2008-09 - · pdf file2008-09. 2nd annual report 2008 - 2009 1 ... karvy computershare...

2008-09

2nd Annual Report 2008 - 2009

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Sponsor:

Mirae Asset Global Investments Company LimitedRegistered office:45-I, Yoido-Dong,Youngdeungpo-Gu,Seoul, Korea - 150-891.

Trustee:

Mirae Asset Trustee Company Private LimitedRegistered Office:Unit No.606, Windsor Building,Off. C.S.T Road, Kalina, Santacruz (East),Mumbai - 400098.

Asset Management Company:

Mirae Asset Global Investments (India) Private LimitedRegistered & Corporate Office:Unit No.606, Windsor Building,Off. C.S.T Road, Kalina, Santacruz (East),Mumbai - 400098.

Custodian:

Standard Chartered Bank:23-25 Mahatma Gandhi Road,Fort, Mumbai - 400001.

Statutory Auditors:

S.R. Batliboi & Co.,Chartered Accountants6th floor, Express Towers,Nariman Point,Mumbai - 400021.

Registrar & Transfer Agent:

Karvy Computershare Private LimitedKarvy Plaza; H No. 8-2-596,Avenue 4, Street No 1,Banjara Hills, Hyderabad - 500034.

BOARD OF DIRECTORS

Mirae Asset Trustee Company Private Mirae Asset Global InvestmentsLimited (India) Private Limited (AMC)

Mr. V. B. Haribhakti Mr. B. N. Chakraborty

Mr. S. T. Gerela Dr. Manoj Vaish

Mr. K. Ramasubramanian Dr. Lee Tuck Chung

Mr. N. N. Jambusaria Mr. Arindam Ghosh

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Annual Report of Mirae Asset Mutual Fund for the year ended March 31, 2009

Dear Unit holder,

The Trustee Company presents its second report and the audited financial statements of the Schemes of Mirae AssetMutual Fund (the “Fund”), for the year ended March 31, 2009.

MIRAE ASSET MUTUAL FUNDDuring the year ended March 31, 2009, the Fund made its foray of equity products in the Indian Mutual Fund industry withthe launch of its equity products viz. Mirae Asset India Opportunities Fund, an open-ended equity oriented scheme andMirae Asset Global Commodity Stocks Fund, an open-ended equity fund. Besides, the fund also launched Mirae AssetCash Management Fund, an open ended liquid fund, Mirae Asset Interval Fund with three plans namely Quarterly Plan withSeries I & II and Monthly Plan Series I, a debt oriented interval scheme and Mirae Asset Gilt Fund - Investment Plan &Savings Plan, an open ended gilt scheme.

The Average Assets Under Management (AUM) were Rs. 162.08 crores as at 31st March, 2009.

The NFO of Mirae Asset India Opportunities Fund generated Rs. 103.13 crores, Mirae Asset Global Commodity StocksFund generated Rs. 69.60 crores, Mirae Asset Cash Management Fund generated Rs. 16.24 crores, Mirae Asset Gilt Fund- Investment Plan generated Rs 5.36 crores, Mirae Asset Gilt Fund - Saving Plan generated Rs. 3.21 crores, Mirae AssetInterval Fund - Quarterly Plan - Series I generated Rs. 147.61 crores, Mirae Asset Interval Fund - Quarterly Plan - Series IIgenerated Rs. 113.01 crores and Mirae Asset Interval Fund - Monthly Plan - Series I* generated Rs. 64.86 crores.

*- During the year under review, Mirae Asset Interval Fund - Monthly Plan - Series I was wound up in compliance with SEBICircular dated December 12, 2003.

The Fund(s) has declared dividends under its various Schemes and a list of such dividends is annexed and forms part of theAnnual Report. During the period, the Average Assets under management were Rs. 162.08 crores as at 31st March, 2009

Past Performance is no guarantee of future results.No new Schemes were launched since period ended March 31, 2009

DEBT MARKET OVERVIEWThe Reserve Bank of India in its annual policy has estimated GDP growth for FY 10 to be at 6%, lowered its liquidity estimateat 17% from 19%, deposit growth at 18% and credit growth at 20%. Reserve Bank of India has cut the repo rates to 4.75%from 5 % levels and the reverse repo rate to 3.25% from 3.50% levels. RBI has kept CRR at 5%. The Open marketOperations for Rs. 80,000/- Crores and Market Stabilisation Scheme buyback of Rs.40,000/- crores is expected to addRs.12,0000/- Crores in the next six month. RBI has re-iterated its commitment to conduct the market borrowing program ina non - disruptive manner and keep interest rates low. RBI also advised the banks to reduce their prime lending rates andlend more to the commercial sector. On the inflation front, the RBI expects upcoming negative readings on the WPI toreverse by midyear and to 4% by end of FY 2010. There has been a widening in the current account deficit to US$14.6billion (previous US$ 12.8 billion). Capital flows in third quarter of FY 09 were negative, due to portfolio outflows. With theoutlook for capital flows remaining bleak we expect overall deficit to be high. The Industrial Production numbers for themonth of April 2009 was reported at 1.4%, the key reason being rise in domestic demand. If the rains are normal, the foodinflation should come down.

DEBT MARKET FUTURE OUTLOOKThere is plenty of liquidity with Rs.1,00,000 crores going in to reverse repo. Exports continue to be bleak due to slowdownglobally. Inflation for the week ended was reported at 0.13% mainly because of the base effect. Lower inflation may promptRBI to cut rates further. However the rising crude prices are a matter of concern (US Inventory is inversely related to crudeprices and at present US inventory going down, coupled with economic activity in China leading to rising demand for crude,and hence both these factors has lead to rise in the crude prices). As per the latest figures released by RBI although thedeposit base is increasing, the credit off take is not happening. We maintain our view that the incremental money will flow into government securities and corporate bonds at the shorter end of the yield curve. Government spending has resumed asthe new government is front loading its expenditure to kick start the economy leading to increase in scheduled borrowingcalendar. This is creating some volatility in the auctioned segments. The market is expected to be well bid in the comingdays as insurance companies and provident funds are showing interest to buy at these levels alongwith nationalized banks.


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EQUITY MARKET OVERVIEWDuring FY09 the market conditions have been the most challenging in 100 years due to the global meltdown arising out ofglobal credit crisis and US housing market collapse. In an integrated world, credit around the world was seized up, and thefallout impacted venerable firms alongside broader stock and bond indexes. Most global banking / investment banking &insurance firms holding many of the complex financial derivatives (for which they had limited understanding of the worstcase scenario) became victims of this financial tsunami. The resultant de-leveraging cycle and heightened risk aversion ledto a severe contraction in the global demand. Volatile financial markets and economic recession weighed heavily on investorsduring FY09.In the recent weeks, the mood in the global markets have become slightly optimistic as the latest economic data has pointedto some green shoots to recovery on hopes of positive impact of aggressive policy intervention. Despite strong gains inMarch 09, markets globally fell sharply during the year:

Indices 31-Mar-09 1-Apr-08 % Chg

BSE Sensex 9709 15644 -38%Nifty 3020 4734 -36%BSE 200 1140 1932 -41%

Dow 12262 7608 +61%S&P 797 1332 -40%

Source - Bloomberg.

FUTURE OUTLOOK OF EQUITY MARKETA key point to recognize is that global financial turmoil is being addressed by global action. Central banks around the worldhave coordinated their efforts to cut interest rates and supply liquidity to frozen funding markets. In the U.S., the FederalReserve and Treasury Department have moved rapidly to establish new programs for easing money-market pressures andhandling troubled financial assets. A number of governments have also intervened to rescue major financial institutions orfind an orderly way for them to be acquired. The outcome of all of these efforts may take a while to be realized, but webelieve that these multi-pronged worldwide actions mark a significant turning point.India is still well below long-run average levels on many of the standard valuation metrics - P/E, P/BV and P/CF. On aforward PER basis, India is currently trading on 13-14x. We continue to believe despite the run-up, that valuations are stillbelow long-run average levels and the key indicators of the cycle globally moving higher.We believe that the 12-month risk / reward trade-off for Indian equities is attractive. Fiscal and monetary measures shouldhelp rejuvenate economy growth. We believe that the longer term outlook for equities in India remain positive due to itsrelatively strong fundamentals and faster growth than its developed counterparts.Over the last 2 months in the current fiscal, various steps taken by central bankers and stimulus packages around the globeand India have seemed to start working and we are witnessing early signs of recovery. Strong favorable general electionresult has lead to expectation of fiscal consolidation and various initiatives by the Govt. to spur growth in the years to come.

FUTURE OUTLOOK OF THE FUND AND OPERATIONS OF THE SCHEMESThe Mutual Fund industry in India went through one of the most challenging times in 2008 on the back of the globalmeltdown arising out of US credit crisis and Housing market collapse which had a cascading effect across the economiesworld over. The year 2009 has begun on a slightly positive note with the belief gaining credence that the worst for the mutualfund industry has been left behind. The recent industry trends suggest that the investors are once again becoming slightlyrisk averse with improvement in market conditions and economic recovery in sight. The AMC intends to pursue growththrough offering various asset class products with investments in both Indian & Global markets. Our India operations arenow a year old and is in the early stages of establishing its presence by offering investor value added products, superiorinvestment performance and matching them up with top class services.Mirae Asset will continue to endeavor on its four point strategy of (1) Strong Brand Positioning (2) Investment Performance(3) Investor Education and (4) Innovative Products.

OBJECTIVES, INVESTMENT POLICY & PERFORMANCE OF THE SCHEMES:(A) EQUITY FUNDS(I) MIRAE ASSET INDIA OPPORTUNITIES FUND (MAIOF), an open ended equity oriented scheme

The investment objective of the scheme is to generate long term capital appreciation by capitalizing on potentialinvestment opportunities through predominantly investing in equities, equity related securities.

There is no assurance or guarantee of any returns.

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The Scheme aims to maximize the long term capital appreciation by finding investment opportunities resulting fromIndian economic growth and its structural shifts through investing in equities, equities related securities with risk mitigatingand controlling measures.

The scheme has outperformed its benchmark (BSE 200) since its inception. The outperformance was largely due thescheme’s overweight position in Petroleum Products & Gas, Utilities, Pharmaceuticals and Consumer related sectors.The scheme also benefited from its focus on businesses which can sustain themselves in the prevalent challengingmacroeconomic environment.

The net assets of Mirae Asset India Opportunities Fund amounted to Rs. 107.58 Crores as at March 31, 2009.

As at March 31, 2009, 88.50% of the net assets were invested in equity shares and balance in index derivative, fixeddeposits and money market instruments.

Comparison of the performance of Mirae Asset India Opportunities Fund with benchmark returns as on31st March, 2009:-

Scheme Name NAV as on Absolute Benchmark**31st March, Returns since returns (%)

2009 inception* (%)^ (Absolute)

Mirae Asset India Opportunities Fund - Regular -Growth 6.5200 -34.800 -39.933

The price and redemption value of the units, and income from them, can go up as well as down with the fluctuations inthe market value of its underlying investments.

* Date of Allotment / Inception date:- 4th April 2008** Benchmark:- BSE 200^ Past performance may or may not be sustained in future.

(II) MIRAE ASSET GLOBAL COMMODITY STOCKS FUND (MAGCSF), an open ended equity fundThe investment objective of the scheme is to generate long term capital appreciation through an actively managedportfolio investing in equity and equity related securities of companies that are engaged in Commodity and commoditiesrelated sectors / sub sectors / industries, with at least 65% of the corpus invested overseas in Asia Pacific andEmerging Markets. There is no assurance or guarantee of returns.The commodities may include, for example, energy commodities, metals & materials, food and agricultural commoditiesand other commodities. The Energy Commodities include Crude Oil, Natural Gas, Gasoline, Coal and Coking Coaletc. The Metal and Materials include aluminium, copper, gold, zinc, silver, lead, platinum, steel, nickel, tin and ironore, etc. The Food and Agro based Commodities include wheat, corn, cotton, sugar, rubber, soybeans, coffee, riceand meat etc.The scheme has underperformed its benchmark ((MSCI Asia Pacific ex-Japan Energy & Material Index (55%) +MSCI India Energy & Material Index - (35%) + MSCI Brazil Energy & Material Index - (10%)). The underperformancewas largely due to underweighting of certain stocks in the portfolio and also higher levels of cash and cash equivalentsduring the inception of the scheme.The net assets of the Mirae Asset Global Commodity Stocks Fund amounted to Rs. 44.83 Crores as at March 31, 2009.As at March 31, 2009, 94.08% of the net assets were invested in equity shares and balance in CBLO, fixed depositsand others.Comparison of the performance of Mirae Asset Global Commodity Stocks Fund with benchmark returns ason 31st March, 2009:-


2009 inception* (%)^ (Absolute)Mirae Asset Global Commodity Stocks Fund -Regular - Growth 6.7940 -32.060 -28.413


* Date of Allotment / Inception date:- 20th August 2008** Benchmark:- MSCI Asia Pacific ex-Japan Energy & Material Index (55%) + MSCI India Energy & Material Index -(35%) + MSCI Brazil Energy & Material Index - (10%).^ Past performance may or may not be sustained in future.


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(B) GILT FUNDS

(I) MIRAE ASSET GILT FUND (MAGF), an open ended gilt fund

MAGF is an Open ended Gilt Scheme. The scheme has two plans i.e. Investment Plan and Savings Plan.

(a) Investment Plan: The investment objective of the scheme is to seek to generate returns commensurate with lowcredit risk by predominantly investing in the portfolio comprising of sovereign securities issued and guaranteed byCentral and State Government with residual maturity ranging from 1 year to 20 years or higher. There is noassurance or guarantee of any returns.

The Plan intends to invest predominantly in a portfolio comprising of Government securities with residual maturityranging from 1 year to 20 years or higher. The average portfolio maturity duration of the plan will exceed 4 years.

(b) Savings Plan: The investment objective of the scheme is to seek to generate returns commensurate with lowcredit risk by predominantly investing in the portfolio comprising of short to medium term Government securitiesguaranteed by Central and State Government with an average portfolio maturity duration not exceeding 5 years.There is no assurance or guarantee of any returns.

The fund will be managed according to its objective and thereby seek to generate returns commensurate with lowcredit risk by predominantly investing in the portfolio comprising of sovereign securities issued and guaranteed byCentral and State Govt. The Scheme may also invest in money market instruments which include but is not limitedto treasury bills, CBLO, repo / reverse repo and any other like instruments as are and or may be permitted underthe Regulations and RBI from time to time.

The Plan intends to invest predominantly in a portfolio comprising of short to medium term Government securitieswith an average portfolio maturity duration not exceeding 5 years.

The investment team will take an active view of the interest rate movement by keeping a close watch on variousmacroeconomic parameters of the Indian economy as well as developments in global markets. Investment views /decisions will be taken on the basis of the various factors like, prevailing interest rate scenario, Government’s borrowingprogramme, level of liquidity in the banking system, inflation levels and overall macro economic growth of the country.

The schemes has outperformed its benchmarks since its inception. The outperformance was mainly due to activeduration management, security selection as well as trading in government bonds.

The performance of the scheme is benchmarked against I Sec Li-Bex for Investment Plan & I-Sec Si-Bex for SavingsPlan.

The net assets of the Mirae Asset Gilt Fund - Investment Plan amounted to Rs. 6.84 Crores as at March 31, 2009 whilethe net assets of the Mirae Asset Gilt Fund - Savings Plan amounted to Rs. 0.72 crore as at March 31, 2009.

As at March 31, 2009, 68.11% in Government securities in Investment Plan and the balance were invested in CBLO.

As at March 31, 2009, 100% of the net assets were invested in CBLO in Savings Plan.

Comparison of the performance of Mirae Asset Gilt Fund with benchmark returns as on 31st March, 2009:-



Mirae Asset Gilt Fund - Investment Plan

Mirae Asset Gilt Fund - Investment Plan - Regular Growth 9.9412 -0.588 -3.542

Mirae Asset Gilt Fund - Savings Plan

Mirae Asset Gilt Fund - Savings Plan - Regular Growth 10.0824 0.689 -0.739


* Date of Allotment / Inception date:- 6th February 2009** Benchmark:- I Sec Li-Bex for Investment Plan & I Sec Si-Bex for Savings Plan.^ Past performance may or may not be sustained in future.

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(C) LIQUID / MONEY MARKET FUNDS

(I) MIRAE ASSET CASH MANAGEMENT FUND (MACMF), an open ended liquid fundThe investment objective of the scheme is to seek to generate returns linked to short end rates like MIBOR and CBLOetc. and provide higher liquidity by investing in a portfolio of debt and money market instruments. The Scheme does notguarantee any returns.

This scheme is meant for investors to deploy their funds for a short period of time. The fund will be managed accordingto the investment objective, thereby seeking to generate returns linked to MIBOR, call and CBLO etc. commensuratewith low risk and shall maintain high liquidity for the purpose of meeting the liquidity requirements of the investors.

The scheme has underperformed its benchmark (CCIL MIBOR) since its inception. The impact of scheme relatedexpenses has led to the underperformance of the scheme as compared to its benchmark.

The net assets of the Mirae Asset Cash Management Fund amounted to Rs. 2.62 Crores as at March 31, 2009.

As at March 31, 2009, 100% of the net assets were invested in CBLO.

Comparison of the performance of Mirae Asset Cash Management Fund with benchmark returns as on31st March, 2009:-



Mirae Asset Cash Management Fund - Regular - Growth 1007.8609 0.780 1.315


* Date of Allotment / Inception date:- 12th January 2009** Benchmark:- CCIL MIBOR.^ Past performance may or may not be sustained in future.

(II) MIRAE ASSET LIQUID FUND (MALF), an open ended liquid scheme:The investment objective of the scheme is to seek to generate reasonable returns with low volatility and higher liquiditythrough a portfolio of debt and money market instruments. The Scheme does not guarantee any returns.

This scheme is meant for investors to deploy their funds for a short period of time. The fund will be managed accordingto the investment objective, thereby seek to generate reasonable returns commensurate with low risk. The scheme willinvest in money market and other debt securities and shall maintain high liquidity for the purpose of meeting theliquidity requirements of the investors.

The scheme has underperformed its benchmark (Crisil Liquid Fund Index) since its inception and over the financialyear. The scheme witnessed significant outflow during the second quarter as market participants preferred to redeemfrom liquid funds amid risk aversion due to the prevailing liquidity crunch and to take advantage of higher fixed depositrates. The scheme has underperformed mainly due to higher exposure to CBLO / Repo rate instruments as comparedto its benchmark.

The net assets of the Mirae Asset Liquid Fund amounted to Rs.1.85 Crores as at March 31, 2009.

As at March 31, 2009, 100% of the net assets were invested in CBLO.

Comparison of the performance of Mirae Asset Liquid Fund with benchmark returns as on 31st March, 2009:-

Scheme Name NAV as on CAGR Benchmark**31st March, Returns since returns (%)

2009 inception* (%)^ (CAGR)

Mirae Asset Liquid Fund - Regular Plan - Growth 975.8787 -2.25% 8.84%


CAGR - Compounded Annualized Growth Returns* Date of Allotment / Inception date:- 5th March 2008** Benchmark:- CRISIL Liquid Fund Index^ Past performance may or may not be sustained in future.


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(D) DEBT FUNDS

(I) MIRAE ASSET ULTRA SHORT TERM BOND FUND (MAUSTBF) (earlier known as MIRAE ASSET LIQUID PLUSFUND), an open ended debt scheme:The investment objective of the scheme is to seek to generate returns with low volatility and higher liquidity through aportfolio of debt and money market instruments. The Scheme does not guarantee any returns.

This scheme is meant for investors to deploy their funds for a short period of time. The fund will be managed accordingto the investment objective, thereby seek to generate reasonable returns commensurate with low risk. The scheme willinvest in money market and other debt securities and shall maintain high liquidity for the purpose of meeting theliquidity requirements of the investors.

The scheme has underperformed its benchmark (Crisil Liquid Fund Index) since its inception and over the financialyear. Tight liquidity conditions took a toll on the scheme during the second quarter of the year as investors redeemedfrom the fixed income schemes to take advantage of attractive fixed deposit rates. The scheme has underperformedmainly due to higher exposure to CBLO/ Repo rate instruments as compared to its benchmark.

The net assets of the Mirae Asset Ultra Short Term Bond Fund amounted to 8.91 crores as at March 31, 2009.

As at March 31, 2009, 56.04% was invested in certificate of deposits and balance in CBLO.

Comparison of the performance of Mirae Asset Ultra Short Term Bond Fund with benchmark returns as on31st March, 2009:-

Scheme Name NAV as on CAGR Benchmark**31st March, Returns since returns (%)

2009 inception* (%)^ (CAGR)

Mirae Asset Ultra Short Term Bond Fund -Regular Plan - Growth 1015.6706 1.46% 8.84%


CAGR - Compounded Annualized Growth Returns* Date of Allotment/ Inception date:- 5th March 2008** Benchmark:- CRISIL Liquid Fund Index^ Past performance may or may not be sustained in future.

(E) INTERVAL FUNDS

(I) MIRAE ASSET INTERVAL FUND (MAIF), a debt oriented interval schemeThe investment objective of the schemes is to seek to generate returns with low volatility through a portfolio of debt andmoney market instruments with a provision to offer liquidity at periodic intervals. There is no assurance OR guaranteeof returns.

The credit quality of the portfolios will be maintained and monitored using in-house research capabilities as well asinputs from external sources such as independent credit rating agencies. The investment team will primarily use a topdown approach for taking interest rate view, sector allocation along with a bottom up approach for security / instrumentselection. The bottom up approach will assess the quality of security / instrument (including the financial health of theissuer) as well as the liquidity of the security. Investments in debt instruments carry various risks such as interest raterisk, reinvestment risk, credit risk and liquidity risk etc. Whilst such risks cannot be eliminated, they may be minimizedthrough diversification and effective use of hedging techniques.

Mirae Asset Interval Fund - Quarterly Plan - Series 1 (MAIF - QP - SI)The scheme has underperformed its benchmark (Crisil Liquid Fund Index) since its inception. The scheme witnessedsignificant outflow during the second quarter as investors preferred to redeem from fixed income funds amid riskaversion during the global liquidity crisis. The scheme has underperformed mainly due to higher exposure to CBLO /Repo rate instruments as compared to its benchmark.

Mirae Asset Interval Fund - Quarterly Plan - Series 2 (MAIF - QP - SII)The scheme has underperformed its benchmark (Crisil Liquid Fund Index) since its inception. The scheme witnessedsignificant outflow during the second quarter as investors preferred to redeem from fixed income funds amid riskaversion during the global liquidity crisis. The scheme has underperformed mainly due to higher exposure to CBLO /Repo rate instruments as compared to its benchmark.

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Mirae Asset Interval Fund - Monthly Plan - Series 1 (MAIF - MP - SI)The scheme has underperformed its benchmark (Crisil Liquid Fund Index) since its inception. The scheme witnessedsignificant outflow during the second quarter as investors preferred to redeem from fixed income funds amid riskaversion during the global liquidity crisis. The scheme has underperformed mainly due to higher exposure to CBLO /Repo rate instruments as compared to its benchmark.

The net assets of Mirae Asset Interval Fund - Quarterly Plan - Series I amounted to Rs. 0.35 crore as at March 31, 2009while the net assets of Mirae Asset Interval Fund - Quarterly Plan - Series I amounted to Rs. 0.21 crore asat March 31, 2009.

As at March 31, 2009, 100% of the net assets were invested in CBLO for Mirae Asset Interval Fund-Quarterly PlanSeries I & II.

Comparison of the performance of Mirae Asset Interval Fund with benchmark returns as on 31st March, 2009:-



Mirae Asset Interval Fund - Quarterly Plan - Series - I

Mirae Asset Interval Fund - Quarterly Plan -Series - I - Regular Growth 10.5458 5.458 5.867

Mirae Asset Interval Fund - Quarterly Plan - Series - II

Mirae Asset Interval Fund - Quarterly Plan -Series - II - Regular Growth 10.4253 4.253 5.104

Scheme Name NAV as on Absolute@ Benchmark**@12th February, Returns since returns (%)

2009@ inception* (%)^ (Absolute)

Mirae Asset Interval Fund - Monthly Plan - Series - I

Mirae Asset Interval Fund - Monthly Plan -Series - II - Regular Growth 10.0807 0.81 4.00


* Date of Allotment / Inception date:-MAIF-QP-SI - 13th August 2008MAIF-QP-SII - 12th September 2008MAIF-MP-SI - 17th September 2008@Date of Expiry: February 12, 2009** Benchmark:- CRISIL Liquid Fund Index^ Past performance may or may not be sustained in future.

During the year under review, Mirae Asset Interval Fund - Monthly Plan - Series I was wound up in compliance withSEBI Circular dated December 12, 2003.

STATUTORY DETAILS

MIRAE ASSET MUTUAL FUND

Mirae Asset Mutual Fund has been set up as a trust sponsored by Mirae Asset Global Investments Company Limited, acompany incorporated in South Korea. (liability restricted to their contribution of Rs. 1 lakh each to the corpus) with MiraeAsset Trustee Company Private Limited as the Trustee (Trustee under the Indian Trusts Act, 1882) and with Mirae AssetGlobal Investments (India) Private Limited (MAGIL AMC) as the Investment Manager.

Mirae Asset Global Investments Company Limited (MAGICL) is a part of Mirae Asset Financial Group (Mirae Asset). MiraeAsset was established in 1997 and is South Korea’s leading independent financial services provider. With Asset Managementas its core activity, Mirae Asset is engaged in a broad range of financial services including Investment Banking, WealthManagement and Life Insurance. Other significant activities of the group include Alternate Investment including PrivateEquity, Venture Capital and Real Estate.


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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. TheTrustee has been discharging its duties and carrying out the responsibilities as provided in the Regulations and the TrustDeed. The Trustee seeks to ensure that the Fund and the Schemes floated there under are managed by the AMC inaccordance with the Trust Deed, the Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, theAssociation of Mutual Funds in India and other regulatory agencies.

Mirae Asset Global Investments (India) Private Limited (AMC):Mirae Asset Global Investments (India) Private Limited, a company registered under the Companies Act, 1956 and havingits registered office at Unit 606, 6th Floor, Windsor, off CST Road, Kalina, Santacruz (E), Mumbai - 400098. Mirae AssetGlobal Investments (India) Private Limited has been appointed as the Asset Management Company (AMC) of Mirae AssetMutual Fund by the Trustee vide. Investment Management Agreement (“IMA”) dated October 11, 2007 entered into betweenMirae Asset Trustee Company Private Limited and Mirae Asset Global Investments (India) Private Limited. The InvestmentManager was approved by SEBI to act as the AMC for the Fund vide letter no. IMD/HSV/OTW/109716/2007 dated 30thNovember, 2007.

Full Annual Report shall be disclosed on the website (www.miraeassetmf.co.in) and shall also be available for inspection atthe Head Office of the Mutual Fund. On written request present and prospective unit holders / investors can obtain a copyof the Trust Deed, the Annual Report at a price and the text of the relevant Scheme.

The Balance Sheet as at 31st March, 2009 and the Revenue Account for the year ended 31st March, 2009 for the variousschemes are annexed to this Report.

INVESTOR SERVICESMirae Asset Mutual Fund continues to focus on new initiatives to promote investment education amongst investors. Whileit had initiated workshops across the country last year in this context, the mutual fund has expanded the scope of itsactivities to mass media vehicles to enable itself to reach a larger audience of investors. It has recently initiated contributionof articles focusing on investment education particularly ‘Systematic Investment Plan’ through leading newspaper dailies. Inaddition, it also participates in media initiatives related to advising investors on investments in different market conditions.The mutual fund has plans to continue on this approach given that it allows dissemination of information to a large audiencebase. Simultaneously it also plans to increase its presence in investor forums, seminars which offer a platform to directlyinteract with investors and address their queries related to investments.

Dividend declared during the financial year 2008 - 09:

The NAV particulars of various schemes as on 31st March, 2009 as well as the details of dividends declared duringthe period under review are as under:-

MIRAE ASSET INTERVAL FUND - QUARTERLY PLAN - Series IPlan / Option wise per unit Net Asset Values (NAV) and Dividend details are as follows:

NAV per unit Dividend per unit (Rs.)Scheme / Plan March 31, 2009 Individual Non Individual

Mirae Asset Interval Fund - Quarterly Plan -Series I - Institutional Dividend Plan 10.0855 0.4106 0.3821Mirae Asset Interval Fund - Quarterly Plan -Series I - Regular Dividend Plan 10.0804 0.3998 0.1831

MIRAE ASSET INTERVAL FUND - QUARTERLY PLAN - Series IIPlan / Option wise per unit Net Asset Values (NAV) and Dividend details are as follows:


Mirae Asset Interval Fund - Quarterly Plan -Series II - Institutional Dividend Plan # 0.2173 0.2023Mirae Asset Interval Fund - Quarterly Plan -Series II - Regular Dividend Plan 10.0481 0.3271 0.3271

# - Scheme / Plan / Option not subscribed for by any investor as on 31st March, 2009.No dividend was declared for any other option/plans during the year / period under review.

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MIRAE ASSET INTERVAL FUND - MONTHLY PLAN - Series IPlan / Option wise per unit Net Asset Values (NAV) and Dividend details are as follows:

NAV per unit Dividend per unit (Rs.)Scheme / Plan Feb. 12, 2009 Individual Non Individual

Mirae Asset Interval Fund - Monthly Plan -Series I - Institutional Dividend Plan ## 0.0275 0.0256

Mirae Asset Interval Fund - Monthly Plan -Series I - Regular Dividend Plan 10.0807 0.1123 0.1045

## - Scheme / Plan / Option not subscribed for by any investor as on 12th February, 2009

MIRAE ASSET LIQUID FUNDPlan / Option wise per unit Net Asset Values (NAV) and Dividend details are as follows:


Mirae Asset Liquid Fund - Institutional - Dividend Plan (Daily) # 16.3866 39.8714Mirae Asset Liquid Fund - Regular - Dividend Plan (Daily) 929.0858 28.2368 28.2368Mirae Asset Liquid Fund - Regular - Dividend Plan (Monthly) 932.5139 35.5428 NILMirae Asset Liquid Fund - Regular - Dividend Plan (Weekly) 930.4118 37.3539 18.1149Mirae Asset Liquid Fund - Super Inst - Dividend Plan (Daily) # 0.8726 40.8077

NIL - Dividend not declared during the period under review.

MIRAE ASSET ULTRA SHORT TREM BOND FUNDPlan / Option wise per unit Net Asset Values (NAV) and Dividend details are as follows:


Mirae Asset Ultra Short Term Bond Fund -Institutional - Dividend Plan (Daily) # 44.1045 41.0491Mirae Asset Ultra Short Term Bond Fund -Institutional - Dividend Plan (Weekly) # NIL 35.3721Mirae Asset Ultra Short Term Bond Fund -Regular - Dividend Plan (Daily) 967.8501 42.3275 39.3952Mirae Asset Ultra Short Term Bond Fund -Regular - Dividend Plan (Monthly) 970.0568 40.2120 37.4262Mirae Asset Ultra Short Term Bond Fund -Regular - Dividend Plan (Quarterly) 986.8926 15.0794 14.0347Mirae Asset Ultra Short Term Bond Fund -Regular - Dividend Plan (Weekly) 967.7710 42.3119 33.7163Mirae Asset Ultra Short Term Bond Fund -Super Inst - Dividend Plan (Daily) # 20.3228 42.2719Mirae Asset Ultra Short Term Bond Fund -Super Inst - Dividend Plan (Weekly) # 12.4517 37.2226

# - Scheme / Plan / Option not subscribed for by any investor as on 31st March, 2009NIL - Dividend not declared during the period under review.Note: Post declaration of the dividend, the NAV of the Scheme will fall to the extent of the dividend pay-out and distributiontax, if any. Dividends declared are out of distributable surplus on a daily basis. Hence only ex-dividend NAV per Unit isdeclared.For daily dividends cumulative dividend for a plan is indicated with record date as the month of dividend and the ex dividendNAV as on March 31, 2009. In case of weekly dividends, a day wise listing and cum dividend NAV is given in the above table.


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Past performance may or may not be sustained in future.During the year under review, no dividend was declared in Mirae Asset India Opportunities Fund, Mirae Asset GlobalCommodity Stocks Fund, Mirae Asset Gilt Fund - Savings Plan & Investment Plan and Mirae Asset Cash ManagementFund.

LIABILITY AND RESPONSIBILITY OF TRUSTEE AND SPONSORSThe liabilities and responsibility of the Trustee are in accordance with the SEBI (Mutual Funds) Regulations, 1996, Trustdeed and the offer documents of the schemes. The liability of the Sponsor / Settlor is limited to the initial contribution ofRs. 100,000/- towards the setting up of Mirae Asset Mutual Fund.

The price and redemption value of the units and income from them, can go up as well as down with the fluctuations in themarket value of its underlying investments. There can be no assurance that the Fund’s objective will be achieved. Pastperformance is not necessarily indicative of future results and may not necessarily provide a basis for comparison with otherinvestments.

INVESTMENT OBJECTIVE OF THE SCHEMES:

Mirae Asset India Opportunities Fund:

The investment objective of the scheme is to generate long term capital appreciation by capitalizing on potential investmentopportunities through predominantly investing in equities, equity related securities. There is no assurance or guarantee ofreturns.

Mirae Asset Global Commodity Stocks Fund:

The investment objective of the scheme is to generate long term capital appreciation through an actively managed portfolioinvesting in equity and equity related securities of companies that are engaged in Commodity and commodities relatedsectors / sub sectors / industries, with at least 65% of the corpus invested overseas in Asia Pacific and Emerging Markets.There is no assurance or guarantee of returns.

Mirae Asset Gilt Fund:

(a) Investment Plan: The investment objective of the scheme is to seek to generate returns commensurate with low creditrisk by predominantly investing in the portfolio comprising of sovereign securities issued and guaranteed by Centraland State Government with residual maturity ranging from 1 year to 20 years or higher.

(b) Savings Plan: The investment objective of the scheme is to seek to generate returns commensurate with low credit riskby predominantly investing in the portfolio comprising of short to medium term Government securities guaranteed byCentral and State Government with an average portfolio maturity duration not exceeding 5 years.

There is no assurance or guarantee of returns.

Mirae Asset Cash Management Fund:

The investment objective of the scheme is to seek to generate returns linked to short end rates like MIBOR and CBLO etc.and provide higher liquidity by investing in a portfolio of debt and money market instruments. The Scheme does not guaranteeany returns.

Mirae Asset Liquid Fund:

The investment objective of the scheme is to seek to generate reasonable returns with low volatility and higher liquiditythrough a portfolio of debt and money market instruments. The Scheme does not guarantee any returns.

Mirae Asset Ultra Short Term Bond Fund (Earlier known as Mirae Asset Liquid Plus Fund) -

The investment objective of the scheme is to seek to generate returns with low volatility and higher liquidity through aportfolio of debt and money market instruments. The Scheme does not guarantee any returns.

Mirae Asset Interval Fund - Monthly Plan Series I, Quarterly Plan - Series I & II

The investment objective of the scheme is to seek to generate returns with low volatility through a portfolio of debt andmoney market instruments with a provision to offer liquidity at periodic intervals. There is no assurance OR guarantee ofreturns.

12

BASIS AND POLICY OF INVESTMENTS UNDERLYING THE SCHEME OF MIRAE ASSET MUTUAL FUNDInvestment policies of the Funds reflect restrictions for mutual fund investments established by SEBI.

Avenues for investment in equity are identified on the following criteria:

1. Sound Management

2. Good track record of the Company

3. Potential for future growth

4. Industry scenario

5. Liquidity of the stock

6. Any other in the opinion of AMC

Avenues for investment in debt are identified on the following criteria:

1. Economic Scenario

2. Liquidity

3. RBI Stance

4. Credit Risk

5. Any other in the opinion of AMC

ACKNOWLEDGEMENTSThe Trustees wish to thank the Government of India, the Securities and Exchange Board of India (SEBI), the Reserve Bankof India (RBI), and the Association of Mutual Funds in India (AMFI) for their support and directions.

The Trustees would also like to thank the Fund’s Auditors, Custodian, Registrar & Transfer Agent, Bankers, Distributors,Brokers and all other service providers for their valuable support.

The Trustees also wish to thank all unit holders for their strong support.

On behalf of the Board of DirectorsMirae Asset Trustee Company Private Limited

V. B. Haribhakti S. T. GerelaDirector Director

Place: MumbaiDate : June 19, 2009


13

Auditors’ Report

To,

The Trustee ofMIRAE ASSET MUTUAL FUND - MIRAE ASSET INDIA OPPORTUNITIES FUND

1. We have audited the attached balance sheet of MIRAE ASSET MUTUAL FUND – MIRAE ASSET INDIAOPPORTUNITIES FUND (‘the Scheme’) as at 31 March 2009 and also the revenue account for the period from 10 March2008 to 31 March 2009 (‘the Period’) annexed thereto. These financial statements are the responsibility of the managementof Mirae Asset Global Investment Management (India) Private Limited, the Scheme’s asset managers. Our responsibility isto express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards requirethat we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation. We believe that our audit provides areasonable basis for our opinion.

3. We report that:

i. We have obtained all the information and explanations which, to the best of our knowledge and belief, werenecessary for the purposes of our audit.

ii. The balance sheet and revenue account dealt with by this report are in agreement with the books of account.

iii. In our opinion, the balance sheet and revenue account dealt with by this report have been prepared in conformitywith the accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Boardof India (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’).

iv. In our opinion, and to the best of our information and according to the explanations given to us, the said financialstatements give the information required by the SEBI Regulations as applicable, and give a true and fair view inconformity with the accounting principles generally accepted in India:

a) in the case of the balance sheet, of the state of affairs of the Scheme as at 31 March 2009; and

b) in the case of the revenue account, of the deficit for the Period ended on that date.

For S.R. BATLIBOI & CO.Chartered Accountants

Per Surekha GraciasPartnerMembership No.:105488

Mumbai,June 19, 2009

14

MIRAE ASSET MUTUAL FUND - MIRAE ASSET INDIA OPPORTUNITIES FUNDBALANCE SHEET AS AT 31 MARCH 2009

(All amounts in thousands of Rupees)Schedule 2009

SOURCES OF FUNDSUnit capital 2(b) & 3 1,650,765

Reserves and surplus 2(b) & 4 (573,995)

Current liabilities 5 20,225

Total 1,096,995

APPLICATION OF FUNDSInvestments 2(c), 6 & 15 939,024

Deposits 7 40,000

Other current assets 8 117,971

Total 1,096,995

The accompanying schedules are an integral part of this balance sheet.

As per our report of even date.

For S.R. Batliboi & Co. Mirae Asset Trustee Mirae Asset Global InvestmentsChartered Accountants Company Private Limited (India) Private Limited

per Surekha Gracias Mr. S.T. Gerela Mr. B.N.ChakrabortyPartner Director DirectorMembership No.105488

Mr. V.B. Haribhakti Mr. Arindam GhoshMumbai Director Director & CEOJune 19, 2009

Mr. Murthy NagarajanHead - Fixed Income & Fund Manager

Mr. Gopal AgrawalHead - Equity & Fund Manager

Mr. Neelesh SuranaSr. Fund Manager - Equity


15

MIRAE ASSET MUTUAL FUND - MIRAE ASSET INDIA OPPORTUNITIES FUNDREVENUE ACCOUNT FOR THE PERIOD FROM 10 MARCH 2008 TO 31 MARCH 2009

(All amounts in thousands of Rupees)10 March, 2008

Schedule to 31 March, 2009

INCOMEDividend 2(d) 14,497Interest 2(d) & 9 10,219Other Income 14

Total 24,730

EXPENSES AND LOSSESProvision for net unrealised loss in value of investments 2(c) & 6(ii) 120,626Loss on sale/redemption of investments, net 2(d) 389,393Loss on inter-scheme transfer/sale of investments, net 2(d) 16,401Management fee 10 13,438Trusteeship fee 10 186Custodian service charges 299Registrar service charges 2,536Commission to distributors 10,319Publicity expenses 875Audit fee 502Interest on borrowings 2Other operating expenses 9,810

564,387Less: Expenses reimbursed by AMC (10,930)

Total 553,457

Deficit for the period (528,727)Equalisation credit 2(e) 10,032

Deficit transferred to the balance sheet 4 (518,695)

The accompanying schedules are an integral part of this revenue account.








16

MIRAE ASSET MUTUAL FUND - MIRAE ASSET INDIA OPPORTUNITIES FUNDSCHEDULES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 10 MARCH2008 TO 31 MARCH 2009

(All amounts in thousands of Rupees unless specified otherwise)

1. BACKGROUNDMirae Asset Mutual Fund - Mirae Asset India Opportunities Fund (‘the Scheme’) was launched as an open endedequity oriented scheme on 11 February 2008. The new fund offer of the Scheme opened on 11 February 2008 andclosed on 10 March 2008.

Mirae Asset Investment Management Company Limited with effect from 11 October 2007 is the sponsor of Mirae AssetMutual Fund (‘The Fund’).

In accordance with SEBI (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’), the Board of Directors of MiraeAsset Trustee Company Private Limited (‘the Trustee’) has appointed Mirae Asset Global Investment (India) PrivateLimited (‘the AMC’) to manage the Fund’s affairs and operate its schemes.

The investment objective of the scheme is to generate long term capital appreciation by capitalizing on potentialinvestment opportunities through predominantly investing in equities, equity related securities.

The Scheme offers its investors the following plans:

Institutional Plan - Growth Option

Institutional Plan - Dividend Option

Regular Plan - Growth Option

Regular Plan - Dividend Option. (collectively ‘the Plans’)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe financial statements are prepared on the accrual basis of accounting, under the historical cost convention, asmodified for investments, which are ‘marked-to-market’. The significant accounting policies, which are in accordancewith the SEBI Regulations and have been approved by the Boards of Directors of the AMC and the Trustee, are statedbelow.

(a) Determination of net asset value

- The net asset value of the units of the scheme is determined separately for the units issued under the Plans.

- For reporting the net asset values within the portfolio, its daily income earned, including realised profit or lossand unrealised gain or loss in the value of investments, and expenses incurred, are allocated to the relatedplans in proportion to their respective daily net assets, adjusted for unit capital movement for the day.

(b) Unit capital

- Unit capital represents the net outstanding units at the balance sheet date, thereby reflecting all transactionsrelating to the period ended on that date.

- Upon issue and redemption of units, the net premium or discount to the face value of units is adjustedagainst the unit premium reserve of each Plan, after an appropriate portion of the issue proceeds andredemption payouts is credited or debited respectively to the equalisation account, a mandatory requirementfor open ended mutual fund schemes.

(c) Investments

Accounting for investment transactions

- Purchase and sale of investments are recorded on the date of the transaction, at cost and sale pricerespectively, after considering brokerage, commission, and fees payable or receivable, if any.

- Right entitlements are recognised as investments on the ex-rights date.

- Bonus entitlements are recognised as investments on the ex-bonus date.


17

Valuation of investments

- Investments in equity shares which have traded during a period of thirty days (prior to the balance sheetdate) are stated at the closing prices on the balance sheet date or the last trading day before the balancesheet date, as may be applicable, on The National Stock Exchange of India Limited (Principal Exchange).When on a particular valuation day, a security has not been traded on the principal stock exchange, the valueat which it is traded on The Bombay Stock Exchange Limited is used.

- Market values of traded futures contracts shall be determined with respect to the exchange on which contractedoriginally, i.e., futures position contracted on the National Stock Exchange (NSE) would be valued at theclosing price on the NSE. The price of the same futures contract on the Mumbai Stock Exchange (BSE)cannot be considered for the purpose of valuation, unless the futures contract itself has been contracted onthe BSE.

- Investments in fixed income securities are valued as follows:

-Securities traded on the balance sheet date (on the stock exchange where a majority (in terms of value) ofthese securities are principally traded) are stated at the last traded price.

- Other fixed income investments are stated at their fair value as determined by the AMC in accordance withthe SEBI Regulations and related circulars, based on comparative yields released by an independent agencysuggested by the AMFI. On days where such comparative yields are not released, the fair value is determinedbased on the traded or purchase price or the comparative yields relating to the immediately preceding day.

- Treasury Bills, Commercial Paper and Certificates of Deposit are valued at carrying cost, which includesdiscount accrued on an straight line basis over the period to maturity; wherever market price is available thesame is used for valuation.

(d) Revenue recognition

- Dividend income is recognised on the ex-dividend date.

- Interest income is recognised on an accrual basis.

- Profit or loss on sale/redemption of investments is determined on the basis of the weighted average costmethod.

(e) Equalisation account

- The purpose of equalisation account is to maintain per unit amount of a Plan’s/ Option’s share of the Scheme’sundistributed income earned during the accounting period, so that continuing unitholders’ share of undistributedincome remains unchanged on issue or redemption of units under that Plan / Option.

- When units are issued or redeemed, the total undistributed income from the beginning of the accountingyear to the date of the transaction is determined. Based on the number of units outstanding on the transactiondate, the undistributed income associated with each unit is computed. The per unit amount so determined iscredited and debited to the equalisation account on issue and redemption of each unit respectively.

- At period end, the balance in the equalisation account is transferred to the revenue account.

(f) Load

- Load collected is utilised to meet marketing and selling expenses incurred during the year to the extentconsidered appropriate by the AMC. Unutilised amount is carried forward to meet future marketing andselling expenses. However, load collected is credited to the income of the scheme as and when it is consideredappropriate by the Trustees.

18

3. UNIT CAPITALQuantity Amount (in ‘000)

2009 2009Units of Rs 10 each

Regular Dividend OptionIssued- new fund offer 32,391,063.966 323,911- during the period 34,379,554.104 343,796Redeemed during the period (10,030,376.789) (100,304)

Outstanding, end of period 56,740,241.281 567,403

Regular Growth OptionIssued- new fund offer 64,031,575.607 640,316- during the period 52,646,141.119 526,461Redeemed during the period (13,341,485.196) (133,415)

Outstanding, end of period 103,336,231.530 1,033,362

Institutional Dividend OptionIssued- new fund offer 5,000,000.000 50,000- during the period - -Redeemed during the period - -


TotalIssued- new fund offer 101,422,639.573 1,014,227- during the period 87,025,695.223 870,257Redeemed during the period (23,371,861.985) (233,719)

Outstanding, end of period 165,076,472.811 1,650,765

Amount (in ‘000)2009

4. RESERVES AND SURPLUSUnit premium reserve

Net premium on issue / redemption of units (45,956)Transferred (to) / from Equalisation account (10,032)

Balance, end of period (55,988)

Unrealised appreciation reserveUnrealised appreciation in value of investments 688

Balance, end of period 688

Retained surplusDeficit transferred from revenue account (518,695)


Total reserves (573,995)

The share of the plans in the reserves and surplus is as follows:Regular Dividend (197,397)Regular Growth (359,527)Institutional Dividend (17,071)

(573,995)


19

5. CURRENT LIABILITIESAmount due to AMC

- Management fee 1,138

Trusteeship fee 25

Sundry creditors for units redeemed by investors- Lateral Shift Payable 2,681- Others 1,042

Contract for purchase of investments 8,506

Other current liabilities 6,833

20,225

6. INVESTMENTSEquity shares 938,336

Futures - Marked to Market 688

939,024

(i) All the investments are held in the name of the Scheme, as per clause 7 of Seventh Scheduleunder Regulations 44(1) of SEBI (Mutual Funds) Regulations, 1996.

(ii) Aggregate appreciation and depreciation in the value of investments are as follows:

Futures

- appreciation 688

- depreciation -

Equity Shares

- appreciation 39,570

- depreciation 160,197

(iii) The aggregate value of investments acquired and sold/redeemed during the period andthese amounts as a percentage of average daily net assets are as follows:

Purchases (excluding collateralised lending and fixed deposit)

- amount 7,011,481

- as a percentage of average daily net assets 615.18

Purchases (Futures & Options)

- amount 1,649,747


Sales / Redemptions (excluding collateralised lending and fixed deposit)

- amount 5,567,544


Sales / Expirations (Futures & Options)

- amount 1,570,126


(iv) The aggregate purchases made by the schemes during the current period and the fair valueof such investments as at 31 March 2009 in companies which have invested in any schemeof the Fund in excess of five per cent of that scheme’s net assets are provided in Attachment I.

20

(v) Aggregate fair value of non traded investments as on 31 March 2009 NIL(excluding commercial papers, certificates of deposit, government securities and bills re-discounted)

(vi) Investments in the sponsor company and its group companies NIL

(vii) Equity Derivatives Disclosures

FuturesDetails of open interest in index futures of April 2009 Series as at March 31, 2009 is as follows :

Underlying Asset / Index Name Number of Units UnitsContracts Outstanding Outstanding

Long Short

Nifty 422 21,100 -

7. DEPOSITSScheduled banks 40,000

40,000

8. OTHER CURRENT ASSETSBalances with banks in current accounts 3,316

Sundry debtors for units issued to investors- Lateral shift receivable 24- Others 3,336

Contracts for sale of investments 19,907

Advances and deposits 5,100

Outstanding and accrued income 862

Amount due form AMC 11,242

Collateralised Lending 74,184

117,971

9. INTERESTMoney market instruments 2,420

Debentures and bonds 657

Collateralised Lending (reverse re-purchase transaction) 3,585

Deposits 3,549

Others 8

10,219

10. MANAGEMENT AND TRUSTEESHIP FEEThe Scheme pays fees for investment management services (excluding service tax) under an agreement with theAMC, which provides for computation of such fee as a percentage of Scheme’s average daily net assets, after excludingthe net asset value of the investments by the AMC in the scheme and net asset value of investment made in otherschemes, if any. During the period ended 31 March 2009, the Scheme has paid management fee at annualisedaverage rate of 1.22 per cent.

The Scheme pays fees for Trusteeship services under agreement with the Trustee, which provides for computation ofsuch fee at 0.05 per cent of the Scheme’s average daily net assets, subject to a minimum of Rs. 5 lakhs per annum,divided equally in all the schemes.


21

11. INCOME AND EXPENDITUREThe total income and expenditure and these amounts as a percentage of the Scheme’s average daily net assets on anannualised basis are provided below:

10 March, 2008to 31 March, 2009

Income

- amount 24,730

- as a percentage of average daily net assets 2.19%

Expenditure (excluding provision for net unrealised loss and realised loss on sale of investments)

- amount 48,895


12. RELATED PARTY DISCLOSURESThe Scheme has entered into transactions with certain related parties. The information required in this regard inaccordance with Regulation 25(8) of the SEBI Regulations, is provided below.

Transactions as per Regulation 25(8) of the SEBI Regulations are provided below

Name of related party Nature of transactions Period ended Balance as atMarch, 2009 31 March, 2009

SBICAP Securities Ltd. Brokerage on securities transactions 447 -

13. NET ASSET VALUE2009

Net asset value of each unit of Rs 10 of the SchemeRegular Dividend 6.52Regular Growth 6.52Institutional Dividend 6.59

The net asset value of the Scheme’s unit is determined separately for units issued under the plans after including therespective unit capital and reserves and surplus.

14. PRIOR PERIOD COMPARATIVESAs these are the first financial statements of the Scheme since the date of its launch, there are no prior periodcomparatives.

22

15 SUPPLEMENTARY INVESTMENT PORTFOLIO INFORMATION AND INDUSTRYWISE CLASSIFICATIONDetails of investment portfolio and industrywise classification of the Scheme’s investments in each category ofinvestments at 31 March 2009 are presented below. The industry and company exposures are stated as a percentageof the Scheme’s net assets as at 31 March 2009, as well as the aggregate investments in each investment category.

Industry and Company Particulars Quantity Amount Percentage Percentage(in Rs. to to Investment

Thousands) Net Assets category (%)

EQUITYAutoBajaj Auto Ltd. 33,925 20,981 1.84 2.24

Auto AncillariesAmara Raja Batteries Ltd. 367,500 13,469 1.18 1.44

BanksICICI Bank Ltd. 176,100 58,606 5.14 6.25State Bank of India 37,600 40,123 3.52 4.28HDFC Bank Ltd. 30,000 29,202 2.56 3.11Federal Bank Ltd. 113,000 15,583 1.37 1.66

CementJaiprakash Associates Ltd. 350,000 29,435 2.58 3.14

Construction ProjectLarsen & Toubro Ltd. 30,500 20,478 1.80 2.18

Consumer Non DurablesITC Ltd. 210,000 38,819 3.41 4.14Tata Tea Ltd. 35,000 20,459 1.80 2.18Dabur India Ltd. 200,000 19,840 1.74 2.11

Ferrous MetalsJindal Steel & Power Ltd. 13,120 15,817 1.39 1.69

FinanceHousing Development Finance Corporation Ltd. 13,500 19,065 1.67 2.03

GasGujarat State Petronet Ltd. 761,545 29,205 2.56 3.11Gail (India) Ltd. 85,000 20,876 1.83 2.22Indraprastha Gas Ltd. 123,500 13,517 1.19 1.44

Industrial Capital GoodsSuzlon Energy Ltd. 360,000 15,246 1.34 1.62Bharat Heavy Electricals Ltd. 8,500 12,840 1.13 1.37

Media & EntertainmentZee News Ltd. 813,095 26,629 2.34 2.84

Minerals/MiningGujarat Mineral Development Corporation Ltd. 468,957 18,547 1.63 1.98

Non - Ferrous MetalsSterlite Industries Ltd. 58,000 20,741 1.82 2.21

OilCairn India Ltd. 85,000 15,649 1.37 1.67

PesticidesUnited Phosphorus Ltd. 300,000 29,475 2.59 3.14

Petroleum ProductsReliance Industries Ltd. 71,100 108,410 9.51 11.55Indian Oil Corporation Ltd. 55,000 21,329 1.87 2.27Chennai Petroleum Corporation Ltd. 118,000 11,139 0.98 1.19


23

PharmaceuticalsLupin Ltd. 41,460 28,381 2.49 3.02Glenmark Pharmaceuticals Ltd. 125,000 19,613 1.72 2.09Divis Laboratories Ltd. 11,300 10,671 0.94 1.14Sun Pharmaceutical Industries Ltd. 9,000 10,003 0.88 1.07Opto Circuits Ltd. 85,574 8,600 0.75 0.92

PowerCesc Ltd. 100,000 21,100 1.85 2.25Gujarat Industries Power Company Ltd. 412,504 19,285 1.69 2.06GVK Power & Infrastructure Ltd. 740,000 17,316 1.52 1.85

SoftwareInfosys Technologies Ltd. 31,800 42,100 3.69 4.49Infotech Enterprises Ltd. 160,000 13,600 1.19 1.45

Telecom - ServicesReliance Communications Ltd. 93,000 16,261 1.43 1.73Bharti Airtel Ltd. 13,700 8,573 0.75 0.91

TransportationGateway Distriparks Ltd. 484,076 25,971 2.28 2.77G. E. Shipping Company Ltd. 60,000 11,385 1.00 1.21

Total 7,285,356 938,336 82.34 100.00

Index/Stock FuturesNifty April 2009 Future 21,100 63,622 5.58 100.00

Total 21,100 63,622 5.58 100.00

Fixed Deposits - SecurityBanks9 % Standard Chartered Bank (10/04/2009) 20,000 1.75 50.006.1 % Standard Chartered Bank (18/09/2009) 20,000 1.75 50.00

Total 40,000 3.50 100.00

GRAND TOTAL 7,306,456 1,041,957 91.42

OTHER CURRENT ASSETS 117,971 10.35 -

TOTAL ASSETS 1,159,928 101.77

LESS: CURRENT LIABILITIES 20,225 1.77 -

NET ASSETS 1,139,703 100.00



24

HISTORICAL PER UNIT STATISTICS

Particulars 4-Apr-08 to31-Mar-09

(a) Net Asset Value, per unit Regular Dividend 6.52Regular Growth 6.52Institutional Dividend 6.59Institutional Growth -

(b) Gross Income:i) Income other than profit on sale of

investment, per unit 0.15ii) profit / (loss) on interscheme sale/

transfer of investment, per unit (0.10)iii) profit / (loss) on sale of investment

to third party, per unit (2.36)iv) transfer to Revenue Account from

past year’s reserve per unit -

(c) Aggregate of expenses, write offs,amortisation and charges, per unit 0.08

(d) Net Income, per unit (2.39)

(e) Net unrealised appreciation/(depreciation) in value of investments -0.73

(f) i) Highest traded price

ii) Lowest traded price

iii) Highest repurchase price/NAV Regular Dividend 11.2600Regular Growth 10.0000Institutional Dividend 11.5000Institutional Growth 11.5000

iv) Highest resale price Regular Dividend 11.2600Regular Growth 10.0000Institutional Dividend 11.1000Institutional Growth 11.2100

v) Lowest repurchase price/NAV Regular Dividend 5.5200Regular Growth 5.4800Institutional Dividend 5.5400Institutional Growth 10.0000

vi) Lowest resale price Regular Dividend 5.5400Regular Growth 10.0000Institutional Dividend 5.3200Institutional Growth 5.3200

vii) Price Earning Ratio NA

viii) Ratio of Expenses toAverage Net Assets(%) 4.33%

ix) Ratio of Gross Income(including unrealisedappreciation / depreciation)to Average Net Assets (%) -33.65%


25

Auditors’ Report

To,

The Trustee ofMIRAE ASSET MUTUAL FUND - MIRAE ASSET GLOBAL COMMODITY STOCKS FUND

1. We have audited the attached balance sheet of MIRAE ASSET MUTUAL FUND – MIRAE ASSET GLOBAL COMMODITYSTOCKS FUND (‘the Scheme’) as at 31 March 2009 and also the revenue account for the period from 31 July 2008 to 31March 2009 (‘the Period’) annexed thereto. These financial statements are the responsibility of the management of MiraeAsset Global Investment Management (India) Private Limited, the Scheme’s asset managers. Our responsibility is to expressan opinion on these financial statements based on our audit.


3. We report that:










26

MIRAE ASSET MUTUAL FUND -MIRAE ASSET GLOBAL COMMODITY STOCKS FUND

BALANCE SHEET AS AT 31 MARCH 2009


SOURCES OF FUNDSUnit capital 2(b) & 3 658,505

Reserves and surplus 2(b) & 4 (211,621)


465,014


Deposits 7 11,500


465,014








Mr. Rajesh AynorFund Manager - Overseas


27

MIRAE ASSET MUTUAL FUND -MIRAE ASSET GLOBAL COMMODITY STOCKS FUND

REVENUE ACCOUNT FOR THE PERIOD FROM 31 JULY 2008 TO 31 MARCH 2009

(All amounts in thousands of Rupees)31 July, 2008


INCOMEDividend 2(d) 7,567Interest 2(d) & 9 2,388Profit on inter-scheme transfer/sale of investments, net 2(d) 138Gain from foreign exchange 3,448Other Income 8

Total 13,549

EXPENSES AND LOSSESProvision for net unrealised loss in value of investments 2(c) & 6(ii) 83,469Loss on sale/redemption of investments, net 2(d) 143,764Management fee 10 3,569Trusteeship fee 10 78Custodian service charges 329Registrar service charges 505Commission to distributors 2,303Publicity expenses 7Audit fee 218Interest on borrowings 2Other operating expenses 4,505

238,749Less: Expenses reimbursed by AMC (4,364)

Total 234,385

Deficit for the period (220,836)Equalisation credit 2(e) 129

Deficit transferred to the balance sheet 4 (220,707)








Mr. Rajesh AynorFund Manager - Overseas

28

MIRAE ASSET MUTUAL FUND -MIRAE ASSET GLOBAL COMMODITY STOCKS FUNDSCHEDULES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 31 JULY2008 TO 31 MARCH 2009


1. BACKGROUNDMirae Asset Mutual Fund - Mirae Asset Global Commodity Stocks Fund (‘the Scheme’) was launched as an openended equity scheme on 24 June 2008. The new fund offer of the Scheme opened on 24 June 2008 and closed on 23July 2008.



The investment objective of the scheme is to generate long term capital appreciation through an actively managedportfolio investing in equity and equity related securities of companies that are engaged in commodity and commoditiesrelated sectors/sub sectors/industries, with at least 65% of the corpus invested overseas in Asia Pacific and EmergingMarkets. There is no assurance or guarantee of returns.



Regular Plan - Dividend Option. (collectively ‘the Plans’)





(b) Unit capital



(c) Investments



- Right entitlements are recognised as investments on the ex-rights date.

- Bonus entitlements are recognised as investments on the ex-bonus date.


29


- Investments in domestic equity shares which have traded during a period of thirty days (prior to the balancesheet date) are stated at the closing prices on the balance sheet date or the last trading day before thebalance sheet date, as may be applicable, on The National Stock Exchange of India Limited (PrincipalExchange). When on a particular valuation day, a security has not been traded on the principal stock exchange,the value at which it is traded on The Bombay Stock Exchange Limited is used.

- Investments in international equity shares / depository receipts which have traded during a period of thirtydays (prior to the balance sheet date) are stated at the closing prices on the balance sheet date or the lasttrading day before the balance sheet date, as may be applicable, on the respective Stock Exchange wherethe security is traded.

- Market values of traded futures contracts shall be determined with respect to the exchange on which contractedoriginally, i.e., futures position contracted on the National Stock Exchange (NSE) would be valued at theclosing price on the NSE. The price of the same futures contract on the Mumbai Stock Exchange (BSE)cannot be considered for the purpose of valuation, unless the futures contract itself has been contracted onthe BSE.






- Dividend income is recognised on the ex-dividend date.




- The purpose of equalisation account is to maintain per unit amount of a Plan’s / Option’s share of theScheme’s undistributed income earned during the accounting period, so that continuing unitholders’ share ofundistributed income remains unchanged on issue or redemption of units under that Plan / Option.



(f) Load


30


2009 2009

Units of Rs 10 each

Regular - Dividend OptionIssued- new fund offer 23,960,856.504 239,609- during the period 4,884,842.243 48,848Redeemed during the period (6,175,293.021) (61,753)


Regular - Growth OptionIssued- new fund offer 44,370,925.918 443,709- during the period 9,881,483.676 98,815Redeemed during the period (11,072,283.908) (110,723)


TotalIssued- new fund offer 68,331,782.422 683,318- during the period 14,766,325.919 147,663Redeemed during the period (17,247,576.929) (172,476)




Net premium on issue / redemption of units 9,215Transferred to / (from) Equalisation account (129)

Balance, end of period 9,086

Retained surplusDeficit transferred from revenue account (220,707)


Total reserves (211,621)

The share of the plans in the reserves and surplus is as follows:Regular - Dividend Option (72,857)Regular - Growth Option (138,764)

(211,621)


- Management fee 495Trusteeship fee 11Sundry creditors for units redeemed by investors

- Lateral Shift Payable 53- Others 8,996

Contract for purchase of investments 4,535Other current liabilities 4,040

18,130


31

6. INVESTMENTSDomestic Investments

Equity shares 150,614

Overseas Investments

International Equity shares 224,760American Deposit Receipts 41,197

416,571

(i) All the investments are held in the name of the Scheme, as per clause 7 of Seventh Scheduleunder Regulation 44(1) of SEBI (Mutual Funds) Regulations, 1996.


Domestic Equity Shares



International Equity Shares



American Depository Receipts

- appreciation -



Purchases (excluding collateralised lending, fixed deposit and futures & options)- amount 2,103,749- as a percentage of average daily net assets 431.20

Purchases (Futures & Options)- amount 49,674- as a percentage of average daily net assets 10.18

Sales / Redemptions (excluding collateralised lending, fixed deposit and futures & options)- amount 1,464,994- as a percentage of average daily net assets 300.28

Sales / Expirations (Futures & Options)- amount 46,327- as a percentage of average daily net assets 9.50


(v) Aggregate fair value of non traded investments as on March 31 2009 NIL(excluding commercial paper, certificates of deposit, government securities and bills re-discounted)


32

7. DEPOSITSScheduled banks 11,500

11,500

8. OTHER CURRENT ASSETSBalances with banks in current accounts 8,886Sundry debtors for units issued to investors

- Lateral shift receivable 3- Others 2,634

Contracts for sale of investments 15,363Outstanding and accrued income 1,146Amount due from AMC 4,402Inter Scheme Receivable 10Collateralised Lending 4,499

36,943

9. INTERESTMoney market instruments 302Debentures and bonds 656Collateralised Lending (reverse re-purchase transaction) 1,430

2,388



11. INCOME AND EXPENDITUREThe total income and expenditure and these amounts as a percentage of the Scheme’s average daily net assets on ananuualised basis are provided below:

31 July, 2008to 31 March, 2009

Income

- amount 13,549



- amount 15,878


12 UNHEDGED FOREIGN CURRENCY EXPOSUREForeign Currency exposure as at 31 March 2009 that has not been hedged by derivative instruments 282,793


33


Transactions as per Regulation 25(8) of the SEBI Regulations are provided below:Name of related party Nature of transactions Period ended Balance as at

March 2009 31 March 2009

SBICAP Securities Ltd. Brokerage on securities transactions 74 -Mirae Asset Securities (HK) Ltd. Brokerage on securities transactions 539 -


Net asset value of each unit of Rs 10 of the Scheme

Regular - Dividend Option 6.786

Regular - Growth Option 6.786



34

16. SUPPLEMENTARY INVESTMENT PORTFOLIO INFORMATION AND INDUSTRYWISE CLASSIFICATIONDetails of investment portfolio and industrywise classification of the Scheme’s investments in each category ofinvestments at 31 March 2009 are presented below. The industry and company exposures are stated as a percentageof the Scheme’s net assets as at 31 March 2009, as well as the aggregate investments in each investment category.



DOMESTIC EQUITY SHARESCementKesoram Industries Ltd. 29,010 3,925 0.88 2.61Jaiprakash Associates Ltd. 43,000 3,616 0.81 2.40

Consumer Non DurablesBalrampur Chini Mills Ltd. 195,000 10,296 2.30 6.84Dhampur Sugar Mills Ltd. 149,000 4,098 0.92 2.72

Ferrous MetalsJindal Steel & Power Ltd. 10,500 12,658 2.83 8.40Maharashtra Seamless Ltd. 47,500 6,771 1.52 4.50Godawari Power & Ispat Ltd. 75,000 3,956 0.89 2.63

GasGujarat State Petronet Ltd. 462,000 17,718 3.96 11.76

Minerals / MiningGujarat Mineral Development Corporation Ltd. 100,000 3,955 0.89 2.63

OilCairn India Ltd. 35,000 6,444 1.44 4.28

PesticidesUnited Phosphorus Ltd. 79,000 7,762 1.74 5.15

Petroleum ProductsReliance Industries Ltd. 37,200 56,720 12.69 37.66Indian Oil Corporation Ltd. 23,000 8,919 2.00 5.92Chennai Petroleum Corporation Ltd. 40,000 3,776 0.84 2.51

Total 1,325,210 150,614 33.71 100.00

INTERNATIONAL EQUITY SHARESAgricultural ProductsAstra Agro Lestari TBK PT 60,000 3,701 0.83 1.65

Beverages - BrewersBeijing Enterprises Holdings Ltd. 49,500 10,447 2.34 4.65

Coal & Consumable FuelsChina Steel (2002) 70,000 2,320 0.52 1.03PT Bumi Resources TBK 296,000 1,062 0.24 0.47

Construction MaterialsChina National Building Material Ltd. 86,000 6,451 1.44 2.87

Diversified ChemicalsOrica Ltd. 13,067 6,774 1.52 3.01

Diversified Metals & MiningBHP Billiton Ltd. 47,100 52,682 11.79 23.44Rio Tinto Ltd. 4,600 9,122 2.04 4.06Jiangxi Copper Company Ltd. 100,000 5,279 1.18 2.35

GoldNewcrest Mining Ltd. 13,446 15,426 3.45 6.86


35

Independent Power ProducersDatang International Power Generation Company Ltd. 166,000 3,699 0.83 1.65

Integrated Oil & GasOrigin Energy Ltd. 35,756 18,550 4.15 8.25Petrochina Company Ltd. 232,000 9,368 2.10 4.17China Petroleum & Chemical Company Ltd. 270,000 8,750 1.96 3.89

Marine TransportationPacific Basin Ship 185,000 4,267 0.95 1.90

Oil & Gas Exploration & ProductionCNOOC Ltd. 275,000 13,800 3.09 6.14Oil Search Ltd. 67,100 12,371 2.77 5.50Woodside Petroleum Ltd. 8,037 10,734 2.40 4.78Arrow Energy Ltd. 34,000 3,254 0.73 1.45Australian Worldwide Exploration Ltd. 28,900 2,452 0.55 1.09

Packaged Foods & MeatsBisi International PT 199,000 1,349 0.30 0.60

Precious Metals / MineralsZijin Mining Group-H 252,000 9,089 2.03 4.04

SteelPOSCO (Pohang Iron & Steel Company Ltd.) 610 8,169 1.83 3.63Shougang Concord Intl Ent Company Ltd 544,000 2,844 0.64 1.27Dongkuk Steel Mill Company Ltd. 3,000 2,800 0.63 1.25

Total 3,040,116 224,760 50.31 100.00

AMERICAN DEPOSITORY RECEIPTDiversified Metals & MiningCIA VALE DO RIO DOCE SP 33,000 18,951 4.24 46.00

Integrated Oil and GasPetroleo Brasileiro PFD SHS 17,800 22,246 4.98 54.00

Total 50,800 41,197 9.22 100.00

DEPOSITSBanks9 % Standard Chartered Bank (28/04/2009) 7,500 1.68 65.226.5 % Standard Chartered Bank (18/08/2009) 4,000 0.90 34.78

Total - 11,500 2.58 100.00

GRAND TOTAL 4,416,126 428,071 95.82


TOTAL ASSETS 465,014 104.07


NET ASSETS 446,884 100.00



36


Particulars 20-Aug-08 to31-Mar-09

(a) Net Asset Value, per unit Regular - Dividend Option 6.7940


(b) Gross Income:

i) Income other than profit on sale ofinvestment, per unit 0.04

ii) profit / (loss) on interscheme sale/transfer of investment, per unit -

iii) profit / (loss) on sale of investmentto third party, per unit 2.19

iv) transfer to Revenue Account frompast year’s reserve per unit -


(d) Net Income, per unit 2.05

(e) Net unrealised appreciation/(depreciation)in value of investments 0.00



iii) Highest repurchase price/NAV Regular - Dividend Option 10.5290


iv) Highest resale price Regular - Dividend Option 10.2970


v) Lowest repurchase price/NAV Regular - Dividend Option 5.2450


vi) Lowest resale price Regular - Dividend Option 5.1930



viii) Ratio of Expenses to Average Net Assets(%) 0.05%

ix) Ratio of Gross Income(including unrealised appreciation /depreciation) to Average Net Assets (%) -43.49%


37

Auditors’ Report

To,

The Trustee ofMIRAE ASSET MUTUAL FUND - MIRAE ASSET GILT FUND - INVESTMENT PLAN

1. We have audited the attached balance sheet of MIRAE ASSET MUTUAL FUND – MIRAE ASSET GILT FUND -INVESTMENT PLAN (‘the Scheme’) as at 31 March 2009 and also the revenue account for the period from 3 February 2009to 31 March 2009 (‘the Period’) annexed thereto. These financial statements are the responsibility of the management ofMirae Asset Global Investment Management (India) Private Limited, the Scheme’s asset managers. Our responsibility is toexpress an opinion on these financial statements based on our audit.


3. We report that:



iii. In our opinion, the balance sheet and revenue account dealt with by this report have been prepared in conformitywith the accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Boardof India (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’)







38

MIRAE ASSET MUTUAL FUND - MIRAE ASSET GILT FUND - INVESTMENT PLANBALANCE SHEET AS AT 31 MARCH 2009



Reserves and surplus 2(b) & 4 (391)


Total 115,912



Total 115,912








39

MIRAE ASSET MUTUAL FUND - MIRAE ASSET GILT FUND - INVESTMENT PLANREVENUE ACCOUNT FOR THE PERIOD FROM 03 FEBRUARY 2009 TO 31 MARCH 2009

(All amounts in thousands of Rupees)03 February, 2009


INCOMEInterest 2(d) & 8 531

Total 531

EXPENSES AND LOSSESProvision for net unrealised loss in value of investments 2(c) & 6(ii) 141Loss on sale/redemption of investments, net 2(d) 684Management fee 9 60Trusteeship fee 9 3Custodian service charges 7Registrar service charges 12Commission to distributors 53Audit fee 35Other operating expenses 62

1,057Less: Expenses reimbursed by AMC (19)

Total 1,038

Deficit for the period (507)

Equalisation credit 2(e) 11

Deficit transferred to the balance sheet 4 (496)







40

MIRAE ASSET MUTUAL FUND - MIRAE ASSET GILT FUND - INVESTMENT PLANSCHEDULES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 03 FEBRUARY2009 TO 31 MARCH 2009


1. BACKGROUNDMirae Asset Mutual Fund - Mirae Asset Gilt Fund Investment Plan (‘the Scheme’) was launched as an open ended Giltscheme on 22 January 2009. The new fund offer of the Scheme opened on 22 January 2009 and closed on 02February 2009.


In accordance with SEBI (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’), the Board of Directors of MiraeAsset Trustee Company Private Limited (‘the Trustee’) has appointed Mirae Asset Global Investment India) PrivateLimited (‘the AMC’) to manage the Fund’s affairs and operate its schemes.

The investment objective of the scheme is to generate returns commensurate with low credit risk by predominantlyinvesting in the portfolio comprising of sovereign securities issued and guaranteed by Central and State Governmentwith residual maturity ranging from 1 year to 20 years or higher. The average portfolio maturity duration of the plan willexceed 4 years. The Scheme may also invest in money market instruments which include but is not limited to treasurybills, CBLO, repo/reverse repo and any other like instruments.


Regular Sub-plan - Growth Option

Regular Sub-plan - Dividend Option

Institutional Sub-plan - Growth Option

Institutional Sub-plan - Dividend Option

Bonus Sub-plan

Provident Fund Sub-plan - Automatic Capital Appreciation Monthly Option

Provident Fund Sub-plan - Automatic Capital Appreciation Quarterly Option

Provident Fund Sub-plan - Defined Maturity Date Option

Provident Fund Sub-plan - Automatic Annual Reinvestment Option. (collectively ‘the Plans’)





(b) Unit capital




41

(c) Investments




- Investments in Central Government securities are stated at their traded prices on the balance sheet date, asreleased by an independent agency suggested by the Association of Mutual Funds in India (‘AMFI’).












(f) Load


42


2009 2009

Units of Rs 10 each

Regular Sub-plan - Growth OptionIssued- new fund offer 1,024,240.608 10,242- during the period 216,938.747 2,169Redeemed during the period (134,369.935) (1,344)


Regular Sub-plan - Dividend OptionIssued- new fund offer 1,079,055.768 10,791- during the period 336,934.224 3,369Redeemed during the period (16,500.000) (165)


Institutional Sub-plan - Growth OptionIssued- new fund offer 1,910,000.000 19,100- during the period 1,189,345.843 11,893Redeemed during the period (560,000.000) (5,600)


Institutional Sub-plan - Dividend OptionIssued- new fund offer 600,100.000 6,001- during the period 400,836.342 4,008Redeemed during the period - -


Bonus Sub-planIssued- new fund offer 295,418.400 2,954- during the period 28,866.586 289Redeemed during the period (50,009.108) (500)

Outstanding, end of period 274,275.878 2,743

Provident Fund Sub-plan - Automatic Capital Appreciation Monthly OptionIssued- new fund offer 18,543.440 185- during the period - -Redeemed during the period - -

Outstanding, end of period 18,543.440 185

Provident Fund Sub-plan - Automatic Capital Appreciation Quarterly OptionIssued- new fund offer 35,000.000 350- during the period - -Redeemed during the period - -



43

Provident Fund Sub-plan - Defined Maturity Date OptionIssued- new fund offer 300,000.000 3,000- during the period - -Redeemed during the period - -


Provident Fund Sub-plan - Automatic Annual Reinvestment OptionIssued- new fund offer 100,000.000 1,000- during the period - -Redeemed during the period - -


TotalIssued- new fund offer 5,362,358.216 53,623- during the period 2,172,921.742 21,728Redeemed during the period (760,879.043) (7,609)




Net premium on issue / redemption of units 116Transferred (to) / from Equalisation account (11)


Retained surplusDeficit transferred from revenue account (496)Balance, end of period (496)

Total reserves (391)

The share of the plans in the reserves and surplus is as follows:Regular Sub-plan - Growth Option (65)Regular Sub-plan - Dividend Option (80)Institutional Sub-plan - Growth Option (148)Institutional Sub-plan - Dividend Option (57)Bonus Sub-plan (15)Provident Fund Sub-plan - Automatic Capital Appreciation Monthly Option (1)Provident Fund Sub-plan - Automatic Capital Appreciation Quarterly Option (2)Provident Fund Sub-plan - Defined Maturity Date Option (17)Provident Fund Sub-plan - Automatic Annual Reinvestment Option (6)

(391)5. CURRENT LIABILITIES

Amount due to AMC- Management fee 39

Trusteeship fee 2Sundry creditors for units redeemed by investors 1,094Contract for purchase of investments 47,264Other current liabilities 162

48,561

44

6. INVESTMENTSCentral government securities 46,620

46,620

(i) All the investments are held in the name of the Scheme, as per clause 7 of Seventh Scheduleunder Regulations 44(1) of SEBI (Mutual Funds) Regulations, 1996


Government Securities

- appreciation -

- depreciation 141



- amount 399,628



- amount 350,215



(v) Aggregate fair value of non traded investments as on 31 March 2009 NIL(excluding commercial papers, certificates of deposit, government securities and bills re-discounted)


7. OTHER CURRENT ASSETSBalances with banks in current accounts 111Sundry debtors for units issued to investors 3Contracts for sale of investments 47,029Outstanding and accrued income 499Amount due from AMC 19Inter Scheme Receivable 20Collateralised Lending 21,611

69,292

8. INTEREST 03 February, 2009to 31 March, 2009

Government Securities 377Collateralised Lending (reverse re-purchase transaction) 154

531

9. MANAGEMENT AND TRUSTEESHIP FEEThe Scheme pays fees for investment management services (excluding service tax) under an agreement with theAMC, which provides for computation of such fee as a percentage of Scheme’s average daily net assets, after excludingthe net asset value of the investments by the AMC in the scheme and net asset value of investment made in otherschemes, if any. During the period ended 31 March 2009, the Scheme has paid management fee at an annualisedaverage rate of 0.61 per cent.


45


10. INCOME AND EXPENDITUREThe total income and expenditure and these amounts as a percentage of the Scheme’s average daily net assets on anannualized basis are provided below:

03 February, 2009to 31 March, 2009

Income - amount 531


Expenditure (excluding provision for net unrealised loss and realised loss on sale of investments) - amount 213




Regular Sub-plan - Growth Option 9.9412Regular Sub-plan - Dividend Option 9.9428Institutional Sub-plan - Growth Option 9.9422Institutional Sub-plan - Dividend Option 9.9427Bonus Sub-plan 9.9441Provident Fund Sub-plan - Automatic Capital Appreciation Monthly Option 9.9424Provident Fund Sub-plan - Automatic Capital Appreciation Quarterly Option 9.9424Provident Fund Sub-plan - Defined Maturity Date Option 9.9424Provident Fund Sub-plan - Automatic Annual Reinvestment Option 9.9424






GOVT SECURITIES6.05 %Government Of India (02/02/2019) 500,000 46,620 69.22 100.00

Total 500,000 46,620 69.22 100.00




NET ASSETS 67,351 100.00

46


Particulars 6-Feb-09 to31-Mar-09

(a) Net Asset Value, per unit Regular Sub-plan - Growth Option 9.9412

Regular Sub-plan - Dividend Option 9.9428

Institutional Sub-plan - Growth Option 9.9422

Institutional Sub-plan - Dividend Option 9.9427

Bonus Sub-plan 9.9441

Provident Fund Sub-plan -Automatic Capital Appreciation Monthly Option 9.9424

Provident Fund Sub-plan -Automatic Capital Appreciation Quarterly Option 9.9424

Provident Fund Sub-plan -Defined Maturity Date Option 9.9424

Provident Fund Sub-plan -Automatic Annual Reinvestment Option 9.9424

(b) Gross Income:



iii) profit / (loss) on sale of investmentto third party, per unit (0.10)



(d) Net Income, per unit (0.06)

(e) Net unrealised appreciation/(depreciation) in value of investments (0.02)



iii) Highest repurchase price/NAV Regular Sub-plan - Growth Option 10.1639



Institutional Sub-plan - Dividend Option 10.1642


Provident Fund Sub-plan -Automatic Capital Appreciation Monthly Option 10.0000

Provident Fund Sub-plan -Automatic Capital Appreciation Quarterly Option 10.0000

Provident Fund Sub-plan -Defined Maturity Date Option 10.0000

Provident Fund Sub-plan -Automatic Annual Reinvestment Option 10.0000


47

iv) Highest resale price Regular Sub-plan - Growth Option 10.1131Regular Sub-plan - Dividend Option 10.0476Institutional Sub-plan - Growth Option 10.1637Institutional Sub-plan - Dividend Option 10.1642Bonus Sub-plan 10.1657Provident Fund Sub-plan -Automatic Capital Appreciation Monthly Option -Provident Fund Sub-plan -Automatic Capital Appreciation Quarterly Option -Provident Fund Sub-plan -Defined Maturity Date Option -Provident Fund Sub-plan -Automatic Annual Reinvestment Option -

v) Lowest repurchase price/NAV Regular Sub-plan - Growth Option 9.9163Regular Sub-plan - Dividend Option 9.8012Institutional Sub-plan - Growth Option 9.8010Institutional Sub-plan - Dividend Option 9.8015Bonus Sub-plan 9.8029Provident Fund Sub-plan - Automatic Capital Appreciation Monthly Option 10.0000Provident Fund Sub-plan -Automatic Capital Appreciation Quarterly Option 10.0000Provident Fund Sub-plan -Defined Maturity Date Option 10.0000Provident Fund Sub-plan -Automatic Annual Reinvestment Option 10.0000

vi) Lowest resale price Regular Sub-plan - Growth Option 9.7510Regular Sub-plan - Dividend Option 9.9446Institutional Sub-plan - Growth Option 9.8010Institutional Sub-plan - Dividend Option 9.8015Bonus Sub-plan 9.8029Provident Fund Sub-plan -Automatic Capital Appreciation Monthly Option -Provident Fund Sub-plan -Automatic Capital Appreciation Quarterly Option -Provident Fund Sub-plan -Defined Maturity Date Option -Provident Fund Sub-plan -Automatic Annual Reinvestment Option -



ix) Ratio of Gross Income(including unrealisedappreciation / depreciation)to Average Net Assets (%) -0.13%


48

Auditors’ Report

To,

The Trustee ofMIRAE ASSET MUTUAL FUND - MIRAE ASSET GILT FUND - SAVINGS PLAN

1. We have audited the attached balance sheet of MIRAE ASSET MUTUAL FUND – MIRAE ASSET GILT FUND -SAVINGS PLAN (‘the Scheme’) as at 31 March 2009 and also the revenue account for the period from 3 February 2009 to31 March 2009 (‘the Period’) annexed thereto. These financial statements are the responsibility of the management of MiraeAsset Global Investment Management (India) Private Limited, the Scheme’s asset managers. Our responsibility is to expressan opinion on these financial statements based on our audit.


3. We report that:






b) in the case of the revenue account, of the surplus for the Period ended on that date.





49

MIRAE ASSET MUTUAL FUND - MIRAE ASSET GILT FUND - SAVINGS PLANBALANCE SHEET AS AT 31 MARCH 2009



Reserves and surplus 2(b) & 4 50

Current liabilities 5 162

Total 7,324

APPLICATION OF FUNDSInvestments 2(c),6 & 14 -


Total 7,324







50

MIRAE ASSET MUTUAL FUND - MIRAE ASSET GILT FUND - SAVINGS PLANREVENUE ACCOUNT FOR THE PERIOD FROM 03 FEBRUARY 2009 TO 31 MARCH 2009

(All amounts in thousands of Rupees)03 February, 2009


INCOMEInterest 2(d) & 8 72Profit on sale/redemption of investments, net 2(d) 60

Total 132

EXPENSES AND LOSSESManagement fee 9 13Trusteeship fee 9 1Registrar service charges 2Commission to distributors 6Audit fee 5Other operating expenses 32

59Expenses to be reimbursed by AMC 23

Total 36

Surplus for the period 96

Equalisation debit 2(e) (35)

Surplus transferred to the balance sheet 4 61








51

MIRAE ASSET MUTUAL FUND - MIRAE ASSET GILT FUND - SAVINGS PLANSCHEDULES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 03 FEBRUARY2009 TO 31 MARCH 2009


1. BACKGROUNDMirae Asset Mutual Fund - Mirae Asset Gilt Fund - Savings Plan was launched as an open ended Gilt scheme on 06February 2009. The new fund offer of the Scheme opened on 22 January 2009 and closed on 02 February 2009.

Mirae Asset Investment Management Company Limited with effect from 11 October 2007 are the sponsors of MiraeAsset Mutual Fund (‘The Fund’).


The investment objective of the scheme is to generate returns commensurate with low credit risk by predominantlyinvesting in the portfolio comprising of short to medium term Government securities guaranteed by Central and StateGovernment with an average portfolio maturity duration not exceeding 5 years. The Scheme may also invest in moneymarket instruments which include but is not limited to treasury bills, CBLO, repo/reverse repo and any other likeinstruments.


Regular Sub-plan - Growth Option

Regular Sub-plan - Dividend Option

Institutional Sub-plan - Growth Option

Institutional Sub-plan - Dividend Option

Bonus Sub-plan

Provident Fund Sub-plan - Automatic Capital Appreciation Payout Option

Provident Fund Sub-plan - Automatic Capital Appreciation Quarterly Payout Option

Provident Fund Sub-plan - Automatic Capital Appreciation Half Yearly Payout Option

Provident Fund Sub-plan - Automatic Capital Appreciation Annual Payout Option

Provident Fund Sub-plan - Defined Maturity Date Option.





(b) Unit capital



52

(c) Investments
















(f) Load



53


2009 2009Units of Rs 10 each

Regular Sub-plan - Growth OptionIssued- new fund offer 919,775.819 9,198- during the period 376,600.051 3,766Redeemed during the period (974,623.922) (9,746)


Regular Sub-plan - Dividend OptionIssued- new fund offer 88,913.206 889- during the period 84,528.332 845Redeemed during the period (31,000.000) (310)


Institutional Sub-plan - Growth OptionIssued- new fund offer 2,100,000.000 21,000- during the period 140,549.549 1,405Redeemed during the period (2,000,000.000) (20,000)


Institutional Sub-plan - Dividend OptionIssued- new fund offer 100,000.000 1,000- during the period - -Redeemed during the period (100,000.000) (1,000)

Outstanding, end of period - -

Bonus Sub-planIssued- new fund offer 500.000 5- during the period - -Redeemed during the period - -

Outstanding, end of period 500.000 5

Provident Fund Sub-plan - Automatic Capital Appreciation Quarterly Payout OptionIssued- new fund offer 1,000.000 10- during the period - -Redeemed during the period - -


Provident Fund Sub-plan - Automatic Capital Appreciation Half Yearly Payout OptionIssued- new fund offer 4,990.000 50- during the period - -Redeemed during the period - -


TotalIssued- new fund offer 3,215,179.025 32,152- during the period 601,677.932 6,016Redeemed during the period (3,105,623.922) (31,056)


54



Net premium on issue / (redemption) of units (46)Transferred to / (from) Equalisation account 35

Balance, end of period (11)

Retained surplusSurplus transferred from revenue account 61Balance, end of period 61

Total reserves 50

The share of the plans in the reserves and surplus is as follows:Regular Sub-plan - Growth Option 23Regular Sub-plan - Dividend Option 10Institutional Sub-plan - Growth Option 17Institutional Sub-plan - Dividend Option -Bonus Sub-plan -Provident Fund Sub-plan - Automatic Capital Appreciation Payout Option -Provident Fund Sub-plan - Automatic Capital Appreciation Quarterly Payout Option -Provident Fund Sub-plan - Automatic Capital Appreciation Half Yearly Payout Option -Provident Fund Sub-plan - Automatic Capital Appreciation Annual Payout Option -Provident Fund Sub-plan - Defined Maturity Date Option -

50


- Management fee 6Sundry creditors for units redeemed by investors

- Others 101Inter Scheme Payable 20Other current liabilities 35

162

6. INVESTMENTS NIL

-


(ii) Aggregate appreciation and depreciation in the value of investments NIL(since investments are nil)


Purchases (excluding collateralised lending and fixed deposit)- amount 5,417- as a percentage of average daily net assets 43.87

Sales / Redemptions (excluding collateralised lending and fixed deposit)- amount 5,480- as a percentage of average daily net assets 44.38


55


(v) Aggregate fair value of non traded investments as on 31 March 2009 NIL(excluding commercial papers, certificates of deposit, government securities and bills re-discounted) (since investments are nil)


7. OTHER CURRENT ASSETSBalances with banks in current accounts 6Outstanding and accrued income 1Amount due from AMC 23Collateralised Lending 7,294

7,324

8. INTEREST 03 February, 2009to 31 March, 2009

Government Securities 3

Collateralised Lending (reverse re-purchase transaction) 69

72



10. INCOME AND EXPENDITUREThe total income and expenditure and these amounts as a percentage of the Scheme’s average daily net assets onan annualised basis are provided below:

03 February, 2009to 31 March, 2009

Income

- amount 132



- amount 36


56


Transactions as per Regulation 25(8) of the SEBI Regulations are provided belowName of related party Nature of transactions Period ended Balance as at

March, 2009 31 March, 2009

Mirae Asset TrusteeCompany Private Limited Fees for trusteeship services 1 -

Mirae Asset Global Investment Fees for investment(India) Private Limited management services 13 6



Regular Sub-plan - Growth Option 10.0689




Provident Fund Sub-plan - Automatic Capital Appreciation Quarterly Payout Option 10.0824

Provident Fund Sub-plan - Automatic Capital Appreciation Half Yearly Payout Option 10.0824



14. SUPPLEMENTARY INVESTMENT PORTFOLIO INFORMATION AND INDUSTRYWISE CLASSIFICATIONDetails o f investment portfolio and industrywise classification of the Scheme’s investments in each category ofinvestments at 31 March 2009 are presented below. The industry and company exposures are stated as a percentageof the Scheme’s net assets as at 31 March 2009, as well as the aggregate investments in each investment category.





LESS: CURRENT LIABILITIES 162 2.26 -

NET ASSETS 7,162 100.00


57



Units 711.23

(a) Net Asset Value, per unit Regular Sub-plan - Growth Option 10.0689Regular Sub-plan - Dividend Option 10.0689Institutional Sub-plan - Growth Option 10.0724Institutional Sub-plan - Dividend Option -Bonus Sub-plan 10.0823Provident Fund Sub-plan -Automatic Capital Appreciation Payout Option -Provident Fund Sub-plan - Automatic CapitalAppreciation Quarterly Payout Option 10.0824Provident Fund Sub-plan - Automatic CapitalAppreciation Half Yearly Payout Option 10.0824Provident Fund Sub-plan -Automatic Capital Appreciation Annual Payout Option -Provident Fund Sub-plan -Defined Maturity Date Option -



transfer of investment, per unit -iii) profit / (loss) on sale of investment

to third party, per unit 0.08iv) transfer to Revenue Account from




(e) Net unrealised appreciation/(depreciation) in value of investments 0.00



iii) Highest repurchase price/NAV Regular Sub-plan - Growth Option 10.0689Regular Sub-plan - Dividend Option 10.0689Institutional Sub-plan - Growth Option 10.0724Institutional Sub-plan - Dividend Option 10.0766Bonus Sub-plan 10.0823Provident Fund Sub-plan - Automatic CapitalAppreciation Payout Option -Provident Fund Sub-plan - Automatic CapitalAppreciation Quarterly Payout Option 10.0000Provident Fund Sub-plan - Automatic CapitalAppreciation Half Yearly Payout Option 10.0000Provident Fund Sub-plan - Automatic CapitalAppreciation Annual Payout Option -Provident Fund Sub-plan -Defined Maturity Date Option -

58


iv) Highest resale price Regular Sub-plan - Growth Option 10.0689Regular Sub-plan - Dividend Option 10.0689Institutional Sub-plan - Growth Option 10.0724Institutional Sub-plan - Dividend Option 10.0766Bonus Sub-plan 10.0823Provident Fund Sub-plan - Automatic CapitalAppreciation Payout Option -Provident Fund Sub-plan - Automatic CapitalAppreciation Quarterly Payout Option -Provident Fund Sub-plan - Automatic CapitalAppreciation Half Yearly Payout Option -Provident Fund Sub-plan - Automatic CapitalAppreciation Annual Payout Option -Provident Fund Sub-plan -Defined Maturity Date Option -

v) Lowest repurchase price/NAV Regular Sub-plan - Growth Option 9.9599Regular Sub-plan - Dividend Option 9.9599Institutional Sub-plan - Growth Option 9.9609Institutional Sub-plan - Dividend Option 9.9602Bonus Sub-plan 9.9605Provident Fund Sub-plan - Automatic CapitalAppreciation Payout Option -Provident Fund Sub-plan - Automatic CapitalAppreciation Quarterly Payout Option 10.0000Provident Fund Sub-plan - Automatic CapitalAppreciation Half Yearly Payout Option 10.0000Provident Fund Sub-plan - Automatic CapitalAppreciation Annual Payout Option -Provident Fund Sub-plan -Defined Maturity Date Option -

vi) Lowest resale price Regular Sub-plan - Growth Option 9.9599Regular Sub-plan - Dividend Option 9.9599Institutional Sub-plan - Growth Option 9.9609Institutional Sub-plan - Dividend Option 9.9602Bonus Sub-plan 9.9605Provident Fund Sub-plan - Automatic CapitalAppreciation Payout Option -Provident Fund Sub-plan - Automatic CapitalAppreciation Quarterly Payout Option -Provident Fund Sub-plan - Automatic CapitalAppreciation Half Yearly Payout Option -Provident Fund Sub-plan - Automatic CapitalAppreciation Annual Payout Option -Provident Fund Sub-plan -Defined Maturity Date Option -



ix) Ratio of Gross Income(including unrealisedappreciation / depreciation)to Average Net Assets (%) 7.23%


59

Auditors’ Report

To,

The Trustee ofMIRAE ASSET MUTUAL FUND - MIRAE ASSET CASH MANAGEMENT FUND

1. We have audited the attached balance sheet of MIRAE ASSET MUTUAL FUND – MIRAE ASSET CASH MANAGEMENTFUND (‘the Scheme’) as at 31 March 2009 and also the revenue account for the period from 7 January 2009 to 31 March2009 (‘the Period’) annexed thereto. These financial statements are the responsibility of the management of Mirae AssetGlobal Investment Management (India) Private Limited, the Scheme’s asset managers. Our responsibility is to express anopinion on these financial statements based on our audit.


3. We report that:










60

MIRAE ASSET MUTUAL FUND - MIRAE ASSET CASH MANAGEMENT FUNDBALANCE SHEET AS AT 31 MARCH 2009





26,257

APPLICATION OF FUNDSInvestments 2(c), 6 & 13 -


26,257





Mr. V.B. Haribhakti Mr. Arindam GhoshMumbai, Director Director & CEOJune 19, 2009



61

MIRAE ASSET MUTUAL FUND - MIRAE ASSET CASH MANAGEMENT FUNDREVENUE ACCOUNT FOR THE PERIOD FROM 07 JANUARY 2009 TO 31 MARCH 2009

(All amounts in thousands of Rupees)07 January, 2009


INCOMEInterest 2(d) & 8 325

Total 325

EXPENSES AND LOSSESManagement fee 9 6Trusteeship fee 9 2Registrar service charges 9Commission to distributors 5Audit fee 10Other operating expenses 28

60

Less: Expenses reimbursed by AMC (40)

Total 20

Surplus for the period 305

Equalisation debit 2(e) (101)








62

MIRAE ASSET MUTUAL FUND - MIRAE ASSET CASH MANAGEMENT FUNDSCHEDULES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 07 JANUARY2009 TO 31 MARCH 2009


1. BACKGROUND

Mirae Asset Mutual Fund - Mirae Asset Cash Management Fund (‘the Scheme’) was launched as an open ended liquidscheme on 05 January 2009. The new fund offer of the Scheme opened on 05 January 2009 and closed on 06 January2009.



The investment objective of the scheme is to generate returns linked to short end rates like MIBOR and CBLO etc. andprovide higher liquidity by investing in a portfolio of debt and money market instruments. The Scheme does not guaranteeany returns.


Growth PlanBonus PlanDividend Plan - Daily Dividend OptionDividend Plan - Monthly Dividend OptionDividend Plan - Weekly Dividend Option. (collectively ‘the Plans’)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared on the accrual basis of accounting, under the historical cost convention, asmodified for investments, which are ‘marked-to-market’. The significant accounting policies, which are inaccordance with the SEBI Regulations and have been approved by the Boards of Directors of the AMC and theTrustee, are stated below.



- For reporting the net asset values within the portfolio, its daily income earned, including realised profit or lossand unrealised gain or loss in the value of investments, and expenses incurred, are allocated to the relatedplans and options in proportion to their respective daily net assets, adjusted for unit capital movement for theday.

(b) Unit capital



(c) Investments




63






- Treasury Bills, Commercial Paper and Certificates of Deposit are valued at carrying cost, which includesdiscount accrued on a straight line basis over the period to maturity; wherever market price is available thesame is used for valuation.








(f) Load

- Load collected is utilised to meet marketing and selling expenses incurred during the year to the extentconsidered appropriate by the AMC. Unutilised amount is carried forward to meet marketing and sellingexpenses. However, load collected is credited to the income of the scheme as and when it is consideredappropriate by the Trustees.

64


2009 2009

Units of Rs 1000 each

Regular - Bonus PlanIssued- new fund offer 5.000 5- during the period - -Redeemed during the period (5.000) (5)


Regular - Dividend Plan (Daily)Issued- new fund offer 3,159.677 3,160- during the period 900.112 900Redeemed during the period (2,862.305) (2,862)


Regular - Dividend Plan (Monthly)Issued- new fund offer 660.006 660- during the period 712.999 713Redeemed during the period (150.968) (151)


Regular - Dividend Plan (Weekly)Issued- new fund offer 9,205.000 9,205- during the period 881.823 882Redeemed during the period (10,011.856) (10,012)

Outstanding, end of period 74.967 75

Regular - Growth OptionIssued- new fund offer 149,371.745 149,372- during the period 56,986.266 56,986Redeemed during the period (182,834.957) (182,835)


TotalIssued- new fund offer 162,401.428 162,402- during the period 59,481.200 59,481Redeemed during the period (195,865.086) (195,865)


At 31 March 2009, of the above unit capital, approximately 26.77 per cent is held by a single investor.


65



Net premium on issue / redemption of units (102)Transferred to / (from) Equalisation account 101


Retained surplus

Surplus transferred from revenue account 204


Total reserves 203

The share of the plans in the reserves and surplus is as follows:

Regular - Dividend Plan (Daily) 9Regular - Dividend Plan (Monthly) 10Regular - Dividend Plan (Weekly) 1Regular - Growth Option 183

203

5. CURRENT LIABILITIES Amount due to AMC- Management fee 2Trusteeship fee 1Inter Scheme Payable 10Other current liabilities 23

36

6. INVESTMENTS NIL

-


(ii) Aggregate appreciation and depreciation in the value of investments. NIL

(ii) The aggregate value of investments acquired and sold/redeemed during the period andthese amounts as a percentage of average daily net assets are as follows:

Purchases (excluding collateralised lending and fixed deposit)- amount -- as a percentage of average daily net assets -

Sales / Redemptions (excluding collateralised lending and fixed deposit)- amount -- as a percentage of average daily net assets -

(iii) The aggregate purchases made by the schemes during the current period and the fair valueof such investments as at 31 March 2009 in companies which have invested in any schemeof the Fund in excess of five per cent of that scheme’s net assets are provided in Attachment I.

(v) Aggregate fair value of non traded investments as on 31 March 2009 NIL(excluding commercial paper, certificates of deposit, government securities and billsre-discounted)


66

7. OTHER CURRENT ASSETSBalances with banks in current accounts 30

Outstanding and accrued income 3

Amount due from AMC 40


26,257

8. INTEREST 07 January, 2009to 31 March, 2009


325




07 January, 2009to 31 March, 2009

Income

- amount 325



- amount 20




Regular - Dividend Plan (Daily) 1,007.8377

Regular - Dividend Plan (Monthly) 1,007.8609

Regular - Dividend Plan (Weekly) 1,007.8625

Regular - Growth Option 1,007.8018



67



Industry and Company Particulars Quantity Amount Percentage Percentage to(in Rs. to Net Assets Investment

Thousands) category (%)




NET ASSETS 26,221 100.00

68


Particulars 7-Jan-09 to31-Mar-09

(a) Net Asset Value, per unit Regular - Bonus Plan 0.0000Regular - Dividend Plan (Daily) 1,007.8377Regular - Dividend Plan (Monthly) 1,007.8609Regular - Dividend Plan (Weekly) 1,007.8625Regular - Growth Option 1,007.8018




to third party, per unit -iv) transfer to Revenue Account from





(f) i) Highest traded priceii) Lowest traded priceiii) Highest repurchase price/NAV Regular - Bonus Plan 1,007.7414

Regular - Dividend Plan (Daily) 1,007.8377Regular - Dividend Plan (Monthly) 1,007.8609Regular - Dividend Plan (Weekly) 1,007.8625Regular - Growth Option 1,007.8018

iv) Highest resale price Regular - Bonus Plan 1,007.7414Regular - Dividend Plan (Daily) 1,007.8377Regular - Dividend Plan (Monthly) 1,007.8609Regular - Dividend Plan (Weekly) 1,007.8625Regular - Growth Option 1,007.8018

v) Lowest repurchase price/NAV Regular - Bonus Plan 1,000.0000Regular - Dividend Plan (Daily) 1,000.0000Regular - Dividend Plan (Monthly) 1,000.0000Regular - Dividend Plan (Weekly) 1,000.0000Regular - Growth Option 1,000.0000

vi) Lowest resale price Regular - Bonus Plan 1,000.0000Regular - Dividend Plan (Daily) 1,000.0000Regular - Dividend Plan (Monthly) 1,000.0000Regular - Dividend Plan (Weekly) 1,000.0000Regular - Growth Option 1,000.0000



ix) Ratio of Gross Income(including unrealised appreciation /depreciation) to Average Net Assets (%) 4.05%


69

Auditors’ Report

To,

The Trustee ofMIRAE ASSET MUTUAL FUND - MIRAE ASSET LIQUID FUND

1. We have audited the attached balance sheet of MIRAE ASSET MUTUAL FUND – MIRAE ASSET LIQUID FUND (‘theScheme’) as at 31 March 2009 and also the revenue account and cash flow statement for the year ended on that dateannexed thereto. These financial statements are the responsibility of the management of Mirae Asset Global InvestmentManagement (India) Private Limited, the Scheme’s asset managers. Our responsibility is to express an opinion on thesefinancial statements based on our audit.


3. We report that:


ii. The balance sheet, revenue account and cash flow statement dealt with by this report are in agreement with thebooks of account.



a) in the case of the balance sheet, of the state of affairs of the Scheme as at 31 March 2009;

b) in the case of the revenue account, of the surplus for the year ended on that date; and

c) in the case of the cash flow statement, of the cash flows for the year ended on that date.


per Surekha GraciasPartnerMembership No.:105488


70

MIRAE ASSET MUTUAL FUND - MIRAE ASSET LIQUID FUNDBALANCE SHEET AS AT 31 MARCH 2009

(All amounts in thousands of Rupees)

Schedule 2009 2008

SOURCES OF FUNDSUnit capital 2(b) & 3 18,982 8,571,493Reserves and surplus 2(b) & 4 (548) 42,887Current liabilities 5 205 86,783

18,639 8,701,163

APPLICATION OF FUNDSInvestments 2(c), 6 & 14 - 7,133,950Other current assets 7 18,639 1,567,213

18,639 8,701,163








71

MIRAE ASSET MUTUAL FUND - MIRAE ASSET LIQUID FUNDREVENUE ACCOUNT FOR THE PERIOD FROM 01 APRIL 2008 TO 31 MARCH 2009


01 April, 2008 05 March, 2008Schedule to 31 March, 2009 to 31 March, 2008

INCOMEInterest 2(d) & 8 368,326 35,648Profit on sale/redemption of investments, net 2(d) - 1,013Profit on inter-scheme transfer/sale of investments, net 2,681 -

Total 371,007 36,661

EXPENSES AND LOSSESLoss on sale/redemption of investments, net 2(d) 42,784 -Management fee 9 4,733 301Trusteeship fee 9 103 20Custodian service charges 391 43Registrar service charges 2,888 112Commission to distributors 2,606 173Publicity expenses 126 -Audit fee 9 169Interest on borrowings 1,842 -Other operating expenses 2,367 343

57,849 1,161Less: Expenses reimbursed by AMC (1,904) -

Total 55,945 1,161

Surplus for the period 315,062 35,500Equalisation credit 2(e) 439 16,834Transfer from Unit Premium Reserve 6 4Income distribution on capital account (100,488) (8,773)Income-tax on distributed income (28,462) (2,485)

Surplus transferred to the balance sheet 4 186,557 41,080







72

MIRAE ASSET MUTUAL FUND - MIRAE ASSET LIQUID FUNDSCHEDULES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 01 APRIL2008 TO 31 MARCH 2009


1. BACKGROUND

Mirae Asset Mutual Fund - Mirae Asset Liquid Fund (‘the Scheme’) was launched as an open ended liquid scheme on27 February 2008. The new fund offer of the Scheme opened on 27 February 2008 and closed on 03 March 2008.

Mirae Asset Investment Management Company Limited with effect from 11 October 2007 is the sponsor of Mirae AssetMutual Fund (‘the Fund’).


The investment objective of the scheme is to generate reasonable returns with low volatility and higher liquidity througha portfolio of debt and money market instruments. The scheme does not guarantee any returns.


Institutional - Dividend Plan (Daily)

Institutional - Dividend Plan (Weekly)

Institutional - Growth Plan

Regular - Bonus Plan

Regular - Dividend Plan (Daily)

Regular - Dividend Plan (Weekly)

Regular - Dividend Plan (Monthly)

Regular - Growth Plan

Super Institutional - Dividend Plan (Daily)

Super Institutional - Dividend Plan (Weekly)

Super Institutional - Growth Plan. (collectively ‘the Plans’)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared on the accrual basis of accounting, under the historical cost convention, asmodified for investments, which are ‘marked-to-market’. The significant accounting policies, which are in accordancewith the SEBI Regulations and have been approved by the Boards of Directors of the AMC and the Trustee, are statedbelow.




(b) Unit capital



73


(c) Investments






- Securities traded on the balance sheet date (on the stock exchange where a majority (in terms of value) ofthese securities are principally traded) are stated at the last traded price.










(f) Load


74

3. UNIT CAPITAL

Quantity Amount (in ‘000) Quantity Amount (in ‘000)2009 2009 2008 2008

Units of Rs 1000 each

Institutional - Dividend Plan (Daily)Outstanding at the beginning 30,142.650 30,143Issued- new fund offer - - 188,258.656 188,259- during the period 2,685,686.375 2,685,686 548,773.578 548,774Redeemed during the period (2,715,829.025) (2,715,829) (706,889.584) (706,890)

Outstanding, end of period - - 30,142.650 30,143

Institutional - Dividend Plan (Weekly)Outstanding at the beginning 10,000.000 10,000Issued- new fund offer - - - -- during the period 20,214.740 20,215 10,000.000 10,000Redeemed during the period (30,214.740) (30,215) - -


Institutional - Growth OptionOutstanding at the beginning 254,125.813 254,126Issued- new fund offer - - 320,000.000 320,000- during the period 3,317,207.639 3,317,207 613,839.507 613,840Redeemed during the period (3,571,333.452) (3,571,333) (679,713.694) (679,714)


Regular - Bonus PlanOutstanding at the beginning 10.000 10Issued- new fund offer - - - -- during the period 33.260 33 10.000 10Redeemed during the period (38.304) (38) - -

Outstanding, end of period 4.956 5 10.000 10

Regular - Dividend Plan (Daily)Outstanding at the beginning 35,387.988 35,388Issued- new fund offer - - 26,730.000 26,730- during the period 194,386.551 194,387 30,587.540 30,588Redeemed during the period (228,373.058) (228,373) (21,929.552) (21,930)

Outstanding, end of period 1,401.481 1,402 35,387.988 35,388

Regular - Dividend Plan (Monthly)Outstanding at the beginning 2,023.431 2,023Issued- new fund offer - - 890.000 890- during the period 6,357.118 6,357 1,133.431 1,133Redeemed during the period (8,271.877) (8,272) - -

Outstanding, end of period 108.672 108 2,023.431 2,023


75

Regular - Dividend Plan (Weekly)Outstanding at the beginning 7,797.712 7,798Issued- new fund offer - - 5,892.000 5,892- during the period 111,671.318 111,671 6,926.006 6,926Redeemed during the period (119,052.282) (119,052) (5,020.294) (5,020)


Regular - Growth OptionOutstanding at the beginning 20,857.201 20,857Issued- new fund offer - - 22,955.000 22,955- during the period 504,073.863 504,074 21,370.726 21,371Redeemed during the period (507,881.274) (507,881) (23,468.525) (23,469)


Super Institutional - Dividend Plan (Daily)Outstanding at the beginning 2,053,999.455 2,053,999Issued- new fund offer - - 1,570,000.000 1,570,000- during the period 90,412,234.680 90,412,235 7,990,219.190 7,990,219Redeemed during the period (92,466,234.135) (92,466,234) (7,506,219.735) (7,506,220)

Outstanding, end of period - - 2,053,999.455 2,053,999

Super Institutional - Dividend Plan (Weekly)Outstanding at the beginning 500,000.000 500,000Issued- new fund offer - - - -- during the period 3,153,580.354 3,153,580 500,000.000 500,000Redeemed during the period (3,653,580.354) (3,653,580) - -


Super Institutional - Growth OptionOutstanding at the beginning 5,657,148.705 5,657,149Issued- new fund offer - - 5,800,000.000 5,800,000- during the period 153,506,308.735 153,506,309 18,976,944.588 18,976,945Redeemed during the period (159,163,457.440) (159,163,458) (19,119,795.883) (19,119,796)


TotalOutstanding at the beginning 8,571,492.955 8,571,493Issued- new fund offer - - 7,934,725.656 7,934,725- during the period 253,911,754.633 253,911,754 28,699,804.566 28,699,805Redeemed during the period (262,464,265.941) (262,464,265) (28,063,037.267) (28,063,037)

Outstanding, end of period 18,981.647 18,982 8,571,492.955 8,571,493

At 31 March, 2009, of the above unit capital, approximately 50.96 per cent is held by a single investor.


76

Amount (in ‘000)2009 2008


Balance, beginning of the period 599 -Net premium on issue / redemption of units (228,339) 17,437Transferred to Revenue account - (4)Transferred (to) / from Equalisation account (439) (16,834)

Balance, end of period (228,179) 599

Unrealised appreciation reserveBalance, beginning of the period 1,208 -Change in net unrealised appreciation in value of investments (1,208) 1,208

Balance, end of period - 1,208

Retained surplusBalance, beginning of the period 41,080 -Transferred to Revenue account (6) -Surplus transferred from revenue account 186,557 41,080

Balance, end of period 227,631 41,080

Total reserves (548) 42,887

The share of the plans in the reserves and surplus is as follows:Institutional - Dividend Plan (Daily) - 22Institutional - Dividend Plan (Weekly) - 3Institutional - Growth Plan - 1,737Regular - Bonus Plan - 0Regular - Dividend Plan (Daily) (99) 25Regular - Dividend Plan (Monthly) (7) 13Regular - Dividend Plan (Weekly) (29) 11Regular - Growth Plan (413) 138Super Inst - Dividend Plan (Daily) - 1,468Super Inst - Dividend Plan (Weekly) - 139Super Inst - Growth Plan - 39,331

(548) 42,887


- Management fee 5 21- Others - 170

Sundry creditors for units redeemed by investors- Lateral Shift Payable 22 85,045

Other current liabilities 178 1,547

205 86,783

6. INVESTMENTSPrivately placed debentures and bonds - 1,000,000Commercial paper - 149,742Certificates of Deposit - 5,486,030Bills Re-discounted - 498,178

- 7,133,950


77

Amount (in ‘000)2009 2008

(i) All the investments are held in the name of the Scheme, as per clause 7of Seventh Schedule under Regulations 44(1) of SEBI (Mutual Funds)Regulations, 1996.

(ii) Aggregate appreciation and depreciation in the value of investments areas follows:

Certificate of Deposit

- appreciation - 1,208

- depreciation - -

(iii) The aggregate value of investments acquired and sold/redeemed duringthe period and these amounts as a percentage of average daily net assetsare as follows:

Purchases (excluding collateralised lending and fixed deposit)- amount 140,379,917 17,494,585- as a percentage of average daily net assets 3439.93 335.62

Sales / Redemptions (excluding collateralised lending and fixed deposit)- amount 147,832,083 10,393,859- as a percentage of average daily net assets 3622.54 199.40

(iv) The aggregate purchases made by the schemes during the current periodand the fair value of such investments as at 31 March 2009 in companieswhich have invested in any scheme of the Fund in excess of five per centof that scheme’s net assets are provided in Attachment I.

(v) Aggregate fair value of non traded investments as on 31 March 2009 - 1,000,000(excluding commercial papers, certificates of deposit, governmentsecurities and bills re-discounted)

(vi) Investments in the sponsor company and its group companies NIL NIL

7. OTHER CURRENT ASSETSBalances with banks in current accounts 4,410 37,092Sundry debtors for units issued to investors- Others - (44)Advances and deposits - 30,100Outstanding and accrued income 2 504Amount due from AMC 2,218 -Other current assets - 80Collateralised Lending 12,009 1,499,481

18,639 1,567,213

8. INTEREST 01 April, 2008 05 March,2008to 31 March, 2009 to 31 March,2008

Money market instruments 300,425 22,601

Debentures and bonds 60,465 8,644

Deposits 41 346

Collateralised Lending (reverse re-purchase transaction) 9,764 4,057

370,695 35,648

78

9. MANAGEMENT AND TRUSTEESHIP FEEThe Scheme pays fees for investment management services (excluding service tax) under an agreement with theAMC, which provides for computation of such fee as a percentage of Scheme’s average daily net assets, after excludingthe net asset value of the investments by the AMC in the scheme and net asset value of investment made in otherschemes, if any. During the year ended March 31 2009, the Scheme has paid management fee at an annualisedaverage rate of 0.12 per cent. (previous year 0.08 % annualised)


10. INCOME AND EXPENDITUREThe total income and expenditure and these amounts as a percentage of the Scheme’s average daily net assets areprovided below (previous year’s ratio’s have been annualised) :

01 April, 2008 05 March, 2008to 31 March, 2009 to 31 March, 2008

Income

- amount 371,007 36,661

- as a percentage of average daily net assets 9.09% 9.53%

Expenditure (excluding provision for net unrealised loss, realised loss on sale of investments and interest onborrowings)

- amount 15,127 1,161


11. INTEREST ON BORROWINGSIn order to meet temporary liquidity needs for the purpose of redemption of units, during the year, the scheme, inaccordance with the SEBI (Mutual Funds) Regulations 1996, has borrowed amount up to Rs. 180 crores at rate ofinterest ranging from 19.25% to 22.25%.

The total interest on borrowing during the year amounted to Rs.54.61 lacs. Of that, Rs. 36.19 lacs has been borne bythe AMC and the balance amount of Rs. 18.42 lacs has been charged to the Scheme.

12. RELATED PARTY DISCLOSURESThe Scheme has entered into transactions with certain related parties. The information required in this regard inaccordance with Accounting Standard 18 on Related Party Disclosure’ issued by ICAI and Regulation 25(8) of theSEBI Regulations, is provided below.

Related Party RelationshipsName Description of Relationship

Mirae Asset Investment Management Company Limited Sponsor of the FundMirae Asset Trustee Company Private Limited Trustee of the FundMirae Asset Global Investments (India) Private Limited The Scheme’s asset manager

Schemes of the Fund under common control of the Sponsor

Mirae Asset Ultra Short Term Bond FundMirae Asset India Opportunities FundMirae Asset Global Commodity Stocks FundMirae Asset Interval Fund - Quarterly Plan - Series IMirae Asset Interval Fund - Quarterly Plan - Series IIMirae Asset Interval Fund - Monthly Plan - Series IMirae Asset Cash Management FundMirae Asset Gilt Fund Investment PlanMirae Asset Gilt Fund Saving Plan


79

Name of related party Nature of transactions Year Balance Period Balanceended as at ended as atMarch 31 March, March 31 March,2009 2009 2008 2008

Mirae Asset Interval Fund -Quarterly Plan - Series I Purchase of investments 398,363 - - -

Mirae Asset IndiaOpportunities Fund Purchase of investments 339,744 - - -

Mirae Asset Ultra ShortTerm Bond Fund Purchase of investments 19,434,179 - 2,003,455 -

Mirae Asset Interval Fund -Monthly Plan - Series I Purchase of investments 4,087 - - -

Mirae Asset Interval Fund -Quarterly Plan - Series I Sale of investments 1,178,333 - - -

Mirae Asset IndiaOpportunities Fund Sale of investments 537,890 - - -

Mirae Asset Ultra ShortTerm Bond Fund Sale of investments 24,881,691 - 1,284,081 -

Mirae Asset Interval Fund -Monthly Plan - Series I Sale of investments 67,336 -

Mirae Asset Interval Fund -Quarterly Plan - Series II Sale of investments 324,448 -

Mirae Asset Trustee Fees forCompany Private Limited trusteeship services 103 $ 20 20

Mirae Asset Global Fees for investmentInvestment (India) Pvt. Ltd. management services 4,733 5 301 301

Other Payables - - - 170

Expenses Reimbursed 1,904 2,218 - -

$ - Amount less than Rs. 1000

13. SEGMENT REPORTINGThe Scheme operates in one segment only viz. to primarily generate reasonable returns with low volatility and higherliquidity through a portfolio of debt and money market instruments

14. NET ASSET VALUE 2009 2008

Net asset value of each unit of Rs 1000 of the SchemeInstitutional - Dividend Plan (Daily) - 1000.7145Institutional - Dividend Plan (Weekly) - 1000.2732Institutional - Growth Plan - 1006.8341Regular - Bonus Plan 961.0880 1000.2650Regular - Dividend Plan (Daily) 929.0858 1000.7146Regular - Dividend Plan (Monthly) 932.5139 1006.6429Regular - Dividend Plan (Weekly) 930.4118 1001.4255Regular - Growth Plan 975.8787 1006.6384Super Institutional - Dividend Plan (Daily) - 1000.7145Super Institutional - Dividend Plan (Weekly) - 1000.2786Super Institutional - Growth Plan - 1006.9524


80

15. PRIOR PERIOD COMPARATIVESPrior period figures have been reclassified and regrouped, wherever applicable, to conform to current period’spresentation.







NET ASSETS 18,434 100.00


81


Particulars 1-Apr-08 to 5-Mar-08 to31-Mar-09 31-Mar-08

Units 18.98 8,657.23

(a) Net Asset Value, per unit Institutional - Dividend Plan (Daily) - 1,000.7145Institutional - Dividend Plan (Weekly) - 1,000.2732Institutional - Growth Option - 1,006.8341Institutional - Dividend Plan (Monthly)- * -Institutional - Bonus Plan-* -Regular - Bonus Plan 961.0880 1,000.2650Regular - Dividend Plan (Daily) 929.0858 1,000.7145Regular - Dividend Plan (Monthly) 932.5139 1,006.6429Regular - Dividend Plan (Weekly) 930.4118 1,001.4255Regular - Growth Option 975.8787 1,006.6394Super Inst - Dividend Plan (Daily) - 1,000.7145Super Inst - Dividend Plan (Weekly) - 1,000.2786Super Inst - Dividend Plan (Monthly)-* -Super Inst - Bonus Plan-* -Super Inst - Growth Option - 1,006.9524

(b) Gross Income:

i) Income other than profit on sale ofinvestment, per unit 19,404.32 4.12

ii) profit / (loss) on interscheme sale/transfer of investment, per unit 141.24 -

iii) profit / (loss) on sale of investmentto third party, per unit -2,253.97 0.12

iv) transfer to Revenue Account frompast year’s reserve per unit - -

(c) Aggregate of expenses, write offs,amortisation and charges, per unit 793.66 0.13

(d) Net Income, per unit 16,497.94 4.10

(e) Net unrealised appreciation/(depreciation) in value of investments 0.00 0.14



iii) Highest repurchase price/NAV Institutional - Dividend Plan (Daily) 1,001.6386 1,000.7145Institutional - Dividend Plan (Weekly) 1,001.6137 1,000.2732Institutional - Growth Option 1,054.1832 1,006.8341Institutional - Dividend Plan (Monthly)- * 0.0000 0.0000Institutional - Bonus Plan-* 0.0000 0.0000Regular - Bonus Plan 1,036.0924 1,000.2650Regular - Dividend Plan (Daily) 1,001.6386 1,000.7145Regular - Dividend Plan (Monthly) 1,011.6973 1,006.6429Regular - Dividend Plan (Weekly) 1,003.0253 1,001.9366Regular - Growth Option 1,051.9717 1,006.6394Super Inst - Dividend Plan (Daily) 1,001.6386 1,000.7145Super Inst - Dividend Plan (Weekly) 1,001.6619 1,000.2786Super Inst - Dividend Plan (Monthly)-* 0.0000 0.0000Super Inst - Bonus Plan-* 0.0000 0.0000Super Inst - Growth Option 1,055.4808 1,006.9524

82

iv) Highest resale price Institutional - Dividend Plan (Daily) 1,001.6386 1,000.7145Institutional - Dividend Plan (Weekly) 1,001.6137 1,000.2732Institutional - Growth Option 1,054.1832 1,006.8341Institutional - Dividend Plan (Monthly)- * 0.0000 0.0000Institutional - Bonus Plan-* 0.0000 0.0000Regular - Bonus Plan 1,036.0924 1,000.2650Regular - Dividend Plan (Daily) 1,001.6386 1,000.7145Regular - Dividend Plan (Monthly) 1,011.6973 1,006.6429Regular - Dividend Plan (Weekly) 1,003.0253 1,001.9366Regular - Growth Option 1,051.9717 1,006.6394Super Inst - Dividend Plan (Daily) 1,001.6386 1,000.7145Super Inst - Dividend Plan (Weekly) 1,001.6619 1,000.2786Super Inst - Dividend Plan (Monthly)-* 0.0000 0.0000Super Inst - Bonus Plan-* 0.0000 0.0000Super Inst - Growth Option 1,055.4808 1,006.9524

v) Lowest repurchase price/NAV Institutional - Dividend Plan (Daily) 916.6494 1,000.000Institutional - Dividend Plan (Weekly) 1,000.1611 1,000.000Institutional - Growth Option 1,007.0652 1,000.000Institutional - Dividend Plan (Monthly)- * 0.0000 0.0000Institutional - Bonus Plan-* 0.0000 0.0000Regular - Bonus Plan 948.1726 1,000.000Regular - Dividend Plan (Daily) 916.6389 1,000.000Regular - Dividend Plan (Monthly) 919.9683 1,000.000Regular - Dividend Plan (Weekly) 917.9087 1,000.000Regular - Growth Option 962.7870 1,000.000Super Inst - Dividend Plan (Daily) 916.6548 1,000.000Super Inst - Dividend Plan (Weekly) 1,000.1643 1,000.000Super Inst - Dividend Plan (Monthly)-* 0.0000 0.0000Super Inst - Bonus Plan-* 0.0000 0.0000Super Inst - Growth Option 965.9260 1,000.000

vi) Lowest resale price Institutional - Dividend Plan (Daily) 916.6494 1,000.0000Institutional - Dividend Plan (Weekly) 1,000.1611 1,000.0000Institutional - Growth Option 1,007.0652 1,000.0000Institutional - Dividend Plan (Monthly)- * 0.0000 0.0000Institutional - Bonus Plan-* 0.0000 0.0000Regular - Bonus Plan 948.1726 1,000.0000Regular - Dividend Plan (Daily) 916.6389 1,000.0000Regular - Dividend Plan (Monthly) 919.9683 1,000.0000Regular - Dividend Plan (Weekly) 917.9087 1,000.0000Regular - Growth Option 962.7870 1,000.0000Super Inst - Dividend Plan (Daily) 916.6548 1,000.0000Super Inst - Dividend Plan (Weekly) 1,000.1643 1,000.0000Super Inst - Dividend Plan (Monthly)-* 0.0000 0.0000Super Inst - Bonus Plan-* 0.0000 0.0000Super Inst - Growth Option 965.9260 1,000.0000

vii) Price Earning Ratio NA NA

viii) Ratio of Expenses toAverage Net Assets(%) 0.37% 0.30%

ix) Ratio of Gross Income (includingunrealised appreciation / depre-ciation) to Average Net Assets (%) 8.04% 9.85%



83

Auditors’ Report

To,

The Trustee ofMIRAE ASSET MUTUAL FUND - MIRAE ASSET ULTRA SHORT TERM BOND FUND

1. We have audited the attached balance sheet of MIRAE ASSET MUTUAL FUND – MIRAE ASSET ULTRA SHORTTERM BOND FUND [FORMERLY KNOWN AS MIRAE ASSET LIQUID PLUS FUND] (‘the Scheme’) as at 31 March 2009and also the revenue account and cash flow statement for the year ended on that date annexed thereto. These financialstatements are the responsibility of the management of Mirae Asset Global Investment Management (India) Private Limited,the Scheme’s asset managers. Our responsibility is to express an opinion on these financial statements based on our audit.


3. We report that:


ii. The balance sheet, revenue account and cash flow statement dealt with by this report are in agreement with thebooks of account.



a) in the case of the balance sheet, of the state of affairs of the Scheme as at 31 March 2009;

b) in the case of the revenue account, of the surplus for the year ended on that date; and

c) in the case of the cash flow statement, of the cash flows for the year ended on that date.




84

MIRAE ASSET MUTUAL FUND - MIRAE ASSET ULTRA SHORT TERM BOND FUND(FORMERLY KNOWN AS MIRAE ASSET LIQUID PLUS FUND)


(All amounts in thousands of Rupees)Schedule 2009 2008

SOURCES OF FUNDSUnit capital 2(b) & 3 91,603 5,905,055

Reserves and surplus 2(b) & 4 (2,631) 13,536

Current liabilities 5 1,140 524,992

90,112 6,443,583

APPLICATION OF FUNDSInvestments 2(c), 6 & 14 49,761 5,616,950

Other current assets 7 40,351 826,633

90,112 6,443,583

The accompanying schedules are an integral part of this balance sheet. -0.19







85

MIRAE ASSET MUTUAL FUND - MIRAE ASSET ULTRA SHORT TERM BOND FUND(FORMERLY KNOWN AS MIRAE ASSET LIQUID PLUS FUND)

REVENUE ACCOUNT FOR THE PERIOD FROM 01 APRIL 2008 TO 31 MARCH 2009


01 April, 2008 05 March, 2008Schedule to 31 March, 2009 to 31 March, 2008

INCOMEInterest 2(d) & 8 663,678 41,529Profit on sale/redemption of investments, net 2(d) - 29Other income 2,377 348

Total 666,055 41,906

EXPENSES AND LOSSESLoss on sale/redemption of investments, net 2(d) 213,887 -Loss on inter-scheme transfer/sale of investments, net 2(d) 11 -Management fee 9 10,564 364Trusteeship fee 9 108 20Custodian service charges 859 60Registrar service charges 5,442 112Commission to distributors 9,294 456Publicity expenses 172 -Audit fee 46 169Interest on borrowings 742 -Other operating expenses 4,171 236

245,296 1,417Less: Expenses reimbursed by AMC (8,090) -

Total 237,206 1,417

Surplus for the period 428,849 40,489Equalisation credit / (debit) 2(e) 2,065 (4,480)Transfer from Unit Premium Reserve 12 -Income distribution on capital account (352,176) (19,626)Income-tax on distributed income (78,200) (4,432)

Surplus transferred to the balance sheet 4 550 11,951







86

MIRAE ASSET MUTUAL FUND - MIRAE ASSET ULTRA SHORT TERM BOND FUND(FORMERLY KNOWN AS MIRAE ASSET LIQUID PLUS FUND)SCHEDULES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 01 APRIL2008 TO 31 MARCH 2009


1. BACKGROUNDMirae Asset Mutual Fund - Mirae Asset Ultra Short Term Bond Fund (‘the Scheme’) was launched as an open endeddebt scheme on 29 February 2008. The new fund offer of the Scheme opened on 29 February 2008 and closed on 03March 2008. The name of the Scheme has been changed from Mirae Asset Liquid Plus Fund to Mirae Asset Ultra ShortTerm Bond Fund vide addendum dated 11 February 2009.



The investment objective of the scheme is to generate returns with low volatility and higher liquidity through a portfolioof debt and money market instruments. The scheme does not guarantee any returns.

The Scheme offers its investors the following plans:Institutional - Dividend Plan (Daily)Institutional - Dividend Plan (Weekly)Institutional - Dividend Plan (Monthly)Institutional - Growth OptionInstitutional - Dividend Plan (Quarterly)Institutional - PlanRegular - Bonus PlanRegular - Dividend Plan (Daily)Regular - Dividend Plan (Weekly)Regular - Dividend Plan (Monthly)Regular - Dividend Plan (Quarterly)Regular - Growth PlanSuper Institutional - Dividend Plan (Daily)Super Institutional - Dividend Plan (Weekly)Super Institutional - Bonus PlanSuper Institutional - Dividend Plan (Quarterly)Super Institutional - Dividend Plan (Monthly)Super Institutional - Growth Plan. (collectively ‘the Plans’)






87

(b) Unit capital



(c) Investments






- Securities traded on the balance sheet date (on the stock exchange where a majority (in terms of value) ofthese securities are principally traded), are stated at the last traded price.










(f) Load


88

3. UNIT CAPITALQuantity Amount (in ‘000) Quantity Amount (in ‘000)

2009 2009 2008 2008Units of Rs 1000 each

Institutional - Dividend Plan (Daily)Outstanding at the beginning 132,352.929 132,353 - -Issued- new fund offer - - 196,000.000 196,000- during the period 1,120,893.263 1,120,893 208,629.294 208,629Redeemed during the period (1,253,246.192) (1,253,246) (272,276.365) (272,276)


Institutional - Dividend Plan (Weekly)Outstanding at the beginning 35,033.836 35,034 - -Issued- new fund offer - - - -- during the period 274,357.542 274,357 35,033.836 35,034Redeemed during the period (309,391.378) (309,391) - -


Institutional - Dividend Plan (Monthly)Issued- new fund offer - - - -- during the period 170,463.435 170,463 - -Redeemed during the period (170,463.435) (170,463) - -

Outstanding, end of period - - - -

Institutional - Growth PlanOutstanding at the beginning 43,476.231 43,476 - -Issued- new fund offer - - 50,000.000 50,000- during the period 384,523.978 384,524 63,406.065 63,406Redeemed during the period (428,000.209) (428,000) (69,929.834) (69,930)


Regular - Bonus PlanOutstanding at the beginning 20.000 20 - -Issued- new fund offer - - - -- during the period 68.291 68 20.000 20Redeemed during the period (78.291) (78) - -

Outstanding, end of period 10.000 10 20.000 20

Regular - Dividend Plan (Daily)Outstanding at the beginning 26,008.935 26,009 - -Issued- new fund offer - - 3,250.000 3,250- during the period 386,941.690 386,942 28,756.553 28,757Redeemed during the period (412,006.301) (412,006) (5,997.618) (5,998)



89

Regular - Dividend Plan (Weekly)Outstanding at the beginning 3,390.282 3,390 - -Issued- new fund offer - - 1,500.000 1,500- during the period 302,933.208 302,933 1,890.282 1,890Redeemed during the period (223,989.160) (223,989) - -


Regular - Dividend Plan (Monthly)Outstanding at the beginning 3,906.977 3,907 - -Issued- new fund offer - - 150.000 150- during the period 48,016.296 48,016 3,756.977 3,757Redeemed during the period (50,212.268) (50,212) - -


Regular - Dividend Plan (Quarterly)Issued- new fund offer - - - -- during the period 14,452.487 14,452 - -Redeemed during the period (13,952.487) (13,952) - -

Outstanding, end of period 500.000 500 - -

Regular - Growth PlanOutstanding at the beginning 16,971.683 16,972 - -Issued- new fund offer - - 1,100.000 1,100- during the period 337,609.561 337,610 15,920.383 15,921Redeemed during the period (348,478.614) (348,479) (48.700) (49)


Super Institutional - Dividend Plan (Daily)Outstanding at the beginning 4,690,039.093 4,690,039 - -Issued- new fund offer - - 4,251,800.000 4,251,800- during the period 26,101,032.358 26,101,032 2,592,927.293 2,592,927Redeemed during the period (30,791,071.451) (30,791,071) (2,154,688.200) (2,154,688)


Super Institutional - Dividend Plan (Monthly)Issued- new fund offer - - - -- during the period 641,418.358 641,418 - -Redeemed during the period (641,418.358) (641,418) - -

Outstanding, end of period - - - -


90

Super Institutional - Dividend Plan (Weekly)Outstanding at the beginning 100,000.000 100,000 - -Issued- new fund offer - - - -- during the period 2,202,850.227 2,202,850 100,000.000 100,000Redeemed during the period (2,302,850.227) (2,302,850) - -


Super Institutional - Growth PlanOutstanding at the beginning 853,855.294 853,855 - -Issued- new fund offer - - 1,900,000.000 1,900,000- during the period 19,500,855.851 19,500,856 589,231.397 589,231Redeemed during the period (20,354,711.145) (20,354,711) (1,635,376.103) (1,635,376)


TotalOutstanding at the beginning 5,905,055.260 5,905,055 - -Issued- new fund offer - - 6,403,800.000 6,403,800- during the period 51,486,416.545 51,486,414 3,639,572.080 3,639,572Redeemed during the period (57,299,869.516) (57,299,866) (4,138,316.820) (4,138,317)

Outstanding, end of period 91,602.289 91,603 5,905,055.260 5,905,055

At 31 March 2009, of the above unit capital, approximately 82.82 per cent is held by two investors.



91

Amount (in ‘000)2009 2008


Opening Balance 184 -Net premium on issue / redemption of units (13,239) (4,296)Transferred (to) / from Equalisation account (2,065) 4,480

Balance, end of period (15,120) 184

Unrealised appreciation reserve

Beginning of the period 1,401 -Change in net unrealised appreciation in value of investments (1,401) 1,401

Balance, end of period - 1,401

Retained surplus

Balance, beginning of period 11,951 -Transferred to Revenue account (12) -Surplus transferred from revenue account 550 11,951

Balance, end of period 12,489 11,951

Total reserves (2,631) 13,536


Institutional - Dividend Plan (Daily) - 185Institutional - Growth Plan - 310Regular - Dividend Plan (Daily) (30) 36Regular - Dividend Plan (Weekly) (2,640) 6Regular - Dividend Plan (Monthly) (51) 27Regular - Dividend Plan (Quarterly) (7) -Regular - Growth Plan 97 118Super Institutional - Dividend Plan (Daily) - 6,559Super Institutional - Dividend Plan (Weekly) - 111Super Institutional - Growth Plan - 6,184

(2,631) 13,536

5. CURRENT LIABILITIES Amount due to AMC- Management fee 25 13- Trusteeship fee 2 - Sundry creditors for units redeemed by investors- Lateral Shift Payable 5 64,308- Others 514 - Contract for purchase of investments - 458,343 Load Pending Utilisation - 6 Other current liabilities 594 2,322

1,140 524,992

6. INVESTMENTS Privately placed debentures and bonds - 500,000 Certificates of Deposit 49,761 4,867,861 Bills Re-discounted - 249,089

49,761 5,616,950

92

(i) All the investments are held in the name of the Scheme, as per clause 7of Seventh Schedule under Regulations 44(1) of SEBI (Mutual Funds)Regulations, 1996.

(ii) Aggregate appreciation and depreciation in the value of investments areas follows:

Certificate of Deposit

- appreciation - 1,401

- depreciation - -

(iii) The aggregate value of investments acquired and sold/redeemed duringthe period and these amounts as a percentage of average daily net assetsare as follows:


- amount 101,784,335 12,360,679- as a percentage of average daily net assets 1381.56 210.98


- amount 107,794,021 6,783,766- as a percentage of average daily net assets 1463.13 115.79

(iv) The aggregate purchases made by the schemes during the current periodand the fair value of such investments as at 31 March 2009 in companieswhich have invested in any scheme of the Fund in excess of five per centof that scheme’s net assets are provided in Attachment I.

(v) Aggregate fair value of non traded investments as on 31 March 2009 NIL 500,000(excluding commercial papers, certificates of deposit, governmentsecurities and bills re-discounted)

(vi) Investments in the sponsor company and its group companies NIL NIL

7. OTHER CURRENT ASSETSBalances with banks in current accounts 754 29,011Sundry debtors for units issued to investors- Lateral shift receivable - 85,044- Others 160 712,456Outstanding and accrued income 5 122Amount due from AMC 2,166 -Collateralised Lending 37,266 -

40,351 826,633

8. INTEREST 01 April, 2008 05 March,2008to 31 March, 2009 to 31 March,2008

Money market instruments 611,403 32,714 Debentures and bonds 46,999 6,014 Deposits 17 - Collateralised Lending (reverse re-purchase transaction) 5,259 2,801

663,678 41,529

Amount (in ‘000)2009 2008


93

9. MANAGEMENT AND TRUSTEESHIP FEEThe Scheme pays fees for investment management services (excluding service tax) under an agreement with theAMC, which provides for computation of such fee as a percentage of Scheme’s average daily net assets, after excludingthe net asset value of the investments by the AMC in the scheme and net asset value of investment made in otherschemes, if any. During the year ended 31 March 2009, the Scheme has paid management fee at an annualisedaverage rate of 0.14 per cent (previous period 0.08% annualised)


10. INCOME AND EXPENDITUREThe total income and expenditure and these amounts as a percentage of the Scheme’s average daily net assets areprovided below (Previous year’s ratios have been annualised):

01 April, 2008 05 March,2008to 31 March, 2009 to 31 March,2008

Income

- amount 666,055 41,906


Expenditure (excluding provision for net unrealised loss, realised loss on sale of investments and interest onborrowings)

- amount 38,746 1,417


11. INTEREST ON BORROWINGSIn order to meet temporary liquidity needs for the purpose of redemption of units, during the year, the scheme, inaccordance with the SEBI (Mutual Funds) Regulations 1996, has borrowed amount up to Rs. 40.19 crores at rate ofinterest ranging from 19.25% to 22.25%.

The total interest on borrowing during the year amounted to Rs.10.20 lacs. Of that, Rs. 2.78 lacs has been borne by theAMC and the balance amount of Rs. 7.42 lacs has been charged to the Scheme.

12. RELATED PARTY DISCLOSURESThe Scheme has entered into transactions with certain related parties. The information required in this regard inaccordance with Accounting Standard 18 on Related Party Disclosure’ issued by ICAI and Regulation 25(8) of theSEBI Regulations, is provided below.

Related Party RelationshipsName Description of Relationship

Mirae Asset Investment Management Company Limited Sponsor of the FundMirae Asset Trustee Company Private Limited Trustee of the FundMirae Asset Global Investments (India) Private Limited The Scheme’s asset manager

Schemes of the Fund under common control of the SponsorMirae Asset Liquid FundMirae Asset India Opportunities FundMirae Asset Global Commodity Stocks FundMirae Asset Interval Fund - Quarterly Plan - Series IMirae Asset Interval Fund - Quarterly Plan - Series IIMirae Asset Interval Fund - Monthly Plan - Series IMirae Asset Cash Management FundMirae Asset Gilt Fund Investment PlanMirae Asset Gilt Fund Saving Plan

94

Name of related party Nature of transactions Year Balance Period Balanceended as at ended as atMarch 31 March, March 31 March,2009 2009 2008 2008

Mirae Asset Interval Fund -Quarterly Plan - Series I Purchase of investments 36,757 - - -

Mirae Asset GlobalCommodity Stocks Fund Purchase of investments 24,914 - - -

Mirae Asset IndiaOpportunities Fund Purchase of investments 152,440 - - -

Mirae Asset Liquid Fund Purchase of investments 24,881,691 - 1,284,081 -

Mirae Asset Interval Fund -Quarterly Plan - Series II Purchase of investments 481,961 - - -

Mirae Asset GlobalCommodity Stocks Fund Sale of investments 24,611 - - -

Mirae Asset IndiaOpportunities Fund Sale of investments 164,419 - - -

Mirae Asset Liquid Fund Sale of investments 19,434,179 - 2,003,455 -

Mirae Asset Interval Fund -Monthly Plan - Series I Sale of investments 581,304 - - -

Mirae Asset Interval Fund -Quarterly Plan Series - 2 Sale of investments 574,516 - - -

Mirae Asset Trustee Fees forCompany Private Limited trusteeship services 108 2 20 20

Mirae Asset Global Fees for investmentInvestment (India) Pvt. Ltd. management services 10,564 25 364 364

Expenses Reimbursed 8,090 2,166 - -

13. SEGMENT REPORTINGThe Scheme operates in one segment only viz. to generate reasonable returns with low volatility and higher liquiditythrough a portfolio of debt and money market instruments.

14. NET ASSET VALUE 2009 2008

Net asset value of each unit of Rs 1000 of the SchemeInstitutional - Dividend Plan (Daily) - 1001.3985Institutional - Dividend Plan (Weekly) - 1000.0000Institutional - Growth Plan - 1007.1206Regular - Bonus Plan 1,009.3059 1000.7687Regular - Dividend Plan (Daily) 967.8501 1001.3986Regular - Dividend Plan (Weekly) 967.7710 1001.6996Regular - Dividend Plan (Monthly) 970.0568 1006.9391Regular - Dividend Plan (Quarterly) 986.8926 -Regular - Growth Plan 1,015.6710 1006.9562Super Institutional - Dividend Plan (Daily) - 1001.3985Super Institutional - Dividend Plan (Weekly) - 1001.1146Super Institutional - Growth Plan - 1007.2417



95

15. PRIOR PERIOD COMPARATIVESPrior period figures have been reclassified and regrouped, wherever applicable, to conform to current period’spresentation.




MONEY MARKET INSTRUMENTSCERTIFICATES OF DEPOSITBanksState Bank of Hyderabad CD (MD 28/04/2009) 500.00 49,761 55.93 100.00%

Total 500 49,761 55.93 100.00%

DEPOSITS - -OTHER CURRENT ASSETS 40,351 45.35 -



NET ASSETS 88,972 100.00

96



(a) Net Asset Value, per unit Institutional - Dividend Plan (Daily) - 1001.3985Institutional - Dividend Plan (Weekly) - 1000.0000Institutional - Dividend Plan (Monthly) - -Institutional - Growth Option - 1007.1206Institutional - Dividend Plan(Quarterly) - NEW - -Institutional - Bonus - NEW - -Regular - Bonus Option 1009.3059 1000.7687Regular - Dividend Plan (Daily) 967.8501 1001.3985Regular - Dividend Plan (Monthly) 970.0568 1006.9392Regular - Dividend Plan (Weekly) 967.7710 1001.6995Regular - Dividend Plan (Quarterly) 986.8926 -Regular - Growth Option 1015.6706 1006.9538Super Inst - Dividend Plan (Daily) - 1001.3985Super Inst - Dividend Plan (Weekly) - 1001.1146Super Inst - Bonus Option - NEW - -Super Inst - Dividend Plan(Quarterly) - NEW - -Super Inst - Dividend Plan(Monthly) - NEW - -Super Inst - Growth Option - 1007.2417

(b) Gross Income:

i) Income other than profit on sale ofinvestment, per unit 7,271.16 8.14

ii) profit / (loss) on interscheme sale/transfer of investment, per unit (0.120) -

iii) profit / (loss) on sale of investmentto third party, per unit (2,334.95) 0.01

iv) transfer to Revenue Account frompast year’s reserve per unit - -

(c) Aggregate of expenses, write offs,amortisation and charges, per unit 342.76 0.28

(d) Net unrealised appreciation/(depre-ciation) in value of investments - 0.27

(e) Net Income, per unit 4,593.32 7.87



iii) Highest repurchase price/NAV Institutional - Dividend Plan (Daily) 1001.7213 1,001.3985Institutional - Dividend Plan (Weekly) 1001.8354 -Institutional - Dividend Plan (Monthly) 1003.9029 -Institutional - Growth Option 1046.5173 1,006.0213Institutional - Dividend Plan(Quarterly) - NEW - 0.0000Institutional - Bonus - NEW - 0.0000


97


Regular - Bonus Option 1040.4400 -Regular - Dividend Plan (Daily) 1001.6845 1,000.3971Regular - Dividend Plan (Monthly) 1012.4830 -Regular - Dividend Plan (Weekly) 1002.1801 -Regular - Dividend Plan (Quarterly) 1020.7511 -Regular - Growth Option 1051.2129 -Super Inst - Dividend Plan (Daily) 1001.6728 1,001.3985Super Inst - Dividend Plan (Weekly) 1001.7120 -Super Inst - Bonus Option - NEW - -Super Inst - Dividend Plan(Quarterly) - NEW - -Super Inst - Dividend Plan(Monthly) - NEW 1005.1176 -Super Inst - Growth Option 1046.2786 1,006.4268

iv) Highest resale price Institutional - Dividend Plan (Daily) 1001.7213 1,001.3985Institutional - Dividend Plan (Weekly) 1001.8646 1,000.0000Institutional - Dividend Plan (Monthly) 1007.6094 -Institutional - Growth Option 1050.0998 1,007.1206Institutional - Dividend Plan(Quarterly) - NEW - -Institutional - Bonus - NEW - -Regular - Bonus Option 1032.3256 1,000.0000Regular - Dividend Plan (Daily) 1001.6845 1,001.3985Regular - Dividend Plan (Monthly) 1008.0980 1,006.9392Regular - Dividend Plan (Weekly) 1002.0045 1,001.6995Regular - Dividend Plan (Quarterly) 1016.9476 -Regular - Growth Option 1051.2129 1,006.9538Super Inst - Dividend Plan (Daily) 1001.6728 1,001.3985Super Inst - Dividend Plan (Weekly) 1001.7848 1,000.0000Super Inst - Bonus Option - NEW - -Super Inst - Dividend Plan(Quarterly) - NEW - -Super Inst - Dividend Plan(Monthly) - NEW 1008.1227 -Super Inst - Growth Option 1053.8572 1,006.1203

v) Lowest repurchase price/NAV Institutional - Dividend Plan (Daily) 1001.3985 1,001.3985Institutional - Dividend Plan (Weekly) 1000.1644 -Institutional - Dividend Plan (Monthly) 1000.0000 -Institutional - Growth Option 1007.7705 1,002.5518Institutional - Dividend Plan(Quarterly) - NEW - -Institutional - Bonus - NEW - -Regular - Bonus Option 1040.4376 -Regular - Dividend Plan (Daily) 949.7584 1,000.3971Regular - Dividend Plan (Monthly) 950.2504 -

98


Regular - Dividend Plan (Weekly) 950.5216 -Regular - Dividend Plan (Quarterly) 1000.0000Regular - Growth Option 994.7249 -Super Inst - Dividend Plan (Daily) 997.6112 1,001.3985Super Inst - Dividend Plan (Weekly) 1000.1705 -Super Inst - Bonus Option - NEW - -Super Inst - Dividend Plan(Quarterly) - NEW - -Super Inst - Dividend Plan(Monthly) - NEW 1000.0000 -Super Inst - Growth Option 1008.1538 1,003.5975

vi) Lowest resale price Institutional - Dividend Plan (Daily) 947.9804 1,000.0000Institutional - Dividend Plan (Weekly) 983.4845 1,000.0000Institutional - Dividend Plan (Monthly) 950.2947 -Institutional - Growth Option 996.8429 1,000.0000Institutional - Dividend Plan(Quarterly) - NEW - -Institutional - Bonus - NEW - -Regular - Bonus Option 989.2782 1,000.0000Regular - Dividend Plan (Daily) 947.8510 1,000.0000Regular - Dividend Plan (Monthly) 950.0306 1,000.0000Regular - Dividend Plan (Weekly) 947.7956 1,000.0000Regular - Dividend Plan (Quarterly) 966.5212 -Regular - Growth Option 994.6950 1,000.0000Super Inst - Dividend Plan (Daily) 947.9742 1,000.0000Super Inst - Dividend Plan (Weekly) 948.0220 1,000.0000Super Inst - Bonus Option - NEW - -Super Inst - Dividend Plan(Quarterly) - NEW - -Super Inst - Dividend Plan(Monthly) - NEW 1001.3536 -Super Inst - Growth Option 998.3311 1,000.0000

vii) Price Earning Ratio NA NA

viii) Ratio of Expenses toAverage Net Assets(%) 1.30% 0.33%

ix) Ratio of Gross Income(including unrealisedappreciation / depreciation)to Average Net Assets (%) 6.14% 9.70%


99

Auditors’ Report

To,

The Trustee ofMIRAE ASSET MUTUAL FUND - MIRAE ASSET INTERVAL FUND - QUARTERLY PLAN - SERIES I

1. We have audited the attached balance sheet of MIRAE ASSET MUTUAL FUND – MIRAE ASSET INTERVALFUND QUARTERLY PLAN - SERIES I (‘the Scheme’) as at 31 March 2009 and also the revenue account for theperiod from 13 August 2008 to 31 March 2009 (‘the Period’) annexed thereto. These financial statements are theresponsibility of the management of Mirae Asset Global Investment Management (India) Private Limited, the Scheme’sasset managers. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether the financial statements arefree of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financial statement presentation. We believe thatour audit provides a reasonable basis for our opinion.

3. We report that:


ii. The balance sheet and revenue account dealt with by this report are in agreement with the books ofaccount.

iii. In our opinion, the balance sheet and revenue account dealt with by this report have been prepared inconformity with the accounting policies and standards specified in the Ninth Schedule to the Securities andExchange Board of India (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’)

iv. In our opinion, and to the best of our information and according to the explanations given to us, the saidfinancial statements give the information required by the SEBI Regulations as applicable, and give a trueand fair view in conformity with the accounting principles generally accepted in India:






100

MIRAE ASSET MUTUAL FUND - MIRAE ASSET INTERVAL FUND -QUARTERLY PLAN - SERIES I






Total 3,784

APPLICATION OF FUNDSInvestments 2(c) , 6 & 13 -


Total 3,784








101

MIRAE ASSET MUTUAL FUND - MIRAE ASSET INTERVAL FUND -QUARTERLY PLAN - SERIES I

REVENUE ACCOUNT FOR THE PERIOD FROM 13 AUGUST 2008 TO 31 MARCH 2009

(All amounts in thousands of Rupees)13 August, 2008


INCOMEInterest 2(d) & 8 38,542

Total 38,542

EXPENSES AND LOSSESLoss on sale/redemption of investments, net 2(d) 2,338Management fee 9 163Trusteeship fee 9 27Custodian service charges 49Registrar service charges 83Publicity expenses 20Audit fee 2Other operating expenses 146

2,828

Less: Expenses reimbursed by AMC (111)

Total 2,717

Surplus for the period 35,825

Equalisation debit 2(e) (3,275)

Income distribution on capital account (23,956)

Income-tax on distributed income (5,117)

Surplus transferred to the balance sheet 4 3,477







102

MIRAE ASSET MUTUAL FUND -MIRAE ASSET INTERVAL FUND - QUARTERLY PLAN - SERIES ISCHEDULES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 13 AUGUST2008 TO 31 MARCH 2009


1. BACKGROUNDMirae Asset Mutual Fund - Mirae Asset Interval Fund Quarterly Plan Series I (‘the Scheme’) was launched as a debtoriented interval scheme on 07 August 2008. The new fund offer of the Scheme opened on 07 August 2008 and closedon 12 August 2008.



The investment objective of the scheme is to generate returns with low volatility through a portfolio of debt and moneymarket instruments with a provision to offer liquidity at periodic intervals. The Scheme does not guarantee any returns.



Regular Plan - Dividend Option


Institutional Plan - Dividend Option. (collectively ‘the Plans’)





(b) Unit capital



(c) Investments




103













(f) Load


104


2009 2009

Units of Rs 10 each

Regular Plan - Growth OptionIssued- new fund offer 3,983,781.269 39,838- during the period - -Redeemed during the period (3,936,281.269) (39,363)


Regular Plan - Dividend OptionIssued- new fund offer 8,527,739.350 85,277- during the period 94,933.106 949Redeemed during the period (8,440,940.961) (84,409)


Institutional Plan - Growth OptionIssued- new fund offer 14,370,364.180 143,704- during the period - -Redeemed during the period (14,370,364.180) (143,704)


Institutional Plan - Dividend OptionIssued- new fund offer 120,730,665.079 1,207,307- during the period 1,553,509.300 15,535Redeemed during the period (122,163,830.790) (1,221,638)


TotalIssued- new fund offer 147,612,549.878 1,476,126- during the period 1,648,442.406 16,484Redeemed during the period (148,911,417.200) (1,489,114)


At 31 March 2009, of the above unit capital, approximately 63.04 per cent is held by two investors.


105



Net premium on issue / redemption of units (6,702)Transferred (to) / from Equalisation account 3,275


Retained surplus

Surplus transferred from revenue account 3,477


Total reserves 50


Regular Plan - Growth Option 25Regular Plan - Dividend Option 15Institutional Plan - Growth Option -Institutional Plan - Dividend Option 10

50

5. CURRENT LIABILITIESLoad Pending Utilisation 226Other current liabilities 12

238

6. INVESTMENTS NIL

-


(ii) Aggregate appreciation and depreciation in the value of investments. NIL


Purchases (excluding collateralised lending and fixed deposit)- amount 3,465,849- as a percentage of average daily net assets 600.78

Sales / Redemptions (excluding collateralised lending and fixed deposit)- amount 3,498,048- as a percentage of average daily net assets 606.36


(v) Aggregate fair value of non traded investments as on 31 March 2009 NIL(excluding commercial paper, certificates of deposit, government securities and bills re-discounted)


106

7. OTHER CURRENT ASSETSAmount due from AMC 111


3,784

8. INTEREST 13 August, 2008to 31 March, 2009

Money market instruments 33,379

Debentures and bonds 1,159

Fixed Deposits 3,721


38,542




13 August, 2008to 31 March, 2009

Income

- amount 38,542



- amount 601




Regular Plan - Growth Option 10.5458

Regular Plan - Dividend Option 10.0804

Institutional Plan - Dividend Option 10.0855




107








NET ASSETS 3,546 100.00

108


Particulars 13-Aug-08 to31-Mar-09

Units 349.58

(a) Net Asset Value, per unit Regular Plan - Growth Option 10.5458Regular Plan - Dividend Option 10.0804Institutional Plan - Growth Option -Institutional Plan - Dividend Option 10.0855




to third party, per unit (6.69)iv) transfer to Revenue Account from







iii) Highest repurchase price/NAV Regular Plan - Growth Option 10.0000Regular Plan - Dividend Option 10.0258Institutional Plan - Growth Option 10.0000Institutional Plan - Dividend Option 10.0131

iv) Highest resale price Regular Plan - Growth Option 10.4887Regular Plan - Dividend Option 10.0654Institutional Plan - Growth Option 10.2445Institutional Plan - Dividend Option 10.0677

v) Lowest repurchase price/NAV Regular Plan - Growth Option 10.0000Regular Plan - Dividend Option 10.0000Institutional Plan - Growth Option 10.0000Institutional Plan - Dividend Option 10.0000

vi) Lowest resale price Regular Plan - Growth Option 10.0569Regular Plan - Dividend Option 9.9999Institutional Plan - Growth Option 10.1543Institutional Plan - Dividend Option 10.0131



ix) Ratio of Gross Income(including unrealised appreciation /depreciation) to Average Net Assets (%) 9.92%


109

Auditors’ Report

To,

The Trustee ofMIRAE ASSET MUTUAL FUND - MIRAE ASSET INTERVAL FUND - QUARTERLY PLAN - SERIES - II

1. We have audited the attached balance sheet of MIRAE ASSET MUTUAL FUND – MIRAE ASSET INTERVAL FUND -QUARTERLY PLAN - SERIES - II (‘the Scheme’) as at 31 March 2009 and also the revenue account for the period from 12September 2008 to 31 March 2009 (‘the Period’) annexed thereto. These financial statements are the responsibility of themanagement of Mirae Asset Global Investment Management (India) Private Limited, the Scheme’s asset managers. Ourresponsibility is to express an opinion on these financial statements based on our audit.


3. We report that:










110

MIRAE ASSET MUTUAL FUND -MIRAE ASSET INTERVAL FUND - QUARTERLY PLAN - SERIES-II






Total 2,309



Total 2,309








111

MIRAE ASSET MUTUAL FUND -MIRAE ASSET INTERVAL FUND - QUARTERLY PLAN - SERIES-II

REVENUE ACCOUNT FOR THE PERIOD FROM12 SEPTEMBER 2008 TO 31 MARCH 2009

(All amounts in thousands of Rupees)12 September, 2008



Profit on sale/redemption of investments, net 2(d) 21

Total 30,383

EXPENSES AND LOSSESManagement fee 9 133Trusteeship fee 9 27Custodian service charges 40Registrar service charges 88Commission to distributors 1Audit fee 3Interest on borrowings 2Other operating expenses 178

472Less: Expenses reimbursed by AMC (79)

Total 393

Surplus for the period 29,990Equalisation debit 2(e) (735)Income distribution on capital account (20,035)Income-tax on distributed income (4,029)

Surplus transferred to the balance sheet 4 5,191







112

MIRAE ASSET MUTUAL FUND -MIRAE ASSET INTERVAL FUND - QUARTERLY PLAN - SERIES IISCHEDULES TO THE FINANCIAL STATEMENTS FOR THE PERIODFROM 12 SEPTEMBER 2008 TO 31 MARCH 2009


1. BACKGROUNDMirae Asset Mutual Fund - Mirae Asset Interval Fund Quarterly Plan Series II (‘the Scheme’)was launched as a debtoriented interval scheme on 09 September 2008. The new fund offer of the Scheme opened on 9 September 2008 andclosed on 11 September 2008.








Institutional Plan - Dividend Option. (collectively ‘the Plans’)





(b) Unit capital



(c) Investments




113














(f) Load

- Load collected is utilised to meet marketing and selling expenses incurred during the year to the extentconsidered appropriate by the AMC. Unutilised amount is carried forward to meet marketing and sellingexpenses. However, load collected is credited to the income of the scheme as and when it is consideredappropriate by the Trustees.

114


2009 2009

Units of Rs 10 each

Regular Plan - Growth OptionIssued- new fund offer 1,475,083.396 14,751- during the period 95,571.136 956Redeemed during the period (1,530,332.681) (15,303)


Regular Plan - Dividend OptionIssued- new fund offer 6,391,055.337 63,911- during the period 111,514.281 1,115Redeemed during the period (6,336,831.297) (63,368)




Institutional Plan - Dividend OptionIssued- new fund offer 96,100,975.045 961,010- during the period 1,708,936.950 17,089Redeemed during the period (97,809,911.995) (978,099)


TotalIssued- new fund offer 113,017,113.778 1,130,172- during the period 1,916,022.367 19,160Redeemed during the period (114,727,075.973) (1,147,270)


At 31 March, 2009, of the above unit capital, approximately 30.74 per cent is held by a single investor.


115



Net premium on issue / redemption of units (5,902)

Transferred (to) / from Equalisation account 735


Retained surplus

Surplus transferred from revenue account 5,191


Total reserves 24


Regular Plan - Growth Option 17

Regular Plan - Dividend Option 7

Institutional Plan - Growth Option -

Institutional Plan - Dividend Option -

24

5. CURRENT LIABILITIESLoad Pending Utilisation 128

Other current liabilities 95

223

6. INVESTMENTS NIL

-


(ii) Aggregate appreciation and depreciation in the value of investments NIL



- amount 2,381,873



- amount 2,411,899



116

(v) Aggregate fair value of non traded investments as on 31 March 2009 NIL(excluding commercial paper, certificates of deposit, government securities and bills re-discounted)


7. OTHER CURRENT ASSETSAmount due from AMC 79Collateralised Lending 2,230

2,309

8. INTEREST12 September, 2008

to 31 March, 2009

Money market instruments 29,574

Debentures and bonds 432


30,362




12 September, 2008to 31 March, 2009

Income

- amount 30,383



- amount 391




Regular Plan - Growth Option 10.4253




117




Thousands) Net Assets category (%




NET ASSETS 2,086 100.00

118


Particulars 12-Sep-08 to31-Mar-09

(a) Net Asset Value, per unit Regular Plan - Growth Option 10.4253


Institutional Plan - Growth Option -

Institutional Plan - Dividend Option -

(b) Gross Income:



iii) profit / (loss) on sale of investmentto third party, per unit 0.10













ix) Ratio of Gross Income (includingunrealised appreciation / depreciation)to Average Net Assets (%) 11.02%


119

Auditors’ Report

To,

The Trustee ofMIRAE ASSET MUTUAL FUND - MIRAE ASSET INTERVAL FUND - MONTHLY PLAN - SERIES I

1. We have audited the attached balance sheet of MIRAE ASSET MUTUAL FUND - MIRAE ASSET INTERVAL FUND -MONTHLY PLAN - SERIES I (‘the Scheme’) as at 12 February 2009 and also the revenue account for the period from 17September 2008 to 12 February 2009 (‘the Period’) annexed thereto. These financial statements are the responsibility of themanagement of Mirae Asset Global Investment Management (India) Private Limited, the Scheme’s asset managers. Ourresponsibility is to express an opinion on these financial statements based on our audit.


3. We report that:





a) in the case of the balance sheet, of the state of affairs of the Scheme as at 12 February 2009; and


FOR S.R. BATLIBOI & CO.CHARTERED ACCOUNTANTS

PER SUREKHA GRACIASPARTNERMEMBERSHIP NO.:105488


120

MIRAE ASSET MUTUAL FUND -MIRAE ASSET INTERVAL FUND - MONTHLY PLAN - SERIES I

BALANCE SHEET AS AT 12 FEBRUARY 2009(All amounts in thousands of Rupees)Schedule 12 February, 2009

SOURCES OF FUNDSUnit capital 2(b) & 3 825



Total 962


Other current assets 7 962

Total 962








121

MIRAE ASSET MUTUAL FUND -MIRAE ASSET INTERVAL FUND - MONTHLY PLAN - SERIES I

REVENUE ACCOUNT FOR THE PERIOD FROM17 SEPTEMBER 2008 TO 12 FEBRUARY 2009

(All amounts in thousands of Rupees)17 September, 2008

Schedule to 12 February, 2009


Total 5,886

EXPENSES AND LOSSESLoss on sale/redemption of investments, net 2(d) 3,270Management fee 9 31Trusteeship fee 9 26Custodian service charges 7Registrar service charges 10Interest on borrowings 1Other operating expenses 131

Total 3,476

Surplus for the period 2,410

Equalisation credit 2(e) (73)

Income distribution on capital account (1,242)

Income-tax on distributed income (266)








122

MIRAE ASSET MUTUAL FUND - MIRAE ASSET INTERVAL FUND -MONTHLY PLAN - SERIES ISCHEDULES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM17 SEPTEMBER 2008 TO 12 FEBRUARY 2009


1. BACKGROUNDMirae Asset Mutual Fund - Mirae Asset Interval Fund Monthly Plan Series I (‘the Scheme’) was launched as a debtoriented interval scheme on 12 September 2008. The new fund offer of the Scheme opened on 12 September 2008and closed on 16 September 2008.

Mirae Asset Investment Management Company Limited with effect from 11 October 2007 is the sponsor of Mirae AssetMutual Fund (‘the Fund’)

In accordance with SEBI (Mutual Funds) Regulations 1996 (‘the SEBI Regulations’), the Board of Directors of MiraeAsset Trustee Company Private Limited (‘the Trustee’) has appointed Mirae Asset Global Investment (India) PrivateLimited (‘the AMC’) to manage the Fund’s affairs and operate its schemes.






Institutional Plan - Dividend Option (collectively ‘the Plans’)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe financial statements are prepared on the accrual basis of accounting, under the historical cost convention, asmodified for investments, which are ‘marked-to-market’. The significant accounting policies, which are inaccordance with the SEBI Regulations and have been approved by the Boards of Directors of the AMC and theTrustee, are stated below.




(b) Unit capital



(c) Investments




123




-Securities traded on the balance sheet date (on the stock exchange where a majority (in terms of value) ofthese securities are principally traded), are stated at the last traded price.


- Treasury Bill, Commercial Paper and Certificate of Deposit are valued at carrying cost, which includes discountaccrued on an straight line basis over the period to maturity, wherever market price is available the same isused for valuation.





- The purpose of equalisation account is to maintain per unit amount of a Plan’s share of the Scheme’sundistributed income earned during the accounting period, so that continuing unitholders’ share of undistributedincome remains unchanged on issue or redemption of units under that Plan.



(f) Load


124


12 February 2009 12 February 2009Units of Rs 10 each

Regular Plan - Growth OptionIssued- new fund offer 1,017,063.189 10,171- during the period 8,402.665 84Redeemed during the period (949,625.516) (9,496)


Regular Plan - Dividend OptionIssued- new fund offer 1,708,956.036 17,090- during the period 5,410.025 54Redeemed during the period (1,707,803.850) (17,078)




Institutional Plan - Dividend OptionIssued- new fund offer 48,440,000.000 484,400- during the period 92,667.673 927Redeemed during the period (48,532,667.673) (485,327)


TotalIssued- new fund offer 64,866,571.901 648,667- during the period 106,480.363 1,065Redeemed during the period (64,890,649.715) (648,907)


At 12 February 2009, of the above unit capital, approximately 58.8 per cent is held by two investors.


125

Amount (in ‘000)12 February, 2009


Net premium on issue / redemption of units (886)Transferred to Equalisation account 73


Retained surplusSurplus transferred from revenue account 829Balance, end of period 829

Total reserves 16

The share of the plans in the reserves and surplus is as follows:Regular Plan - Growth Option 15Regular Plan - Dividend Option 1

16

5. CURRENT LIABILITIESLoad Pending Utilisation 58

Other current liabilities 63

121

6. INVESTMENTS


(ii) Aggregate appreciation and depreciation in the value of investments NIL



- amount 728,640



- amount 731,163



(v) Aggregate fair value of non traded investments as on 12 February 2009 NIL(excluding commercial papers, certificates of deposit, government securities and bills re-discounted)


7. OTHER CURRENT ASSETSSundry debtors for units issued to investors 5

Collateralised Lending 957

962

126

8. INTERESTMoney market instruments 5,770Debentures and bonds 23Collateralised Lending (reverse re-purchase transaction) 93

5,8869. MANAGEMENT AND TRUSTEESHIP FEE

The Scheme pays fees for investment management services (excluding service tax) under an agreement with theAMC, which provides for computation of such fee as a percentage of Scheme’s average daily net assets, after excludingthe net asset value of the investments by the AMC in the scheme and net asset value of investment made in otherschemes, if any. During the Period ended 12 February 2009, the Scheme has paid management fee at annualisedaverage rate of 0.06 per cent


10. INCOME AND EXPENDITUREThe total income and expenditure and these amounts as a percentage of the Scheme’s average daily net assets on anannualised basis are provided below:

17 September, 2008to 12 February, 2009

Income

- amount 5,886



- amount 205


11. NET ASSET VALUE12 February 2009

Net asset value of each unit of Rs 10 of the SchemeRegular Plan - Growth Option 10.2101Regular Plan - Dividend Option 10.0807



13. SUPPLEMENTARY INVESTMENT PORTFOLIO INFORMATION AND INDUSTRYWISE CLASSIFICATIONDetails of investment portfolio and industrywise classification of the Scheme’s investments in each category ofinvestments at 12 February 2009 are presented below. The industry and company exposures are stated as a percentageof the Scheme’s net assets as at 12 February 2009, as well as the aggregate investments in each investment category.


Thousands) Net Assets category (%)OTHER CURRENT ASSETS 962 114.44 -TOTAL ASSETS 962 114.44LESS: CURRENT LIABILITIES 121 14.44 -NET ASSETS 841 100.00


127


Particulars 17-Sep-08 to12-Feb-09

Units 82.40

(a) Net Asset Value, per unit Regular Plan - Growth Option -Regular Plan - Dividend Option -Institutional Plan - Growth Option -Institutional Plan - Dividend Option -




to third party, per unit 39.68iv) transfer to Revenue Account from




(e) Net unrealised appreciation/(depreciation) in value of investments 0.00









ix) Ratio of Gross Income (includingunrealised appreciation / depreciation)to Average Net Assets (%) 4.47%

128

ATTACHMENT-IMIRAE ASSET MUTUAL FUND

Disclosure under Regulation 25(11) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996

Investment made by the schemes of Mirae Asset Mutual Fund in companies or their subsidiaries that have invested more than 5% of thenet assets of any scheme during the year 2008-2009

Aggregate costof acquisition

Investments made for the period Outstandingby the Schemes of 04 March 2008 to as on

Name Scheme Invested MIRAE Asset Mutual Fund 31 March 2009 31 March 2009of the Company by the Company in the Company or its subsidiary (Rs. in Lakhs) (Rs. in Lakhs)

Allahabad Bank Mirae Asset Liquid Plus Fund Mirae Asset India Opportunities Fund 100.85 -

Mirae Asset Interval Fund -Quarterly Plan - Series I 316.36 -

Mirae Asset Liquid Fund 26,606.62 -

Mirae Asset Ultra Short Term Bond Fund 31,094.06 -

Alok Industries Ltd. Mirae Asset Gilt Fund Mirae Asset India Opportunities Fund 136.91 -

Axis Bank Ltd. Mirae Asset CashManagement Fund Mirae Asset India Opportunities Fund 228.38 -

Mirae Asset Liquid Fund. 2,425.32 -


Bank of Baroda Mirae Asset UltraShort Term Bond Fund Mirae Asset Liquid Fund. 913.19 -

Bank of India Mirae Asset GlobalCommodity Stocks Fund Mirae Asset India Opportunities Fund 232.54 -

Mirae Asset India Opportunities Fund

Bharti Airtel Ltd. Mirae Asset Interval Fund -Monthly Plan - Series I Mirae Asset India Opportunities Fund 1,004.33 85.73

Mirae Asset Liquid Plus Fund.

Mirae Asset Ultra Short Term Bond Fund

Corporation Bank Mirae Asset Liquid Plus Fund. Mirae Asset Liquid Fund 14,161.95 -

Mirae Asset UltraShort Term Bond Fund Mirae Asset Ultra Short Term Bond Fund 9,368.99 -

Dabur India Ltd. Mirae Asset UltraShort Term Bond Fund Mirae Asset India Opportunities Fund 186.61 198.40

DSP Merill Lynch Mirae Asset UltraCapital Ltd. Short Term Bond Fund Mirae Asset Liquid Fund. 5,000.00 -

Edelweiss Mirae Asset UltraCapital Ltd. Short Term Bond Fund Mirae Asset India Opportunities Fund 900.00 -



Export Import Mirae Asset UltraBank of India Short Term Bond Fund Mirae Asset India Opportunities Fund 503.93 -



Global Trade Mirae Asset UltraFinance Ltd. Short Term Bond Fund Mirae Asset India Opportunities Fund 2,118.26 -

Mirae Asset Interval Fund -Monthly Plan - Series I 500.00 -


129

Mirae Asset Interval Fund -Quarterly Plan - Series I 2,200.00 -



HDFC Bank Ltd. Mirae Asset Liquid Plus Fund Mirae Asset India Opportunities Fund 274.82 292.02

Mirae Asset UltraShort Term Bond Fund Mirae Asset Liquid Fund. 9,910.92 -


Housing Mirae Asset UltraDevelopment Short Term Bond Fund Mirae Asset India Opportunities Fund 726.30 190.65Finance Corpn. Ltd. Mirae Asset Liquid Fund 1,981.92 -

ICICI Bank Ltd. Mirae Asset Liquid Plus Fund Mirae Asset India Opportunities Fund 1,132.58 586.06

Mirae Asset Ultra Mirae Asset Interval Fund -Short Term Bond Fund Monthly Plan - Series I 3,406.31 -

Mirae Asset Interval Fund -Quarterly Plan - Series II 5,599.54 -



ICICI Sec Primary Mirae Asset Liquid Plus Fund Mirae Asset India Opportunities Fund 500.00 -Dealership Ltd. Mirae Asset Ultra Mirae Asset Interval Fund -

Short Term Bond Fund Quarterly Plan - Series II 1,500.00 -



ICICI Securities Ltd. Mirae Asset Liquid Plus Fund. Mirae Asset Interval Fund -Quarterly Plan - Series II 2,000.00 -

Mirae Asset Ultra Mirae Asset Interval FundShort Term Bond Fund Quarterly Plan - Series I 1,500.00 -



Indian Bank Mirae Asset Liquid Plus Fund Mirae Asset Interval Fund -Quarterly Plan - Series I 487.08 -

Infrastructure Mirae Asset Liquid Plus Fund Mirae Asset Liquid Fund 3,947.15 -Development Mirae Asset UltraFinance Co. Ltd. Short Term Bond Fund Mirae Asset Ultra Short Term Bond Fund 3,975.08 -

Jammu & Mirae Asset Liquid Plus Fund Mirae Asset Liquid Fund 7,352.94 -Kashmir Bank Ltd. Mirae Asset Ultra

Short Term Bond Fund Mirae Asset Ultra Short Term Bond Fund 4,920.34 -

Jindal Steel & Mirae Asset Ultra Mirae Asset GlobalPower Ltd. Short Term Bond Fund Commodity Stocks Fund 224.91 126.58

Mirae Asset India Opportunities Fund 1,160.16 158.17




130

Karnataka Bank Ltd Mirae Asset UltraShort Term Bond Fund Mirae Asset India Opportunities Fund 196.99 -



L&T Finance Ltd Mirae Asset UltraShort Term Bond Fund Mirae Asset India Opportunities Fund 849.31 -




Larsen & Toubro Ltd. Mirae Asset Interval Fund -Quarterly Plan - Series II Mirae Asset India Opportunities Fund 1,043.87 204.78

Mirae Asset Interval Fund -Quarterly Plan - Series I

Mirae Asset Liquid Plus Fund

Mirae Asset UltraShort Term Bond Fund

LIC Housing Mirae Asset Liquid Plus Fund Mirae Asset Ultra Short Term Bond Fund 443.06 -

Finance Ltd. Mirae Asset UltraShort Term Bond Fund

Reliance Mirae Asset Ultra Mirae Asset GlobalIndustries Ltd. Short Term Bond Fund Commodity Stocks Fund 745.85 567.21

Mirae Asset India Opportunities Fund 1,893.61 1,084.10

Reliance Mirae Asset Liquid Plus Fund. Mirae Asset India Opportunities Fund 270.08 -

Petroleum Ltd. Mirae Asset UltraShort Term Bond Fund

Shriram Transport Mirae Asset UltraFinance Co Ltd. Short Term Bond Fund Mirae Asset India Opportunities Fund 540.00 -

Mirae Asset Interval Fund -Monthly Plan - Series I 300.00 -



State Bank of Mirae Asset UltraHyderabad Short Term Bond Fund Mirae Asset India Opportunities Fund 1,403.24 -


Mirae Asset Ultra Short Term Bond Fund 7,083.11 497.61

State Bank of Mirae Asset UltraMysore Short Term Bond Fund Mirae Asset Liquid Fund 8,570.01 -


State Bank of Patiala Mirae Asset UltraShort Term Bond Fund Mirae Asset Liquid Fund. 23,196.46 -






131

State Bank of Mirae Asset UltraTravancore Short Term Bond Fund Mirae Asset Liquid Fund. 13,120.36 -


Sun Pharmaceutical Mirae Asset UltraIndustries Ltd. Short Term Bond Fund Mirae Asset India Opportunities Fund 92.38 100.03

Tata Consultancy Mirae Asset Interval Fund -Services Ltd. Monthly Plan - Series I Mirae Asset India Opportunities Fund 47.82 -

Mirae Asset Interval Fund -Quarterly Plan - Series II

Mirae Asset Interval Fund -Quarterly Plan - Series I



Union Bank of India Mirae Asset UltraShort Term Bond Fund Mirae Asset Liquid Fund. 15,807.01 -


Videocon Mirae Asset UltraIndustries Ltd. Short Term Bond Fund Mirae Asset India Opportunities Fund 235.47 -

Welspun Guj Stahl Mirae Asset Ultra Mirae Asset GlobalRohren Ltd. Short Term Bond Fund Commodity Stocks Fund 37.71 -

Mirae Asset India Opportunities Fund 410.17 -

Wipro Ltd. Mirae Asset Interval Fund -Quarterly Plan - Series II Mirae Asset India Opportunities Fund 99.23 -



Yes Bank Ltd. Mirae Asset UltraShort Term Bond Fund Mirae Asset India Opportunities Fund 355.80 -


Mirae Asset Ultra Short Term Bond Fund 100.00 -




132

ADDENDUMS TO THE OFFER DOCUMENTS / SCHEME INFORMATION DOCUMENTS(SIDS) AND STATEMENT OF ADDITIONAL INFORMATION (SAI).

1. ADDENDUM - Dated 19th April, 2008

ADDITION OF NEW OFFICIAL POINTS OF ACCEPTANCE FOR TRANSACTIONS IN ALL SCHEMES OF MIRAE ASSETMUTUAL FUND

Investors / Unitholders are advised to take note of the following changes made to the list of Official Points ofAcceptance for Mirae Asset Mutual Fund.

Addition of new Official Points of Acceptance for Transactions in all schemes of Mirae Asset Mutual Fundw.e.f. April 21, 2008:

Investor service Centres - Karvy Computershare Private Limited, Registrar & Transfer Agent

Sr.No. State Address

1 Nagpur Karvy Computershare Private Limited, Sadoday Arcade, Above Top N Town,Dharampeth, Nagpur - 440 001.

2 Nasik Karvy Computershare Private Limited, S - 12, Second Floor, Suyojit Sankul,Sharanpur Road, Nasik - 422 002.

3 Agra Karvy Computershare Private Limited, 1st Floor, Deepak Wasan Plaza, Sanjay Place,Behind Holiday Inn, Agra - 282 002.

4 Varanasi Karvy Computershare Private Limited, D - 64/132, 1st Floor, Anant Complex, Sigra,Varanasi - 221 010.

5 Bhopal Karvy Computershare Private Limited, Kay Kay Business Centre, 133 Zone I,M P Nagar, Bhopal - 462 021.

6 Dehradun Karvy Computershare Private Limited, Kaulagarh Road, Near Sirmaur Marg,Above Reliance Webworld, Dehradun - 248 001.

7 Vijayawada Karvy Computershare Private Limited, 39 - 10 - 7 Opp. Municipal Water Tank,Labbipet, Vijayawada - 520 010.

8 Jalandhar Karvy Computershare Private Limited, Lower Ground Floor, Office No : 3,Arora Prime Tower, Plot No : 28, G T Road, Jalandhar - 144 004.

9 Amritsar Karvy Computershare Private Limited, 72 - A, Taylor’S Road, Aga Heritage GandhiGround, Amritsar - 143 001.

10 Aurangabad Karvy Computershare Private Limited, Shop No : 214/215, Tapadiya City Centre,Nirala Bazar, Aurangabad - 431 001.

11 Moradabad Karvy Computershare Private Limited, Om Arcade, Parker Road, Above SyndicateBank, Tari Khana Chowk, Moradabad - 244 001.

12 Mangalore Karvy Computershare Private Limited, 2nd Floor, Brigade Plaza, Kudmul Ranga RaoRoad, Mangalore - 575 003.

13 Madurai Karvy Computershare Private Limited, Rakesh Towers, 30 - C, Bye Pass Road,Ist Floor, Opp Nagappa Motors, Madurai - 625010.

14 Bhavnagar Karvy Computershare Private Limited, 1st Floor, Corporate House, Above CanaraBank, Waghawadi Road, Bhavnagar - 364 001.

15 Visakhapatnam Karvy Computershare Private Limited, 47 - 14 - 5/1 Eswar Paradise, Dwaraka Nagar,Main Road, Visakhapatnam - 530 016.

16 Trivandrum Karvy Computershare Private Limited, 2nd Floor, Akshaya Towers, Sasthamangalam,Trivandrum - 695 010.

17 Anand Karvy Computershare Private Limited, F - 6, Chitrangana Complex, Opp: MotikakaChawl, V V Nagar, Anand - 388 001.


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18 Ajmer Karvy Computershare Private Limited, 1 - 2, II Floor, Ajmer Tower, Kutchary Road,Ajmer - 305 001.

19 Calicut Karvy Computershare Private Limited, IInd Floor, Sowbhagya Shoping Complex,Mavoor Road, Calicut - 673 004.

20 Mysore Karvy Computershare Private Limited, L - 350 , Silver Tower , Clock Tower, AshokaRoad, Mysore - 570 001.

21 Trichur Karvy Computershare Private Limited, 2nd Floor, Brother’S Complex, Near DhanaLaxmi Bank Head Office, Naikkanal Junction, Trichur - 680 001

22 Cuttack Karvy Computershare Private Limited, Dargha Bazar, Opp. Dargha Bazar PoliceStation, Buxibazar, Cuttack - 753 001.

23 Burdwan Karvy Computershare Private Limited, 63 G T Road, Birhata, Halder Complex,1st Floor, Burdwan - 713 101.

Further, please note that the addendum issued on 25th March, 2008 for additional point of acceptance for following (Udaipur& Rajkot) locations will be applicable for transactions in all schemes of Mirae Asset Mutual Fund w.e.f. April 21, 2008 : -

State Address

Gujarat Karvy Computershare Private Limited104, Siddhi Vinayak Complex, Dr. Yagnik Road, Opp Ramkrishna Ashram,Rajkot - 360 001.

Rajasthan Karvy Computershare Private Limited201 - 202, Madhav Chambers, Opp. G.P.O, Chetak Circle, Madhuban,Udaipur - 313001.

This notice cum addendum forms an integral part of the Offer Document(s) / Key Information Memorandum(s) issued for allschemes of Mirae Asset Mutual Fund, as amended from time to time.

All other terms and conditions mentioned in the Offer Document(s) / Key Information Memorandum(s) of the Schemesremain unchanged. In case you require any further information / assistance, please contact your nearest Investor ServiceCentre.

2. ADDENDUM - Dated 9th May, 2008

(I) THE CHANGES AS SET OUT HEREAFTER ARE TO BE MADE IN ALL THE OFFER DOCUMENTS / KEYINFORMATION MEMORANDA OF ALL THE SCHEMES OF MIRAE ASSET MUTUAL FUND

Mr. V.B.Haribhakti, Chairman & Senior Partner, Haribhakti & Co., Chartered Accountants, has been appointed as anIndependent Director of Mirae Asset Trustee Company Private Limited (“Trustee Co.”), with effect from April 28, 2008.

Dr. Manoj Vaish (Independent Director) has resigned as a Director of Mirae Asset Trustee Company Pvt. Ltd. witheffect from April 28, 2008. Further, Dr. Manoj Vaish has been appointed as an Independent Director of Mirae AssetGlobal Investment Management (India) Private Limited (“the AMC”) w.e.f April 28, 2008.

The following clause is incorporated in the paragraph on Board of Directors of Trustee Co. and Board of Directorsof the AMC respectively in the Offer Documents / Key Information Memoranda of all schemes of the Mutual Fund:

(1) Changes in the Board of Directors of Mirae Asset Trustee Company Pvt. Ltd. : -

The details pertaining to the above appointed Director is as follows : -

Mr. Vishnubhai Bhagvandas Haribhakti, F.C.A. (Independent Director)

Address: 51 Maker Tower, ‘B’ Cuff Parade, Mumbai - 400 005

Occupation: Chartered Accountant

Mr. V.B. Haribhakti is a Chartered Accountant having experience spanning more than five decades inaccountancy, finance and financial services. He is the Founder and Senior Partner of Haribhakti & Co.,Chartered Accountants.

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Other Directorships1. Bajaj Electricals Limited - Independent Director2. Rohit Pulp & Paper Mills Ltd. - Independent Director3. The Simplex Mills Company Ltd. - Independent Director4. The Anglo - French Drug Co. (Eastern) Ltd. - Independent Director5. Ester Industries Limited - Independent Director6. Tilaknagar Industries Ltd. - Independent Director7. Hindustan Composites Ltd. - Independent Director8. Lakshmi Automatic Loom Works Ltd. - Independent Director9. Haribhakti MRI Corporate Services Pvt. Ltd. - Director

The reference to Dr. Manoj Vaish as a Director of Mirae Asset Trustee Company Private Limited stands deleted.

(2) Changes in the Board of Directors of Mirae Asset Global Investment Management (India) Pvt. Ltd.:The details pertaining to the above appointed Director is as follows : -

Dr. Manoj Vaish, B.Com, MBA (Finance), Ph. D. (Independent Director)

Address: B/305, Paradise, Raheja Vihar, Chandivali Farm Road, Powai - 400 072.

Occupation: Service

Dr. Manoj Vaish is the CEO of Dun & Bradstreet (India), and is in charge of all operations and businesses inIndia comprising Business Information, Research and Analysis, Publications, Consultancy, Financial Modelingand Analytics, Financial Educations and Training, Sales and Marketing, Risk Management, Credit Ratings,and Credit Bureau.Dr. Vaish has the distinct honor of being the first CEO of the BSE with a coveted seat on the board ofexchange. He efficiently managed the overall business of India’s prestigious stock exchange, and started theDerivates Segment in the BSE.

Other Directorships1. Dun & Bradstreet Information Services Private Limited. - Director2. SBICAP Securities Ltd. - Director3. SME Rating Agency of India Ltd. - Director

(3) Change in Key Personnel : Appointment of Compliance officer for Mirae Asset Mutual FundMr. Neeraj Verma, Head - Compliance has resigned from the AMC w.e.f 29th April, 2008. Mr. Ritesh Patel,Company Secretary has been designated as the Compliance Officer for Mirae Asset Mutual Fund w.e.f 29thApril, 2008.

The details pertaining to the above key personnel is given below:

Name Designation / Qualifications / Experience & BackgroundYears of experience Age (During last 10 years)

Mr. Ritesh Patel Company Secretary & B. Com., A.C.S., He has over 3 ½ years of experience inCompliance Officer / LL.B. the field of financial services. He is6 ½ years Age: 26 years responsible for handling legal, secretarial

and compliance functions of theorganization. Mr. Ritesh Patel has beenwith the AMC from June, 2007 as aCompany Secretary. Prior to thisassignment, Mr. Ritesh was AssistantCompany Secretary with JM FinancialAsset Management Pvt. Ltd. He has alsobeen associated with organizations likeHindustan Composites Ltd., Tower Capital& Securities Pvt. Ltd. and Multi - Arc IndiaLimited.

All references to Mr. Neeraj Verma in all the Offer Document stands deleted and stands replaced by the name of Mr. RiteshPatel.


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(4) Introduction of the option of Daily / Weekly / Fortnightly Systematic Transfer Plan in all the schemes ofMirae Asset Mutual Fund

The Trustee(s) of Mirae Asset Mutual Fund have decided to introduce the option of Daily / Weekly / FortnightlySystematic Transfer Plan in addition to Monthly / Quarterly plan already available in all the schemes of the fund.

Frequency: Under Daily Option - Monday to Friday, under Weekly Option - Every Wednesday, under FortnightlyOption - Every Wednesday of the alternate week.

Minimum amount of transfer: Fixed amount of Rs.1,000/- per installment under Daily, Weekly and FortnightlyOption.

Eligible Plans / options for STP: All Schemes and options.STP option will not be available from an equity / equity oriented scheme to a non - equity scheme.

To further clarify, no STP option will be available in the scheme of Mirae Asset India Opportunities Fund in caseof transfer to a non - equity scheme.

All Systematic Transfer ‘OUT’ from one scheme will be treated at PAR as Redemption and All SystematicTransfer ‘IN’ to the other scheme will be treated at PAR as Purchase.

All other terms & conditions of the Scheme pertaining to this facility will remain unchanged.

(II) THE CHANGES AS SET OUT HEREAFTER ARE TO BE MADE IN ALL THE OFFER DOCUMENTS / KEYINFORMATION MEMORANDUM OF MIRAE ASSET INDIA OPPORTUNITIES FUND.

(1) Changes in load structure for Systematic Investment Plan (SIP)

The Trustee Company to Mirae Asset Mutual Fund has decided to revise the Load Structure for SystematicInvestment Plan of Mirae Asset India Opportunities Fund w.e.f 12th May, 2008. The details of existing / revisedLoad Structure are as follows:

Existing Load Structure for Revised Load Structure forSystematic Investment Plan Systematic Investment Plan

Entry Load Period % Period %

Minimum 6 monthly / 4 quarterly NIL Minimum 6 monthly / 4 quarterly 2.25installments of a minimum installments of a minimumamount of Rs.1000/- / Rs.1,500/- amount of Rs.1000/- / Rs.1,500/-respectively and in multiples of and in multiples of Re.1/-Re.1/- thereafter. thereafter.

Exit Load

If redeemed within 12 months If redeemed within 12 monthsfrom the date of allotment 3.00 from the date of allotment 1.00

If redeemed between 12 and 24months from the date of allotment 2.00

If redeemed between 24 and 36months from the date of allotment 1.00

The aforesaid change will be applicable on a prospective basis from 12th May, 2008 in respect of SIP investmentsmade in Mirae Asset India Opportunities Fund. The Trustee reserves the right to change / modify the loadstructure at a later date on prospective basis.

(2) Appointment of Mr. Neelesh Surana as Co-Fund Manager of Mirae Asset India Opportunities fund

Mr. Neelesh Surana, Sr. Fund Manager has been appointed as Co - Fund Manager of Mirae Asset IndiaOpportunities Fund for the management of the scheme for in addition to Mr. Gopal Agrawal, Head - Equity witheffect from 12th May, 2008”.

Accordingly, the relevant clause in Section 6.4.6.1 - Fund Management, Research, Dealing will read as follows:

“The investments under the Scheme will be managed by Mr. Gopal Agrawal, Head - Equity and Mr. NeeleshSurana, Sr. Fund Manager (Equity) and their experience and qualification are given in the above Section “Personnelof Investment Department”.

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(III) THE CHANGES AS SET OUT HEREAFTER ARE TO BE MADE IN ALL THE OFFER DOCUMENTS / KEYINFORMATION MEMORANDUM OF MIRAE ASSET LIQUID PLUS FUND.

Changes in load structure in the Regular Plan for Mirae Asset Liquid Plus Fund.

The Trustee Company to Mirae Asset Mutual Fund has decided to revise the Load Structure for Regular Plan of MiraeAsset Liquid Plus Fund w.e.f 12th May, 2008. The details of existing / revised Load Structure are as follows:

Existing Load Structure for Revised Load Structure forRegular Plan Regular Plan

Entry Load Period % Period %

Any amount NIL Any amount NIL

Exit Load Any amount 0.10%, if redeemed Any amount 0.10%, if redeemedwithin 30 days from the within 7 days from thedate of allotment date of allotment

The aforesaid change will be applicable on a prospective basis from 12th May, 2008 in respect of investments inRegular Plan made in Mirae Asset Liquid Plus Fund. The Trustee reserves the right to change / modify the loadstructure at a later date on prospective basis.

This notice cum addendum forms an integral part of the Offer Document(s) / Key Information Memorandum(s) issuedfor respective Offer Document / Key Information Memoranda of Mirae Asset Mutual Fund, as amended from time totime.

All other terms and conditions mentioned in the Offer Documents / Key Information Memorandum(s) of the Schemesremain unchanged. In case you require any further information / assistance, please contact your nearest InvestorService Centre.

3. ADDENDUM - Dated 3rd June, 2008

ADDITION OF NEW OFFICIAL POINTS OF ACCEPTANCE FOR TRANSACTIONS IN ALL SCHEMES OF MIRAE ASSETMUTUAL FUND

Investors / Unitholders are advised to take note of the following changes made to the list of Official Points of Acceptance forMirae Asset Mutual Fund.

Addition of new Official Points of Acceptance for Transactions in all schemes of Mirae Asset Mutual Fund w.e.f.June 5, 2008:

The following locations of Chief Area Representatives:

Sr. No. Centre Address

1 Durgapur Samit RoyStall No. C/SO - 10, Central Market, City Centre, Durgapur - 713 216.

2 Asansol M/s. Safe Investment, Street No:1, House No:2, Hindustan Park,Asansol - 713 304.

This notice cum addendum forms an integral part of the Offer Document(s) / Key Information Memorandum(s) issued for allschemes of Mirae Asset Mutual Fund, as amended from time to time.

All other terms and conditions mentioned in the Offer Document(s) / Key Information Memorandum(s) of the Schemesremain unchanged. In case you require any further information / assistance, please contact your nearest Investor ServiceCentre.

4. ADDENDUM - Dated 2nd July, 2008

This addendum is issued in respect of the Offer Document(s) of all schemes of Mirae Asset Mutual Fund:

Mr. Alfred Antony Fernando, Risk Manager and Ms Vinaya Datar, Assistant Vice President - Compliance of Mirae AssetGlobal Investment Management (India) Private Limited (“MIRAE ASSET AMC”) are being designated as Key Personnel ofMirae Asset Global Investment Management (India) Private Limited w.e.f. 17th June, 2008.


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Consequently, the paragraph “KEY EMPLOYEES OF THE AMC and the relevant experience” stands amended in the OfferDocument(s) / Key Information Memorandum(s) of all the Scheme(s) of Mirae Asset Mutual Fund as given below:

KEY EMPLOYEES OF THE AMC and the relevant experience


Mr. Alfred Antony Risk Manager B. Com., He has over 9 years of experience in the field ofFernando 9 years PGDBA (Finance) financial services. He is responsible for Risk

Age : 30 years Management involving identification, measurement& monitoring of market, credit, Operations and otherrisks. Prior to this assignment, Mr. Alfred AntonyFernando was Manager - Operations QA & RiskControl with ICICI Prudential Asset ManagementCompany Limited. He has also been associated withorganizations like SBI Fund Management PrivateLimited and SHCIL

Ms. Vinaya Datar Assistant Vice B.Sc., A.C.S., She has over 8 years of experience in the field ofPresident - Compliance L.L.B. Financial Services. She is responsible for

15 years Age : 36 years Secretarial, Legal and Compliance functions in theorganization. Prior to this assignment, Ms. VinayaDatar was Company Secretary, Senior ManagerLegal & Compliance with Reliance Capital AssetManagement Limited. She has been previouslyassociated with IL&FS Limited and UTI Infrastructure& Services Limited.

All other terms and conditions mentioned in the Offer Document(s) / Key Information Memorandum(s) of the Schemesremain unchanged.

5. ADDENDUM - Dated 18th July, 2008

ADDITION OF NEW OFFICIAL POINTS OF ACCEPTANCE FOR TRANSACTIONS IN ALL SCHEMES OF MIRAE ASSETMUTUAL FUND.

Investors / Unitholders are advised to take note of the following changes made to the list of Official Points ofAcceptance for Mirae Asset Mutual Fund.

Addition of new Official Points of Acceptance for Transactions in all schemes of Mirae Asset Mutual Fund w.e.f.21st July, 2008:

Investor service Centres - Karvy Computershare Private Limited, Registrar & Transfer Agent

Sr.No. City Address

1 Faridabad Karvy Computershare Private Limited, A - 2B, 1st Floor, Nehru Ground,Neelam Bata Road, Nit, Faridabad - 121 001.

2 Ghaziabad Karvy Computershare Private Limited, 1st Floor, C - 7, Lohia Nagar,Ghaziabad - 201 001.

3 Gurgaon Karvy Computershare Private Limited, Shop No. 18, Ground Floor, Sector - 14,Opp. AKD Tower, Near Huda Office, Gurgaon - 122 001.

4 Mumbai Karvy Computershare Private Limited, Shankar Ashish, 1st Floor, R. C. Patel Road,Sodawala Lane, Near AXIS Bank, Borivali (West), Mumbai - 400 092.

5 Noida Karvy Computershare Private Limited, 307 Jaipuria Plaza D, 68 A, 2nd Floor,Opp. Delhi Public School, Sector 26, Noida - 201 301.

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6. ADDENDUM - Dated 22nd August, 2008

1. Appointment of Key Personnel : -

This addendum is issued in respect of the Offer Document(s) / Scheme Information Document(s) / Statement ofAdditional Information of all schemes of Mirae Asset Mutual Fund:

Dr. Srinivasa Rao Kapala, Head - Product of Mirae Asset Global Investment Management (India) Private Limited (“theAMC”) has been designated as Key Personnel w.e.f. 21st August, 2008.

Mr. Dae Kyun Mok, ceases to be Fund Manager - Overseas Investment of the AMC w.e.f 21st August, 2008. Further,Mr. Rajesh G. Aynor, Investment Analyst has been designated as the Fund Manager - Overseas Investment of theAMC and is accordingly designated as Key Personnel of the AMC.

Consequently, the paragraph “KEY EMPLOYEES OF THE AMC” / “WHO MANAGES THE SCHEME / INFORMATIONON KEY PERSONNEL” stands amended in the respective Offer Documents / Scheme Information Document / KeyInformation Memoranda and Statement of Additional Information of Mirae Asset Mutual Fund as given below:


Dr. Srinivasa Rao Head - Product / Fellow Programme He has over 3.5 years of experience in theKapala 8 years in Management field of financial services. He is responsible

(Equivalent to PhD), for new product development and also productIndian Institute of management including structured products.

Management, Prior to this assignment, Dr. Srinivasa RaoBangalore Kapala was working as Asst. Vice President

Age : 36 years - Product with ABN AMRO Asset Management(India) Private Limited. He has also beenassociated with organizations like InfosysTechnologies Ltd., ICRA Limited andCEMTECH INDIA Limited.

Mr. Rajesh G. Fund Manager - B.E. (Chemical), He has over 5 years of experience in the fieldAynor Overseas Investment / MMS (Finance) of financial services. He is designated as fund

7 years Age: 30 years manager for investments in overseassecurities market. He is working as anInvestment Analyst with the AMC sinceOctober 29, 2007. Prior to this assignment,Mr. Rajesh Aynor was working as InvestmentAnalyst with Tata Mutual Fund. He has alsobeen associated with organizations likeAlliance Capital Mutual Fund, CARE RatingsLtd. and IDBI Capital Market Services Ltd.

2. Agreement with Associate -

Notice is hereby given that the Trustees of Mirae Asset Mutual Fund have notified the following changes to the existingoffer document / Key Information Memoranda of Mirae Asset Global Commodity Stocks Fund and Statement of AdditionalInformation.

SEBI vide its letter dated 22nd July, 2008 has accorded approval for availing of non - binding advisory services fromMirae Asset Global Investment (Hong Kong) Limited (MAGI - HK). Accordingly, the AMC has entered into an agreementwith MAGI - HK for advising on the international portion of all the schemes of the mutual fund.

The fund management of the Scheme (including the international portion) shall rest with the AMC. The fees related tothese services would be borne by the AMC and would not be charged to the scheme.

This addendum forms an integral part of the respective offer document(s) / Key Information Memoranda and addendaand Statement of Additional Information. All other terms and conditions mentioned in the Offer Documents / SchemeInformation Document / Key Information Memoranda and statement of Additional Information of the Schemes remainunchanged.


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7. NOTICE - Dated 11th September, 2008

I) NOTICE is hereby given that the Trustees of Mirae Asset Mutual Fund (the Fund) have notified the following changesto all the investors and unitholders (represented by their Parents / Legal Guardians in case of minors) of Mirae AssetGlobal Commodity Stocks Fund (“the Scheme”) that they have approved the changes to be made in the benchmarkindex of the Scheme.

The existing Benchmark Index as appearing in the Scheme offer document and the revised Benchmark Index are asfollows:

Existing Benchmark Index Revised Benchmark Index

MSCI Asia Pacific ex Japan and India Energy & MSCI Asia Pacific ex Japan and India Energy andMaterials Index (55%) + Materials Index (55%)MSCI Brazil Energy & Materials Index (10%) + + MSCI Brazil Energy and Materials Index (10%) +BSE 200 (35%) MSCI India Energy and Materials Index (35%).

The Change in the benchmark index is being done to enable the investors to arrive at a more informed judgment onschemes performance. The above - mentioned change will take place with immediate effect.

This addendum forms an integral part of the Offer Document / Key Information Memorandum of Mirae Asset GlobalCommodity Stocks Fund, as amended from time to time.

All other terms & conditions of the Scheme will remain unchanged.

II) Mr. Rajesh Malhani, Investment Analyst has been appointed as the Head - Offshore Advisory in place ofMr. Jason Jaewon Oh with immediate effect.

Consequently, the relevant paragraph appearing under the section “Fund Management, Research, Dealing” standsamended in the Statement of Additional Information of Mirae Asset Mutual Fund as follows:

Employee Designation Qualifications Total no. of Assignments held duringyears of last 10 years

experienceMr. Rajesh Head - Offshore BE (E&C) from NIT, 11 years Prabhudas Lilladher Pvt Ltd., PranavMalhani Advisory Bhopal in 1995 Securities, Ernst & Young, CARE,

MBA (Fin) from TAPMI, Parag Parikh Financials, First GlobalManipal in 2001 and ITI Ltd.

8. ADDENDUM - Dated 22nd September, 2008

CHANGES IN LOAD STRUCTURE IN THE INSTITUTIONAL & SUPER INSTITUTIONAL PLAN FOR MIRAE ASSETLIQUID PLUS FUND

The Trustee Company to Mirae Asset Mutual Fund has decided to revise the Load Structure for Institutional & SuperInstitutional Plan of Mirae Asset Liquid Plus Fund w.e.f 23rd September, 2008. The details of existing / revised Load Structureare as follows:

Existing Load Structure for Revised Load Structure forInstitutional & Super Institutional Plan Institutional & Super Institutional Plan

Entry Load Period % Period %Any amount NIL Any amount NIL

Exit Load Any amount 0.10%, if redeemed within 7 Any amount NILdays from the date of allotment

The aforesaid change will be applicable on a prospective basis from 23rd September, 2008 in respect of investments inInstitutional & Super Institutional Plan made in Mirae Asset Liquid Plus Fund. The Trustee reserves the right to change /modify the load structure at a later date on prospective basis.This notice cum addendum forms an integral part of the Offer Document / Key Information Memorandum issued for MiraeAsset Liquid Plus Fund of Mirae Asset Mutual Fund, as amended from time to time.All other terms and conditions mentioned in the Offer Document / Key Information Memorandum of the Schemes remainunchanged. In case you require any further information / assistance, please contact your nearest Investor Service Centre.

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9. NOTICE - Dated 13th October, 2008

NOTICE is hereby given to the Unit holders holding Units under above mentioned Scheme that the Trustees of Mirae AssetMutual Fund (the “Fund”) have, in the general interest of the Unit Holders of the Scheme and consequent to the unforeseencircumstances / unusual market conditions, decided in terms of Clause 9.5 of the offer document of Mirae Asset LiquidFund, that the total number of Units which may be redeemed under the Scheme shall be limited on any Business Day up to5% of the assets under this Scheme for the previous end day. Any Units which consequently are not redeemed under thisScheme on a particular Business Day, will be carried forward for Redemption to the next Business Day, in the order ofreceipt. Redemptions so carried forward will be priced on the basis of the applicable NAV (subject to the prevailing Load) ofthe Business Day on which Redemption is made. Under such circumstances, redemptions will be made in respect of theRedemption requests which are received at the same time on a single Business Day, on a pro - rata basis, based on the sizeof each Redemption request, the balance amount being carried forward for Redemption to the next Business Day. Inaddition, the Trustees, in favour of the small retail investors, have decided to honour redemptions for Retail Investors uptoRs. 1 Lakh in a single day.

The above - mentioned condition will be applicable for all the Redemption requests received on and after 14th October,2008 until further advice.


NOTICE is hereby given to the Unit holders holding Units under above mentioned Scheme that the Trustees of Mirae AssetMutual Fund (the “Fund”) have, in the general interest of the Unit Holders of the Scheme and consequent to the unforeseencircumstances / unusual market conditions, decided in terms of Clause 9.5 of the offer document of Mirae Asset Liquid PlusFund, that the total number of Units which may be redeemed under the Scheme shall be limited on any Business Day up to5% of the assets under this Scheme for the previous day end. Any Units which consequently are not redeemed under thisScheme on a particular Business Day, will be carried forward for Redemption to the next Business Day, in the order ofreceipt. Redemptions so carried forward will be priced on the basis of the applicable NAV (subject to the prevailing Load) ofthe Business Day on which Redemption is made. Under such circumstances, redemptions will be made in respect of theRedemption requests which are received at the same time on a single Business Day, on a pro - rata basis, based on the sizeof each Redemption request, the balance amount being carried forward for Redemption to the next Business Day. Inaddition, the Trustees, in favour of the small retail investors, have decided to honour redemptions for Retail Investors uptoRs. 1 Lakh in a single day.

The above - mentioned condition will be applicable for all the Redemption requests received on and after 14th October,2008 until further advice.


NOTICE is hereby given to the Unit holders holding Units under Mirae Asset Liquid Fund and Mirae Asset Liquid Plus Fundthat the AMC has decided to remove the limitation for redemption as exercised by the Trustees of Mirae Asset Mutual Fundon 14th October, 2008 for all the investors with immediate effect and accordingly all the redemption requests received on orafter the aforementioned date will be redeemed in full.


NOTICE is hereby given that in terms of SEBI Circular No. 11/142521/08 dated October 24, 2008 the following provision isapplicable in respect of Debt oriented Schemes (other than liquid fund schemes) of Mirae Asset Mutual Fund (MAMF)effective October 30, 2008:

In respect of purchase of units in Debt oriented schemes of Mirae Asset Mutual Fund (other than Mirae Asset Liquid Fund)with amount equal to or more than Rs. 1 crore, irrespective of the time of receipt of application, the closing NAV of the day(or immediately following Business Day if that Day is not a business day) on which the funds are available for utilization shallbe applicable.

The Trustee / AMC may alter the limits and other conditions in line with the SEBI Regulations, as made applicable from timeto time. All other terms and conditions of the Offer document(s) / Key Information Memorandum / Scheme InformationDocument, remains unchanged.

This Addendum forms an integral part of the Offer document(s) / Key Information Memorandum / Scheme InformationDocument of MAMF as amended from time to time.


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13. ADDENDUM - Dated 4th November, 2008

The unitholders of the schemes of Mirae Asset Mutual Fund may please note that, in order to re - align with the names of theglobal offices of Mirae Asset Financial Group, the name of the AMC has been changed from Mirae Asset Global InvestmentManagement (India) Private Limited to Mirae Asset Global Investments (India) Private Limited w.e.f 27th October, 2008.

The relevant paragraphs pertaining to the name of the AMC stands changed to the new name in Offer Document(s) / KeyInformation Memorandum / Scheme Information Document / Statement of Additional Information.


CHANGES IN EXIT LOAD OF MIRAE ASSET INTERVAL FUND - QUARTERLY PLAN - SERIES I AND MIRAE ASSETINTERVAL FUND - QUARTERLY PLAN - SERIES II.

The Trustee Company to Mirae Asset Mutual Fund has decided to change the exit load for all applications for subscriptionsreceived during the Specified Transaction Period on 10th November 2008 for Mirae Asset Interval Fund - Quarterly Plan -Series I (MAIF - QP - S - I) and on 10th December 2008 for Mirae Asset Interval Fund - Quarterly Plan - Series II (MAIF - QP- S - II). The details of existing / revised Exit Load is as follows:

Existing Exit Load Revised Exit Load

Any amount ● 0.30% if the units are redeemed Any amount ● 3.00% if the units are redeemed onon any day other than during the any day other than during thespecified transaction period. specified transaction period.

● No Exit load if the units are ● No Exit load if the units areredeemed during the specified redeemed during the specifiedtransaction period. transaction period.

The aforesaid change will be applicable on a prospective basis in respect of investments made in MAIF - QP - S - I from 10thNovember, 2008 and in MAIF - QP - S - II from 10th December 2008 during the Specified Transaction Period and thereafter.The Trustee reserves the right to change / modify the load structure at a later date on prospective basis.

This notice cum addendum forms an integral part of the Scheme Information Document / Key Information Memorandumissued for Mirae Asset Interval Fund - Quarterly Plan - Series I and Mirae Asset Interval Fund - Quarterly Plan - Series II, asamended from time to time.

All other terms and conditions mentioned in the Scheme Information Document / Key Information Memorandum of theSchemes remain unchanged. In case you require any further information / assistance, please contact your nearest InvestorService Centre.


(I) The unitholders of the schemes of Mirae Asset Mutual Fund (MAMF) may please note that, in order to re - align withthe names of the global offices of Mirae Asset Financial Group, the name of the Sponsor has been changed fromMirae Asset Investment Management Co. Ltd. to Mirae Asset Global Investments Co. Ltd. w.e.f 17th November, 2008.

The relevant paragraphs pertaining to the name of the Sponsor stands changed to the new name in Offer document(s)/ Key Information Memorandum(s) / Scheme Information Document(s) / Statement of Additional Information of MAMF.

All other terms and conditions of the Offer document(s) / Key Information Memorandum(s) / Scheme InformationDocument(s) / Statement of Additional Information, remains unchanged.

(II) Investor may kindly note that following official point of acceptance of MAMF at (i) Neelkamal Arcade, 1st Floor, Cl 12/13 Atmaram Borkar Road, Panjim, Goa - 403 001; (ii) Ground floor, Bharat Business Centre, Ram Mandir Area,Bistupur, Jamshedpur - 831 011; (iii) Maegabyte Business and Communication Centre, SCO No.333-34, Sector 35-B,Chandigarh - 160 022; (iv) Aarpee Centre, Ground Floor Shop No.33 and 34, No.320 NSR Road, Opp. To IOB,Saibaba Colony, Coimbatore - 641 011 shall cease to be an official points of acceptance w.e.f. 24th November, 2008.

16. ADDENDUM - Dated 5th December, 2008

Investor may kindly note that following official point of acceptance of Mirae Asset Mutual Fund, located at Ground floor,Raheja Chambers, Plot 213, Nariman Point, Mumbai - 400 021 shall cease to be an official points of acceptance w.e.f.8th December, 2008.

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This notice cum addendum forms integral part of the offer document(s) / Scheme Information Document(s) / Statement ofAdditional Information (SAI) of the schemes of Mirae Asset Mutual Fund, as amended from time to time.

All other terms and conditions mentioned in the offer documents / Scheme Information Document(s) / Statement of AdditionalInformation (SAI), remains unchanged. In case you require any further information / assistance, please contact your nearestInvestor Service Centre.

17. ADDENDUM - Dated 10th December, 2008This addendum is issued in respect of the relevant Offer Documents (ODs) / Statement of Additional Information (SAI) ofMirae Asset Mutual Fund.

Mr. Hun Jun Jang, Head of Marketing & Corporate Communication has been relocated within Mirae Asset Financial Groupand accordingly ceases to be the Key Personnel of the Company w.e.f 31st October, 2008.

Consequently, the paragraph ‘Information on Key Personnel’, ‘Key Employees of the AMC and relevant experience’ appearingstands amended in the Statement of Additional Information and ODs of all schemes of Mirae Asset Mutual Fund, respectively

18. ADDENDUM - Dated 29th December, 2008Mr. Anil Singhvi has ceased to be a director from the Board of Mirae Asset Global Investments (India) Private Limited witheffect from October 24, 2008 and has been noted by the Board at its meeting held on December 17, 2008..

This addendum forms integral part of the offer document(s) / Scheme Information Document(s) / Statement of AdditionalInformation (SAI) of the schemes of Mirae Asset Mutual Fund. All other terms and conditions mentioned in the offer documents/ Scheme Information Document(s) / Statement of Additional Information (SAI), remains unchanged.

19. ADDENDUM - Dated 23rd January, 2009(I) Change in the Key Personnel of Mirae Asset Global Investments (India) Private Limited (AMC): -

Ms. Vinaya Datar - Assistant Vice President - Compliance has resigned from the AMC and has ceased to be the keypersonnel of AMC w.e.f. 14th January, 2009.

All references to Ms. Vinaya Datar in all the offer document(s) / Scheme Information Document(s) / Statement ofAdditional Information (SAI) stands deleted.

(II) Investor may kindly note that following official point of acceptance of MAMF at (i) Jodhpur: 2nd Floor, DhanlaxmiTower, 1st Chopasni Road, Jodhpur, 342003, Rajasthan; (ii) Baroda: Office No.209 of Second Floor, Siddharth Complex,R C Dutt Road, Baroda - 390 005.; (iii) Kochi: Mayur Business Centre and Motel, C.C. No : 40/9259, IInd Floor,Chittoor Road, Pulleppady Jn., Kochi - 682 035.; (iv) Indore: 303, 3rd Floor, Starlit Tower, Y N Road, Indore - 452 001,Madhya Pradesh, shall cease to be the official points of acceptance w.e.f. 27th January, 2009.

This addendum forms integral part of the offer document(s) / Scheme Information Document(s) / Statement of AdditionalInformation (SAI) of the schemes of Mirae Asset Mutual Fund (MAMF). All other terms and conditions mentioned in theoffer documents / Scheme Information Document(s) / Statement of Additional Information (SAI) remains unchanged.

20. NOTICE - Dated 30th January, 2009CHANGES TO THE INVESTMENT PATTERN OF THE LIQUID SCHEMES: -

NOTICE is hereby given that pursuant to SEBI Circular No.SEBI/IMD/CIR No.13/150975 / 09 dated January 19, 2009, theTrustees of Mirae Asset Mutual Fund (MAMF) has notified the following revision in the characteristics of the portfolios of theLiquid Schemes: -

i) With effect from 1st February, 2009, the schemes shall make investments in / purchase debt and money marketsecurities with maturity of upto 182 days only and

ii) With effect from 1st May, 2009, the schemes shall make investments in / purchase debt and money market securitieswith maturity of upto 91 days only.

iii) Inter - scheme transfers of securities having maturity of upto 365 days and held in other schemes as on February 01,2009 shall be permitted in the liquid Schemes till October 31, 2009.

iv) With effect from November 1, 2009 such inter - scheme transfers of securities held in other schemes having maturityof upto 91 days only shall be permitted in the Liquid Schemes.

All other terms & conditions of the Liquid Schemes will remain unchanged.


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Investors are also requested to note that all the investments in the aforesaid schemes shall be made in compliance with thesaid circular.

This addendum forms an integral part of the Scheme Information Documents (SIDs) / Offer Document(s) / Key InformationMemorandum(s) of Liquid Schemes of Mirae Asset Mutual Fund as amended from time to time.

21. ADDENDUM - Dated 11th February, 2009

In compliance with SEBI circular No. SEBI/IMD/CIR No.13/150975/09 dated January 19, 2009, the name of “Mirae AssetLiquid Plus Fund” (“the scheme”) is being renamed to “Mirae Asset Ultra Short Term Bond Fund”, with effect from February17, 2009.

All other terms and conditions in the said scheme shall remain unchanged.

This addendum forms an integral part of the Offer Document(s) / Key Information Memorandum(s) of the aforesaid scheme.

22. NOTICE - Dated 13th February, 2009

Notice is hereby given that pursuant to provision of the SEBI Circular No. SEBI/IMD/CIR NO. 10/2701/03 dated December12, 2003 and any amendments thereof, Mirae Asset Interval Fund - Monthly Plan - Series I (including plans / options thereunder), a debt oriented interval scheme of Mirae Asset Mutual Fund is being wound - up with effect from the publication ofthis notice.

Please note that on and from the date of publication of this notice, the Trustee and Asset Management Company shall -

1. cease to carry on any business activities in respect of the scheme / plan so wound up,

2. cease to create or cancel units in the scheme / plan, and

3. cease to issue or redeem units in the scheme / plan.

23. NOTICE - Dated 19th February, 2009

Notice is hereby given that the Board of Directors of Mirae Asset Trustee Company Private Limited has decided to declareFriday, 20th February, 2009 as a Non - Business day for all Liquid, Debt and Interval Schemes of Mirae Asset Mutual Fund(the Schemes) due to strike at Reserve Bank of India.

The above are in addition to the non - business days as per the Offer Documents / Scheme Information Documents (SID)of the Schemes.

Further, the definition of Business Day as stated in the Offer Documents / Scheme Information Document of all the schemesof Mirae Asset Mutual Fund is being replaced with the following definition - Business Day: A day not being: (a) A Saturday orSunday; (b) A day on which the Stock Exchanges, the BSE and / or the NSE is closed; or (c) A day on which Purchase andRedemption of Units is suspended or a book closure period is announced by the Trustee / AMC; or (d) A day on whichnormal business cannot be transacted due to storms, floods, bandhs, strikes or such other events as the AMC may specifyfrom time to time. (e) A day on which the banks in Mumbai and / or RBI are closed for business / clearing in India; Allapplications received on these non - business days will be processed on the next business day at Applicable NAV. The AMCreserves the right to change the definition of Business day. The AMC reserves the right to declare any day as a BusinessDay or otherwise at any or all Investors’ Service Centers

All other terms and conditions in the abovementioned schemes shall remain unchanged.

This Addendum forms an integral part of the Offer Document (s) / Scheme Information Document (SID) / Key InformationMemorandum (KIM) of the aforesaid schemes.

24. ADDENDUM - Dated 3rd March, 2009

Mr. Ritesh Patel, Company Secretary & Compliance Officer has been re - designated as the “Head - Compliance” of theAMC w.e.f 12th February, 2009.

This addendum forms integral part of the offer document(s) / Scheme Information Document(s) / Statement of AdditionalInformation (SAI) of the schemes of Mirae Asset Mutual Fund (MAMF). All other terms and conditions mentioned in the offerdocuments / Scheme Information Document(s) / Statement of Additional Information (SAI) remains unchanged.

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25. ADDENDUM - Dated 12th March, 2009

THIS ADDENDUM DATED 12.03.2009 SETS OUT THE CHANGES TO BE MADE IN ALL THE OFFER DOCUMENT(S) /SCHEME INFORMATION DOCUMENT(S) / STATEMENT OF ADDITIONAL INFORMATION OF ALL SCHEMES OF MIRAEASSET MUTUAL FUND

(I) Mr. Mi Seob Kim has ceased to be a Director from the Board of Mirae Asset Global Investments (India) Private Limited(“AMC”) with effect from February 28, 2009.

Mr. Pranav Parekh, Dealer - Fixed Income has resigned and ceases to be the key personnel of AMC w.e.f. 9th March,2009.

All references to Mr. Mi Seob Kim and Mr. Pranav Parekh in all the offer document(s) / Scheme Information Document(s)/ Statement of Additional Information (SAI) stands deleted.

(II) Mr. G. Sanjeev Kumar Dora has been designated as the Dealer - Fixed Income and the Key Personnel of the AMCw.e.f 10th March, 2009.

Consequently, the paragraph “Information on Key Personnel” stands amended in the Statement of Additional Information(SAI) of Mirae Asset Mutual Fund as given below:


Mr. G. Sanjeev Dealer - CA, CS, B.Com. He has 1½ years experience in the field ofKumar Dora Fixed Income / Age: 28 years financial services. He is responsible for

1½ years execution of deals pertaining to debtinvestments. He has been associated with theAMC since February 2008 working as Jr.Credit Analyst. Prior to this assignment, Mr.Dora was associated with Deutsche AssetManagement Company Pvt. Ltd. undercontractual terms.

This addendum forms integral part of the offer document(s) / Scheme Information Document(s) / Statement of AdditionalInformation (SAI) of the schemes of Mirae Asset Mutual Fund (MAMF). All other terms and conditions mentioned in theoffer documents / Scheme Information Document(s) / Statement of Additional Information (SAI) remains unchanged.

26. NOTICE - Dated 26th March, 2009

Notice is hereby given that the AMC has decided to declare Friday, 27th March, 2009 as a Non - Business day for all theLiquid, Debt and Interval Schemes of Mirae Asset Mutual Fund (the Schemes) due to bank holiday on account of auspiciousday of Gudhi Padwa.

All other terms and conditions in the abovementioned schemes remain unchanged.


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STATUTORY DETAILS: Sponsor: Mirae Asset Global Investments Company Limited; Trustee: Mirae Asset Trustee Company Private Limited; InvestmentManager: Mirae Asset Global Investments (India) Private Limited (AMC).RISK FACTORS: Mutual Fund investments are subject to market risk and there is no assurance or guarantee that objectives of the scheme will be achieved. Aswith any investment in securities, the Net Asset Value (NAV) of the units issued under the schemes can go up or down depending on the factors and forcesaffecting the capital markets. Past performance of the Sponsor/Mutual Fund/AMC/Trustee does not indicate the future performance of the schemes of MiraeAsset Mutual Fund. The sponsors are not liable or responsible for any loss resulting from the operation of the fund beyond the initial contribution made by themof an aggregate amount of Rupees one lakh towards setting up of the fund. The name of the scheme(s) does not in any manner indicate either the quality of thescheme or its future prospects or returns. Investors in the scheme are not being offered any guaranteed/indicative/assured returns. Please see “Risk Factors”,“Scheme Specific Risk Factors and Special Consideration” and “Right to limit redemptions” in the scheme Scheme Information Document. Please read theScheme Information Document (SID) carefully before investing and retain the Scheme Information Document for future references. A copy of Scheme InformationDocument (SID)/ Statement of Additional Information (SAI) / Key Information Memorandum cum Application form are available at AMC offices/AMC websitewww.miraeassetmf.co.in/Investor Service Centre / Distributors.