation of these financial about the matter or when, in extremely rare circumstances, we determine
statements that give a true and fair view of the financial position and financial that a matter should not be communicated in our report because the adverse
performance of the Scheme in accordance with accounting policies and consequences of doing so would reasonably be expected to outweigh the
standards as specified in the Ninth Schedule of the SEBI Regulations and public interest benefits of such communication.
in accordance with the accounting principles generally accepted in India.
This responsibility includes maintenance of adequate accounting records Report on Other Legal and Regulatory Requirements
in accordance with the provisions of the SEBI Regulations for safeguarding 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
the assets of the Scheme and for preventing and detecting frauds and other Schedule to the SEBI Regulations, we report that:
irregularities; selection and application of appropriate accounting policies; (a) We have obtained all the information and explanations which to the
making judgments and estimates that are reasonable and prudent; and design, best of our knowledge and belief were necessary for the purposes
implementation and maintenance of adequate internal financial controls, that of our audit;
were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the (b) In our opinion, the Balance Sheet and the Revenue Account dealt
financial statements that give a true and fair view and are free from material with by this report are in agreement with the books of account of the
misstatement, whether due to fraud or error. Scheme; and
In preparing the financial statements, managements of the Investment (c) The balance sheet and the revenue account, has been prepared in
Manager and the Board of Trustees are responsible for assessing the accordance with the accounting policies and standards as specified
Scheme’s ability to continue as a going concern, disclosing, as applicable, in the Ninth Schedule to the SEBI.
matters related to going concern and using the going concern basis of 2. In our opinion, and on the basis of information and explanations given
accounting unless management either intends to liquidate the entity or to to us, the methods used to value non-traded securities as at March 31,
cease operations, or has no realistic alternative but to do so. 2022 are in accordance with the SEBI Regulations and other guidelines
The Management of the Investment Manager and the Trustee Company are approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
responsible for overseeing the Scheme’s financial reporting process. Ltd. and are fair and reasonable.

Auditors’ Responsibility for the Audit of the Financial Statements

For M. P. Chitale & Co.
Our objectives are to obtain reasonable assurance about whether the financial Chartered Accountants
statements as a whole are free from material misstatement, whether due Firm Reg. No. 101851W
to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee Sd/-
that an audit conducted in accordance with SAs will always detect a material Vidya V. Barje
misstatement when it exists. Misstatements can arise from fraud or error Partner
and are considered material if, individually or in the aggregate, they could Mem. No. 104994
reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements. Mumbai, July 26, 2022
As part of an audit in accordance with SAs, we exercise professional judgment UDIN No. 22104994ANTHII4916
and maintain professional scepticism throughout the audit. We also:

44 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset
Overnight Fund (the ‘scheme’) which comprises the Balance Sheet as at ● Obtain an understanding of internal financial control relevant to the audit in
March 31, 2022 and the Revenue Account for the year April 01, 2021 to March order to design audit procedures that are appropriate in the circumstances
31, 2022 (“the year”) and notes to financial statements, including summary of but not for the purpose of expressing an opinion on the effectiveness of
significant accounting policies and other explanatory information. the Scheme’s internal control.
In our opinion and to the best of our information and according to the ● Evaluate the appropriateness of accounting policies used and the
explanations given to us, the aforesaid financial statements of the Schemes reasonableness of accounting estimates and related disclosures made
give a true and fair view in conformity with the accounting principles generally by the management.
accepted in India, including the accounting policies and standards specified ● Conclude on the appropriateness of management’s use of the going
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual concern basis of accounting and, based on the audit evidence obtained,
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): whether a material uncertainty exists related to events or conditions that
a) in the case of the Balance Sheet, of the state of affairs of the Scheme may cast significant doubt on the Scheme’s ability to continue as a going
as at 31st March 2022; and concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme financial statements or, if such disclosures are inadequate, to modify our
for the year ended 31st March 2022. opinion. Our conclusions are based on the audit evidence obtained up
Basis for Opinion to the date of our auditor’s report. However, future events or conditions
may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our ● Evaluate the overall presentation, structure and content of the financial
responsibilities under those Standards are further described in the “Auditor’s statements, including the disclosures, and whether the financial
Responsibilities for the Audit of the Financial Statements” section of our report. statements represent the underlying transactions and events in a manner
In conducting the audit, we have taken into account the provisions of the SEBI that achieves fair presentation.
Regulations, the accounting standards issued by the ICAI, as applicable, We communicate with the management of the AMC, among other matters, the
and matters which are required to be included in the audit report under the planned scope and timing of the audit and significant audit findings, including
provisions of the SEBI Regulations. We are independent of the Scheme in any significant deficiencies in internal control that we identify during our audit.
accordance with the ethical requirements that are relevant to our audit of We also provide to the management of the AMC with a statement that we
the financial statements, and we have fulfilled our other responsibilities in have complied with relevant ethical requirements regarding independence,
accordance with these requirements. We believe that the audit evidence we and to communicate with them all relationships and other matters that may
have obtained is sufficient and appropriate to provide a basis for our audit reasonably be thought to bear on our independence, and where applicable,
opinion on the financial statements. related safeguards. From the matters communicated with those charged with
governance, we determine those matters that were of most significance in
Responsibilities of Management for the Financial Statements the audit of the financial statements for the financial year/period ended March
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the 31, 2022 and are therefore the key audit matters. We describe these matters
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee in our auditor’s report unless law or regulation precludes public disclosure
Company Pvt. Ltd. are responsible for the preparation of these financial about the matter or when, in extremely rare circumstances, we determine
statements that give a true and fair view of the financial position and financial that a matter should not be communicated in our report because the adverse
performance of the Scheme in accordance with accounting policies and consequences of doing so would reasonably be expected to outweigh the
standards as specified in the Ninth Schedule of the SEBI Regulations and public interest benefits of such communication.
in accordance with the accounting principles generally accepted in India.
This responsibility includes maintenance of adequate accounting records Report on Other Legal and Regulatory Requirements
in accordance with the provisions of the SEBI Regulations for safeguarding 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
the assets of the Scheme and for preventing and detecting frauds and other Schedule to the SEBI Regulations, we report that:
irregularities; selection and application of appropriate accounting policies; (a) We have obtained all the information and explanations which to the
making judgments and estimates that are reasonable and prudent; and design, best of our knowledge and belief were necessary for the purposes
implementation and maintenance of adequate internal financial controls, that of our audit;
were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the (b) In our opinion, the Balance Sheet and the Revenue Account dealt
financial statements that give a true and fair view and are free from material with by this report are in agreement with the books of account of the
misstatement, whether due to fraud or error. Scheme; and
In preparing the financial statements, managements of the Investment (c) The balance sheet and the revenue account, has been prepared in
Manager and the Board of Trustees are responsible for assessing the accordance with the accounting policies and standards as specified
Scheme’s ability to continue as a going concern, disclosing, as applicable, in the Ninth Schedule to the SEBI.
matters related to going concern and using the going concern basis of 2. In our opinion, and on the basis of information and explanations given
accounting unless management either intends to liquidate the entity or to to us, the methods used to value non-traded securities as at March 31,
cease operations, or has no realistic alternative but to do so. 2022 are in accordance with the SEBI Regulations and other guidelines
The Management of the Investment Manager and the Trustee Company are approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
responsible for overseeing the Scheme’s financial reporting process. Ltd. and are fair and reasonable.

Auditors’ Responsibility for the Audit of the Financial Statements

For M. P. Chitale & Co.
Our objectives are to obtain reasonable assurance about whether the financial Chartered Accountants
statements as a whole are free from material misstatement, whether due Firm Reg. No. 101851W
to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee Sd/-
that an audit conducted in accordance with SAs will always detect a material Vidya V. Barje
misstatement when it exists. Misstatements can arise from fraud or error Partner
and are considered material if, individually or in the aggregate, they could Mem. No. 104994
reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements. Mumbai, July 26, 2022
As part of an audit in accordance with SAs, we exercise professional judgment UDIN No. 22104994ANTHII4916
and maintain professional scepticism throughout the audit. We also:

Mirae Asset Mutual Fund - Annual Report 2021-2022 45

 INDEPENDENT AUDITORS’ REPORT
To,
The Directors,
Mirae Asset Trustee Company Pvt. Ltd.

Report on the audit of Financial Statements

Opinion
We have audited the accompanying financial statements of Mirae Asset Next Nifty 50 Fund (the ‘Scheme’) which comprises the Balance Sheet as at March
31, 2022, the Revenue Account and the Cash Flow Statement for the year April 01, 2021 to March 31, 2022 (“the year”) and notes to financial statements,
including summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements of the Schemes give a true
and fair view in conformity with the accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth
Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March 2022;
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme for the year ended 31st March 2022; and
c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended 31st March 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities
under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. In conducting
the audit, we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, and matters which
are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical
requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Sr. No. Key Audit Matter Auditor’s Response
1 Valuation and existence of Investments: Principal audit procedures performed:
The valuation and existence of the portfolio of We gained an understanding of the internal control structure and operating effectiveness of
investments is considered as a key audit matter due to key controls surrounding valuation and existence of investments.
the magnitude of potential misstatement as the portfolio
We tested the valuation of the investments by comparing the prices used in the calculation
of investments represents the principal element of the
of the Fund NAV from prices obtained from independent sources.
net asset of the Scheme.
We tested the existence of the Investments by obtaining and reconciling the direct
confirmation from the custodian of the Scheme.
We matched the holdings as per above confirmations with the Scheme’s accounting records.
We have obtained the reconciliations and reviewed the differences, if any.
2 Multiple Information Technology (IT) Systems Principal audit procedures performed:
The controls over IT Systems and the operating We obtained an understanding of the entity’s IT related control environment. We identified
effectiveness thereof is considered as a key audit key IT applications, databases and operating systems that are relevant to our audit and
matter as the Scheme is highly dependent on have identified key applications relevant for financial reporting.
technology due to the significant number of transactions
We obtained an understanding of the entity’s IT control environment and key changes during
that are processed daily and discrete IT Systems used.
the audit period that may be relevant to the audit.
The audit approach relies extensively on automated
We tested the design, implementation and operating effectiveness of the Entity’s General IT
controls and therefore on the effectiveness of controls
over IT systems. controls over the key IT systems that are critical to financial reporting. This included evaluation
of entity’s controls to evaluate segregation of duties and access rights being provisioned /
IT application controls are critical to ensure that
modified based on duly approved requests, access for exit cases being revoked in a timely
changes to applications and underlying data are made
manner and access of all users being re-certified during the period of audit.
in an appropriate manner.
We also tested key automated and manual business cycle controls and logic for system
Further, the prevailing COVID-19 situation has caused
generated reports relevant to the audit; including testing of compensating controls or
the required IT applications to be made accessible to
performed alternate procedures to assess whether there were any unaddressed IT risks
the employees on a remote basis.
that would materially impact the financial statements.
We have also placed reliance on System and cyber security audit reports of AMC and other
service providers.

Information Other than the Financial Statements and Auditor’s Report Thereon
The Managements of Mirae Global Investments (India) Pvt. Ltd. (the “Investment Manager”) and the Board of Directors of Mirae Asset Trustee Company Pvt.
Ltd. are responsible for the other information. The other information comprises the Trustee Report of Mirae Asset Mutual Fund, but does not include the financial
statements and our auditor’s report thereon. The Trustee Report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated.

46 Mirae Asset Mutual Fund - Annual Report 2021-2022

Responsibilities of Management for the Financial Statements
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the “Investment Manager”) and Mirae Asset Trustee Company Pvt. Ltd. are responsible
for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Scheme in
accordance with accounting policies and standards as specified in the Ninth Schedule of the SEBI Regulations and in accordance with the accounting principles
generally accepted in India. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the SEBI Regulations
for safeguarding the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, managements of the Investment Manager and the Trustee Company are responsible for assessing the Scheme’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.
The Management of the Investment Manager and the Trustee Company are responsible for overseeing the Scheme’s financial reporting process.

Auditors’ Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
● Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances
but not for the purpose of expressing an opinion on the effectiveness of the Scheme’s internal control.
● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
● Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast significant doubt on the Scheme’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Scheme to cease to continue as a going concern.
● Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the management of the AMC, among other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit. We also provide to the management of the AMC with a statement that we have
complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance,
we determine those matters that were of most significance in the audit of the financial statements for the financial year/period ended March 31, 2022 and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh Schedule to the SEBI Regulations, we report that:
(a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, the Balance Sheet, the Revenue Account and the Cash Flow Statement dealt with by this report are in agreement with the books of
account of the Scheme; and
(c) The balance sheet, the revenue account and the cash flow statement, has been prepared in accordance with the accounting policies and standards
as specified in the Ninth Schedule to the SEBI.
2. In our opinion, and on the basis of information and explanations given to us, the methods used to value non-traded securities as at March 31, 2022 are
in accordance with the SEBI Regulations and other guidelines approved by the Trustees of Mirae Asset Mutual Fund and are fair and reasonable.

For M. P. Chitale & Co.

Chartered Accountants
Firm Reg. No. 101851W

Sd/-
Vidya V. Barje
Partner
Mem. No. 104994
Mumbai, July 26, 2022
UDIN No. 22104994ANTHII4916

Mirae Asset Mutual Fund - Annual Report 2021-2022 47

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset
Arbitrage Fund (the ‘scheme’) which comprises the Balance Sheet as at 31 ● Obtain an understanding of internal financial control relevant to the audit in
March 2022 and the Revenue Account for the year April 01, 2021 to March order to design audit procedures that are appropriate in the circumstances
31, 2022 (“the year”) and notes to financial statements, including summary of but not for the purpose of expressing an opinion on the effectiveness of
significant accounting policies and other explanatory information. the Scheme’s internal control.
In our opinion and to the best of our information and according to the ● Evaluate the appropriateness of accounting policies used and the
explanations given to us, the aforesaid financial statements of the Schemes reasonableness of accounting estimates and related disclosures made
give a true and fair view in conformity with the accounting principles generally by the management.
accepted in India, including the accounting policies and standards specified ● Conclude on the appropriateness of management’s use of the going
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual concern basis of accounting and, based on the audit evidence obtained,
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): whether a material uncertainty exists related to events or conditions that
a) in the case of the Balance Sheet, of the state of affairs of the Scheme may cast significant doubt on the Scheme’s ability to continue as a going
as at 31st March 2022; and concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme financial statements or, if such disclosures are inadequate, to modify our
for the year ended 31st March 2022. opinion. Our conclusions are based on the audit evidence obtained up
Basis for Opinion to the date of our auditor’s report. However, future events or conditions
may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our ● Evaluate the overall presentation, structure and content of the financial
responsibilities under those Standards are further described in the “Auditor’s statements, including the disclosures, and whether the financial
Responsibilities for the Audit of the Financial Statements” section of our report. statements represent the underlying transactions and events in a manner
In conducting the audit, we have taken into account the provisions of the SEBI that achieves fair presentation.
Regulations, the accounting standards issued by the ICAI, as applicable, We communicate with the management of the AMC, among other matters, the
and matters which are required to be included in the audit report under the planned scope and timing of the audit and significant audit findings, including
provisions of the SEBI Regulations. We are independent of the Scheme in any significant deficiencies in internal control that we identify during our audit.
accordance with the ethical requirements that are relevant to our audit of We also provide to the management of the AMC with a statement that we
the financial statements, and we have fulfilled our other responsibilities in have complied with relevant ethical requirements regarding independence,
accordance with these requirements. We believe that the audit evidence we and to communicate with them all relationships and other matters that may
have obtained is sufficient and appropriate to provide a basis for our audit reasonably be thought to bear on our independence, and where applicable,
opinion on the financial statements. related safeguards. From the matters communicated with those charged with
governance, we determine those matters that were of most significance in
Responsibilities of Management for the Financial Statements the audit of the financial statements for the financial year/period ended March
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the 31, 2022 and are therefore the key audit matters. We describe these matters
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee in our auditor’s report unless law or regulation precludes public disclosure
Company Pvt. Ltd. are responsible for the preparation of these financial about the matter or when, in extremely rare circumstances, we determine
statements that give a true and fair view of the financial position and financial that a matter should not be communicated in our report because the adverse
performance of the Scheme in accordance with accounting policies and consequences of doing so would reasonably be expected to outweigh the
standards as specified in the Ninth Schedule of the SEBI Regulations and public interest benefits of such communication.
in accordance with the accounting principles generally accepted in India.
This responsibility includes maintenance of adequate accounting records Report on Other Legal and Regulatory Requirements
in accordance with the provisions of the SEBI Regulations for safeguarding 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
the assets of the Scheme and for preventing and detecting frauds and other Schedule to the SEBI Regulations, we report that:
irregularities; selection and application of appropriate accounting policies; (a) We have obtained all the information and explanations which to the
making judgments and estimates that are reasonable and prudent; and design, best of our knowledge and belief were necessary for the purposes
implementation and maintenance of adequate internal financial controls, that of our audit;
were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the (b) In our opinion, the Balance Sheet and the Revenue Account dealt
financial statements that give a true and fair view and are free from material with by this report are in agreement with the books of account of the
misstatement, whether due to fraud or error. Scheme; and
In preparing the financial statements, managements of the Investment (c) the Balance Sheet and the Revenue Account has been prepared in
Manager and the Board of Trustees are responsible for assessing the accordance with the accounting policies and standards as specified
Scheme’s ability to continue as a going concern, disclosing, as applicable, in the Ninth Schedule to the SEBI.
matters related to going concern and using the going concern basis of 2. In our opinion, and on the basis of information and explanations given
accounting unless management either intends to liquidate the entity or to to us, the methods used to value non-traded securities as at March 31,
cease operations, or has no realistic alternative but to do so. 2022 are in accordance with the SEBI Regulations and other guidelines
The Management of the Investment Manager and the Trustee Company are approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
responsible for overseeing the Scheme’s financial reporting process. Ltd. and are fair and reasonable.

Auditors’ Responsibility for the Audit of the Financial Statements

For M. P. Chitale & Co.
Our objectives are to obtain reasonable assurance about whether the financial Chartered Accountants
statements as a whole are free from material misstatement, whether due Firm Reg. No. 101851W
to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee Sd/-
that an audit conducted in accordance with SAs will always detect a material Vidya V. Barje
misstatement when it exists. Misstatements can arise from fraud or error Partner
and are considered material if, individually or in the aggregate, they could Mem. No. 104994
reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements. Mumbai, July 26, 2022
As part of an audit in accordance with SAs, we exercise professional judgment UDIN No. 22104994ANTHII4916
and maintain professional scepticism throughout the audit. We also:

48 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset
Banking and PSU Debt Fund (the ‘scheme’) which comprises the Balance ● Obtain an understanding of internal financial control relevant to the audit in
Sheet as at 31 March 2022 and the Revenue Account for the year April 01, order to design audit procedures that are appropriate in the circumstances
2021 to March 31, 2022 (“the year”) and notes to financial statements, including but not for the purpose of expressing an opinion on the effectiveness of
summary of significant accounting policies and other explanatory information. the Scheme’s internal control.
In our opinion and to the best of our information and according to the ● Evaluate the appropriateness of accounting policies used and the
explanations given to us, the aforesaid financial statements of the Schemes reasonableness of accounting estimates and related disclosures made
give a true and fair view in conformity with the accounting principles generally by the management.
accepted in India, including the accounting policies and standards specified ● Conclude on the appropriateness of management’s use of the going
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual concern basis of accounting and, based on the audit evidence obtained,
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): whether a material uncertainty exists related to events or conditions that
a) in the case of the Balance Sheet, of the state of affairs of the Scheme may cast significant doubt on the Scheme’s ability to continue as a going
as at 31st March 2022; and concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme financial statements or, if such disclosures are inadequate, to modify our
for the year ended 31st March 2022. opinion. Our conclusions are based on the audit evidence obtained up
Basis for Opinion to the date of our auditor’s report. However, future events or conditions
may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our ● Evaluate the overall presentation, structure and content of the financial
responsibilities under those Standards are further described in the “Auditor’s statements, including the disclosures, and whether the financial
Responsibilities for the Audit of the Financial Statements” section of our report. statements represent the underlying transactions and events in a manner
In conducting the audit, we have taken into account the provisions of the SEBI that achieves fair presentation.
Regulations, the accounting standards issued by the ICAI, as applicable, We communicate with the management of the AMC, among other matters, the
and matters which are required to be included in the audit report under the planned scope and timing of the audit and significant audit findings, including
provisions of the SEBI Regulations. We are independent of the Scheme in any significant deficiencies in internal control that we identify during our audit.
accordance with the ethical requirements that are relevant to our audit of We also provide to the management of the AMC with a statement that we
the financial statements, and we have fulfilled our other responsibilities in have complied with relevant ethical requirements regarding independence,
accordance with these requirements. We believe that the audit evidence we and to communicate with them all relationships and other matters that may
have obtained is sufficient and appropriate to provide a basis for our audit reasonably be thought to bear on our independence, and where applicable,
opinion on the financial statements. related safeguards. From the matters communicated with those charged with
governance, we determine those matters that were of most significance in
Responsibilities of Management for the Financial Statements the audit of the financial statements for the financial year/period ended March
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the 31, 2022 and are therefore the key audit matters. We describe these matters
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee in our auditor’s report unless law or regulation precludes public disclosure
Company Pvt. Ltd. are responsible for the preparation of these financial about the matter or when, in extremely rare circumstances, we determine
statements that give a true and fair view of the financial position and financial that a matter should not be communicated in our report because the adverse
performance of the Scheme in accordance with accounting policies and consequences of doing so would reasonably be expected to outweigh the
standards as specified in the Ninth Schedule of the SEBI Regulations and public interest benefits of such communication.
in accordance with the accounting principles generally accepted in India.
This responsibility includes maintenance of adequate accounting records Report on Other Legal and Regulatory Requirements
in accordance with the provisions of the SEBI Regulations for safeguarding 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
the assets of the Scheme and for preventing and detecting frauds and other Schedule to the SEBI Regulations, we report that:
irregularities; selection and application of appropriate accounting policies; (a) We have obtained all the information and explanations which to the
making judgments and estimates that are reasonable and prudent; and design, best of our knowledge and belief were necessary for the purposes
implementation and maintenance of adequate internal financial controls, that of our audit;
were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the (b) In our opinion, the Balance Sheet and the Revenue Account dealt
financial statements that give a true and fair view and are free from material with by this report are in agreement with the books of account of the
misstatement, whether due to fraud or error. Scheme; and
In preparing the financial statements, managements of the Investment (c) the Balance Sheet and the Revenue Account has been prepared in
Manager and the Board of Trustees are responsible for assessing the accordance with the accounting policies and standards as specified
Scheme’s ability to continue as a going concern, disclosing, as applicable, in the Ninth Schedule to the SEBI.
matters related to going concern and using the going concern basis of 2. In our opinion, and on the basis of information and explanations given
accounting unless management either intends to liquidate the entity or to to us, the methods used to value non-traded securities as at March 31,
cease operations, or has no realistic alternative but to do so. 2022 are in accordance with the SEBI Regulations and other guidelines
The Management of the Investment Manager and the Trustee Company are approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
responsible for overseeing the Scheme’s financial reporting process. Ltd. and are fair and reasonable.

Auditors’ Responsibility for the Audit of the Financial Statements

For M. P. Chitale & Co.
Our objectives are to obtain reasonable assurance about whether the financial Chartered Accountants
statements as a whole are free from material misstatement, whether due Firm Reg. No. 101851W
to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee Sd/-
that an audit conducted in accordance with SAs will always detect a material Vidya V. Barje
misstatement when it exists. Misstatements can arise from fraud or error Partner
and are considered material if, individually or in the aggregate, they could Mem. No. 104994
reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements. Mumbai, July 26, 2022
As part of an audit in accordance with SAs, we exercise professional judgment UDIN No. 22104994ANTHII4916
and maintain professional scepticism throughout the audit. We also:

Mirae Asset Mutual Fund - Annual Report 2021-2022 49

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset Equity
Allocator Fund of Fund (the ‘scheme’) which comprises the Balance Sheet ● Obtain an understanding of internal financial control relevant to the audit in
as at 31 March 2022 and the Revenue Account for the year April 01, 2021 order to design audit procedures that are appropriate in the circumstances
to March 31, 2022 (“the year”) and notes to financial statements, including but not for the purpose of expressing an opinion on the effectiveness of
summary of significant accounting policies and other explanatory information. the Scheme’s internal control.
In our opinion and to the best of our information and according to the ● Evaluate the appropriateness of accounting policies used and the
explanations given to us, the aforesaid financial statements of the Schemes reasonableness of accounting estimates and related disclosures made
give a true and fair view in conformity with the accounting principles generally by the management.
accepted in India, including the accounting policies and standards specified ● Conclude on the appropriateness of management’s use of the going
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual concern basis of accounting and, based on the audit evidence obtained,
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): whether a material uncertainty exists related to events or conditions that
a) in the case of the Balance Sheet, of the state of affairs of the Scheme may cast significant doubt on the Scheme’s ability to continue as a going
as at 31st March 2022; and concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme financial statements or, if such disclosures are inadequate, to modify our
for the year ended 31st March 2022. opinion. Our conclusions are based on the audit evidence obtained up
Basis for Opinion to the date of our auditor’s report. However, future events or conditions
may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our ● Evaluate the overall presentation, structure and content of the financial
responsibilities under those Standards are further described in the “Auditor’s statements, including the disclosures, and whether the financial
Responsibilities for the Audit of the Financial Statements” section of our report. statements represent the underlying transactions and events in a manner
In conducting the audit, we have taken into account the provisions of the SEBI that achieves fair presentation.
Regulations, the accounting standards issued by the ICAI, as applicable, We communicate with the management of the AMC, among other matters, the
and matters which are required to be included in the audit report under the planned scope and timing of the audit and significant audit findings, including
provisions of the SEBI Regulations. We are independent of the Scheme in any significant deficiencies in internal control that we identify during our audit.
accordance with the ethical requirements that are relevant to our audit of We also provide to the management of the AMC with a statement that we
the financial statements, and we have fulfilled our other responsibilities in have complied with relevant ethical requirements regarding independence,
accordance with these requirements. We believe that the audit evidence we and to communicate with them all relationships and other matters that may
have obtained is sufficient and appropriate to provide a basis for our audit reasonably be thought to bear on our independence, and where applicable,
opinion on the financial statements. related safeguards. From the matters communicated with those charged with
governance, we determine those matters that were of most significance in
Responsibilities of Management for the Financial Statements the audit of the financial statements for the financial year/period ended March
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the 31, 2022 and are therefore the key audit matters. We describe these matters
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee in our auditor’s report unless law or regulation precludes public disclosure
Company Pvt. Ltd. are responsible for the preparation of these financial about the matter or when, in extremely rare circumstances, we determine
statements that give a true and fair view of the financial position and financial that a matter should not be communicated in our report because the adverse
performance of the Scheme in accordance with accounting policies and consequences of doing so would reasonably be expected to outweigh the
standards as specified in the Ninth Schedule of the SEBI Regulations and public interest benefits of such communication.
in accordance with the accounting principles generally accepted in India.
This responsibility includes maintenance of adequate accounting records Report on Other Legal and Regulatory Requirements
in accordance with the provisions of the SEBI Regulations for safeguarding 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
the assets of the Scheme and for preventing and detecting frauds and other Schedule to the SEBI Regulations, we report that:
irregularities; selection and application of appropriate accounting policies; (a) We have obtained all the information and explanations which to the
making judgments and estimates that are reasonable and prudent; and design, best of our knowledge and belief were necessary for the purposes
implementation and maintenance of adequate internal financial controls, that of our audit;
were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the (b) In our opinion, the Balance Sheet and the Revenue Account dealt
financial statements that give a true and fair view and are free from material with by this report are in agreement with the books of account of the
misstatement, whether due to fraud or error. Scheme; and
In preparing the financial statements, managements of the Investment (c) The Balance Sheet and the Revenue Account has been prepared in
Manager and the Board of Trustees are responsible for assessing the accordance with the accounting policies and standards as specified
Scheme’s ability to continue as a going concern, disclosing, as applicable, in the Ninth Schedule to the SEBI.
matters related to going concern and using the going concern basis of 2. In our opinion, and on the basis of information and explanations given
accounting unless management either intends to liquidate the entity or to to us, the methods used to value non-traded securities as at March 31,
cease operations, or has no realistic alternative but to do so. 2022 are in accordance with the SEBI Regulations and other guidelines
The Management of the Investment Manager and the Trustee Company are approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
responsible for overseeing the Scheme’s financial reporting process. Ltd. and are fair and reasonable.

Auditors’ Responsibility for the Audit of the Financial Statements

For M. P. Chitale & Co.
Our objectives are to obtain reasonable assurance about whether the financial Chartered Accountants
statements as a whole are free from material misstatement, whether due Firm Reg. No. 101851W
to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee Sd/-
that an audit conducted in accordance with SAs will always detect a material Vidya V. Barje
misstatement when it exists. Misstatements can arise from fraud or error Partner
and are considered material if, individually or in the aggregate, they could Mem. No. 104994
reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements. Mumbai, July 26, 2022
As part of an audit in accordance with SAs, we exercise professional judgment UDIN No. 22104994ANTHII4916
and maintain professional scepticism throughout the audit. We also:

50 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset ESG
Sector Leaders Fund of Fund (the ‘scheme’) which comprises the Balance ● Obtain an understanding of internal financial control relevant to the audit in
Sheet as at 31 March 2022 and the Revenue Account for the year April 01, order to design audit procedures that are appropriate in the circumstances
2021 to March 31, 2022 (“the year”) and notes to financial statements, including but not for the purpose of expressing an opinion on the effectiveness of
summary of significant accounting policies and other explanatory information. the Scheme’s internal control.
In our opinion and to the best of our information and according to the ● Evaluate the appropriateness of accounting policies used and the
explanations given to us, the aforesaid financial statements of the Schemes reasonableness of accounting estimates and related disclosures made
give a true and fair view in conformity with the accounting principles generally by the management.
accepted in India, including the accounting policies and standards specified ● Conclude on the appropriateness of management’s use of the going
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual concern basis of accounting and, based on the audit evidence obtained,
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): whether a material uncertainty exists related to events or conditions that
a) in the case of the Balance Sheet, of the state of affairs of the Scheme may cast significant doubt on the Scheme’s ability to continue as a going
as at 31st March 2022; and concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme financial statements or, if such disclosures are inadequate, to modify our
for the year ended 31st March 2022. opinion. Our conclusions are based on the audit evidence obtained up
Basis for Opinion to the date of our auditor’s report. However, future events or conditions
may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our ● Evaluate the overall presentation, structure and content of the financial
responsibilities under those Standards are further described in the “Auditor’s statements, including the disclosures, and whether the financial
Responsibilities for the Audit of the Financial Statements” section of our report. statements represent the underlying transactions and events in a manner
In conducting the audit, we have taken into account the provisions of the SEBI that achieves fair presentation.
Regulations, the accounting standards issued by the ICAI, as applicable, We communicate with the management of the AMC, among other matters, the
and matters which are required to be included in the audit report under the planned scope and timing of the audit and significant audit findings, including
provisions of the SEBI Regulations. We are independent of the Scheme in any significant deficiencies in internal control that we identify during our audit.
accordance with the ethical requirements that are relevant to our audit of We also provide to the management of the AMC with a statement that we
the financial statements, and we have fulfilled our other responsibilities in have complied with relevant ethical requirements regarding independence,
accordance with these requirements. We believe that the audit evidence we and to communicate with them all relationships and other matters that may
have obtained is sufficient and appropriate to provide a basis for our audit reasonably be thought to bear on our independence, and where applicable,
opinion on the financial statements. related safeguards. From the matters communicated with those charged with
governance, we determine those matters that were of most significance in
Responsibilities of Management for the Financial Statements the audit of the financial statements for the financial year/period ended March
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the 31, 2022 and are therefore the key audit matters. We describe these matters
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee in our auditor’s report unless law or regulation precludes public disclosure
Company Pvt. Ltd. are responsible for the preparation of these financial about the matter or when, in extremely rare circumstances, we determine
statements that give a true and fair view of the financial position and financial that a matter should not be communicated in our report because the adverse
performance of the Scheme in accordance with accounting policies and consequences of doing so would reasonably be expected to outweigh the
standards as specified in the Ninth Schedule of the SEBI Regulations and public interest benefits of such communication.
in accordance with the accounting principles generally accepted in India.
This responsibility includes maintenance of adequate accounting records Report on Other Legal and Regulatory Requirements
in accordance with the provisions of the SEBI Regulations for safeguarding 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
the assets of the Scheme and for preventing and detecting frauds and other Schedule to the SEBI Regulations, we report that:
irregularities; selection and application of appropriate accounting policies; (a) We have obtained all the information and explanations which to the
making judgments and estimates that are reasonable and prudent; and design, best of our knowledge and belief were necessary for the purposes
implementation and maintenance of adequate internal financial controls, that of our audit;
were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the (b) In our opinion, the Balance Sheet and the Revenue Account dealt
financial statements that give a true and fair view and are free from material with by this report are in agreement with the books of account of the
misstatement, whether due to fraud or error. Scheme; and
In preparing the financial statements, managements of the Investment (c) the Balance Sheet and the Revenue Account has been prepared in
Manager and the Board of Trustees are responsible for assessing the accordance with the accounting policies and standards as specified
Scheme’s ability to continue as a going concern, disclosing, as applicable, in the Ninth Schedule to the SEBI.
matters related to going concern and using the going concern basis of 2. In our opinion, and on the basis of information and explanations given
accounting unless management either intends to liquidate the entity or to to us, the methods used to value non-traded securities as at March 31,
cease operations, or has no realistic alternative but to do so. 2022 are in accordance with the SEBI Regulations and other guidelines
The Management of the Investment Manager and the Trustee Company are approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
responsible for overseeing the Scheme’s financial reporting process. Ltd. and are fair and reasonable.

Auditors’ Responsibility for the Audit of the Financial Statements

For M. P. Chitale & Co.
Our objectives are to obtain reasonable assurance about whether the financial Chartered Accountants
statements as a whole are free from material misstatement, whether due Firm Reg. No. 101851W
to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee Sd/-
that an audit conducted in accordance with SAs will always detect a material Vidya V. Barje
misstatement when it exists. Misstatements can arise from fraud or error Partner
and are considered material if, individually or in the aggregate, they could Mem. No. 104994
reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements. Mumbai, July 26, 2022
As part of an audit in accordance with SAs, we exercise professional judgment UDIN No. 22104994ANTHII4916
and maintain professional scepticism throughout the audit. We also:

Mirae Asset Mutual Fund - Annual Report 2021-2022 51

 INDEPENDENT AUDITORS’ REPORT
To,
The Directors,
Mirae Asset Trustee Company Pvt. Ltd.

Report on the audit of Financial Statements

Opinion
We have audited the accompanying financial statements of Mirae Asset ESG Sector Leaders ETF (the ‘Scheme’) which comprises the Balance Sheet as at
March 31, 2022, the Revenue Account and the Cash Flow Statement for the year April 01, 2022 to March 31, 2022 (“the year) and notes to financial statements,
including g summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements of the Schemes give a true
and fair view in conformity with the accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth
Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March 2022;
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme for the year ended 31st March 2022; and
c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended 31st March 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities
under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. In conducting
the audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, and matters which
are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical
requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Sr. No. Key Audit Matter Auditor’s Response
1 Valuation and existence of Investments: Principal audit procedures performed:
The valuation and existence of the portfolio of We gained an understanding of the internal control structure and operating effectiveness of
investments is considered as a key audit matter due to key controls surrounding valuation and existence of investments.
the magnitude of potential misstatement as the portfolio
We tested the valuation of the investments by comparing the prices used in the calculation
of investments represents the principal element of the
of the Fund NAV from prices obtained from independent sources.
net asset of the Scheme.
We tested the existence of the Investments by obtaining and reconciling the direct
confirmation from the custodian of the Scheme.
We matched the holdings as per above confirmations with the Scheme’s accounting records.
We have obtained the reconciliations and reviewed the differences, if any.
2 Multiple Information Technology (IT) Systems Principal audit procedures performed:
The controls over IT Systems and the operating We obtained an understanding of the entity’s IT related control environment. We identified
effectiveness thereof is considered as a key audit key IT applications, databases and operating systems that are relevant to our audit and
matter as the Scheme is highly dependent on have identified key applications relevant for financial reporting.
technology due to the significant number of transactions
We obtained an understanding of the entity’s IT control environment and key changes during
that are processed daily and discrete IT Systems used.
the audit period that may be relevant to the audit.
The audit approach relies extensively on automated
We tested the design, implementation and operating effectiveness of the Entity’s General IT
controls and therefore on the effectiveness of controls
over IT systems. controls over the key IT systems that are critical to financial reporting. This included evaluation
of entity’s controls to evaluate segregation of duties and access rights being provisioned /
IT application controls are critical to ensure that
modified based on duly approved requests, access for exit cases being revoked in a timely
changes to applications and underlying data are made
manner and access of all users being re-certified during the period of audit.
in an appropriate manner.
We also tested key automated and manual business cycle controls and logic for system
Further, the prevailing COVID-19 situation has caused
generated reports relevant to the audit; including testing of compensating controls or
the required IT applications to be made accessible to
performed alternate procedures to assess whether there were any unaddressed IT risks
the employees on a remote basis.
that would materially impact the financial statements.
We have also placed reliance on System and cyber security audit reports of AMC and other
service providers.

Information Other than the Financial Statements and Auditor’s Report Thereon
The Managements of Mirae Global Investments (India) Pvt. Ltd. (the “Investment Manager”) and the Board of Directors of Mirae Asset Trustee Company Pvt.
Ltd. are responsible for the other information. The other information comprises the Trustee Report of Mirae Asset Mutual Fund, but does not include the financial
statements and our auditor’s report thereon. The Trustee Report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated.

52 Mirae Asset Mutual Fund - Annual Report 2021-2022

Responsibilities of Management for the Financial Statements
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the “Investment Manager”) and Mirae Asset Trustee Company Pvt. Ltd. are responsible
for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Scheme in
accordance with accounting policies and standards as specified in the Ninth Schedule of the SEBI Regulations and in accordance with the accounting principles
generally accepted in India. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the SEBI Regulations
for safeguarding the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, managements of the Investment Manager and the Trustee Company are responsible for assessing the Scheme’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.
The Management of the Investment Manager and the Trustee Company are responsible for overseeing the Scheme’s financial reporting process.

Auditors’ Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
● Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances
but not for the purpose of expressing an opinion on the effectiveness of the Scheme’s internal control.
● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
● Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast significant doubt on the Scheme’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Scheme to cease to continue as a going concern.
● Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the management of the AMC, among other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit. We also provide to the management of the AMC with a statement that we have
complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance,
we determine those matters that were of most significance in the audit of the financial statements for the financial year/period ended March 31, 2022 and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh Schedule to the SEBI Regulations, we report that:
(a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, the Balance Sheet, the Revenue Account and the Cash Flow Statement dealt with by this report are in agreement with the books of
account of the Scheme; and
(c) The Balance Sheet and the Revenue Account has been prepared in accordance with the accounting policies and standards as specified in the Ninth
Schedule to the SEBI.
2. In our opinion, and on the basis of information and explanations given to us, the methods used to value non-traded securities as at March 31, 2022 are
in accordance with the SEBI Regulations and other guidelines approved by the Trustees of Mirae Asset Mutual Fund and are fair and reasonable.

For M. P. Chitale & Co.

Chartered Accountants
Firm Reg. No. 101851W

Sd/-
Vidya V. Barje
Partner
Mem. No. 104994
Mumbai, July 26, 2022
UDIN No. 22104994ANTHII4916

Mirae Asset Mutual Fund - Annual Report 2021-2022 53

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset
Corporate Bond Fund (the ‘scheme’) which comprises the Balance Sheet ● Obtain an understanding of internal financial control relevant to the audit in
as at 31 March 2022 and the Revenue Account for the year April 01, 2021 order to design audit procedures that are appropriate in the circumstances
to March 31, 2022 (“the year”) and notes to financial statements, including but not for the purpose of expressing an opinion on the effectiveness of
summary of significant accounting policies and other explanatory information. the Scheme’s internal control.
In our opinion and to the best of our information and according to the ● Evaluate the appropriateness of accounting policies used and the
explanations given to us, the aforesaid financial statements of the Schemes reasonableness of accounting estimates and related disclosures made
give a true and fair view in conformity with the accounting principles generally by the management.
accepted in India, including the accounting policies and standards specified ● Conclude on the appropriateness of management’s use of the going
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual concern basis of accounting and, based on the audit evidence obtained,
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): whether a material uncertainty exists related to events or conditions that
a) in the case of the Balance Sheet, of the state of affairs of the Scheme may cast significant doubt on the Scheme’s ability to continue as a going
as at 31st March 2022; and concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme financial statements or, if such disclosures are inadequate, to modify our
for the year ended 31st March 2022. opinion. Our conclusions are based on the audit evidence obtained up
Basis for Opinion to the date of our auditor’s report. However, future events or conditions
may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our ● Evaluate the overall presentation, structure and content of the financial
responsibilities under those Standards are further described in the “Auditor’s statements, including the disclosures, and whether the financial
Responsibilities for the Audit of the Financial Statements” section of our report. statements represent the underlying transactions and events in a manner
In conducting the audit, we have taken into account the provisions of the SEBI that achieves fair presentation.
Regulations, the accounting standards issued by the ICAI, as applicable, We communicate with the management of the AMC, among other matters, the
and matters which are required to be included in the audit report under the planned scope and timing of the audit and significant audit findings, including
provisions of the SEBI Regulations. We are independent of the Scheme in any significant deficiencies in internal control that we identify during our audit.
accordance with the ethical requirements that are relevant to our audit of We also provide to the management of the AMC with a statement that we
the financial statements, and we have fulfilled our other responsibilities in have complied with relevant ethical requirements regarding independence,
accordance with these requirements. We believe that the audit evidence we and to communicate with them all relationships and other matters that may
have obtained is sufficient and appropriate to provide a basis for our audit reasonably be thought to bear on our independence, and where applicable,
opinion on the financial statements. related safeguards. From the matters communicated with those charged with
governance, we determine those matters that were of most significance in
Responsibilities of Management for the Financial Statements the audit of the financial statements for the financial year/period ended March
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the 31, 2022 and are therefore the key audit matters. We describe these matters
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee in our auditor’s report unless law or regulation precludes public disclosure
Company Pvt. Ltd. are responsible for the preparation of these financial about the matter or when, in extremely rare circumstances, we determine
statements that give a true and fair view of the financial position and financial that a matter should not be communicated in our report because the adverse
performance of the Scheme in accordance with accounting policies and consequences of doing so would reasonably be expected to outweigh the
standards as specified in the Ninth Schedule of the SEBI Regulations and public interest benefits of such communication.
in accordance with the accounting principles generally accepted in India.
This responsibility includes maintenance of adequate accounting records Report on Other Legal and Regulatory Requirements
in accordance with the provisions of the SEBI Regulations for safeguarding 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
the assets of the Scheme and for preventing and detecting frauds and other Schedule to the SEBI Regulations, we report that:
irregularities; selection and application of appropriate accounting policies; (a) We have obtained all the information and explanations which to the
making judgments and estimates that are reasonable and prudent; and design, best of our knowledge and belief were necessary for the purposes
implementation and maintenance of adequate internal financial controls, that of our audit;
were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the (b) In our opinion, the Balance Sheet and the Revenue Account dealt
financial statements that give a true and fair view and are free from material with by this report are in agreement with the books of account of the
misstatement, whether due to fraud or error. Scheme; and
In preparing the financial statements, managements of the Investment (c) The Balance Sheet and the Revenue Account has been prepared in
Manager and the Board of Trustees are responsible for assessing the accordance with the accounting policies and standards as specified
Scheme’s ability to continue as a going concern, disclosing, as applicable, in the Ninth Schedule to the SEBI.
matters related to going concern and using the going concern basis of 2. In our opinion, and on the basis of information and explanations given
accounting unless management either intends to liquidate the entity or to to us, the methods used to value non-traded securities as at March 31,
cease operations, or has no realistic alternative but to do so. 2022 are in accordance with the SEBI Regulations and other guidelines
The Management of the Investment Manager and the Trustee Company are approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
responsible for overseeing the Scheme’s financial reporting process. Ltd. and are fair and reasonable.

Auditors’ Responsibility for the Audit of the Financial Statements

For M. P. Chitale & Co.
Our objectives are to obtain reasonable assurance about whether the financial Chartered Accountants
statements as a whole are free from material misstatement, whether due Firm Reg. No. 101851W
to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee Sd/-
that an audit conducted in accordance with SAs will always detect a material Vidya V. Barje
misstatement when it exists. Misstatements can arise from fraud or error Partner
and are considered material if, individually or in the aggregate, they could Mem. No. 104994
reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements. Mumbai, July 26, 2022
As part of an audit in accordance with SAs, we exercise professional judgment UDIN No. 22104994ANTHII4916
and maintain professional scepticism throughout the audit. We also:

54 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset Ultra
Short Duration Fund (the ‘scheme’) which comprises the Balance Sheet as at ● Obtain an understanding of internal financial control relevant to the audit in
31 March 2022 and the Revenue Account for the year April 01, 2021 to March order to design audit procedures that are appropriate in the circumstances
31, 2022 (“the year”) and notes to financial statements, including summary of but not for the purpose of expressing an opinion on the effectiveness of
significant accounting policies and other explanatory information. the Scheme’s internal control.
In our opinion and to the best of our information and according to the ● Evaluate the appropriateness of accounting policies used and the
explanations given to us, the aforesaid financial statements of the Schemes reasonableness of accounting estimates and related disclosures made
give a true and fair view in conformity with the accounting principles generally by the management.
accepted in India, including the accounting policies and standards specified ● Conclude on the appropriateness of management’s use of the going
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual concern basis of accounting and, based on the audit evidence obtained,
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): whether a material uncertainty exists related to events or conditions that
a) in the case of the Balance Sheet, of the state of affairs of the Scheme may cast significant doubt on the Scheme’s ability to continue as a going
as at 31st March 2022; and concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme financial statements or, if such disclosures are inadequate, to modify our
for the year ended 31st March 2022. opinion. Our conclusions are based on the audit evidence obtained up
Basis for Opinion to the date of our auditor’s report. However, future events or conditions
may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our ● Evaluate the overall presentation, structure and content of the financial
responsibilities under those Standards are further described in the “Auditor’s statements, including the disclosures, and whether the financial
Responsibilities for the Audit of the Financial Statements” section of our report. statements represent the underlying transactions and events in a manner
In conducting the audit, we have taken into account the provisions of the SEBI that achieves fair presentation.
Regulations, the accounting standards issued by the ICAI, as applicable, We communicate with the management of the AMC, among other matters, the
and matters which are required to be included in the audit report under the planned scope and timing of the audit and significant audit findings, including
provisions of the SEBI Regulations. We are independent of the Scheme in any significant deficiencies in internal control that we identify during our audit.
accordance with the ethical requirements that are relevant to our audit of We also provide to the management of the AMC with a statement that we
the financial statements, and we have fulfilled our other responsibilities in have complied with relevant ethical requirements regarding independence,
accordance with these requirements. We believe that the audit evidence we and to communicate with them all relationships and other matters that may
have obtained is sufficient and appropriate to provide a basis for our audit reasonably be thought to bear on our independence, and where applicable,
opinion on the financial statements. related safeguards. From the matters communicated with those charged with
governance, we determine those matters that were of most significance in
Responsibilities of Management for the Financial Statements the audit of the financial statements for the financial year/period ended March
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the 31, 2022 and are therefore the key audit matters. We describe these matters
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee in our auditor’s report unless law or regulation precludes public disclosure
Company Pvt. Ltd. are responsible for the preparation of these financial about the matter or when, in extremely rare circumstances, we determine
statements that give a true and fair view of the financial position and financial that a matter should not be communicated in our report because the adverse
performance of the Scheme in accordance with accounting policies and consequences of doing so would reasonably be expected to outweigh the
standards as specified in the Ninth Schedule of the SEBI Regulations and public interest benefits of such communication.
in accordance with the accounting principles generally accepted in India.
This responsibility includes maintenance of adequate accounting records Report on Other Legal and Regulatory Requirements
in accordance with the provisions of the SEBI Regulations for safeguarding 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
the assets of the Scheme and for preventing and detecting frauds and other Schedule to the SEBI Regulations, we report that:
irregularities; selection and application of appropriate accounting policies; (a) We have obtained all the information and explanations which to the
making judgments and estimates that are reasonable and prudent; and design, best of our knowledge and belief were necessary for the purposes
implementation and maintenance of adequate internal financial controls, that of our audit;
were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the (b) In our opinion, the Balance Sheet and the Revenue Account dealt
financial statements that give a true and fair view and are free from material with by this report are in agreement with the books of account of the
misstatement, whether due to fraud or error. Scheme; and
In preparing the financial statements, managements of the Investment (c) The balance sheet and the revenue account, has been prepared in
Manager and the Board of Trustees are responsible for assessing the accordance with the accounting policies and standards as specified
Scheme’s ability to continue as a going concern, disclosing, as applicable, in the Ninth Schedule to the SEBI.
matters related to going concern and using the going concern basis of 2. In our opinion, and on the basis of information and explanations given
accounting unless management either intends to liquidate the entity or to to us, the methods used to value non-traded securities as at March 31,
cease operations, or has no realistic alternative but to do so. 2022 are in accordance with the SEBI Regulations and other guidelines
The Management of the Investment Manager and the Trustee Company are approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
responsible for overseeing the Scheme’s financial reporting process. Ltd. and are fair and reasonable.

Auditors’ Responsibility for the Audit of the Financial Statements

For M. P. Chitale & Co.
Our objectives are to obtain reasonable assurance about whether the financial Chartered Accountants
statements as a whole are free from material misstatement, whether due Firm Reg. No. 101851W
to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee Sd/-
that an audit conducted in accordance with SAs will always detect a material Vidya V. Barje
misstatement when it exists. Misstatements can arise from fraud or error Partner
and are considered material if, individually or in the aggregate, they could Mem. No. 104994
reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements. Mumbai, July 26, 2022
As part of an audit in accordance with SAs, we exercise professional judgment UDIN No. 22104994ANTHII4916
and maintain professional scepticism throughout the audit. We also:

Mirae Asset Mutual Fund - Annual Report 2021-2022 55

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset
Banking and Financial Services Fund (the ‘scheme’) which comprises the ● Obtain an understanding of internal financial control relevant to the audit in
Balance Sheet as at 31 March 2022 and the Revenue Account for the year order to design audit procedures that are appropriate in the circumstances
April 01, 2021 to March 31, 2022 (“the year”) and notes to financial statements, but not for the purpose of expressing an opinion on the effectiveness of
including summary of significant accounting policies and other explanatory the Scheme’s internal control.
information. ● Evaluate the appropriateness of accounting policies used and the
In our opinion and to the best of our information and according to the reasonableness of accounting estimates and related disclosures made
explanations given to us, the aforesaid financial statements of the Schemes by the management.
give a true and fair view in conformity with the accounting principles generally ● Conclude on the appropriateness of management’s use of the going
accepted in India, including the accounting policies and standards specified concern basis of accounting and, based on the audit evidence obtained,
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual whether a material uncertainty exists related to events or conditions that
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): may cast significant doubt on the Scheme’s ability to continue as a going
a) in the case of the Balance Sheet, of the state of affairs of the Scheme concern. If we conclude that a material uncertainty exists, we are required
as at 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position and financial consequences of doing so would reasonably be expected to outweigh the
performance of the Scheme in accordance with accounting policies and public interest benefits of such communication.
standards as specified in the Ninth Schedule of the SEBI Regulations and
in accordance with the accounting principles generally accepted in India. Report on Other Legal and Regulatory Requirements
This responsibility includes maintenance of adequate accounting records 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
in accordance with the provisions of the SEBI Regulations for safeguarding Schedule to the SEBI Regulations, we report that:
the assets of the Scheme and for preventing and detecting frauds and other (a) We have obtained all the information and explanations which to the
irregularities; selection and application of appropriate accounting policies; best of our knowledge and belief were necessary for the purposes
making judgments and estimates that are reasonable and prudent; and design, of our audit;
implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of (b) In our opinion, the Balance Sheet and the Revenue Account dealt
the accounting records, relevant to the preparation and presentation of the with by this report are in agreement with the books of account of the
financial statements that give a true and fair view and are free from material Scheme; and
misstatement, whether due to fraud or error. (c) The Balance Sheet and the Revenue Account has been prepared in
In preparing the financial statements, managements of the Investment accordance with the accounting policies and standards as specified
Manager and the Board of Trustees are responsible for assessing the in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916
As part of an audit in accordance with SAs, we exercise professional judgment
and maintain professional scepticism throughout the audit. We also:

56 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To,
The Directors,
Mirae Asset Trustee Company Pvt. Ltd.

Report on the audit of Financial Statements

Opinion
We have audited the accompanying financial statements of Mirae Asset NYSE FANG+ ETF (the ‘Scheme’) which comprises the Balance Sheet as at March
31, 2022, the Revenue Account and the Cash Flow Statement for the year April 01, 2021 or the launch date to March 31, 2022 (“the year/the period”) and
notes to financial statements, including summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements of the Schemes give a true
and fair view in conformity with the accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth
Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March 2022;
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme for the year ended 31st March 2022; and
c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended 31st March 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities
under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. In conducting
the audit, we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, and matters which
are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical
requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Sr. No. Key Audit Matter Auditor’s Response
1 Valuation and existence of Investments: Principal audit procedures performed:
The valuation and existence of the portfolio of We gained an understanding of the internal control structure and operating effectiveness of
investments is considered as a key audit matter due to key controls surrounding valuation and existence of investments.
the magnitude of potential misstatement as the portfolio
We tested the valuation of the investments by comparing the prices used in the calculation
of investments represents the principal element of the
of the Fund NAV from prices obtained from independent sources.
net asset of the Scheme.
We tested the existence of the Investments by obtaining and reconciling the direct
confirmation from the custodian of the Scheme.
We matched the holdings as per above confirmations with the Scheme’s accounting records.
We have obtained the reconciliations and reviewed the differences, if any.
2 Multiple Information Technology (IT) Systems Principal audit procedures performed:
The controls over IT Systems and the operating We obtained an understanding of the entity’s IT related control environment. We identified
effectiveness thereof is considered as a key audit key IT applications, databases and operating systems that are relevant to our audit and
matter as the Scheme is highly dependent on have identified key applications relevant for financial reporting.
technology due to the significant number of transactions
We obtained an understanding of the entity’s IT control environment and key changes during
that are processed daily and discrete IT Systems used.
the audit period that may be relevant to the audit.
The audit approach relies extensively on automated
We tested the design, implementation and operating effectiveness of the Entity’s General IT
controls and therefore on the effectiveness of controls
over IT systems. controls over the key IT systems that are critical to financial reporting. This included evaluation
of entity’s controls to evaluate segregation of duties and access rights being provisioned /
IT application controls are critical to ensure that
modified based on duly approved requests, access for exit cases being revoked in a timely
changes to applications and underlying data are made
manner and access of all users being re-certified during the period of audit.
in an appropriate manner.
We also tested key automated and manual business cycle controls and logic for system
Further, the prevailing COVID-19 situation has caused
generated reports relevant to the audit; including testing of compensating controls or
the required IT applications to be made accessible to
performed alternate procedures to assess whether there were any unaddressed IT risks
the employees on a remote basis.
that would materially impact the financial statements.
We have also placed reliance on System and cyber security audit reports of AMC and other
service providers.

Information Other than the Financial Statements and Auditor’s Report Thereon
The Managements of Mirae Global Investments (India) Pvt. Ltd. (the “Investment Manager”) and the Board of Directors of Mirae Asset Trustee Company Pvt.
Ltd. are responsible for the other information. The other information comprises the Trustee Report of Mirae Asset Mutual Fund, but does not include the financial
statements and our auditor’s report thereon. The Trustee Report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated.

Mirae Asset Mutual Fund - Annual Report 2021-2022 57

Responsibilities of Management for the Financial Statements
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the “Investment Manager”) and Mirae Asset Trustee Company Pvt. Ltd. are responsible
for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Scheme in
accordance with accounting policies and standards as specified in the Ninth Schedule of the SEBI Regulations and in accordance with the accounting principles
generally accepted in India. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the SEBI Regulations
for safeguarding the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, managements of the Investment Manager and the Trustee Company are responsible for assessing the Scheme’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.
The Management of the Investment Manager and the Trustee Company are responsible for overseeing the Scheme’s financial reporting process.

Auditors’ Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
● Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances
but not for the purpose of expressing an opinion on the effectiveness of the Scheme’s internal control.
● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
● Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast significant doubt on the Scheme’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Scheme to cease to continue as a going concern.
● Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the management of the AMC, among other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit. We also provide to the management of the AMC with a statement that we have
complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance,
we determine those matters that were of most significance in the audit of the financial statements for the financial year/period ended March 31, 2022 and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh Schedule to the SEBI Regulations, we report that:
(a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, the Balance Sheet, the Revenue Account and the Cash Flow Statement dealt with by this report are in agreement with the books of
account of the Scheme; and
(c) The Balance Sheet and the Revenue Account has been prepared in accordance with the accounting policies and standards as specified in the Ninth
Schedule to the SEBI.
2. In our opinion, and on the basis of information and explanations given to us, the methods used to value non-traded securities as at March 31, 2022 are
in accordance with the SEBI Regulations and other guidelines approved by the Trustees of Mirae Asset Mutual Fund and are fair and reasonable.

For M. P. Chitale & Co.

Chartered Accountants
Firm Reg. No. 101851W

Sd/-
Vidya V. Barje
Partner
Mem. No. 104994
Mumbai, July 26, 2022
UDIN No. 22104994ANTHII4916

58 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset
NYSE FANG+ ETF Fund of Fund (the ‘scheme’) which comprises the Balance ● Obtain an understanding of internal financial control relevant to the audit in
Sheet as at 31 March 2022 and the Revenue Account for the year April 01, order to design audit procedures that are appropriate in the circumstances
2021 or the launch date to March 31, 2022 (“the year/the period”) and notes but not for the purpose of expressing an opinion on the effectiveness of
to financial statements, including summary of significant accounting policies the Scheme’s internal control.
and other explanatory information. ● Evaluate the appropriateness of accounting policies used and the
In our opinion and to the best of our information and according to the reasonableness of accounting estimates and related disclosures made
explanations given to us, the aforesaid financial statements of the Schemes by the management.
give a true and fair view in conformity with the accounting principles generally ● Conclude on the appropriateness of management’s use of the going
accepted in India, including the accounting policies and standards specified concern basis of accounting and, based on the audit evidence obtained,
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual whether a material uncertainty exists related to events or conditions that
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): may cast significant doubt on the Scheme’s ability to continue as a going
a) in the case of the Balance Sheet, of the state of affairs of the Scheme concern. If we conclude that a material uncertainty exists, we are required
as at 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position and financial consequences of doing so would reasonably be expected to outweigh the
performance of the Scheme in accordance with accounting policies and public interest benefits of such communication.
standards as specified in the Ninth Schedule of the SEBI Regulations and
in accordance with the accounting principles generally accepted in India. Report on Other Legal and Regulatory Requirements
This responsibility includes maintenance of adequate accounting records 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
in accordance with the provisions of the SEBI Regulations for safeguarding Schedule to the SEBI Regulations, we report that:
the assets of the Scheme and for preventing and detecting frauds and other (a) We have obtained all the information and explanations which to the
irregularities; selection and application of appropriate accounting policies; best of our knowledge and belief were necessary for the purposes
making judgments and estimates that are reasonable and prudent; and design, of our audit;
implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of (b) In our opinion, the Balance Sheet and the Revenue Account dealt
the accounting records, relevant to the preparation and presentation of the with by this report are in agreement with the books of account of the
financial statements that give a true and fair view and are free from material Scheme; and
misstatement, whether due to fraud or error. (c) the Balance Sheet and the Revenue Account has been prepared in
In preparing the financial statements, managements of the Investment accordance with the accounting policies and standards as specified
Manager and the Board of Trustees are responsible for assessing the in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916
As part of an audit in accordance with SAs, we exercise professional judgment
and maintain professional scepticism throughout the audit. We also:

Mirae Asset Mutual Fund - Annual Report 2021-2022 59

 INDEPENDENT AUDITORS’ REPORT
To,
The Directors,
Mirae Asset Trustee Company Pvt. Ltd.

Report on the audit of Financial Statements

Opinion
We have audited the accompanying financial statements of Mirae Asset Nifty Financial Services ETF (the ‘Scheme’) which comprises the Balance Sheet as at
March 31, 2022, the Revenue Account and the Cash Flow Statement for the year April 01, 2021 or the launch date to March 31, 2022 (“the year/the period”)
and notes to financial statements, including summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements of the Schemes give a true
and fair view in conformity with the accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth
Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March 2022;
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme for the year ended 31st March 2022; and
c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended 31st March 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities
under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. In conducting
the audit, we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, and matters which
are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical
requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Sr. No. Key Audit Matter Auditor’s Response
1 Valuation and existence of Investments: Principal audit procedures performed:
The valuation and existence of the portfolio of We gained an understanding of the internal control structure and operating effectiveness of
investments is considered as a key audit matter due to key controls surrounding valuation and existence of investments.
the magnitude of potential misstatement as the portfolio
We tested the valuation of the investments by comparing the prices used in the calculation
of investments represents the principal element of the
of the Fund NAV from prices obtained from independent sources.
net asset of the Scheme.
We tested the existence of the Investments by obtaining and reconciling the direct
confirmation from the custodian of the Scheme.
We matched the holdings as per above confirmations with the Scheme’s accounting records.
We have obtained the reconciliations and reviewed the differences, if any.
2 Multiple Information Technology (IT) Systems Principal audit procedures performed:
The controls over IT Systems and the operating We obtained an understanding of the entity’s IT related control environment. We identified
effectiveness thereof is considered as a key audit key IT applications, databases and operating systems that are relevant to our audit and
matter as the Scheme is highly dependent on have identified key applications relevant for financial reporting.
technology due to the significant number of transactions
We obtained an understanding of the entity’s IT control environment and key changes during
that are processed daily and discrete IT Systems used.
the audit period that may be relevant to the audit.
The audit approach relies extensively on automated
We tested the design, implementation and operating effectiveness of the Entity’s General IT
controls and therefore on the effectiveness of controls
over IT systems. controls over the key IT systems that are critical to financial reporting. This included evaluation
of entity’s controls to evaluate segregation of duties and access rights being provisioned /
IT application controls are critical to ensure that
modified based on duly approved requests, access for exit cases being revoked in a timely
changes to applications and underlying data are made
manner and access of all users being re-certified during the period of audit.
in an appropriate manner.
We also tested key automated and manual business cycle controls and logic for system
Further, the prevailing COVID-19 situation has caused
generated reports relevant to the audit; including testing of compensating controls or
the required IT applications to be made accessible to
performed alternate procedures to assess whether there were any unaddressed IT risks
the employees on a remote basis.
that would materially impact the financial statements.
We have also placed reliance on System and cyber security audit reports of AMC and other
service providers.

Information Other than the Financial Statements and Auditor’s Report Thereon
The Managements of Mirae Global Investments (India) Pvt. Ltd. (the “Investment Manager”) and the Board of Directors of Mirae Asset Trustee Company Pvt.
Ltd. are responsible for the other information. The other information comprises the Trustee Report of Mirae Asset Mutual Fund, but does not include the financial
statements and our auditor’s report thereon. The Trustee Report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated.

60 Mirae Asset Mutual Fund - Annual Report 2021-2022

Responsibilities of Management for the Financial Statements
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the “Investment Manager”) and Mirae Asset Trustee Company Pvt. Ltd. are responsible
for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Scheme in
accordance with accounting policies and standards as specified in the Ninth Schedule of the SEBI Regulations and in accordance with the accounting principles
generally accepted in India. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the SEBI Regulations
for safeguarding the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, managements of the Investment Manager and the Trustee Company are responsible for assessing the Scheme’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.
The Management of the Investment Manager and the Trustee Company are responsible for overseeing the Scheme’s financial reporting process.

Auditors’ Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
● Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances
but not for the purpose of expressing an opinion on the effectiveness of the Scheme’s internal control.
● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
● Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast significant doubt on the Scheme’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Scheme to cease to continue as a going concern.
● Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the management of the AMC, among other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit. We also provide to the management of the AMC with a statement that we have
complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance,
we determine those matters that were of most significance in the audit of the financial statements for the financial year/period ended March 31, 2022 and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh Schedule to the SEBI Regulations, we report that:
(a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, the Balance Sheet, the Revenue Account and the Cash Flow Statement dealt with by this report are in agreement with the books of
account of the Scheme; and
(c) The Balance Sheet and the Revenue Account has been prepared in accordance with the accounting policies and standards as specified in the Ninth
Schedule to the SEBI.
2. In our opinion, and on the basis of information and explanations given to us, the methods used to value non-traded securities as at March 31, 2022 are
in accordance with the SEBI Regulations and other guidelines approved by the Trustees of Mirae Asset Mutual Fund and are fair and reasonable.

For M. P. Chitale & Co.

Chartered Accountants
Firm Reg. No. 101851W

Sd/-
Vidya V. Barje
Partner
Mem. No. 104994
Mumbai, July 26, 2022
UDIN No. 22104994ANTHII4916

Mirae Asset Mutual Fund - Annual Report 2021-2022 61

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset
Money Market Fund (the ‘scheme’) which comprises the Balance Sheet as ● Obtain an understanding of internal financial control relevant to the audit in
at 31 March 2022 and the Revenue Account for the year April 01, 2021 or the order to design audit procedures that are appropriate in the circumstances
launch date to March 31, 2022 (“the year/the period”) and notes to financial but not for the purpose of expressing an opinion on the effectiveness of
statements, including summary of significant accounting policies and other the Scheme’s internal control.
explanatory information. ● Evaluate the appropriateness of accounting policies used and the
In our opinion and to the best of our information and according to the reasonableness of accounting estimates and related disclosures made
explanations given to us, the aforesaid financial statements of the Schemes by the management.
give a true and fair view in conformity with the accounting principles generally ● Conclude on the appropriateness of management’s use of the going
accepted in India, including the accounting policies and standards specified concern basis of accounting and, based on the audit evidence obtained,
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual whether a material uncertainty exists related to events or conditions that
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): may cast significant doubt on the Scheme’s ability to continue as a going
a) in the case of the Balance Sheet, of the state of affairs of the Scheme concern. If we conclude that a material uncertainty exists, we are required
as at 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position and financial consequences of doing so would reasonably be expected to outweigh the
performance of the Scheme in accordance with accounting policies and public interest benefits of such communication.
standards as specified in the Ninth Schedule of the SEBI Regulations and
in accordance with the accounting principles generally accepted in India. Report on Other Legal and Regulatory Requirements
This responsibility includes maintenance of adequate accounting records 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
in accordance with the provisions of the SEBI Regulations for safeguarding Schedule to the SEBI Regulations, we report that:
the assets of the Scheme and for preventing and detecting frauds and other (a) We have obtained all the information and explanations which to the
irregularities; selection and application of appropriate accounting policies; best of our knowledge and belief were necessary for the purposes
making judgments and estimates that are reasonable and prudent; and design, of our audit;
implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of (b) In our opinion, the Balance Sheet and the Revenue Account dealt
the accounting records, relevant to the preparation and presentation of the with by this report are in agreement with the books of account of the
financial statements that give a true and fair view and are free from material Scheme; and
misstatement, whether due to fraud or error. (c) The balance sheet and the revenue account has been prepared in
In preparing the financial statements, managements of the Investment accordance with the accounting policies and standards as specified
Manager and the Board of Trustees are responsible for assessing the in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916
As part of an audit in accordance with SAs, we exercise professional judgment
and maintain professional scepticism throughout the audit. We also:

62 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To,
The Directors,
Mirae Asset Trustee Company Pvt. Ltd.

Report on the audit of Financial Statements

Opinion
We have audited the accompanying financial statements of Mirae Asset S&P 500 Top 50 ETF (the ‘Scheme’) which comprises the Balance Sheet as at March
31, 2022, the Revenue Account and the Cash Flow Statement for the year April 01, 2021 or the launch date to March 31, 2022 (“the year/the period”) and
notes to financial statements, including summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements of the Schemes give a true
and fair view in conformity with the accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth
Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March 2022;
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme for the year ended 31st March 2022; and
c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended 31st March 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities
under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. In conducting
the audit, we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, and matters which
are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical
requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Sr. No. Key Audit Matter Auditor’s Response
1 Valuation and existence of Investments: Principal audit procedures performed:
The valuation and existence of the portfolio of We gained an understanding of the internal control structure and operating effectiveness of
investments is considered as a key audit matter due to key controls surrounding valuation and existence of investments.
the magnitude of potential misstatement as the portfolio
We tested the valuation of the investments by comparing the prices used in the calculation
of investments represents the principal element of the
of the Fund NAV from prices obtained from independent sources.
net asset of the Scheme.
We tested the existence of the Investments by obtaining and reconciling the direct
confirmation from the custodian of the Scheme.
We matched the holdings as per above confirmations with the Scheme’s accounting records.
We have obtained the reconciliations and reviewed the differences, if any.
2 Multiple Information Technology (IT) Systems Principal audit procedures performed:
The controls over IT Systems and the operating We obtained an understanding of the entity’s IT related control environment. We identified
effectiveness thereof is considered as a key audit key IT applications, databases and operating systems that are relevant to our audit and
matter as the Scheme is highly dependent on have identified key applications relevant for financial reporting.
technology due to the significant number of transactions
We obtained an understanding of the entity’s IT control environment and key changes during
that are processed daily and discrete IT Systems used.
the audit period that may be relevant to the audit.
The audit approach relies extensively on automated
We tested the design, implementation and operating effectiveness of the Entity’s General IT
controls and therefore on the effectiveness of controls
over IT systems. controls over the key IT systems that are critical to financial reporting. This included evaluation
of entity’s controls to evaluate segregation of duties and access rights being provisioned /
IT application controls are critical to ensure that
modified based on duly approved requests, access for exit cases being revoked in a timely
changes to applications and underlying data are made
manner and access of all users being re-certified during the period of audit.
in an appropriate manner.
We also tested key automated and manual business cycle controls and logic for system
Further, the prevailing COVID-19 situation has caused
generated reports relevant to the audit; including testing of compensating controls or
the required IT applications to be made accessible to
performed alternate procedures to assess whether there were any unaddressed IT risks
the employees on a remote basis.
that would materially impact the financial statements.
We have also placed reliance on System and cyber security audit reports of AMC and other
service providers.

Information Other than the Financial Statements and Auditor’s Report Thereon
The Managements of Mirae Global Investments (India) Pvt. Ltd. (the “Investment Manager”) and the Board of Directors of Mirae Asset Trustee Company Pvt.
Ltd. are responsible for the other information. The other information comprises the Trustee Report of Mirae Asset Mutual Fund, but does not include the financial
statements and our auditor’s report thereon. The Trustee Report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated.

Mirae Asset Mutual Fund - Annual Report 2021-2022 63

Responsibilities of Management for the Financial Statements
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the “Investment Manager”) and Mirae Asset Trustee Company Pvt. Ltd. are responsible
for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Scheme in
accordance with accounting policies and standards as specified in the Ninth Schedule of the SEBI Regulations and in accordance with the accounting principles
generally accepted in India. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the SEBI Regulations
for safeguarding the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, managements of the Investment Manager and the Trustee Company are responsible for assessing the Scheme’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.
The Management of the Investment Manager and the Trustee Company are responsible for overseeing the Scheme’s financial reporting process.

Auditors’ Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
● Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances
but not for the purpose of expressing an opinion on the effectiveness of the Scheme’s internal control.
● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
● Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast significant doubt on the Scheme’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Scheme to cease to continue as a going concern.
● Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the management of the AMC, among other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit. We also provide to the management of the AMC with a statement that we have
complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance,
we determine those matters that were of most significance in the audit of the financial statements for the financial year/period ended March 31, 2022 and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh Schedule to the SEBI Regulations, we report that:
(a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, the Balance Sheet, the Revenue Account and the Cash Flow Statement dealt with by this report are in agreement with the books of
account of the Scheme; and
(c) The Balance Sheet and the Revenue Account has been prepared in accordance with the accounting policies and standards as specified in the Ninth
Schedule to the SEBI.
2. In our opinion, and on the basis of information and explanations given to us, the methods used to value non-traded securities as at March 31, 2022 are
in accordance with the SEBI Regulations and other guidelines approved by the Trustees of Mirae Asset Mutual Fund and are fair and reasonable.

For M. P. Chitale & Co.

Chartered Accountants
Firm Reg. No. 101851W

Sd/-
Vidya V. Barje
Partner
Mem. No. 104994
Mumbai, July 26, 2022
UDIN No. 22104994ANTHII4916

64 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset S&P
500 Top 50 ETF Fund of Fund (the ‘scheme’) which comprises the Balance ● Obtain an understanding of internal financial control relevant to the audit in
Sheet as at 31 March 2022 and the Revenue Account for the year April 01, order to design audit procedures that are appropriate in the circumstances
2021 or the launch date to March 31, 2022 (“the year/the period”) and notes but not for the purpose of expressing an opinion on the effectiveness of
to financial statements, including summary of significant accounting policies the Scheme’s internal control.
and other explanatory information. ● Evaluate the appropriateness of accounting policies used and the
In our opinion and to the best of our information and according to the reasonableness of accounting estimates and related disclosures made
explanations given to us, the aforesaid financial statements of the Schemes by the management.
give a true and fair view in conformity with the accounting principles generally ● Conclude on the appropriateness of management’s use of the going
accepted in India, including the accounting policies and standards specified concern basis of accounting and, based on the audit evidence obtained,
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual whether a material uncertainty exists related to events or conditions that
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): may cast significant doubt on the Scheme’s ability to continue as a going
a) in the case of the Balance Sheet, of the state of affairs of the Scheme concern. If we conclude that a material uncertainty exists, we are required
as at 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position and financial consequences of doing so would reasonably be expected to outweigh the
performance of the Scheme in accordance with accounting policies and public interest benefits of such communication.
standards as specified in the Ninth Schedule of the SEBI Regulations and
in accordance with the accounting principles generally accepted in India. Report on Other Legal and Regulatory Requirements
This responsibility includes maintenance of adequate accounting records 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
in accordance with the provisions of the SEBI Regulations for safeguarding Schedule to the SEBI Regulations, we report that:
the assets of the Scheme and for preventing and detecting frauds and other (a) We have obtained all the information and explanations which to the
irregularities; selection and application of appropriate accounting policies; best of our knowledge and belief were necessary for the purposes
making judgments and estimates that are reasonable and prudent; and design, of our audit;
implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of (b) In our opinion, the Balance Sheet and the Revenue Account dealt
the accounting records, relevant to the preparation and presentation of the with by this report are in agreement with the books of account of the
financial statements that give a true and fair view and are free from material Scheme; and
misstatement, whether due to fraud or error. (c) the Balance Sheet and the Revenue Account has been prepared in
In preparing the financial statements, managements of the Investment accordance with the accounting policies and standards as specified
Manager and the Board of Trustees are responsible for assessing the in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916
As part of an audit in accordance with SAs, we exercise professional judgment
and maintain professional scepticism throughout the audit. We also:

Mirae Asset Mutual Fund - Annual Report 2021-2022 65

 INDEPENDENT AUDITORS’ REPORT
To,
The Directors,
Mirae Asset Trustee Company Pvt. Ltd.

Report on the audit of Financial Statements

Opinion
We have audited the accompanying financial statements of Mirae Asset Hang Seng TECH ETF (the ‘Scheme’) which comprises the Balance Sheet as at
March 31, 2022, the Revenue Account and the Cash Flow Statement for the year April 01, 2021 or the launch date to March 31, 2022 (“the year/the period”)
and notes to financial statements, including summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements of the Schemes give a true
and fair view in conformity with the accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth
Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March 2022;
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme for the year ended 31st March 2022; and
c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended 31st March 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities
under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. In conducting
the audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, and matters which
are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical
requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Sr. No. Key Audit Matter Auditor’s Response
1 Valuation and existence of Investments: Principal audit procedures performed:
The valuation and existence of the portfolio of We gained an understanding of the internal control structure and operating effectiveness of
investments is considered as a key audit matter due to key controls surrounding valuation and existence of investments.
the magnitude of potential misstatement as the portfolio
We tested the valuation of the investments by comparing the prices used in the calculation
of investments represents the principal element of the
of the Fund NAV from prices obtained from independent sources.
net asset of the Scheme.
We tested the existence of the Investments by obtaining and reconciling the direct
confirmation from the custodian of the Scheme.
We matched the holdings as per above confirmations with the Scheme’s accounting records.
We have obtained the reconciliations and reviewed the differences, if any.
2 Multiple Information Technology (IT) Systems Principal audit procedures performed:
The controls over IT Systems and the operating We obtained an understanding of the entity’s IT related control environment. We identified
effectiveness thereof is considered as a key audit key IT applications, databases and operating systems that are relevant to our audit and
matter as the Scheme is highly dependent on have identified key applications relevant for financial reporting.
technology due to the significant number of transactions
We obtained an understanding of the entity’s IT control environment and key changes during
that are processed daily and discrete IT Systems used.
the audit period that may be relevant to the audit.
The audit approach relies extensively on automated
We tested the design, implementation and operating effectiveness of the Entity’s General IT
controls and therefore on the effectiveness of controls
over IT systems. controls over the key IT systems that are critical to financial reporting. This included evaluation
of entity’s controls to evaluate segregation of duties and access rights being provisioned /
IT application controls are critical to ensure that
modified based on duly approved requests, access for exit cases being revoked in a timely
changes to applications and underlying data are made
manner and access of all users being re-certified during the period of audit.
in an appropriate manner.
We also tested key automated and manual business cycle controls and logic for system
Further, the prevailing COVID-19 situation has caused
generated reports relevant to the audit; including testing of compensating controls or
the required IT applications to be made accessible to
performed alternate procedures to assess whether there were any unaddressed IT risks
the employees on a remote basis.
that would materially impact the financial statements.
We have also placed reliance on System and cyber security audit reports of AMC and other
service providers.

Information Other than the Financial Statements and Auditor’s Report Thereon
The Managements of Mirae Global Investments (India) Pvt. Ltd. (the “Investment Manager”) and the Board of Directors of Mirae Asset Trustee Company Pvt.
Ltd. are responsible for the other information. The other information comprises the Trustee Report of Mirae Asset Mutual Fund, but does not include the financial
statements and our auditor’s report thereon. The Trustee Report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated.

66 Mirae Asset Mutual Fund - Annual Report 2021-2022

Responsibilities of Management for the Financial Statements
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the “Investment Manager”) and Mirae Asset Trustee Company Pvt. Ltd. are responsible
for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Scheme in
accordance with accounting policies and standards as specified in the Ninth Schedule of the SEBI Regulations and in accordance with the accounting principles
generally accepted in India. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the SEBI Regulations
for safeguarding the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, managements of the Investment Manager and the Trustee Company are responsible for assessing the Scheme’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.
The Management of the Investment Manager and the Trustee Company are responsible for overseeing the Scheme’s financial reporting process.

Auditors’ Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
● Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances
but not for the purpose of expressing an opinion on the effectiveness of the Scheme’s internal control.
● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
● Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast significant doubt on the Scheme’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Scheme to cease to continue as a going concern.
● Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the management of the AMC, among other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit. We also provide to the management of the AMC with a statement that we have
complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance,
we determine those matters that were of most significance in the audit of the financial statements for the financial year/period ended March 31, 2022 and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh Schedule to the SEBI Regulations, we report that:
(a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, the Balance Sheet, the Revenue Account and the Cash Flow Statement dealt with by this report are in agreement with the books of
account of the Scheme; and
(c) The Balance Sheet and the Revenue Account has been prepared in accordance with the accounting policies and standards as specified in the Ninth
Schedule to the SEBI.
2. In our opinion, and on the basis of information and explanations given to us, the methods used to value non-traded securities as at March 31, 2022 are
in accordance with the SEBI Regulations and other guidelines approved by the Trustees of Mirae Asset Mutual Fund and are fair and reasonable.

For M. P. Chitale & Co.

Chartered Accountants
Firm Reg. No. 101851W

Sd/-
Vidya V. Barje
Partner
Mem. No. 104994
Mumbai, July 26, 2022
UDIN No. 22104994ANTHII4916

Mirae Asset Mutual Fund - Annual Report 2021-2022 67

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset Hang
Seng TECH ETF Fund of Fund (the ‘scheme’) which comprises the Balance ● Obtain an understanding of internal financial control relevant to the audit in
Sheet as at 31 March 2022 and the Revenue Account for the year April 01, order to design audit procedures that are appropriate in the circumstances
2021 or the launch date to March 31, 2022 (“the year/the period”) and notes but not for the purpose of expressing an opinion on the effectiveness of
to financial statements, including summary of significant accounting policies the Scheme’s internal control.
and other explanatory information. ● Evaluate the appropriateness of accounting policies used and the
In our opinion and to the best of our information and according to the reasonableness of accounting estimates and related disclosures made
explanations given to us, the aforesaid financial statements of the Schemes by the management.
give a true and fair view in conformity with the accounting principles generally ● Conclude on the appropriateness of management’s use of the going
accepted in India, including the accounting policies and standards specified concern basis of accounting and, based on the audit evidence obtained,
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual whether a material uncertainty exists related to events or conditions that
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): may cast significant doubt on the Scheme’s ability to continue as a going
a) in the case of the Balance Sheet, of the state of affairs of the Scheme concern. If we conclude that a material uncertainty exists, we are required
as at 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position and financial consequences of doing so would reasonably be expected to outweigh the
performance of the Scheme in accordance with accounting policies and public interest benefits of such communication.
standards as specified in the Ninth Schedule of the SEBI Regulations and
in accordance with the accounting principles generally accepted in India. Report on Other Legal and Regulatory Requirements
This responsibility includes maintenance of adequate accounting records 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
in accordance with the provisions of the SEBI Regulations for safeguarding Schedule to the SEBI Regulations, we report that:
the assets of the Scheme and for preventing and detecting frauds and other (a) We have obtained all the information and explanations which to the
irregularities; selection and application of appropriate accounting policies; best of our knowledge and belief were necessary for the purposes
making judgments and estimates that are reasonable and prudent; and design, of our audit;
implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of (b) In our opinion, the Balance Sheet and the Revenue Account dealt
the accounting records, relevant to the preparation and presentation of the with by this report are in agreement with the books of account of the
financial statements that give a true and fair view and are free from material Scheme; and
misstatement, whether due to fraud or error. (c) the Balance Sheet and the Revenue Account has been prepared in
In preparing the financial statements, managements of the Investment accordance with the accounting policies and standards as specified
Manager and the Board of Trustees are responsible for assessing the in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916
As part of an audit in accordance with SAs, we exercise professional judgment
and maintain professional scepticism throughout the audit. We also:

68 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset
Nifty India Manufacturing ETF (the ‘scheme’) which comprises the ● Obtain an understanding of internal financial control relevant to the audit in
Balance Sheet as at 31 March 2022 and the Revenue Account for the order to design audit procedures that are appropriate in the circumstances
year April 01, 2021 to March 31, 2022 (“the year”) and notes to financial but not for the purpose of expressing an opinion on the effectiveness of
statements, including summary of significant accounting policies and other the Scheme’s internal control.
explanatory information. ● Evaluate the appropriateness of accounting policies used and the
In our opinion and to the best of our information and according to the reasonableness of accounting estimates and related disclosures made
explanations given to us, the aforesaid financial statements of the Schemes by the management.
give a true and fair view in conformity with the accounting principles generally ● Conclude on the appropriateness of management’s use of the going
accepted in India, including the accounting policies and standards specified concern basis of accounting and, based on the audit evidence obtained,
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual whether a material uncertainty exists related to events or conditions that
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): may cast significant doubt on the Scheme’s ability to continue as a going
a) in the case of the Balance Sheet, of the state of affairs of the Scheme concern. If we conclude that a material uncertainty exists, we are required
as at 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position and financial consequences of doing so would reasonably be expected to outweigh the
performance of the Scheme in accordance with accounting policies and public interest benefits of such communication.
standards as specified in the Ninth Schedule of the SEBI Regulations and
in accordance with the accounting principles generally accepted in India. Report on Other Legal and Regulatory Requirements
This responsibility includes maintenance of adequate accounting records 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
in accordance with the provisions of the SEBI Regulations for safeguarding Schedule to the SEBI Regulations, we report that:
the assets of the Scheme and for preventing and detecting frauds and other (a) We have obtained all the information and explanations which to the
irregularities; selection and application of appropriate accounting policies; best of our knowledge and belief were necessary for the purposes
making judgments and estimates that are reasonable and prudent; and design, of our audit;
implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of (b) In our opinion, the Balance Sheet and the Revenue Account dealt
the accounting records, relevant to the preparation and presentation of the with by this report are in agreement with the books of account of the
financial statements that give a true and fair view and are free from material Scheme; and
misstatement, whether due to fraud or error. (c) The balance sheet and the revenue account, has been prepared in
In preparing the financial statements, managements of the Investment accordance with the accounting policies and standards as specified
Manager and the Board of Trustees are responsible for assessing the in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916
As part of an audit in accordance with SAs, we exercise professional judgment
and maintain professional scepticism throughout the audit. We also:

Mirae Asset Mutual Fund - Annual Report 2021-2022 69

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset Nifty
India Manufacturing ETF Fund of Fund (the ‘scheme’) which comprises the ● Obtain an understanding of internal financial control relevant to the audit in
Balance Sheet as at 31 March 2022 and the Revenue Account for the year order to design audit procedures that are appropriate in the circumstances
April 01, 2021 or the launch date to March 31, 2022 (“the year/the period”) but not for the purpose of expressing an opinion on the effectiveness of
and notes to financial statements, including summary of significant accounting the Scheme’s internal control.
policies and other explanatory information. ● Evaluate the appropriateness of accounting policies used and the
In our opinion and to the best of our information and according to the reasonableness of accounting estimates and related disclosures made
explanations given to us, the aforesaid financial statements of the Schemes by the management.
give a true and fair view in conformity with the accounting principles generally ● Conclude on the appropriateness of management’s use of the going
accepted in India, including the accounting policies and standards specified concern basis of accounting and, based on the audit evidence obtained,
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual whether a material uncertainty exists related to events or conditions that
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): may cast significant doubt on the Scheme’s ability to continue as a going
a) in the case of the Balance Sheet, of the state of affairs of the Scheme concern. If we conclude that a material uncertainty exists, we are required
as at 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position and financial consequences of doing so would reasonably be expected to outweigh the
performance of the Scheme in accordance with accounting policies and public interest benefits of such communication.
standards as specified in the Ninth Schedule of the SEBI Regulations and
in accordance with the accounting principles generally accepted in India. Report on Other Legal and Regulatory Requirements
This responsibility includes maintenance of adequate accounting records 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
in accordance with the provisions of the SEBI Regulations for safeguarding Schedule to the SEBI Regulations, we report that:
the assets of the Scheme and for preventing and detecting frauds and other (a) We have obtained all the information and explanations which to the
irregularities; selection and application of appropriate accounting policies; best of our knowledge and belief were necessary for the purposes
making judgments and estimates that are reasonable and prudent; and design, of our audit;
implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of (b) In our opinion, the Balance Sheet and the Revenue Account dealt
the accounting records, relevant to the preparation and presentation of the with by this report are in agreement with the books of account of the
financial statements that give a true and fair view and are free from material Scheme; and
misstatement, whether due to fraud or error. (c) the Balance Sheet and the Revenue Account has been prepared in
In preparing the financial statements, managements of the Investment accordance with the accounting policies and standards as specified
Manager and the Board of Trustees are responsible for assessing the in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916
As part of an audit in accordance with SAs, we exercise professional judgment
and maintain professional scepticism throughout the audit. We also:

70 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To,
The Directors,
Mirae Asset Trustee Company Pvt. Ltd.

Report on the audit of Financial Statements

Opinion
We have audited the accompanying financial statements of Mirae Asset Nifty Midcap 150 ETF (the ‘Scheme’) which comprises the Balance Sheet as at March
31, 2022, the Revenue Account and the Cash Flow Statement for the year April 01, 2021 or the launch date to March 31, 2022 (“the year/the period”) and
notes to financial statements, including summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements of the Schemes give a true
and fair view in conformity with the accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth
Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (“the SEBI Regulations”):
a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March 2022;
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme for the year ended 31st March 2022; and
c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended 31st March 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities
under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. In conducting
the audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, and matters which
are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical
requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Sr. No. Key Audit Matter Auditor’s Response
1 Valuation and existence of Investments: Principal audit procedures performed:
The valuation and existence of the portfolio of We gained an understanding of the internal control structure and operating effectiveness of
investments is considered as a key audit matter due to key controls surrounding valuation and existence of investments.
the magnitude of potential misstatement as the portfolio
We tested the valuation of the investments by comparing the prices used in the calculation
of investments represents the principal element of the
of the Fund NAV from prices obtained from independent sources.
net asset of the Scheme.
We tested the existence of the Investments by obtaining and reconciling the direct
confirmation from the custodian of the Scheme.
We matched the holdings as per above confirmations with the Scheme’s accounting records.
We have obtained the reconciliations and reviewed the differences, if any.
2 Multiple Information Technology (IT) Systems Principal audit procedures performed:
The controls over IT Systems and the operating We obtained an understanding of the entity’s IT related control environment. We identified
effectiveness thereof is considered as a key audit key IT applications, databases and operating systems that are relevant to our audit and
matter as the Scheme is highly dependent on have identified key applications relevant for financial reporting.
technology due to the significant number of transactions
We obtained an understanding of the entity’s IT control environment and key changes during
that are processed daily and discrete IT Systems used.
the audit period that may be relevant to the audit.
The audit approach relies extensively on automated
We tested the design, implementation and operating effectiveness of the Entity’s General IT
controls and therefore on the effectiveness of controls
over IT systems. controls over the key IT systems that are critical to financial reporting. This included evaluation
of entity’s controls to evaluate segregation of duties and access rights being provisioned /
IT application controls are critical to ensure that
modified based on duly approved requests, access for exit cases being revoked in a timely
changes to applications and underlying data are made
manner and access of all users being re-certified during the period of audit.
in an appropriate manner.
We also tested key automated and manual business cycle controls and logic for system
Further, the prevailing COVID-19 situation has caused
generated reports relevant to the audit; including testing of compensating controls or
the required IT applications to be made accessible to
performed alternate procedures to assess whether there were any unaddressed IT risks
the employees on a remote basis.
that would materially impact the financial statements.
We have also placed reliance on System and cyber security audit reports of AMC and other
service providers.

Information Other than the Financial Statements and Auditor’s Report Thereon
The Managements of Mirae Global Investments (India) Pvt. Ltd. (the “Investment Manager”) and the Board of Directors of Mirae Asset Trustee Company Pvt.
Ltd. are responsible for the other information. The other information comprises the Trustee Report of Mirae Asset Mutual Fund, but does not include the financial
statements and our auditor’s report thereon. The Trustee Report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated.

Mirae Asset Mutual Fund - Annual Report 2021-2022 71

Responsibilities of Management for the Financial Statements
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the “Investment Manager”) and Mirae Asset Trustee Company Pvt. Ltd. are responsible
for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Scheme in
accordance with accounting policies and standards as specified in the Ninth Schedule of the SEBI Regulations and in accordance with the accounting principles
generally accepted in India. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the SEBI Regulations
for safeguarding the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, managements of the Investment Manager and the Trustee Company are responsible for assessing the Scheme’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.
The Management of the Investment Manager and the Trustee Company are responsible for overseeing the Scheme’s financial reporting process.

Auditors’ Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
● Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances
but not for the purpose of expressing an opinion on the effectiveness of the Scheme’s internal control.
● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
● Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast significant doubt on the Scheme’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Scheme to cease to continue as a going concern.
● Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the management of the AMC, among other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit. We also provide to the management of the AMC with a statement that we have
complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance,
we determine those matters that were of most significance in the audit of the financial statements for the financial year/period ended March 31, 2022 and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh Schedule to the SEBI Regulations, we report that:
(a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, the Balance Sheet, the Revenue Account and the Cash Flow Statement dealt with by this report are in agreement with the books of
account of the Scheme; and
(c) The Balance Sheet and the Revenue Account has been prepared in accordance with the accounting policies and standards as specified in the Ninth
Schedule to the SEBI.
2. In our opinion, and on the basis of information and explanations given to us, the methods used to value non-traded securities as at March 31, 2022 are
in accordance with the SEBI Regulations and other guidelines approved by the Trustees of Mirae Asset Mutual Fund and are fair and reasonable.

For M. P. Chitale & Co.

Chartered Accountants
Firm Reg. No. 101851W

Sd/-
Vidya V. Barje
Partner
Mem. No. 104994
Mumbai, July 26, 2022
UDIN No. 22104994ANTHII4916

72 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INDEPENDENT AUDITORS’ REPORT
To, ● Identify and assess the risks of material misstatement of the financial
The Directors, statements, whether due to fraud or error, design and perform audit
Mirae Asset Tustee Company Pvt. Ltd. procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
Report on the audit of Financial Statements
than for one resulting from error, as fraud may involve collusion, forgery,
Opinion intentional omissions, misrepresentations, or the override of internal
control.
We have audited the accompanying financial statements of Mirae Asset
Nifty SDL Jun 2027 Index Fund (the ‘scheme’) which comprises the ● Obtain an understanding of internal financial control relevant to the audit in
Balance Sheet as at 31 March 2022 and the Revenue Account for the order to design audit procedures that are appropriate in the circumstances
year April 01, 2021 to March 31, 2022 (“the year”) and notes to financial but not for the purpose of expressing an opinion on the effectiveness of
statements, including summary of significant accounting policies and other the Scheme’s internal control.
explanatory information. ● Evaluate the appropriateness of accounting policies used and the
In our opinion and to the best of our information and according to the reasonableness of accounting estimates and related disclosures made
explanations given to us, the aforesaid financial statements of the Schemes by the management.
give a true and fair view in conformity with the accounting principles generally ● Conclude on the appropriateness of management’s use of the going
accepted in India, including the accounting policies and standards specified concern basis of accounting and, based on the audit evidence obtained,
in the Ninth Schedule to the Securities and Exchange Board of India (Mutual whether a material uncertainty exists related to events or conditions that
Funds) Regulations, 1996, as amended (“the SEBI Regulations”): may cast significant doubt on the Scheme’s ability to continue as a going
a) in the case of the Balance Sheet, of the state of affairs of the Scheme concern. If we conclude that a material uncertainty exists, we are required
as at 31st March 2022; and to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
b) in the case of the Revenue Account, of the Surplus/(deficit) of the Scheme opinion. Our conclusions are based on the audit evidence obtained up
for the year ended 31st March 2022. to the date of our auditor’s report. However, future events or conditions
Basis for Opinion may cause the Scheme to cease to continue as a going concern.
We conducted our audit in accordance with the Standards on Auditing ● Evaluate the overall presentation, structure and content of the financial
(SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our statements, including the disclosures, and whether the financial
responsibilities under those Standards are further described in the “Auditor’s statements represent the underlying transactions and events in a manner
Responsibilities for the Audit of the Financial Statements” section of our report. that achieves fair presentation.
In conducting the audit, we have taken into account the provisions of the SEBI We communicate with the management of the AMC, among other matters, the
Regulations, the accounting standards issued by the ICAI, as applicable, planned scope and timing of the audit and significant audit findings, including
and matters which are required to be included in the audit report under the any significant deficiencies in internal control that we identify during our audit.
provisions of the SEBI Regulations. We are independent of the Scheme in We also provide to the management of the AMC with a statement that we
accordance with the ethical requirements that are relevant to our audit of have complied with relevant ethical requirements regarding independence,
the financial statements, and we have fulfilled our other responsibilities in and to communicate with them all relationships and other matters that may
accordance with these requirements. We believe that the audit evidence we reasonably be thought to bear on our independence, and where applicable,
have obtained is sufficient and appropriate to provide a basis for our audit related safeguards. From the matters communicated with those charged with
opinion on the financial statements. governance, we determine those matters that were of most significance in
the audit of the financial statements for the financial year/period ended March
Responsibilities of Management for the Financial Statements 31, 2022 and are therefore the key audit matters. We describe these matters
The Management of Mirae Asset Investment Managers (India) Pvt. Ltd. (the in our auditor’s report unless law or regulation precludes public disclosure
“Investment Manager”) and the Board of Directors of Mirae Asset Trustee about the matter or when, in extremely rare circumstances, we determine
Company Pvt. Ltd. are responsible for the preparation of these financial that a matter should not be communicated in our report because the adverse
statements that give a true and fair view of the financial position and financial consequences of doing so would reasonably be expected to outweigh the
performance of the Scheme in accordance with accounting policies and public interest benefits of such communication.
standards as specified in the Ninth Schedule of the SEBI Regulations and
in accordance with the accounting principles generally accepted in India. Report on Other Legal and Regulatory Requirements
This responsibility includes maintenance of adequate accounting records 1. As required by SEBI Regulation 55(4) and Clause 5(ii)(2) of the Eleventh
in accordance with the provisions of the SEBI Regulations for safeguarding Schedule to the SEBI Regulations, we report that:
the assets of the Scheme and for preventing and detecting frauds and other (a) We have obtained all the information and explanations which to the
irregularities; selection and application of appropriate accounting policies; best of our knowledge and belief were necessary for the purposes
making judgments and estimates that are reasonable and prudent; and design, of our audit;
implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of (b) In our opinion, the Balance Sheet and the Revenue Account dealt
the accounting records, relevant to the preparation and presentation of the with by this report are in agreement with the books of account of the
financial statements that give a true and fair view and are free from material Scheme; and
misstatement, whether due to fraud or error. (c) the Balance Sheet and the Revenue Account has been prepared in
In preparing the financial statements, managements of the Investment accordance with the accounting policies and standards as specified
Manager and the Board of Trustees are responsible for assessing the in the Ninth Schedule to the SEBI.
Scheme’s ability to continue as a going concern, disclosing, as applicable, 2. In our opinion, and on the basis of information and explanations given
matters related to going concern and using the going concern basis of to us, the methods used to value non-traded securities as at March 31,
accounting unless management either intends to liquidate the entity or to 2022 are in accordance with the SEBI Regulations and other guidelines
cease operations, or has no realistic alternative but to do so. approved by the Board of Directors of Mirae Asset Trustee Company Pvt.
The Management of the Investment Manager and the Trustee Company are Ltd. and are fair and reasonable.
responsible for overseeing the Scheme’s financial reporting process.
For M. P. Chitale & Co.
Auditors’ Responsibility for the Audit of the Financial Statements
Chartered Accountants
Our objectives are to obtain reasonable assurance about whether the financial Firm Reg. No. 101851W
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Sd/-
Reasonable assurance is a high level of assurance, but is not a guarantee Vidya V. Barje
that an audit conducted in accordance with SAs will always detect a material Partner
misstatement when it exists. Misstatements can arise from fraud or error Mem. No. 104994
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken Mumbai, July 26, 2022
on the basis of these financial statements. UDIN No. 22104994ANTHII4916
As part of an audit in accordance with SAs, we exercise professional judgment
and maintain professional scepticism throughout the audit. We also:

Mirae Asset Mutual Fund - Annual Report 2021-2022 73

 Abridged Balance Sheet
as at March 31, 2022
(Rupees in Lakhs)
MIRAE ASSET MIRAE ASSET MIRAE ASSET
LARGE CAP FUND EMERGING BLUECHIP FUND HYBRID - EQUITY FUND
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

LIABILITIES
1 Unit Capital 414,878.68 371,689.00 228,290.68 205,884.64 303,798.63 257,090.19
2 Reserves & Surplus 2,779,859.72 2,005,678.74 1,964,540.11 1,414,222.91 362,467.38 226,449.82
2.1 Unit Premium Reserves 1,080,382.27 843,985.18 612,353.48 487,199.89 109,651.56 73,215.71
2.2 Unrealised Appreciation Reserve 924,469.47 674,023.33 411,578.79 376,463.57 100,974.05 77,089.19
2.3 Other Reserves 775,007.98 487,670.24 940,607.84 550,559.45 151,841.77 76,144.94
3 Loans & Borrowings - - - - - -
4 Current Liabilities & Provisions 13,864.38 11,538.61 3,939.33 8,433.32 1,748.73 1,384.35
4.1 Provision for doubtful Income/Deposits - - - - - -
4.2 Other Current Liabilities & Provisions 13,864.38 11,538.61 3,939.33 8,433.32 1,748.73 1,384.35
TOTAL 3,208,602.78 2,388,906.35 2,196,770.12 1,628,540.87 668,014.74 484,924.36

ASSETS
1 Investments
1.1 Listed Securities:
1.1.1 Equity Shares 3,086,651.44 2,348,979.18 2,183,114.57 1,616,674.80 496,764.03 367,622.04
1.1.2 Preference Shares - - - - - -
1.1.3 Equity Linked Debentures - - - - - -
1.1.4 Other Debentures & Bonds - - - - 47,399.24 16,034.53
1.1.5 Securitised Debt securities - - - - - -
1.1.6 Derivatives - - - - - -
1.2 Securities Awaited Listing:
1.2.1 Equity Shares - - - - - -
1.2.2 Preference Shares - - - - - -
1.2.3 Equity Linked Debentures - - - - - -
1.2.4 Other Debentures & Bonds - - - - - -
1.2.5 Securitised Debt securities - - - - - -
1.3 Unlisted Securities:
1.3.1 Equity Shares - - - - - -
1.3.2 Preference Shares - - - - - -
1.3.3 Equity Linked Debentures - - - - - -
1.3.4 Other Debentures & Bonds - - - - - -
1.3.5 Securitised Debt securities - - - - - -
1.4 Government Securities - - - - 69,064.65 43,457.22
1.5 Treasury Bills - - - - - -
1.6 Commercial Paper - - - - 25,660.56 12,256.19
1.7 Certificate of Deposits - - - - - -
1.8 Bill Rediscounting - - - - - -
1.9 Units of Domestic Mutual Fund 26,578.54 22,147.25 3.16 51.96 6,978.00 8,141.26
1.10 Foreign Securities - - - - - -
1.11 Units of Foreign Mutual Fund - - - - - -
1.12 Corporate Bond - - - - - -
Total Investments 3,113,229.98 2,371,126.43 2,183,117.73 1,616,726.76 645,866.48 447,511.24

2 Deposits
3 Other Current Assets 95,372.80 17,779.92 13,652.39 11,814.11 22,148.26 37,413.12
3.1 Cash & Bank Balance 357.69 1,207.54 230.52 801.89 27.87 199.87
3.2 TREPS/Reverse Repo Lending 83,710.24 7,004.56 1,546.09 5,086.20 17,881.47 32,746.69
3.3 Others 11,304.87 9,567.82 11,875.78 5,926.02 4,238.92 4,466.56
4 Deferred Revenue Expenditure
(to the extent not written off) - - - - - -
TOTAL 3,208,602.78 2,388,906.35 2,196,770.12 1,628,540.87 668,014.74 484,924.36

Notes to Accounts - Annexure I

74 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Abridged Balance Sheet
as at March 31, 2022
(Rupees in Lakhs)
MIRAE ASSET MIRAE ASSET Mirae Asset
TAX SAVER FUND GREAT CONSUMER FUND Healthcare Fund
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

LIABILITIES
1 Unit Capital 379,105.48 272,576.38 31,219.93 26,676.08 80,346.58 67,123.20
2 Reserves & Surplus 806,295.48 427,287.30 134,532.14 90,790.01 101,390.19 59,932.34
2.1 Unit Premium Reserves 346,861.46 183,422.83 41,833.47 31,465.69 32,559.03 18,762.21
2.2 Unrealised Appreciation Reserve 169,670.69 135,444.48 21,690.73 20,144.01 43,605.52 31,346.41
2.3 Other Reserves 289,763.33 108,419.99 71,007.94 39,180.31 25,225.64 9,823.72
3 Loans & Borrowings - - - - - -
4 Current Liabilities & Provisions 4,649.10 2,916.85 827.91 912.42 693.54 514.97
4.1 Provision for doubtful Income/Deposits - - - - - -
4.2 Other Current Liabilities & Provisions 4,649.10 2,916.85 827.91 912.42 693.54 514.97
TOTAL 1,190,050.06 702,780.53 166,579.98 118,378.51 182,430.31 127,570.51

ASSETS
1 Investments
1.1 Listed Securities:
1.1.1 Equity Shares 1,164,151.17 684,410.04 163,784.97 116,733.48 181,629.80 125,804.50
1.1.2 Preference Shares - - - - - -
1.1.3 Equity Linked Debentures - - - - - -
1.1.4 Other Debentures & Bonds - - - - - -
1.1.5 Securitised Debt securities - - - - - -
1.1.6 Derivatives - - - - - -
1.2 Securities Awaited Listing:
1.2.1 Equity Shares - - - - - -
1.2.2 Preference Shares - - - - - -
1.2.3 Equity Linked Debentures - - - - - -
1.2.4 Other Debentures & Bonds - - - - - -
1.2.5 Securitised Debt securities - - - - - -
1.3 Unlisted Securities:
1.3.1 Equity Shares - - - - - -
1.3.2 Preference Shares - - - - - -
1.3.3 Equity Linked Debentures - - - - - -
1.3.4 Other Debentures & Bonds - - - - - -
1.3.5 Securitised Debt securities - - - - - -
1.4 Government Securities - - - - - -
1.5 Treasury Bills - - - - - -
1.6 Commercial Paper - - - - - -
1.7 Certificate of Deposits - - - - - -
1.8 Bill Rediscounting - - - - - -
1.9 Units of Domestic Mutual Fund 0.32 2,332.67 12.75 12.32 18.32 17.71
1.10 Foreign Securities - - - - - -
1.11 Units of Foreign Mutual Fund - - - - - -
1.12 Corporate Bond - - - - - -
Total Investments 1,164,151.49 686,742.71 163,797.72 116,745.80 181,648.12 125,822.21

2 Deposits
3 Other Current Assets 25,898.57 16,037.82 2,782.26 1,632.71 782.19 1,748.30
3.1 Cash & Bank Balance 53.59 303.95 10.66 52.02 0.88 45.54
3.2 TREPS/Reverse Repo Lending 15,330.06 9,579.08 1,651.48 342.34 742.97 743.99
3.3 Others 10,514.92 6,154.79 1,120.12 1,238.35 38.34 958.77
4 Deferred Revenue Expenditure
(to the extent not written off) - - - - - -
TOTAL 1,190,050.06 702,780.53 166,579.98 118,378.51 182,430.31 127,570.51

Notes to Accounts - Annexure I

Mirae Asset Mutual Fund - Annual Report 2021-2022 75

 Abridged Balance Sheet
as at March 31, 2022
(Rupees in Lakhs)
Mirae Asset Mirae Asset MIRAE ASSET
Nifty 50 ETF (MAN50ETF) Equity Savings Fund CASH MANAGEMENT FUND
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

LIABILITIES
1 Unit Capital 44,070.68 36,720.68 34,887.19 15,840.75 137,442.69 161,863.90
2 Reserves & Surplus 35,463.69 18,428.33 16,360.76 5,063.81 167,481.36 184,384.62
2.1 Unit Premium Reserves 12,870.28 7,863.82 7,244.86 1,675.67 78.21 88.90
2.2 Unrealised Appreciation Reserve 17,565.48 9,676.84 2,313.30 2,239.02 (56.98) 29.75
2.3 Other Reserves 5,027.93 887.67 6,802.60 1,149.12 167,460.13 184,265.97
3 Loans & Borrowings - - - - - -
4 Current Liabilities & Provisions 684.64 954.97 1,543.67 257.54 1,025.74 19,219.34
4.1 Provision for doubtful Income/Deposits - - - - - -
4.2 Other Current Liabilities & Provisions 684.64 954.97 1,543.67 257.54 1,025.74 19,219.34
TOTAL 80,219.01 56,103.98 52,791.62 21,162.10 305,949.79 365,467.86

ASSETS
1 Investments
1.1 Listed Securities:
1.1.1 Equity Shares 79,539.74 55,120.59 33,551.14 15,272.32 - -
1.1.2 Preference Shares - - - - - -
1.1.3 Equity Linked Debentures - - - - - -
1.1.4 Other Debentures & Bonds - - 497.48 515.05 - 2,518.63
1.1.5 Securitised Debt securities - - - - - -
1.1.6 Derivatives - - - - - -
1.2 Securities Awaited Listing:
1.2.1 Equity Shares - - - - - -
1.2.2 Preference Shares - - - - - -
1.2.3 Equity Linked Debentures - - - - - -
1.2.4 Other Debentures & Bonds - - - - - -
1.2.5 Securitised Debt securities - - - - - -
1.3 Unlisted Securities:
1.3.1 Equity Shares - - - - - -
1.3.2 Preference Shares - - - - - -
1.3.3 Equity Linked Debentures - - - - - -
1.3.4 Other Debentures & Bonds - - - - - -
1.3.5 Securitised Debt securities - - - - - -
1.4 Government Securities - - 10,403.46 1,543.65 57,855.42 5,034.13
1.5 Treasury Bills - - - - - 80,240.17
1.6 Commercial Paper - - - - 124,409.91 185,129.41
1.7 Certificate of Deposits - - - - 94,075.92 24,870.91
1.8 Bill Rediscounting - - - - - -
1.9 Units of Domestic Mutual Fund - - - - - -
1.10 Foreign Securities - - - - - -
1.11 Units of Foreign Mutual Fund - - - - - -
1.12 Corporate Bond - - - - 23,738.11 -
Total Investments 79,539.74 55,120.59 44,452.08 17,331.02 300,079.36 297,793.25

2 Deposits
3 Other Current Assets 679.27 983.39 8,339.54 3,831.08 5,870.43 67,674.61
3.1 Cash & Bank Balance 0.04 23.26 0.77 207.16 10.40 137.14
3.2 TREPS/Reverse Repo Lending 103.54 517.61 5,370.28 1,331.79 3,974.10 68,182.75
3.3 Others 575.69 442.52 2,968.49 2,292.13 1,885.93 (645.28)
4 Deferred Revenue Expenditure
(to the extent not written off) - - - - - -
TOTAL 80,219.01 56,103.98 52,791.62 21,162.10 305,949.79 365,467.86

Notes to Accounts - Annexure I

76 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Abridged Balance Sheet
as at March 31, 2022
(Rupees in Lakhs)
MIRAE ASSET MIRAE ASSET MIRAE ASSET
SAVINGS FUND DYNAMIC BOND FUND SHORT TERM FUND
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

LIABILITIES
1 Unit Capital 40,201.00 59,640.44 20,031.09 10,996.79 38,041.12 62,616.22
2 Reserves & Surplus 34,428.19 46,099.94 8,567.35 3,836.99 11,455.52 15,528.66
2.1 Unit Premium Reserves (40,809.91) (60,395.35) 132.96 66.89 1,105.66 1,827.53
2.2 Unrealised Appreciation Reserve (486.01) 68.89 (200.86) (52.25) (221.53) 127.18
2.3 Other Reserves 75,724.11 106,426.40 8,635.25 3,822.35 10,571.39 13,573.95
3 Loans & Borrowings - - - - - -
4 Current Liabilities & Provisions 475.08 5,602.88 24.59 34.85 180.36 578.80
4.1 Provision for doubtful Income/Deposits - - - - - -
4.2 Other Current Liabilities & Provisions 475.08 5,602.88 24.59 34.85 180.36 578.80
TOTAL 75,104.27 111,343.02 28,623.03 14,868.63 49,677.00 78,723.68

ASSETS
1 Investments
1.1 Listed Securities:
1.1.1 Equity Shares - - - - - -
1.1.2 Preference Shares - - - - - -
1.1.3 Equity Linked Debentures - - - - - -
1.1.4 Other Debentures & Bonds 27,691.12 38,246.08 13,099.90 4,068.85 30,095.32 50,891.75
1.1.5 Securitised Debt securities - - - - - -
1.1.6 Derivatives - - - - - -
1.2 Securities Awaited Listing:
1.2.1 Equity Shares - - - - - -
1.2.2 Preference Shares - - - - - -
1.2.3 Equity Linked Debentures - - - - - -
1.2.4 Other Debentures & Bonds - - - - - -
1.2.5 Securitised Debt securities - - - - - -
1.3 Unlisted Securities:
1.3.1 Equity Shares - - - - - -
1.3.2 Preference Shares - - - - - -
1.3.3 Equity Linked Debentures - - - - - -
1.3.4 Other Debentures & Bonds - - - - - -
1.3.5 Securitised Debt securities - - - - - -
1.4 Government Securities 12,717.93 7,712.51 14,640.31 5,521.05 7,499.70 14,323.25
1.5 Treasury Bills 9,387.31 4,500.00 - - 5,424.46 -
1.6 Commercial Paper 3,955.84 28,423.85 - - 1,976.46 3,622.04
1.7 Certificate of Deposits 8,843.48 9,839.20 - - 1,468.52 -
1.8 Bill Rediscounting - - - - - -
1.9 Units of Domestic Mutual Fund - - - - - -
1.10 Foreign Securities - - - - - -
1.11 Units of Foreign Mutual Fund - - - - - -
1.12 Corporate Bond - - - - - -
Total Investments 62,595.68 88,721.64 27,740.21 9,589.90 46,464.46 68,837.04

2 Deposits
3 Other Current Assets 12,508.59 22,621.38 882.82 5,278.73 3,212.54 9,886.64
3.1 Cash & Bank Balance 5.30 42.70 0.02 5.31 0.27 28.05
3.2 TREPS/Reverse Repo Lending 10,843.77 20,000.08 228.18 5,459.25 2,090.78 7,821.85
3.3 Others 1,659.52 2,578.60 654.62 (185.83) 1,121.49 2,036.74
4 Deferred Revenue Expenditure
(to the extent not written off) - - - - - -
TOTAL 75,104.27 111,343.02 28,623.03 14,868.63 49,677.00 78,723.68

Notes to Accounts - Annexure I

Mirae Asset Mutual Fund - Annual Report 2021-2022 77

 Abridged Balance Sheet
as at March 31, 2022
(Rupees in Lakhs)
Mirae Asset Mirae Asset Mirae Asset
Fixed Maturity Plan - Focused Fund Midcap Fund
Series III-1122
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

LIABILITIES
1 Unit Capital 2,731.11 2,731.11 439,914.43 346,328.24 360,110.79 261,662.85
2 Reserves & Surplus 684.31 549.62 409,047.97 201,761.56 388,047.92 161,706.54
2.1 Unit Premium Reserves - - 121,572.21 48,302.57 108,281.94 37,593.55
2.2 Unrealised Appreciation Reserve (26.13) 40.97 205,515.01 134,224.69 125,233.61 90,084.55
2.3 Other Reserves 710.44 508.65 81,960.75 19,234.30 154,532.37 34,028.44
3 Loans & Borrowings - - - - - -
4 Current Liabilities & Provisions 23.53 1.02 2,042.84 2,060.51 5,708.25 2,924.92
4.1 Provision for doubtful Income/Deposits - - - - - -
4.2 Other Current Liabilities & Provisions 23.53 1.02 2,042.84 2,060.51 5,708.25 2,924.92
TOTAL 3,438.95 3,281.75 851,005.24 550,150.31 753,866.96 426,294.31

ASSETS
1 Investments
1.1 Listed Securities:
1.1.1 Equity Shares - - 808,439.99 542,562.28 745,392.65 418,925.01
1.1.2 Preference Shares - - - - - -
1.1.3 Equity Linked Debentures - - - - - -
1.1.4 Other Debentures & Bonds 876.24 3,078.31 - - - -
1.1.5 Securitised Debt securities - - - - - -
1.1.6 Derivatives - - - - - -
1.2 Securities Awaited Listing:
1.2.1 Equity Shares - - - - - -
1.2.2 Preference Shares - - - - - -
1.2.3 Equity Linked Debentures - - - - - -
1.2.4 Other Debentures & Bonds - - - - - -
1.2.5 Securitised Debt securities - - - - - -
1.3 Unlisted Securities:
1.3.1 Equity Shares - - - - - -
1.3.2 Preference Shares - - - - - -
1.3.3 Equity Linked Debentures - - - - - -
1.3.4 Other Debentures & Bonds - - - - - -
1.3.5 Securitised Debt securities - - - - - -
1.4 Government Securities - - - - - -
1.5 Treasury Bills - - - - - -
1.6 Commercial Paper - - - - - -
1.7 Certificate of Deposits - - - - - -
1.8 Bill Rediscounting - - - - - -
1.9 Units of Domestic Mutual Fund - - - - - -
1.10 Foreign Securities - - - - - -
1.11 Units of Foreign Mutual Fund - - - - - -
1.12 Corporate Bond - - - - - -
Total Investments 876.24 3,078.31 808,439.99 542,562.28 745,392.65 418,925.01

2 Deposits
3 Other Current Assets 2,562.71 203.44 42,565.25 7,588.03 8,474.31 7,369.30
3.1 Cash & Bank Balance - 1.23 51.27 246.18 25.77 174.48
3.2 TREPS/Reverse Repo Lending 2,513.93 140.72 39,182.71 6,477.27 2,610.99 4,949.55
3.3 Others 48.78 61.49 3,331.27 864.58 5,837.55 2,245.27
4 Deferred Revenue Expenditure
(to the extent not written off) - - - - - -
TOTAL 3,438.95 3,281.75 851,005.24 550,150.31 753,866.96 426,294.31

Notes to Accounts - Annexure I

78 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Abridged Balance Sheet
as at March 31, 2022
(Rupees in Lakhs)
Mirae Asset Mirae Asset Mirae Asset
Overnight Fund Nifty Next 50 ETF Arbitrage Fund
(MANXT50ETF)
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

LIABILITIES
1 Unit Capital 73,486.11 22,324.22 6,865.18 4,610.17 35,871.36 28,622.09
2 Reserves & Surplus 6,453.00 1,191.80 3,449.60 1,092.38 2,462.17 755.60
2.1 Unit Premium Reserves 0.42 0.05 1,201.02 329.70 1,226.84 344.42
2.2 Unrealised Appreciation Reserve - - 1,308.97 807.32 855.14 1,602.48
2.3 Other Reserves 6,452.58 1,191.74 939.61 (44.64) 380.19 (1,191.30)
3 Loans & Borrowings - - - - - -
4 Current Liabilities & Provisions 178.91 (12.80) 1,552.56 1,002.77 2,290.66 1,378.04
4.1 Provision for doubtful Income/Deposits - - - - - -
4.2 Other Current Liabilities & Provisions 178.91 (12.80) 1,552.56 1,002.77 2,290.66 1,378.04
TOTAL 80,118.02 23,503.22 11,867.34 6,705.32 40,624.19 30,755.73

ASSETS
1 Investments
1.1 Listed Securities:
1.1.1 Equity Shares - - 10,390.30 5,689.83 26,995.61 19,672.34
1.1.2 Preference Shares - - - - - -
1.1.3 Equity Linked Debentures - - - - - -
1.1.4 Other Debentures & Bonds - - - - - -
1.1.5 Securitised Debt securities - - - - - -
1.1.6 Derivatives - - - - - -
1.2 Securities Awaited Listing:
1.2.1 Equity Shares - - - - - -
1.2.2 Preference Shares - - - - - -
1.2.3 Equity Linked Debentures - - - - - -
1.2.4 Other Debentures & Bonds - - - - - -
1.2.5 Securitised Debt securities - - - - - -
1.3 Unlisted Securities:
1.3.1 Equity Shares - - - - - -
1.3.2 Preference Shares - - - - - -
1.3.3 Equity Linked Debentures - - - - - -
1.3.4 Other Debentures & Bonds - - - - - -
1.3.5 Securitised Debt securities - - - - - -
1.4 Government Securities - - - - 8,540.57 -
1.5 Treasury Bills - - - - - -
1.6 Commercial Paper - - - - - -
1.7 Certificate of Deposits - - - - - -
1.8 Bill Rediscounting - - - - - -
1.9 Units of Domestic Mutual Fund - - - - - -
1.10 Foreign Securities - - - - - -
1.11 Units of Foreign Mutual Fund - - - - - -
1.12 Corporate Bond - - - - - -
Total Investments - - 10,390.30 5,689.83 35,536.18 19,672.34

2 Deposits
3 Other Current Assets 80,118.02 23,503.22 1,477.04 1,015.49 5,088.01 11,083.39
3.1 Cash & Bank Balance 0.04 8.74 - 2.12 0.02 9.29
3.2 TREPS/Reverse Repo Lending 79,864.36 23,462.65 93.22 6.56 757.89 199.61
3.3 Others 253.62 31.83 1,383.82 1,006.81 4,330.10 10,874.49
4 Deferred Revenue Expenditure
(to the extent not written off) - - - - - -
TOTAL 80,118.02 23,503.22 11,867.34 6,705.32 40,624.19 30,755.73

Notes to Accounts - Annexure I

Mirae Asset Mutual Fund - Annual Report 2021-2022 79

 Abridged Balance Sheet
as at March 31, 2022
(Rupees in Lakhs)
Mirae Asset Mirae Asset Mirae Asset
Banking and Equity Allocator Fund ESG Sector Leaders
PSU Debt Fund of Fund Fund Of Fund
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

LIABILITIES
1 Unit Capital 13,523.13 22,998.15 16,474.36 7,330.67 10,719.69 9,537.88
2 Reserves & Surplus 872.59 528.79 9,521.21 2,330.52 3,347.66 1,131.48
2.1 Unit Premium Reserves (0.40) 1.27 5,676.73 906.67 453.05 211.10
2.2 Unrealised Appreciation Reserve (208.25) (166.21) 3,254.76 1,386.46 2,782.85 919.32
2.3 Other Reserves 1,081.24 693.73 589.72 37.39 111.76 1.06
3 Loans & Borrowings - - - - - -
4 Current Liabilities & Provisions 28.32 81.54 74.17 143.40 31.77 42.38
4.1 Provision for doubtful Income/Deposits - - - - - -
4.2 Other Current Liabilities & Provisions 28.32 81.54 74.17 143.40 31.77 42.38
TOTAL 14,424.04 23,608.48 26,069.74 9,804.59 14,099.12 10,711.74

ASSETS
1 Investments
1.1 Listed Securities:
1.1.1 Equity Shares - - - - - -
1.1.2 Preference Shares - - - - - -
1.1.3 Equity Linked Debentures - - - - - -
1.1.4 Other Debentures & Bonds 10,696.77 16,392.41 - - - -
1.1.5 Securitised Debt securities - - - - - -
1.1.6 Derivatives - - - - - -
1.2 Securities Awaited Listing:
1.2.1 Equity Shares - - - - - -
1.2.2 Preference Shares - - - - - -
1.2.3 Equity Linked Debentures - - - - - -
1.2.4 Other Debentures & Bonds - - - - - -
1.2.5 Securitised Debt securities - - - - - -
1.3 Unlisted Securities:
1.3.1 Equity Shares - - - - - -
1.3.2 Preference Shares - - - - - -
1.3.3 Equity Linked Debentures - - - - - -
1.3.4 Other Debentures & Bonds - - - - - -
1.3.5 Securitised Debt securities - - - - - -
1.4 Government Securities 739.54 1,029.10 - - - -
1.5 Treasury Bills - - - - - -
1.6 Commercial Paper 999.51 1,985.18 - - - -
1.7 Certificate of Deposits - 1,989.03 - - - -
1.8 Bill Rediscounting - - - - - -
1.9 Units of Domestic Mutual Fund - - 26,027.07 9,728.48 13,995.36 10,674.78
1.10 Foreign Securities - - - - - -
1.11 Units of Foreign Mutual Fund - - - - - -
1.12 Corporate Bond - - - - - -
Total Investments 12,435.82 21,395.72 26,027.07 9,728.48 13,995.36 10,674.78

2 Deposits
3 Other Current Assets 1,988.22 2,212.76 42.67 76.11 103.76 36.96
3.1 Cash & Bank Balance 0.01 8.48 1.92 3.39 0.03 3.87
3.2 TREPS/Reverse Repo Lending 1,568.01 1,616.00 21.47 138.29 49.73 53.21
3.3 Others 420.20 588.28 19.28 (65.57) 54.00 (20.12)
4 Deferred Revenue Expenditure
(to the extent not written off) - - - - - -
TOTAL 14,424.04 23,608.48 26,069.74 9,804.59 14,099.12 10,711.74

Notes to Accounts - Annexure I

80 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Abridged Balance Sheet
as at March 31, 2022
(Rupees in Lakhs)
Mirae Asset Mirae Asset Mirae Asset
ESG Sector Leaders ETF Corporate Bond Fund Ultra Short
Duration Fund
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

LIABILITIES
1 Unit Capital 9,867.95 9,036.70 9,495.93 11,620.94 25,702.50 25,323.60
2 Reserves & Surplus 6,798.97 3,894.49 438.97 47.38 1,413.74 422.49
2.1 Unit Premium Reserves 3,079.23 2,713.93 3.66 0.40 6.40 8.23
2.2 Unrealised Appreciation Reserve 2,717.32 1,119.05 (66.78) 22.02 (37.98) (53.69)
2.3 Other Reserves 1,002.42 61.51 502.09 24.96 1,445.32 467.95
3 Loans & Borrowings - - - - - -
4 Current Liabilities & Provisions 61.20 70.23 12.24 8.23 530.87 298.88
4.1 Provision for doubtful Income/Deposits - - - - - -
4.2 Other Current Liabilities & Provisions 61.20 70.23 12.24 8.23 530.87 298.88
TOTAL 16,728.12 13,001.42 9,947.14 11,676.55 27,647.11 26,044.97

ASSETS
1 Investments
1.1 Listed Securities:
1.1.1 Equity Shares 16,656.70 12,923.80 - - - -
1.1.2 Preference Shares - - - - - -
1.1.3 Equity Linked Debentures - - - - - -
1.1.4 Other Debentures & Bonds - - 8,304.33 5,071.34 5,057.21 6,655.35
1.1.5 Securitised Debt securities - - - - - -
1.1.6 Derivatives - - - - - -
1.2 Securities Awaited Listing:
1.2.1 Equity Shares - - - - - -
1.2.2 Preference Shares - - - - - -
1.2.3 Equity Linked Debentures - - - - - -
1.2.4 Other Debentures & Bonds - - - - - -
1.2.5 Securitised Debt securities - - - - - -
1.3 Unlisted Securities:
1.3.1 Equity Shares - - - - - -
1.3.2 Preference Shares - - - - - -
1.3.3 Equity Linked Debentures - - - - - -
1.3.4 Other Debentures & Bonds - - - - - -
1.3.5 Securitised Debt securities - - - - - -
1.4 Government Securities - - 591.56 1,466.78 2,021.15 2,025.52
1.5 Treasury Bills - - - - 9,881.95 -
1.6 Commercial Paper - - - - 4,888.39 9,879.78
1.7 Certificate of Deposits - - - - 4,441.55 2,964.88
1.8 Bill Rediscounting - - - - - -
1.9 Units of Domestic Mutual Fund - - - - - -
1.10 Foreign Securities - - - - - -
1.11 Units of Foreign Mutual Fund - - - - - -
1.12 Corporate Bond - - - - - -
Total Investments 16,656.70 12,923.80 8,895.89 6,538.12 26,290.25 21,525.53

2 Deposits
3 Other Current Assets 71.42 77.62 1,051.25 5,138.43 1,356.86 4,519.44
3.1 Cash & Bank Balance 0.01 6.01 0.01 4.06 0.02 9.01
3.2 TREPS/Reverse Repo Lending 7.56 64.14 815.05 5,021.14 1,013.03 4,130.60
3.3 Others 63.85 7.47 236.19 113.23 343.81 379.83
4 Deferred Revenue Expenditure
(to the extent not written off) - - - - - -
TOTAL 16,728.12 13,001.42 9,947.14 11,676.55 27,647.11 26,044.97

Notes to Accounts - Annexure I

Mirae Asset Mutual Fund - Annual Report 2021-2022 81

 Abridged Balance Sheet
as at March 31, 2022
(Rupees in Lakhs)
Mirae Asset Mirae Asset Mirae Asset Mirae Asset Mirae Asset
Banking and Financial NYSE FANG+ NYSE Nifty Money
Services Fund ETF FANG+ETF Financial Market
Fund Of Fund Services ETF Fund
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022

LIABILITIES
1 Unit Capital 81,875.81 46,797.75 103,641.44 91,812.14 9,088.93 4,714.19
2 Reserves & Surplus 17,491.67 4,732.03 26,144.69 8,570.48 6,490.40 104.36
2.1 Unit Premium Reserves 8,595.86 1,283.00 27752.6 8297.71 6366.72 6952.42
2.2 Unrealised Appreciation Reserve 9,546.52 3,386.92 -2998.5 880.4 -131.84 0.42
2.3 Other Reserves (650.71) 62.11 1390.59 -607.63 255.52 -6,848.48
3 Loans & Borrowings - - - - - -
4 Current Liabilities & Provisions 256.14 456.87 121.67 358.94 143.52 64.57
4.1 Provision for doubtful Income/Deposits - - - - - -
4.2 Other Current Liabilities & Provisions 256.14 456.87 121.67 358.94 143.52 64.57
TOTAL 99,623.62 51,986.65 129,907.80 100,741.56 15,722.85 4,883.12

ASSETS
1 Investments
1.1 Listed Securities:
1.1.1 Equity Shares 98,127.05 50,401.76 - - 15,578.75 -
1.1.2 Preference Shares - - - - - -
1.1.3 Equity Linked Debentures - - - - - -
1.1.4 Other Debentures & Bonds - - - - - -
1.1.5 Securitised Debt securities - - - - - -
1.1.6 Derivatives - - - - - -
1.2 Securities Awaited Listing:
1.2.1 Equity Shares - - - - - -
1.2.2 Preference Shares - - - - - -
1.2.3 Equity Linked Debentures - - - - - -
1.2.4 Other Debentures & Bonds - - - - - -
1.2.5 Securitised Debt securities - - - - - -
1.3 Unlisted Securities:
1.3.1 Equity Shares - - - - - -
1.3.2 Preference Shares - - - - - -
1.3.3 Equity Linked Debentures - - - - - -
1.3.4 Other Debentures & Bonds - - - - - -
1.3.5 Securitised Debt securities - - - - - -
1.4 Government Securities - - - - - 128.71
1.5 Treasury Bills - - - - - -
1.6 Commercial Paper - - - - - 497.52
1.7 Certificate of Deposits - - - - - 1,479.91
1.8 Bill Rediscounting - - - - - -
1.9 Units of Domestic Mutual Fund - - - 100,392.64 - -
1.10 Foreign Securities - - 129,780.91 - - -
1.11 Units of Foreign Mutual Fund - - - - - -
1.12 Corporate Bond - - - - - -
Total Investments 98,127.05 50,401.76 129,780.91 100,392.64 15,578.75 2,106.14

2 Deposits
3 Other Current Assets 1,496.57 1,584.89 126.89 348.92 144.10 2,776.98
3.1 Cash & Bank Balance 0.12 18.55 19.76 0.13 - -
3.2 TREPS/Reverse Repo Lending 1,334.35 1,488.44 39.25 154.67 - 2,744.59
3.3 Others 162.10 77.90 67.88 194.12 144.10 32.39
4 Deferred Revenue Expenditure
(to the extent not written off) - - - - - -
TOTAL 99,623.62 51,986.65 129,907.80 100,741.56 15,722.85 4,883.12
Notes to Accounts - Annexure I

82 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Abridged Balance Sheet
as at March 31, 2022
(Rupees in Lakhs)
Mirae Asset Mirae Asset Mirae Asset Mirae Asset
S&P 500 S&P 500 Hang Seng Hang Seng
Top 50 ETF Top 50 ETF Tech ETF Tech ETF
Fund Of Fund Fund Of Fund
As at As at As at As at
March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022

LIABILITIES
1 Unit Capital 35,484.81 37,263.42 7,531.19 8,708.80
2 Reserves & Surplus 17,148.08 3,410.12 3,504.81 (2,038.61)
2.1 Unit Premium Reserves -6615.25 1207.92 6909.47 13.64
2.2 Unrealised Appreciation Reserve 2105.43 2388.49 -2157.68 -1956.64
2.3 Other Reserves 21657.9 -186.29 -1246.98 -95.61
3 Loans & Borrowings - - - -
4 Current Liabilities & Provisions 35.63 266.76 18.97 91.47
4.1 Provision for doubtful Income/Deposits - - - -
4.2 Other Current Liabilities & Provisions 35.63 266.76 18.97 91.47
TOTAL 52,668.52 40,940.30 11,054.97 6,761.66

ASSETS
1 Investments
1.1 Listed Securities:
1.1.1 Equity Shares - - - -
1.1.2 Preference Shares - - - -
1.1.3 Equity Linked Debentures - - - -
1.1.4 Other Debentures & Bonds - - - -
1.1.5 Securitised Debt securities - - - -
1.1.6 Derivatives - - - -
1.2 Securities Awaited Listing:
1.2.1 Equity Shares - - - -
1.2.2 Preference Shares - - - -
1.2.3 Equity Linked Debentures - - - -
1.2.4 Other Debentures & Bonds - - - -
1.2.5 Securitised Debt securities - - - -
1.3 Unlisted Securities:
1.3.1 Equity Shares - - - -
1.3.2 Preference Shares - - - -
1.3.3 Equity Linked Debentures - - - -
1.3.4 Other Debentures & Bonds - - - -
1.3.5 Securitised Debt securities - - - -
1.4 Government Securities - - - -
1.5 Treasury Bills - - - -
1.6 Commercial Paper - - - -
1.7 Certificate of Deposits - - - -
1.8 Bill Rediscounting - - - -
1.9 Units of Domestic Mutual Fund - 40,616.24 - 6,693.59
1.10 Foreign Securities 52,556.80 - 11,014.00 -
1.11 Units of Foreign Mutual Fund - - - -
1.12 Corporate Bond - - - -
Total Investments 52,556.80 40,616.24 11,014.00 6,693.59

2 Deposits
3 Other Current Assets 111.72 324.06 40.97 68.07
3.1 Cash & Bank Balance 15.46 0.03 5.16 -
3.2 TREPS/Reverse Repo Lending 82.26 305.49 24.28 16.59
3.3 Others 14.00 18.54 11.53 51.48
4 Deferred Revenue Expenditure
(to the extent not written off) - - - -
TOTAL 52,668.52 40,940.30 11,054.97 6,761.66
Notes to Accounts - Annexure I

Mirae Asset Mutual Fund - Annual Report 2021-2022 83

 Abridged Balance Sheet
as at March 31, 2022
(Rupees in Lakhs)
Mirae Asset Mirae Asset Mirae Asset Mirae Asset
Nifty India Nifty India Nifty Midcap Nifty SDL Jun
Manufactur- Manufactur- 150 ETF 2027 Index
ing ETF ing ETF FOF Fund
As at As at As at As at
March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022

LIABILITIES
1 Unit Capital 4,247.62 3,587.07 3,005.89 18,788.95
2 Reserves & Surplus 2,533.58 33.87 3,674.49 13.50
2.1 Unit Premium Reserves 762.55 2.72 5067.6 0.21
2.2 Unrealised Appreciation Reserve 99.76 42.71 246 13.06
2.3 Other Reserves 1671.27 -11.56 -1639.11 0.23
3 Loans & Borrowings - - - -
4 Current Liabilities & Provisions 643.05 206.55 855.70 7,592.64
4.1 Provision for doubtful Income/Deposits - - - -
4.2 Other Current Liabilities & Provisions 643.05 206.55 855.7 7,592.64
TOTAL 7,424.25 3,827.49 7,536.08 26,395.09

ASSETS
1 Investments
1.1 Listed Securities:
1.1.1 Equity Shares 6,775.97 - 6,674.70 -
1.1.2 Preference Shares - - - -
1.1.3 Equity Linked Debentures - - - -
1.1.4 Other Debentures & Bonds - - - -
1.1.5 Securitised Debt securities - - - -
1.1.6 Derivatives - - - -
1.2 Securities Awaited Listing:
1.2.1 Equity Shares - - - -
1.2.2 Preference Shares - - - -
1.2.3 Equity Linked Debentures - - - -
1.2.4 Other Debentures & Bonds - - - -
1.2.5 Securitised Debt securities - - - -
1.3 Unlisted Securities:
1.3.1 Equity Shares - - - -
1.3.2 Preference Shares - - - -
1.3.3 Equity Linked Debentures - - - -
1.3.4 Other Debentures & Bonds - - - -
1.3.5 Securitised Debt securities - - - -
1.4 Government Securities - - - 14,682.56
1.5 Treasury Bills - - - -
1.6 Commercial Paper - - - -
1.7 Certificate of Deposits - - - -
1.8 Bill Rediscounting - - - -
1.9 Units of Domestic Mutual Fund - 3,744.91 - -
1.10 Foreign Securities - - - -
1.11 Units of Foreign Mutual Fund - - - -
1.12 Corporate Bond - - - -
Total Investments 6,775.97 3,744.91 6,674.70 14,682.56

2 Deposits
3 Other Current Assets 648.28 82.58 861.38 11,712.53
3.1 Cash & Bank Balance - 0.06 - -
3.2 TREPS/Reverse Repo Lending 164.01 85.27 192.79 7,783.96
3.3 Others 484.27 (2.75) 668.59 3,928.57
4 Deferred Revenue Expenditure
(to the extent not written off) - - - -
TOTAL 7,424.25 3,827.49 7,536.08 26,395.09
Notes to Accounts - Annexure I

84 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Abridged Revenue Account
For The Year/Period Ended March 31, 2022
(Rupees in Lakhs)
MIRAE ASSET MIRAE ASSET MIRAE ASSET
LARGE CAP FUND EMERGING BLUECHIP FUND HYBRID - EQUITY FUND
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

1 INCOME
1.1 Dividend 33,067.13 22,205.01 23,490.28 14,476.94 4,985.80 3,392.53
1.2 Interest 876.98 538.85 276.37 292.95 7,653.18 4,997.57
1.3 Realised Gain/(Loss) on
Foreign Exchange Transactions - - - - - -
1.4 Realised Gains/(Losses) on
Interscheme sale of investments - - - - - -
1.5 Realised Gains/(Losses) on
External sale/redemption of investments 208,314.36 39,718.21 323,589.58 172,205.35 52,517.30 27,379.33
1.6 Realised Gains/(Losses) on
Derivative Transactions - - - - 60.84 -
1.7 Other Income 613.35 934.73 358.22 513.78 127.73 179.03
(A) 242,871.82 63,396.80 347,714.45 187,489.02 65,344.85 35,948.46
2 EXPENSES
2.1 Management fee 10,627.88 7,568.19 9,626.06 6,330.13 1,465.63 961.76
2.2 Service Tax/GST on Management Fees 1,913.02 1,362.28 1,732.70 1,139.42 263.82 173.12
2.3 Transfer agents fees and expenses 1,702.05 1,203.12 1,192.13 752.71 347.11 246.36
2.4 Custodian fee 221.17 161.29 150.54 101.04 42.67 33.00
2.5 Trusteeship fee 13.17 9.95 9.22 6.22 2.68 2.02
2.6 Commission to Agents 19,628.38 13,583.82 13,290.33 8,191.87 6,908.35 4,934.67
2.7 Marketing & Distribution expenses - - - - - -
2.8 Audit fee 5.74 7.20 4.00 4.51 1.20 1.47
2.9 Other operating expenses 926.36 724.67 1,548.35 1,320.85 297.93 207.11
2.10 Investor Protection Fund Expense 578.23 382.96 405.02 240.65 117.98 78.25
2.11 Interest on borrowings - - - - - -
2.12 Expenses reimbursed by AMC (0.54) - (0.38) - (0.03) (3.40)
(B) 35,615.46 25,003.48 27,957.97 18,087.40 9,447.34 6,634.36
3 NET REALISED GAINS/(LOSSES)
FOR THE YEAR/PERIOD (A - B = C) 207,256.36 38,393.32 319,756.48 169,401.62 55,897.51 29,314.10
4 Change in Unrealised Depreciation in
value of investments (D) - - - - - -
5 NET GAINS/(LOSSES)
FOR THE YEAR/PERIOD (E=(C-D)) 207,256.36 38,393.32 319,756.48 169,401.62 55,897.51 29,314.10
6 Change in unrealised appreciation in
the value of investments (F) 924,469.47 918,535.51 411,578.79 543,583.74 100,974.05 128,461.35
7 NET SURPLUS/(DEFICIT)
FOR THE YEAR/PERIOD (E + F = G) 1,131,725.83 956,928.83 731,335.27 712,985.36 156,871.56 157,775.45
7.1 NET SURPLUS/(DEFICIT) BROUGHT
FORWARD FROM PREVIOUS PERIOD 487,670.24 434,897.99 550,559.45 342,390.01 76,144.94 43,000.38
7.2 Less: Balance transfer to
Unrealised Appreciation Reserve (924,469.47) (918,535.51) (411,578.79) (543,583.74) (100,974.05) (128,461.35)
7.3 Add/(Less): Equalisation 80,081.42 19,152.54 72,977.10 41,577.22 21,230.22 5,423.93
7.4 Add/(Less):Transfer from
Unit Premium Reserve - - - - - -
8 Total 775,008.02 492,443.85 943,293.03 553,368.85 153,272.67 77,738.41
9 Dividend appropriation
9.1 Income Distributed during the year/period (0.04) 4,773.62 (2,685.19) 2,809.40 (1,430.90) 1,593.49
9.2 Tax on income distributed
during the year/period - - - - - -
10 Retained Surplus/(Deficit) 775,007.98 487,670.23 940,607.84 550,559.45 151,841.77 76,144.92
10.1 Transfer from Unit premium Reserve - - - - - -
11 Retained Surplus/(Deficit)
carried forward to Balance sheet 775,007.98 487,670.23 940,607.84 550,559.45 151,841.77 76,144.92
Notes to Accounts - Annexure I

Mirae Asset Mutual Fund - Annual Report 2021-2022 85

 Abridged Revenue Account
For The Year/Period Ended March 31, 2022
(Rupees in Lakhs)
MIRAE ASSET MIRAE ASSET Mirae Asset
TAX SAVER FUND GREAT CONSUMER FUND Healthcare Fund
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

1 INCOME
1.1 Dividend 10,282.10 4,851.69 1,463.04 1,337.50 941.68 562.04
1.2 Interest 152.83 60.85 41.85 31.32 53.75 45.21
1.3 Realised Gain/(Loss) on
Foreign Exchange Transactions - - - - - -
1.4 Realised Gains/(Losses) on
Interscheme sale of investments - - - - - -
1.5 Realised Gains/(Losses) on
External sale/redemption of investments 123,087.48 61,372.88 23,598.77 9,918.25 15,766.42 8,725.97
1.6 Realised Gains/(Losses) on
Derivative Transactions - - - - - -
1.7 Other Income 0.42 - 33.84 43.44 131.37 137.08
(A) 133,522.83 66,285.42 25,137.50 11,330.51 16,893.22 9,470.30
2 EXPENSES
2.1 Management fee 2,761.45 741.28 568.30 435.39 666.63 427.51
2.2 Service Tax/GST on Management Fees 497.06 133.44 102.30 78.36 120.00 76.96
2.3 Transfer agents fees and expenses 556.26 283.75 88.06 63.54 103.44 57.30
2.4 Custodian fee 64.54 38.13 10.96 8.52 12.12 7.74
2.5 Trusteeship fee 4.32 2.33 0.67 0.53 0.80 0.47
2.6 Commission to Agents 7,268.23 4,561.66 1,923.94 1,342.09 2,075.44 1,147.19
2.7 Marketing & Distribution expenses - - - - - -
2.8 Audit fee 2.03 1.70 0.30 0.38 0.33 0.34
2.9 Other operating expenses 816.80 558.41 103.42 53.56 118.03 97.42
2.10 Investor Protection Fund Expense 190.47 91.08 29.50 20.14 35.16 18.43
2.11 Interest on borrowings - - - - - -
2.12 Expenses reimbursed by AMC (0.04) (16.30) (0.32) (0.78) (0.05) -
(B) 12,161.12 6,395.48 2,827.13 2,001.73 3,131.90 1,833.36
3 NET REALISED GAINS/(LOSSES)
FOR THE YEAR/PERIOD (A - B = C) 121,361.71 59,889.94 22,310.37 9,328.78 13,761.32 7,636.94
4 Change in Unrealised Depreciation in
value of investments (D) - - - - - -
5 NET GAINS/(LOSSES)
FOR THE YEAR/PERIOD (E=(C-D)) 121,361.71 59,889.94 22,310.37 9,328.78 13,761.32 7,636.94
6 Change in unrealised appreciation in
the value of investments (F) 169,670.69 205,116.66 21,690.73 37,065.42 43,605.52 31,133.81
7 NET SURPLUS/(DEFICIT)
FOR THE YEAR/PERIOD (E + F = G) 291,032.40 265,006.60 44,001.10 46,394.20 57,366.84 38,770.75
7.1 NET SURPLUS/(DEFICIT) BROUGHT
FORWARD FROM PREVIOUS PERIOD 108,419.99 34,228.92 39,180.31 31,326.44 9,823.72 944.35
7.2 Less: Balance transfer to
Unrealised Appreciation Reserve (169,670.69) (205,116.66) (21,690.73) (37,065.42) (43,605.52) (31,133.81)
7.3 Add/(Less): Equalisation 62,709.01 16,646.58 9,711.40 (1,271.00) 1,930.05 1,242.43
7.4 Add/(Less):Transfer from
Unit Premium Reserve - - - - - -
8 Total 292,490.71 110,765.44 71,202.08 39,384.22 25,515.09 9,823.72
9 Dividend appropriation
9.1 Income Distributed during the year/period (2,727.38) 2,345.45 (194.14) 203.91 (289.45) -
9.2 Tax on income distributed
during the year/period - - - - - -
10 Retained Surplus/(Deficit) 289,763.33 108,419.99 71,007.94 39,180.31 25,225.64 9,823.72
10.1 Transfer from Unit premium Reserve - - - - - -
11 Retained Surplus/(Deficit)
carried forward to Balance sheet 289,763.33 108,419.99 71,007.94 39,180.31 25,225.64 9,823.72
Notes to Accounts - Annexure I

86 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Abridged Revenue Account
For The Year/Period Ended March 31, 2022
(Rupees in Lakhs)
Mirae Asset Mirae Asset MIRAE ASSET
Nifty 50 ETF (MAN50ETF) Equity Savings Fund CASH MANAGEMENT FUND
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

1 INCOME
1.1 Dividend 782.20 338.29 310.63 78.97 - -
1.2 Interest 3.37 6.80 553.81 180.77 14,935.44 13,295.10
1.3 Realised Gain/(Loss) on
Foreign Exchange Transactions - - - - - -
1.4 Realised Gains/(Losses) on
Interscheme sale of investments - - - - - -
1.5 Realised Gains/(Losses) on
External sale/redemption of investments 2,562.98 1,834.80 3,816.27 2,263.24 (491.57) (71.39)
1.6 Realised Gains/(Losses) on
Derivative Transactions - - (1,421.20) (2,258.79) - -
1.7 Other Income 0.03 - 39.33 13.64 3.12 6.55
(A) 3,348.58 2,179.89 3,298.84 277.83 14,446.99 13,230.26
2 EXPENSES
2.1 Management fee 14.13 7.17 88.67 34.54 401.70 171.78
2.2 Service Tax/GST on Management Fees 2.54 1.30 15.96 6.22 72.30 30.92
2.3 Transfer agents fees and expenses 11.46 5.64 21.10 7.84 60.82 54.61
2.4 Custodian fee - 0.01 2.60 1.06 17.03 16.00
2.5 Trusteeship fee 0.29 0.15 0.16 0.06 1.85 1.90
2.6 Commission to Agents - - 289.60 101.19 116.93 124.45
2.7 Marketing & Distribution expenses - - - - - -
2.8 Audit fee 0.14 0.07 0.09 0.05 0.66 1.39
2.9 Other operating expenses 3.97 1.72 16.57 5.58 66.48 49.02
2.10 Investor Protection Fund Expense 12.85 6.23 7.24 2.52 80.18 70.60
2.11 Interest on borrowings - - - - - 0.78
2.12 Expenses reimbursed by AMC (0.04) - - (0.58) (0.02) (0.79)
(B) 45.34 22.29 441.99 158.48 817.93 520.66
3 NET REALISED GAINS/(LOSSES)
FOR THE YEAR/PERIOD (A - B = C) 3,303.24 2,157.60 2,856.85 119.35 13,629.06 12,709.60
4 Change in Unrealised Depreciation in
value of investments (D) - - - - - -
5 NET GAINS/(LOSSES)
FOR THE YEAR/PERIOD (E=(C-D)) 3,303.24 2,157.60 2,856.85 119.35 13,629.06 12,709.60
6 Change in unrealised appreciation in
the value of investments (F) 17,565.48 12,096.56 2,313.30 3,339.64 56.98 (143.84)
7 NET SURPLUS/(DEFICIT)
FOR THE YEAR/PERIOD (E + F = G) 20,868.72 14,254.16 5,170.15 3,458.99 13,686.04 12,565.76
7.1 NET SURPLUS/(DEFICIT) BROUGHT
FORWARD FROM PREVIOUS PERIOD 887.67 515.22 1,149.12 670.48 184,265.96 139,558.78
7.2 Less: Balance transfer to
Unrealised Appreciation Reserve (17,565.48) (12,096.56) (2,313.30) (3,339.64) (56.98) 143.84
7.3 Add/(Less): Equalisation 837.02 (1,785.15) 2,826.66 383.25 (30,344.33) 32,385.72
7.4 Add/(Less):Transfer from
Unit Premium Reserve - - - - - -
8 Total 5,027.93 887.67 6,832.63 1,173.08 167,550.69 184,654.10
9 Dividend appropriation
9.1 Income Distributed during the year/period - - (30.03) 23.96 (90.56) 388.13
9.2 Tax on income distributed
during the year/period - - - - - -
10 Retained Surplus/(Deficit) 5,027.93 887.67 6,802.60 1,149.12 167,460.13 184,265.97
10.1 Transfer from Unit premium Reserve - - - - - -
11 Retained Surplus/(Deficit)
carried forward to Balance sheet 5,027.93 887.67 6,802.60 1,149.12 167,460.13 184,265.97
Notes to Accounts - Annexure I

Mirae Asset Mutual Fund - Annual Report 2021-2022 87

 Abridged Revenue Account
For The Year/Period Ended March 31, 2022
(Rupees in Lakhs)
MIRAE ASSET MIRAE ASSET MIRAE ASSET
SAVINGS FUND DYNAMIC BOND FUND SHORT TERM FUND
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

1 INCOME
1.1 Dividend - - - - - -
1.2 Interest 5,336.92 4,218.73 1,237.78 576.99 3,864.03 3,525.57
1.3 Realised Gain/(Loss) on
Foreign Exchange Transactions - - - - - -
1.4 Realised Gains/(Losses) on
Interscheme sale of investments - - - - - -
1.5 Realised Gains/(Losses) on
External sale/redemption of investments (594.29) 159.50 (123.37) 70.54 (272.44) 98.39
1.6 Realised Gains/(Losses) on
Derivative Transactions - - - - - -
1.7 Other Income 0.05 - 5.30 14.33 14.89 10.50
(A) 4,742.68 4,378.23 1,119.71 661.86 3,606.48 3,634.46
2 EXPENSES
2.1 Management fee 132.59 91.52 31.83 37.55 118.06 102.61
2.2 Service Tax/GST on Management Fees 23.86 16.48 5.72 6.76 21.26 18.46
2.3 Transfer agents fees and expenses 65.49 51.21 11.32 7.54 43.00 38.36
2.4 Custodian fee 5.20 4.46 1.00 0.66 3.35 3.35
2.5 Trusteeship fee 0.47 0.40 0.09 0.06 0.31 0.30
2.6 Commission to Agents 509.08 404.03 63.68 51.81 372.58 370.69
2.7 Marketing & Distribution expenses - - - - - -
2.8 Audit fee 0.15 0.30 0.05 0.04 0.10 0.22
2.9 Other operating expenses 34.25 (188.93) 6.81 4.94 22.40 16.31
2.10 Investor Protection Fund Expense 20.11 15.88 3.96 2.34 13.20 11.92
2.11 Interest on borrowings - - - - - -
2.12 Expenses reimbursed by AMC (0.01) (1.33) (0.11) (1.44) (0.01) (1.53)
(B) 791.19 394.02 124.35 110.26 594.25 560.69
3 NET REALISED GAINS/(LOSSES)
FOR THE YEAR/PERIOD (A - B = C) 3,951.49 3,984.21 995.36 551.60 3,012.23 3,073.77
4 Change in Unrealised Depreciation in
value of investments (D) - - - - - -
5 NET GAINS/(LOSSES)
FOR THE YEAR/PERIOD (E=(C-D)) 3,951.49 3,984.21 995.36 551.60 3,012.23 3,073.77
6 Change in unrealised appreciation in
the value of investments (F) (486.01) (108.17) (200.86) (99.07) (221.53) (114.62)
7 NET SURPLUS/(DEFICIT)
FOR THE YEAR/PERIOD (E + F = G) 3,465.48 3,876.04 794.50 452.53 2,790.70 2,959.15
7.1 NET SURPLUS/(DEFICIT) BROUGHT
FORWARD FROM PREVIOUS PERIOD 106,426.40 58,900.23 3,822.35 1,240.18 13,573.95 4,202.36
7.2 Less: Balance transfer to
Unrealised Appreciation Reserve 486.01 108.17 200.86 99.07 221.53 114.62
7.3 Add/(Less): Equalisation (34,618.73) 43,695.63 3,817.54 2,030.57 (6,014.79) 6,297.82
7.4 Add/(Less):Transfer from
Unit Premium Reserve - - - - - -
8 Total 75,759.16 106,580.07 8,635.25 3,822.35 10,571.39 13,573.95
9 Dividend appropriation
9.1 Income Distributed during the year/period (35.05) 153.67 - - - -
9.2 Tax on income distributed
during the year/period - - - - - -
10 Retained Surplus/(Deficit) 75,724.11 106,426.40 8,635.25 3,822.35 10,571.39 13,573.95
10.1 Transfer from Unit premium Reserve - - - - - -
11 Retained Surplus/(Deficit)
carried forward to Balance sheet 75,724.11 106,426.40 8,635.25 3,822.35 10,571.39 13,573.95
Notes to Accounts - Annexure I

88 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Abridged Revenue Account
For The Year/Period Ended March 31, 2022
(Rupees in Lakhs)
Mirae Asset Mirae Asset Mirae Asset
Fixed Maturity Plan - Focused Fund Midcap Fund
Series III-1122
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

1 INCOME
1.1 Dividend - - 5,722.20 3,375.47 7,969.03 3,255.59
1.2 Interest 248.96 244.47 542.85 327.95 242.37 148.80
1.3 Realised Gain/(Loss) on
Foreign Exchange Transactions - - - - - -
1.4 Realised Gains/(Losses) on
Interscheme sale of investments - - - - - -
1.5 Realised Gains/(Losses) on
External sale/redemption of investments (42.19) 21.75 61,950.53 20,535.21 98,260.97 37,305.85
1.6 Realised Gains/(Losses) on
Derivative Transactions - - - - - -
1.7 Other Income - - 179.78 232.74 241.61 250.88
(A) 206.77 266.22 68,395.36 24,471.37 106,713.98 40,961.12
2 EXPENSES
2.1 Management fee 0.81 0.82 1,836.20 780.44 2,044.03 741.48
2.2 Service Tax/GST on Management Fees 0.14 0.14 330.52 140.48 367.92 133.46
2.3 Transfer agents fees and expenses 0.38 0.34 434.85 232.53 364.08 166.49
2.4 Custodian fee - - 56.20 31.23 46.10 22.36
2.5 Trusteeship fee 0.02 0.02 3.36 1.91 2.81 1.37
2.6 Commission to Agents 2.91 2.77 7,831.23 4,693.90 5,936.09 3,116.64
2.7 Marketing & Distribution expenses - - - - - -
2.8 Audit fee 0.01 0.01 1.52 1.39 1.32 1.00
2.9 Other operating expenses 0.04 0.01 444.74 332.48 524.53 280.49
2.10 Investor Protection Fund Expense 0.67 0.64 148.04 74.57 124.21 53.52
2.11 Interest on borrowings - - - - - -
2.12 Expenses reimbursed by AMC - - (0.02) (0.48) (0.01) (4.50)
(B) 4.98 4.75 11,086.64 6,288.45 9,411.08 4,512.31
3 NET REALISED GAINS/(LOSSES)
FOR THE YEAR/PERIOD (A - B = C) 201.79 261.47 57,308.72 18,182.92 97,302.90 36,448.81
4 Change in Unrealised Depreciation in
value of investments (D) - - - - - -
5 NET GAINS/(LOSSES)
FOR THE YEAR/PERIOD (E=(C-D)) 201.79 261.47 57,308.72 18,182.92 97,302.90 36,448.81
6 Change in unrealised appreciation in
the value of investments (F) (26.13) 5.73 205,515.01 198,502.21 125,233.61 136,545.79
7 NET SURPLUS/(DEFICIT)
FOR THE YEAR/PERIOD (E + F = G) 175.66 267.20 262,823.73 216,685.13 222,536.51 172,994.60
7.1 NET SURPLUS/(DEFICIT) BROUGHT
FORWARD FROM PREVIOUS PERIOD 508.65 247.18 19,234.30 3,400.62 34,028.44 (2,828.55)
7.2 Less: Balance transfer to
Unrealised Appreciation Reserve 26.13 (5.73) (205,515.01) (198,502.21) (125,233.61) (136,545.79)
7.3 Add/(Less): Equalisation - - 5,417.73 (2,349.24) 24,025.02 408.18
7.4 Add/(Less):Transfer from
Unit Premium Reserve - - - - - -
8 Total 710.44 508.65 81,960.75 19,234.30 155,356.36 34,028.44
9 Dividend appropriation
9.1 Income Distributed during the year/period - - - - (823.99) -
9.2 Tax on income distributed
during the year/period - - - - - -
10 Retained Surplus/(Deficit) 710.44 508.65 81,960.75 19,234.30 154,532.37 34,028.44
10.1 Transfer from Unit premium Reserve - - - - - -
11 Retained Surplus/(Deficit)
carried forward to Balance sheet 710.44 508.65 81,960.75 19,234.30 154,532.37 34,028.44
Notes to Accounts - Annexure I

Mirae Asset Mutual Fund - Annual Report 2021-2022 89

 Abridged Revenue Account
For The Year/Period Ended March 31, 2022
(Rupees in Lakhs)
Mirae Asset Mirae Asset Mirae Asset
Overnight Fund Nifty Next 50 ETF Arbitrage Fund
(MANXT50ETF)
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2022

1 INCOME
1.1 Dividend - 124.08 59.65 397.88 85.44
1.2 Interest 1,571.38 1,603.54 0.61 0.47 446.86 257.43
1.3 Realised Gain/(Loss) on
Foreign Exchange Transactions - - - - - -
1.4 Realised Gains/(Losses) on
Interscheme sale of investments - - - - - -
1.5 Realised Gains/(Losses) on
External sale/redemption of investments - - 703.03 114.66 6,525.84 7,029.38
1.6 Realised Gains/(Losses) on
Derivative Transactions - - - - (4,886.24) (8,168.09)
1.7 Other Income 0.01 - - - 3.04 1.67
(A) 1,571.39 1,603.54 827.72 174.78 2,487.38 (794.17)
2 EXPENSES
2.1 Management fee 27.89 21.89 5.91 2.64 99.57 49.99
2.2 Service Tax/GST on Management Fees 5.02 3.94 1.06 0.48 17.92 9.00
2.3 Transfer agents fees and expenses 6.68 7.98 1.41 0.96 22.49 11.72
2.4 Custodian fee 1.84 2.30 - 0.01 2.81 1.60
2.5 Trusteeship fee 0.21 0.28 0.04 0.02 0.17 0.09
2.6 Commission to Agents 13.51 17.18 - - 149.85 100.04
2.7 Marketing & Distribution expenses - - - - - -
2.8 Audit fee 0.12 0.19 0.02 0.01 0.08 0.09
2.9 Other operating expenses 13.46 5.67 1.22 0.63 6.33 0.28
2.10 Investor Protection Fund Expense 9.17 9.98 1.60 0.82 7.55 3.83
2.11 Interest on borrowings - - - - - -
2.12 Expenses reimbursed by AMC (0.01) (0.06) (0.03) - (0.06) -
(B) 77.89 69.35 11.23 5.57 306.71 176.64
3 NET REALISED GAINS/(LOSSES)
FOR THE YEAR/PERIOD (A - B = C) 1,493.50 1,534.19 816.49 169.21 2,180.67 (970.81)
4 Change in Unrealised Depreciation in
value of investments (D) - - - - - -
5 NET GAINS/(LOSSES)
FOR THE YEAR/PERIOD (E=(C-D)) 1,493.50 1,534.19 816.49 169.21 2,180.67 (970.81)
6 Change in unrealised appreciation in
the value of investments (F) - - 1,308.97 1,648.64 855.14 1,602.48
7 NET SURPLUS/(DEFICIT)
FOR THE YEAR/PERIOD (E + F = G) 1,493.50 1,534.19 2,125.46 1,817.85 3,035.81 631.67
7.1 NET SURPLUS/(DEFICIT) BROUGHT
FORWARD FROM PREVIOUS PERIOD 1,191.75 1,152.70 (44.64) (77.02) (1,191.30) -
7.2 Less: Balance transfer to
Unrealised Appreciation Reserve - - (1,308.97) (1,648.64) (855.14) (1,602.48)
7.3 Add/(Less): Equalisation 3,769.73 (1,487.92) 167.76 (136.83) (609.18) (220.49)
7.4 Add/(Less):Transfer from
Unit Premium Reserve - - - - - -
8 Total 6,454.98 1,198.97 939.61 (44.64) 380.19 (1,191.30)
9 Dividend appropriation
9.1 Income Distributed during the year/period (2.40) 7.22 - - - -
9.2 Tax on income distributed
during the year/period - - - - - -
10 Retained Surplus/(Deficit) 6,452.58 1,191.75 939.61 (44.64) 380.19 (1,191.30)
10.1 Transfer from Unit premium Reserve - - - - - -
11 Retained Surplus/(Deficit)
carried forward to Balance sheet 6,452.58 1,191.75 939.61 (44.64) 380.19 (1,191.30)
Notes to Accounts - Annexure I

90 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Abridged Revenue Account
For The Year/Period Ended March 31, 2022
(Rupees in Lakhs)
Mirae Asset Mirae Asset Mirae Asset
Banking and PSU Equity Allocator ESG Sector Leaders
Debt Fund Fund of Fund Fund Of Fund
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

1 INCOME
1.1 Dividend - - - - - -
1.2 Interest 1,104.26 907.07 6.22 2.80 1.32 5.18
1.3 Realised Gain/(Loss) on
Foreign Exchange Transactions - - - - - -
1.4 Realised Gains/(Losses) on
Interscheme sale of investments - - - - - -
1.5 Realised Gains/(Losses) on
External sale/redemption of investments (125.14) (51.20) 544.58 31.18 202.19 17.49
1.6 Realised Gains/(Losses) on
Derivative Transactions - - - - - -
1.7 Other Income 0.01 - 0.03 0.01 0.01 -
(A) 979.13 855.87 550.83 33.99 203.52 22.67
2 EXPENSES
2.1 Management fee 37.25 37.16 17.75 1.38 19.23 2.37
2.2 Service Tax/GST on Management Fees 6.70 6.68 3.20 0.24 3.46 0.42
2.3 Transfer agents fees and expenses 12.99 11.23 2.75 0.54 2.23 0.56
2.4 Custodian fee 1.01 0.99 - 0.11 - 0.08
2.5 Trusteeship fee 0.09 0.08 0.08 0.01 0.06 0.01
2.6 Commission to Agents 64.35 55.33 5.60 1.33 36.50 10.45
2.7 Marketing & Distribution expenses - - - - - -
2.8 Audit fee 0.03 0.08 0.04 0.02 0.03 0.02
2.9 Other operating expenses 10.89 3.20 7.75 3.80 14.17 3.60
2.10 Investor Protection Fund Expense 3.98 3.53 3.48 0.63 2.66 0.67
2.11 Interest on borrowings - - - - - -
2.12 Expenses reimbursed by AMC - - - (0.57) (0.38) (0.94)
(B) 137.29 118.28 40.65 7.49 77.96 17.24
3 NET REALISED GAINS/(LOSSES)
FOR THE YEAR/PERIOD (A - B = C) 841.84 737.59 510.18 26.50 125.56 5.43
4 Change in Unrealised Depreciation in
value of investments (D) - - - - - -
5 NET GAINS/(LOSSES)
FOR THE YEAR/PERIOD (E=(C-D)) 841.84 737.59 510.18 26.50 125.56 5.43
6 Change in unrealised appreciation in
the value of investments (F) (208.25) (166.21) 3,254.76 1,386.46 2,782.85 919.32
7 NET SURPLUS/(DEFICIT)
FOR THE YEAR/PERIOD (E + F = G) 633.59 571.38 3,764.94 1,412.96 2,908.41 924.75
7.1 NET SURPLUS/(DEFICIT) BROUGHT
FORWARD FROM PREVIOUS PERIOD 693.73 - 37.39 - 1.06 -
7.2 Less: Balance transfer to
Unrealised Appreciation Reserve 208.25 166.21 (3,254.76) (1,386.46) (2,782.85) (919.32)
7.3 Add/(Less): Equalisation (454.33) (43.86) 42.15 10.89 (14.86) (4.37)
7.4 Add/(Less):Transfer from
Unit Premium Reserve - - - - - -
8 Total 1,081.24 693.73 589.72 37.39 111.76 1.06
9 Dividend appropriation
9.1 Income Distributed during the year/period - - - - - -
9.2 Tax on income distributed
during the year/period - - - - - -
10 Retained Surplus/(Deficit) 1,081.24 693.73 589.72 37.39 111.76 1.06
10.1 Transfer from Unit premium Reserve - - - - - -
11 Retained Surplus/(Deficit)
carried forward to Balance sheet 1,081.24 693.73 589.72 37.39 111.76 1.06
Notes to Accounts - Annexure I

Mirae Asset Mutual Fund - Annual Report 2021-2022 91

 Abridged Revenue Account
For The Year/Period Ended March 31, 2022
(Rupees in Lakhs)
Mirae Asset Mirae Asset Mirae Asset
ESG Sector Leaders ETF Corporate Bond Fund Ultra Short
Duration Fund
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

1 INCOME
1.1 Dividend 180.40 39.13 - - - -
1.2 Interest 0.36 1.88 671.10 27.63 1,232.81 522.18
1.3 Realised Gain/(Loss) on
Foreign Exchange Transactions - - - - - -
1.4 Realised Gains/(Losses) on
Interscheme sale of investments - - - - - -
1.5 Realised Gains/(Losses) on
External sale/redemption of investments 843.98 35.45 (14.82) (0.26) (241.08) (4.00)
1.6 Realised Gains/(Losses) on
Derivative Transactions - - - - - -
1.7 Other Income 0.01 - 0.01 - 0.01 -
(A) 1,024.75 76.46 656.29 27.37 991.74 518.18
2 EXPENSES
2.1 Management fee 55.74 9.24 32.42 1.17 27.56 22.12
2.2 Service Tax/GST on Management Fees 10.04 1.66 5.84 0.22 4.96 3.98
2.3 Transfer agents fees and expenses 3.13 0.70 7.69 0.18 16.07 7.38
2.4 Custodian fee - - 0.61 0.02 1.33 0.64
2.5 Trusteeship fee 0.07 0.02 0.06 - 0.11 0.05
2.6 Commission to Agents - - 22.76 0.87 39.60 13.23
2.7 Marketing & Distribution expenses - - - - - -
2.8 Audit fee 0.03 0.02 0.02 0.03 0.04 0.06
2.9 Other operating expenses 4.08 0.76 5.66 0.39 8.88 2.96
2.10 Investor Protection Fund Expense 3.20 0.83 2.40 0.09 4.96 2.36
2.11 Interest on borrowings - - - - - -
2.12 Expenses reimbursed by AMC (0.23) - (0.01) (0.16) (0.02) (0.24)
(B) 76.06 13.23 77.45 2.81 103.49 52.54
3 NET REALISED GAINS/(LOSSES)
FOR THE YEAR/PERIOD (A - B = C) 948.69 63.23 578.84 24.56 888.25 465.64
4 Change in Unrealised Depreciation in
value of investments (D) - - - - - -
5 NET GAINS/(LOSSES)
FOR THE YEAR/PERIOD (E=(C-D)) 948.69 63.23 578.84 24.56 888.25 465.64
6 Change in unrealised appreciation in
the value of investments (F) 2,717.32 1,119.05 (66.78) 22.01 (37.98) (53.69)
7 NET SURPLUS/(DEFICIT)
FOR THE YEAR/PERIOD (E + F = G) 3,666.01 1,182.28 512.06 46.57 850.27 411.95
7.1 NET SURPLUS/(DEFICIT) BROUGHT
FORWARD FROM PREVIOUS PERIOD 61.51 - 24.96 - 467.95 -
7.2 Less: Balance transfer to
Unrealised Appreciation Reserve (2,717.32) (1,119.05) 66.78 (22.01) 37.98 53.69
7.3 Add/(Less): Equalisation (7.78) (1.72) (101.71) 0.40 89.12 2.31
7.4 Add/(Less):Transfer from
Unit Premium Reserve - - - - - -
8 Total 1,002.42 61.51 502.09 24.96 1,445.32 467.95
9 Dividend appropriation
9.1 Income Distributed during the year/period - - - - - -
9.2 Tax on income distributed
during the year/period - - - - - -
10 Retained Surplus/(Deficit) 1,002.42 61.51 502.09 24.96 1,445.32 467.95
10.1 Transfer from Unit premium Reserve - - - - - -
11 Retained Surplus/(Deficit)
carried forward to Balance sheet 1,002.42 61.51 502.09 24.96 1,445.32 467.95
Notes to Accounts - Annexure I

92 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Abridged Revenue Account
For The Year/Period Ended March 31, 2022
(Rupees in Lakhs)
Mirae Asset Mirae Asset Mirae Asset Mirae Asset Mirae Asset
Banking and Financial NYSE FANG+ NYSE FANG+ Nifty Money
Services Fund ETF ETF Fund Of Financial Market
Fund Services ETF Fund
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022

1 INCOME
1.1 Dividend 435.70 44.29 64.84 - 12.41 -
1.2 Interest 60.72 40.99 42.33 29.28 3.17 280.08
1.3 Realised Gain/(Loss) on
Foreign Exchange Transactions - - 763.61 - - -
1.4 Realised Gains/(Losses) on
Interscheme sale of investments - - - - - -
1.5 Realised Gains/(Losses) on
External sale/redemption of investments 404.50 257.29 508.39 (215.92) 160.28 (14.40)
1.6 Realised Gains/(Losses) on
Derivative Transactions - - - - - -
1.7 Other Income 50.53 14.12 0.05 14.83 - -
(A) 951.45 356.69 1,379.22 (171.81) 175.86 265.68
2 EXPENSES
2.1 Management fee 374.93 60.90 318.03 71.09 4.65 9.01
2.2 Service Tax/GST on Management Fees 67.48 10.96 57.24 12.80 0.84 1.62
2.3 Transfer agents fees and expenses 45.19 7.23 16.02 13.52 1.04 4.55
2.4 Custodian fee 5.72 0.97 26.03 - - 0.36
2.5 Trusteeship fee 0.35 0.05 0.44 0.34 0.03 0.03
2.6 Commission to Agents 1,003.38 187.43 - 185.45 - 6.24
2.7 Marketing & Distribution expenses - - - - - -
2.8 Audit fee 0.17 0.11 0.24 0.18 0.02 0.01
2.9 Other operating expenses 84.11 20.19 14.62 108.44 0.41 1.38
2.10 Investor Protection Fund Expense 15.39 2.55 19.91 15.39 1.32 1.43
2.11 Interest on borrowings - - - - - -
2.12 Expenses reimbursed by AMC (0.07) (4.08) -0.35 (0.38) - (0.03)
(B) 1,596.65 286.31 452.18 406.83 8.31 24.60
3 NET REALISED GAINS/(LOSSES)
FOR THE YEAR/PERIOD (A - B = C) (645.20) 70.38 927.04 (578.64) 167.55 241.08
4 Change in Unrealised Depreciation in
value of investments (D) - - 0 - - -
5 NET GAINS/(LOSSES)
FOR THE YEAR/PERIOD (E=(C-D)) (645.20) 70.38 927.04 (578.64) 167.55 241.08
6 Change in unrealised appreciation in
the value of investments (F) 9,546.52 3,386.92 -2998.5 880.40 (131.84) 0.42
7 NET SURPLUS/(DEFICIT)
FOR THE YEAR/PERIOD (E + F = G) 8,901.32 3,457.30 (2,071.46) 301.76 35.71 241.50
7.1 NET SURPLUS/(DEFICIT) BROUGHT
FORWARD FROM PREVIOUS PERIOD 62.11 - 0 - - -
7.2 Less: Balance transfer to
Unrealised Appreciation Reserve (9,546.52) (3,386.92) 2998.5 (880.40) 131.84 (0.42)
7.3 Add/(Less): Equalisation (67.62) (8.27) 463.55 (28.99) 87.97 (7,089.56)
7.4 Add/(Less):Transfer from
Unit Premium Reserve - - - - - -
8 Total (650.71) 62.11 1390.59 (607.63) 255.52 (6,848.48)
9 Dividend appropriation
9.1 Income Distributed during the year/period - - 0 - - -
9.2 Tax on income distributed
during the year/period - - 0 - - -
10 Retained Surplus/(Deficit) (650.71) 62.11 1,390.59 (607.63) 255.52 (6,848.48)
10.1 Transfer from Unit premium Reserve - - - - - -
11 Retained Surplus/(Deficit)
carried forward to Balance sheet (650.71) 62.11 1,390.59 (607.63) 255.52 (6,848.48)
Notes to Accounts - Annexure I

Mirae Asset Mutual Fund - Annual Report 2021-2022 93

 Abridged Revenue Account
For The Year/Period Ended March 31, 2022
(Rupees in Lakhs)
Mirae Asset Mirae Asset Mirae Asset Mirae Asset
S&P 500 Top 50 S&P 500 Top 50 Hang Seng Hang Seng
ETF ETF Fund Of Tech ETF Tech ETF Fund
Fund Of Fund
As at As at As at As at
March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022

1 INCOME
1.1 Dividend 189.21 - 2.55 -
1.2 Interest 16.53 15.25 4.30 6.47
1.3 Realised Gain/(Loss) on
Foreign Exchange Transactions (19.54) - (55.24) -
1.4 Realised Gains/(Losses) on
Interscheme sale of investments - - - -
1.5 Realised Gains/(Losses) on
External sale/redemption of investments 3.90 (13.07) (249.65) (15.26)
1.6 Realised Gains/(Losses) on
Derivative Transactions - - - -
1.7 Other Income - 3.79 - 1.16
(A) 190.10 5.97 (298.04) (7.63)
2 EXPENSES
2.1 Management fee 88.47 11.38 9.68 1.99
2.2 Service Tax/GST on Management Fees 15.92 2.04 1.74 0.36
2.3 Transfer agents fees and expenses 6.26 4.31 0.49 0.39
2.4 Custodian fee 5.99 - 0.81 -
2.5 Trusteeship fee 0.09 0.07 0.01 0.01
2.6 Commission to Agents - 37.10 - 5.14
2.7 Marketing & Distribution expenses - - - -
2.8 Audit fee 0.09 0.07 0.02 0.01
2.9 Other operating expenses 2.50 16.94 0.26 2.96
2.10 Investor Protection Fund Expense 4.56 3.38 0.64 0.46
2.11 Interest on borrowings - - - -
2.12 Expenses reimbursed by AMC (0.22) (0.72) (0.02) (0.29)
(B) 123.66 74.57 13.63 11.03
3 NET REALISED GAINS/(LOSSES)
FOR THE YEAR/PERIOD (A - B = C) 66.44 (68.60) (311.67) (18.66)
4 Change in Unrealised Depreciation in
value of investments (D) - - - -
5 NET GAINS/(LOSSES)
FOR THE YEAR/PERIOD (E=(C-D)) 66.44 (68.60) (311.67) (18.66)
6 Change in unrealised appreciation in
the value of investments (F) 2,105.43 2,388.49 (2,157.68) (1,956.64)
7 NET SURPLUS/(DEFICIT)
FOR THE YEAR/PERIOD (E + F = G) 2,171.87 2,319.89 (2,469.35) (1,975.30)
7.1 NET SURPLUS/(DEFICIT) BROUGHT FORWARD FROM
PREVIOUS PERIOD - - - -
7.2 Less: Balance transfer to
Unrealised Appreciation Reserve (2,105.43) (2,388.49) 2,157.68 1,956.64
7.3 Add/(Less): Equalisation 21,591.46 (117.69) (935.31) (76.95)
7.4 Add/(Less):Transfer from
Unit Premium Reserve - - - -
8 Total 21,657.90 (186.29) (1,246.98) (95.61)
9 Dividend appropriation
9.1 Income Distributed during the year/period - - - -
9.2 Tax on income distributed
during the year/period - - - -
10 Retained Surplus/(Deficit) 21,657.90 (186.29) (1,246.98) (95.61)
10.1 Transfer from Unit premium Reserve - - - -
11 Retained Surplus/(Deficit)
carried forward to Balance sheet 21,657.90 (186.29) (1,246.98) (95.61)
Notes to Accounts - Annexure I

94 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Abridged Revenue Account
For The Year/Period Ended March 31, 2022
(Rupees in Lakhs)
Mirae Asset Mirae Asset Mirae Asset Mirae Asset
Nifty India Nifty India Nifty Midcap Nifty SDL Jun
Manufactur- Manufactur- 150 ETF 2027 Index Fund
ing ETF ing ETF FOF
As at As at As at As at
March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022

1 INCOME
1.1 Dividend 22.59 - 1.74 -
1.2 Interest 3.44 2.48 1.98 5.16
1.3 Realised Gain/(Loss) on
Foreign Exchange Transactions - - - -
1.4 Realised Gains/(Losses) on
Interscheme sale of investments - - - -
1.5 Realised Gains/(Losses) on
External sale/redemption of investments 8.13 - 35.57 (4.80)
1.6 Realised Gains/(Losses) on
Derivative Transactions - - - -
1.7 Other Income - 0.27 - -
(A) 34.16 2.75 39.29 0.36
2 EXPENSES
2.1 Management fee 2.89 0.54 - 0.05
2.2 Service Tax/GST on Management Fees 0.52 0.10 - -
2.3 Transfer agents fees and expenses 0.18 0.09 0.04 -
2.4 Custodian fee - - - 0.01
2.5 Trusteeship fee - - - -
2.6 Commission to Agents - 1.42 - 0.01
2.7 Marketing & Distribution expenses - - - -
2.8 Audit fee 0.01 - - -
2.9 Other operating expenses 0.84 0.83 0.36 0.05
2.10 Investor Protection Fund Expense 0.23 0.11 0.06 0.02
2.11 Interest on borrowings - - - -
2.12 Expenses reimbursed by AMC (0.25) (0.09) (0.30) (0.01)
(B) 4.42 3.00 0.16 0.13
3 NET REALISED GAINS/(LOSSES)
FOR THE YEAR/PERIOD (A - B = C) 29.74 (0.25) 39.13 0.23
4 Change in Unrealised Depreciation in
value of investments (D) - - - -
5 NET GAINS/(LOSSES)
FOR THE YEAR/PERIOD (E=(C-D)) 29.74 (0.25) 39.13 0.23
6 Change in unrealised appreciation in
the value of investments (F) 99.76 42.71 246.00 13.06
7 NET SURPLUS/(DEFICIT)
FOR THE YEAR/PERIOD (E + F = G) 129.50 42.46 285.13 13.29
7.1 NET SURPLUS/(DEFICIT) BROUGHT FORWARD FROM
PREVIOUS PERIOD - - - -
7.2 Less: Balance transfer to
Unrealised Appreciation Reserve (99.76) (42.71) (246.00) (13.06)
7.3 Add/(Less): Equalisation 1,641.53 (11.31) (1,678.24) -
7.4 Add/(Less):Transfer from
Unit Premium Reserve - - - -
8 Total 1,671.27 (11.56) (1,639.11) 0.23
9 Dividend appropriation
9.1 Income Distributed during the year/period - - - -
9.2 Tax on income distributed
during the year/period - - - -
10 Retained Surplus/(Deficit) 1,671.27 (11.56) (1,639.11) 0.23
10.1 Transfer from Unit premium Reserve - - - -
11 Retained Surplus/(Deficit)
carried forward to Balance sheet 1,671.27 (11.56) (1,639.11) 0.23
Notes to Accounts - Annexure I

Mirae Asset Mutual Fund - Annual Report 2021-2022 95

 Cash Flow Statement
for the year/period ended March 31, 2022
Mirae Asset Mirae Asset Mirae Asset
Large Cap Fund Emerging Bluechip Fund Tax Saver Fund
01 April 2021 01 April 2020 01 April 2021 01 April 2020 01 April 2021 01 April 2020
to to to to to to
31 March 2022 31 March 2021 31 March 2022 31 March 2021 31 March 2022 31 March 2021

Cashflow from Operating Activity

Net Surplus/(Deficit) for the year 113,172,583 95,692,883 73,133,527 71,298,536 29,103,240 26,500,660
Add/(Less): Changes in Unrealised loss
provided/(written back) (92,446,947) (91,853,551) (41,157,879) (54,358,374) (16,967,069) (20,511,666)
Operating Profit/(Loss) before Working Capital Changes 20,725,636 3,839,332 31,975,648 16,940,162 12,136,171 5,988,994

Adjustments for:-
(Increase)/Decrease in Other current assets (98,729) (727,412) 19,353 (158,426) (25,979) (163,097)
(Increase)/Decrease in Investments at cost (48,949,731) (15,385,155) (54,171,371) (33,697,909) (44,512,151) (21,875,753)
Increase/(Decrease) in Current liabilities and
Provisions (61,291) (26,550) (42,023) 158,918 22,006 14,674
(Increase)/Decrease in Deposits (5,713) (14,358) 28,587 (14,835) (20,882) (7,779)
Net cash generated from/(used in) operating Activities (A) (28,389,828) (12,314,143) (22,189,806) (16,772,090) (32,400,835) (16,042,961)

Cashflow from Financing Activities

Increase/(Decrease) in Unit Capital 4,318,968 755,693 2,240,604 2,815,824 10,652,910 7,694,834
Increase/(Decrease) in Unit Premium
reserve/Equalisation Reserve 31,647,851 9,659,009 19,813,069 14,113,404 22,614,764 9,240,449
Increase/(Decrease) in Redemption
Payable for units redeemed by investors (160,631) 8,274 (7,671) 111,664 69,921 35,111
(Increase)/Decrease in Subscription
Receivable for units issued to investors 169,227 173,706 1,175 172,859 (113,961) (31,785)
Increase/(Decrease) in Borrowing - - - - - -
Dividend Paid during the year/period
(including dividend tax paid) (4) (477,362) (268,519) (280,940) (272,738) (234,545)
Net cash generated from/(used) in
financing activities (B) 35,975,411 10,119,320 21,778,658 16,932,811 32,950,896 16,704,064
Net Increase/(Decrease) in
Cash & cash equivalents (A+B) 7,585,583 (2,194,823) (411,148) 160,721 550,061 661,103
Cash and Cash Equivalents as at
the beginning of the year/period 821,210 3,016,033 588,809 428,088 988,304 327,201
Cash and Cash Equivalents as at
the close of the year/period 8,406,793 821,210 177,661 588,809 1,538,365 988,304
Net Increase/(Decrease) in
Cash & Cash Equivalaents 7,585,583 (2,194,823) (411,148) 160,721 550,061 661,103

Components of cash and cash equivalents

With Banks - in current account 35,769 120,754 23,052 80,189 5,359 30,395
Deposits with companies/financial institutions - - - - - -
Deposits with scheduled banks - - - - - -
Collaterlized Borrowing and Lending obligations (CBLO) 8,371,024 700,456 154,609 508,620 1,533,006 957,909
8,406,793 821,210 177,661 588,809 1,538,365 988,304

96 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Cash Flow Statement
for the year/period ended March 31, 2022
Mirae Asset Mirae Asset Mirae Asset
Hybrid Equity Fund Nifty 50 ETF (MAN50ETF) Focused Fund
01 April 2021 01 April 2020 01 April 2021 01 April 2020 01 April 2021 01 April 2020
to to to to to to
31 March 2022 31 March 2021 31 March 2022 31 March 2021 31 March 2022 31 March 2021

Cashflow from Operating Activity

Net Surplus/(Deficit) for the year 15,687,156 15,777,545 2,086,872 1,425,416 26,282,373 21,668,513
Add/(Less): Changes in Unrealised loss
provided/(written back) (10,097,405) (12,846,135) (1,756,548) (1,209,656) (20,551,501) (19,850,221)
Operating Profit/(Loss) before Working Capital Changes 5,589,751 2,931,410 330,324 215,760 5,730,872 1,818,292

Adjustments for:-
(Increase)/Decrease in Other current assets (170,485) (143,732) 1,052 (42,585) (2,665) (79,043)
(Increase)/Decrease in Investments at cost (17,247,596) (3,279,238) (1,695,729) (3,535,400) (19,717,492) (12,853,953)
Increase/(Decrease) in Current liabilities and
Provisions 9,131 (1,701) 39 95,458 54,476 74,631
(Increase)/Decrease in Deposits (8,337) (2,879) 1,359 (1,188) (19,995) (6,166)
Net cash generated from/(used in) operating Activities (A) (11,827,536) (496,139) (1,362,955) (3,267,955) (13,954,804) (11,046,239)

Cashflow from Financing Activities

Increase/(Decrease) in Unit Capital 4,670,844 1,857,983 735,000 2,785,000 9,358,619 8,525,000
Increase/(Decrease) in Unit Premium
reserve/Equalisation Reserve 5,766,607 1,670,674 584,348 530,712 7,868,737 2,564,983
Increase/(Decrease) in Redemption
Payable for units redeemed by investors (14,740) (16,912) - - (324) 34,911
(Increase)/Decrease in Subscription
Receivable for units issued to investors 44,193 7,328 (122) (197) (21,175) 46,743
Increase/(Decrease) in Borrowing - - - - - -
Dividend Paid during the year/period
(including dividend tax paid) (143,090) (159,349) - - - -
Net cash generated from/(used) in
financing activities (B) 10,323,814 3,359,724 1,319,226 3,315,515 17,205,857 11,171,637
Net Increase/(Decrease) in
Cash & cash equivalents (A+B) (1,503,722) 2,863,585 (43,729) 47,560 3,251,053 125,398
Cash and Cash Equivalents as at
the beginning of the year/period 3,294,656 431,071 54,087 6,527 672,345 546,947
Cash and Cash Equivalents as at
the close of the year/period 1,790,934 3,294,656 10,358 54,087 3,923,398 672,345
Net Increase/(Decrease) in
Cash & Cash Equivalaents (1,503,722) 2,863,585 (43,729) 47,560 3,251,053 125,398

Components of cash and cash equivalents

With Banks - in current account 2,787 19,987 4 2,326 5,127 24,618
Deposits with companies/financial institutions - - - - - -
Deposits with scheduled banks - - - - - -
Collaterlized Borrowing and Lending obligations (CBLO) 1,788,147 3,274,669 10,354 51,761 3,918,271 647,727
1,790,934 3,294,656 10,358 54,087 3,923,398 672,345

Mirae Asset Mutual Fund - Annual Report 2021-2022 97

 Cash Flow Statement
for the year/period ended March 31, 2022
Mirae Asset Mirae Asset Mirae Asset
Nifty Next 50 ETF ESG Sector Leaders ETF Fixed Maturity Plan -
(MANXT50ETF) Series III-1122
01 April 2021 01 April 2020 01 April 2021 18 November 01 April 2021 01 April 2020
to to to 2020 to to to
31 March 2022 31 March 2021 31 March 2022 31 March 2021 31 March 2022 31 March 2021

Cashflow from Operating Activity

Net Surplus/(Deficit) for the year 212,546 181,785 366,601 118,228 17,566 26,720
Add/(Less): Changes in Unrealised loss
provided/(written back) (130,897) (164,864) (271,732) (111,905) 2,613 (573)
Operating Profit/(Loss) before Working Capital Changes 81,649 16,921 94,869 6,323 20,179 26,147

Adjustments for:-
(Increase)/Decrease in Other current assets (490) (100,169) 201 (376) 2,848 713
(Increase)/Decrease in Investments at cost (410,884) (158,976) (219,735) (1,180,475) 213,497 (22,302)
Increase/(Decrease) in Current liabilities and
Provisions 9,014 100,261 5,369 7,023 2,251 (285)
(Increase)/Decrease in Deposits 410 (402) 342 (349) (1,608) -
Net cash generated from/(used in) operating Activities (A) (320,301) (142,365) (118,954) (1,167,854) 237,167 4,273

Cashflow from Financing Activities

Increase/(Decrease) in Unit Capital 225,501 137,500 83,125 903,670 - -
Increase/(Decrease) in Unit Premium
reserve/Equalisation Reserve 103,908 1,737 35,752 271,221 - -
Increase/(Decrease) in Redemption
Payable for units redeemed by investors - - - - - -
(Increase)/Decrease in Subscription
Receivable for units issued to investors (653) 23 (6,181) (22) 31 -
Increase/(Decrease) in Borrowing - - - - - -
Dividend Paid during the year/period
(including dividend tax paid) - - - - - -
Net cash generated from/(used) in
financing activities (B) 328,756 139,260 112,696 1,174,869 31 -
Net Increase/(Decrease) in
Cash & cash equivalents (A+B) 8,455 (3,105) (6,258) 7,015 237,198 4,273
Cash and Cash Equivalents as at
the beginning of the year/period 867 3,972 7,015 - 14,195 9,922
Cash and Cash Equivalents as at
the close of the year/period 9,322 867 757 7,015 251,393 14,195
Net Increase/(Decrease) in
Cash & Cash Equivalaents 8,455 (3,105) (6,258) 7,015 237,198 4,273

Components of cash and cash equivalents

With Banks - in current account - 212 1 601 - 123
Deposits with companies/financial institutions - - - - - -
Deposits with scheduled banks - - - - - -
Collaterlized Borrowing and Lending obligations (CBLO) 9,322 655 756 6,414 251,393 14,072
9,322 867 757 7,015 251,393 14,195

98 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Cash Flow Statement
for the year/period ended March 31, 2022
Mirae Asset Mirae Asset Mirae Asset
Cash Management Fund Saving Fund Dynamic Bond Fund
01 April 2021 01 April 2020 01 April 2021 01 April 2020 01 April 2021 01 April 2020
to to to to to to
31 March 2022 31 March 2021 31 March 2022 31 March 2021 31 March 2022 31 March 2021

Cashflow from Operating Activity

Net Surplus/(Deficit) for the year 1,368,604 1,256,576 346,548 387,604 79,450 45,253
Add/(Less): Changes in Unrealised loss
provided/(written back) (5,698) 14,384 48,601 10,817 20,086 9,907
Operating Profit/(Loss) before Working Capital Changes 1,362,906 1,270,960 395,149 398,421 99,536 55,160

Adjustments for:-
(Increase)/Decrease in Other current assets (146,167) (30,588) 48,154 (59,374) (42,745) 47,767
(Increase)/Decrease in Investments at cost (2,136,948) (2,977,782) 2,107,188 (3,844,884) (1,829,893) (425,994)
Increase/(Decrease) in Current liabilities and
Provisions 77,297 669,522 (57,764) 539,252 (1,527) (51,262)
(Increase)/Decrease in Deposits 7,779 1,132 (6,309) (1,395) 234 (281)
Net cash generated from/(used in) operating Activities (A) (835,133) (1,066,756) 2,486,418 (2,967,980) (1,774,395) (374,610)

Cashflow from Financing Activities

Increase/(Decrease) in Unit Capital (2,442,121) 474,566 (1,943,920) 2,450,340 903,430 638,818
Increase/(Decrease) in Unit Premium
reserve/Equalisation Reserve (3,035,502) 3,241,982 (1,503,329) 2,075,176 388,361 208,978
Increase/(Decrease) in Redemption
Payable for units redeemed by investors 3,006 - (5,098) 6,067 501 407
(Increase)/Decrease in Subscription
Receivable for units issued to investors (114,731) 61,271 50,062 (28,820) (41,534) 30,590
Increase/(Decrease) in Borrowing - - - - - -
Dividend Paid during the year/period
(including dividend tax paid) (9,056) (38,813) (3,505) (15,367) - -
Net cash generated from/(used) in
financing activities (B) (5,598,404) 3,739,006 (3,405,790) 4,487,396 1,250,758 878,793
Net Increase/(Decrease) in
Cash & cash equivalents (A+B) (6,433,537) 2,672,250 (919,372) 1,519,416 (523,637) 504,183
Cash and Cash Equivalents as at
the beginning of the year/period 6,831,987 4,159,737 2,004,279 484,863 546,457 42,274
Cash and Cash Equivalents as at
the close of the year/period 398,450 6,831,987 1,084,907 2,004,279 22,820 546,457
Net Increase/(Decrease) in
Cash & Cash Equivalaents (6,433,537) 2,672,250 (919,372) 1,519,416 (523,637) 504,183

Components of cash and cash equivalents

With Banks - in current account 1,040 13,714 530 4,270 2 531
Deposits with companies/financial institutions - - - - - -
Deposits with scheduled banks - - - - - -
Collaterlized Borrowing and Lending obligations (CBLO) 397,410 6,818,273 1,084,377 2,000,009 22,818 545,926
398,450 6,831,987 1,084,907 2,004,279 22,820 546,457

Mirae Asset Mutual Fund - Annual Report 2021-2022 99

 Cash Flow Statement
for the year/period ended March 31, 2022
MIRAE ASSET MIRAE ASSET Mirae Asset Mirae Asset Mirae Asset
NYSE FANG+ HANG SENG Nifty Midcap Nifty S&P 500 TOP 50
ETF TECH ETF 150 ETF Financial ETF
Services ETF
06 May 2021 06 December 09 March 2022 30 July 2021 20 September
to 2021 to to to 2021 to
31 March 2022 31 March 2022 31 March 2022 31 March 2022 31 March 2022

Cashflow from Operating Activity

Net Surplus/(Deficit) for the year (207,146) (246,935) 28,513 3,571 217,187
Add/(Less): Changes in Unrealised loss
provided/(written back) 299,850 215,768 (24,600) 13,184 (210,543)
Operating Profit/(Loss) before Working Capital Changes 92,704 (31,167) 3,913 16,755 6,644

Adjustments for:-
(Increase)/Decrease in Other current assets (729) (70) (80) (49) (1,567)
(Increase)/Decrease in Investments at cost (13,277,941) (1,317,168) (624,940) (1,571,223) (5,045,137)
Increase/(Decrease) in Current liabilities and
Provisions 12,167 1,897 248 196 3,563
(Increase)/Decrease in Deposits (35) (22) (204) - (73)
Net cash generated from/(used in) operating Activities (A) (13,173,834) (1,346,530) (621,063) (1,554,321) (5,036,570)

Cashflow from Financing Activities

Increase/(Decrease) in Unit Capital 10,364,144 753,119 300,589 908,893 3,548,481
Increase/(Decrease) in Unit Premium
reserve/Equalisation Reserve 2,821,615 597,416 338,936 645,469 1,497,621
Increase/(Decrease) in Redemption
Payable for units redeemed by investors - - 653 - -
(Increase)/Decrease in Subscription
Receivable for units issued to investors (6,024) (1,061) 164 (41) 240
Increase/(Decrease) in Borrowing - - - - -
Dividend Paid during the year/period
(including dividend tax paid) - - - - -
Net cash generated from/(used) in
financing activities (B) 13,179,735 1,349,474 640,342 1,554,321 5,046,342
Net Increase/(Decrease) in
Cash & cash equivalents (A+B) 5,901 2,944 19,279 - 9,772
Cash and Cash Equivalents as at
the beginning of the year/period - - - - -
Cash and Cash Equivalents as at
the close of the year/period 5,901 2,944 19,279 - 9,772
Net Increase/(Decrease) in
Cash & Cash Equivalaents 5,901 2,944 19,279 - 9,772

Components of cash and cash equivalents

With Banks - in current account 1,976 516 - - 1,546
Deposits with companies/financial institutions - - - - -
Deposits with scheduled banks - - - - -
Collaterlized Borrowing and Lending obligations (CBLO) 3,925 2,428 19,279 - 8,226
5,901 2,944 19,279 - 9,772

100 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Cash Flow Statement
for the year/period ended March 31, 2022
Mirae Asset Mirae Asset Mirae Asset Mirae Asset Mirae Asset
Nifty India Great Healthcare Focused Fund Midcap Fund
Manufactur- Consumer Fund
ing ETF Fund
27 January 01 April 2021 01 April 2021 01 April 2021 01 April 2021
2022 to to to to to
31 March 2022 31 March 2022 31 March 2022 31 March 2022 31 March 2022

Cashflow from Operating Activity

Net Surplus/(Deficit) for the year 12,950 4,400,110 5,736,684 26,282,373 22,253,651
Add/(Less): Changes in Unrealised loss
provided/(written back) (9,976) (2,169,073) (4,360,552) (20,551,501) (12,523,361)
Operating Profit/(Loss) before Working Capital Changes 2,974 2,231,037 1,376,132 5,730,872 9,730,290

Adjustments for:-
(Increase)/Decrease in Other current assets (133) (2,135) (854) (2,665) (7,378)
(Increase)/Decrease in Investments at cost (651,833) (4,569,678) (4,289,906) (19,717,492) (29,128,510)
Increase/(Decrease) in Current liabilities and
Provisions 428 12,061 (5,442) 54,476 10,791
(Increase)/Decrease in Deposits (146) 1,893 2,899 (19,995) 8,870
Net cash generated from/(used in) operating Activities (A) (648,710) (2,326,822) (2,917,171) (13,954,804) (19,385,937)

Cashflow from Financing Activities

Increase/(Decrease) in Unit Capital 424,762 454,385 1,322,338 9,358,619 9,844,794
Increase/(Decrease) in Unit Premium
reserve/Equalisation Reserve 240,408 2,007,918 1,572,687 7,868,737 9,471,341
Increase/(Decrease) in Redemption
Payable for units redeemed by investors - 9,891 25,203 (324) (17,647)
(Increase)/Decrease in Subscription
Receivable for units issued to investors (59) 820 21,320 (21,175) (78,879)
Increase/(Decrease) in Borrowing - - - - -
Dividend Paid during the year/period
(including dividend tax paid) - (19,414) (28,945) - (82,399)
Net cash generated from/(used) in
financing activities (B) 665,111 2,453,600 2,912,603 17,205,857 19,137,210
Net Increase/(Decrease) in
Cash & cash equivalents (A+B) 16,401 126,778 (4,568) 3,251,053 (248,727)
Cash and Cash Equivalents as at
the beginning of the year/period - 39,436.00 78,953.00 672,345.00 512,403.00
Cash and Cash Equivalents as at
the close of the year/period 16,401 166,214 74,385 3,923,398 263,676
Net Increase/(Decrease) in
Cash & Cash Equivalaents 16,401 126,778 (4,568) 3,251,053 (248,727)

Components of cash and cash equivalents

With Banks - in current account - 1,066 88 5,127 2,577
Deposits with companies/financial institutions - - - - -
Deposits with scheduled banks - - - - -
Collaterlized Borrowing and Lending obligations (CBLO) 16,401 165,148 74,297 3,918,271 261,099
16,401 166,214 74,385 3,923,398 263,676

Mirae Asset Mutual Fund - Annual Report 2021-2022 101

 Key Statistics
for the year/period ended March 31, 2022
MIRAE ASSET MIRAE ASSET
LARGE CAP FUND EMERGING BLUECHIP FUND
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2022 March 31, 2021 March 31, 2020

1. NAV per unit (Rs.):

Regular - IDCW Plan
Open 19.7730 12.7100 18.1640 36.5900 21.4180 29.2760
High 25.2750 22.3150 19.3000 48.2710 40.9350 32.7670
Low 19.2620 11.9940 11.2760 35.6650 20.2980 19.0800
End 23.3680 19.7730 12.7100 40.6630 36.5900 21.4180
Regular - Growth Plan
Open 65.5050 38.8340 51.1710 78.5470 42.2610 53.3550
High 83.7310 68.1850 55.1890 103.6230 80.7680 59.7220
Low 63.8130 36.6490 34.4560 76.5620 40.0510 37.6480
End 77.4140 65.5050 38.8340 95.0980 78.5470 42.2610
Direct - IDCW Plan
Open 43.5380 27.6910 36.0870 60.2410 34.8330 47.0380
High 55.9830 49.0880 39.2620 79.9180 67.2280 53.1260
Low 42.4290 26.1350 24.5630 58.7380 33.0140 31.0320
End 52.0060 43.5380 27.6910 67.6970 60.2410 34.8330
Direct - Growth Plan
Open 70.6900 41.4520 54.0190 84.8030 45.1360 56.4190
High 90.8950 73.4830 58.7740 112.4990 87.1290 63.6970
Low 68.8880 39.1230 36.7680 82.6860 42.7800 40.2140
End 84.4370 70.6900 41.4520 103.7110 84.8030 45.1360

2. Closing Assets under Management (Rs. in Lakhs)

End 3,194,738.43 2,377,367.74 1,321,065.52 2,192,830.77 1,620,107.55 740,639.32
Average (AAuM)4 2,891,046.85 1,914,700.39 1,468,580.13 2,025,027.45 1,203,187.77 833,521.07

3. Gross Income as % of AAuM1 8.40% 3.31% 2.24% 17.17% 15.58% 11.31%

4. Expense Ratio:
a. Total Expense as % of AAuM 1.23% 1.31% 1.37% 1.38% 1.50% 1.61%
b. Management Fee as % of AAuM. 0.37% 0.40% 0.41% 0.48% 0.53% 0.58%

5. Net Income as a percentage of AAuM2 7.17% 2.01% 0.87% 15.79% 14.08% 9.70%

6. Portfolio Turnover Ratio3 0.20 0.24 0.23 0.66 0.92 0.78

7. Total Income per unit distributed

during the year/period (plan wise) (Rs.)
Regular - IDCW Plan (Individual) - 1.65 1.33 3.50 3.25 2.21
Regular - IDCW Plan (Others) - 1.65 1.33 3.50 3.25 2.21
Direct - IDCW Plan (Individual) - 3.65 - 5.75 5.25 3.54
Direct - IDCW Plan (Others) - 3.65 - 5.75 5.25 3.54

8. Historical per unit statistics:

Income other than profit on
sale of investment, per unit 0.8330 0.6371 0.5950 1.0568 0.7423 0.6679
Income from profit on inter-scheme
sales/transfer of investment, per unit - - - - - 0.0044
Income from profit on sale of
investment to third party, per unit 5.0211 1.0686 0.3072 14.1745 8.3642 4.6331
Transfer to revenue account from
past year’s reserve, per unit 0.00 0.1284 0.1565 0.1176 0.1365 0.1749
Aggregate of expenses, write off,
amortisation and charges, per unit 0.8585 0.6727 0.5524 1.2247 0.8785 0.7563
Net income, per unit 4.9956 1.0329 0.3498 14.0066 8.2280 4.5491
Unrealised appreciation/depreciation
in value of investments, per unit 22.2829 24.7125 (11.6550) 18.0287 26.4023 (15.4772)

102 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Key Statistics
for the year/period ended March 31, 2022 (contd...)
MIRAE ASSET MIRAE ASSET
LARGE CAP FUND EMERGING BLUECHIP FUND
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2022 March 31, 2021 March 31, 2020

9. Returns:
1 Year
Scheme
Regular - Growth Option 18.18% 68.68% -24.10% 21.07% 85.86% -20.78%
Direct - Growth Option 19.45% 70.53% -23.21% 22.30% 87.88% -19.95%
Benchmark 20.63% 71.18% -24.76% 22.90% 85.91% -27.29%
Since Inception
Scheme
Regular - Growth Option 15.74% 15.56% 11.97% 21.16% 21.17% 15.96%
Direct - Growth Option 17.52% 17.29% 11.51% 24.08% 24.38% 17.50%
Benchmark
Regular - Growth Option 11.75% 11.10% 7.16% 13.44% 12.60% 6.94%
Direct - Growth Option 14.01% 13.23% 6.96% 16.06% 15.26% 7.90%
Face Value 10.00 10.00 10.00 10.00 10.00 10.00
Unit Capital (in Lakhs) 414,878.68 371,689.00 364,132.07 228,290.68 205,884.64 177,726.40
No of Days 365 365 366 365 365 366
If the units are traded, the highest and
the lowest prices per unit during the year
Highest Price N.A. N.A. N.A. N.A. N.A. N.A.
Lowest price N.A. N.A. N.A. N.A. N.A. N.A.
Weighted average Price Earning Ratio of Equity/
Equity Related instrument held in the portfolio 27.18 34.95 15.47 25.38 36.01 14.58

1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS/(LOSSES) FOR THE YEAR/PERIOD
3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
4. AAuM=Average daily net assets
# Since the scheme has not completed one year in either of the years, only since inception return is disclosed.
Price-earning ratio not applicable for all schemes.

Mirae Asset Mutual Fund - Annual Report 2021-2022 103

 Key Statistics
for the year/period ended March 31, 2022
MIRAE ASSET MIRAE ASSET
HYBRID - EQUITY FUND TAX SAVER FUND
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2022 March 31, 2021 March 31, 2020

1. NAV per unit (Rs.):

Regular - IDCW Plan
Open 14.1620 10.1070 12.8350 18.8020 10.9580 14.9560
High 17.2230 15.8490 13.6080 24.4090 21.0340 16.6530
Low 13.8570 9.6990 9.2060 18.2870 10.3970 9.7430
End 15.1560 14.1620 10.1070 20.7860 18.8020 10.9580
Regular - Growth Plan
Open 18.8030 12.3600 14.7710 25.4240 13.6680 17.5950
High 22.8680 19.3830 15.8970 33.0060 26.2400 19.5940
Low 18.3990 11.8620 11.2590 24.7270 12.9700 12.1540
End 21.7990 18.8030 12.3600 30.5760 25.4240 13.6680
Direct - IDCW Plan
Open 16.3300 11.4590 13.4730 21.1320 12.1280 15.7530
High 20.0920 18.2200 14.6960 27.6310 23.6170 17.7860
Low 15.9870 10.9980 10.4350 20.5640 11.5090 10.7840
End 17.6890 16.3300 11.4590 23.6550 21.1320 12.1280
Direct - Growth Plan
Open 20.6870 13.3960 15.7490 27.4440 14.5280 18.3930
High 25.4470 21.3000 17.1810 35.8820 28.2920 20.7670
Low 20.2510 12.8570 12.1990 26.7050 13.7870 12.9150
End 24.3240 20.6870 13.3960 33.4320 27.4440 14.5280

2. Closing Assets under Management (Rs. in Lakhs)

End 666,266.03 483,540.01 292,071.49 1,185,401.12 699,863.68 267,849.70
Average (AAuM)4 589,874.29 391,206.85 261,228.43 952,291.80 455,354.71 254,713.38

3. Gross Income as % of AAuM1 11.08% 9.19% 5.47% 14.02% 14.56% 6.44%

4. Expense Ratio:
a. Total Expense as % of AAuM 1.60% 1.70% 1.81% 1.28% 1.40% 1.63%
b. Management Fee as % of AAuM. 0.25% 0.25% 0.22% 0.29% 0.16% 0.16%

5. Net Income as a percentage of AAuM2 9.48% 7.49% 3.66% 12.74% 13.15% 4.82%

6. Portfolio Turnover Ratio3 0.76 1.09 1.91 0.74 0.98 0.73

7. Total Income per unit distributed

during the year/period (plan wise) (Rs.)
Regular - IDCW Plan (Individual) 1.25 1.20 0.71 1.75 1.60 0.84
Regular - IDCW Plan (Others) 1.25 1.20 0.71 1.75 1.60 0.84
Direct - IDCW Plan (Individual) 1.50 1.35 - 2.00 1.80 0.40
Direct - IDCW Plan (Others) 1.50 1.35 - 2.00 1.80 0.40

8. Historical per unit statistics:

Income other than profit on
sale of investment, per unit 0.4202 0.3333 0.3164 0.2753 0.1802 0.1906
Income from profit on inter-scheme
sales/transfer of investment, per unit - - (0.00) - - -
Income from profit on sale of
investment to third party, per unit 1.7307 1.0650 0.2831 3.2468 2.2516 0.6484
Transfer to revenue account from
past year’s reserve, per unit 0.0471 0.0620 0.0709 0.0719 0.0860 0.0635
Aggregate of expenses, write off,
amortisation and charges, per unit 0.3110 0.2581 0.1987 0.3208 0.2346 0.2117
Net income, per unit 1.8400 1.1402 0.4008 3.2013 2.1972 0.6272
Unrealised appreciation/depreciation
in value of investments, per unit 3.3237 4.9967 (2.8901) 4.4756 7.5251 (4.5733)

104 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Key Statistics
for the year/period ended March 31, 2022 (contd...)
MIRAE ASSET MIRAE ASSET
HYBRID - EQUITY FUND TAX SAVER FUND
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2022 March 31, 2021 March 31, 2020

9. Returns:
1 Year
Scheme
Regular - Growth Option 15.93% 52.13% -16.32% 20.26% 86.01% -22.31%
Direct - Growth Option 17.58% 54.43% -14.91% 21.82% 88.90% -20.96%
Benchmark 15.29% 49.75% -12.94% 22.29% 74.61% -25.91%
Since Inception
Scheme
Regular - Growth Option 12.38% 11.77% 4.63% 19.55% 19.41% 7.61%
Direct - Growth Option 14.24% 13.66% 6.45% 21.26% 21.16% 9.16%
Benchmark
Regular - Growth Option 12.05% 11.49% 4.67% 14.95% 13.59% 2.68%
Direct - Growth Option 12.05% 11.49% 4.67% 14.95% 13.59% 2.68%
Face Value 10.00 10.00 10.00 10.00 10.00 10.00
Unit Capital (in Lakhs) 303,798.63 257,090.19 238,510.36 379,105.48 272,576.38 195,628.04
No of Days 365 365 366 365 365 366
If the units are traded, the highest and
the lowest prices per unit during the year
Highest Price N.A. N.A. N.A. N.A. N.A. N.A.
Lowest price N.A. N.A. N.A. N.A. N.A. N.A.
Weighted average Price Earning Ratio of Equity/
Equity Related instrument held in the portfolio 27.72 32.98 15.35 25.47 36.71 15.99

1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS/(LOSSES) FOR THE YEAR/PERIOD
3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
4. AAuM=Average daily net assets
# Since the scheme has not completed one year in either of the years, only since inception return is disclosed.
Price-earning ratio not applicable for all schemes.

Mirae Asset Mutual Fund - Annual Report 2021-2022 105

 Key Statistics
for the year/period ended March 31, 2022
MIRAE ASSET Mirae Asset
GREAT CONSUMER FUND Healthcare Fund
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2022 March 31, 2021 March 31, 2020

1. NAV per unit (Rs.):

Regular - IDCW Plan
Open 17.4000 11.8450 16.1820 18.7620 10.5900 10.6560
High 22.4930 19.3220 17.4930 24.1490 19.4930 12.1070
Low 17.0510 11.2330 10.5960 18.8700 10.4650 9.6740
End 19.1820 17.4000 11.8450 20.5640 18.7620 10.5900
Regular - Growth Plan
Open 44.6560 27.9440 34.8360 18.7670 10.5910 10.6570
High 57.7200 45.5920 38.8730 24.1550 19.4970 12.1080
Low 43.7620 26.5000 24.9990 18.8740 10.4660 9.6750
End 53.4070 44.6560 27.9440 22.3770 18.7670 10.5910
Direct - IDCW Plan
Open 41.5650 27.7940 35.4760 19.6140 10.8900 10.7780
High 54.2580 45.9750 38.7790 25.4590 20.3060 12.4260
Low 40.7550 26.3620 24.8560 19.7300 10.7640 9.9150
End 46.6220 41.5650 27.7940 21.8370 19.6140 10.8900
Direct - Growth Plan
Open 49.9020 30.7320 37.6620 19.6170 10.8920 10.7810
High 65.1430 50.8400 42.6040 25.4680 20.3090 12.4310
Low 48.9300 29.1480 27.4840 19.7330 10.7640 9.9170
End 60.6300 49.9020 30.7320 23.7580 19.6170 10.8920

2. Closing Assets under Management (Rs. in Lakhs)

End 165,752.03 117,466.09 77,386.36 181,736.80 127,055.54 37,801.74
Average (AAuM)4 147,481.96 100,689.43 85,630.45 175,794.52 92,140.50 35,680.03

3. Gross Income as % of AAuM1 17.04% 11.25% 5.64% 9.61% 10.28% 4.15%

4. Expense Ratio:
a. Total Expense as % of AAuM 1.92% 1.99% 2.02% 1.78% 1.99% 2.24%
b. Management Fee as % of AAuM. 0.39% 0.43% 0.43% 0.38% 0.46% 0.55%

5. Net Income as a percentage of AAuM2 15.13% 9.26% 3.62% 7.83% 8.29% 1.91%

6. Portfolio Turnover Ratio3 0.61 0.78 0.59 0.25 0.37 0.36

7. Total Income per unit distributed

during the year/period (plan wise) (Rs.)
Regular - IDCW Plan (Individual) 1.60 1.50 1.33 1.80 - -
Regular - IDCW Plan (Others) 1.60 1.50 1.33 1.80 - -
Direct - IDCW Plan (Individual) 3.80 3.50 1.33 1.90 - -
Direct - IDCW Plan (Others) 3.80 3.50 1.33 1.90 - -

8. Historical per unit statistics:

Income other than profit on
sale of investment, per unit 0.4929 0.5294 0.3256 0.1402 0.1109 0.1167
Income from profit on inter-scheme
sales/transfer of investment, per unit - - - - - -
Income from profit on sale of
investment to third party, per unit 7.5589 3.7180 1.3368 1.9623 1.3000 0.3005
Transfer to revenue account from
past year’s reserve, per unit 0.0622 0.0764 0.1716 0.0360 - -
Aggregate of expenses, write off,
amortisation and charges, per unit 0.9056 0.7504 0.5959 0.3898 0.2731 0.2252
Net income, per unit 7.1462 3.4971 1.0665 1.7127 1.1377 0.1920
Unrealised appreciation/depreciation
in value of investments, per unit 6.9477 13.8946 (7.5483) 5.4272 4.6383 (0.2844)

106 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Key Statistics
for the year/period ended March 31, 2022 (contd...)
MIRAE ASSET Mirae Asset
GREAT CONSUMER FUND Healthcare Fund
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2022 March 31, 2021 March 31, 2020

9. Returns:
1 Year
Scheme
Regular - Growth Option 19.60% 59.81% -19.77% 19.24% 77.20% -0.60%
Direct - Growth Option 21.50% 62.38% -18.35% 21.11% 80.10% 1.04%
Benchmark 16.04% 47.78% -14.77% 14.59% 76.44% -14.63%
Since Inception
Scheme
Regular - Growth Option 16.43% 16.12% 12.08% 23.97% 27.79% 3.34%
Direct - Growth Option 17.54% 17.07% 12.05% 25.97% 25.75% 5.01%
Benchmark
Regular - Growth Option 14.54% 14.40% 11.19% 16.78% 17.59% -6.77%
Direct - Growth Option 13.43% 13.12% 9.02% 16.78% 17.59% -6.77%
Face Value 10.00 10.00 10.00 10.00 10.00 10.00
Unit Capital (in Lakhs) 31,219.93 26,676.08 29,066.93 80,346.58 67,123.20 35,572.95
No of Days 365 365 366 365 365 366
If the units are traded, the highest and
the lowest prices per unit during the year
Highest Price N.A. N.A. N.A. N.A. N.A. N.A.
Lowest price N.A. N.A. N.A. N.A. N.A. N.A.
Weighted average Price Earning Ratio of Equity/
Equity Related instrument held in the portfolio 56.34 73.05 37.01 38.56 45.99 30.50

1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS/(LOSSES) FOR THE YEAR/PERIOD
3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
4. AAuM=Average daily net assets
# Since the scheme has not completed one year in either of the years, only since inception return is disclosed.
Price-earning ratio not applicable for all schemes.

Mirae Asset Mutual Fund - Annual Report 2021-2022 107

 Key Statistics
for the year/period ended March 31, 2022
Mirae Asset Mirae Asset
Nifty 50 ETF (MAN50ETF) Equity Savings Fund
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2022 March 31, 2021 March 31, 2020

1. NAV per unit (Rs.):

Regular - IDCW Plan
Open - - - 12.0830 9.7180 10.3330
High - - - 13.7160 13.3290 11.2510
Low - - - 11.9650 9.4750 9.1960
End - - - 12.3020 12.0830 9.7180
Regular - Growth Plan
Open 150.1840 87.2280 116.4320 13.1440 9.7150 10.3300
High 190.2020 156.3290 125.2840 14.9210 13.3320 11.2460
Low 146.1690 82.0360 77.3140 13.0160 9.4730 9.1940
End 180.4700 150.1840 87.2280 14.5880 13.1440 9.7150
Direct - IDCW Plan
Open - - - 12.4190 9.8610 10.3660
High - - - 14.2150 13.6590 11.4050
Low - - - 12.3020 9.6160 9.3310
End - - - 12.8690 12.4190 9.8610
Direct - Growth Plan
Open - - - 13.4830 9.8640 10.3670
High - - - 15.4320 13.6670 11.4110
Low - - - 13.3560 9.6180 9.3340
End - - - 15.1180 13.4830 9.8640

2. Closing Assets under Management (Rs. in Lakhs)

End 79,534.38 55,149.01 7,737.73 51,247.88 20,904.56 8,497.57
Average (AAuM)4 64,265.05 31,126.24 7,030.63 36,181.37 12,576.81 6,466.94

3. Gross Income as % of AAuM1 5.21% 7.00% 6.06% 9.12% 2.21% 8.66%

4. Expense Ratio:
a. Total Expense as % of AAuM 0.07% 0.07% 0.07% 1.22% 1.26% 1.49%
b. Management Fee as % of AAuM. 0.02% 0.02% 0.01% 0.25% 0.27% 0.35%

5. Net Income as a percentage of AAuM2 5.14% 6.93% 5.98% 7.90% 0.95% 7.18%

6. Portfolio Turnover Ratio3 0.17 0.41 1.09 1.58 2.35 3.55

7. Total Income per unit distributed

during the year/period (plan wise) (Rs.)
Regular - IDCW Plan (Individual) - - - 1.10 1.05 -
Regular - IDCW Plan (Others) - - - 1.10 1.05 -
Direct - IDCW Plan (Individual) - - - 1.05 1.05 -
Direct - IDCW Plan (Others) - - - 1.05 1.05 -

8. Historical per unit statistics:

Income other than profit on
sale of investment, per unit 1.7826 0.9398 0.8738 0.2591 0.1726 0.2013
Income from profit on inter-scheme
sales/transfer of investment, per unit - - - - - -
Income from profit on sale of
investment to third party, per unit 5.8156 4.9966 3.9253 0.6865 0.0028 0.4415
Transfer to revenue account from
past year’s reserve, per unit - - - 0.0086 0.0151 -
Aggregate of expenses, write off,
amortisation and charges, per unit 0.1029 0.0607 0.0590 0.1267 0.1000 0.1105
Net income, per unit 7.4953 5.8757 4.7401 0.8189 0.0753 0.5323
Unrealised appreciation/depreciation
in value of investments, per unit 39.8575 32.9421 (28.8542) 0.6631 2.1083 (1.3983)

108 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Key Statistics
for the year/period ended March 31, 2022 (contd...)
Mirae Asset Mirae Asset
Nifty 50 ETF (MAN50ETF) Equity Savings Fund
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2022 March 31, 2021 March 31, 2020

9. Returns:
1 Year
Scheme
Regular - Growth Option 20.17% 72.17% -25.08% 10.99% 35.30% -5.96%
Direct - Growth Option - NA NA 12.13% 36.69% -4.86%
Benchmark 20.26% 72.54% -24.85% 9.95% 26.39% -4.48%
Since Inception
Scheme
Regular - Growth Option 17.21% 15.64% -13.30% 12.17% 12.69% -2.23%
Direct - Growth Option - NA NA 13.40% 13.95% -1.06%
Benchmark
Regular - Growth Option 17.15% 15.86% -13.52% 10.33% 10.50% -0.50%
Direct - Growth Option - NA NA 10.33% 10.50% -0.50%
Face Value 100.00 100.00 100.00 10.00 10.00 10.00
Unit Capital (in Lakhs) 44,070.68 36,720.68 8,870.68 34,887.19 15,840.75 8,717.62
No of Days 365 365 366 365 365 366
If the units are traded, the highest and
the lowest prices per unit during the year
Highest Price 190.57 156.11 125.44 N.A. N.A. N.A.
Lowest price 146.29 82.48 78.05 N.A. N.A. N.A.
Weighted average Price Earning Ratio of Equity/
Equity Related instrument held in the portfolio 29.67 32.56 18.38 30.22 39.09 19.29

1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS/(LOSSES) FOR THE YEAR/PERIOD
3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
4. AAuM=Average daily net assets
# Since the scheme has not completed one year in either of the years, only since inception return is disclosed.
Price-earning ratio not applicable for all schemes.

Mirae Asset Mutual Fund - Annual Report 2021-2022 109

 Key Statistics
for the year/period ended March 31, 2022
MIRAE ASSET MIRAE ASSET
CASH MANAGEMENT FUND SAVINGS FUND
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2022 March 31, 2021 March 31, 2020

1. NAV per unit (Rs.):

Savings - IDCW Plan (Daily)
Open - - - 1,005.1646 1,005.1646 1,017.7214
High - - - 1,005.1646 1,011.0500 1,017.7214
Low - - - 1,004.4632 1,001.2267 992.3137
End - - - 1,005.1487 1,005.1646 1,005.1646
Savings - IDCW Plan (Weekly)
Open - - - 1,106.6348 1,108.0773 1,120.5433
High - - - 1,108.2603 1,110.5507 1,122.4830
Low - - - 1,106.3225 1,102.9732 1,091.3498
End - - - 1,106.8552 1,106.6348 1,108.0773
Savings - Growth Plan
Open - - - 1,782.6574 1,685.7445 1,603.7014
High - - - 1,841.5595 1,782.6574 1,685.7445
Low - - - 1,784.0048 1,683.3938 1,605.1328
End - - - 1,841.5308 1,782.6574 1,685.7445
Savings - IDCW Plan (Monthly)
Open - - - 1,088.3927 1,090.9125 1,099.8386
High - - - 1,091.3145 1,100.7882 1,104.2574
Low - - - 1,086.9565 1,084.5867 1,074.4493
End - - - 1,088.2942 1,088.3927 1,090.9125
Savings - IDCW Plan Quarterly)
Open - - - 1,026.1233 1,016.9220 1,027.0489
High - - - 1,037.6443 1,036.9331 1,029.7103
Low - - - 1,001.2767 1,008.0312 1,001.5705
End - - - 1,008.1935 1,026.1233 1,016.9220
Regular - IDCW Plan (Daily)
Open 1,066.4347 1,066.4347 1,066.4347 - - -
High 1,066.4347 1,066.4347 1,066.4347 - - -
Low 1,066.4347 1,066.3381 1,064.6854 - - -
End 1,066.3783 1,066.4347 1,066.4347 - - -
Regular - IDCW Plan (Weekly)
Open 1,152.5501 1,156.0642 1,153.5150 - - -
High 1,153.3197 1,153.7823 1,156.0642 - - -
Low 1,152.5501 1,152.5501 1,150.7336 - - -
End 1,152.7826 1,152.5501 1,156.0642 - - -
Regular - IDCW Plan (Monthly)
Open 1,153.1103 1,157.6386 1,153.7267 - - -
High 1,155.6681 1,161.7888 1,159.3776 - - -
Low 1,152.3028 1,152.3028 1,152.3028 - - -
End 1,153.1882 1,153.1103 1,157.6386 - - -
Regular - Growth Plan
Open 2,143.8277 2,069.9855 1,949.4613 - - -
High 2,216.3280 2,143.8277 2,069.9855 - - -
Low 2,144.5616 2,070.4754 1,950.6056 - - -
End 2,216.2110 2,143.8277 2,069.9855 - - -
Direct - IDCW Plan (Daily)
Open 1,075.8332 1,075.8332 1,075.8332 1,208.9337 1,208.9337 1,224.0164
High 1,075.8332 1,075.8332 1,075.8332 1,208.9337 1,208.9337 1,224.0164
Low 1,075.8332 1,075.7386 1,074.0978 1,208.1542 1,204.3311 1,192.4752
End 1,075.7747 1,075.8332 1,075.8332 1,208.9135 1,208.9337 1,208.9337
Direct - Growth Plan
Open 2,171.4403 2,094.6215 1,970.7369 1,890.3446 1,776.6308 1,679.1898
High 2,247.0629 2,171.4403 2,094.6215 1,965.3380 1,890.3446 1,776.6308
Low 2,172.2065 2,095.1338 1,971.8940 1,891.9411 1,774.4199 1,682.0405
End 2,246.9405 2,171.4403 2,094.6215 1,965.3066 1,890.3446 1,776.6308

110 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Key Statistics
for the year/period ended March 31, 2022 (contd...)
MIRAE ASSET MIRAE ASSET
CASH MANAGEMENT FUND SAVINGS FUND
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2022 March 31, 2021 March 31, 2020

Direct - IDCW Plan (Monthly)

Open 1,135.4677 1,139.9430 1,136.0596 1,161.0849 1,164.2202 1,172.9802
High 1,138.0550 1,144.1135 1,141.6797 1,164.6734 1,174.6495 1,178.1769
Low 1,134.6543 1,134.6543 1,134.6543 1,159.4301 1,156.9340 1,146.5131
End 1,135.5452 1,135.4677 1,139.9430 1,160.9420 1,161.0849 1,164.2202
Direct - IDCW Plan (Quarterly)
Open - - - 1,026.0371 1,016.7748 1,053.5665
High - - - 1,039.5216 1,036.4278 1,056.5697
Low - - - 1,001.6508 1,006.3301 1,001.3104
End - - - 1,009.7936 1,026.0371 1,016.7748
Direct - IDCW Plan (Weekly)
Open 1,216.2089 1,219.9775 1,217.2270 1,454.3849 1,456.8866 1,472.5677
High 1,217.0397 1,217.5287 1,219.9775 1,456.6727 1,459.9389 1,475.1920
Low 1,216.2089 1,216.2089 1,214.3200 1,454.1173 1,449.7117 1,434.7393
End 1,216.4558 1,216.2089 1,219.9775 1,454.6946 1,454.3849 1,456.8866

2. Closing Assets under Management (Rs. in Lakhs)

End 304,924.02 346,248.48 296,905.41 74,629.17 105,740.17 56,762.61
Average (AAuM)4 400,902.17 352,972.71 334,445.08 100,526.35 79,400.94 56,810.50

3. Gross Income as % of AAuM1 3.60% 3.75% 6.05% 4.72% 5.51% 5.36%

4. Expense Ratio:
a. Total Expense as % of AAuM 0.20% 0.15% 0.13% 0.79% 0.50% 0.74%
b. Management Fee as % of AAuM. 0.10% 0.05% 0.02% 0.13% 0.12% 0.13%

5. Net Income as a percentage of AAuM2 3.40% 3.60% 5.90% 3.93% 5.02% 4.63%

6. Portfolio Turnover Ratio3 7.24 5.80 7.32 1.94 2.04 1.46

7. Total Income per unit distributed

during the year/period (plan wise) (Rs.)
Savings - IDCW Plan (Daily) (Individual) - - - 32.7512 56.2726 45.3262
Savings - IDCW Plan (Daily) (Others) - - - 32.7512 56.2726 41.9723
Savings - IDCW Plan (Weekly) (Individual) - - - 35.7749 63.4264 48.8125
Savings - IDCW Plan (Weekly) (Others) - - - 35.7749 63.4264 45.2006
Savings - IDCW Plan (Monthly) (Individual) - - - 35.4981 63.6267 45.7171
Savings - IDCW Plan (Monthly) (Others) - - - 35.4981 63.6267 42.3342
Savings - IDCW Plan (Quarterly) (Individual) - - - 67.0000 48.0000 43.7164
Savings - IDCW Plan (Quarterly) (Others) - - - 67.0000 48.0000 40.4816
Regular - IDCW Plan (Daily) (Individual) 35.5508 37.4227 46.0978 - - -
Regular - IDCW Plan (Daily) (Others) 35.5508 37.4227 42.6868 - - -
Regular - IDCW Plan (Weekly) (Individual) 38.1291 43.9569 48.0339 - - -
Regular - IDCW Plan (Weekly) (Others) 38.1291 43.9569 44.4797 - - -
Regular - IDCW Plan (Monthly) (Individual) 38.2463 44.9941 47.0649 - - -
Regular - IDCW Plan (Monthly) (Others) 38.2463 44.9941 43.5824 - - -
Direct Daily IDCW (Individual) 36.8276 38.7710 47.2318 47.0365 75.1567 59.3658
Direct Daily IDCW (Others) 36.8276 38.7710 43.7369 47.0365 75.1567 54.9731
Direct Weekly IDCW (Individual) 41.2692 47.5550 51.4098 56.2808 92.8618 69.5630
Direct Weekly IDCW (Others) 41.2692 47.5550 47.6057 56.2808 92.8618 64.4157
Direct Monthly IDCW (Individual) 38.6916 45.4091 47.1285 45.3106 75.1778 53.5133
Direct Monthly IDCW (Others) 38.6916 45.4091 43.6412 45.3106 75.1778 49.5536
Direct Quarterly IDCW (Individual) - - - 70.0000 54.0000 67.3646
Direct Quarterly IDCW (Others) - - - 70.0000 54.0000 62.3799

Mirae Asset Mutual Fund - Annual Report 2021-2022 111

 Key Statistics
for the year/period ended March 31, 2022 (contd...)
MIRAE ASSET MIRAE ASSET
CASH MANAGEMENT FUND SAVINGS FUND
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2022 March 31, 2021 March 31, 2020

8. Historical per unit statistics:

Income other than profit on
sale of investment, per unit 108.6894 82.1780 128.5543 132.7571 70.7361 117.8377
Income from profit on inter-scheme
sales/transfer of investment, per unit - - 0.0255 - - -
Income from profit on sale of
investment to third party, per unit -3.5765 (0.4410) 0.1101 -14.7830 2.6744 (31.0993)
Transfer to revenue account from
past year’s reserve, per unit 0.6589 2.3979 17.3898 0.8719 2.5766 14.8030
Aggregate of expenses, write off,
amortisation and charges, per unit 5.9511 3.2167 3.1569 19.6809 6.6066 11.9544
Net income, per unit 99.1618 78.5203 125.5330 98.2933 66.8038 74.7840
Unrealised appreciation/depreciation
in value of investments, per unit 0.4146 (0.8886) 0.3936 -12.0895 (1.8137) 6.1895

9. Returns:
1 Year
Scheme
Regular - Growth Option 3.38% 3.57% 6.14% 3.30% 5.75% 5.08%
Direct - Growth Option 3.48% 3.67% 6.23% 3.97% 6.40% 5.74%
Benchmark 3.68% 4.07% 6.39% 4.49% 6.46% 8.09%
Since Inception
Scheme
Regular - Growth Option 6.20% 6.44% 6.70% 6.45% 6.82% 6.95%
Direct - Growth Option 6.71% 7.11% 7.59% 7.07% 7.45% 7.60%
Benchmark
Regular - Growth Option 6.83% 7.09% 7.37% 7.86% 7.66% 7.76%
Direct - Growth Option 6.93% 7.33% 7.79% 7.43% 8.27% 8.52%
Face Value 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Unit Capital (in Lakhs) 137,442.69 161,863.90 157,118.24 40,201.00 59,640.44 35,136.80
No of Days 365 365 366 365 365 366
If the units are traded, the highest and
the lowest prices per unit during the year
Highest Price N.A. N.A. N.A. N.A. N.A. N.A.
Lowest price N.A. N.A. N.A. N.A. N.A. N.A.
Weighted average Price Earning Ratio of Equity/
Equity Related instrument held in the portfolio N.A. N.A. N.A. N.A. N.A. N.A.

1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS/(LOSSES) FOR THE YEAR/PERIOD
3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
4. AAuM=Average daily net assets
# Since the scheme has not completed one year in either of the years, only since inception return is disclosed.
Price-earning ratio not applicable for all schemes.

112 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Key Statistics
for the year/period ended March 31, 2022
MIRAE ASSET MIRAE ASSET
DYNAMIC BOND FUND SHORT TERM FUND
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2022 March 31, 2021 March 31, 2020

1. NAV per unit (Rs.):

Regular - IDCW Plan

Open 13.1517 12.5643 10.9838 12.4083 11.6725 10.7087
High 13.6300 13.2166 12.5643 12.8779 12.4199 11.6725
Low 13.1714 12.3249 11.0027 12.4292 11.5766 10.7288
End 13.6304 13.1517 12.5643 12.8783 12.4083 11.6725

Regular - Growth Plan

Open 13.1517 12.5643 10.9838 12.4055 11.6698 10.7089
High 13.6300 13.2166 12.5643 12.8752 12.4172 11.6698
Low 13.1714 12.3249 11.0027 12.4264 11.5739 10.7291
End 13.6304 13.1517 12.5643 12.8755 12.4055 11.6698

Direct - IDCW Plan

Open 13.8248 13.0850 11.3101 12.6942 11.8445 10.7908
High 14.4650 13.8616 13.0850 13.2804 12.6942 11.8445
Low 13.8508 12.8380 11.3334 12.7170 11.7500 10.8143
End 14.4650 13.8248 13.0850 13.2804 12.6942 11.8445

Direct - Growth Plan

Open 13.8248 13.0850 11.3101 12.7026 11.8481 10.7924
High 14.4650 13.8616 13.0850 13.2927 12.7026 11.8481
Low 13.8508 12.8380 11.3334 12.7255 11.7536 10.8151
End 14.4651 13.8248 13.0850 13.2927 12.7026 11.8481

2. Closing Assets under Management (Rs. in Lakhs)

End 28,598.44 14,833.77 5,903.29 49,496.63 78,144.88 32,996.62
Average (AAuM)4 19,800.44 11,708.04 4,078.85 66,018.43 59,612.39 17,594.07

3. Gross Income as % of AAuM1 5.65% 5.65% 13.91% 5.46% 6.10% 7.82%

4. Expense Ratio:
a. Total Expense as % of AAuM 0.63% 0.94% 1.00% 0.90% 0.94% 0.87%
b. Management Fee as % of AAuM. 0.16% 0.32% 0.25% 0.18% 0.17% 0.14%

5. Net Income as a percentage of AAuM2 5.03% 4.71% 12.91% 4.56% 5.16% 6.94%

6. Portfolio Turnover Ratio3 3.60 8.08 26.51 2.72 1.60 3.34

7. Total Income per unit distributed

during the year/period (plan wise) (Rs.) - - - - - -

8. Historical per unit statistics:

Income other than profit on
sale of investment, per unit 0.6206 0.5377 0.5601 1.0197 0.5647 0.4303
Income from profit on inter-scheme
sales/transfer of investment, per unit - - - - - -
Income from profit on sale of
investment to third party, per unit -0.0616 0.0641 0.6714 -0.0716 0.0157 0.0575
Transfer to revenue account from
past year’s reserve, per unit - - - - - -
Aggregate of expenses, write off,
amortisation and charges, per unit 0.0621 0.1003 0.0891 0.1562 0.0895 0.0546
Net income, per unit 0.4969 0.5016 1.1424 0.7918 0.4909 0.4333
Unrealised appreciation/depreciation
in value of investments, per unit -0.1003 (0.0901) 0.0721 -0.0582 (0.0183) 0.0713

Mirae Asset Mutual Fund - Annual Report 2021-2022 113

 Key Statistics
for the year/period ended March 31, 2022 (contd...)
MIRAE ASSET MIRAE ASSET
DYNAMIC BOND FUND SHORT TERM FUND
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2022 March 31, 2021 March 31, 2020

9. Returns:
1 Year
Scheme
Regular - Growth Option 3.64% 4.68% 0.1436 3.79% 6.30% 8.93%
Direct - Growth Option 4.63% 5.65% 0.1561 4.65% 7.21% 9.71%
Benchmark 4.48% 7.69% 0.1265 5.19% 7.80% 9.82%
Since Inception
Scheme
Regular - Growth Option 6.36% 7.05% 7.85% 6.45% 7.34% 7.85%
Direct - Growth Option 7.63% 8.39% 9.31% 7.29% 8.18% 8.65%
Benchmark
Regular - Growth Option 7.38% 8.12% 8.26% 7.64% 8.45% 8.77%
Direct - Growth Option 7.38% 8.12% 8.26% 7.64% 8.45% 8.77%
Face Value 10.00 10.00 10.00 10.00 10.00 10.00
Unit Capital (in Lakhs) 20,031.09 10,996.79 4,608.61 38,041.12 62,616.22 28,189.98
No of Days 365 365 366 365 365 366
If the units are traded, the highest and
the lowest prices per unit during the year
Highest Price N.A. N.A. N.A. N.A. N.A. N.A.
Lowest price N.A. N.A. N.A. N.A. N.A. N.A.
Weighted average Price Earning Ratio of Equity/
Equity Related instrument held in the portfolio N.A. N.A. N.A. N.A. N.A. N.A.

1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS/(LOSSES) FOR THE YEAR/PERIOD
3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
4. AAuM=Average daily net assets
# Since the scheme has not completed one year in either of the years, only since inception return is disclosed.
Price-earning ratio not applicable for all schemes.

114 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Key Statistics
for the year/period ended March 31, 2022
Mirae Asset Mirae Asset
Fixed Maturity Plan - Series III-1122 Focused Fund #
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2022 March 31, 2021 March 31, 2020

1. NAV per unit (Rs.):

Regular - IDCW Plan

Open 11.9852 11.0201 10.0595 15.7500 8.4260 -
High 12.4633 11.9852 11.0259 20.8660 16.1930 12.1500
Low 11.9906 10.9689 10.0589 15.3370 8.0450 7.4880
End 12.4633 11.9852 11.0201 19.0830 15.7500 8.4260

Regular - Growth Plan

Open 11.9852 11.0201 10.0595 15.7470 8.4270 -
High 12.4633 11.9852 11.0259 20.8630 16.1900 12.1510
Low 11.9906 10.9689 10.0589 15.3340 8.0460 7.4890
End 12.4633 11.9852 11.0201 19.0810 15.7470 8.4270

Direct - IDCW Plan

Open 12.0340 11.0430 10.0602 16.2380 8.5540 -
High 12.5389 12.0340 11.0473 21.7550 16.6750 12.3020
Low 12.0397 10.9922 10.0610 15.8200 8.1680 7.5990
End 12.5389 12.0340 11.0430 19.9540 16.2380 8.5540

Direct - Growth Plan

Open 12.0340 11.0430 10.0602 16.2410 8.5550 -
High 12.5389 12.0340 11.0473 21.7590 16.6780 12.3010
Low 12.0397 10.9922 10.0610 15.8230 8.1690 7.6000
End 12.5389 12.0340 11.0430 19.9580 16.2410 8.5550

2. Closing Assets under Management (Rs. in Lakhs)

End 3,415.39 3,280.73 3,013.52 848,962.37 548,089.80 220,504.84
Average (AAuM)4 3,351.47 3,177.54 2,886.51 740,169.08 372,854.05 182,394.60

3. Gross Income as % of AAuM1 6.17% 8.38% 8.42% 9.24% 6.56% 3.73%

4. Expense Ratio:
a. Total Expense as % of AAuM 0.15% 0.15% 0.15% 1.50% 1.69% 1.82%
b. Management Fee as % of AAuM. 0.02% 0.03% 0.01% 0.25% 0.21% 0.18%

5. Net Income as a percentage of AAuM2 6.02% 8.23% 8.27% 7.74% 4.88% 1.90%

6. Portfolio Turnover Ratio3 0.02 0.24 0.25 0.27 0.30 0.13

7. Total Income per unit distributed

during the year/period (plan wise) (Rs.) - - - - - -

8. Historical per unit statistics:

Income other than profit on
sale of investment, per unit 0.9116 0.8951 0.8298 0.1465 0.1137 0.0933
Income from profit on inter-scheme
sales/transfer of investment, per unit - - - - - -
Income from profit on sale of
investment to third party, per unit -0.1545 0.0796 0.0599 1.4082 0.5929 0.1366
Transfer to revenue account from
past year’s reserve, per unit - - - - - -
Aggregate of expenses, write off,
amortisation and charges, per unit 0.0182 0.0174 0.0153 0.2520 0.1816 0.1125
Net income, per unit 0.7389 0.9574 0.8743 1.3027 0.5250 0.1174
Unrealised appreciation/depreciation
in value of investments, per unit -0.0957 0.0210 0.0958 4.6717 5.7316 (2.4620)

Mirae Asset Mutual Fund - Annual Report 2021-2022 115

 Key Statistics
for the year/period ended March 31, 2022 (contd...)
Mirae Asset Mirae Asset
Fixed Maturity Plan - Series III-1122 Focused Fund #
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2022 March 31, 2021 March 31, 2020

9. Returns:
1 Year
Scheme
Regular - Growth Option 3.99% 8.75% 9.48% 21.17% 86.86% NA
Direct - Growth Option 4.20% 8.90% 9.70% 22.89% 89.84% NA
Benchmark 4.48% 7.69% 12.61% 22.29% 74.61% NA
Since Inception
Scheme
Regular - Growth Option 7.52% 9.29% 9.81% 25.16% 27.28% -17.63%
Direct - Growth Option 7.73% 9.50% 10.03% 27.12% 29.39% -16.21%
Benchmark
Regular - Growth Option 8.31% 10.23% 12.75% 19.76% 17.72% -25.24%
Direct - Growth Option 8.31% 10.23% 12.75% 19.76% 17.72% -25.24%
Face Value 10.00 10.00 10.00 10.00 10.00 10.00
Unit Capital (in Lakhs) 2,731.11 2,731.11 2,731.11 439,914.43 346,328.24 261,078.24
No of Days 365 365 366 365 365 323
If the units are traded, the highest and
the lowest prices per unit during the year
Highest Price N.A. N.A. N.A. N.A. N.A. N.A.
Lowest price N.A. N.A. N.A. N.A. N.A. N.A.
Weighted average Price Earning Ratio of Equity/
Equity Related instrument held in the portfolio N.A. N.A. N.A. 26.78 40.54 18.04

1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS/(LOSSES) FOR THE YEAR/PERIOD
3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
4. AAuM=Average daily net assets
# Since the scheme has not completed one year in either of the years, only since inception return is disclosed.
Price-earning ratio not applicable for all schemes.

116 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Key Statistics
for the year/period ended March 31, 2022
Mirae Asset Mirae Asset
Midcap Fund # Overnight Fund #
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2022 March 31, 2021 March 31, 2020

1. NAV per unit (Rs.):

Regular - IDCW Plan
Open 16.0740 8.2000 - - - -
High 21.9320 16.6430 11.8530 - - -
Low 15.7910 7.7650 7.4120 - - -
End 18.8820 16.0740 8.2000 - - -
Regular - IDCW Plan (Daily)
Open - - - 1,000.0000 1,000.0000 -
High - - - 1,000.0000 1,000.0000 1,000.0001
Low - - - 1,000.0000 1,000.0000 1,000.0000
End - - - 999.8844 1,000.0000 1,000.0000
Regular - IDCW Plan (Weekly)
Open - - - 1,000.0000 1,000.1642 -
High - - - 1,000.7623 1,000.5771 1,000.9182
Low - - - 1,000.0000 1,000.0000 1,000.0000
End - - - 999.9800 1,000.0000 1,000.1642
Regular - IDCW Plan (Monthly)
Open - - - 1,000.6078 1,000.2870 -
High - - - 1,002.8046 1,002.6654 1,003.9919
Low - - - 1,000.0000 1,000.0000 1,000.0000
End - - - 1,000.5072 1,000.6078 1,000.2870
Regular - Growth Plan
Open 16.0790 8.1990 - 1,052.7203 1,021.5740 -
High 21.9400 16.6390 11.8540 1,086.8686 1,052.7203 1,021.5740
Low 15.7960 7.7640 7.4110 1,053.0974 1,021.6687 1,000.0000
End 20.5650 16.0790 8.1990 1,086.7429 1,052.7203 1,021.5740
Direct - IDCW Plan
Open 16.5280 8.2950 - - -
High 22.7930 17.0850 11.9650 - - -
Low 16.2460 7.8560 7.4940 - - -
End 19.7060 16.5280 8.2950 - -
Direct - IDCW Plan (Daily)
Open - - - 1,000.0004 1,000.0003 -
High - - - 1,000.0007 1,000.0004 1,000.0003
Low - - - 1,000.0004 1,000.0003 1,000.0000
End - - - 999.8850 1,000.0004 1,000.0003
Direct - Growth Plan
Open 16.5270 8.2950 - 1,054.2787 1,022.0895 -
High 22.7910 17.0840 11.9670 1,089.4549 1,054.2787 1,022.0895
Low 16.2450 7.8550 7.4940 1,054.6675 1,022.1899 1,000.0000
End 21.4310 16.5270 8.2950 1,089.3288 1,054.2787 1,022.0895
Direct - IDCW Plan (Monthly)
Open - - - 1,000.6262 1,000.3064 -
High - - - 1,002.8798 1,002.7508 1,004.1004
Low - - - 1,000.0000 1,000.0000 1,000.0000
End - - - 1,000.5190 1,000.6262 1,000.3064
Direct - IDCW Plan (Weekly)
Open - - - 1,000.0017 1,000.1826 -
High - - - 1,000.7810 1,000.5936 1,000.8219
Low - - - 1,000.0011 1,000.0000 1,000.0000
End - - - 999.9835 1,000.0017 1,000.1826

2. Closing Assets under Management (Rs. in Lakhs)

End 748,158.67 423,369.41 159,253.04 79,939.12 23,516.02 53,832.37
Average (AAuM)4 621,039.35 267,572.59 124,352.99 45,851.71 49,905.27 18,699.70

3. Gross Income as % of AAuM1 17.18% 15.31% 0.29% 3.43% 3.21% 4.48%

4. Expense Ratio:
a. Total Expense as % of AAuM 1.52% 1.69% 1.88% 0.15% 0.14% 0.13%
b. Management Fee as % of AAuM. 0.33% 0.28% 0.30% 0.06% 0.04% 0.02%

Mirae Asset Mutual Fund - Annual Report 2021-2022 117

 Key Statistics
for the year/period ended March 31, 2022 (contd...)
Mirae Asset Mirae Asset
Midcap Fund # Overnight Fund #
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2022 March 31, 2021 March 31, 2020

5. Net Income as a percentage of AAuM2 15.67% 13.62% -1.59% 3.26% 3.07% 4.35%
6. Portfolio Turnover Ratio3 0.47 0.68 0.25 0.49 0.05 0.16
7. Total Income per unit distributed
during the year/period (plan wise) (Rs.)
Regular - IDCW Plan (Individual) 1.65 - - - - -
Regular - IDCW Plan (Others) 1.65 - - - - -
Regular - IDCW Plan (Daily) (Individual) - - - 31.9260 30.0201 14.8280
Regular - IDCW Plan (Daily) (Others) - - - 31.9260 30.0201 13.7308
Regular - IDCW Plan (Weekly) (Individual) - - - 31.8342 24.9803 11.1279
Regular - IDCW Plan (Weekly) (Others) - - - 31.8342 24.9803 10.3045
Regular - IDCW Plan (Monthly) (Individual) - - - 31.9605 29.7484 12.3898
Regular - IDCW Plan (Monthly) (Others) - - - 31.9605 29.7484 11.4731
Direct - IDCW Plan (Individual) 1.70 - - - - -
Direct - IDCW Plan (Others) 1.70 - - - - -
Direct Daily IDCW (Individual) - - - 32.8178 31.0142 14.3986
Direct Daily IDCW (Others) - - - 32.8178 31.0142 13.3331
Direct Weekly IDCW (Individual) - - - 32.7466 31.1954 5.8997
Direct Weekly IDCW (Others) - - - 32.7466 31.1954 5.4631
Direct Monthly IDCW (Individual) - - - 32.8501 30.7581 11.4823
Direct Monthly IDCW (Others) - - - 32.8501 30.7581 10.6326

8. Historical per unit statistics:

Income other than profit on
sale of investment, per unit 0.2347 0.1397 0.0823 21.3835 71.8296 7.3373
Income from profit on inter-scheme
sales/transfer of investment, per unit - - - - - -
Income from profit on sale of
investment to third party, per unit 2.7286 1.4257 (0.0698) - - -
Transfer to revenue account from
past year’s reserve, per unit 0.0229 - - 0.0327 0.3234 0.3791
Aggregate of expenses, write off,
amortisation and charges, per unit 0.2613 0.1724 0.0813 1.0599 3.1065 0.2060
Net income, per unit 2.7020 1.3930 (0.0689) 20.3236 68.7231 7.1314
Unrealised appreciation/depreciation
in value of investments, per unit 3.4776 5.2184 (2.3978) - - -

9. Returns:
1 Year
Scheme
Regular - Growth Option 27.89% 96.11% NA 3.24% 3.05% NA
Direct - Growth Option 29.67% 99.24% NA 3.34% 3.15% NA
Benchmark 25.05% 103.91% NA 3.36% 3.08% NA
Since Inception
Scheme
Regular - Growth Option 30.95% 32.81% -25.52% 3.44% 3.58% 4.75%
Direct - Growth Option 32.98% 35.00% -24.22% 3.54% 3.69% 4.86%
Benchmark
Regular - Growth Option 28.73% 27.54% -36.43% 3.50% 3.60% 4.73%
Direct - Growth Option 28.73% 27.54% -36.43% 3.50% 3.60% 4.73%
Face Value 10.00 10.00 10.00 1,000.00 1,000.00 1,000.00
Unit Capital (in Lakhs) 360,110.79 261,662.85 193,763.16 73,486.11 22,324.22 52,680.03
No of Days 365 365 247 365 365 169
If the units are traded, the highest and
the lowest prices per unit during the year
Highest Price N.A. N.A. N.A. N.A. N.A. N.A.
Lowest price N.A. N.A. N.A. N.A. N.A. N.A.
Weighted average Price Earning Ratio of Equity/
Equity Related instrument held in the portfolio 22.34 28.66 13.42 N.A. N.A. N.A.
1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS/(LOSSES) FOR THE YEAR/PERIOD
3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
4. AAuM=Average daily net assets
# Since the scheme has not completed one year in either of the years, only since inception return is disclosed.
Price-earning ratio not applicable for all schemes.

118 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Key Statistics
for the year/period ended March 31, 2022
Mirae Asset Mirae Asset Mirae Asset
Nifty Next 50 ETF (MANXT50ETF) # Arbitrage Fund # Banking and PSU
Debt Fund #
As at As at As at As at As at As at As at
March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2022 2021 2020 2022 2021 2022 2021

1. NAV per unit (Rs.):

Regular - IDCW Plan

Open - - - 10.2460 - 10.2219 -
High - - - 10.6220 10.2470 10.6181 10.2265
Low - - - 10.2400 10.0000 10.2380 9.9376
End - - - 10.6210 10.2460 10.6183 10.2219

Regular - Growth Plan

Open 340.1560 211.8560 - 10.2460 - 10.2218 -
High 446.0120 355.7690 291.5380 10.6230 10.2480 10.6177 10.2265
Low 335.5220 204.6950 185.8850 10.2410 10.0000 10.2379 9.9376
End 413.1800 340.1560 211.8560 10.6220 10.2460 10.6179 10.2218

Direct - IDCW Plan

Open - - - 10.3010 - 10.2539 -
High - - - 10.7510 10.3020 10.6984 10.2539
Low - - - 10.2960 10.0000 10.2706 9.9423
End - - - 10.7490 10.3010 10.6984 10.2539

Direct - Growth Plan

Open - - - 10.3020 - 10.2538 -
High - - - 10.7540 10.3030 10.6979 10.2538
Low - - - 10.2960 10.0000 10.2706 9.9423
End - - - 10.7520 10.3020 10.6981 10.2538

2. Closing Assets under Management (Rs. in Lakhs)

End 10,314.75 5,702.55 2,492.33 38,333.52 29,377.69 14,395.69 23,526.94
Average (AAuM)4 7,992.68 4,104.55 2,768.37 37,773.38 24,457.42 19,898.31 25,653.08

3. Gross Income as % of AAuM1 10.36% 4.26% -3.79% 6.59% -4.14% 4.92% 4.85%

4. Expense Ratio:
a. Total Expense as % of AAuM 0.14% 0.14% 0.14% 0.81% 0.92% 0.69% 0.67%
b. Management Fee as % of AAuM. 0.07% 0.06% 0.04% 0.26% 0.26% 0.19% 0.21%

5. Net Income as a percentage of AAuM2 10.22% 4.12% -3.93% 5.77% -5.07% 4.23% 4.18%

6. Portfolio Turnover Ratio3 0.45 0.67 0.06 5.51 3.74 2.30 1.85

7. Total Income per unit distributed

during the year/period (plan wise) (Rs.) - - - - - - -

8. Historical per unit statistics:

Income other than profit on
sale of investment, per unit 4.9947 3.5862 1.5088 0.2363 0.1204 0.8166 0.3944
Income from profit on inter-scheme
sales/transfer of investment, per unit - - - - - - -
Income from profit on sale of
investment to third party, per unit 28.1614 6.8395 (3.1638) 0.4571 (0.3978) -0.0925 (0.0223)
Transfer to revenue account from
past year’s reserve, per unit - - - - - - -
Aggregate of expenses, write off,
amortisation and charges, per unit 0.4498 0.3323 0.0629 0.0855 0.0617 0.1015 0.0514
Net income, per unit 32.7063 10.0935 (1.7179) 0.6079 (0.3392) 0.6225 0.3207
Unrealised appreciation/depreciation
in value of investments, per unit 52.4337 98.3424 (71.5149) 0.2384 0.5599 -0.1540 (0.0723)

Mirae Asset Mutual Fund - Annual Report 2021-2022 119

 Key Statistics
for the year/period ended March 31, 2022 (contd...)
Mirae Asset Mirae Asset Mirae Asset
Nifty Next 50 ETF (MANXT50ETF) # Arbitrage Fund # Banking and PSU
Debt Fund #
As at As at As at As at As at As at As at
March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2022 2021 2020 2022 2021 2022 2021

9. Returns:
1 Year
Scheme
Regular - Growth Option 21.47% 60.56% NA 3.67% NA 3.87% NA
Direct - Growth Option - NA NA 4.37% NA 4.33% NA
Benchmark 21.58% 62.94% NA 3.82% NA 4.93% NA
Since Inception
Scheme
Regular - Growth Option 17.78% 14.73% 27.33% 3.45% 3.15% 3.62% 3.24%
Direct - Growth Option - NA NA 4.16% 3.87% 4.09% 3.71%
Benchmark
Regular - Growth Option 18.19% 16.17% 27.29% 3.45% 2.96% 4.78% 4.53%
Direct - Growth Option - NA NA 3.45% 2.96% 4.78% 4.53%
Face Value 275.00 275.00 275.00 10.00 10.00 10.00 10.00
Unit Capital (in Lakhs) 6,865.18 4,610.17 3,235.17 35,871.36 28,622.09 13,523.13 22,998.15
No of Days 365 365 68 365 286 365 251
If the units are traded, the highest and
the lowest prices per unit during the year
Highest Price 446.48 358.00 290.00 N.A. N.A. N.A. N.A.
Lowest price 336.11 204.98 187.84 N.A. N.A. N.A. N.A.
Weighted average Price Earning Ratio of Equity/
Equity Related instrument held in the portfolio 32.63 78.48 148.63 24.68 28.47 N.A. N.A.

1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS/(LOSSES) FOR THE YEAR/PERIOD
3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
4. AAuM=Average daily net assets
# Since the scheme has not completed one year in either of the years, only since inception return is disclosed.
Price-earning ratio not applicable for all schemes.

120 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Key Statistics
for the year/period ended March 31, 2022
Mirae Asset Mirae Asset Mirae Asset
Equity Allocator ESG Sector Leaders ESG Sector Leaders ETF #
Fund of Fund # Fund Of Fund #
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

1. NAV per unit (Rs.):

Regular - IDCW Plan

Open 13.1750 - 11.1790 - - -
High 16.8680 13.6150 13.8340 11.5580 - -
Low 12.8500 9.6420 10.9540 9.8960 - -
End 15.7640 13.1750 13.0850 11.1790 - -

Regular - Growth Plan

Open 13.1730 - 11.1780 - 25.0410 -
High 16.8660 13.6130 13.8300 11.5550 31.1740 100.0000
Low 12.8480 9.6420 10.9530 9.8960 24.5930 22.0780
End 15.7620 13.1730 13.1110 11.1780 29.5570 25.0410

Direct - IDCW Plan

Open 13.1870 - 11.2000 - - -
High 16.8920 13.6250 13.8870 11.5720 - -
Low 12.8620 9.6420 10.9780 9.8970 - -
End 15.8010 13.1870 13.1590 11.2000 - -

Direct - Growth Plan

Open 13.1850 - 11.2010 - - -
High 16.8900 13.6230 13.8890 11.5730 - -
Low 12.8610 9.6420 10.9790 9.8970 - -
End 15.7930 13.1850 13.1610 11.2010 - -

2. Closing Assets under Management (Rs. in Lakhs)

End 25,995.56 9,661.19 14,067.32 10,669.36 16,666.89 12,931.19
Average (AAuM)4 17,376.79 6,046.65 13,288.79 9,068.61 16,003.65 11,210.84

3. Gross Income as % of AAuM1 3.17% 1.07% 1.53% 0.68% 6.40% 1.84%

4. Expense Ratio:
a. Total Expense as % of AAuM 0.23% 0.24% 0.59% 0.52% 0.48% 0.32%
b. Management Fee as % of AAuM. 0.10% 0.04% 0.07% 0.07% 0.35% 0.22%

5. Net Income as a percentage of AAuM2 2.94% 0.83% 0.94% 0.16% 5.93% 1.52%

6. Portfolio Turnover Ratio3 0.25 0.04 0.08 0.05 0.28 0.10

7. Total Income per unit distributed

during the year/period (plan wise) (Rs.) - - - - - -

8. Historical per unit statistics:

Income other than profit on
sale of investment, per unit 0.0038 0.0038 0.0012 0.0054 0.3206 0.0794
Income from profit on inter-scheme
sales/transfer of investment, per unit - - - - - -
Income from profit on sale of
investment to third party, per unit 0.3306 0.0425 0.1886 0.0183 1.4967 0.0687
Transfer to revenue account from
past year’s reserve, per unit - - - - - -
Aggregate of expenses, write off,
amortisation and charges, per unit 0.0247 0.0102 0.0727 0.0181 0.1349 0.0256
Net income, per unit 0.3097 0.0361 0.1171 0.0057 1.6824 0.1224
Unrealised appreciation/depreciation
in value of investments, per unit 1.9757 1.8913 2.5960 0.9639 4.8189 2.1671

Mirae Asset Mutual Fund - Annual Report 2021-2022 121

 Key Statistics
for the year/period ended March 31, 2022 (contd...)
Mirae Asset Mirae Asset Mirae Asset
Equity Allocator ESG Sector Leaders ESG Sector Leaders ETF #
Fund of Fund # Fund Of Fund #
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

9. Returns:
1 Year
Scheme
Regular - Growth Option 19.65% NA 17.29% NA 18.03% NA
Direct - Growth Option 19.78% NA 17.50% NA - NA
Benchmark 21.37% NA 18.65% NA 18.65% NA
Since Inception
Scheme
Regular - Growth Option 34.87% 30.20% 21.96% 11.88% 22.92% 12.51%
Direct - Growth Option 34.99% 30.32% 22.30% 12.13% - NA
Benchmark
Regular - Growth Option 36.34% 30.74% 23.50% 12.67% 23.56% 12.57%
Direct - Growth Option 36.34% 30.74% 23.50% 12.67% - NA
Face Value 10.00 10.00 10.00 10.00 18.00 18.00
Unit Capital (in Lakhs) 16,474.36 7,330.67 10,719.69 9,537.88 9,867.95 9,036.70
No of Days 365 192 365 134 365 134
If the units are traded, the highest and
the lowest prices per unit during the year
Highest Price N.A. N.A. N.A. N.A. 31.21 25.86
Lowest price N.A. N.A. N.A. N.A. 24.55 22.19
Weighted average Price Earning Ratio of Equity/
Equity Related instrument held in the portfolio N.A. N.A. N.A. N.A. 31.58 34.29

1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS/(LOSSES) FOR THE YEAR/PERIOD
3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
4. AAuM=Average daily net assets
# Since the scheme has not completed one year in either of the years, only since inception return is disclosed.
Price-earning ratio not applicable for all schemes.

122 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Key Statistics
for the year/period ended March 31, 2022
Mirae Asset Mirae Asset Mirae Asset
Corporate Bond Fund # Ultra Short Duration Banking and Financial
Fund # Services Fund #
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

1. NAV per unit (Rs.):

Regular - IDCW Plan

Open 10.0395 - 1,015.8075 - 10.9970 -
High 10.4365 10.0395 1,053.2100 1,015.8075 13.6310 11.9620
Low 10.0554 10.0000 1,016.3570 1,000.0000 10.2550 9.7780
End 10.4367 10.0395 1,053.2413 1,015.8075 12.0970 10.9970

Regular - Growth Plan

Open 10.0395 - 1,016.2663 - 11.0010 -
High 10.4365 10.0395 1,053.5006 1,016.2663 13.6340 11.9650
Low 10.0554 10.0000 1,016.7990 1,000.0000 10.2580 9.7800
End 10.4367 10.0395 1,053.5322 1,016.2663 12.0820 11.0010

Direct - IDCW Plan

Open 10.0415 - 1,017.6743 - 11.0410 -
High 10.4846 10.0415 1,057.1932 1,017.6743 13.8210 12.0050
Low 10.0580 10.0000 1,018.2410 1,000.0000 10.3020 9.7850
End 10.4846 10.0415 1,057.1932 1,017.6743 12.3350 11.0410

Direct - Growth Plan

Open 10.0415 - 1,017.6192 - 11.0630 -
High 10.4849 10.0415 1,057.1166 1,017.6192 13.8520 12.0070
Low 10.0580 10.0000 1,018.1610 1,000.0000 10.3220 9.7850
End 10.4849 10.0415 1,057.1166 1,017.6192 12.3660 11.0630

2. Closing Assets under Management (Rs. in Lakhs)

End 9,934.88 11,668.33 27,116.29 25,746.09 99,367.45 51,529.79
Average (AAuM)4 12,011.64 11,487.18 24,808.07 24,420.48 76,950.28 41,976.34

3. Gross Income as % of AAuM1 5.46% 5.80% 4.00% 4.40% 1.24% 2.79%

4. Expense Ratio:
a. Total Expense as % of AAuM 0.64% 0.60% 0.42% 0.45% 2.07% 2.24%
b. Management Fee as % of AAuM. 0.27% 0.25% 0.11% 0.19% 0.49% 0.48%

5. Net Income as a percentage of AAuM2 4.82% 5.20% 3.58% 3.95% -0.84% 0.55%

6. Portfolio Turnover Ratio3 1.77 0.04 2.39 0.88 0.07 0.04

7. Total Income per unit distributed

during the year/period (plan wise) (Rs.)

8. Historical per unit statistics:

Income other than profit on
sale of investment, per unit 0.7067 0.0238 47.9650 20.6203 0.0668 0.0212
Income from profit on inter-scheme
sales/transfer of investment, per unit - - - - - -
Income from profit on sale of
investment to third party, per unit -0.0156 (0.0002) -9.3796 (0.1580) 0.0494 0.0550
Transfer to revenue account from
past year’s reserve, per unit - - - - - -
Aggregate of expenses, write off,
amortisation and charges, per unit 0.0816 0.0024 4.0265 2.0747 0.1950 0.0612
Net income, per unit 0.6096 0.0211 34.5589 18.3876 -0.0788 0.0150
Unrealised appreciation/depreciation
in value of investments, per unit -0.0703 0.0189 -1.4777 (2.1202) 1.1660 0.7237

Mirae Asset Mutual Fund - Annual Report 2021-2022 123

 Key Statistics
for the year/period ended March 31, 2022 (contd...)
Mirae Asset Mirae Asset Mirae Asset
Corporate Bond Fund # Ultra Short Duration Banking and Financial
Fund # Services Fund #
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021

9. Returns:
1 Year
Scheme
Regular - Growth Option 3.95% NA 3.66% NA 9.83% NA
Direct - Growth Option 4.42% NA 3.88% NA 11.78% NA
Benchmark 5.54% NA 4.05% NA 9.71% NA
Since Inception
Scheme
Regular - Growth Option 4.20% 10.82% 3.59% 3.39% 15.64% 6.95%
Direct - Growth Option 4.67% 11.40% 3.83% 3.67% 17.73% 7.63%
Benchmark
Regular - Growth Option 6.15% 23.25% 4.00% 3.86% 14.24% 6.14%
Direct - Growth Option 6.15% 23.25% 4.00% 3.86% 14.24% 6.14%
Face Value 10.00 10.00 1,000.00 1,000.00 10.00 10.00
Unit Capital (in Lakhs) 9,495.93 11,620.94 25,702.50 25,323.60 81,875.81 46,797.75
No of Days 365 15 365 175 365 111
If the units are traded, the highest and
the lowest prices per unit during the year
Highest Price N.A. N.A. N.A. N.A. N.A. N.A.
Lowest price N.A. N.A. N.A. N.A. N.A. N.A.
Weighted average Price Earning Ratio of Equity/
Equity Related instrument held in the portfolio N.A. N.A. N.A. N.A. N.A. N.A.

1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS/(LOSSES) FOR THE YEAR/PERIOD
3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
4. AAuM=Average daily net assets
# Since the scheme has not completed one year in either of the years, only since inception return is disclosed.
Price-earning ratio not applicable for all schemes.

124 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Key Statistics
for the year/period ended March 31, 2022
Mirae Asset Mirae Mirae Mirae Asset Mirae Asset Mirae Asset
NYSE FANG+ Asset NYSE Asset Nifty Money S&P 500 Top S&P 500 Top
ETF # FANG+ETF Financial Market 50 ETF # 50 ETF Fund
Fund Of Services Fund # Of Fund #
Fund # ETF #
As at As at As at As at As at As at
March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022

1. NAV per unit (Rs.):

Regular - IDCW Plan
Open - - - - - -
High - - - 1,020.3960 - -
Low - - - 1,000.0000 - -
End - - - 1,020.6960 - -
Regular - Growth Plan
Open - - - - - -
High 100.0000 12.9220 19.6360 1,020.3918 31.2310 11.2690
Low 41.8200 8.9480 10.0000 1,000.0000 20.0000 9.6040
End 50.0900 10.9140 17.1410 1,020.6997 29.6650 10.9000
Direct - IDCW Plan
Open - - - - - -
High - - - 1,022.7590 - -
Low - - - 1,000.0000 - -
End - - - 1,022.6948 - -
Direct - Growth Plan
Open - - - - - -
High - 12.9540 - 1,022.9871 - 11.2840
Low - 8.9860 - 1,000.0000 - 9.6250
End - 10.9610 - 1,022.9230 - 10.9290

2. Closing Assets under Management (Rs. in Lakhs)

End 129,786.13 100,382.63 15,579.36 4,818.52 52,632.89 40,673.49
Average (AAuM)4 110,083.54 86,173.60 9,826.63 11,186.13 43,100.40 32,317.29

3. Gross Income as % of AAuM1 1.39% -0.22% 2.67% 3.72% 0.83% 0.04%

4. Expense Ratio:
a. Total Expense as % of AAuM 0.45% 0.53% 0.13% 0.34% 0.54% 0.44%
b. Management Fee as % of AAuM. 0.32% 0.09% 0.07% 0.13% 0.39% 0.07%

5. Net Income as a percentage of AAuM2 0.93% -0.75% 2.54% 3.38% 0.29% -0.41%

6. Portfolio Turnover Ratio3 0.51 0.06 0.23 2.07 0.15 0.02

7. Total Income per unit distributed

during the year/period (plan wise) (Rs.) - - - - - -

8. Historical per unit statistics:

Income other than profit on
sale of investment, per unit 0.3361 0.0048 0.0171 59.4121 0.1049 0.0051
Income from profit on inter-scheme
sales/transfer of investment, per unit 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Income from profit on sale of
investment to third party, per unit 0.1962 -0.0235 0.1763 -3.0546 0.0022 -0.0035
Transfer to revenue account from
past year’s reserve, per unit - - - - - -
Aggregate of expenses, write off,
amortisation and charges, per unit 0.1745 0.0443 0.0091 5.2183 0.0697 0.0200
Net income, per unit 0.3578 -0.0630 0.1843 51.1392 0.0374 -0.0184
Unrealised appreciation/depreciation
in value of investments, per unit -1.1573 0.0959 -0.1451 0.0891 1.1867 0.6410

Mirae Asset Mutual Fund - Annual Report 2021-2022 125

 Key Statistics
for the year/period ended March 31, 2022 (contd...)
Mirae Asset Mirae Mirae Mirae Asset Mirae Asset Mirae Asset
NYSE FANG+ Asset NYSE Asset Nifty Money S&P 500 Top S&P 500 Top
ETF # FANG+ETF Financial Market 50 ETF # 50 ETF Fund
Fund Of Services Fund # Of Fund #
Fund # ETF #
As at As at As at As at As at As at
March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022

9. Returns:
1 Year
Scheme
Regular - Growth Option - - - - - -
Direct - Growth Option - - - - - -
Benchmark - - - - - -
Since Inception
Scheme
Regular - Growth Option 2.70% 9.31% 4.08% 3.21% 8.29% 7.96%
Direct - Growth Option - 9.61% - 3.62% - 8.24%
Benchmark
Regular - Growth Option 2.81% 7.14% 4.24% 3.65% 8.63% 6.38%
Direct - Growth Option - 7.14% - 3.65% - 6.38%
Face Value 40.00 10.00 10.00 1,000.00 20.00 10.00
Unit Capital (in Lakhs) 103,641.44 91,812.14 9,088.93 4,714.19 35,484.81 37,263.42
No of Days 330 326 275 233 193 191
If the units are traded, the highest and
the lowest prices per unit during the year
Highest Price 60.85 N.A. 19.64 N.A. 31.37 N.A.
Lowest price 42.18 N.A. 15.41 N.A. 26.75 N.A.
Weighted average Price Earning Ratio of Equity/
Equity Related instrument held in the portfolio 31.94 N.A. 23.14 N.A. 25.73 N.A.

1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS/(LOSSES) FOR THE YEAR/PERIOD
3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
4. AAuM=Average daily net assets
# Since the scheme has not completed one year in either of the years, only since inception return is disclosed.
Price-earning ratio not applicable for all schemes.

126 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Key Statistics
for the year/period ended March 31, 2022
Mirae Asset Mirae Asset Mirae Asset Mirae Asset Mirae Asset Mirae Asset
Hang Seng Hang Seng Nifty India Nifty India Nifty Midcap Nifty SDL
Tech ETF # Tech ETF Manufac- Manufac- 150 ETF # Jun 2027
Fund Of turing ETF # turing ETF Index Fund #
Fund # FOF #
As at As at As at As at As at As at
March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022

1. NAV per unit (Rs.):

Regular - IDCW Plan
Open - - - - - -
High - - - 10.2150 - 10.0071
Low - - - 9.2920 - 10.0000
End - - - 10.1300 - 10.0071
Regular - Growth Plan
Open - - - - - -
High 19.6850 10.1940 80.6540 10.2150 11.1120 10.0071
Low 11.2780 6.1370 73.3750 9.2930 10.4390 10.0000
End 14.6540 7.6510 79.8230 10.0920 11.1120 10.0071
Direct - IDCW Plan
Open - - - - - -
High - - - 10.2160 - 10.0072
Low - - - 9.2950 - 10.0000
End - - - 10.0990 - 10.0072
Direct - Growth Plan
Open - - - - - -
High - 10.1940 - 10.2160 - 10.0072
Low - 6.1510 - 9.2950 - 10.0000
End - 7.6690 - 10.0980 - 10.0072

2. Closing Assets under Management (Rs. in Lakhs)

End 11,036.02 6,670.20 6,781.18 3,620.95 6,680.38 18,802.43
Average (AAuM)4 10,025.80 7,299.27 6,440.58 3,309.53 5,097.41 18,493.52

3. Gross Income as % of AAuM1 -9.35% -0.33% 3.02% 0.51% 12.23% 0.36%

4. Expense Ratio:
a. Total Expense as % of AAuM 0.43% 0.48% 0.39% 0.55% 0.05% 0.13%
b. Management Fee as % of AAuM. 0.30% 0.09% 0.26% 0.10% 0.00% 0.05%

5. Net Income as a percentage of AAuM2 -9.78% -0.82% 2.63% -0.05% 12.18% 0.23%

6. Portfolio Turnover Ratio3 0.26 0.01 0.14 - 0.38 0.19

7. Total Income per unit distributed

during the year/period (plan wise) (Rs.)

8. Historical per unit statistics:

Income other than profit on
sale of investment, per unit -0.0643 0.0088 0.3064 0.0077 0.0062 0.0027
Income from profit on inter-scheme
sales/transfer of investment, per unit 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Income from profit on sale of
investment to third party, per unit -0.3315 -0.0175 0.0957 0.0000 0.0592 -0.0026
Transfer to revenue account from
past year’s reserve, per unit - - - - - -
Aggregate of expenses, write off,
amortisation and charges, per unit 0.0181 0.0127 0.0520 0.0084 0.0003 0.0001
Net income, per unit -0.4138 -0.0214 0.3501 -0.0007 0.0651 0.0001
Unrealised appreciation/depreciation
in value of investments, per unit -2.8650 -2.2467 1.1743 0.1191 0.4092 0.0070

Mirae Asset Mutual Fund - Annual Report 2021-2022 127

 Key Statistics
for the year/period ended March 31, 2022 (contd...)
Mirae Asset Mirae Asset Mirae Asset Mirae Asset Mirae Asset Mirae Asset
Hang Seng Hang Seng Nifty India Nifty India Nifty Midcap Nifty SDL
Tech ETF # Tech ETF Manufac- Manufac- 150 ETF # Jun 2027
Fund Of turing ETF # turing ETF Index Fund #
Fund # FOF #
As at As at As at As at As at As at
March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022

9. Returns:
1 Year
Scheme
Regular - Growth Option - - - - - -
Direct - Growth Option - - - - - -
Benchmark - - - - - -
Since Inception
Scheme
Regular - Growth Option -23.62% -23.50% 2.76% 0.91% 4.89% -
Direct - Growth Option - -23.31% - 0.98% - -
Benchmark
Regular - Growth Option -23.64% -23.71% 2.87% 1.17% 4.99% -
Direct - Growth Option - -23.71% - 1.17% - -
Face Value 10.00 10.00 50.00 10.00 5.00 10.00
Unit Capital (in Lakhs) 7,531.19 8,708.80 4,247.62 3,587.07 3,005.89 18,788.95
No of Days 116 114 64 60 23 2
If the units are traded, the highest and
the lowest prices per unit during the year
Highest Price 19.64 N.A. 80.90 N.A. 11.13 N.A.
Lowest price 11.76 N.A. 73.48 N.A. 10.47 N.A.
Weighted average Price Earning Ratio of Equity/
Equity Related instrument held in the portfolio 149.86 N.A. 32.70 N.A. 32.72 N.A.

1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS/(LOSSES) FOR THE YEAR/PERIOD
3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
4. AAuM=Average daily net assets
# Since the scheme has not completed one year in either of the years, only since inception return is disclosed.
Price-earning ratio not applicable for all schemes.

128 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Notes to Accounts - Annexure I
to the Abridged Balance Sheet and Revenue Account for the Year / Period ended March 31, 2022

1 Investments:-
1.1. All the investments are held in the name of the Scheme, as per clause 7 of Seventh Schedule under Regulations 44(1) of SEBI (Mutual Funds)
Regulations, 1996.
1.2. Open Position of derivatives (outstanding market value & % to Net Assets) is as under:
Scheme Name As on March 31, 2022 As on March 31, 2021
Nature of Outstanding As a Nature of Outstanding As a
Derivative Market Value percentage (%) Derivative Market Value percentage (%)
(Rs. in Lakhs) to Net Assets (Rs. in Lakhs) to Net Assets
Mirae Asset Equity Savings Fund Equity Futures (13,428.01) -26.20% Equity Futures (6,016.35) -28.78%
Mirae Asset Arbitrage Fund Equity Futures (27,123.64) -70.76% Equity Futures (19,795.48) -67.38%
Disclosure for derivative transactions as required by SEBI circular Cir/IMD/DF/11/2010 dated August 18, 2010: Annexure I-A
1.3. There are no investments in Associates and Group Companies of the sponsor during the period ended March 31, 2022 (Previous year: NIL).
1.4. There are no open positions of Securities Borrowed and / or Lent by the schemes. (Previous year: NIL).
1.5. NPA’s as on March 31, 2022 are NIL (Previous year: NIL).
1.6. Aggregate Unrealised Gain / Loss as at the end of the Financial Year / Period and percentage to net assets:
Scheme Name 2021-2022 2020-2021
Unrealised Gain / % to Net Unrealised Gain / % to Net
(Loss) (Rs. In lakhs.) Assets (Loss) (Rs. In lakhs.) Assets
Mirae Asset Cash Management Fund (56.98) -0.02% 29.75 0.01%
Mirae Asset Savings Fund (486.01) -0.65% 68.91 0.07%
Mirae Asset Tax Saver Fund 169,670.69 14.31% 135,444.48 19.35%
Mirae Asset Hybrid - Equity Fund 100,974.05 15.16% 77,089.17 15.94%
Mirae Asset Large Cap Fund 924,469.47 28.94% 674,023.33 28.35%
Mirae Asset Emerging BlueChip Fund 411,578.79 18.77% 376,463.58 23.24%
Mirae Asset Great Consumer Fund 21,690.73 13.09% 20,144.01 17.15%
Mirae Asset Dynamic Bond Fund (200.86) -0.70% (52.25) -0.35%
Mirae Asset Short Term Fund (221.53) -0.45% 127.17 0.16%
Mirae Asset Fixed Maturity Plan - Series III-1122 (26.13) -0.77% 40.97 1.25%
Mirae Asset Healthcare Fund 43,605.52 23.99% 31,346.42 24.67%
Mirae Asset Equity Savings Fund 2,313.30 4.51% 2,239.02 10.71%
Mirae Asset Nifty 50 ETF (MAN50ETF) 17,565.48 22.09% 9,676.84 17.55%
Mirae Asset Focused Fund 205,515.01 24.21% 134,224.69 24.49%
Mirae Asset Midcap Fund 125,233.61 16.74% 90,084.55 21.28%
Mirae Asset Overnight Fund - 0.00% - 0.00%
Mirae Asset Nifty Next 50 ETF (MANXT50ETF) 1,308.97 12.69% 807.32 14.16%
Mirae Asset Banking and PSU Debt Fund (208.25) -1.45% (166.21) -0.71%
Mirae Asset Corporate Bond Fund (66.78) -0.67% 22.01 0.19%
Mirae Asset Ultra Short Duration Fund (37.98) -0.14% (53.69) -0.21%
Mirae Asset Arbitrage Fund 855.14 2.23% 1,602.48 5.45%
Mirae Asset Banking and Financial Services Fund 9,546.52 9.61% 3,386.92 6.57%
Mirae Asset Equity Allocator Fund of Fund 3,254.76 12.52% 1,386.46 14.35%
Mirae Asset ESG Sector Leaders ETF 2,717.32 16.30% 1,119.05 8.65%
Mirae Asset ESG Sector Leaders Fund Of Fund 2,782.85 19.78% 919.32 8.62%
Mirae Asset NYSE FANG+ETF Fund Of Fund # 880.40 0.88% - 0.00%
Mirae Asset NYSE FANG+ETF # (2,998.50) -2.31% - 0.00%
Mirae Asset Hang Seng Tech ETF Fund Of Fund # (1,956.64) -29.33% - 0.00%
Mirae Asset Hang Seng Tech ETF # (2,157.65) -19.55% - 0.00%
Mirae Asset Nifty India Manufacturing ETF FOF # 42.71 1.18% - 0.00%
Mirae Asset Money Market Fund # 0.42 0.01% - 0.00%
Mirae Asset Nifty SDL Jun 2027 Index Fund # 13.06 0.07% - 0.00%
Mirae Asset Nifty Midcap 150 ETF # 246.00 3.68% - 0.00%
Mirae Asset Nifty Financial Services ETF # (131.84) -0.85% - 0.00%
Mirae Asset S&P 500 Top 50 ETF Fund Of Fund # 2,388.49 5.87% - 0.00%
Mirae Asset S&P 500 Top 50 ETF # 2,105.43 4.00% - 0.00%
Mirae Asset Nifty India Manufacturing ETF # 99.76 1.47% - 0.00%

Mirae Asset Mutual Fund - Annual Report 2021-2022 129

 1.7. Aggregate Value of Purchase and Sale with Percentage to average assets.
Scheme Name 2021-2022 2020-2021
Purchases % to Net Sales % to Net Purchases % to Net Sales % to Net
(Rs. in Lakhs) Assets (Rs. in Lakhs) Assets (Rs. in Lakhs) Assets (Rs. in Lakhs) Assets
Mirae Asset Cash
Management Fund 2,901,906.19 723.84% 2,903,021.21 724.12% 2,068,403.04 586.00% 2,048,138.33 580.25%
Mirae Asset Savings Fund 195,097.89 194.08% 220,588.87 219.43% 199,600.99 251.38% 162,064.87 204.11%
Mirae Asset Tax Saver Fund 1,028,347.24 107.99% 708,252.54 74.37% 602,592.77 132.33% 445,208.19 97.77%
Mirae Asset Hybrid - Equity Fund 568,854.60 96.44% 447,085.60 75.79% 431,644.35 110.34% 427,435.71 109.26%
Mirae Asset Large Cap Fund 873,617.23 30.22% 590,275.83 20.42% 570,165.01 29.78% 456,031.67 23.82%
Mirae Asset Emerging
BlueChip Fund 1,551,228.06 76.60% 1,343,541.89 66.35% 1,271,540.62 105.68% 1,106,766.85 91.99%
Mirae Asset Great Consumer Fund 111,803.22 75.81% 89,897.11 60.95% 78,404.75 77.87% 84,037.82 83.46%
Mirae Asset Dynamic Bond Fund 90,116.98 455.13% 71,323.92 360.21% 98,556.08 841.78% 94,544.99 807.52%
Mirae Asset Short Term Fund 179,263.40 271.54% 202,439.94 306.64% 133,436.03 223.84% 95,265.41 159.81%
Mirae Asset Fixed Maturity Plan
- Series III-1122 83.34 2.49% 1,940.00 57.88% 961.50 30.26% 760.45 23.93%
Mirae Asset Healthcare Fund 71,844.21 40.87% 44,043.81 25.05% 83,263.72 90.37% 34,369.05 37.30%
Mirae Asset Equity Savings Fund 80,304.11 221.95% 57,059.67 157.70% 34,618.99 275.26% 29,511.89 234.65%
Mirae Asset Nifty 50 ETF
(MAN50ETF) 25,116.60 39.08% 11,149.10 17.35% 46,260.29 148.62% 12,741.08 40.93%
Mirae Asset Focused Fund 335,733.82 45.36% 203,097.81 27.44% 218,416.30 58.58% 110,411.96 29.61%
Mirae Asset Midcap Fund 487,498.39 78.50% 294,440.75 47.41% 273,616.28 102.26% 182,675.03 68.27%
Mirae Asset Overnight Fund 22,496.73 49.06% 22,500.00 49.07% 2,499.80 5.01% 2,500.00 5.01%
Mirae Asset Nifty Next 50 ETF
(MANXT50ETF) 7,122.43 89.11% 3,626.66 45.37% 4,226.44 102.97% 2,751.35 67.03%
Mirae Asset Arbitrage Fund 217,787.47 576.56% 208,086.67 550.88% 102,727.10 420.02% 91,536.07 374.27%
Mirae Asset Banking and
Financial Services Fund 46,485.85 60.41% 5,324.64 6.92% 48,359.38 115.21% 1,601.85 3.82%
Mirae Asset Banking and PSU
Debt Fund 45,778.54 230.06% 54,742.36 275.11% 69,243.04 269.92% 47,496.33 185.15%
Mirae Asset Corporate Bond Fund 23,868.18 198.71% 21,281.83 177.18% 7,123.73 62.01% 499.20 4.35%
Mirae Asset Equity Allocator
Fund of Fund 18,167.93 104.55% 4,282.21 24.64% 8,540.48 141.24% 229.65 3.80%
Mirae Asset ESG Sector
Leaders ETF 5,805.29 36.27% 4,514.66 28.21% 12,839.77 114.53% 1,070.45 9.55%
Mirae Asset ESG Sector
Leaders Fund Of Fund 2,326.26 17.51% 1,071.41 8.06% 10,220.23 112.70% 482.25 5.32%
Mirae Asset Ultra Short Duration
Fund 64,430.01 259.71% 59,306.45 239.06% 43,055.45 176.31% 21,489.31 88.00%
Mirae Asset NYSE FANG+ETF
Fund Of Fund # 105,057.55 121.91% 5,342.95 6.20% - - - -
Mirae Asset NYSE FANG+
ETF # 187,842.53 170.64% 56,482.88 51.31% - - - -
Mirae Asset Hang Seng Tech
ETF Fund Of Fund # 8,716.49 119.42% 51.01 0.70% - - - -
Mirae Asset Hang Seng Tech
ETF # 16,039.77 159.98% 2,623.99 26.17% - - - -
Mirae Asset Nifty India
Manufacturing ETF FOF # 3,702.20 111.86% 0.00 0.00% - - - -
Mirae Asset Money Market
Fund # 25,116.33 224.53% 23,208.71 207.48% - - - -
Mirae Asset Nifty SDL Jun 2027
Index Fund # 18,496.88 100.02% 3,566.12 19.28% - - - -
Mirae Asset Nifty Midcap 150
ETF # 8,324.56 163.31% 1,931.43 37.89% - - - -
Mirae Asset Nifty Financial
Services ETF # 17,844.38 181.59% 2,294.07 23.35% - - - -
Mirae Asset S&P 500 Top 50
ETF Fund Of Fund # 38,857.01 120.24% 616.19 1.91% - - - -
Mirae Asset S&P 500 Top 50
ETF # 56,751.39 131.67% 6,363.94 14.77% - - - -
Mirae Asset Nifty India
Manufacturing ETF # 7,576.19 117.63% 908.11 14.10% - - - -

1.8. Non-Traded securities in the portfolio is NIL (Previous year: NIL).

130 Mirae Asset Mutual Fund - Annual Report 2021-2022

2. Details of Transaction with Associates under regulation 25(8) are as follows:
(a) Brokerage paid to associates/related parties/group companies of Sponsor/AMC:
Name of associate/related parties/group Nature of Period Value of transaction* Brokerage (Rs. in Cr &
companies of Sponsor/AMC Association/ covered (Rs. in Cr. & % of total value % of total brokerage
Nature of relation of transaction of fund) paid by the fund)
Mirae Asset Capital Market India Private Ltd. Associate 2020-21 2,157.15 0.16% 3.57 3.35%
Mirae Asset Capital Markets (India) Private Ltd. Associate 2021-22 4,156.82 0.27% 5.92 4.07%
Mirae Asset Securities (HK) Ltd. Associate 2021-22 90.68 0.01% 0.17 0.12%
Mirae Asset Securities (USA) Inc. Associate 2021-22 386.99 0.03% 0.78 0.05%
*Transactions done for purchase/sale of mutual funds units are not considerd while computing total value of transaction
(b) Commission paid to associates/related parties/group companies of sponsor/AMC:
Name of associate/related parties/ Nature of Period Business given Brokerage
group companies of Sponsor/AMC Association/ covered (Rs. in Cr. & % of total (Rs. in Cr & % of total
Nature of relation business received by the fund) brokerage paid by the fund)
Satco Capital Markets Ltd. Commission paid for
procuring unit capital 2020-21 0.1850 $0.00% 0.0216 0.51%
Chanchal Gopikisan Biyani Commission paid for
procuring unit capital 2020-21 0.1410 $0.00% 0.0076 0.18%
Satco Capital Markets Ltd. Commission paid for
procuring unit capital 2021-22 0.3062 0.01% 0.0205 0.30%
Chanchal Gopikisan Biyani Commission paid for
procuring unit capital 2021-22 0.4342 0.01% 0.0125 0.18%
$ Less then 0.01%.

3. Large Holdings in the Scheme (i.e. in excess of 25% of the net assets). Provide details of No. of Investors and total holdings by them in percentage terms.
Name of the Scheme March 31, 2022 March 31, 2021
No. of Investors % Holding No. of Investors % Holding
Mirae Asset Overnight Fund 1 25.03% Nil Nil
Mirae Asset Money Market Fund 2 51.72% Nil Nil

4. Details of Unit Capital are provided in Schedules.

5. Prior Year Comparatives: The figures of the previous period have been regrouped / rearranged, wherever applicable, to conform to current year’s
presentation.
6 Expenses other than management fee is inclusive of goods and service tax where applicable.
7 The net asset value disclosed above represents the computed NAV as on balance sheet date, and not the last declared NAV. The difference in the declared
NAV and computed NAV is on account of additional CCIL charges and foreign exchange conversion charges accounted subsequently
Guidance Note: Provide corresponding previous year/period figures for all the above disclosures.

Mirae Asset Mutual Fund - Annual Report 2021-2022 131

132
SCHEDULES: Unit Capital
TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2022
Mirae Asset Mirae Asset
Large Cap Fund Emerging Bluechip Fund
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
(Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s)

Growth Option
Outstanding, beginning of year 2,311,577,121.740 23,115,771 2,144,326,368.534 21,443,264 1,407,033,152.933 14,070,330 1,241,324,700.861 12,413,246
Issued
- during the year 663,080,266.044 6,630,803 764,258,930.885 7,642,589 262,495,133.808 2,624,953 420,235,828.710 4,202,358
Redeemed during the year (334,262,084.742) (3,342,621) (597,008,177.679) (5,970,082) (146,180,498.823) (1,461,805) (254,527,376.638) (2,545,274)
Outstanding, end of year 2,640,395,303.042 26,403,953 2,311,577,121.740 23,115,771 1,523,347,787.918 15,233,478 1,407,033,152.933 14,070,330

IDCW Option
Outstanding, beginning of year 245,409,177.858 2,454,091 430,094,164.727 4,300,941 74,200,720.135 742,007 105,028,204.068 1,050,282
Issued
- during the year 23,080,471.646 230,805 131,196,689.412 1,311,967 6,612,062.176 66,121 11,381,104.976 113,811
Redeemed during the year (78,086,280.300) (780,863) (315,881,676.281) (3,158,817) (16,614,047.353) (166,140) (42,208,588.909) (422,086)
Outstanding, end of year 190,403,369.204 1,904,033 245,409,177.858 2,454,091 64,198,734.958 641,988 74,200,720.135 742,007

Direct Plan - Growth Option

Outstanding, beginning of year 1,140,358,590.045 11,403,588 1,004,467,768.035 10,044,679 569,197,744.980 5,691,976 421,670,015.557 4,216,699
Issued
- during the year 329,455,590.603 3,294,556 381,260,757.831 3,812,608 170,025,355.165 1,700,254 225,490,588.955 2,254,906
Redeemed during the year (172,344,852.455) (1,723,449) (245,369,935.821) (2,453,699) (52,492,536.646) (524,925) (77,962,859.532) (779,629)
Outstanding, end of year 1,297,469,328.193 12,974,695 1,140,358,590.045 11,403,588 686,730,563.499 6,867,305 569,197,744.980 5,691,976

Direct Plan - IDCW Option

Outstanding, beginning of year 19,545,039.156 195,450 62,432,264.651 624,322 8,415,045.744 84,151 9,241,213.855 92,412
Issued
- during the year 9,469,975.782 94,700 6,429,689.317 64,297 2,050,042.396 20,500 2,757,857.927 27,579
Redeemed during the year (8,496,256.208) (84,963) (49,316,914.812) (493,169) (1,835,393.340) (18,354) (3,584,026.038) (35,840)
Outstanding, end of year 20,518,758.730 205,187 19,545,039.156 195,450 8,629,694.800 86,297 8,415,045.744 84,151

Total
Outstanding, beginning of year 3,716,889,928.799 37,168,900 3,641,320,565.947 36,413,206 2,058,846,663.792 20,588,464 1,777,264,134.341 17,772,639
Issued
- during the year 1,025,086,304.075 10,250,864 1,283,146,067.445 12,831,461 441,182,593.545 4,411,828 659,865,380.568 6,598,654
Redeemed during the year (593,189,473.705) (5,931,896) (1,207,576,704.593) (12,075,767) (217,122,476.162) (2,171,224) (378,282,851.117) (3,782,829)
Outstanding, end of year 4,148,786,759.169 41,487,868 3,716,889,928.799 37,168,900 2,282,906,781.175 22,829,068 2,058,846,663.792 20,588,464

**Note: Details of large holdings (over 25% of the NAV of the Scheme): Nil, (Previous Year: Nil).
Advance stamp duty paid to CDSL/NSDL for demat transactions as on 31st March 2022 has been adjusted against stamp duty payable on physical transactions in current liabilities.

Mirae Asset Mutual Fund - Annual Report 2021-2022

 SCHEDULES: Unit Capital
TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2022
Mirae Asset Mirae Asset
Hybrid Equity Fund Tax Saver
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
(Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s)

Growth Option
Outstanding, beginning of year 2,110,856,198.826 21,108,562 1,899,443,077.847 18,994,431 1,770,439,985.295 17,704,401 1,318,894,449.495 13,188,945
Issued
- during the year 672,848,511.075 6,728,484 616,081,639.747 6,160,816 527,721,001.042 5,277,208 533,418,273.603 5,334,183
Redeemed during the year (312,800,450.537) (3,128,005) (404,668,518.768) (4,046,685) (83,178,992.997) (831,790) (81,872,737.803) (818,727)

Mirae Asset Mutual Fund - Annual Report 2021-2022

Outstanding, end of year 2,470,904,259.364 24,709,041 2,110,856,198.826 21,108,562 2,214,981,993.340 22,149,819 1,770,439,985.295 17,704,401

IDCW Option
Outstanding, beginning of year 127,376,181.422 1,273,762 224,314,916.365 2,243,149 129,596,019.099 1,295,961 130,943,405.475 1,309,435
Issued
- during the year 9,985,347.548 99,853 19,354,996.483 193,550 13,199,753.826 131,998 17,491,964.321 174,920
Redeemed during the year (29,288,794.079) (292,888) (116,293,731.426) (1,162,937) (15,331,206.190) (153,312) (18,839,350.697) (188,394)
Outstanding, end of year 108,072,734.891 1,080,727 127,376,181.422 1,273,762 127,464,566.735 1,274,647 129,596,019.099 1,295,961

Direct Plan - Growth Option

Outstanding, beginning of year 327,369,029.807 3,273,691 241,696,193.987 2,416,962 806,312,541.177 8,063,126 491,925,678.070 4,919,257
Issued
- during the year 173,116,294.527 1,731,163 159,601,861.261 1,596,019 629,868,535.619 6,298,685 325,076,080.862 3,250,761
Redeemed during the year (47,466,811.551) (474,668) (73,929,025.441) (739,290) (14,644,944.801) (146,449) (10,689,217.755) (106,892)
Outstanding, end of year 453,018,512.783 4,530,186 327,369,029.807 3,273,691 1,421,536,131.995 14,215,362 806,312,541.177 8,063,126

Direct Plan - IDCW Option

Outstanding, beginning of year 5,300,349.373 53,004 19,649,375.533 196,494 19,415,143.448 194,150 14,516,970.649 145,168
Issued
- during the year 2,034,700.081 20,347 7,329,389.995 73,294 8,660,889.490 86,609 5,932,575.488 59,326
Redeemed during the year (1,344,224.914) (13,442) (21,678,416.155) (216,784) (1,003,912.550) (10,039) (1,034,402.689) (10,344)
Outstanding, end of year 5,990,824.540 59,909 5,300,349.373 53,004 27,072,120.388 270,720 19,415,143.448 194,150

Total
Outstanding, beginning of year 2,570,901,759.428 25,709,019 2,385,103,563.732 23,851,036 2,725,763,689.019 27,257,638 1,956,280,503.689 19,562,805
Issued
- during the year 857,984,853.231 8,579,847 802,367,887.486 8,023,679 1,179,450,179.977 11,794,500 881,918,894.274 8,819,190
Redeemed during the year (390,900,281.081) (3,909,003) (616,569,691.790) (6,165,696) (114,159,056.538) (1,141,590) (112,435,708.944) (1,124,357)
Outstanding, end of year 3,037,986,331.578 30,379,863 2,570,901,759.428 25,709,019 3,791,054,812.458 37,910,548 2,725,763,689.019 27,257,638

**Note: Details of large holdings (over 25% of the NAV of the Scheme): Nil, (Previous Year: Nil).
Advance stamp duty paid to CDSL/NSDL for demat transactions as on 31st March 2022 has been adjusted against stamp duty payable on physical transactions in current liabilities.

133
134
SCHEDULES: Unit Capital
TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2022
Mirae Asset Mirae Asset
Great Consumer Fund Healthcare Fund
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
(Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s)

Growth Option
Outstanding, beginning of year 220,642,631.380 2,206,427 224,115,264.542 2,241,153 529,938,724.056 5,299,387 295,417,631.461 2,954,176
Issued
- during the year 75,018,593.283 750,182 59,562,565.988 595,626 228,524,504.422 2,285,245 359,429,421.725 3,594,294
Redeemed during the year (32,622,137.200) (326,221) (63,035,199.150) (630,352) (129,613,392.247) (1,296,134) (124,908,329.130) (1,249,083)
Outstanding, end of year 263,039,087.463 2,630,388 220,642,631.380 2,206,427 628,849,836.231 6,288,498 529,938,724.056 5,299,387

IDCW Option
Outstanding, beginning of year 12,394,009.869 123,940 29,737,576.734 297,376 13,611,109.602 136,112 18,096,752.475 180,968
Issued
- during the year 1,181,298.302 11,813 1,257,640.145 12,576 2,526,642.873 25,266 5,270,168.452 52,702
Redeemed during the year (2,870,383.801) (28,704) (18,601,207.010) (186,012) (3,350,106.690) (33,501) (9,755,811.325) (97,558)
Outstanding, end of year 10,704,924.370 107,049 12,394,009.869 123,940 12,787,645.785 127,877 13,611,109.602 136,112

Direct Plan - Growth Option

Outstanding, beginning of year 33,118,778.831 331,188 34,210,093.742 342,101 125,087,102.095 1,250,870 39,026,869.961 390,268
Issued
- during the year 10,692,180.922 106,922 8,208,334.774 82,083 79,863,043.660 798,630 127,290,648.426 1,272,906
Redeemed during the year (6,049,229.637) (60,492) (9,299,649.685) (92,996) (46,248,390.512) (462,484) (41,230,416.292) (412,304)
Outstanding, end of year 37,761,730.116 377,618 33,118,778.831 331,188 158,701,755.243 1,587,016 125,087,102.095 1,250,870

Direct Plan - IDCW Option

Outstanding, beginning of year 605,171.331 6,053 2,606,161.829 26,063 2,595,037.110 25,951 3,188,313.209 31,883
Issued
- during the year 227,912.138 2,279 234,937.141 2,349 1,761,453.777 17,615 2,585,061.975 25,851
Redeemed during the year (139,440.061) (1,394) (2,235,927.639) (22,359) (1,229,865.847) (12,299) (3,178,338.074) (31,783)
Outstanding, end of year 693,643.408 6,938 605,171.331 6,053 3,126,625.040 31,267 2,595,037.110 25,951

Total
Outstanding, beginning of year 266,760,591.411 2,667,608 290,669,096.847 2,906,693 671,231,972.863 6,712,320 355,729,567.106 3,557,295
Issued
- during the year 87,119,984.645 871,196 69,263,478.048 692,634 312,675,644.732 3,126,756 494,575,300.578 4,945,753
Redeemed during the year (41,681,190.699) (416,811) (93,171,983.484) (931,719) (180,441,755.296) (1,804,418) (179,072,894.821) (1,790,728)
Outstanding, end of year 312,199,385.357 3,121,993 266,760,591.411 2,667,608 803,465,862.299 8,034,658 671,231,972.863 6,712,320

**Note: Details of large holdings (over 25% of the NAV of the Scheme): Nil, (Previous Year: Nil).
Advance stamp duty paid to CDSL/NSDL for demat transactions as on 31st March 2022 has been adjusted against stamp duty payable on physical transactions in current liabilities.

Mirae Asset Mutual Fund - Annual Report 2021-2022

 SCHEDULES: Unit Capital
TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2022
Mirae Asset Mirae Asset
Nifty 50 ETF (MAN50ETF) Equity Savings Fund
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
(Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s)

Growth Option
Outstanding, beginning of year 36,720,683.000 3,672,068 8,870,683.000 887,068 125,309,633.967 1,253,097 67,519,897.166 675,200
Issued
- during the year 13,250,000.000 1,325,000 35,050,000.000 3,505,000 181,382,048.478 1,813,821 81,392,747.389 813,927
Redeemed during the year (5,900,000.000) (590,000) (7,200,000.000) (720,000) (38,379,611.110) (383,796) (23,603,010.588) (236,030)

Mirae Asset Mutual Fund - Annual Report 2021-2022

Outstanding, end of year 44,070,683.000 4,407,068 36,720,683.000 3,672,068 268,312,071.335 2,683,122 125,309,633.967 1,253,097

IDCW Option
Outstanding, beginning of year - - - - 1,387,309.747 13,873 1,489,859.965 14,898
Issued
- during the year - - - - 579,035.464 5,790 755,361.431 7,554
Redeemed during the year - - - - (224,835.718) (2,248) (857,911.649) (8,579)
Outstanding, end of year - - - - 1,741,509.493 17,415 1,387,309.747 13,873

Direct Plan - Growth Option

Outstanding, beginning of year - - - - 30,767,438.555 307,674 17,146,986.943 171,470
Issued
- during the year - - - - 55,492,594.823 554,926 18,839,013.806 188,390
Redeemed during the year - - - - (8,546,155.259) (85,462) (5,218,562.194) (52,186)
Outstanding, end of year - - - - 77,713,878.119 777,138 30,767,438.555 307,674

Direct Plan - IDCW Option

Outstanding, beginning of year - - - - 943,054.460 9,431 1,019,374.050 10,194
Issued
- during the year - - - - 439,648.492 4,396 312,876.035 3,129
Redeemed during the year - - - - (278,333.983) (2,783) (389,195.625) (3,892)
Outstanding, end of year - - - - 1,104,368.969 11,044 943,054.460 9,431

Total
Outstanding, beginning of year 36,720,683.000 3,672,068 8,870,683.000 887,068 158,407,436.729 1,584,075 87,176,118.124 871,762
Issued
- during the year 13,250,000.000 1,325,000 35,050,000.000 3,505,000 237,893,327.257 2,378,933 101,299,998.661 1,013,000
Redeemed during the year (5,900,000.000) (590,000) (7,200,000.000) (720,000) (47,428,936.070) (474,289) (30,068,680.056) (300,687)
Outstanding, end of year 44,070,683.000 4,407,068 36,720,683.000 3,672,068 348,871,827.916 3,488,719 158,407,436.729 1,584,075

**Note: Details of large holdings (over 25% of the NAV of the Scheme): Nil, (Previous Year: Nil).
Advance stamp duty paid to CDSL/NSDL for demat transactions as on 31st March 2022 has been adjusted against stamp duty payable on physical transactions in current liabilities.

135
 SCHEDULES: Unit Capital
TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2022
Mirae Asset Cash Management Fund**
March 31, 2022 March 31, 2021
Quantity Amount Quantity Amount
(Rs. in 000's) (Rs. in 000's)

Regular Plan - Growth Option

Outstanding, beginning of year 6,656,001.968 6,656,002 5,331,256.528 5,331,257
Issued during the year 18,602,454.584 18,602,455 20,457,741.440 20,457,741
Redeemed during the year (20,584,403.724) (20,584,404) (19,132,996.000) (19,132,996)
Outstanding, end of year 4,674,052.828 4,674,053 6,656,001.968 6,656,002
Regular Plan - Daily IDCW Option
Outstanding, beginning of year 147,984.524 147,983 885,433.064 885,432
Issued during the year 105,490.143 105,490 222,934.299 222,934
Redeemed during the year (165,052.489) (165,052) (960,382.839) (960,383)
Outstanding, end of year 88,422.178 88,421 147,984.524 147,983
Regular Plan - Weekly IDCW Option
Outstanding, beginning of year 36,385.801 36,385 325,341.464 325,341
Issued during the year 15,473.846 15,474 85,769.853 85,770
Redeemed during the year (35,717.644) (35,718) (374,725.516) (374,726)
Outstanding, end of year 16,142.003 16,141 36,385.801 36,385
Regular Plan - Monthly IDCW Option
Outstanding, beginning of year 36,256.110 36,256 90,101.188 90,101
Issued during the year 41,613.262 41,613 47,632.949 47,633
Redeemed during the year (34,052.457) (34,052) (101,478.027) (101,478)
Outstanding, end of year 43,816.915 43,817 36,256.110 36,256
Direct Plan - Growth Option
Outstanding, beginning of year 9,213,305.798 9,213,306 7,311,192.518 7,311,192
Issued during the year 79,188,536.554 79,188,537 71,873,171.736 71,873,172
Redeemed during the year (79,547,000.572) (79,547,001) (69,971,058.456) (69,971,058)
Outstanding, end of year 8,854,841.780 8,854,842 9,213,305.798 9,213,306
Direct Plan - Daily IDCW Option
Outstanding, beginning of year 52,414.908 52,412 1,653,246.317 1,653,244
Issued during the year 109,404.917 109,405 1,418,291.328 1,418,291
Redeemed during the year (118,954.499) (118,954) (3,019,122.737) (3,019,123)
Outstanding, end of year 42,865.326 42,863 52,414.908 52,412
Direct Plan - Weekly IDCW Option
Outstanding, beginning of year 13,926.008 13,928 73,868.132 73,870
Issued during the year 7,908.916 7,909 29,459.908 29,460
Redeemed during the year (15,999.343) (15,999) (89,402.032) (89,402)
Outstanding, end of year 5,835.581 5,838 13,926.008 13,928
Direct Plan - Monthly IDCW Option
Outstanding, beginning of year 30,114.382 30,116 41,383.921 41,385
Issued during the year 20,011.543 20,012 35,842.588 35,843
Redeemed during the year (31,833.882) (31,834) (47,112.127) (47,112)
Outstanding, end of year 18,292.043 18,294 30,114.382 30,116
Total
Outstanding, beginning of year 16,186,389.499 16,186,390 15,711,823.132 15,711,824
Issued during the year 98,090,893.765 98,090,894 94,170,844.101 94,170,844
Redeemed during the year (100,533,014.610) (100,533,015) (93,696,277.734) (93,696,278)
Outstanding, end of year 13,744,268.654 13,744,269 16,186,389.499 16,186,390

**Note: Details of large holdings (over 25% of the NAV of the Scheme):
Name of the Scheme March 31, 2022 March 31, 2021
No. of Investors % Holding No. of Investors % Holding
Mirae Asset Cash Management Fund Nil Nil Nil Nil

136 Mirae Asset Mutual Fund - Annual Report 2021-2022

 SCHEDULES: Unit Capital
TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2022
Mirae Asset Savings Fund
March 31, 2022 March 31, 2021
Quantity Amount Quantity Amount
(Rs. in 000’s) (Rs. in 000’s)
Regular Savings Plan - Growth Option
Outstanding, beginning of year/period 5,164,178.002 5,164,177 2,607,183.223 2,607,183
Issued during the year/period 5,436,889.853 5,436,886 8,021,133.436 8,021,133
Redeemed during the year/period (7,410,831.841) (7,410,832) (5,464,138.657) (5,464,139)
Outstanding, end of year/period 3,190,236.014 3,190,231 5,164,178.002 5,164,177
Regular Savings Plan - Quarterly IDCW Option
Outstanding, beginning of year/period 1,682.667 1,684 6,413.737 6,415
Issued during the year/period 2,577.058 2,577 1,473.527 1,474
Redeemed during the year/period (2,283.971) (2,284) (6,204.597) (6,205)
Outstanding, end of year/period 1,975.754 1,977 1,682.667 1,684
Regular Savings Plan - Weekly IDCW Option
Outstanding, beginning of year/period 38,544.243 38,544 159,183.852 159,184
Issued during the year/period 6,365.810 6,366 26,285.407 26,285
Redeemed during the year/period (33,482.153) (33,482) (146,925.016) (146,925)
Outstanding, end of year/period 11,427.900 11,428 38,544.243 38,544
Regular Savings Plan - Monthly IDCW Option
Outstanding, beginning of year/period 18,173.877 18,175 53,622.739 53,624
Issued during the year/period 8,002.408 8,002 22,691.731 22,692
Redeemed during the year/period (16,618.245) (16,618) (58,140.593) (58,141)
Outstanding, end of year/period 9,558.040 9,559 18,173.877 18,175
Regular Savings Plan - Daily IDCW Option
Outstanding, beginning of year/period 94,434.755 94,436 223,551.953 223,553
Issued during the year/period 9,471.721 9,472 69,865.516 69,866
Redeemed during the year/period (84,239.981) (84,240) (198,982.714) (198,983)
Outstanding, end of year/period 19,666.495 19,668 94,434.755 94,436
Direct Plan - Growth Option
Outstanding, beginning of year/period 625,164.727 625,165 447,209.936 447,210
Issued during the year/period 2,007,370.911 2,007,371 2,142,975.638 2,142,976
Redeemed during the year/period (1,850,693.655) (1,850,694) (1,965,020.847) (1,965,021)
Outstanding, end of year/period 781,841.983 781,842 625,164.727 625,165
Direct Plan - Daily IDCW Option
Outstanding, beginning of year/period 14,889.140 14,890 10,986.676 10,988
Issued during the year/period 1,848.611 1,849 18,299.984 18,300
Redeemed during the year/period (13,772.359) (13,772) (14,397.520) (14,398)
Outstanding, end of year/period 2,965.392 2,967 14,889.140 14,890
Direct Plan - Weekly IDCW Option
Outstanding, beginning of year/period 4,470.583 4,469 3,524.972 3,524
Issued during the year/period 1,219.732 1,220 3,095.478 3,095
Redeemed during the year/period (4,683.798) (4,684) (2,149.867) (2,150)
Outstanding, end of year/period 1,006.517 1,005 4,470.583 4,469
Direct Plan - Monthly IDCW Option
Outstanding, beginning of year/period 981.037 983 748.387 750
Issued during the year/period 1,161.733 1,162 1,410.117 1,410
Redeemed during the year/period (1,192.525) (1,193) (1,177.467) (1,177)
Outstanding, end of year/period 950.245 952 981.037 983
Direct Plan - Quarterly IDCW Option
Outstanding, beginning of year/period 1,497.335 1,499 1,250.120 1,251
Issued during the year/period 751.487 751 714.692 715
Redeemed during the year/period (1,776.862) (1,777) (467.477) (467)
Outstanding, end of year/period 471.960 473 1,497.335 1,499
Total
Outstanding, beginning of year/period 5,964,016.675 5,964,020 3,513,675.904 3,513,680
Issued during the year/period 7,475,659.324 7,475,656 10,307,945.526 10,307,946
Redeemed during the year/period (9,419,575.390) (9,419,576) (7,857,604.755) (7,857,606)
Outstanding, end of year/period 4,020,100.609 4,020,100 5,964,016.675 5,964,020
**Note: Details of large holdings (over 25% of the NAV of the Scheme): Nil, (Previous Year: Nil).

Mirae Asset Mutual Fund - Annual Report 2021-2022 137

138
SCHEDULES: Unit Capital
TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2022
Mirae Asset Mirae Asset
Dyanmic Bond Fund Short Term Fund
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
(Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s)

Regular Plan - Growth Option

Outstanding, beginning of year/period 53,387,807.962 533,877 23,252,164.186 232,521 466,712,097.192 4,667,120 223,262,340.316 2,232,623
Issued during the year/period 14,815,054.012 148,152 51,913,317.828 519,133 209,306,784.545 2,093,070 557,429,530.943 5,574,295
Redeemed during the year/period (24,424,936.549) (244,249) (21,777,674.052) (217,777) (420,860,074.562) (4,208,601) (313,979,774.067) (3,139,798)
Outstanding, end of year/period 43,777,925.425 437,780 53,387,807.962 533,877 255,158,807.175 2,551,589 466,712,097.192 4,667,120

Regular Plan - IDCW Option

Outstanding, beginning of year/period 1,440,615.620 14,406 1,231,551.390 12,316 2,752,751.116 27,527 2,914,631.824 29,146
Issued during the year/period 354,917.148 3,549 887,616.173 8,876 257,629.461 2,576 1,738,212.231 17,382
Redeemed during the year/period (449,149.539) (4,491) (678,551.943) (6,786) (1,630,769.697) (16,308) (1,900,092.939) (19,001)
Outstanding, end of year/period 1,346,383.229 13,464 1,440,615.620 14,406 1,379,610.880 13,795 2,752,751.116 27,527

Direct Plan - Growth Option

Outstanding, beginning of year/period 54,528,090.688 545,281 21,177,200.587 211,772 156,103,636.846 1,561,036 54,556,838.385 545,568
Issued during the year/period 147,534,533.006 1,475,345 57,353,802.193 573,538 95,628,462.047 956,285 176,973,122.207 1,769,731
Redeemed during the year/period (47,358,448.836) (473,584) (24,002,912.092) (240,029) (128,518,493.676) (1,285,185) (75,426,323.746) (754,263)
Outstanding, end of year/period 154,704,174.858 1,547,042 54,528,090.688 545,281 123,213,605.217 1,232,136 156,103,636.846 1,561,036

Direct Plan - IDCW Option

Outstanding, beginning of year/period 611,574.241 6,115 425,256.230 4,252 593,927.800 5,939 1,166,080.665 11,661
Issued during the year/period 145,790.864 1,458 708,599.653 7,086 704,572.686 7,046 1,452,949.904 14,529
Redeemed during the year/period (275,010.920) (2,750) (522,281.642) (5,223) (639,289.063) (6,393) (2,025,102.769) (20,251)
Outstanding, end of year/period 482,354.185 4,823 611,574.241 6,115 659,211.423 6,592 593,927.800 5,939

Total
Outstanding, beginning of year/period 109,968,088.511 1,099,679 46,086,172.393 460,861 626,162,412.954 6,261,622 281,899,891.190 2,818,998
Issued during the year/period 162,850,295.030 1,628,504 110,863,335.847 1,108,633 305,897,448.739 3,058,977 737,593,815.285 7,375,937
Redeemed during the year/period (72,507,545.844) (725,074) (46,981,419.729) (469,815) (551,648,626.998) (5,516,487) (393,331,293.521) (3,933,313)
Outstanding, end of year/period 200,310,837.697 2,003,109 109,968,088.511 1,099,679 380,411,234.695 3,804,112 626,162,412.954 6,261,622

**Note: Details of large holdings (over 25% of the NAV of the Scheme): Nil, (Previous Year: Nil).
Advance stamp duty paid to CDSL/NSDL for demat transactions as on 31st March 2022 has been adjusted against stamp duty payable on physical transactions in current liabilities.

Mirae Asset Mutual Fund - Annual Report 2021-2022

 SCHEDULES: Unit Capital
TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2022
Mirae Asset Mirae Asset
Focused Fund Midcap Fund
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
(Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s)

Regular Plan - Growth Option

Outstanding, beginning of year 2,851,160,814.034 28,511,609 2,129,712,731.518 21,297,128 1,985,069,162.760 19,850,691 1,462,880,424.680 14,628,804.000
Issued during the year 952,812,943.324 9,528,127 1,162,446,505.146 11,624,465 925,172,092.199 9,251,720 877,755,249.209 8,777,552

Mirae Asset Mutual Fund - Annual Report 2021-2022

Redeemed during the year (547,591,141.712) (5,475,911) (440,998,422.630) (4,409,984) (323,312,845.493) (3,233,128) (355,566,511.129) (3,555,665)
Outstanding, end of year 3,256,382,615.646 32,563,825 2,851,160,814.034 28,511,609 2,586,928,409.466 25,869,283 1,985,069,162.760 19,850,691

Regular Plan - IDCW Option

Outstanding, beginning of year 62,440,667.486 624,406 91,504,230.567 915,042 41,212,103.148 412,121 72,102,884.835 721,029.000
Issued during the year 7,447,261.856 74,473 13,134,491.290 131,345 6,395,290.967 63,953 8,398,615.598 83,986
Redeemed during the year (17,943,231.011) (179,432) (42,198,054.371) (421,981) (10,619,121.986) (106,191) (39,289,397.285) (392,894)
Outstanding, end of year 51,944,698.331 519,447 62,440,667.486 624,406 36,988,272.129 369,883 41,212,103.148 412,121

Direct Plan - Growth Option

Outstanding, beginning of year 543,307,895.967 5,433,079 383,577,300.365 3,835,773.000 580,275,562.943 5,802,756 377,205,553.315 3,772,056.000
Issued during the year 607,970,664.156 6,079,707 273,728,979.627 2,737,290 504,435,261.981 5,044,353 310,225,808.272 3,102,258
Redeemed during the year (68,947,090.680) (689,471) (113,998,384.025) (1,139,984) (121,264,217.134) (1,212,642) (107,155,798.644) (1,071,558)
Outstanding, end of year 1,082,331,469.443 10,823,315 543,307,895.967 5,433,079 963,446,607.790 9,634,467 580,275,562.943 5,802,756

Direct Plan - IDCW Option

Outstanding, beginning of year 6,372,922.788 63,730 5,988,037.575 59,881.000 10,071,715.313 100,717 25,442,742.514 254,427.000
Issued during the year 3,577,927.347 35,779 6,532,131.656 65,321 10,027,196.841 100,272 7,327,593.268 73,276
Redeemed during the year (1,465,333.924) (14,653) (6,147,246.443) (61,472) (6,354,297.318) (63,543) (22,698,620.469) (226,986)
Outstanding, end of year 8,485,516.211 84,856 6,372,922.788 63,730 13,744,614.836 137,446 10,071,715.313 100,717

Total
Outstanding, beginning of year 3,463,282,300.275 34,632,824 2,610,782,300.025 26,107,824 2,616,628,544.164 26,166,285 1,937,631,605.344 19,376,316
Issued during the year 1,571,808,796.683 15,718,086 1,455,842,107.719 14,558,421 1,446,029,841.988 14,460,298 1,203,707,266.347 12,037,072
Redeemed during the year (635,946,797.327) (6,359,467) (603,342,107.469) (6,033,421) (461,550,481.931) (4,615,504) (524,710,327.527) (5,247,103)
Outstanding, end of year 4,399,144,299.631 43,991,443 3,463,282,300.275 34,632,824 3,601,107,904.221 36,011,079 2,616,628,544.164 26,166,285

**Note: Details of large holdings (over 25% of the NAV of the Scheme): Nil, (Previous Year: Nil).
Advance stamp duty paid to CDSL/NSDL for demat transactions as on 31st March 2022 has been adjusted against stamp duty payable on physical transactions in current liabilities.

139
 SCHEDULES: Unit Capital
TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2022
Mirae Asset Overnight Fund**
March 31, 2022 March 31, 2021
Quantity Amount Quantity Amount
(Rs. in 000's) (Rs. in 000's)

Regular Plan - Growth Option

Outstanding, beginning of year 1,023,498.027 1,023,498 1,365,122.020 1,365,122.000
Issued during the year 72,450,570.778 72,450,571 80,499,305.826 80,499,306
Redeemed during the year (69,306,861.051) (69,306,861) (80,840,929.819) (80,840,930)
Outstanding, end of year 4,167,207.754 4,167,208 1,023,498.027 1,023,498
Regular Plan - Daily IDCW Option
Outstanding, beginning of year 4,039.059 4,039 9,939.301 9,939.000
Issued during the year 5,962.883 5,963 60,682.898 60,683
Redeemed during the year (8,183.371) (8,183) (66,583.140) (66,583)
Outstanding, end of year 1,818.571 1,819 4,039.059 4,039
Regular Plan - Weekly IDCW Option
Outstanding, beginning of year 1,058.007 1,058 4,971.567 4,971.000
Issued during the year 361.607 362 1,097.767 1,098
Redeemed during the year (341.251) (341) (5,011.327) (5,011)
Outstanding, end of year 1,078.363 1,079 1,058.007 1,058
Regular Plan - Monthly IDCW Option
Outstanding, beginning of year 1,082.838 1,083 1,653.111 1,653.000
Issued during the year 1,292.887 1,293 4,160.644 4,161
Redeemed during the year (1,680.115) (1,680) (4,730.917) (4,731)
Outstanding, end of year 695.610 696 1,082.838 1,083
Direct Plan - Growth Option
Outstanding, beginning of year 1,201,342.191 1,201,343 3,877,411.002 3,877,411.000
Issued during the year 115,585,472.144 115,585,472 83,991,353.518 83,991,354
Redeemed during the year (113,609,501.021) (113,609,501) (86,667,422.329) (86,667,422)
Outstanding, end of year 3,177,313.314 3,177,314 1,201,342.191 1,201,343
Direct Plan - Daily IDCW Option
Outstanding, beginning of year 401.732 403 8,653.644 8,654.000
Issued during the year 3,207.304 3,207 6,971.539 6,972
Redeemed during the year (3,317.447) (3,317) (15,223.451) (15,223)
Outstanding, end of year 291.589 293 401.732 403
Direct Plan - Weekly IDCW Option
Outstanding, beginning of year 244.899 244 209.379 209.000
Issued during the year 3,513.366 3,513 356.438 356
Redeemed during the year (3,747.781) (3,748) (320.918) (321)
Outstanding, end of year 10.484 9 244.899 244
Direct Plan - Monthly IDCW Option
Outstanding, beginning of year 754.585 754 42.267 42.000
Issued during the year 375.190 375 1,846.276 1,846
Redeemed during the year (934.587) (935) (1,133.958) (1,134)
Outstanding, end of year 195.188 194 754.585 754
Total
Outstanding, beginning of year 2,232,421.338 2,232,422 5,268,002.291 5,268,003.000
Issued during the year 188,050,756.159 188,050,756 164,565,774.906 164,565,775
Redeemed during the year (182,934,566.624) (182,934,567) (167,601,355.859) (167,601,356)
Outstanding, end of year 7,348,610.873 7,348,611 2,232,421.338 2,232,422

**Note: Details of large holdings (over 25% of the NAV of the Scheme):
Name of the Scheme March 31, 2022 March 31, 2021
No. of Investors % Holding No. of Investors % Holding
Mirae Asset Overnight Fund 1 25.03% Nil Nil

140 Mirae Asset Mutual Fund - Annual Report 2021-2022

 SCHEDULES: Unit Capital
TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2022
Mirae Asset Mirae Asset
Nifty Next 50 ETF (MANXT50ETF) Arbitrage Fund
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
(Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s)

Regular Plan - Growth Option

Outstanding, beginning of year 1,676,428.000 461,017 1,176,428.000 323,517.000 195,293,835.001 1,952,938 - -
Issued new fund offer - - - - - - 104,929,038.143 1,049,290
Issued during the year 1,040,000.000 286,001 570,000.000 156,750 263,694,682.526 2,636,947 234,322,718.095 2,343,227
Redeemed during the year (220,000.000) (60,500) (70,000.000) (19,250) (278,352,105.597) (2,783,521) (143,957,921.237) (1,439,579)

Mirae Asset Mutual Fund - Annual Report 2021-2022

Outstanding, end of year 2,496,428.000 686,518 1,676,428.000 461,017 180,636,411.930 1,806,364 195,293,835.001 1,952,938

Regular Plan - IDCW Option

Outstanding, beginning of year - - - - 823,808.407 8,238 - -
Issued new fund offer - - - - - - 2,835,327.416 28,353
Issued during the year - - - - 674,759.464 6,748 860,577.949 8,606
Redeemed during the year - - - - (921,404.141) (9,214) (2,872,096.958) (28,721)
Outstanding, end of year - - - - 577,163.730 5,772 823,808.407 8,238

Direct Plan - Growth Option

Outstanding, beginning of year - - - - 89,531,559.473 895,316 - -
Issued new fund offer - - - - - - 44,038,873.941 440,389
Issued during the year - - - - 211,005,894.018 2,110,059 93,106,457.805 931,065
Redeemed during the year - - - - (123,367,801.797) (1,233,678) (47,613,772.273) (476,138)
Outstanding, end of year - - - - 177,169,651.694 1,771,697 89,531,559.473 895,316

Direct Plan - IDCW Option

Outstanding, beginning of year - - - - 571,679.728 5,717 - -
Issued new fund offer - - - - - - 490,629.708 4,906
Issued during the year - - - - 261,483.632 2,615 368,969.458 3,690
Redeemed during the year - - - - (502,875.806) (5,029) (287,919.438) (2,879)
Outstanding, end of year - - - - 330,287.554 3,303 571,679.728 5,717

Total
Outstanding, beginning of year 1,676,428.000 461,017 1,176,428.000 323,517 286,220,882.609 2,862,209 - -
Issued new fund offer - - - - - - 152,293,869.208 1,522,938
Issued during the year 1,040,000.000 286,001 570,000.000 156,750 475,636,819.640 4,756,369 328,658,723.307 3,286,588
Redeemed during the year (220,000.000) (60,500) (70,000.000) (19,250) (403,144,187.341) (4,031,442) (194,731,709.906) (1,947,317)
Outstanding, end of year 2,496,428.000 686,518 1,676,428.000 461,017 358,713,514.908 3,587,136 286,220,882.609 2,862,209

**Note: Details of large holdings (over 25% of the NAV of the Scheme): Nil, (Previous Year: Nil).
Advance stamp duty paid to CDSL/NSDL for demat transactions as on 31st March 2022 has been adjusted against stamp duty payable on physical transactions in current liabilities.

141
142
SCHEDULES: Unit Capital
TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2022
Mirae Asset Fixed Mirae Asset
Maturity Plan - Series III-1122 Banking and PSU Debt Fund
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
(Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s)

Regular Plan - Growth Option

Outstanding, beginning of year 12,076,047.100 120,760 12,076,047.100 120,760 173,219,337.583 1,732,194 - -
Issued new fund offer - - - - - - 102,929,876.427 1,029,299
Issued during the year - - - - 68,487,871.727 684,877 186,876,053.682 1,868,761
Redeemed during the year - - - - (152,990,176.834) (1,529,902) (116,586,592.526) (1,165,866)
Outstanding, end of year 12,076,047.100 120,760 12,076,047.100 120,760 88,717,032.476 887,169 173,219,337.583 1,732,194

Regular Plan - IDCW Option

Outstanding, beginning of year 6,500.000 65 6,500.000 65 1,041,281.559 10,414 - -
Issued new fund offer - - - - - - 640,050.442 6,401
Issued during the year - - - - 71,386.336 714 998,956.643 9,990
Redeemed during the year - - - - (772,094.063) (7,721) (597,725.526) (5,977)
Outstanding, end of year 6,500.000 65 6,500.000 65 340,573.832 3,407 1,041,281.559 10,414

Direct Plan - Growth Option

Outstanding, beginning of year 15,196,402.100 151,964 15,196,402.100 151,964 55,351,182.382 553,512 - -
Issued new fund offer - - - - - - 77,736,987.028 777,370
Issued during the year - - - - 19,996,889.494 199,969 54,844,296.129 548,443
Redeemed during the year - - - - (29,401,104.488) (294,011) (77,230,100.775) (772,301)
Outstanding, end of year 15,196,402.100 151,964 15,196,402.100 151,964 45,946,967.388 459,470 55,351,182.382 553,512

Direct Plan - IDCW Option

Outstanding, beginning of year 32,200.000 322 32,200.000 322 369,511.427 3,695 - -
Issued new fund offer - - - - - - 259,000.249 2,590
Issued during the year - - - - 255,794.192 2,558 211,037.632 2,110
Redeemed during the year - - - - (398,629.799) (3,986) (100,526.454) (1,005)
Outstanding, end of year 32,200.000 322 32,200.000 322 226,675.820 2,267 369,511.427 3,695

Total
Outstanding, beginning of year 27,311,149.200 273,111 27,311,149.200 273,111 229,981,312.951 2,299,815
Issued new fund offer - - - - - - 181,565,914.146 1,815,660
Issued during the year - - - - 88,811,941.749 888,118 242,930,344.086 2,429,304
Redeemed during the year - - - - (183,562,005.184) (1,835,620) (194,514,945.281) (1,945,149)
Outstanding, end of year 27,311,149.200 273,111 27,311,149.200 273,111 135,231,249.516 1,352,313 229,981,312.951 2,299,815

**Note: Details of large holdings (over 25% of the NAV of the Scheme): Nil, (Previous Year: Nil).
Advance stamp duty paid to CDSL/NSDL for demat transactions as on 31st March 2022 has been adjusted against stamp duty payable on physical transactions in current liabilities.

Mirae Asset Mutual Fund - Annual Report 2021-2022

 SCHEDULES: Unit Capital
TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2022
Mirae Asset Mirae Asset
Equity Allocator Fund of Fund ESG Sector Leaders Fund Of Fund
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
(Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s)

Regular Plan - Growth Option

Outstanding, beginning of year 36,739,384.557 367,394 - - 73,449,524.906 734,496 - -
Issued new fund offer - - 19,542,886.351 195,429 - - 62,872,962.874 628,730
Issued during the year 51,487,411.126 514,875 26,924,731.447 269,247 23,436,330.646 234,362 20,088,861.933 200,889
Redeemed during the year (15,092,842.990) (150,928) (9,728,233.241) (97,282) (17,806,590.899) (178,066) (9,512,299.901) (95,123)

Mirae Asset Mutual Fund - Annual Report 2021-2022

Outstanding, end of year 73,133,952.693 731,341 36,739,384.557 367,394 79,079,264.653 790,792 73,449,524.906 734,496

Regular Plan - IDCW Option

Outstanding, beginning of year 374,909.491 3,750 - - 1,497,089.978 14,971 - -
Issued new fund offer - - 239,996.452 2,400 - - 1,598,773.069 15,988
Issued during the year 185,496.535 1,855 392,450.854 3,925 605,854.780 6,059 79,479.623 795
Redeemed during the year (99,083.367) (991) (257,537.815) (2,575) (245,147.268) (2,451) (181,162.714) (1,812)
Outstanding, end of year 461,322.659 4,614 374,909.491 3,750 1,857,797.490 18,579 1,497,089.978 14,971

Direct Plan - Growth Option

Outstanding, beginning of year 35,912,703.942 359,127 - - 20,314,009.122 203,141 - -
Issued new fund offer - - 13,738,519.966 137,385 - - 10,163,261.713 101,633
Issued during the year 62,950,246.171 629,502 24,430,556.831 244,306 9,294,201.086 92,942 11,085,854.006 110,859
Redeemed during the year (8,148,466.137) (81,485) (2,256,372.855) (22,564) (3,627,569.235) (36,276) (935,106.597) (9,351)
Outstanding, end of year 90,714,483.976 907,144 35,912,703.942 359,127 25,980,640.973 259,807 20,314,009.122 203,141

Direct Plan - IDCW Option

Outstanding, beginning of year 279,641.608 2,796 - - 118,009.648 1,180 - -
Issued new fund offer - - 174,605.395 1,746 - - 57,997.100 580
Issued during the year 286,595.182 2,866 192,224.560 1,922 267,932.171 2,679 77,689.404 777
Redeemed during the year (132,478.616) (1,325) (87,188.347) (872) (106,785.634) (1,068) (17,676.856) (177)
Outstanding, end of year 433,758.174 4,337 279,641.608 2,796 279,156.185 2,791 118,009.648 1,180

Total
Outstanding, beginning of year 73,306,639.598 733,067 - - 95,378,633.654 953,788 - -
Issued new fund offer - - 33,696,008.164 336,960 - - 74,692,994.756 746,931
Issued during the year 114,909,749.014 1,149,098 51,939,963.692 519,400 33,604,318.683 336,042 31,331,884.966 313,320
Redeemed during the year (23,472,871.110) (234,729) (12,329,332.258) (123,293) (21,786,093.036) (217,861) (10,646,246.068) (106,463)
Outstanding, end of year 164,743,517.502 1,647,436 73,306,639.598 733,067 107,196,859.301 1,071,969 95,378,633.654 953,788

**Note: Details of large holdings (over 25% of the NAV of the Scheme): Nil, (Previous Year: Nil).
Advance stamp duty paid to CDSL/NSDL for demat transactions as on 31st March 2022 has been adjusted against stamp duty payable on physical transactions in current liabilities.

143
144
SCHEDULES: Unit Capital
TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2022
Mirae Asset Mirae Asset
ESG Sector Leaders ETF Corporate Bond Fund
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
(Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s)

Regular Plan - Growth Option

Outstanding, beginning of year 51,638,272.000 903,670 - - 47,524,861.921 475,248 - -
Issued new fund offer - - 8,138,272.000 142,420 - - 46,194,947.684 461,949
Issued during the year 10,250,000.000 179,375 45,250,000.000 791,875 27,258,819.046 272,588 2,049,999.929 20,500
Redeemed during the year (5,500,000.000) (96,250) (1,750,000.000) (30,625) (30,465,154.331) (304,652) (720,085.692) (7,201)
Outstanding, end of year 56,388,272.000 986,795 51,638,272.000 903,670 44,318,526.636 443,184 47,524,861.921 475,248

Regular Plan - IDCW Option

Outstanding, beginning of year - - - - 367,493.040 3,675 - -
Issued new fund offer - - - - - - 391,301.436 3,913
Issued during the year - - - - 90,405.970 904 2,490.064 25
Redeemed during the year - - - - (207,614.662) (2,076) (26,298.460) (263)
Outstanding, end of year - - - - 250,284.348 2,503 367,493.040 3,675

Direct Plan - Growth Option

Outstanding, beginning of year - - - - 68,087,753.078 680,878 - -
Issued new fund offer - - - - - - 66,892,037.570 668,920
Issued during the year - - - - 13,959,744.626 139,597 1,257,955.895 12,580
Redeemed during the year - - - - (31,935,375.601) (319,354) (62,240.387) (622)
Outstanding, end of year - - - - 50,112,122.103 501,121 68,087,753.078 680,878

Direct Plan - IDCW Option

Outstanding, beginning of year - - - - 229,228.356 2,293 - -
Issued new fund offer - - - - - - 207,577.621 2,076
Issued during the year - - - - 253,521.424 2,535 21,650.735 217
Redeemed during the year - - - - (204,310.129) (2,043) - -
Outstanding, end of year - - - - 278,439.651 2,785 229,228.356 2,293

Total
Outstanding, beginning of year 51,638,272.000 903,670 - - 116,209,336.395 1,162,094 - -
Issued new fund offer - - 8,138,272.000 142,420 - - 113,685,864.311 1,136,858
Issued during the year 10,250,000.000 179,375 45,250,000.000 791,875 41,562,491.066 415,624 3,332,096.623 33,322
Redeemed during the year (5,500,000.000) (96,250) (1,750,000.000) (30,625) (62,812,454.723) (628,125) (808,624.539) (8,086)
Outstanding, end of year 56,388,272.000 986,795 51,638,272.000 903,670 94,959,372.738 949,593 116,209,336.395 1,162,094

**Note: Details of large holdings (over 25% of the NAV of the Scheme): Nil, (Previous Year: Nil).
Advance stamp duty paid to CDSL/NSDL for demat transactions as on 31st March 2022 has been adjusted against stamp duty payable on physical transactions in current liabilities.

Mirae Asset Mutual Fund - Annual Report 2021-2022

 SCHEDULES: Unit Capital
TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2022
Mirae Asset Mirae Asset
Ultra Short Duration Fund Banking and Financial Services Fund
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
(Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s)

Regular Plan - Growth Option

Outstanding, beginning of year 1,754,620.099 1,754,621 - - 386,755,331.080 3,867,553 - -
Issued new fund offer - - 167,791.582 167,792 - - 270,181,544.393 2,701,815
Issued during the year 4,156,387.685 4,156,387 2,959,299.681 2,959,300 330,444,063.479 3,304,442 128,941,610.936 1,289,416
Redeemed during the year (4,400,731.598) (4,400,732) (1,372,471.164) (1,372,471) (58,814,125.919) (588,141) (12,367,824.249) (123,678)

Mirae Asset Mutual Fund - Annual Report 2021-2022

Outstanding, end of year 1,510,276.186 1,510,276 1,754,620.099 1,754,621 658,385,268.640 6,583,854 386,755,331.080 3,867,553

Regular Plan - IDCW Option

Outstanding, beginning of year 3,704.020 3,704 - - 4,270,761.531 42,708 - -
Issued new fund offer - - 1,423.230 1,423 - - 3,193,068.028 31,931
Issued during the year 4,189.891 4,190 5,571.966 5,572 1,077,382.332 10,774 1,268,386.941 12,684
Redeemed during the year (4,645.037) (4,645) (3,291.176) (3,291) (1,175,684.194) (11,757) (190,693.438) (1,907)
Outstanding, end of year 3,248.874 3,249 3,704.020 3,704 4,172,459.669 41,725 4,270,761.531 42,708

Direct Plan - Growth Option

Outstanding, beginning of year 771,457.949 771,458 - - 75,976,411.913 759,764 - -
Issued new fund offer - - 2,099,247.884 2,099,248 - - 23,887,888.257 238,879
Issued during the year 2,045,625.473 2,045,625 864,129.148 864,129 90,705,731.456 907,057 54,388,986.327 543,890
Redeemed during the year (1,763,160.961) (1,763,161) (2,191,919.083) (2,191,919) (11,750,092.239) (117,501) (2,300,462.671) (23,005)
Outstanding, end of year 1,053,922.461 1,053,922 771,457.949 771,458 154,932,051.130 1,549,320 75,976,411.913 759,764

Direct Plan - IDCW Option

Outstanding, beginning of year 2,576.958 2,577 - - 975,005.283 9,750 - -
Issued new fund offer - - 891.755 892 - - 354,742.028 3,547
Issued during the year 4,083.209 4,083 3,726.221 3,726 783,688.761 7,837 690,554.947 6,906
Redeemed during the year (3,856.998) (3,857) (2,041.018) (2,041) (490,525.502) (4,905) (70,291.692) (703)
Outstanding, end of year 2,803.169 2,803 2,576.958 2,577 1,268,168.542 12,682 975,005.283 9,750

Total
Outstanding, beginning of year 2,532,359.026 2,532,360 - - 467,977,509.807 4,679,775 - -
Issued new fund offer - - 2,269,354.451 2,269,355 - - 297,617,242.706 2,976,172
Issued during the year 6,210,286.258 6,210,285 3,832,727.016 3,832,727 423,010,866.028 4,230,110 185,289,539.151 1,852,896
Redeemed during the year (6,172,394.594) (6,172,395) (3,569,722.441) (3,569,722) (72,230,427.854) (722,304) (14,929,272.050) (149,293)
Outstanding, end of year 2,570,250.690 2,570,250 2,532,359.026 2,532,360 818,757,947.981 8,187,581 467,977,509.807 4,679,775

**Note: Details of large holdings (over 25% of the NAV of the Scheme): Nil, (Previous Year: Nil).
Advance stamp duty paid to CDSL/NSDL for demat transactions as on 31st March 2022 has been adjusted against stamp duty payable on physical transactions in current liabilities.

145
146
SCHEDULES: Unit Capital
TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2022
MIRAE ASSET Mirae Asset Mirae Asset Mirae Asset
NYSE FANG+ ETF NYSE FANG+ETF Fund of Fund Nifty Financial Services ETF Money Market Fund
March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
(Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s)

Regular Plan - Growth Option

Outstanding, beginning of year - - - - - - - -
Issued new fund offer 23,703,596.000 948,144 194,084,446.497 1,940,844 36,889,315.000 368,893 216,771.597 216,772
Issued during the year 272,200,000.000 10,888,000 407,331,335.766 4,073,314 65,400,000.000 654,000 487,397.664 487,397
Redeemed during the year (36,800,000.000) (1,472,000) (65,150,305.187) (651,503) (11,400,000.000) (114,000) (537,036.934) (537,037)
Outstanding, end of year 259,103,596.000 10,364,144 536,265,477.076 5,362,655 90,889,315.000 908,893 167,132.327 167,131

Regular Plan - IDCW Option

Outstanding, beginning of year - - - - - - - -
Issued new fund offer - - - - - - 1,759.356 1,759
Issued during the year - - - - - - 469.261 469
Redeemed during the year - - - - - - (1,046.354) (1,046)
Outstanding, end of year - - - - - - 1,182.263 1,183

Direct Plan - Growth Option

Outstanding, beginning of year - - - - - - - -
Issued new fund offer - - 108,461,403.224 1,084,614 - - 1,475,683.262 1,475,683
Issued during the year - - 359,213,991.714 3,592,140 - - 926,189.854 926,190
Redeemed during the year - - (85,819,471.194) (858,195) - - (2,099,200.118) (2,099,200)
Outstanding, end of year - - 381,855,923.744 3,818,559 - - 302,672.998 302,673

Direct Plan - IDCW Option

Outstanding, beginning of year - - - - - - - -
Issued new fund offer - - - - - - 521.974 522
Issued during the year - - - - - - 135.357 135
Redeemed during the year - - - - - - (225.444) (225)
Outstanding, end of year - - - - - - 431.887 432

Total
Outstanding, beginning of year - - - - - - - -
Issued new fund offer 23,703,596.000 948,144 302,545,849.721 3,025,458 36,889,315.000 368,893 1,694,736.189 1,694,736
Issued during the year 272,200,000.000 10,888,000 766,545,327.480 7,665,454 65,400,000.000 654,000 1,414,192.136 1,414,191
Redeemed during the year (36,800,000.000) (1,472,000) (150,969,776.381) (1,509,698) (11,400,000.000) (114,000) (2,637,508.850) (2,637,508)
Outstanding, end of year 259,103,596.000 10,364,144 918,121,400.820 9,181,214 90,889,315.000 908,893 471,419.475 471,419

**Note: Details of large holdings (over 25% of the NAV of the Scheme): Nil, (Previous Year: Nil).
Advance stamp duty paid to CDSL/NSDL for demat transactions as on 31st March 2022 has been adjusted against stamp duty payable on physical transactions in current liabilities.

Mirae Asset Mutual Fund - Annual Report 2021-2022

 SCHEDULES: Unit Capital
TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2022
Mirae Asset Mirae Asset MIRAE ASSET MIRAE ASSET
S&P 500 TOP 50 ETF S&P 500 TOP 50 ETF HANG SENG TECH ETF HANG SENG TECH ETF
Fund of Fund FUND OF FUND
March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022

Mirae Asset Mutual Fund - Annual Report 2021-2022

Quantity Amount Quantity Amount Quantity Amount Quantity Amount
(Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s)

Regular Plan - Growth Option

Outstanding, beginning of year - - - - - - - -
Issued new fund offer 34,424,040.000 688,481 120,685,137.883 1,206,851 11,311,852.000 113,119 34,876,117.856 348,761
Issued during the year 162,250,000.000 3,245,000 69,506,400.016 695,063 68,800,000.000 688,000 12,248,958.201 122,490
Redeemed during the year (19,250,000.000) (385,000) (11,592,837.958) (115,928) (4,800,000.000) (48,000) (1,404,345.510) (14,043)
Outstanding, end of year 177,424,040.000 3,548,481 178,598,699.941 1,785,986 75,311,852.000 753,119 45,720,730.547 457,208

Direct Plan - Growth Option

Outstanding, beginning of year - - - - - - - -
Issued new fund offer - - 66,452,371.460 664,524 - - 23,258,849.435 232,588
Issued during the year - - 136,653,368.011 1,366,534 - - 21,362,352.010 213,624
Redeemed during the year - - (9,070,195.799) (90,702) - - (3,253,950.506) (32,540)
Outstanding, end of year - - 194,035,543.672 1,940,356 - - 41,367,250.939 413,672

Total
Outstanding, beginning of year - - - - - - - -
Issued new fund offer 34,424,040.000 688,481 187,137,509.343 1,871,375 11,311,852.000 113,119 58,134,967.291 581,350
Issued during the year 162,250,000.000 3,245,000 206,159,768.027 2,061,597 68,800,000.000 688,000 33,611,310.211 336,113
Redeemed during the year (19,250,000.000) (385,000) (20,663,033.757) (206,630) (4,800,000.000) (48,000) (4,658,296.016) (46,583)
Outstanding, end of year 177,424,040.000 3,548,481 372,634,243.613 3,726,342 75,311,852.000 753,119 87,087,981.486 870,880

**Note: Details of large holdings (over 25% of the NAV of the Scheme): Nil, (Previous Year: Nil).
Advance stamp duty paid to CDSL/NSDL for demat transactions as on 31st March 2022 has been adjusted against stamp duty payable on physical transactions in current liabilities.

147
148
SCHEDULES: Unit Capital
TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2022
Mirae Asset Mirae Asset Mirae Asset Mirae Asset
Nifty India Manufacturing Nifty India Manufacturing Nifty Midcap 150 ETF Nifty SDL Jun 2027 Index Fund
ETF ETF FOF
March 31, 2022 March 31, 2022 March 31, 2022 March 31, 2022
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
(Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s) (Rs. in 000’s)

Regular Plan - Growth Option

Outstanding, beginning of year - - - - - - - -
Issued new fund offer 4,595,234.000 229,762 17,762,879.040 177,629 32,517,704.000 162,589 11,881,839.869 118,818
Issued during the year 4,300,000.000 215,000 5,093,302.412 50,933 39,200,000.000 196,000 289,779.757 2,898
Redeemed during the year (400,000.000) (20,000) (485,521.509) (4,855) (11,600,000.000) (58,000) - -
Outstanding, end of year 8,495,234.000 424,762 22,370,659.943 223,707 60,117,704.000 300,589 12,171,619.626 121,716

Regular Plan - IDCW Option

Outstanding, beginning of year - - - - - - - -
Issued new fund offer - - 375,304.534 3,753 - - 12,999.350 130
Issued during the year - - 74,346.796 743 - - - -
Redeemed during the year - - (3,999.800) (40) - - - -
Outstanding, end of year - - 445,651.530 4,456 - - 12,999.350 130

Direct Plan - Growth Option

Outstanding, beginning of year - - - - - - - -
Issued new fund offer - - 11,243,220.064 112,432 - - 172,911,526.737 1,729,115
Issued during the year - - 1,733,001.763 17,330 - - 2,751,381.337 27,514
Redeemed during the year - - (149,019.707) (1,490) - - - -
Outstanding, end of year - - 12,827,202.120 128,272 - - 175,662,908.074 1,756,629

Direct Plan - IDCW Option

Outstanding, beginning of year - - - - - - - -
Issued new fund offer - - 164,871.747 1,649 - - 41,997.900 420
Issued during the year - - 63,481.949 635 - - - -
Redeemed during the year - - (1,205.297) (12) - - - -
Outstanding, end of year - - 227,148.399 2,272 - - 41,997.900 420

Total
Outstanding, beginning of year - - - - - - - -
Issued new fund offer 4,595,234.000 229,762 29,546,275.385 295,463 32,517,704.000 162,589 184,848,363.856 1,848,483
Issued during the year 4,300,000.000 215,000 6,964,132.920 69,641 39,200,000.000 196,000 3,041,161.094 30,412
Redeemed during the year (400,000.000) (20,000) (639,746.313) (6,397) (11,600,000.000) (58,000) - -
Outstanding, end of year 8,495,234.000 424,762 35,870,661.992 358,707 60,117,704.000 300,589 187,889,524.950 1,878,895

**Note: Details of large holdings (over 25% of the NAV of the Scheme): Nil, (Previous Year: Nil).
Advance stamp duty paid to CDSL/NSDL for demat transactions as on 31st March 2022 has been adjusted against stamp duty payable on physical transactions in current liabilities.

Mirae Asset Mutual Fund - Annual Report 2021-2022

 Derivative Disclosures

Mirae Asset Equity Savings Fund

A. Hedging Positions through Futures as on March 31, 2022
Underlying Long/Short Futures Price when Current price Margin maintained in
purchased of the contract (Rs. in Lakhs)
ACC Limited Short 2,116.74 2,108.20 4.07
Adani Ports and Special Economic Zone Limited Short 743.72 777.85 302.10
Apollo Hospitals Enterprise Limited Short 4,803.21 4,542.50 32.36
Astral Limited Short 2,011.86 2,017.85 122.71
Aurobindo Pharma Limited Short 687.29 672.60 31.83
Axis Bank Limited Short 760.82 763.20 126.44
Balkrishna Industries Limited Short 2,115.56 2,144.10 4.87
Bandhan Bank Limited Short 304.76 309.45 331.93
Bata India Limited Short 1,959.33 1,974.00 109.93
Container Corporation of India Limited Short 652.85 675.55 1.81
DLF Limited Short 382.54 382.85 182.61
GAIL (India) Limited Short 154.00 155.90 3.90
Glenmark Pharmaceuticals Limited Short 444.22 444.70 79.49
Havells India Limited Short 1,156.30 1,160.20 14.64
HCL Technologies Limited Short 1,168.80 1,165.10 38.27
IDFC First Bank Limited Short 39.89 39.95 37.46
IDFC Limited Short 64.25 62.20 31.99
Infosys Limited Short 1,913.23 1,913.70 107.53
InterGlobe Aviation Limited Short 1,995.35 2,025.30 95.77
Kotak Mahindra Bank Limited Short 1,721.42 1,762.15 149.85
LIC Housing Finance Limited Short 367.74 361.35 2.20
Metropolis Healthcare Limited Short 2,007.40 2,040.15 131.85
MindTree Limited Short 4,291.57 4,326.05 86.41
National Aluminium Company Limited Short 123.31 122.30 67.38
Rain Industries Limited Short 195.27 195.30 46.77
Reliance Industries Limited Short 2,659.50 2,650.45 116.79
SBI Life Insurance Company Limited Short 1,123.31 1,125.20 127.08
Shree Cement Limited Short 24,086.46 24,124.50 17.99
SRF Limited Short 2,652.25 2,691.70 40.92
State Bank of India Short 496.44 496.10 169.44
Sun Pharmaceutical Industries Limited Short 916.03 916.55 226.14
Sun TV Network Limited Short 491.53 492.50 246.20
Tata Communications Limited Short 1,167.61 1,233.05 21.68
Tata Motors Limited Short 437.62 436.20 33.58
Tata Power Company Limited Short 239.94 240.05 131.39
Tata Steel Limited Short 1,346.15 1,315.05 10.59
TVS Motor Company Limited Short 625.58 628.70 117.62
Vedanta Limited Short 399.66 405.75 187.65
Zee Entertainment Enterprises Limited Short 294.21 289.20 288.65
Zydus Lifesciences Limited Short 357.65 350.50 49.09
Total exposure due to futures (hedging positions) as a %age of net assets: -26.20%
For the year ended March 31, 2022 following details specified for hedging transactions through futures which have been squared off/expired:
Total Number of contracts where futures were bought: 45929
Total Number of contracts where futures were sold: 44834
Gross Notional Value of contracts where futures were bought: Rs. 14,330,692,977.17
Gross Notional Value of contracts where futures were sold: Rs. 13,593,728,260.44
Net Profit/Loss value on all contracts combined: Rs. -142,120,173.78
B. Other than Hedging Positions through Futures as on March 31, 2022:
Underlying Long/Short Futures Price when Current price of the Margin maintained
purchased (Rs.) contract (Rs.) (Rs. in Lakhs)
Nil
Total exposure due to futures (Other then hedging positions) as a %age of net assets: NIL
For the year ended March 31, 2022 following details specified for non-hedging transactions through futures which have been squared off/expired:
Total Number of contracts where futures were bought: Nil
Total Number of contracts where futures were sold: Nil
Gross Notional Value of contracts where futures were bought: Nil
Gross Notional Value of contracts where futures were sold: Nil
Net Profit/Loss value on all contracts combined: Rs. Nil

Mirae Asset Mutual Fund - Annual Report 2021-2022 149

C. Hedging Positions through Put Options as on March 31, 2022
Underlying Number of Contracts Option Price when Current Option Price
purchased
NIL
Total % age of existing assets hedged through put options - NIL
For the year ended March 31, 2022 following details specified for hedging transactions through options which have already been exercised/expired
Total Number of contracts entered into: NIL
Gross Notional value of contracts: NIL
Net Profit/Loss on all contracts (premium paid treated as loss): NIL
D. Other than Hedging Positions through Options as on March 31, 2022
Underlying Call/put Number of Option Price when Current Price
contracts purchased
NIL
Total Exposure through options as a %age of net assets: NIL
For the year ended March 31, 2022 following details specified with regards to non-hedging transactions through options which have already been
exercised/expired:
Total Number of contracts entered into: NIL
Gross Notional Value of contracts: NIL
Net Profit/Loss on all contracts (premium paid treated as loss): NIL
E. Hedging Positions through swaps as on March 31, 2022:
Nil exposure to Credit Default Swaps (CDS) or Interest Rate Swaps (IRS) during the Year ended March 31, 2022.

Mirae Asset Arbitrage Fund

A. Hedging Positions through Futures as on March 31, 2022:

Underlying Long/Short Futures Price when Current price Margin maintained in
purchased of the contract (Rs. in Lakhs)
Abbott India Limited Short 17,494.55 17,675.95 27.84
Adani Ports and Special Economic Zone Limited Short 741.31 777.85 653.30
Aditya Birla Capital Limited Short 108.10 108.35 75.09
Apollo Hospitals Enterprise Limited Short 4,740.22 4,542.50 23.92
Axis Bank Limited Short 761.28 763.20 158.06
Bajaj Finance Limited Short 7,184.21 7,304.75 35.35
Balkrishna Industries Limited Short 2,121.33 2,144.10 31.15
Bandhan Bank Limited Short 304.31 309.45 574.01
Bharat Electronics Limited Short 208.71 212.15 192.27
Bharti Airtel Limited Short 753.03 757.30 366.12
Biocon Limited Short 337.34 337.70 64.44
City Union Bank Limited Short 129.01 129.55 127.86
Coforge Limited Short 4,398.70 4,473.15 211.68
Dabur India Limited Short 522.49 538.90 22.59
Dalmia Bharat Limited Short 1,439.17 1,501.30 34.44
Deepak Nitrite Limited Short 2,225.28 2,258.45 50.72
Delta Corp Limited Short 324.25 332.35 221.03
Divi's Laboratories Limited Short 4,450.99 4,429.70 19.67
DLF Limited Short 382.85 382.85 103.83
Firstsource Solutions Limited Short 126.13 125.90 17.54
HCL Technologies Limited Short 1,167.75 1,165.10 11.48
HDFC Life Insurance Company Limited Short 539.77 540.10 84.86
Hero MotoCorp Limited Short 2,306.35 2,308.25 186.90
Hindustan Copper Limited Short 118.81 114.50 15.01
Hindustan Unilever Limited Short 2,025.23 2,055.05 10.90
Housing Development Finance Corporation Limited Short 2,404.40 2,402.90 150.63
ICICI Bank Limited Short 706.74 731.60 2.17
IDFC Limited Short 62.46 62.20 111.02
Infosys Limited Short 1,915.66 1,913.70 187.66
Intellect Design Arena Limited Short 870.68 947.30 55.15

150 Mirae Asset Mutual Fund - Annual Report 2021-2022

 Underlying Long/Short Futures Price when Current price Margin maintained in
purchased of the contract (Rs. in Lakhs)
ITC Limited Short 252.06 252.10 217.74
Kotak Mahindra Bank Limited Short 1,737.66 1,762.15 291.70
L&T Technology Services Limited Short 5,092.81 5,116.75 52.20
Larsen & Toubro Infotech Limited Short 6,203.52 6,193.10 62.89
Larsen & Toubro Limited Short 1,771.22 1,774.95 15.60
Laurus Labs Limited Short 601.07 593.95 17.46
Metropolis Healthcare Limited Short 2,074.49 2,040.15 176.53
MindTree Limited Short 4,324.31 4,326.05 140.12
Multi Commodity Exchange of India Limited Short 1,435.97 1,424.50 34.03
Nestle India Limited Short 17,220.36 17,356.80 12.32
Oberoi Realty Limited Short 938.38 942.00 167.17
Power Finance Corporation Limited Short 116.61 113.20 160.88
Rain Industries Limited Short 195.41 195.30 43.65
Reliance Industries Limited Short 2,665.71 2,650.45 335.78
Siemens Limited Short 2,338.33 2,374.55 52.26
SRF Limited Short 2,647.96 2,691.70 101.09
Sun Pharmaceutical Industries Limited Short 915.59 916.55 119.99
Sun TV Network Limited Short 491.37 492.50 536.18
Tata Chemicals Limited Short 992.90 980.10 9.57
Tata Communications Limited Short 1,167.17 1,233.05 99.95
The Indian Hotels Company Limited Short 232.59 239.95 88.08
Trent Limited Short 1,283.59 1,281.65 143.57
United Breweries Limited Short 1,431.26 1,495.70 12.79
UPL Limited Short 656.41 774.45 84.69
Vedanta Limited Short 398.98 405.75 252.61
Whirlpool of India Limited Short 1,579.49 1,582.00 41.58
Wipro Limited Short 601.27 590.35 68.62
Zee Entertainment Enterprises Limited Short 287.57 289.20 354.96
Zydus Lifesciences Limited Short 357.16 350.50 41.30
Total exposure due to futures (hedging positions) as a %age of net assets: -70.76%
For the year ended March 31, 2022 following details specified for hedging transactions through futures which have been squared off/expired:
Total Number of contracts where futures were bought: 269596
Total Number of contracts where futures were sold: 266041
Gross Notional Value of contracts where futures were bought: Rs. 44,467,170,263.65
Gross Notional Value of contracts where futures were sold: Rs. 42,008,358,039.72
Net Profit/Loss value on all contracts combined: Rs. -488,625,172.32

B. Other than Hedging Positions through Futures as on March 31, 2022:

Underlying Long/Short Futures Price when Current price of the Margin maintained
purchased (Rs.) contract (Rs.) (Rs. in Lakhs)
NIL

Total exposure due to futures (non hedging positions) as a %age of net assets: Nil
For the year ended March 31, 2022 following details specified for non-hedging transactions through futures which have been squared off/expired:
Total Number of contracts where futures were bought: NIL
Total Number of contracts where futures were sold: NIL
Gross Notional Value of contracts where futures were bought: NIL
Gross Notional Value of contracts where futures were sold: NIL
Net Profit/Loss value on all contracts combined: NIL

C. Hedging Positions through Put Options as on March 31, 2022:

Underlying Number of Contracts Option Price when Current Option Price
purchased
NIL

Total % age of existing assets hedged through put options - NIL

For the year ended March 31, 2022 following details specified for hedging transactions through options which have already been exercised/expired :
Total Number of contracts entered into: Nil
Gross Notional value of contracts: Rs. Nil
Net Profit/Loss on all contracts (premium paid treated as loss): Rs. Nil

Mirae Asset Mutual Fund - Annual Report 2021-2022 151

D. Other than Hedging Positions through Options as on March 31, 2022:
Underlying Call/put Number of Option Price when Current Price
contracts purchased
NIL

Total Exposure through options as a %age of net assets: NIL

For the year ended March 31, 2022 following details specified with regards to non-hedging transactions through options which have already been
exercised/expired :
Total Number of contracts entered into: Nil
Gross Notional Value of contracts: NIL
Net Profit/Loss on all contracts (premium paid treated as loss): Rs. Nil

E. Hedging Positions through swaps as on March 31, 2022 - NIL

MIRAE ASSET HYBRID EQUITY FUND

A. Hedging Positions through Futures as on March 31, 2022:

Underlying Long/Short Futures Price when Current price Margin maintained in
purchased of the contract (Rs. in Lakhs)
NIL
Total exposure due to futures (hedging positions) as a %age of net assets : NIL
For the year ended March 31, 2022 following details specified for hedging transactions through futures which have been squared off/expired:
Total Number of contracts where futures were bought : Nil
Total Number of contracts where futures were sold : Nil
Gross Notional Value of contracts where futures were bought : Nil
Gross Notional Value of contracts where futures were sold : Nil
Net Profit/Loss value on all contracts combined : Rs. Nil

B. Other than Hedging Positions through Futures as on March 31, 2022:

Underlying Long/Short Futures Price when Current price of the Margin maintained
purchased (Rs.) contract (Rs.) (Rs. in Lakhs)
NIL

Total exposure due to futures (Other then hedging positions) as a %age of net assets : NIL
For the year ended March 31, 2022 following details specified for non-hedging transactions through futures which have been squared off/expired:
Total Number of contracts where futures were bought : 222
Total Number of contracts where futures were sold : 222
Gross Notional Value of contracts where futures were bought : Rs. 1,00,120,744.71
Gross Notional Value of contracts where futures were sold : Rs. 1,06,256,706.93
Net Profit/Loss value on all contracts combined : Rs. 60,84,065.64

C. Hedging Positions through Put Options as on March 31, 2022:

Underlying Number of Contracts Option Price when Current Option Price
purchased
NIL

Total % age of existing assets hedged through put options - NIL

For the year ended March 31, 2022 following details specified for hedging transactions through options which have already been exercised/expired:
Total Number of contracts entered into : NIL
Gross Notional value of contracts : NIL
Net Profit/Loss on all contracts (premium paid treated as loss) : NIL

D. Other than Hedging Positions through Options as on March 31, 2022:

Underlying Call/put Number of Option Price when Current Price
contracts purchased
NIL

Total Exposure through options as a %age of net assets : NIL

For the year ended March 31, 2022 following details specified with regards to non-hedging transactions through options which have already been
exercised/expired:
Total Number of contracts entered into : NIL
Gross Notional Value of contracts : NIL
Net Profit/Loss on all contracts (premium paid treated as loss) : NIL

E. Hedging Positions through swaps as on March 31, 2022 - NIL

152 Mirae Asset Mutual Fund - Annual Report 2021-2022

 INVESTOR SERVICE CENTRES (ISC) - KFin Technologies Limited (REGISTRAR)
● Agartala - Ols Rms Chowmuhani, Mantri Bari Road, 1st Floor, Near Jana Sevak Saloon Building, Traffic Point, Tripura West, Agartala -
799001. ● Agra - House No. 17/2/4, 2nd Floor, Deepak Wasan Plaza, Behind Hotel Holiday Inn, Sanjay Place, Agra 0 282002. ● Ahmedabad
- Office No. 401, On 4th Floor, Abc-I, Off. C. G. Road, Ahmedabad - 380009. ● Ajmer - 302 3Rd Floor, Ajmer Auto Building, Opposite City
Power House, Jaipur Road; Ajmer - 305001. ● Aligarh - 1st Floor, Sevti Complex, Near Jain Temple, Samad Road, Aligarh - 202001. ● Allahabad
- Meena Bazar, 2nd Floor, 10 S. p. Marg, Civil Lines, Subhash Chauraha, Prayagraj, Allahabad - 211001. ● Alwar - Office Number 137, First
Floor, Jai Complex, Road No. 2, Alwar - 301001. ● Amaravathi - Shop No. 21, 2nd Floor, Gulshan Tower, Near Panchsheel Talkies, Jaistambh
Square, Amaravathi - 444601. ● Ambala - 6349, 2nd Floor, Nicholson Road, Adjacent Kos Hospital, Ambala Cant, Ambala - 133001. ● Amritsar
- Sco 5, 2nd Floor, District Shopping Complex, Ranjit Avenue, Amritsar - 143001.● Anand - B-42, Vaibhav Commercial Center, Near Tvs Down
Town Shrow Room, Grid Char Rasta, Anand - 380001. ● Asansol - 112/N G. T. Road, Bhanga Pachil, G. T. Road, Paschim Bardhaman, Asansol
- 713303. ● Aurangabad - Shop No. B 38, Motiwala Trade Center, Nirala Bazar, Aurangabad - 431001. ● Balasore - 1-B. 1st Floor, Kalinga
Hotel Lane, Baleshwar, Baleshwar Sadar, Balasore - 756001. ● Bangalore - No. 35, Puttanna Road, Basavanagudi, Bangalore - 560004.
● Bareilly - 1st Floor, Rear Side, A-Square Building, 54-Civil Lines, Ayub Khan Chauraha, Bareilly - 243001. ● Baroda - 1st Floor, 125 Kanha
Capital, Opp. Express Hotel, R C Dutt Road, Alkapuri, Vadodara - 390007. ● Belgaum - Premises No.101, Cts No.1893, Shree Guru Darshani
Tower, Anandwadi, Hindwadi, Belgaum - 590011. ● Berhampur (Or) - Opp. Divya Nandan Kalyan Mandap, 3rd Lane Dharam Nagar, Near
Lohiya Motor, Berhampur - 760001. ● Bhagalpur - 2nd Floor, Chandralok Complex, Ghantaghar, Radha Rani Sinha Road, Bhagalpur - 812001.
● Bharuch - 123 Nexus Business Hub, Near Gangotri Hotel, B/S Rajeshwari Petroleum, Makampur Road, Bharuch - 392001. ● Bhatinda - Mcb
-Z-3-01043, 2 Floor, Goniana Road, Opp. Nippon India, Mf Gt Road, Near Hanuman Chowk, Bhatinda - 151001. ● Bhavnagar - 303, Sterling
Point, Waghawadi Road, Bhavnagar - 364001. ● Bhilai - Office No.2, 1st Floor, Plot No. 9/6, Nehru Nagar [East], Bhilai - 490020. ● Bhilwara
- Office No. 14 B, Prem Bhawan, Pur Road, Gandhi Nagar, Near Canarabank, Bhilwara - 311001. ● Bhopal - Sf-13, Gurukripa Plaza, Plot No.
48A, Opposite City Hospital, Zone-2, M P Nagar, Bhopal - 462011. ● Bhubaneswar - A/181 Back Side of Shivam Honda Show Room, Saheed
Nagar, Bhubaneswar - 751007. ● Bikaner - 70-71, 2nd Floor, Dr. Chahar Building, Panchsati Circle, Sadul Ganj, Bikaner - 334003. ● Bilaspur
- Shop No.306, 3rd Floor, Anandam Plaza, Vyapar Vihar Main Road, Bilaspur - 495001. ● Bokaro - City Centre, Plot No. He-07, Sector-Iv,
Bokaro Steel City, Bokaro - 827004. ● Borivali - Gomati Smuti, Ground Floor, Jambli Gully, Near Railway Station, Borivali, Mumbai - 400092.
● Burdwan - Saluja Complex, 846, Laxmipur, G T Road, Burdwan, Burdwan East - 713101. ● Calicut - Second Floor, Manimuriyil Centre, Bank
Road, Kasaba Village, Calicut - 673001. ● Chandigarh - First Floor, Sco 2469-70, Sector 22-C, Chandigarh - 160022. ● Chennai - 9th Floor,
Capital Towers, 180, Kodambakkam High Road, Nungambakkam, Chennai - 600034. ● Chinsura - No. 96, Chinsurah, Doctors Lane, Chinsurah
- 712101. ● Cochin - Ali Arcade, 1st Floor, Kizhavana Road, Panampilly Nagar, Near Atlantis Junction, Ernakualm - 682036. ● Coimbatore -
3rd Floor, Jaya Enclave, 1057 Avinashi Road, Coimbatore - 641018. ● Cuttack - Shop No. 45, 2nd Floor, Netaji Subas Bose Arcade, (Big Bazar
Building) Adjusent To Reliance Trends, Dargha Bazar, Cuttack - 753001. ● Darbhanga - 2nd Floor, Raj Complex, Near Poor Home, Darbhanga
- 846004. ● Dehradun - Shop No. 809/799, Street No-2 A, Rajendra Nagar, Near Sheesha Lounge, Kaulagarh Road, Dehradun - 248001.
● Dhanbad - 208, New Market 2nd Floor, Bank More, Dhanbad - 826001. ● Durgapur - Mwav-16 Bengal Ambuja, 2nd Floor, City Centre,
Distt. Burdwan, Durgapur - 713216. ● Erode - No. 38/1, Ground Floor, Sathy Road, (Vctv Main Road), Sorna Krishna Complex, Erode - 638003.
● Faridabad - A-2B, 2nd Floor, Neelam Bata Road, Peer Ki Mazar, Nehru Ground, nit, Faridabad - 121001. ● Gandhidham - Shop # 12,
Shree Ambica Arcade, Plot # 300, Ward 12. Opp. Cg High School, Near Hdfc Bank, Gandhidham - 370201. ● Gandhinagar - 123 First Floor,
Megh Malhar Complex, Opp. Vijay Petrol Pump Sector - 11, Gandhinagar - 382011. ● Ghaziabad - Ff-31, Konark Building, Rajnagar, Ghaziabad
- 201001. ● Gorakhpur - Shop No. 8 & 9, 4th Floor, Cross Road, The Mall, Bank Road, Gorakhpur - 273001. ● Guntur - 2nd Shatter, 1st Floor,
H No. 6-14-48, 14/2 Lane, Arundal Pet, Guntur - 522002. ● Gurgaon - No. 212A, 2nd Floor, Vipul Agora, M. G. Road, Gurgaon - 122001.
● Guwahati - Ganapati Enclave, 4th Floor, Opposite Bora Service, Ullubari, Guwahati - 781007. ● Gwalior - City Centre, Near Axis Bank,
Gwalior - 474011.● Haldwani - Shop No. 5, Kmvn Shoping Complex, Haldwani - 263139. ● Haridwar - Shop No. 17, Bhatia Complex, Near
Jamuna Palace, Haridwar - 249410. ● Hubli - R R Mahalaxmi Mansion, Above Indusind Bank, 2nd Floor, Desai Cross, Pinto Road, Hubli -
580029. ● Hyderabad - No. 303, Vamsee Estates, Opp. Bigbazaar, Ameerpet, Hyderabad - 500016. ● Hyderabad (Gachibowli) - Selenium,
Plot No. 31 & 32, Tower B, Survey No.115/22 115/24 115/25, Financial District Gachibowli, Nanakramguda, Serilimgampally Mandal, Hyderabad
- 500032. ● Indore - 101, Diamond Trade Center, 3-4 Diamond Colony, New Palasia, Above Khurana Bakery, Indore. ● Jabalpur - 2nd Floor,
290/1 (615-New), Near Bhavartal Garden, Jabalpur - 482001. ● Jaipur - Office No. 101, 1st Floor, Okay Plus Tower, Next To Kalyan Jewellers,
Government Hostel Circle, Ajmer Road, Jaipur - 302001. ● Jalandhar - Office No. 7, 3rd Floor, City Square Building, E-H197, Civil Line, Next
To Kalyan Jewellers, Jalandhar - 144001. ● Jammu - 1D/D Extension 2, Valmiki Chowk, Gandhi Nagar, Jammu - 180004. ● Jamnagar - 131,
Madhav Plazza, Opp Sbi Bank, Near Lal Bunglow, Jamnagar - 361008. ● Jamshedpur - Madhukunj, 3rd Floor, Q Road, Sakchi, Bistupur, East
Singhbhum, Jamshedpur - 831001. ● Jhansi - 1st Floor, Puja Tower, Near 48 Chambers, Elite Crossing, Jhansi - 284001. ● Jodhpur - Shop
No. 6, Gang Tower, G Floor, Opposite Arora Moter Service Centre, Near Bombay Moter Circle, Jodhpur - 342003. ● Junagadh - Shop No. 201,
2nd Floor, V-Arcade Complex, Near Vanzari Chowk, M. g. Road, Junagadh - 362001. ● Kanpur - 15/46 B, Ground Floor, Opp. Muir Mills, Civil
Lines, Kanpur - 208001. ● Kharagpur - Holding No. 254/220, Sbi Building, Malancha Road, Ward No.16, Kharagpur, Paschim Medinipur,
Kharagpur - 721304. ● Kolhapur - 605/1/4, E Ward, Shahupuri, 2nd Lane, Laxmi Niwas, Near Sultane Chambers, Kolhapur - 416001. ● Kolkata
- 2/1, Russel Street, 4th Floor, Kankaria, Centre, Kolkata - 70001. ● Kota - D-8, Shri Ram Complex, Opposite Multi Purpose School, Gumanpur,
Kota - 324007. ● Kottayam - 1st Floor, Csiascension Square, Railway Station Road, Collectorate P O, Kottayam - 686002. ● Kurnool - Shop
No. 47, 2nd Floor, S Komda Shoping Mall, Kurnool - 518001. ● Lucknow - Ist Floor, A. A. Complex, 5 Park Road, Hazratganj Thaper House,
Lucknow - 226001. ● Ludhiana - Sco 122, Second Floor, Above Hdfc Mutual Fun, Feroze Gandhi Market, Ludhiana - 141001. ● Madurai
- No. G-16/17, A r Plaza, 1st Floor, North Veli Street, Madurai - 625001. ● Malda - Ram Krishna Pally, Ground Floor, English Bazar, Malda -

Mirae Asset Mutual Fund - Annual Report 2021-2022 153

 Post/Courier

In case undelivered, the same needs to be returned to For more information

“KFin Technologies Limited”, 1-800-2090-777 (Toll free)
Unit - Mirae Asset Mutual Fund SMS “INVEST” to 92430 00300
Karvy Selenium, Tower B, Plot No.31 & 32, Financial District, www.miraeassetmf.co.in
[email protected]
Gachibowli, Hyderabad - 500 032

INVESTOR SERVICE CENTRES (ISC) - KFin Technologies Limited (REGISTRAR) (contd...)

732101. ● Mangalore - Mahendra Arcade, Opp Court Road, Karangal Padi, Mangalore - 575003. ● Meerut - Shop No. 111, First Floor, Shivam
Plaza, Near Canara Bank, Opposite Eves Petrol, Pump, Meerut - 250001. ● Mehsana - Ff-21, Someshwar Shopping Mall, Modhera Char
Rasta, Mehsana - 384002. ● Moradabad - Chadha Complex, G. M. D. Road, Near Tadi Khana Chowk, Moradabad - 244001. ● Mumbai - 6/8
Ground Floor, R, Crossely House Near, Bse (Bombay Stock Exchange), Next Union Bank, Fort - 400001. ● Muzaffarpur - First Floor, Saroj
Complex, Diwam Road, Near Kalyani Chowk, Muzaffarpur - 842001. ● Mysore - No. 2924, 2nd Floor, 1st Main, 5th Cross, Saraswathi Puram,
Mysore - 570009. ● Nadiad - 311-3rd Floor, City Center, Near Paras Circle, Nadiad - 387001. ● Nagpur - Plot No. 2, Block No. B/1 & 2, Shree
Apratment, Khare Town, Mata Mandir Road, Dharampeth, Nagpur - 440010. ● Nasik - S-9, Second Floor, Suyojit Sankul, Sharanpur Road,
Nasik - 422002. ● Navsari - 103 1st Floor, Landmark Mall, Near Sayaji Library, Navsari Gujarat, Navsari - 396445. ● New Delhi - 305, New
Delhi House, 27 Barakhamba Road, New Delhi - 110001. ● Noida - F-21, 2nd Floor, Near Kalyan Jewelers, Sector-18, Noida - 201301.
● Panipat - Shop No. 20, 1st Floor Bmk, Market, Behind Hive Hotel, G.t. Road, Panipat - 132103. ● Panjim - H. No. T-9, T-10, Affran Plaza,
3rd Floor, Near Don Bosco High School, Panjim - 403001. ● Patiala - B-17/423, Lower Mall Patiala, Opp. Modi College, Patiala - 147001.
● Patna - 3A 3rd Floor, Anand Tower, Exhibition Road, Opp. Icici Bank, Patna - 800001. ● Pondicherry - No. 122(10B), Muthumariamman
Koil Street, Pondicherry - 605001. ● Pune - Office # 207-210, Second Floor, Kamla Arcade, J m Road, Opposite Balgandharva, Shivaji Nagar,
Pune - 411005. ● Raipur - Office No. S-13, Second Floor, Reheja Tower, Fafadih Chowk, Jail Road, Raipur - 492001. ● Rajkot - 302, Metro
Plaza, Near Moti Tanki Chowk, Rajkot - 360001. ● Ranchi - Room No. 307, 3rd Floor, Commerce Tower, Beside Mahabir Tower, Ranchi - 834001.
● Rohtak - Shop No. 14, Ground Floor, Ashoka Plaza, Delhi Road, Rohtak - 124001. ● Rourkela - 2nd Floor, Main Road, Udit Nagar, Sundargarh,
Rourekla - 769012. ● Salem - No.6, Ns Complex, Omalur Main Road, Salem - 636009. ● Sambalpur - First Floor; Shop No. 219, Sahej Plaza,
Golebazar, Sambalpur - 768001. ● Shillong - Annex Mani Bhawan, Lower Thana Road, Near R K M Lp School, Shillong - 793001. ● Shimla
- 1st Floor, Hills View Complex, Near Tara Hall, Shimla - 171001. ● Siliguri - Nanak Complex, 2nd Floor, Sevoke Road, Siliguri - 734001.
● Sri Ganganagar - Shop No. 5, Opposite Bihani Petrol Pump, Nh-15, Near Baba Ramdev Mandir, Sri Ganganagar - 335001. ● Surat - Ground
Floor, Empire State Building, Near Udhna Darwaja, Ring Road, Surat - 395002. ● Thane - Room No. 302. 3rd Floor, Ganga Prasad, Near Rbl
Bank Ltd, Ram Maruti Cross Road, Naupada Thane West, Mumbai - 400602. ● Trichur - 4th Floor, Crown Tower, Shakthan Nagar, Opp. Head
Post Office, Thrissur - 680001. ● Trichy - No. 23C/1 E V R Road, Near Vekkaliamman Kalyana Mandapam, Putthur, Trichy - 620017.
● Trivandrum - 1st Floor, Marvel Building Opp, Sl Electricals, Uppalam Road, Statue Po, Trivandrum - 695001. ● Udaipur - Shop No. 202, 2nd
Floor, Business Centre, 1C Madhuvan, Opp. G P O Chetak Circle, Udaipur - 313001. ● Valsad - 406, Dreamland Arcade, Opp Jade Blue, Tithal
Road, Valsad - 396001. ● Vapi - A-8, Second Floor, Solitaire Business Centre, Opp Dcb Bank, Gidc Char Rasta, Silvassa Road, Vapi - 396191.
● Varanasi - D-64/132 Ka, 2nd Floor, Anant Complex, Sigra, Varanasi - 221010. ● Vashi - Vashi Plaza, Shop No. 324, C Wing, 1st Floor, Sector
17, Vashi, Navi Mumbai - 400705. ● Vellore - No 2/19, 1st Floor, Vellore City Centre, Anna Salai, Vellore - 632001. ● Vijayawada - H No. 26-
23, 1st Floor, Sundaramma Street, Gandhinagar, Krishna, Vijayawada - 520010. ● Vile Parle - Shop No.1, Ground Floor, Dipti Jyothi Co-Operative
Housing Society, Near Mtnl Office, P M Road, Vile Parle East - 400057. ● Visakhapatnam - D No. 48-10-40, Ground Floor, Surya Ratna
Arcade, Srinagar, Opp. Road to Lalitha Jeweller Showroom, Beside Taj Hotel Ladge, Visakhapatnam - 530016. ● Warangal - Shop No. 22,
Ground Floor, Warangal City Center, 15-1-237, Mulugu Road Junction, Warangal - 506002. ● Yamuna Nagar - B-V, 185/A, 2nd Floor, Jagadri
Road, Near Dav Girls College, (Uco Bank Building) Pyara Chowk, Yamuna Nagar - 135001.