Most Diversified Portfolio SICAV - Fundsquare

85
as at 30/06/17 Database Publishing System: CO-Reporter® by CO-Link, Belgium. Unaudited semi-annual report Most Diversified Portfolio SICAV R.C.S. Luxembourg B 186947

Transcript of Most Diversified Portfolio SICAV - Fundsquare

Page 1: Most Diversified Portfolio SICAV - Fundsquare

as at 30/06/17

Database Publishing System: CO-Reporter® by CO-Link, Belgium.

Unaudited semi-annual report

Most Diversified Portfolio SICAV

R.C.S. Luxembourg B 186947

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Most Diversified Portfolio SICAV

Table of Contents

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Page

Management and Administration 3

Board of Directors of the SICAV 3

Combined 4

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund 6

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity Fund 14

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund 18

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund 24

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity Fund 29

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity Fund 33

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund 37

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund 43

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund 50

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund 54

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund 63

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund 69

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global High Yield Fund (launched on March 13, 2017) 73

Supplementary information 78

Subscriptions can only be received on the basis of the latest prospectus or relevant Key Investor Information Document (KIID), accompanied by the latest annual report and the latest semi-annual report, if published after the annual report.

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

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Most Diversified Portfolio SICAV

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Management and Administration

REGISTERED OFFICE

5, allée Scheffer L-2520 Luxembourg Grand Duchy of Luxembourg

MANAGEMENT COMPANY

TOBAM 49-53, Avenue des Champs Elysées F-75008 Paris France

DEPOSITARY, PAYING, REGISTRAR, ADMINISTRATION, DOMICILIARY AND TRANSFER AGENT

CACEIS Bank, Luxembourg Branch 5, allée Scheffer L-2520 Luxembourg Grand Duchy of Luxembourg

AUDITOR GLOBAL DISTRIBUTOR

PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator BP.1443, L-1014 Luxembourg Grand Duchy of Luxembourg TOBAM 49-53, Avenue des Champs Elysées F-75008 Paris France

Board of Directors of the SICAV DIRECTORS Mr. Yves CHOUEIFATY, CEO & President, TOBAM

Mr. David BELLAICHE, Chief Operating Officer, TOBAM

Mr. Jean-Pierre MICHALOWSKI, Deputy Chief Executive Officer, CACEIS Bank Luxembourg (until May 1, 2017) / Senior Country Officer, Crédit Agricole Corporate & Investment Bank (since May 2, 2017)

Mr. Bertrand GIBEAU, Independent Director

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Most Diversified Portfolio SICAVCombined

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4,300,868,436.54Assets3,933,990,563.42Securities portfolio at market value3,825,972,850.61Cost price

108,017,712.81Unrealised profit on the securities portfolio290,041,912.37Cash at banks and liquidities

5,076,436.28Interest receivable62,539,123.10Brokers receivable

101,625.65Subscriptions receivable2,722,599.50Unrealised gain on forward foreign exchange contracts

179,757.23Unrealised gain on financial futures783,122.14Unrealised profit on swaps

5,433,296.85Other assets

475,015,109.05Liabilities46,367,725.73Bank overdrafts57,727,629.18Payable on securities purchased

1,465.85Redemptions payable78,990.60Unrealised loss on forward foreign exchange contracts

214,833.25Unrealised loss on financial futures602,401.65Unrealised loss on swaps

370,022,062.79Other liabilities

3,825,853,327.49Net asset value

Most Diversified Portfolio SICAV

Financial Statements as at 30/06/17

Expressed in EUR

Statement of net assets as at 30/06/17

Combined

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Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark Emerging Markets Equity

Fund

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2,443,900,034.40Assets2,194,465,081.59Securities portfolio at market value2,164,718,677.21Cost price

29,746,404.38Unrealised profit on the securities portfolio244,559,827.96Cash at banks and liquidities

1,412,082.22Brokers receivable10,216.90Subscriptions receivable

3,452,825.73Other assets

414,881,321.11Liabilities1,671.87Redemptions payable

75,054.00Unrealised loss on financial futures414,804,595.24Other liabilities

2,029,018,713.29Net asset value

Financial Statements as at 30/06/17

Expressed in USDStatement of net assets as at 30/06/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets EquityFund

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CHINA RESOURCES GAS GROUP LTD2,452,000 8,370,741.46 0.41HKD

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 2,023,312,837.30 99.71

Shares 2,023,312,837.30 99.71

Bermuda 11,764,212.03 0.58

GOME ELECTRICAL APP27,594,759 3,393,470.57 0.17HKDHANERGY THIN30,944,000 0.00 0.00HKD

BRASKEM SA PREF SHS -A-1,671,100 17,249,310.04 0.85BRLBrazil 79,145,737.85 3.90

EMBRAER1,503,600 6,866,168.04 0.34BRLFIBRIA CELLULOSE2,324,700 23,722,216.74 1.16BRLJBS7,180,300 14,151,385.26 0.70BRLSUZANO PAPEL PFD.SHS3,986,300 17,156,657.77 0.85BRL

AAC TECHNOLOGIES HOLDINGS INC2,440,000 30,506,044.05 1.50HKDCayman Islands 372,398,668.44 18.35

ANTA SPORTS PRODUCTS7,873,000 26,019,934.95 1.28HKDAUTOHOME -A- SPONS ADR REPR 1 SH-A-88,028 3,992,950.08 0.20USDCHINA EVERGRANDE GROUP LTD13,977,000 25,101,994.37 1.24HKDCHINA HUISHAN DAIRY HOLDINGS CO LTD23,713,000 394,889.97 0.02HKDCHINA MENGNIU DAIRY12,061,000 23,638,558.93 1.17HKDENN ENERGY HOLDINGS LTD2,374,000 14,323,457.73 0.71HKDFULLSHARE HOLDINGS LTD38,637,500 15,442,224.47 0.76HKDMOMO -A- ADR424,181 15,677,729.76 0.77USDNETEASE SPONS ADR REPR 25 SHS95,805 28,801,857.15 1.42USDNEW ORIENTAL EDUCATION & TECH.GR ADR RE1388,253 27,367,953.97 1.35USDSEMICONDUCTOR MANU INTL REG SHS19,046,599 22,080,670.99 1.09HKDSHENZHOU INTERNATIONAL GROUP3,931,000 25,832,513.08 1.27HKDSINO BIOPHARMACEUTICAL13,311,000 11,765,381.75 0.58HKDSUNNY OPTI TECH SHS1,375,000 12,329,543.22 0.61HKDTAL EDUCAT GR - A- ADR REPR 2 SHS-A-247,897 30,320,282.07 1.49USDTINGY HOLDING CORP16,102,000 19,100,162.32 0.94HKDVIPSHOP HOLDINGS ADR 1/5 REPR622,398 6,566,298.90 0.32USDWANT WANT CHINA39,458,000 26,637,406.16 1.31HKD58.COM -A- ADR147,332 6,498,814.52 0.32USD

AIR CHINA .SHS. -H-2,858,000 2,947,164.34 0.15HKDChina 43,496,685.20 2.14

CHINA SOUTHERN AIRLINES -H-7,388,000 6,246,217.05 0.31HKDCHINA VANKE -H-2,361,500 6,685,385.77 0.33HKDGREAT WALL MOTOR CO-H-7,788,000 9,617,212.80 0.47HKDSHANDONG WEIGAO GRP -H-15,652,000 12,290,698.43 0.60HKDSHANGHAI PHARMACEUTICAL LTD -H-1,917,200 5,710,006.81 0.28HKD

SURAMERICANA DE INVERSIONES SA1,088,218 14,105,544.96 0.70COPColombia 14,105,544.96 0.70

CEZ AS121,517 2,112,245.58 0.10CZKCzech Republic 5,013,964.98 0.25

KOMERCNI BANKA AS72,533 2,901,719.40 0.15CZK

ALPHA BANK AE5,101,150 12,567,131.93 0.63EURGreece 49,867,235.76 2.46

EUROBANK ERGASIAS3,687,077 4,121,189.76 0.20EURGREEK ORGANISAT.OF FOOTBALL PROGNOSTICS739,224 8,346,907.14 0.41EURHELLENIC TELECOMMUNICATIONS ORGANISATION462,556 5,560,569.31 0.27EURJUMBO SA REG.SHS794,798 14,504,109.74 0.72EURNATL BANK GREECE12,552,102 4,767,327.88 0.23EUR

CHINA RESOURCES BEER LTD -RC-3,852,000 9,720,727.16 0.48HKDHong Kong 28,335,035.02 1.40

COUNTRY GARDEN HOLDINGS3,243,000 3,759,601.18 0.19HKDSUN ART RETAIL GROUP LTD18,643,500 14,854,706.68 0.73HKD

ASIAN PAINTS LTD643,477 10,980,042.25 0.54INRIndia 331,112,175.26 16.32

AUROBINDO PHARMA2,148,230 22,752,694.20 1.12INRBAJAJ FINANCE LTD333,128 7,076,662.15 0.35INRBHARAT PETROLEUM CORP DEMATERIALISED1,930,433 19,096,005.14 0.94INRBHARTI AIRTEL LTD(DEMATERIALISED)1,229,326 7,221,423.62 0.36INRBHARTI INFRATEL LTD4,529,609 26,247,362.80 1.29INR

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets EquityFund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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CIPLA SHS DEMATERIALISED1,644,451 14,135,082.00 0.70INRCONTAINER CORPN DEMATERIALISED362,457 6,426,510.40 0.32INRDR REDDY'S LABORATORIES LTD271,157 11,285,073.78 0.56INRGLENMARK PHARMACEUTICALS652,717 6,390,083.78 0.31INRHCL TECHNOLOGIES DEMATERIALISED2,263,918 29,802,615.11 1.47INRHINDUSTAN UNILEVER500,951 8,367,067.67 0.41INRIDEA CELLULAR11,137,847 14,689,627.84 0.72INRINDIAN OIL CORP LTD DEMATERIALISED799,043 4,761,804.79 0.23INRINFOSYS TECHNOLOGIES DEMATERALISED1,978,480 28,636,097.04 1.41INRLUPIN LTD1,564,009 25,644,770.09 1.26INRMOTHERSON SUMI SYSTEMS LTD624,228 4,461,700.14 0.22INRRELIANCE INDUSTRIES DEMATERAILISED261,633 5,585,817.80 0.28INRSHIRAM TRANSPORT FIN DEMATERIALISED152,934 2,365,551.12 0.12INRSUN PHARMACEUTICAL INDUSTRIES.DEMATERIAL3,206,811 27,569,501.87 1.36INRTATA CONSULT.SERVICES SVS DEMATERIALISED291,786 10,664,091.20 0.53INRTECH MAHINDRA LTD1,807,102 10,679,752.48 0.53INRUNITED SPIRITS LTD -DEMATERIALISED483,685 17,946,937.02 0.88INRWIPRO DEMATERIALISED2,083,088 8,325,900.97 0.41INR

BANK DANAMON INDONESIA SERIES -A-10,088,500 3,879,463.06 0.19IDRIndonesia 51,635,909.44 2.54

JASA MARGA -B-17,286,700 6,939,321.85 0.34IDRPERUSAHAAN GAS NEGA -B-53,692,500 9,064,571.88 0.45IDRPT UNILEVER INDONESIA TBK2,332,400 8,540,317.33 0.42IDRTELKOM INDONESIA -B-49,864,500 16,911,458.21 0.83IDRXL AXIATA24,625,700 6,300,777.11 0.31IDR

AIRASIA BHD13,793,500 10,443,238.47 0.51MYRMalaysia 33,673,227.18 1.66

AXIATA GROUP8,645,852 9,728,195.34 0.48MYRMAXIS BHD10,442,900 13,501,793.37 0.67MYR

BUENAVENTURE SP ADR-SHS-1,608,547 18,498,290.50 0.91USDPeru 18,498,290.50 0.91

ALIOR BANK210,954 3,512,772.51 0.17PLNPoland 44,295,284.97 2.18

EUROCASH SA492,821 4,119,800.62 0.20PLNORANGE POLSKA4,577,565 6,332,528.96 0.31PLNPOLSKI KONCERN NAFTOWY ORLEN SA1,005,124 30,330,182.88 1.50PLN

PHOSAGRO GDR REPR SHS REG S663,206 8,787,479.50 0.43USDRussia 28,974,477.34 1.43

ROSTELECOM2,200,699 2,650,029.58 0.13RUBSEVERSTAL JSC CHEREPOVETS METAL FACTORY749,540 9,813,657.90 0.49RUBSEVERSTAL JSC CHEREPOVETS METAL FACTORY88,570 1,159,638.42 0.06USDTRANSNEFT PREF.SHS2,439 6,563,671.94 0.32RUB

ANGLOGOLD ASHANTI LTD-REG.SHS1,487,837 14,534,876.32 0.72ZARSouth Africa 36,123,432.50 1.78

GOLD FIELDS4,221,663 14,476,580.75 0.71ZARSIBANYE GOLD6,191,669 7,111,975.43 0.35ZAR

AMOREG117,377 13,336,545.64 0.66KRWSouth Korea 386,629,668.46 19.05

BGF RETAIL75,197 6,638,025.04 0.33KRWCELLTRION255,266 25,679,424.98 1.27KRWCHEIL WORLDWIDE259,617 4,175,110.25 0.21KRWCJ CORP19,130 3,168,408.59 0.16KRWCJ E&M161,718 10,713,825.42 0.53KRWCOWAY299,394 27,214,065.76 1.33KRWHANMI PHARM49,462 16,124,917.56 0.79KRWHANMI SCIENCE CO LTD102,915 7,591,684.01 0.37KRWHANON SYSTEMS1,190,605 10,718,201.68 0.53KRWHANSSEM CO LTD65,917 10,600,644.11 0.52KRWHYUNDAI FIRE MARINE INSURANCE CO LTD420,446 14,460,122.09 0.71KRWHYUNDAI GLOVIS CO LTD145,568 19,974,805.79 0.98KRWHYUNDAI MOBIS69,647 15,218,064.51 0.75KRWHYUNDAI MOTOR CO LTD136,472 13,895,893.58 0.68KRWHYUNDAI MOTOR CO LTD40,032 5,580,652.41 0.28KRWHYUNDAI WIA CORP138,855 8,470,985.60 0.42KRWKAKAO71,361 6,330,586.79 0.31KRW

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets EquityFund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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KANGWON LAND245,342 7,472,943.21 0.37KRWKIA MOTORS613,906 20,496,619.49 1.01KRWLG HOUSEHOLD AND HEALTHCARE26,448 22,977,153.13 1.13KRWLG UPLUS CORP887,897 12,106,097.99 0.60KRWMEDYTOX5,972 2,922,973.14 0.14KRWNAVER8,765 6,419,673.44 0.32KRWNCSOFT73,887 24,507,375.87 1.21KRWORION CORPORATION20,100 14,018,964.85 0.69KRWSAMSUNG ELECTRO MECHANICS95,836 8,543,697.21 0.42KRWSAMSUNG FIRE AND MARINE INSURANCE41,662 10,250,274.87 0.51KRWSAMSUNG LIFE INSURANCE CO LTD52,244 5,342,435.41 0.26KRWSAMSUNG TECHWIN CO LTD216,036 8,402,395.82 0.41KRWSHINSEGAE CO LTD38,715 7,765,670.36 0.38KRWSK TELEKOM16,481 3,831,617.90 0.19KRWYUHAN CORP54,323 11,679,811.96 0.58KRW

ASIA PACIFIC TELECOM CO LTD3,327,000 1,197,588.10 0.06TWDTaiwan 227,070,707.32 11.19

ASUSTEK COMPUTER1,515,000 14,318,286.05 0.71TWDAU OPTRONICS13,747,000 6,281,498.86 0.31TWDECLAT TEXTILE CO LTD1,454,945 17,744,388.54 0.87TWDFAR EASTONE TELECOMMUNICATION CO LTD10,412,000 26,526,283.97 1.30TWDFENG TAY ENTERPRISE2,078,857 9,191,522.47 0.45TWDGLOBALWAFERS CO LTD835,000 5,832,919.23 0.29TWDHIGH TECH COMPUTER CORP5,467,300 13,048,184.18 0.64TWDHIWIN TECHNOLOGIES CORP343,783 2,322,398.68 0.11TWDINNOLUX DISPLAY15,424,000 8,061,849.63 0.40TWDINVENTEC CORPORATION18,027,000 14,696,560.00 0.72TWDLARGAN PRECISION CO LTD38,000 6,058,510.82 0.30TWDMICRO-STAR INTERNATIONAL3,560,000 8,273,894.22 0.41TWDNANYA TECHNOLOGY CO LTD5,665,000 10,205,188.36 0.50TWDNIEN MADE ENTERPRISE CO LTD946,000 10,495,556.38 0.52TWDOBI PHARMA661,000 5,236,716.40 0.26TWDPHISON ELECTRONICS840,000 10,368,830.62 0.51TWDPOWERTECH TECHNOLOGY INC5,039,000 15,554,301.15 0.77TWDPRESIDENT CHAIN STORE CORP944,000 8,487,306.33 0.42TWDTAIMED BIOLOGICS INC1,227,000 7,441,859.83 0.37TWDTAIWAN HIGH SPEED RAIL CORP4,126,000 3,451,894.89 0.17TWDTAIWAN MOBILE5,918,000 22,275,168.61 1.10TWD

ADVANCED INFO SERVICE -F-33,600 175,566.60 0.01THBThailand 231,662,966.42 11.42

ADVANCED INFO SERVICE PUBLIC CO LTD5,743,500 30,010,916.04 1.47THBAIRPORT OF THAILAND PUB CO -F-5,642,500 7,848,337.12 0.39THBAIRPORTS OF THAILAND PUBLIC CO LTD10,235,000 14,236,195.02 0.70THBBANGKOK DUSIT MEDICAL SERVICES PUBLIC CO32,552,400 18,398,758.17 0.91THBBANGKOK EXPRESS FOR REG41,740,100 9,154,065.74 0.45THBBANGKOK EXPRESSWAY AND METRO PUBLIC CO20,447,900 4,484,450.70 0.22THBBANPU PUBLIC CO LTD16,445,900 8,036,556.50 0.40THBBEC WORLD PLC -FOREIGN-REGISTERED1,186,000 733,176.02 0.04THBBEC WORLD PUBLIC CO LTD6,967,400 4,307,192.76 0.21THBBERLI JUCKER PUBLIC CO LTD -FOREIGN REG7,426,000 10,438,367.67 0.51THBBUMRUNGRAD HOSPITAL (F)945,500 4,773,423.06 0.24THBBUMRUNGRAD HOSPITAL PUBLIC2,055,100 10,375,316.47 0.51THBC P ALL PUBLIC CO15,190,100 28,059,416.27 1.38THBCHAROEN POKPHAND FOODS PUBLICS CO -F-REG11,925,731 8,706,446.96 0.43THBCP SEVEN ELEVEN ALL FOREIGN REGISTERED1,087,400 2,008,664.15 0.10THBDELTA ELECTRONIC1,779,700 4,544,860.45 0.22THBDELTA ELECTRONIC -F- REG721,500 1,842,510.99 0.09THBENERGY ABSOLUTE FOREIGN REGISTER9,420,300 9,567,271.48 0.47THBGLOW ENERGY PUBLIC CO LTD2,685,200 6,224,886.97 0.31THBGLOW ENERGY PUBLIC CO LTD -F- REG700,200 1,623,218.33 0.08THBINDORAMA VENTURES - FOREIGN REG6,268,500 7,012,154.81 0.35THBKCE ELECTRONICS FOREIGN REGD873,800 2,790,911.39 0.14THBMINOR INTERNATIONAL FOREIGN REGISTERED3,150,200 3,732,572.75 0.18THBTHAI UNION GROUP -F- REG4,530,100 2,813,808.34 0.14THBTHAI UNION GRP11,143,400 6,921,567.27 0.34THBTMB BANK PUBLIC CO LTD107,650,200 7,288,647.48 0.36THB

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets EquityFund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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TRUE CORPORATION85,219,298 15,553,706.91 0.77THB

ASELSAN AS1,553,910 9,643,135.02 0.48TRYTurkey 29,509,613.67 1.45

TAV HAVALIMANLARI HOLDING AS1,335,333 7,153,255.06 0.35TRYTURK HAVA YOLLARI AO3,044,355 6,957,182.61 0.34TRYULKER GIDA913,332 5,756,040.98 0.28TRY

SSGA EUR LIQ INSTIT STABLE NAV EUR150,061,150 171,152,244.29 8.44EUR

Shares/Units of UCITS/UCIS 171,152,244.29 8.44

Shares/Units in investment funds 171,152,244.29 8.44

Ireland 171,152,244.29 8.44

Total securities portfolio 2,194,465,081.59 108.15

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets EquityFund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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Class ACapitalisation shares 141,803.1489 10,085.3922 1,192.2233 150,696.3178

Class A1Capitalisation shares 29,807.2272 37.1297 250.0004 29,594.3565

Class A2Capitalisation shares 18,662.5683 61.8596 2,297.5529 16,426.8750

Class A3Capitalisation shares 10,860.0718 0.0000 10,860.0718 0.0000

Class A4Distribution shares 2,358.4745 0.0000 0.0000 2,358.4745

Class A5Capitalisation shares 57.6533 4,088.0254 1,484.8544 2,660.8243

Class B1Capitalisation shares 0.0000 7,781.7788 641.9859 7,139.7929

Class RCapitalisation shares 46,659.9347 4,145.6522 2,204.2491 48,601.3378

Class R2Capitalisation shares 184,545.7169 14.0000 26,195.6382 158,364.0787

Class FCapitalisation shares 31,000.0000 0.0000 0.0000 31,000.0000

Changes in number of shares outstanding from 01/01/17 to 30/06/17

Shares issued Shares redeemedShares

outstanding as at30/06/17

Sharesoutstanding as at

01/01/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets EquityFund

Key figures

Class A

Capitalisation shares

9,618.85150,696.3178 141,803.1489

8,477.15118,711.3003

8,753.18Number of sharesNet asset value per share

USD USD USD

Class A1

Capitalisation shares

8,550.3329,594.3565 29,807.2272

8,148.4132,947.7225

8,169.33Number of sharesNet asset value per share

EUR EUR EUR

Class A2

Capitalisation shares

11,347.2616,426.8750 18,662.5683

10,512.7219,825.8734

9,100.68Number of sharesNet asset value per share

GBP GBP GBP

Total Net Assets 2,029,018,713.29 1,754,245,365.76 1,665,602,138.93

31/12/1531/12/1630/06/17Year / Period ending as at:

USD

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Key figures

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets EquityFund

Class A3

Capitalisation shares

0.000.0000 10,860.0718

843.6922,696.0852

864.20Number of sharesNet asset value per share

USD USD USD

Class A4

Distribution shares

8,963.95222.03

2,358.4745 2,358.47458,749.46

19.88

2,358.47458,792.29

0.00

Number of sharesNet asset value per shareDividend per share

EUR EUR EUR

Class A5

Capitalisation shares

107.392,660.8243 57.6533

94.410.00000.00

Number of sharesNet asset value per share

USD USD USD

Class B1

Capitalisation shares

99.627,139.7929 0.0000

0.000.00000.00

Number of sharesNet asset value per share

EUR EUR EUR

Class R

Capitalisation shares

129.2948,601.3378 46,659.9347

119.3343,525.8200

102.52Number of sharesNet asset value per share

GBP GBP GBP

Class R2

Capitalisation shares

96.97158,364.0787 184,545.7169

85.14222,851.7800

87.24Number of sharesNet asset value per share

USD USD USD

Class F

Capitalisation shares

0.9031,000.0000 31,000.0000

0.8531,000.0000

0.84Number of sharesNet asset value per share

EUR EUR EUR

Total Net Assets 2,029,018,713.29 1,754,245,365.76 1,665,602,138.93

31/12/1531/12/1630/06/17Year / Period ending as at:

USD

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Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark Euro Equity Fund

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87,359,250.86Assets79,301,228.06Securities portfolio at market value74,925,128.87Cost price4,376,099.19Unrealised profit on the securities portfolio

757,999.21Cash at banks and liquidities7,061,607.87Brokers receivable

238,415.72Other assets

7,293,527.23Liabilities6,980,780.46Payable on securities purchased

27,020.00Unrealised loss on financial futures285,726.77Other liabilities

80,065,723.63Net asset value

Financial Statements as at 30/06/17

Expressed in EUR

Statement of net assets as at 30/06/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity Fund

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OMV AG49,114 2,231,494.59 2.79EUR

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 79,301,228.06 99.05

Shares 79,301,228.06 99.05

Austria 3,298,122.19 4.12

RAIFFEISEN BANK INTERNATIONAL-HOLDING AG21,356 471,967.60 0.59EURVOESTALPINE AG14,575 594,660.00 0.74EUR

COLRUYT72,411 3,339,957.38 4.17EURBelgium 5,581,531.74 6.97

UCB34,862 2,099,738.26 2.62EURUMICORE2,329 141,836.10 0.18EUR

NESTE68,409 2,359,426.41 2.95EURFinland 5,095,446.07 6.36

NOKIAN TYRES PLC41,604 1,507,728.96 1.88EURORION CORPORATION (NEW) -B-21,973 1,228,290.70 1.53EUR

ALSTOM SA15,859 485,443.99 0.61EURFrance 16,937,046.81 21.15

BIC27,325 2,839,067.50 3.54EURDASSAULT AVIATION SA854 1,044,057.70 1.30EUREDF SA153,170 1,452,357.94 1.81EUREUTELSAT COMMUNICATIONS SA90,179 2,016,402.44 2.52EURILIAD SA10,411 2,156,118.10 2.69EURINGENICO GROUP24,501 1,947,584.49 2.43EURIPSEN21,624 2,591,636.40 3.24EURSEB SA6,402 1,006,714.50 1.26EURZODIAC AEROSPACE SA58,849 1,397,663.75 1.75EUR

ADIDAS NAMEN AKT15,743 2,640,888.25 3.30EURGermany 23,809,257.86 29.75

DEUTSCHE LUFTHANSA AG REG SHS17,952 357,693.60 0.45EURDEUTSCHE WOHNEN AG88,230 2,954,822.70 3.69EURGEA GROUP AG20,729 742,720.07 0.93EURHUGO BOSS AG19,829 1,215,517.70 1.52EURK+S83,544 1,873,056.48 2.34EURMAN SE47,039 4,415,550.93 5.52EUROSRAM LICHT28,283 1,972,739.25 2.46EURSCHAEFFLER22,240 278,889.60 0.35EURTELEFONICA NAMEN AKT596,022 2,606,404.21 3.26EURVONOVIA SE86,575 3,009,779.88 3.76EURZALANDO SE43,519 1,741,195.19 2.17EUR

BANK OF IRELAND (GOV&CO)4,687,499 1,078,124.77 1.35EURIreland 6,561,917.53 8.20

KERRY GROUP -A-41,363 3,115,874.79 3.90EURPADDY POWER23,759 2,220,753.73 2.77EURRYANAIR HLDGS8,194 147,164.24 0.18EUR

SAIPEM - REGISTERED397,257 1,284,729.14 1.60EURItaly 1,284,729.14 1.60

ARCELORMITTAL - REGISTERED61,007 1,211,599.02 1.51EURLuxembourg 4,792,185.25 5.99

SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)123,535 2,535,555.88 3.17EURTENARIS SA - REG.SHS76,559 1,045,030.35 1.31EUR

BANKIA BEARER SHS422,914 1,789,772.05 2.24EURSpain 5,077,280.35 6.34

ENDESA162,990 3,287,508.30 4.10EUR

AEGON NV18,170 81,238.07 0.10EURThe Netherlands 6,278,487.02 7.84

GEMALTO NV34,829 1,830,263.95 2.29EURKONINKLIJKE AHOLD NV110,746 1,853,888.04 2.31EURNXP SEMICONDUCTORS17,862 1,714,081.71 2.14USDQIAGEN REGD EUR27,434 799,015.25 1.00EUR

COCA COLA EUROPEAN PARTNERS (038)16,462 585,224.10 0.73EURUnited Kingdom 585,224.10 0.73

Total securities portfolio 79,301,228.06 99.05

Securities portfolio as at 30/06/17EURExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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Class ACapitalisation shares 5,587.5683 1,036.2101 1,046.5000 5,577.2784

Class BCapitalisation shares 200.0000 0.0000 0.0000 200.0000

Class R1Capitalisation shares 99,019.2455 25,189.0000 34,130.9756 90,077.2699

Changes in number of shares outstanding from 01/01/17 to 30/06/17

Shares issued Shares redeemedShares

outstanding as at30/06/17

Sharesoutstanding as at

01/01/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity Fund

Key figures

Class A

Capitalisation shares

12,761.855,577.2784 5,587.5683

11,844.386,590.020612,180.07

Number of sharesNet asset value per share

EUR EUR EUR

Class B

Capitalisation shares

114.66200.0000 200.0000

106.97200.0000111.15

Number of sharesNet asset value per share

EUR EUR EUR

Class R1

Capitalisation shares

98.4390,077.2699 99,019.2455

91.178,944.2455

93.37Number of sharesNet asset value per share

EUR EUR EUR

Total Net Assets 80,065,723.63 75,230,150.88 81,124,314.81

31/12/1531/12/1630/06/17Year / Period ending as at:

EUR

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Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark Global Equity Fund

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59,420,751.11Assets56,659,523.81Securities portfolio at market value52,728,464.11Cost price3,931,059.70Unrealised profit on the securities portfolio

214,840.12Cash at banks and liquidities2,396,454.23Brokers receivable

59.37Unrealised gain on forward foreign exchange contracts43.84Unrealised gain on financial futures

149,829.74Other assets

2,472,069.33Liabilities4.89Bank overdrafts

2,227,317.04Payable on securities purchased244,747.40Other liabilities

56,948,681.78Net asset value

Financial Statements as at 30/06/17

Expressed in EUR

Statement of net assets as at 30/06/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund

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BUNGE LTD8,490 555,305.77 0.98USD

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 26,945,841.22 47.32

Shares 26,945,841.22 47.32

Bermuda 613,192.37 1.08

SIGNET JEWELERS LTD1,044 57,886.60 0.10USD

MICHAEL KORS HOLDINGS LTD6,538 207,796.68 0.36USDBritish Virgin Islands 207,796.68 0.36

WASTE CONNECTIONS INC9,723 549,169.84 0.96USDCanada 549,169.84 0.96

A.P. MOELLER-MAERSK -B- A/S44 77,465.52 0.14DKKDenmark 904,419.67 1.59

CHRISTIAN HANSEN1,622 103,296.82 0.17DKKDONG ENERGY A/S1,374 54,312.83 0.10DKKGENMAB AS401 74,913.95 0.13DKKH. LUNDBECK1,489 73,177.80 0.13DKKNOVO NORDISK2,209 82,833.23 0.15DKKNOVOZYMES -B-2,317 88,783.98 0.16DKKPANDORA922 75,334.40 0.13DKKTDC18,481 94,107.06 0.17DKKVESTAS WIND SYSTEMS AS847 68,465.85 0.12DKKWILLIAM DEMANT HOLDINGS A/S4,930 111,728.23 0.19DKK

ALKERMES3,254 165,388.96 0.29USDIreland 784,354.48 1.38

PERRIGO COMPANY PLC7,163 474,288.51 0.83USDSEAGATE TECHNOLOGY PLC820 27,859.37 0.05USDWEATHERFORD INTERNATIONAL LTD34,428 116,817.64 0.21USD

MILLICOM INTERNATIONAL CELLULAR SA-SDR-1,565 80,950.52 0.14SEKLuxembourg 80,950.52 0.14

MARINE HARVEST5,922 88,575.86 0.15NOKNorway 410,910.10 0.72

NORSK HYDRO ASA13,264 64,251.40 0.11NOKSCHIBSTED -A-486 10,255.14 0.02NOKSCHIBSTED -B-4,351 84,023.39 0.15NOKSTATOIL ASA5,541 80,267.36 0.14NOKYARA INTERNATIONAL ASA2,545 83,536.95 0.15NOK

BOLIDEN AB2,665 63,688.51 0.11SEKSweden 380,849.84 0.67

ELECTROLUX -B- FREE1,241 35,617.47 0.06SEKHEXAGON -B-491 20,441.32 0.04SEKICA GRUPPEN AB3,524 114,878.00 0.20SEKLUNDIN PETROL4,570 77,005.93 0.14SEKTELEFON AB L.M.ERICSSON11,052 69,218.61 0.12SEK

BARRY CALLEBAUT NOM.SHS97 117,048.29 0.21CHFSwitzerland 1,315,914.50 2.31

CHOCOLADEFABRIKEN LINDT.SPRUENGLI NOM.2 122,407.87 0.21CHFCREDIT SUISSE GROUP AG REG SHS5,610 71,187.55 0.13CHFEMS-CHEM HOLDINGS-NAMEN ACT.128 82,852.83 0.15CHFGIVAUDAN SA REG.SHS25 43,900.21 0.08CHFPARTNERS GROUP HLDG NAMEN AKT233 126,819.41 0.22CHFROCHE HOLDING AG GENUSSSCHEIN212 47,397.94 0.08CHFSIKA20 112,794.69 0.20CHFSONOVA HOLDING NAM-AKT722 102,920.94 0.18CHFSTRAUMANN HOLDING REG146 72,916.46 0.13CHFSWISS PRIME SITE AG-NAMEN AKT1,887 150,476.26 0.25CHFTHE SWATCH GROUP275 89,153.12 0.16CHFUBS GROUP NAMEN-AKT5,943 88,362.85 0.16CHFVIFOR PHARMA - REGISTERED906 87,676.08 0.15CHF

CORE LABORATORIES323 28,679.33 0.05USDThe Netherlands 28,679.33 0.05

ADVANCED MICRO DEVICES INC23,119 252,970.16 0.44USDUnited States of America 21,669,603.89 38.06

AGNC INVESTMENT CORP12,751 238,015.69 0.42USDALEXION PHARMACEUTICALS3,834 408,998.10 0.72USDAMERCIAN WATER WORKS CO INC2,025 138,397.05 0.24USD

Securities portfolio as at 30/06/17EURExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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AMERISOURCEBERGEN CORP2,820 233,724.61 0.41USDANNALY CAPITAL MANAGEMENT11,334 119,744.60 0.21USDANTERO RESOURCES13,909 263,533.81 0.46USDASSURANT INC1,805 164,096.66 0.29USDAUTOZONE INC93 46,515.08 0.08USDBEST BUY CO6,288 316,067.72 0.56USDBRISTOL-MYERS SQUIBB CO11,462 559,960.23 0.98USDCBOE HOLDINGS INC2,468 197,777.56 0.35USDCF INDUSTRIES HOLDINGS INC15,604 382,524.08 0.67USDCHIPOTLE MEXICAN GRILL -A-1,682 613,633.95 1.08USDCLOROX CO2,457 287,028.78 0.50USDCME GROUP -A-4,242 465,799.90 0.82USDCMS ENERGY CORP4,242 172,015.69 0.30USDCONSOLIDATED EDISON INC16,547 1,172,529.52 2.06USDCONTINENTAL RESOURCES2,159 61,198.96 0.11USDCOTY INC -A-12,883 211,902.22 0.37USDCSX CORP3,503 167,571.50 0.29USDCVS HEALTH4,093 288,740.33 0.51USDDEXCOM INC1,051 67,406.65 0.12USDDIAMONDBACK ENERGY1,374 106,987.80 0.19USDDOLLAR GENERAL6,005 379,554.12 0.67USDDR PEPPER SNAPPLE GROUP738 58,953.29 0.10USDDXC TECHNOLOGY WI2,396 161,168.84 0.28USDEBAY2,487 76,144.00 0.13USDEDISON INTERNATIONAL6,106 418,594.66 0.74USDELECTRONIC ARTS6,288 582,848.06 1.02USDENVISION HEALTHCARE REG4,474 245,833.66 0.43USDEVERSOURCE EN1,612 85,804.67 0.15USDEXTRA SPACE STORAGE INC9,607 657,004.08 1.15USDFOOT LOCKER INC2,728 117,869.31 0.21USDGAP INC12,107 233,425.04 0.41USDH & R BLOCK INC20,301 550,176.59 0.97USDHASBRO INC592 57,879.02 0.10USDHERSHEY1,896 178,487.15 0.31USDHUMANA INC3,641 768,135.92 1.35USDILLUMINA INC1,210 184,085.92 0.32USDKLA-TENCOR CORP1,136 91,144.94 0.16USDKROGER CO28,890 590,692.91 1.04USDLULULEMON ATHLETICA INC SHS WHEN ISSUED6,203 324,521.51 0.57USDMACYS5,851 119,220.76 0.21USDMATTEL3,316 62,595.66 0.11USDMCKESSON CORP2,539 366,285.62 0.64USDMONSTER BEVERAGE CORP15,642 681,333.18 1.20USDNATIONAL OILWELL VARCO INC1,019 29,429.54 0.05USDNETFLIX INC1,990 260,686.42 0.46USDNEWMONT MINING CORP16,141 458,381.47 0.80USDNEXTERA ENERGY585 71,874.14 0.13USDNVIDIA CORP3,037 384,927.20 0.68USDPALO ALTO NET2,305 270,423.96 0.47USDPARSLEY ENERGY INC -A-10,835 263,619.53 0.46USDPLAINS GP REGISTERED SHS -A-3,757 86,171.69 0.15USDPUBLIC STORAGE INC240 43,879.88 0.08USDRANGE RESOURCES CORP16,774 340,759.79 0.60USDREALTY INCOME CORP11,894 575,433.71 1.01USDSOUTHERN CO30,766 1,291,548.88 2.28USDSTERICYCLE INC8,522 570,250.35 1.00USDTESARO1,697 208,094.71 0.37USDTRACTOR SUPPLY CO1,293 61,455.90 0.11USDTRIPADVISOR INC WHEN ISSUED8,798 294,668.01 0.52USDTWITTER INC24,141 378,238.28 0.66USDTYSON FOODS INC -A-12,767 701,062.83 1.23USDUNDER ARMOUR INC -A-7,611 145,206.58 0.25USDUNDER ARMOUR WHEN ISSUED2,139 37,808.29 0.07USDWMWARE6,284 481,706.30 0.85USDWW GRAINGER INC656 103,833.83 0.18USDWYNN RESORTS LTD334 39,275.86 0.07USDZILLOW GROUP -C-4,598 197,578.34 0.35USD

Securities portfolio as at 30/06/17EURExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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ZOHL'S CORP13,107 444,388.84 0.78USD

MDP - TOBAM ANTI-BENCHMARK CANADA EQUITY FUND - A217 1,985,418.52 3.49CAD

Shares/Units of UCITS/UCIS 29,713,682.59 52.17

Shares/Units in investment funds 29,713,682.59 52.17

Luxembourg 29,713,682.59 52.17

MDP - TOBAM ANTI-BENCHMARK EURO EQUITY FUND - A503 6,422,147.05 11.28EURMDP - TOBAM ANTI-BENCHMARK FRANCE EQUITY FUND - A29 443,081.43 0.78EURMDP - TOBAM ANTI-BENCHMARK JAPAN EQUITY FUND - A534 4,915,460.08 8.63JPYMDP - TOBAM ANTI-BENCHMARK PACIFIC EX-JAPAN MARKETS EQUITY FUND- A

207 2,546,901.28 4.47USD

MDP - TOBAM ANTI-BENCHMARK UK EQUITY FUND - A209 3,714,796.78 6.52GBPMDP - TOBAM ANTI-BENCHMARK US EQUITY FUND - A736 9,685,877.45 17.00USD

Total securities portfolio 56,659,523.81 99.49

Securities portfolio as at 30/06/17EURExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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Class ACapitalisation shares 3,970.2006 0.0000 0.0000 3,970.2006

Changes in number of shares outstanding from 01/01/17 to 30/06/17

Shares issued Shares redeemedShares

outstanding as at30/06/17

Sharesoutstanding as at

01/01/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund

Key figures

Class A

Capitalisation shares

14,344.033,970.2006 3,970.2006

14,264.503,970.200613,532.94

Number of sharesNet asset value per share

EUR EUR EUR

Total Net Assets 56,948,681.78 56,632,928.94 53,728,486.30

31/12/1531/12/1630/06/17Year / Period ending as at:

EUR

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Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark Japan Equity Fund

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25Page

9,357,499,740Assets8,936,100,740Securities portfolio at market value8,292,660,923Cost price

643,439,817Unrealised profit on the securities portfolio54,821,646Cash at banks and liquidities

323,680,713Brokers receivable29,594,073Unrealised gain on forward foreign exchange contracts

320,000Unrealised gain on financial futures12,982,568Other assets

403,968,720Liabilities744,533Bank overdrafts

382,903,458Payable on securities purchased20,320,729Other liabilities

8,953,531,020Net asset value

Financial Statements as at 30/06/17

Expressed in JPY

Statement of net assets as at 30/06/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund

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ABC MART INC. TOKYO53,700 354,957,000 3.96JPY

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 8,936,100,740 99.81

Shares 8,936,100,740 99.81

Japan 8,936,100,740 99.81

BENESSE HOLDINGS INC74,400 315,456,000 3.52JPYCYBERDYNE INC69,700 104,201,500 1.16JPYDAICEL CORP154,000 215,138,000 2.40JPYDAI-ICHI LIFE INSURANCE CO LT13,600 27,560,400 0.31JPYDAITO TRUST CONSTRUCTION CO LTD10,000 174,950,000 1.95JPYDAIWA HOUSE REIT INV SHS1,335 356,311,500 3.98JPYDENA CO LTD73,100 183,919,600 2.05JPYDISCO CO LTD3,600 64,512,000 0.72JPYFAMILYMART UNY HOLDINGS49,800 320,214,000 3.58JPYHIKARI TSUSHIN1,200 14,184,000 0.16JPYIDEMITSU KOSAN63,700 203,203,000 2.27JPYJGC CORP11,600 21,135,200 0.24JPYJP REAL ESTATE INVESTMENT808 451,672,000 5.05JPYKAKAKU.COM137,700 222,110,100 2.48JPYKYUSHU ELECTRIC POWER CO INC106,500 145,266,000 1.62JPYLAWSON INC22,899 179,986,140 2.01JPYLION CORP114,700 266,792,200 2.98JPYLIXIL GROUP CORPORATION9,900 27,809,100 0.31JPYMC DONALD'S CO (JAPAN)97,500 420,225,000 4.69JPYMEIJI HLDGS13,900 126,629,000 1.41JPYMINEBEA MITSUMI108,400 195,662,000 2.19JPYMITSUBISHI MOTORS CORP286,800 212,232,000 2.37JPYMIXI INC36,200 226,250,000 2.53JPYNEC CORP825,000 245,850,000 2.75JPYNIKON CORP124,000 222,704,000 2.49JPYNINTENDO CO LTD4,900 184,632,000 2.06JPYNIPPON BUILDING FD757 434,518,000 4.86JPYNIPPON ELECTRIC GLASS CO LTD9,000 36,765,000 0.41JPYNITORI12,400 186,496,000 2.08JPYNOMURA REAL ESTATE HOLDINGS INC50,600 111,522,400 1.25JPYNOMURA REAL ESTATE MASTER FUND523 80,385,100 0.90JPYONO PHARMACEUTICAL CO LTD66,100 162,011,100 1.81JPYPARK24 CO86,900 248,186,400 2.77JPYPOLA ORBIS HOLDINGS49,800 147,507,600 1.65JPYPROLOGIS REIT1,151 275,549,400 3.08JPYRECRUIT HOLDINGS CO LTD4,400 8,496,400 0.09JPYRICOH CO LTD76,100 75,491,200 0.84JPYSHARP CORP385,000 160,545,000 1.79JPYSHIMAMURA CORP18,400 253,184,000 2.83JPYSHINSEI BANK LTD321,000 62,916,000 0.70JPYSONY FINANCIAL HOLDINGS45,800 87,661,200 0.98JPYSTART TODAY CO LTD85,700 236,960,500 2.65JPYSUMITOMO METAL MINING CO LTD171,000 256,585,500 2.87JPYTAIHEIYO CEMENT CORP282,000 115,338,000 1.29JPYTOSHIBA CORP500,000 135,900,000 1.52JPYYAHOO JAPAN CORP119,800 58,582,200 0.65JPYYAMAZAKI BAKING CO142,000 317,938,000 3.55JPY

Total securities portfolio 8,936,100,740 99.81

Securities portfolio as at 30/06/17JPYExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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Class ACapitalisation shares 3,021.3342 2,135.9189 316.6217 4,840.6314

Class A1Capitalisation shares 224.0568 0.0000 224.0568 0.0000

Class A2Capitalisation shares 1,085.1914 6.9217 0.0000 1,092.1131

Class BCapitalisation shares 2,240.2058 2,383.4848 1,248.0590 3,375.6316

Class RCapitalisation shares 76.1542 0.0000 0.0000 76.1542

Class RD1Distribution shares 49,321.0000 12,580.0000 0.0000 61,901.0000

Changes in number of shares outstanding from 01/01/17 to 30/06/17

Shares issued Shares redeemedShares

outstanding as at30/06/17

Sharesoutstanding as at

01/01/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund

Key figures

Class A

Capitalisation shares

1,179,638.624,840.6314 3,021.3342

1,095,533.733,593.2801

1,019,442.88Number of sharesNet asset value per share

JPY JPY JPY

Class A1

Capitalisation shares

0.000.0000 224.0568

11,586.23224.056910,086.90

Number of sharesNet asset value per share

EUR EUR EUR

Class A2

Capitalisation shares

14,133.381,092.1131 1,085.1914

13,292.381,999.91309,989.69

Number of sharesNet asset value per share

GBP GBP GBP

Class B

Capitalisation shares

114.643,375.6316 2,240.2058

111.480.00000.00

Number of sharesNet asset value per share

EUR EUR EUR

Class R

Capitalisation shares

113.1476.1542 76.1542

106.190.00000.00

Number of sharesNet asset value per share

GBP GBP GBP

Total Net Assets 8,953,531,020 6,412,400,046 7,525,411,135

31/12/1531/12/1630/06/17Year / Period ending as at:

JPY

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28Page

Key figures

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund

Class RD1

Distribution shares

118.460.90

61,901.0000 49,321.0000110.800.00

0.00000.000.00

Number of sharesNet asset value per shareDividend per share

EUR EUR EUR

Total Net Assets 8,953,531,020 6,412,400,046 7,525,411,135

31/12/1531/12/1630/06/17Year / Period ending as at:

JPY

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Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark Pacific Ex-Japan Markets

Equity Fund

Page 30: Most Diversified Portfolio SICAV - Fundsquare

30Page

77,726,956.09Assets73,541,325.61Securities portfolio at market value67,573,636.17Cost price5,967,689.44Unrealised profit on the securities portfolio1,010,552.74Cash at banks and liquidities3,085,148.03Brokers receivable

2,184.47Subscriptions receivable2,069.32Unrealised gain on financial futures

85,675.92Other assets

3,679,777.45Liabilities3,395,041.93Payable on securities purchased

387.39Unrealised loss on forward foreign exchange contracts284,348.13Other liabilities

74,047,178.64Net asset value

Financial Statements as at 30/06/17

Expressed in USDStatement of net assets as at 30/06/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan MarketsEquity Fund

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AURIZON HOLDINGS LTD348,745 1,433,855.37 1.94AUD

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 73,541,325.61 99.32

Shares 73,541,325.61 99.32

Australia 12,760,535.46 17.23

BLUESCOPE STEEL47,638 482,712.90 0.65AUDCIMIC GROUP57,393 1,709,900.01 2.31AUDCOCA-COLA AMATIL LTD56,978 403,405.18 0.54AUDCOCHLEAR9,064 1,080,794.66 1.46AUDDOMINO S PIZZA ENTERPRISES LTD40,565 1,620,522.34 2.19AUDHEALTHSCOPE LTD481,942 816,995.41 1.10AUDMEDIBANK PRIVATE LTD133,424 286,565.93 0.39AUDNEWCREST MINING LTD92,254 1,426,619.98 1.93AUDQUANTAS AIRWAYS LTD412,121 1,808,228.63 2.44AUDTPG TELECOM LTD326,740 1,428,596.98 1.93AUDTREASURY WINE ESTATES LTD25,988 262,338.07 0.35AUD

CK INFRASTRUCTURE HOLDINGS LTD424,000 3,563,001.01 4.82HKDBermuda 20,045,973.11 27.08

FIRST PACIFIC CO LTD3,008,000 2,219,456.13 3.00HKDHONG KONG LAND HOLDINGS LTD225,700 1,661,152.00 2.24USDJARDINE MATHESON HLD44,300 2,844,060.00 3.85USDJARDINE STRATEGIC HOLDINGS67,900 2,830,751.00 3.82USDLI FUNG3,688,000 1,341,700.25 1.81HKDNWS HOLDINGS LTD1,234,686 2,429,371.81 3.28HKDSHANGRI - LA ASIA LTD558,000 946,386.27 1.28HKDYUE YUEN INDUSTRIAL HOLDINGS532,500 2,210,094.64 2.98HKD

ASM PACIFIC TECHNOLOGY131,200 1,773,097.20 2.39HKDCayman Islands 9,574,857.72 12.93

HKT LTD - STAPLED SECURITY2,287,000 2,999,938.63 4.06HKDMELCO PBL ENTERTAINMENT (MACAU) LTD62,479 1,402,653.55 1.89USDMGM CHINA HOLDINGS LTD486,800 1,082,546.45 1.46HKDWH GROUP 144A/REGS2,295,000 2,316,621.89 3.13HKD

HYSAN DEVELOPMENT401,000 1,913,449.03 2.58HKDHong Kong 8,971,180.60 12.12

PCCW LTD5,205,000 2,960,396.98 4.01HKDSWIRE PROPERTIES LTD538,800 1,777,260.42 2.40HKDTECHTRONIC INDUSTRIES CO LTD504,500 2,320,074.17 3.13HKD

GOLDEN AGRI-RESOURCES6,490,200 1,767,638.25 2.39SGDMauritius 1,767,638.25 2.39

AUCKLAND INTERNATIONAL AIRPORT LTD70,675 368,965.58 0.50NZDNew Zealand 7,362,986.88 9.94

FLETCHER BUILDING LTD346,587 2,027,633.96 2.74NZDMERCURY NZ534,242 1,298,693.36 1.75NZDMERIDIAN ENERGY LTD1,033,932 2,203,004.96 2.97NZDSPARK NEW ZEALAND529,204 1,464,689.02 1.98NZD

GLOBAL LOGISTIC PROPERTIES LTD867,800 1,802,559.97 2.43SGDSingapore 13,058,153.59 17.63

HUTCHISON PORT HOLDINGS TRUST4,901,800 2,107,774.00 2.85USDSATS751,300 2,788,292.50 3.76SGDSINGAPORE AIRLINES LTD191,000 1,403,841.00 1.90SGDSTARHUB1,391,400 2,748,684.83 3.71SGDWILMAR INTERNATIONAL LTD178,000 433,080.72 0.58SGDYANGZIJIANG SHIPBUILDING (HOLDINGS) LTD2,052,500 1,773,920.57 2.40SGD

Total securities portfolio 73,541,325.61 99.32

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan MarketsEquity Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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Class ACapitalisation shares 1,412.6088 64.2156 72.0000 1,404.8244

Class A1Capitalisation shares 3,191.6554 20.3229 0.0000 3,211.9783

Class A2Capitalisation shares 72.8863 2,707.5960 1,774.9762 1,005.5061

Class RCapitalisation shares 110.3780 10.0000 110.3780 10.0000

Class RD1Distribution shares 1.0000 0.0000 0.0000 1.0000

Changes in number of shares outstanding from 01/01/17 to 30/06/17

Shares issued Shares redeemedShares

outstanding as at30/06/17

Sharesoutstanding as at

01/01/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan MarketsEquity Fund

Key figures

Class A

Capitalisation shares

14,033.181,404.8244 1,412.6088

12,112.391,228.878011,372.91

Number of sharesNet asset value per share

USD USD USD

Class A1

Capitalisation shares

12,995.603,211.9783 3,191.6554

11,791.501,500.00009,282.40

Number of sharesNet asset value per share

GBP GBP GBP

Class A2

Capitalisation shares

109.981,005.5061 72.8863

94.930.00000.00

Number of sharesNet asset value per share

USD USD USD

Class R

Capitalisation shares

130.5910.0000 110.3780

118.3372.281092.64

Number of sharesNet asset value per share

GBP GBP GBP

Class RD1

Distribution shares

137.050.29

1.0000 1.0000123.930.00

42.5200103.530.00

Number of sharesNet asset value per shareDividend per share

GBP GBP GBP

Total Net Assets 74,047,178.64 63,636,189.43 34,513,562.59

31/12/1531/12/1630/06/17Year / Period ending as at:

USD

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Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark UK Equity Fund

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16,661,561.49Assets15,224,157.37Securities portfolio at market value14,953,714.72Cost price

270,442.65Unrealised profit on the securities portfolio404,163.75Cash at banks and liquidities928,107.63Brokers receivable105,132.74Other assets

1,293,240.40Liabilities1,239,014.32Payable on securities purchased

8,980.00Unrealised loss on financial futures45,246.08Other liabilities

15,368,321.09Net asset value

Financial Statements as at 30/06/17

Expressed in GBP

Statement of net assets as at 30/06/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity Fund

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PETROFAC LTD58,420 258,216.40 1.68GBP

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 15,220,665.02 99.04

Shares 15,220,665.02 99.04

Jersey Island 597,445.65 3.89

RANDGOLD RESSOURCES LTD4,985 339,229.25 2.21GBP

ADMIRAL GROUP PLC2,647 53,019.41 0.34GBPUnited Kingdom 14,623,219.37 95.15

ANGLO AMERICAN PLC22,290 228,249.60 1.49GBPANTOFAGASTA PLC13,817 110,466.92 0.72GBPASHTEAD GROUP27,301 433,812.89 2.82GBPASTRAZENECA PLC11,050 567,417.50 3.69GBPAUTO TRADER GROUP PLC120,069 456,262.20 2.97GBPBT GROUP PLC153,342 451,975.55 2.94GBPBURBERRY GROUP PLC9,408 156,266.88 1.02GBPCAPITA GROUP45,800 316,707.00 2.06GBPCENTRICA PLC NEW26,037 52,126.07 0.34GBPCOBHAM PLC248,871 322,536.82 2.10GBPCOMPASS GROUP45,447 736,241.40 4.79GBPDIAGEO PLC22,057 500,363.05 3.26GBPDIRECT LINE INS GR PLC NI165,123 586,847.14 3.82GBPDIXONS CARPHONE PLC9,902 28,082.07 0.18GBPEASYJET PLC27,477 373,412.43 2.43GBPFRESNILLO PLC20,328 302,074.08 1.97GBPGLAXOSMITHKLINE PLC16,458 269,170.59 1.75GBPGROUP 4 SECURICOR139,578 455,582.59 2.96GBPHIKMA PHARMACEUTICALS PLC6,580 96,726.00 0.63GBPHSBC HOLDINGS PLC11,055 78,678.44 0.51GBPIMI6,573 78,547.35 0.51GBPINMARSAT52,939 407,365.61 2.65GBPITV PLC12,407 22,506.30 0.15GBPJ SAINSBURY PLC115,046 289,570.77 1.88GBPKINGFISHER PLC8,582 25,806.07 0.17GBPLLOYDS BANKING GROUP PLC71,697 47,427.57 0.31GBPMEDICLINIC INTERNATIONAL PLC49,947 370,357.01 2.41GBPMEGGITT PLC97,849 466,641.88 3.04GBPMORRISON SUPERMARKETS PLC43,511 104,948.53 0.68GBPNATIONAL GRID PLC85,902 817,615.24 5.31GBPNEXT PLC10,667 411,319.52 2.68GBPPEARSON PLC47,335 327,321.53 2.13GBPPROVIDENT FINANCIAL8,098 197,024.34 1.28GBPRECKITT BENCKISER GROUP PLC5,937 462,136.08 3.01GBPROYAL BANK OF SCOTLAND145,701 360,172.88 2.34GBPRSA INSURANCE GROUP PLC93,016 572,513.48 3.73GBPSEVERN TRENT PLC13,976 304,956.32 1.98GBPSTANDARD CHARTERED PLC4,046 31,445.51 0.20GBPTATE LYLE PLC93,249 617,308.38 4.02GBPTESCO PLC247,781 418,254.33 2.72GBPTHE BERKELEY GR12,187 393,274.49 2.56GBPUNILEVER PLC13,771 572,185.05 3.72GBPUNITED UTILITIES GROUP PLC38,431 333,388.93 2.17GBPWEIR GROUP PLC21,005 363,596.55 2.37GBPWORLDPAY GROUP16,365 51,517.02 0.34GBP

ROLLS-ROYCE HLD NON-CUM RED PFD REG3,492,348 3,492.35 0.02GBP

Other transferable securities 3,492.35 0.02

Shares 3,492.35 0.02

United Kingdom 3,492.35 0.02

Total securities portfolio 15,224,157.37 99.06

Securities portfolio as at 30/06/17GBPExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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Class ACapitalisation shares 869.0030 29.0000 51.0000 847.0030

Class R1Capitalisation shares 1.0000 0.0000 0.0000 1.0000

Class R2Capitalisation shares 28,000.0000 0.0000 0.0000 28,000.0000

Changes in number of shares outstanding from 01/01/17 to 30/06/17

Shares issued Shares redeemedShares

outstanding as at30/06/17

Sharesoutstanding as at

01/01/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity Fund

Key figures

Class A

Capitalisation shares

15,606.59847.0030 869.0030

14,970.97884.003013,779.03

Number of sharesNet asset value per share

GBP GBP GBP

Class R1

Capitalisation shares

112.401.0000 1.0000

107.411.000097.94

Number of sharesNet asset value per share

GBP GBP GBP

Class R2

Capitalisation shares

87.4228,000.0000 28,000.0000

86.0926,100.0000

91.39Number of sharesNet asset value per share

EUR EUR EUR

Total Net Assets 15,368,321.09 15,067,535.25 13,938,864.34

31/12/1531/12/1630/06/17Year / Period ending as at:

GBP

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Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark US Equity Fund

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38Page

586,361,886.17Assets496,775,200.36Securities portfolio at market value487,396,057.55Cost price

9,379,142.81Unrealised profit on the securities portfolio54,752,796.57Cash at banks and liquidities33,826,415.79Brokers receivable

544,763.27Unrealised gain on forward foreign exchange contracts462,710.18Other assets

83,792,632.22Liabilities49,440,367.50Bank overdrafts32,852,137.62Payable on securities purchased

25,750.00Unrealised loss on financial futures1,474,377.10Other liabilities

502,569,253.95Net asset value

Financial Statements as at 30/06/17

Expressed in USD

Statement of net assets as at 30/06/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund

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BUNGE LTD155,210 11,578,666.00 2.31USD

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 496,775,200.36 98.85

Shares 496,775,200.36 98.85

Bermuda 12,808,620.76 2.55

SIGNET JEWELERS LTD19,449 1,229,954.76 0.24USD

MICHAEL KORS HOLDINGS LTD120,114 4,354,132.50 0.87USDBritish Virgin Islands 4,354,132.50 0.87

WASTE CONNECTIONS INC179,596 11,569,574.32 2.30USDCanada 11,569,574.32 2.30

ALKERMES60,005 3,478,489.85 0.69USDIreland 16,229,763.21 3.23

PERRIGO COMPANY PLC128,452 9,700,695.04 1.93USDSEAGATE TECHNOLOGY PLC15,645 606,243.75 0.12USDWEATHERFORD INTERNATIONAL LTD631,611 2,444,334.57 0.49USD

CORE LABORATORIES6,166 624,430.82 0.12USDThe Netherlands 624,430.82 0.12

ADVANCED MICRO DEVICES INC424,931 5,303,138.88 1.06USDUnited States of America 451,188,678.75 89.78

AGNC INVESTMENT CORP222,709 4,741,474.61 0.94USDALEXION PHARMACEUTICALS69,765 8,488,307.55 1.69USDAMERCIAN WATER WORKS CO INC37,275 2,905,586.25 0.58USDAMERISOURCEBERGEN CORP51,698 4,887,011.94 0.97USDANNALY CAPITAL MANAGEMENT215,346 2,594,919.30 0.52USDANTERO RESOURCES254,991 5,510,355.51 1.10USDASSURANT INC33,183 3,440,745.27 0.68USDAUTOZONE INC1,744 994,882.24 0.20USDBEST BUY CO115,317 6,611,123.61 1.32USDBRISTOL-MYERS SQUIBB CO203,947 11,363,926.84 2.26USDCBOE HOLDINGS INC45,303 4,140,694.20 0.82USDCF INDUSTRIES HOLDINGS INC277,378 7,755,488.88 1.54USDCHIPOTLE MEXICAN GRILL -A-30,749 12,794,658.90 2.55USDCLOROX CO45,006 5,996,599.44 1.19USDCME GROUP -A-78,547 9,837,226.28 1.96USDCMS ENERGY CORP67,232 3,109,480.00 0.62USDCONSOLIDATED EDISON INC301,699 24,383,313.18 4.85USDCONTINENTAL RESOURCES40,179 1,298,987.07 0.26USDCOTY INC -A-235,919 4,425,840.44 0.88USDCSX CORP64,471 3,517,537.76 0.70USDCVS HEALTH72,686 5,848,315.56 1.16USDDEXCOM INC13,830 1,011,664.50 0.20USDDIAMONDBACK ENERGY22,068 1,959,859.08 0.39USDDOLLAR GENERAL109,831 7,917,716.79 1.58USDDR PEPPER SNAPPLE GROUP13,781 1,255,586.91 0.25USDDXC TECHNOLOGY WI44,364 3,403,606.08 0.68USDEBAY51,156 1,786,367.52 0.36USDEDISON INTERNATIONAL114,365 8,942,199.35 1.78USDELECTRONIC ARTS115,505 12,211,188.60 2.43USDENVISION HEALTHCARE REG78,502 4,919,720.34 0.98USDEVERSOURCE EN29,814 1,810,007.94 0.36USDEXTRA SPACE STORAGE INC175,549 13,692,822.00 2.72USDFOOT LOCKER INC50,055 2,466,710.40 0.49USDGAP INC221,062 4,861,153.38 0.97USDH & R BLOCK INC371,344 11,478,243.04 2.28USDHASBRO INC11,032 1,230,178.32 0.24USDHERSHEY33,794 3,628,461.78 0.72USDHUMANA INC67,471 16,234,872.02 3.23USDILLUMINA INC22,745 3,946,712.40 0.79USDKLA-TENCOR CORP19,665 1,799,544.15 0.36USDKROGER CO515,300 12,016,796.00 2.39USDLULULEMON ATHLETICA INC SHS WHEN ISSUED113,697 6,784,299.99 1.35USDMACYS107,147 2,490,096.28 0.50USDMATTEL51,368 1,105,953.04 0.22USDMCKESSON CORP46,471 7,646,338.34 1.52USDMONSTER BEVERAGE CORP286,076 14,212,255.68 2.83USD

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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40Page

NATIONAL OILWELL VARCO INC19,362 637,784.28 0.13USDNETFLIX INC36,464 5,448,086.24 1.08USDNEWMONT MINING CORP296,128 9,591,585.92 1.91USDNEXTERA ENERGY10,849 1,520,270.37 0.30USDNVIDIA CORP55,679 8,048,956.24 1.60USDPALO ALTO NET42,930 5,744,463.30 1.14USDPARSLEY ENERGY INC -A-205,558 5,704,234.50 1.14USDPLAINS GP REGISTERED SHS -A-64,213 1,679,812.08 0.33USDPUBLIC STORAGE INC4,516 941,721.48 0.19USDRANGE RESOURCES CORP308,049 7,137,495.33 1.42USDREALTY INCOME CORP221,703 12,233,571.54 2.43USDSOUTHERN CO560,795 26,850,864.60 5.34USDSTERICYCLE INC158,767 12,117,097.44 2.41USDTESARO30,938 4,326,988.68 0.86USDTRACTOR SUPPLY CO24,021 1,302,178.41 0.26USDTRIPADVISOR INC WHEN ISSUED155,879 5,954,577.80 1.18USDTWITTER INC440,952 7,879,812.24 1.57USDTYSON FOODS INC -A-235,927 14,776,108.01 2.94USDUNDER ARMOUR INC -A-146,806 3,194,498.56 0.64USDUNDER ARMOUR WHEN ISSUED46,094 929,255.04 0.18USDWMWARE114,945 10,049,641.35 2.00USDWW GRAINGER INC12,151 2,193,620.03 0.44USDWYNN RESORTS LTD4,485 601,528.20 0.12USDZILLOW GROUP -C-84,448 4,138,796.48 0.82USDZOHL'S CORP243,697 9,423,762.99 1.88USD

Total securities portfolio 496,775,200.36 98.85

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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Class ACapitalisation shares 17,004.2367 1,339.7620 1,248.0000 17,095.9987

Class A1Capitalisation shares 12,860.7788 17.0000 1,177.7686 11,700.0102

Class A2Capitalisation shares 0.0002 0.0000 0.0002 0.0000

Class A4Capitalisation shares 5,410.0000 0.0000 750.0000 4,660.0000

Class BCapitalisation shares 1.0000 0.0000 0.0000 1.0000

Class R1Capitalisation shares 1,072.1727 0.0000 400.2091 671.9636

Class R2Capitalisation shares 483,381.8517 159,398.6361 426,837.6099 215,942.8779

Changes in number of shares outstanding from 01/01/17 to 30/06/17

Shares issued Shares redeemedShares

outstanding as at30/06/17

Sharesoutstanding as at

01/01/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund

Key figures

Class A

Capitalisation shares

15,009.8217,095.9987 17,004.2367

14,239.9518,746.055413,744.08

Number of sharesNet asset value per share

USD USD USD

Class A1

Capitalisation shares

13,159.6911,700.0102 12,860.7788

13,500.2810,568.154712,651.80

Number of sharesNet asset value per share

EUR EUR EUR

Class A2

Capitalisation shares

0.000.0000 0.0002

11,050.0015,054.374810,601.67

Number of sharesNet asset value per share

USD USD USD

Total Net Assets 502,569,253.95 520,129,286.05 696,267,584.50

31/12/1531/12/1630/06/17Year / Period ending as at:

USD

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Key figures

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund

Class A3

Capitalisation shares

0.000.0000 0.0000

0.001.0000

8,922.38Number of sharesNet asset value per share

USD USD USD

Class A4

Capitalisation shares

9,288.074,660.0000 5,410.0000

8,842.648,545.00008,618.18

Number of sharesNet asset value per share

EUR EUR EUR

Class A5

Capitalisation shares

0.000.0000 0.0000

0.002,894.00008,661.86

Number of sharesNet asset value per share

CHF CHF CHF

Class B

Capitalisation shares

196.781.0000 1.0000

202.631.0000191.17

Number of sharesNet asset value per share

EUR EUR EUR

Class R1

Capitalisation shares

134.59671.9636 1,072.1727

133.9455,362.6771

107.92Number of sharesNet asset value per share

GBP GBP GBP

Class R2

Capitalisation shares

96.64215,942.8779 483,381.8517

91.49226,514.6087

87.94Number of sharesNet asset value per share

USD USD USD

Total Net Assets 502,569,253.95 520,129,286.05 696,267,584.50

31/12/1531/12/1630/06/17Year / Period ending as at:

USD

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Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark World Equity Fund

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44Page

896,745,554.98Assets883,607,121.94Securities portfolio at market value834,200,948.23Cost price49,406,173.71Unrealised profit on the securities portfolio9,931,970.90Cash at banks and liquidities

103,507.76Subscriptions receivable2,297,044.34Unrealised gain on forward foreign exchange contracts

805,910.04Other assets

3,113,439.22Liabilities2,892.90Bank overdrafts

83,624.05Unrealised loss on financial futures3,026,922.27Other liabilities

893,632,115.76Net asset value

Financial Statements as at 30/06/17

Expressed in USD

Statement of net assets as at 30/06/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund

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NEWCREST MINING LTD218,307 3,375,909.20 0.38AUD

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 883,607,121.94 98.88

Shares 883,607,121.94 98.88

Australia 3,375,909.20 0.38

AXIS CAPITAL HOLDINGS LTD202,011 13,062,031.26 1.46USDBermuda 30,650,337.23 3.43

BUNGE LTD14,379 1,072,673.40 0.12USDMARVELL TECHNOLOGY GROUP LTD69,277 1,144,456.04 0.13USDSIGNET JEWELERS LTD55,623 3,517,598.52 0.39USDYUE YUEN INDUSTRIAL HOLDINGS2,856,000 11,853,578.01 1.33HKD

AGNICO EAGLE MINES153,989 6,933,987.08 0.78CADCanada 90,300,151.29 10.10

BOMBARDIER INC B3,227,300 5,864,585.29 0.66CADCCL INDUSTRIES INC -B- NON-VOTING224,500 11,341,548.35 1.27CADEMPIRE -A- NON VOTING691,500 11,777,775.52 1.32CADFAIRFAX FINANCIAL HOLDINGS SUB.VTG30,300 13,112,111.60 1.46CADFRANCO-NEVADA CORP133,100 9,589,603.49 1.07CADINTACT FINANCIAL CORP29,300 2,210,051.34 0.25CADJEAN COUTU GROUP INC A400,400 6,135,261.96 0.69CADKINROSS GOLD CORP1,297,969 5,266,970.68 0.59CADVALEANT PHARMA288,300 5,003,622.30 0.56CADWASTE CONNECTIONS INC202,804 13,064,633.68 1.45USD

H. LUNDBECK116,139 6,509,941.12 0.73DKKDenmark 6,509,941.12 0.73

NESTE55,450 2,181,268.23 0.24EURFinland 2,181,268.23 0.24

EUTELSAT COMMUNICATIONS SA390,490 9,958,548.54 1.12EURFrance 22,054,681.58 2.47

INGENICO GROUP48,343 4,382,888.51 0.49EURZODIAC AEROSPACE SA284,747 7,713,244.53 0.86EUR

K+S347,568 8,887,706.86 0.99EURGermany 36,014,504.51 4.03

LINDE12,503 2,364,357.18 0.26EURMAN SE124,856 13,367,511.43 1.51EUROSRAM LICHT108,234 8,610,378.64 0.96EURZALANDO SE61,020 2,784,550.40 0.31EUR

TECHTRONIC INDUSTRIES CO LTD1,316,000 6,051,967.50 0.68HKDHong Kong 6,051,967.50 0.68

ALKERMES81,418 4,719,801.46 0.53USDIreland 14,128,309.62 1.58

PERRIGO COMPANY PLC124,583 9,408,508.16 1.05USD

TARO PHARMA INS-A-72,048 8,073,698.88 0.90USDIsrael 8,073,698.88 0.90

FAMILYMART UNY HOLDINGS215,500 12,332,369.03 1.38JPYJapan 129,640,523.65 14.51

FAST RETAILING CO LTD6,800 2,264,649.32 0.25JPYJAPAN AIRLINES CO LTD312,600 9,665,115.59 1.08JPYJP REAL ESTATE INVESTMENT1,639 8,154,156.19 0.91JPYLAWSON INC193,265 13,519,605.58 1.51JPYMC DONALD'S CO (JAPAN)362,900 13,920,425.26 1.56JPYNINTENDO CO LTD22,900 7,679,530.00 0.86JPYOBAYASHI CORP964,800 11,343,011.62 1.27JPYONO PHARMACEUTICAL CO LTD143,700 3,134,644.86 0.35JPYOTSUKA CORP182,400 11,314,773.81 1.27JPYPARK24 CO364,000 9,252,260.49 1.04JPYTOSHIBA CORP2,280,000 5,515,343.48 0.62JPYYAMADA DENKI CO LTD2,172,300 10,788,032.99 1.21JPYYAMAZAKI BAKING CO539,800 10,756,605.43 1.20JPY

RANDGOLD RESSOURCES LTD88,788 7,848,334.14 0.88GBPJersey Island 7,848,334.14 0.88

SPARK NEW ZEALAND3,700,279 10,241,339.89 1.15NZDNew Zealand 10,241,339.89 1.15

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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BANKIA BEARER SHS2,018,218 9,741,549.99 1.09EURSpain 9,741,549.99 1.09

ICA GRUPPEN AB166,212 6,179,846.48 0.69SEKSweden 6,179,846.48 0.69

GEMALTO NV154,948 9,286,948.22 1.04EURThe Netherlands 9,286,948.22 1.04

COBHAM PLC1,554,686 2,617,235.32 0.29GBPUnited Kingdom 18,080,297.09 2.02

MEDICLINIC INTERNATIONAL PLC757,851 7,299,448.78 0.82GBPNEXT PLC162,986 8,163,612.99 0.91GBP

ADVANCED MICRO DEVICES INC403,178 5,031,661.44 0.56USDUnited States of America 473,247,513.32 52.96

ALEXION PHARMACEUTICALS84,477 10,278,316.59 1.15USDAMERCIAN WATER WORKS CO INC15,133 1,179,617.35 0.13USDAMERISOURCEBERGEN CORP134,259 12,691,503.27 1.42USDANTERO RESOURCES245,178 5,298,296.58 0.59USDBEST BUY CO70,915 4,065,556.95 0.45USDBRISTOL-MYERS SQUIBB CO226,163 12,601,802.36 1.41USDCAMPBELL SOUP CO231,401 12,067,562.15 1.35USDCBOE HOLDINGS INC56,311 5,146,825.40 0.58USDCF INDUSTRIES HOLDINGS INC201,161 5,624,461.56 0.63USDCHIPOTLE MEXICAN GRILL -A-24,130 10,040,493.00 1.12USDC.H.ROBINSON WORLWIDE INC103,157 7,084,822.76 0.79USDCIGNA CORP73,677 12,332,793.03 1.38USDCLOROX CO52,794 7,034,272.56 0.79USDCME GROUP -A-113,074 14,161,387.76 1.59USDCONSOLIDATED EDISON INC157,244 12,708,460.08 1.42USDCOTY INC -A-355,211 6,663,758.36 0.75USDCSX CORP171,553 9,359,931.68 1.05USDCVS HEALTH54,300 4,368,978.00 0.49USDDARDEN RESTAURANTS INC62,524 5,654,670.56 0.63USDDOLLAR GENERAL162,679 11,727,529.11 1.31USDDR PEPPER SNAPPLE GROUP92,308 8,410,181.88 0.94USDDXC TECHNOLOGY WI50,326 3,861,010.72 0.43USDEBAY83,121 2,902,585.32 0.32USDEDISON INTERNATIONAL107,641 8,416,449.79 0.94USDELECTRONIC ARTS105,132 11,114,555.04 1.24USDENVISION HEALTHCARE REG95,195 5,965,870.65 0.67USDEXTRA SPACE STORAGE INC175,827 13,714,506.00 1.54USDFOOT LOCKER INC83,742 4,126,805.76 0.46USDGAP INC379,813 8,352,087.87 0.93USDH & R BLOCK INC368,784 11,399,113.44 1.28USDHERSHEY74,932 8,045,448.84 0.90USDHUMANA INC56,995 13,714,136.90 1.53USDILLUMINA INC44,249 7,678,086.48 0.86USDKLA-TENCOR CORP126,479 11,574,093.29 1.30USDKROGER CO439,272 10,243,823.04 1.15USDL BRANDS157,397 8,482,124.33 0.95USDLULULEMON ATHLETICA INC SHS WHEN ISSUED171,724 10,246,771.08 1.15USDMACYS357,918 8,318,014.32 0.93USDMCDONALD'S CORP23,950 3,668,182.00 0.41USDMCKESSON CORP15,623 2,570,608.42 0.29USDMONSTER BEVERAGE CORP239,310 11,888,920.80 1.33USDNETFLIX INC31,395 4,690,726.95 0.52USDNEWMONT MINING CORP36,523 1,182,979.97 0.13USDNVIDIA CORP49,216 7,114,664.96 0.80USDPALO ALTO NET40,108 5,366,851.48 0.60USDPARSLEY ENERGY INC -A-247,503 6,868,208.25 0.77USDRANGE RESOURCES CORP179,572 4,160,683.24 0.47USDREALTY INCOME CORP48,538 2,678,326.84 0.30USDSOUTHERN CO266,263 12,748,672.44 1.43USDSTERICYCLE INC137,150 10,467,288.00 1.17USDTESARO21,902 3,063,213.72 0.34USDTHE KRAFT HEINZ40,004 3,425,942.56 0.38USDTWITTER INC371,416 6,637,203.92 0.74USDTYSON FOODS INC -A-212,464 13,306,620.32 1.49USD

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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WHOLE FOODS MARKET359,906 15,155,641.66 1.71USDWMWARE133,737 11,692,625.91 1.31USDZILLOW GROUP -C-136,841 6,706,577.41 0.75USDZOHL'S CORP211,151 8,165,209.17 0.91USD

Total securities portfolio 883,607,121.94 98.88

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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Class ACapitalisation shares 13,801.4777 1,201.7219 1,081.4739 13,921.7257

Class A1Capitalisation shares 759.5800 0.0000 40.5800 719.0000

Class A2Capitalisation shares 22,224.6903 4,136.0907 0.0000 26,360.7810

Class A4Capitalisation shares 1,374.0807 0.0000 142.6694 1,231.4113

Class B1Capitalisation shares 323.6661 0.0000 0.0000 323.6661

Class CCapitalisation shares 18,893.5390 3.3053 1,339.7420 17,557.1023

Class RCapitalisation shares 870.5856 0.0000 0.0000 870.5856

Class R2Capitalisation shares 179,378.8768 33,330.6370 147,810.6336 64,898.8802

Class R3Capitalisation shares 6,725.6478 26,055.0000 22,708.0270 10,072.6208

Class R4Capitalisation shares 13,180.0516 210.0000 11,589.4993 1,800.5523

Changes in number of shares outstanding from 01/01/17 to 30/06/17

Shares issued Shares redeemedShares

outstanding as at30/06/17

Sharesoutstanding as at

01/01/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund

Key figures

Class A

Capitalisation shares

14,199.6113,921.7257 13,801.4777

13,172.6713,006.991912,764.34

Number of sharesNet asset value per share

USD USD USD

Class A1

Capitalisation shares

12,449.10719.0000 759.5800

12,487.81789.580011,749.20

Number of sharesNet asset value per share

EUR EUR EUR

Class A2

Capitalisation shares

10,406.5426,360.7810 22,224.6903

10,148.5534,069.6994

8,244.60Number of sharesNet asset value per share

GBP GBP GBP

Total Net Assets 893,632,115.76 795,574,200.76 988,639,252.26

31/12/1531/12/1630/06/17Year / Period ending as at:

USD

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49Page

Key figures

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund

Class A4

Capitalisation shares

12,579.261,231.4113 1,374.0807

12,212.362,315.45699,834.12

Number of sharesNet asset value per share

GBP GBP GBP

Class B1

Capitalisation shares

116.93323.6661 323.6661

117.79761.6661111.75

Number of sharesNet asset value per share

EUR EUR EUR

Class C

Capitalisation shares

15,036.9217,557.1023 18,893.5390

14,315.8722,732.317213,959.57

Number of sharesNet asset value per share

EUR EUR EUR

Class R

Capitalisation shares

139.72870.5856 870.5856

135.84150.0000109.70

Number of sharesNet asset value per share

GBP GBP GBP

Class R2

Capitalisation shares

100.8564,898.8802 179,378.8768

93.27198,543.6140

89.83Number of sharesNet asset value per share

USD USD USD

Class R3

Capitalisation shares

105.9110,072.6208 6,725.6478

100.526,725.6478

97.43Number of sharesNet asset value per share

EUR EUR EUR

Class R4

Capitalisation shares

101.981,800.5523 13,180.0516

101.9715,471.9208

95.35Number of sharesNet asset value per share

EUR EUR EUR

Total Net Assets 893,632,115.76 795,574,200.76 988,639,252.26

31/12/1531/12/1630/06/17Year / Period ending as at:

USD

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Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark Canada Equity Fund

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51Page

13,804,990.28Assets12,812,732.85Securities portfolio at market value11,644,008.17Cost price1,168,724.68Unrealised profit on the securities portfolio

375,695.76Cash at banks and liquidities545,840.31Brokers receivable70,721.36Other assets

875,837.71Liabilities836,153.21Payable on securities purchased39,684.50Other liabilities

12,929,152.57Net asset value

Financial Statements as at 30/06/17

Expressed in CAD

Statement of net assets as at 30/06/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund

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AGNICO EAGLE MINES2,414 141,170.72 1.09CAD

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 12,812,732.85 99.10

Shares 12,812,732.85 99.10

Canada 12,812,732.85 99.10

ALAMOS GOLD -A- CAD6,600 60,720.00 0.47CADALGONQUIN POWER & UTILITIES25,500 348,075.00 2.69CADAMAYA INC13,500 312,930.00 2.42CADBLACKBERRY LTD13,100 169,776.00 1.31CADBOMBARDIER INC B97,100 229,156.00 1.77CADB2GOLD CORP7,400 27,010.00 0.21CADCAMECO CORP26,600 314,146.00 2.43CADCANADIAN TIRE CORP -A- NON VOTING800 118,048.00 0.91CADCCL INDUSTRIES INC -B- NON-VOTING6,700 439,587.00 3.40CADCENOVUS ENERGY INC3,400 32,504.00 0.25CADCINEPLEX INC9,802 518,133.72 4.01CADCOLLIERS INT GR WHEN ISSUD SUB VTG409 29,979.70 0.23CADCONSTELLATION SOFTWARE500 339,205.00 2.62CADCOTT CORP (QUEBEC)17,400 325,902.00 2.52CADDETOUR GOLD13,000 197,340.00 1.53CADDOLLARAMA INC515 63,813.65 0.49CADELEMNT FLEET MNGMNT SHS16,400 145,960.00 1.13CADEMPIRE -A- NON VOTING19,480 430,897.60 3.33CADENCANA CORP9,000 102,690.00 0.79CADFAIRFAX FINANCIAL HOLDINGS SUB.VTG1,100 618,211.00 4.79CADFIRST CAP REALTY9,400 185,744.00 1.44CADFIRSTSERVICE CORP SUB VOTING2,900 241,309.00 1.87CADFRANCO-NEVADA CORP2,070 193,689.90 1.50CADGILDAN ACTIVEWEAR10,300 410,455.00 3.17CADGREAT WEST LIFECO INC6,500 228,475.00 1.77CADHYDRO ONE LTD1,500 34,845.00 0.27CADINTACT FINANCIAL CORP7,815 765,557.40 5.93CADIVANHOE MINES LTD7,400 30,858.00 0.24CADKINROSS GOLD CORP43,000 226,610.00 1.75CADLOBLAW COMPANIES3,195 230,487.30 1.78CADMACDONALD DETTWILER AND ASSICIATES LTD1,600 107,968.00 0.84CADMAPLE LEAF FOODS INC2,300 75,302.00 0.58CADMETRO -A- SUB VTG8,100 345,708.00 2.67CADNEW FLYER IND1,189 64,491.36 0.50CADNORTHLAND POWER INC3,400 78,540.00 0.61CADOCEANAGOLD CORP57,200 223,652.00 1.73CADONEX CORP SUB.VOTING3,400 352,954.00 2.73CADOPEN TEXT6,900 282,417.00 2.18CADPEYTO EXPLORATION AND DEVELOPMENT CORP700 16,464.00 0.13CADQUEBECOR -B- SUBORD.VOTING16,400 703,888.00 5.45CADRIOCAN REIT (UNITS)7,800 187,746.00 1.45CADRITCHIE BROTHERS AUCTIONEERS10,200 380,052.00 2.94CADROGERS COMMUNICATIONS -B- NON VOTING4,600 281,750.00 2.18CADSAPUTO1,400 57,750.00 0.45CADSHAW COMMUNICATIONS -B- NON.VOTING19,200 543,168.00 4.20CADSHAWCOR3,700 97,976.00 0.76CADSHOPIFY -A- SUBORD VOTING2,292 258,079.20 2.00CADSTANTEC INC4,000 130,600.00 1.01CADSUN LIFE FINANCIAL INC2,900 134,444.00 1.04CADTFI INTERNATIONAL INC REGISTERED3,700 103,489.00 0.80CADTHE DESCARTES SYSTEMS GROUP10,300 324,965.00 2.51CADTMX GR LTD4,700 331,632.00 2.56CADVALEANT PHARMA7,695 173,445.30 1.34CADWEST FRASER TIMBER CO700 42,966.00 0.33CAD

Total securities portfolio 12,812,732.85 99.10

Securities portfolio as at 30/06/17CADExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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Class ACapitalisation shares 997.0020 33.0000 76.0000 954.0020

Changes in number of shares outstanding from 01/01/17 to 30/06/17

Shares issued Shares redeemedShares

outstanding as at30/06/17

Sharesoutstanding as at

01/01/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund

Key figures

Class A

Capitalisation shares

13,552.54954.0020 997.0020

12,617.781,391.932011,438.35

Number of sharesNet asset value per share

CAD CAD CAD

Total Net Assets 12,929,152.57 12,579,954.71 15,921,401.71

31/12/1531/12/1630/06/17Year / Period ending as at:

CAD

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Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark All Countries World Equity

Fund

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55Page

124,112,385.54Assets122,093,363.98Securities portfolio at market value117,640,069.73Cost price

4,453,294.25Unrealised profit on the securities portfolio1,924,723.17Cash at banks and liquidities

94,298.39Other assets

461,031.06Liabilities18,117.70Unrealised loss on financial futures

442,913.36Other liabilities

123,651,354.48Net asset value

Financial Statements as at 30/06/17

Expressed in USDStatement of net assets as at 30/06/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World EquityFund

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MEDIBANK PRIVATE LTD143,462 308,125.39 0.25AUD

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 122,093,363.98 98.74

Shares 121,833,373.77 98.53

Australia 1,288,205.61 1.04

NEWCREST MINING LTD63,378 980,080.22 0.79AUD

ALIBABA PICTURES GRP520,000 86,595.03 0.07HKDBermuda 2,862,685.55 2.32

ARCH CAPITAL GROUP LTD2,012 187,699.48 0.15USDAXIS CAPITAL HOLDINGS LTD7,265 469,754.90 0.38USDCK INFRASTRUCTURE HOLDINGS LTD22,000 184,872.69 0.15HKDHANERGY THIN2,224,000 0.00 0.00HKDJARDINE MATHESON HLD8,700 558,540.00 0.45USDJARDINE STRATEGIC HOLDINGS2,000 83,380.00 0.07USDMARVELL TECHNOLOGY GROUP LTD30,610 505,677.20 0.41USDSIGNET JEWELERS LTD5,402 341,622.48 0.28USDSIHUAN PHARMACEUTICAL HOLDINGS GROUP LTD333,000 139,488.45 0.11HKDYUE YUEN INDUSTRIAL HOLDINGS73,500 305,055.32 0.25HKD

FIBRIA CELLULOSE17,300 176,536.48 0.14BRLBrazil 677,133.79 0.55

JBS102,400 201,816.34 0.17BRLQUALICORP SA17,500 151,587.41 0.12BRLSUZANO PAPEL PFD.SHS34,200 147,193.56 0.12BRL

AGNICO EAGLE MINES20,560 925,798.43 0.75CADCanada 7,766,287.62 6.28

BOMBARDIER INC B158,900 288,749.92 0.23CADCCL INDUSTRIES INC -B- NON-VOTING12,000 606,229.76 0.49CADCONSTELLATION SOFTWARE1,100 574,606.97 0.46CADEMPIRE -A- NON VOTING15,500 263,999.31 0.21CADFAIRFAX FINANCIAL HOLDINGS SUB.VTG2,000 865,485.91 0.70CADFRANCO-NEVADA CORP16,100 1,159,974.58 0.94CADINTACT FINANCIAL CORP8,400 633,598.34 0.51CADJEAN COUTU GROUP INC A8,000 122,582.66 0.10CADKINROSS GOLD CORP102,400 415,524.41 0.34CADVALEANT PHARMA25,400 440,832.49 0.36CADWASTE CONNECTIONS INC22,802 1,468,904.84 1.19USD

AAC TECHNOLOGIES HOLDINGS INC62,500 781,404.82 0.62HKDCayman Islands 4,841,321.72 3.92

ANTA SPORTS PRODUCTS99,000 327,190.85 0.26HKDASM PACIFIC TECHNOLOGY22,600 305,426.80 0.25HKDCHINA HUISHAN DAIRY HOLDINGS CO LTD394,000 6,561.24 0.01HKDCHINA MENGNIU DAIRY70,000 137,194.19 0.11HKDFULLSHARE HOLDINGS LTD490,000 195,837.98 0.16HKDHKT LTD - STAPLED SECURITY335,000 439,431.33 0.36HKDMINTH GROUP LTD22,000 93,281.80 0.08HKDMOMO -A- ADR4,871 180,032.16 0.15USDNEW ORIENTAL EDUCATION & TECH.GR ADR RE19,408 663,169.92 0.54USDSEMICONDUCTOR MANU INTL REG SHS280,000 324,603.25 0.26HKDSUNNY OPTI TECH SHS55,000 493,181.73 0.40HKDTAL EDUCAT GR - A- ADR REPR 2 SHS-A-4,057 496,211.67 0.40USDTINGY HOLDING CORP176,000 208,770.87 0.17HKDWANT WANT CHINA280,000 189,023.11 0.15HKD

SHANDONG WEIGAO GRP -H-168,000 131,921.63 0.11HKDChina 131,921.63 0.11

TELEFONICA CZECH REPUBLIC5,742 68,035.77 0.06CZKCzech Republic 68,035.77 0.06

H. LUNDBECK6,003 336,486.25 0.27DKKDenmark 448,316.16 0.36

PANDORA1,200 111,829.91 0.09DKK

NESTE2,162 85,047.83 0.07EURFinland 85,047.83 0.07

EUTELSAT COMMUNICATIONS SA16,555 422,197.17 0.34EURFrance 1,411,993.43 1.14

INGENICO GROUP5,260 476,883.80 0.39EUR

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World EquityFund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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ZODIAC AEROSPACE SA18,935 512,912.46 0.41EUR

K+S17,940 458,746.09 0.37EURGermany 1,390,896.78 1.12

MAN SE3,320 355,450.58 0.29EUROSRAM LICHT3,788 301,348.14 0.24EURZALANDO SE6,034 275,351.97 0.22EUR

EUROBANK ERGASIAS152,804 170,794.99 0.14EURGreece 514,611.28 0.42

GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS13,402 151,327.95 0.12EURJUMBO SA REG.SHS10,548 192,488.34 0.16EUR

CHINA RESOURCES BEER LTD -RC-134,000 338,156.14 0.27HKDHong Kong 1,617,926.86 1.31

CHINA UNICO HK178,000 264,499.13 0.21HKDPCCW LTD401,000 228,072.85 0.18HKDSUN ART RETAIL GROUP LTD229,000 182,461.87 0.15HKDTECHTRONIC INDUSTRIES CO LTD131,500 604,736.87 0.50HKD

AUROBINDO PHARMA17,402 184,310.98 0.15INRIndia 2,839,167.34 2.30

BHARAT PETROLEUM CORP DEMATERIALISED16,223 160,479.28 0.13INRBHARTI INFRATEL LTD55,123 319,416.84 0.26INRCONTAINER CORPN DEMATERIALISED3,651 64,733.72 0.05INRIDEA CELLULAR143,922 189,817.71 0.15INRINDIAN OIL CORP LTD DEMATERIALISED16,554 98,651.66 0.08INRLUPIN LTD21,033 344,874.26 0.28INRNICHOLAS PIRAMAL DEMATERIALISED6,884 297,842.30 0.24INRSHIRAM TRANSPORT FIN DEMATERIALISED1,997 30,889.18 0.02INRSUN PHARMACEUTICAL INDUSTRIES.DEMATERIAL74,648 641,761.61 0.53INRTITAN INDUSTRIES LTD32,051 260,052.38 0.21INRUNITED SPIRITS LTD -DEMATERIALISED6,639 246,337.42 0.20INR

ADARO ENERGY649,900 77,046.83 0.06IDRIndonesia 1,090,633.06 0.88

AKR CORPORINDO168,500 82,495.75 0.07IDRINDOFOOD CBP SUKSES MAKMUT129,200 85,309.29 0.07IDRPT UNILEVER INDONESIA TBK143,500 525,439.69 0.42IDRSURYA CITRA MEDIA534,500 103,872.03 0.08IDRUNITED TRACTORS65,000 133,877.27 0.11IDRXL AXIATA322,800 82,592.20 0.07IDR

ALKERMES13,005 753,899.85 0.61USDIreland 2,147,673.38 1.74

BANK OF IRELAND (GOV&CO)864,735 226,842.91 0.18EURMALLINCKRODT1,667 74,698.27 0.06USDPADDY POWER2,407 256,603.55 0.21EURPERRIGO COMPANY PLC11,065 835,628.80 0.68USD

TARO PHARMA INS-A-808 90,544.48 0.07USDIsrael 847,262.86 0.69

TEVA PHARMA ADR SPONS REPR 1 SH22,779 756,718.38 0.62USD

SAIPEM - REGISTERED2,929 10,803.73 0.01EURItaly 10,803.73 0.01

ABC MART INC. TOKYO3,300 194,134.92 0.16JPYJapan 16,099,999.23 13.01

AEON CO LTD6,000 91,153.43 0.07JPYAJINOMOTO CO INC10,900 235,393.82 0.19JPYBENESSE HOLDINGS INC6,500 245,283.02 0.20JPYCALBEE2,600 102,162.69 0.08JPYCHUGAI PHARMACEUTICAL15,600 583,819.86 0.47JPYCOCA-COLA WEST SHS3,800 109,914.56 0.09JPYFAMILYMART UNY HOLDINGS7,900 452,091.49 0.37JPYFAST RETAILING CO LTD2,700 899,198.99 0.72JPYIDEMITSU KOSAN5,900 167,506.23 0.14JPYJAPAN AIRLINES CO LTD11,800 364,838.02 0.30JPYJAPAN RETAIL FUND INVESTMENT CORP94 173,593.80 0.14JPYJP REAL ESTATE INVESTMENT120 597,009.61 0.48JPYKAKAKU.COM10,500 150,734.25 0.12JPYKYOWA HAKKO KIRIN CO LTD26,000 482,929.86 0.39JPYKYUSHU ELECTRIC POWER CO INC37,000 449,163.40 0.36JPY

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World EquityFund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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LAWSON INC4,353 304,508.54 0.25JPYLION CORP19,600 405,745.81 0.33JPYMC DONALD'S CO (JAPAN)6,500 249,332.50 0.20JPYMEIJI HLDGS1,600 129,725.88 0.10JPYMITSUBISHI MOTORS CORP41,300 272,000.71 0.22JPYMITSUBISHI TANABE PHARMA CORP4,500 103,969.38 0.08JPYNAGOYA RAIL ROAD CO. LTD.84,000 391,740.83 0.32JPYNH FOODS LTD17,000 516,687.43 0.42JPYNIKON CORP32,200 514,695.62 0.42JPYNINTENDO CO LTD2,300 771,306.51 0.62JPYNIPPON BUILDING FD130 664,115.34 0.54JPYNISSHIN FOODS1,900 118,707.72 0.10JPYOBAYASHI CORP61,400 721,870.76 0.58JPYONO PHARMACEUTICAL CO LTD36,500 796,204.16 0.64JPYOTSUKA CORP5,200 322,570.31 0.26JPYPARK24 CO10,200 259,266.64 0.21JPYRECRUIT HOLDINGS CO LTD8,700 149,516.73 0.12JPYRICOH CO LTD26,300 232,196.51 0.19JPYSHARP CORP74,000 274,635.10 0.22JPYSHIMAMURA CORP2,000 244,927.02 0.20JPYSHINSEI BANK LTD96,000 167,461.73 0.14JPYSOHGO SECURITY SERVICES CO3,000 135,101.46 0.11JPYSUNDRUG CO LTD2,200 82,039.87 0.07JPYTAIHEIYO CEMENT CORP81,000 294,846.92 0.24JPYTOSHIBA CORP358,000 866,005.69 0.69JPYTOYO SUISAN KAISHA8,900 340,997.68 0.28JPYTREND MICRO INC10,900 561,685.65 0.45JPYTSURUHA HOLDINGS INC3,200 339,765.04 0.27JPYYAMADA DENKI CO LTD62,100 308,399.78 0.25JPYYAMAZAKI BAKING CO13,100 261,043.96 0.21JPY

RANDGOLD RESSOURCES LTD8,694 768,498.19 0.62GBPJersey Island 768,498.19 0.62

AIRASIA BHD121,700 92,140.65 0.07MYRMalaysia 197,701.31 0.16

HARTALEGA HOLDINGS BHD61,400 105,560.66 0.09MYR

MERCURY NZ66,418 161,456.07 0.13NZDNew Zealand 642,026.54 0.52

SPARK NEW ZEALAND173,634 480,570.47 0.39NZD

BANK OF THE PHILIPPINE ISLANDS41,820 86,192.63 0.07PHPPhilippines 86,192.63 0.07

POLSKI KONCERN NAFTOWY ORLEN SA7,127 215,061.24 0.17PLNPoland 215,061.24 0.17

PHOSAGRO GDR REPR SHS REG S10,903 144,464.75 0.12USDRussia 254,801.14 0.21

TRANSNEFT PREF.SHS41 110,336.39 0.09USD

SATS46,700 173,317.26 0.14SGDSingapore 173,317.26 0.14

ANGLOGOLD ASHANTI LTD-REG.SHS39,044 381,426.00 0.31ZARSouth Africa 739,504.95 0.60

GOLD FIELDS78,350 268,671.40 0.22ZARSIBANYE GOLD77,838 89,407.55 0.07ZAR

AMOREG576 65,445.96 0.05KRWSouth Korea 9,263,965.95 7.48

BGF RETAIL1,456 128,528.59 0.10KRWCELLTRION7,437 748,152.45 0.61KRWCHEIL WORLDWIDE8,197 131,822.56 0.11KRWCJ CORP1,444 239,162.68 0.19KRWCJ E&M1,919 127,133.84 0.10KRWCOWAY4,692 426,489.50 0.34KRWGS RETAIL CO LTD1,531 69,046.54 0.06KRWHANMI PHARM578 188,431.57 0.15KRWHANMI SCIENCE CO LTD1,331 98,183.27 0.08KRWHANON SYSTEMS19,597 176,418.37 0.14KRWHANSSEM CO LTD1,073 172,557.78 0.14KRWHYUNDAI GLOVIS CO LTD1,763 241,918.43 0.20KRW

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World EquityFund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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HYUNDAI MOBIS5,616 1,227,111.72 0.98KRWHYUNDAI MOTOR CO LTD5,981 833,780.03 0.67KRWHYUNDAI MOTOR CO LTD2,782 283,269.65 0.23KRWHYUNDAI MOTOR CO PREF.SHS2,125 209,871.94 0.17KRWHYUNDAI WIA CORP1,784 108,834.67 0.09KRWKEPCO PLANT SERVICE ENGINEERING CO LTD2,213 85,394.35 0.07KRWKIA MOTORS18,849 629,315.86 0.51KRWLG HOUSEHOLD AND HEALTHCARE354 307,543.57 0.25KRWLG HOUSEHOLD AND HEALTHCARE PREF/ISSUE01236 128,297.85 0.10KRWLG UPLUS CORP10,659 145,330.93 0.12KRWLOTTE CHILSUNG BEVERAGE CO64 95,875.53 0.08KRWLOTTE CONFECTIONERY637 110,235.54 0.09KRWLOTTE SHOPPING1,072 284,361.29 0.23KRWNCSOFT1,538 510,134.99 0.41KRWORION CORPORATION274 191,104.30 0.15KRWOTTOGI CORPORATION148 102,189.39 0.08KRWSAMSUNG LIFE INSURANCE CO LTD972 99,396.05 0.08KRWSAMSUNG SDS CO LTD3,365 542,623.30 0.44KRWSAMSUNG TECHWIN CO LTD3,657 142,233.52 0.12KRWSHINSEGAE CO LTD796 159,666.11 0.13KRWSTX PAN OCEAN18,339 84,630.43 0.07KRWS1 CORP1,999 169,473.39 0.14KRW

BANKIA BEARER SHS90,033 434,571.97 0.35EURSpain 434,571.97 0.35

SIKA28 180,107.18 0.15CHFSwitzerland 398,647.94 0.32

VIFOR PHARMA - REGISTERED1,980 218,540.76 0.17CHF

ECLAT TEXTILE CO LTD16,132 196,744.53 0.16TWDTaiwan 2,598,426.01 2.10

GLOBALWAFERS CO LTD13,000 90,811.92 0.07TWDHIGH TECH COMPUTER CORP79,000 188,540.33 0.15TWDINVENTEC CORPORATION179,000 145,930.23 0.12TWDLARGAN PRECISION CO LTD4,000 637,737.98 0.52TWDMICRO-STAR INTERNATIONAL65,000 151,068.29 0.12TWDNANYA TECHNOLOGY CO LTD82,000 147,718.53 0.12TWDNIEN MADE ENTERPRISE CO LTD17,000 188,609.36 0.15TWDOBI PHARMA12,000 95,068.98 0.08TWDPHISON ELECTRONICS14,000 172,813.84 0.14TWDREALTEK SEMICONDUCTOR CORP31,000 111,587.71 0.09TWDTAIMED BIOLOGICS INC20,000 121,301.71 0.10TWDTAIWAN HIGH SPEED RAIL CORP149,000 124,656.41 0.10TWDWISTRON CORP221,969 225,836.19 0.18TWD

ADVANCED INFO SERVICE -F-40,800 213,188.02 0.17THBThailand 2,894,843.79 2.34

ADVANCED INFO SERVICE PUBLIC CO LTD56,700 296,268.64 0.24THBAIRPORT OF THAILAND PUB CO -F-151,500 210,726.29 0.17THBBANGKOK DUSIT MEDICAL SERVICES PUBLIC CO364,900 206,243.07 0.17THBBANGKOK EXPRESS FOR REG220,600 48,380.02 0.04THBBANGKOK EXPRESSWAY AND METRO PUBLIC CO447,900 98,229.43 0.08THBBANPU PUBLIC CO LTD149,700 73,153.34 0.06THBBERLI JUCKER PUBLIC CO LTD -FOREIGN REG115,500 162,352.74 0.13THBBUMRUNGRAD HOSPITAL PUBLIC34,600 174,680.53 0.14THBCENTRAL PATTANA86,900 177,151.09 0.14THBCENTRAL PATTANA (FOREIGN REGISTERED)39,100 79,707.80 0.06THBDELTA ELECTRONIC46,200 117,981.99 0.10THBENERGY ABSOLUTE FOREIGN REGISTER105,500 107,145.97 0.09THBGLOW ENERGY PUBLIC CO LTD46,900 108,724.56 0.09THBGLOW ENERGY PUBLIC CO LTD -F- REG1,600 3,709.15 0.00THBHOME PRODUCT CENTER PUBLIC FOREIGN REG.346,800 98,006.43 0.08THBKCE ELECTRONICS FOREIGN REGD26,700 85,279.62 0.07THBMINOR INTERNATIONAL PUBLIC CO LTD216,293 256,278.76 0.21THBROBINSON - REGISTERED45,900 78,706.91 0.06THBTHAI UNION GRP183,100 113,730.01 0.09THBTRUE CORPORATION1,014,714 185,199.42 0.15THB

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World EquityFund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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GEMALTO NV7,140 427,942.34 0.35EURThe Netherlands 427,942.34 0.35

ASELSAN AS17,826 110,623.22 0.09TRYTurkey 192,621.40 0.16

TAV HAVALIMANLARI HOLDING AS15,307 81,998.18 0.07TRY

COBHAM PLC208,623 351,206.28 0.28GBPUnited Kingdom 1,380,218.19 1.12

INMARSAT8,514 85,101.53 0.07GBPMEDICLINIC INTERNATIONAL PLC12,861 123,874.24 0.10GBPNEXT PLC12,863 644,279.59 0.53GBPPEARSON PLC19,567 175,756.55 0.14GBP

ADVANCED MICRO DEVICES INC60,284 752,344.32 0.61USDUnited States of America 55,025,109.29 44.49

ALEXION PHARMACEUTICALS9,900 1,204,533.00 0.97USDAMERCIAN WATER WORKS CO INC2,773 216,155.35 0.17USDAMERISOURCEBERGEN CORP14,004 1,323,798.12 1.07USDANTERO RESOURCES18,861 407,586.21 0.33USDASSURANT INC4,622 479,255.18 0.39USDAUTOZONE INC119 67,884.74 0.05USDBRISTOL-MYERS SQUIBB CO20,646 1,150,395.12 0.93USDCABOT OIL AND GAS CORP -A-3,723 93,372.84 0.08USDCAMPBELL SOUP CO15,412 803,735.80 0.65USDCBOE HOLDINGS INC6,713 613,568.20 0.50USDCF INDUSTRIES HOLDINGS INC19,067 533,113.32 0.43USDCHIPOTLE MEXICAN GRILL -A-2,276 947,043.60 0.77USDC.H.ROBINSON WORLWIDE INC7,895 542,228.60 0.44USDCIGNA CORP11,144 1,865,394.16 1.51USDCITIZENS FINANCIAL GROUP INC5,241 186,998.88 0.15USDCLOROX CO9,598 1,278,837.52 1.03USDCME GROUP -A-15,445 1,934,331.80 1.55USDCMS ENERGY CORP3,470 160,487.50 0.13USDCONSOLIDATED EDISON INC22,176 1,792,264.32 1.45USDCOOPER COMPANIES INC1,912 457,771.04 0.37USDCOSTCO WHOLESALE CORP370 59,174.10 0.05USDCOTY INC -A-15,874 297,796.24 0.24USDCSX CORP10,389 566,823.84 0.46USDCVS HEALTH5,478 440,759.88 0.36USDDARDEN RESTAURANTS INC10,782 975,124.08 0.79USDDEERE & CO890 109,995.10 0.09USDDICK'S SPORTING GOOD INC6,399 254,872.17 0.21USDDOLLAR GENERAL24,436 1,761,591.24 1.42USDDOLLAR TREE INC4,195 293,314.40 0.24USDDOMINION RESOURCES - REGSITERED1,071 82,070.73 0.07USDDR PEPPER SNAPPLE GROUP7,328 667,654.08 0.54USDDXC TECHNOLOGY WI810 62,143.20 0.05USDEDISON INTERNATIONAL11,817 923,971.23 0.75USDELECTRONIC ARTS16,088 1,700,823.36 1.38USDELI LILLY & CO801 65,922.30 0.05USDENVISION HEALTHCARE REG10,020 627,953.40 0.51USDEXPRESS SCRIPTS1,444 92,184.96 0.07USDEXTRA SPACE STORAGE INC10,750 838,500.00 0.68USDFOOT LOCKER INC11,561 569,726.08 0.46USDGAP INC19,365 425,836.35 0.34USDGARTNER GROUP INC -A-2,103 259,741.53 0.21USDH & R BLOCK INC17,528 541,790.48 0.44USDHANESBRANDS1,995 46,204.20 0.04USDHASBRO INC814 90,769.14 0.07USDHERSHEY3,071 329,733.27 0.27USDHOLLYFRONTIER4,915 135,015.05 0.11USDHUMANA INC7,812 1,879,723.44 1.51USDILLUMINA INC6,757 1,172,474.64 0.95USDINTERCONEXCH GR INC WI5,742 378,512.64 0.31USDINTUITIVE SURGICAL101 94,472.37 0.08USDJ.M. SMUCKER CO SHS/WHEN ISSUED920 108,863.60 0.09USDKELLOGG3,539 245,818.94 0.20USDKLA-TENCOR CORP6,841 626,019.91 0.51USD

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World EquityFund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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KROGER CO61,659 1,437,887.88 1.16USDL BRANDS13,223 712,587.47 0.58USDLULULEMON ATHLETICA INC SHS WHEN ISSUED8,782 524,021.94 0.42USDMACYS25,208 585,833.92 0.47USDMATTEL17,644 379,875.32 0.31USDMCDONALD'S CORP1,166 178,584.56 0.14USDMCKESSON CORP2,936 483,089.44 0.39USDMONSTER BEVERAGE CORP33,649 1,671,682.32 1.35USDNETFLIX INC2,551 381,144.91 0.31USDNEWMONT MINING CORP9,827 318,296.53 0.26USDNORDSTROM INC10,461 500,349.63 0.40USDNVIDIA CORP7,495 1,083,477.20 0.88USDPALO ALTO NET3,868 517,577.08 0.42USDPARSLEY ENERGY INC -A-10,197 282,966.75 0.23USDPG AND E CORP13,767 913,715.79 0.74USDPUBLIC STORAGE INC768 160,151.04 0.13USDRALPH LAUREN -A-4,802 354,387.60 0.29USDRANGE RESOURCES CORP17,636 408,626.12 0.33USDREALTY INCOME CORP11,752 648,475.36 0.52USDSIGNATURE BANK686 98,461.58 0.08USDSOUTHERN CO35,708 1,709,699.04 1.38USDSPRINT SERIES -1-31,754 260,700.34 0.21USDSTERICYCLE INC7,520 573,926.40 0.46USDSYNCHRONY FINANCIAL3,418 101,924.76 0.08USDSYSCO CORP6,796 342,042.68 0.28USDTARGET CORP1,978 103,429.62 0.08USDTESARO3,163 442,377.18 0.36USDTHE KRAFT HEINZ3,029 259,403.56 0.21USDTRACTOR SUPPLY CO4,871 264,056.91 0.21USDTWITTER INC52,714 941,999.18 0.76USDTYSON FOODS INC -A-25,138 1,574,392.94 1.27USDUNITED THERAPEUTICS CORP3,804 493,492.92 0.40USDVIACOM -B-2,947 98,930.79 0.08USDWHOLE FOODS MARKET27,678 1,165,520.58 0.94USDWMWARE5,610 490,482.30 0.40USDWW GRAINGER INC988 178,363.64 0.14USDZILLOW GROUP -C-5,735 281,072.35 0.23USDZOHL'S CORP14,627 565,626.09 0.46USD

JAPAN PRIME REALTY INVESTMENT CORP75 259,990.21 0.21JPY

Shares/Units in investment funds 259,990.21 0.21

Japan 259,990.21 0.21

Total securities portfolio 122,093,363.98 98.74

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World EquityFund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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Class ACapitalisation shares 10,987.5145 135.8759 1,128.0000 9,995.3904

Class R1Capitalisation shares 150,278.8900 3,638.1167 10,647.7720 143,269.2347

Changes in number of shares outstanding from 01/01/17 to 30/06/17

Shares issued Shares redeemedShares

outstanding as at30/06/17

Sharesoutstanding as at

01/01/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World EquityFund

Key figures

Class A

Capitalisation shares

10,931.869,995.3904 10,987.5145

10,060.8412,175.830910,109.61

Number of sharesNet asset value per share

USD USD USD

Class R1

Capitalisation shares

100.39143,269.2347 150,278.8900

92.1046,343.8763

91.98Number of sharesNet asset value per share

USD USD USD

Total Net Assets 123,651,354.48 124,384,834.20 127,355,460.27

31/12/1531/12/1630/06/17Year / Period ending as at:

USD

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Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark US Credit Fund

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340,042,819.79Assets315,568,668.91Securities portfolio at market value311,287,682.37Cost price

4,280,986.54Unrealised profit on the securities portfolio10,805,713.81Cash at banks and liquidities3,364,095.65Interest receivable

10,126,037.78Brokers receivable172,187.50Unrealised gain on financial futures

6,116.14Other assets

9,490,295.58Liabilities8,534,000.56Payable on securities purchased

687,069.19Unrealised loss on swaps269,225.83Other liabilities

330,552,524.21Net asset value

Financial Statements as at 30/06/17

Expressed in USD

Statement of net assets as at 30/06/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund

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KINROSS GOLD 144A 4.50 17-27 15/07S5,500,000 5,496,205.00 1.66USD

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 298,307,034.91 90.25

Bonds 297,294,559.91 89.94

Canada 21,049,437.00 6.37

LIONS GATE ENT CORP 5.875 16-24 01/11S7,500,000 7,894,425.00 2.40USDNEW GOLD INC 6.25 12-22 15/11S1,100,000 1,134,342.00 0.34USDNEW GOLD INC 6.375 17-25 15/05S4,000,000 4,138,420.00 1.25USDVALEANT PHARMA 144A 6.00 17-22 15/03S250,000 263,965.00 0.08USDVALEANT PHARMA 144A 7.00 17-24 15/03S2,000,000 2,122,080.00 0.64USD

ALIBABA GROUP 3.60 15-24 28/11S10,900,000 11,227,981.00 3.40USDCayman Islands 11,227,981.00 3.40

NOKIA 3.375 17-22 12/06S1,500,000 1,511,145.00 0.46USDFinland 3,038,595.00 0.92

NOKIA 4.375 17-22 12/06S1,500,000 1,527,450.00 0.46USD

ACTAVIS FUNDING 4.75 15-45 15/03S468,000 505,416.60 0.15USDLuxembourg 1,520,569.10 0.46

INTELSAT JACKSON H 9.75 17-25 15/07S500,000 499,550.00 0.15USDORCHESTRA BORROWER 6.75 17-22 15/06S500,000 515,602.50 0.16USD

ANGLO AMERICAN CAPI 4.125 14-21 10/081,000,000 1,029,640.00 0.31USDUnited Kingdom 1,029,640.00 0.31

ABBVIE INC 4.45 16-46 14/05S3,000,000 3,108,480.00 0.94USDUnited States of America 259,428,337.81 78.48

AK STEEL CORP 7.625 14-21 01/10S3,000,000 3,123,960.00 0.95USDAMAZON.COM 4.80 14-34 05/12S6,500,000 7,506,655.00 2.27USDAMC NETWORKS 4.75 12-22 15/12S625,000 643,975.00 0.19USDAMC NETWORKS 5.00 16-24 01/04S8,000,000 8,218,920.00 2.50USDAMERICAN AIRLINE 144A 5.50 14-19 01/10S5,000,000 5,242,800.00 1.59USDAMERIGAS PART/FIN 5.75 17-27 20/05S1,250,000 1,272,075.00 0.38USDANHEUSER BUSCH 3.65 16-26 01/02S3,000,000 3,089,070.00 0.93USDANHEUSER BUSCH 4.70 16-36 01/02S3,000,000 3,308,670.00 1.00USDAPPLE 2.40 13-23 03/05S6,900,000 6,843,627.00 2.07USDAPPLE 2.45 16-26 04/08S1,000,000 957,300.00 0.29USDAPPLE 3.45 15-45 09/02S250,000 235,500.00 0.07USDAPPLE 4.45 14-44 06/05S2,000,000 2,186,580.00 0.66USDAT&T 4.80 14-44 15/06S5,000,000 4,953,200.00 1.50USDAVIS BUDGET CAR 5.50 13-23 01/04S3,000,000 2,983,230.00 0.90USDBECTON DICKINSON CO 2.894 17-22 06/06S500,000 500,330.00 0.15USDBECTON DICKINSON CO 3.363 17-24 06/06S3,000,000 3,003,210.00 0.91USDBECTON DICKINSON CO 3.70 17-37 06/06S4,000,000 4,004,520.00 1.21USDBECTON DICKINSON CO 4.669 17-47 06/06S1,500,000 1,554,075.00 0.47USDBEST BUY CO INC 5.00 13-18 01/08S5,000,000 5,161,650.00 1.56USDCARDINAL HEALTH 3.41 17-27 15/06S1,000,000 999,730.00 0.30USDCBS CORP 2.50 17-23 15/02S500,000 494,815.00 0.15USDCCO HOLDINGS LLC 5.125 17-27 01/05S2,900,000 2,978,474.00 0.90USDCELGENE CORP 4.00 13-23 15/08S1,750,000 1,860,267.50 0.56USDCHARTER COM OPERATING 4.464 16-22 27/03S7,000,000 7,467,950.00 2.26USDCOMCAST CORP 3.30 17-27 01/02S5,000,000 5,074,400.00 1.54USDCOMMERCIAL METALS 5.375 17-27 15/07S500,000 506,385.00 0.15USDCOMMSCOPE TECH 144A 5.00 17-27 15/03S5,000,000 4,994,250.00 1.51USDCONSTELLATION BRAN 3.70 16-26 06/12S1,000,000 1,019,870.00 0.31USDCONTINENTAL RESOURCES 5.00 12-22 15/09S5,000,000 4,932,400.00 1.49USDCVS HEALTH 2.875 16-26 01/06S2,000,000 1,939,660.00 0.59USDCVS HEALTH 5.125 15-45 20/07S2,000,000 2,293,440.00 0.69USDDR PEPPER 2.55 16-26 15/09S4,000,000 3,775,360.00 1.14USDDR PEPPER 3.13 16-23 15/12S1,000,000 1,017,210.00 0.31USDDR PEPPER 3.43 16-27 15/06S500,000 504,270.00 0.15USDEP ENERGY 6.375 15-23 15/06S1,500,000 849,000.00 0.26USDEP ENERGY 9.375 12-20 01/05S2,000,000 1,589,150.00 0.48USDEXELON CORP 4.95 15-35 15/06S500,000 548,985.00 0.17USDEXELON GENERATION 5.75 10-41 01/10S500,000 509,745.00 0.15USDFIRST DATA CORP 5.00 15-24 15/01S3,000,000 3,095,190.00 0.94USDFIRST REPUBLIC BANK 2.50 17-22 06/06500,000 497,475.00 0.15USDFRONTIER COMM 10.50 16-22 15/09S4,000,000 3,825,440.00 1.16USDGENERAL MOTORS 3.10 15-19 15/01S7,734,000 7,836,552.84 2.37USD

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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GILEAD SCIENCES 3.70 14-24 01/04S2,750,000 2,875,015.00 0.87USDHCA 5.50 17-47 15/06S500,000 517,515.00 0.16USDHCP INC 3.40 15-25 01/02S3,000,000 2,951,520.00 0.89USDHEALTHCARE TR 2.95 17-22 01/07S500,000 499,055.00 0.15USDHEALTHCARE TR 3.75 17-27 01/07S1,000,000 990,150.00 0.30USDJC PENNEY 5.65 10-20 01/06S2,500,000 2,468,000.00 0.75USDJP MORGAN H 4.85 14-44 01/02S3,000,000 3,480,120.00 1.05USDJ2 CLOUD LLC/GLOBA 6 17-25 15/07S500,000 516,985.00 0.16USDKROGER 3.40 12-22 15/04S2,570,000 2,630,497.80 0.80USDKROGER 3.50 16-26 01/02S4,000,000 3,975,360.00 1.20USDKROGER CO 2.65 16-26 15/10S500,000 462,400.00 0.14USDKROGER CO 3.875 16-46 15/10S500,000 444,120.00 0.13USDKROGER CO 4.45 17-47 01/02S2,000,000 1,934,640.00 0.59USDL BRANDS 6.875 16-35 01/11S2,750,000 2,663,842.50 0.81USDL BRANDS INC 6.75 16-36 01/07S1,100,000 1,057,518.00 0.32USDLOWE S COM 3.10 17-27 03/05S1,000,000 998,000.00 0.30USDLOWE'S COS INC 4.05 17-47 03/05S3,000,000 3,069,270.00 0.93USDMCDONALD S 4.875 15-45 09/12S3,000,000 3,346,980.00 1.01USDMCDONALD'S CORP 3.50 17-27 01/03S3,000,000 3,049,980.00 0.92USDMCDONALD'S CORP 4.45 17-47 01/03S2,000,000 2,113,460.00 0.64USDMICRON TECHNOLOGY 5.875 15-22 15/02S3,000,000 3,143,340.00 0.95USDMICROSOFT CORP 3.125 15-25 03/11S7,660,000 7,828,443.40 2.37USDMURPHY OIL CORP 4.70 12-22 01/12S2,000,000 1,936,720.00 0.59USDMURPHY OIL CORP 6.875 16-24 15/08S1,751,000 1,833,279.49 0.55USDNIKE 2.375 16-26 01/11S500,000 474,985.00 0.14USDNIKE 3.375 16-46 01/11S500,000 462,255.00 0.14USDPENN NATIONAL GAMI 5.625 17-27 15/01S250,000 254,532.50 0.08USDPEPSICO 2.25 17-22 02/05S5,000,000 4,996,100.00 1.51USDPEPSICO 4.00 17-47 02/04S2,000,000 2,052,860.00 0.62USDPEPSICO INC 1.70 16-21 06/10S500,000 490,660.00 0.15USDPEPSICO INC 3.45 16-46 06/10S1,000,000 939,170.00 0.28USDQUALCOMM 2.90 17-24 20/05S1,000,000 997,700.00 0.30USDSCIENTIFIC GAMES 10.00 14-22 01/12S2,000,000 2,194,980.00 0.66USDSCIENTIFIC GAMES 7.00 14-22 01/01S1,000,000 1,069,190.00 0.32USDSEMPRA ENERGY 2.875 12-22 01/10S1,250,000 1,256,237.50 0.38USDSHERWIN-WILLIAMS C 2.75 17-22 01/06S5,500,000 5,504,730.00 1.67USDSHERWIN-WILLIAMS CO 4.50 17-47 01/06S500,000 522,200.00 0.16USDSILGAN HLDG 144A 4.75 17-25 15/03S2,700,000 2,772,927.00 0.84USDSOUTHWEST AIRLINES 2.65 15-20 05/11S5,000,000 5,062,400.00 1.53USDSTEEL DYNAMICS INC 5.00 17-26 15/12S733,000 752,241.25 0.23USDTARGET CORP 2.50 16-26 15/04S4,000,000 3,800,000.00 1.15USDTARGET CORP 3.50 14-24 01/07S5,850,000 6,071,539.50 1.84USDTESORO CORP 5.125 14-24 01/04S3,295,000 3,496,225.65 1.06USDTIME WARNER INC 3.80 16-27 15/02S1,000,000 1,005,840.00 0.30USDTRAVELERS COS INC 4.00 17-47 30/05S1,000,000 1,025,350.00 0.31USDTUTOR PERINI CORP 6.875 17-25 01/05S500,000 526,200.00 0.16USDTYSON FOODS 2.65 14-19 15/08S5,651,000 5,720,959.38 1.73USDTYSON FOODS 3.55 17-27 02/06S1,000,000 1,008,720.00 0.31USDTYSON FOODS 4.55 17-47 02/06S1,000,000 1,049,110.00 0.32USDUNITED CONTINENTAL 5.00 17-24 01/02S4,000,000 4,074,960.00 1.23USDVERISIGN 144A 4.75 17-27 15/07S500,000 506,100.00 0.15USDVIACOM INC 4.375 13-43 15/03S5,000,000 4,455,750.00 1.35USDWELLTOWER INC 4.00 15-25 01/06S4,000,000 4,140,080.00 1.25USDWELLTOWER INC 4.25 16-26 01/04S3,250,000 3,403,497.50 1.03USDWHOLE FOODS MARKET 5.20 16-25 03/12S7,000,000 8,046,780.00 2.43USD

RITE AID 144A 6.125 15-23 01/04S500,000 491,055.00 0.15USD

Floating rate bonds 1,012,475.00 0.31

United States of America 1,012,475.00 0.31

VIACOM SUB FL.R 17-57 28/02S500,000 521,420.00 0.16USD

NXP B V 144A 3.875 16-22 01/09S5,000,000 5,211,525.00 1.58USD

Other transferable securities 17,261,634.00 5.22

Bonds 17,261,634.00 5.22

The Netherlands 5,211,525.00 1.58

CCO HOLDINGS 144A 5.75 16-26 15/02S3,000,000 3,212,550.00 0.97USDUnited States of America 12,050,109.00 3.64

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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SPRINT SPECTRUM / 3.36 16-21 20/09Q8,000,000 8,097,120.00 2.44USDSYMANTEC 144A 5.00 17-25 15/04S500,000 523,360.00 0.16USDTENET HEALTHCARE 144A 7.50 16-22 01/01S200,000 217,079.00 0.07USD

Total securities portfolio 315,568,668.91 95.47

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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Class ACapitalisation shares 29,312.4902 0.0000 341.3508 28,971.1394

Changes in number of shares outstanding from 01/01/17 to 30/06/17

Shares issued Shares redeemedShares

outstanding as at30/06/17

Sharesoutstanding as at

01/01/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund

Key figures

Class A

Capitalisation shares

11,409.7228,971.1394 29,312.4902

11,003.4120,358.697910,309.68

Number of sharesNet asset value per share

USD USD USD

Total Net Assets 330,552,524.21 322,537,332.49 209,891,566.22

31/12/1531/12/1630/06/17Year / Period ending as at:

USD

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Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark France Equity Fund

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2,807,678.14Assets2,685,382.25Securities portfolio at market value2,495,864.12Cost price

189,518.13Unrealised profit on the securities portfolio17,177.37Cash at banks and liquidities99,852.64Brokers receivable5,265.88Other assets

109,406.86Liabilities101,140.59Payable on securities purchased

8,266.27Other liabilities

2,698,271.28Net asset value

Financial Statements as at 30/06/17

Expressed in EUR

Statement of net assets as at 30/06/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund

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AEROPORTS DE PARIS-ADP-377 53,270.10 1.97EUR

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 2,685,382.25 99.52

Shares 2,685,382.25 99.52

France 2,500,943.54 92.69

ALSTOM SA2,873 87,942.53 3.26EURATOS269 33,060.10 1.23EURBIC949 98,601.10 3.65EURBOLLORE INVESTISSEMENT7,723 30,745.26 1.14EURBOUYGUES2,476 91,413.92 3.39EURBUREAU VERITAS SA5,590 108,306.25 4.01EURCASINO GUICHARD PERRACHON SA1,317 68,299.62 2.53EURDANONE348 22,901.88 0.85EURDASSAULT AVIATION SA79 96,581.45 3.58EURDASSAULT SYSTEMES SA234 18,366.66 0.68EUREDENRED SA1,413 32,258.79 1.20EUREDF SA6,065 57,508.33 2.13EURESSILOR INTERNATIONAL SA797 88,785.80 3.29EUREUROFINS SCIENTIFIC174 85,808.10 3.18EUREUTELSAT COMMUNICATIONS SA3,110 69,539.60 2.58EURGECINA SA REG SHS824 113,176.40 4.18EURGROUPE EUROTUNNEL S.E3,092 28,873.10 1.07EURHERMES INTERNATIONAL SA251 108,595.15 4.02EURICADE SA1,175 86,362.50 3.20EURILIAD SA449 92,987.90 3.45EURINGENICO GROUP818 65,022.82 2.41EURIPSEN718 86,052.30 3.19EURJC DECAUX SA2,011 57,755.92 2.14EURKERING18 5,367.60 0.20EURKLEPIERRE SA378 13,564.53 0.50EURLAGARDERE GROUPE SCA NOM1,850 51,152.50 1.90EURNATIXIS SA10,740 63,118.98 2.34EURPERNOD RICARD SA591 69,294.75 2.57EURPUBLICIS GROUPE940 61,391.40 2.28EURREMY COINTREAU933 95,399.25 3.54EURRENAULT SA242 19,178.50 0.71EURREXEL SA3,443 49,320.98 1.83EURSANOFI1,180 98,836.80 3.66EURSEB SA570 89,632.50 3.32EURVEOLIA ENVIRONNEMENT SA4,796 88,726.00 3.29EURVIVENDI SA3,433 66,909.17 2.48EURZODIAC AEROSPACE SA1,972 46,835.00 1.74EUR

ARCELORMITTAL - REGISTERED2,225 44,188.50 1.64EURLuxembourg 127,212.13 4.71

SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)4,045 83,023.63 3.07EUR

STMICROELECTRONICS NV3,758 47,238.06 1.75EURThe Netherlands 57,226.58 2.12

STMICROELECTRONICS NV794 9,988.52 0.37EUR

Total securities portfolio 2,685,382.25 99.52

Securities portfolio as at 30/06/17EURExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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Class ACapitalisation shares 175.0000 0.0000 0.0000 175.0000

Class BCapitalisation shares 200.0000 0.0000 0.0000 200.0000

Changes in number of shares outstanding from 01/01/17 to 30/06/17

Shares issued Shares redeemedShares

outstanding as at30/06/17

Sharesoutstanding as at

01/01/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund

Key figures

Class A

Capitalisation shares

15,278.67175.0000 175.0000

13,604.10175.000013,270.84

Number of sharesNet asset value per share

EUR EUR EUR

Class B

Capitalisation shares

122.52200.0000 200.0000

109.66200.0000108.10

Number of sharesNet asset value per share

EUR EUR EUR

Total Net Assets 2,698,271.28 2,402,650.15 2,344,016.54

31/12/1531/12/1630/06/17Year / Period ending as at:

EUR

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Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark Global High Yield Fund

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150,299,943.90Assets133,557,232.99Securities portfolio at market value130,259,986.64Cost price

3,297,246.35Unrealised profit on the securities portfolio5,390,363.13Cash at banks and liquidities2,425,833.61Interest receivable7,471,428.02Brokers receivable

27,867.30Unrealised gain on financial futures893,189.94Unrealised profit on swaps534,028.91Other assets

9,147,488.73Liabilities3,434,816.06Bank overdrafts4,781,338.59Payable on securities purchased

89,705.34Unrealised loss on forward foreign exchange contracts841,628.74Other liabilities

141,152,455.17Net asset value

Financial Statements as at 30/06/17

Expressed in USD

Statement of net assets as at 30/06/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global High Yield Fund

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KINROSS GOLD 144A 4.50 17-27 15/07S2,500,000 2,498,275.00 1.77USD

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 133,557,232.99 94.62

Bonds 125,135,702.63 88.65

Canada 16,365,946.00 11.58

LIONS GATE ENT CORP 5.875 16-24 01/11S4,000,000 4,210,360.00 2.97USDNEW GOLD INC 6.375 17-25 15/05S2,200,000 2,276,131.00 1.61USDRITCHIE BROS AUCTI 5.375 16-25 15/01S4,000,000 4,198,060.00 2.97USDVALEANT PHARMA 144A 7.00 17-24 15/03S3,000,000 3,183,120.00 2.26USD

AREVA EMTN 4.625 11-17 05/10A700,000 807,430.70 0.57EURFrance 3,680,792.07 2.61

CASINO GUICHARD 4.498 14-24 07/03A800,000 1,023,584.31 0.73EUREUROPCAR 5.75 15-22 15/06S500,000 602,033.61 0.43EURGROUPE FNAC SA 3.25 16-23 30/09S300,000 358,561.55 0.25EURNUMERICABLE REGS 5.625 14-24 15/05S500,000 615,891.29 0.44EURVALLOUREC 2.25 14-24 30/09A300,000 273,290.61 0.19EUR

HAPAG-LLOYD AG 6.75 17-22 01/02S300,000 367,823.96 0.26EURGermany 1,174,962.11 0.83

UNITYMEDIA HESSEN REGS 4.62515-26 15/02S650,000 807,138.15 0.57EUR

SALINI 3.75 16-21 24/06A470,000 586,394.39 0.42EURItaly 1,081,123.92 0.77

TELECOM ITALIA EMTN 5.25 05-55 17/03A400,000 494,729.53 0.35EUR

SOFTBANK GROUP CORP 4.75 15-25 30/07S350,000 460,596.29 0.33EURJapan 460,596.29 0.33

ADIENT GLOBAL HOLD 3.50 16-24 15/08S500,000 580,363.17 0.41EURJersey Island 580,363.17 0.41

CABOT FINANCIAL LU 7.50 16-23 01/10S700,000 982,994.20 0.70GBPLuxembourg 6,940,023.87 4.92

EAGLE II ACQUISITI 6 17-25 01/04S250,000 265,246.25 0.19USDEDREAMS ODIGEO SAS 8.50 16-21 01/08S600,000 746,693.00 0.53EURHANESBRANDS 3.50 16-24 15/06S500,000 597,414.38 0.42EURINTELSAT JACKSON H 9.75 17-25 15/07S500,000 499,550.00 0.35USDORCHESTRA BORROWER 6.75 17-22 15/06S1,500,000 1,546,807.50 1.10USDSCHMOLZ + BICKENBA 5.625 17-22 15/07S500,000 605,021.86 0.43EURTELENET IV 4.875 15-27 15/07S500,000 626,093.52 0.44EURWIND ACQUI.FIN REGS 7.00 14-21 23/04S900,000 1,070,203.16 0.76EUR

NH HOTEL GROUP SA 3.75 16-23 01/10S850,000 1,025,473.63 0.73EURSpain 1,025,473.63 0.73

INTRUM JUSTITIA AB 2.75 17-22 15/07S500,000 574,306.85 0.41EURSweden 1,143,304.44 0.81

INTRUM JUSTITIA AB 3.125 17-24 15/07S500,000 568,997.59 0.40EUR

ALTICE FINCO REGS 6.25 15-25 15/02S1,200,000 1,496,273.86 1.06EURThe Netherlands 2,337,659.88 1.66

AXALTA COATING 3.75 16-25 15/01S700,000 841,386.02 0.60EUR

ANGLO AMERICAN CAP 1.50 15-20 01/04A600,000 698,228.75 0.49EURUnited Kingdom 7,848,787.36 5.56

ANGLO AMERICAN CAPITA 9.38 09-19 08/04S2,500,000 2,800,475.00 1.99USDARROW GLOBAL FINANCE 5.125 16-24 15/09S300,000 404,503.29 0.29GBPHELLENIC TELECOM 3.50 14-20 09/07A500,000 593,040.38 0.42EURINTER GAME TECH REGS 4.75 15-23 15/02S300,000 373,558.64 0.26EUROCADO GROUP 4.00 17-24 15/06S300,000 384,344.76 0.27GBPOTE PLC 4.375 15-19 02/12A500,000 604,018.18 0.43EURPREMIER FOODS REGS 6.50 14-21 15/03S400,000 528,733.02 0.37GBPTALK TALK TELE 5.375 17-22 15/01S400,000 538,407.67 0.38GBPTHOMAS COOK GRP REG S 6.25 16-22 15/06S750,000 923,477.67 0.66EUR

ADV MICRO DEV 7.00 14-24 01/07S3,588,000 3,805,863.36 2.70USDUnited States of America 82,496,669.89 58.44

AK STEEL CORP 7.625 14-21 01/10S3,750,000 3,904,950.00 2.77USDALLEGIANT TRAVEL CO 5.50 14-19 15/07S4,000,000 4,161,200.00 2.95USDAMC ENTERTAINMENT 6.125 17-27 15/05S1,000,000 1,058,845.00 0.75USDAMC NETWORKS 5.00 16-24 01/04S3,500,000 3,595,777.50 2.55USDAVIS BUDGET CAR 5.50 13-23 01/04S1,000,000 994,410.00 0.70USDBELDEN INC 3.375 17-27 15/07S200,000 228,319.86 0.16EURCALPINE 5.375 14-23 15/01S500,000 487,980.00 0.35USDCARIZO OIL GAS 8.25 17-25 15/07S500,000 510,625.00 0.36USD

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global High Yield Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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CCO HOLDINGS LLC 5.125 17-27 01/05S4,100,000 4,210,946.00 2.98USDCEDAR FAIR/CAN/MAGNUM 5.375 17-27 15/04S500,000 529,600.00 0.38USDCENTURYLINK INC 7.60 09-39 15/09S1,000,000 935,700.00 0.66USDCF INDUSTRIES 7.125 10-20 01/05S2,000,000 2,215,280.00 1.57USDCOLFAX CORP 3.25 17-25 15/05S500,000 583,978.70 0.41EURCONTINENTAL RESOURCES 3.80 14-24 01/06S1,000,000 918,950.00 0.65USDDEAN FOODS 144A 6.50 15-23 15/03S3,135,000 3,306,609.90 2.34USDDOLLAR TREE 5.75 16-23 01/03S4,500,000 4,753,755.00 3.37USDEP ENERGY 6.375 15-23 15/06S500,000 283,000.00 0.20USDEP ENERGY 9.375 12-20 01/05S1,500,000 1,191,862.50 0.84USDFRONTIER COMM 10.50 16-22 15/09S2,450,000 2,343,082.00 1.66USDHCA 5.50 17-47 15/06S500,000 517,515.00 0.37USDHCA INC 5.375 15-25 01/02S1,500,000 1,584,120.00 1.12USDIMS HEALTH REGS 3.25 17-25 15/03S700,000 813,474.48 0.58EURJC PENNEY 5.65 10-20 01/06S2,500,000 2,468,000.00 1.75USDJC PENNEY 8.125 14-19 01/10S830,000 910,651.10 0.65USDKAR AUCTION SERVICES 5.125 17-25 01/06S250,000 255,712.50 0.18USDL BRANDS 6.875 16-35 01/11S250,000 242,167.50 0.17USDL BRANDS INC 6.75 16-36 01/07S1,250,000 1,201,725.00 0.85USDLAMAR MEDIA CORP 5.75 16-26 01/02S1,000,000 1,084,040.00 0.77USDMGM GROWTH/FIN 4.50 17-26 01/09S4,000,000 4,040,820.00 2.86USDMICRON TECHNOLOGY INC 5.25 15-23 01/08S2,242,000 2,320,021.60 1.64USDMURPHY OIL CORP 6.875 16-24 15/08S1,500,000 1,570,485.00 1.11USDPOST HOLDINGS 144A 5.75 17-27 01/03S1,000,000 1,033,460.00 0.73USDPSPC ESCROW REGS 6.00 15-23 01/02S750,000 900,039.37 0.64EURPVH 3.625 16-24 15/07S500,000 610,068.79 0.43EURRICE ENERGY INC 6.25 14-22 01/05S737,000 771,071.51 0.55USDSCIENTIFIC GAMES 10.00 14-22 01/12S3,000,000 3,292,470.00 2.33USDSILGAN HOLDINGS IN 3.25 17-25 15/03S900,000 1,054,343.80 0.75EURSIX FLAGS ENTERTAIN 4.875 16-24 31/07S2,455,000 2,474,099.90 1.75USDSPECTRUM BRANDS IN 4.00 16-26 01/10S500,000 595,772.00 0.42EURSPRINT CAP CORP 6.875 98-28 15/11S2,500,000 2,779,700.00 1.97USDSTEEL DYNAMICS 5.50 15-24 01/10S2,303,000 2,451,267.14 1.74USDSTEEL DYNAMICS INC 5.00 17-26 15/12S500,000 513,125.00 0.36USDSUNOCO LP/FINANCE 5.50 16-20 01/08S2,000,000 2,052,400.00 1.45USDSUNOCO LP/FINANCE 6.375 16-23 01/04S2,000,000 2,116,720.00 1.50USDSUPERIOR IND INTL 6.00 17-25 15/06S400,000 449,513.57 0.32EURTENET HEALTHCARE 144A 4.625 17-24 15/07S444,000 443,587.08 0.31USDTHC ESCROW CORP III 7.00 17-25 01/08S1,500,000 1,494,135.00 1.06USDTHC ESCROW III 144A 4.625 17-24 15/07S556,000 558,057.20 0.40USDTHC ESCROW III 144A 5.125 17-25 01/05S250,000 250,270.00 0.18USDTUTOR PERINI CORP 6.875 17-25 01/05S500,000 526,200.00 0.37USDVERISIGN 144A 4.75 17-27 15/07S500,000 506,100.00 0.36USDXPO LOGISTICS REGS 5.75 15-21 15/06S500,000 594,802.53 0.42EUR

SOLVAY FINANCE FL.R 13-XX 12/11A400,000 523,735.99 0.37EUR

Floating rate bonds 8,421,530.36 5.97

France 924,130.63 0.65

SOLVAY FINANCE SUB FL.R 15-XX 03/06A300,000 400,394.64 0.28EUR

RWE AG FL.R 12-XX 20/03A600,000 834,203.76 0.59GBPGermany 1,297,102.82 0.92

RWE SUB REGS FL.R 15-75 21/04A400,000 462,899.06 0.33EUR

GRANDE CITY PROPERT. FL.R 15-XX 18/02A500,000 600,037.66 0.43EURLuxembourg 600,037.66 0.43

AVON PRODUCTS FL.R 13-23 15/03S2,000,000 1,839,180.00 1.30USDUnited States of America 5,600,259.25 3.97

RITE AID 144A 6.125 15-23 01/04S1,175,000 1,153,979.25 0.82USDVIACOM SUB FL.R 17-57 28/02S2,500,000 2,607,100.00 1.85USD

Total securities portfolio 133,557,232.99 94.62

Securities portfolio as at 30/06/17USDExpressed in

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global High Yield Fund

Quantity Denomination Quotationcurrency

% of netassetsMarket value

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Class ACapitalisation shares 0.0000 13,357.6831 23.5977 13,334.0854

Changes in number of shares outstanding from 13/03/17 to 30/06/17

Shares issued Shares redeemedShares

outstanding as at30/06/17

Sharesoutstanding as at

13/03/17

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global High Yield Fund

Key figures

Class A

Capitalisation shares

10,585.8413,334.0854 0.0000

0.000.00000.00

Number of sharesNet asset value per share

USD USD USD

Total Net Assets 141,152,455.17 0.00 0.00

31/12/1531/12/1630/06/17Year / Period ending as at:

USD

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Most Diversified Portfolio SICAV Supplementary information

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Most Diversified Portfolio SICAV

Supplementary information

Page 79

EXCHANGE RATES

The exchange rates used to calculate the combined financial statements at reporting date are the following:

1 EUR = 1.48125 CAD 1 EUR = 0.87805 GBP 1 EUR = 128.1522 JPY 1 EUR = 1.14055 USD

SECURITIES FINANCIAL TRANSACTIONS REGULATIONS (SFTR)

The Regulation on Transparency of Securities Financing Transactions and of Reuse (the « SFTR ») entered into force on January 12, 2016 aiming to improve transparency in securities lending, repurchase transactions, margin loans and certain collateral arrangements. The disclosure requirements of the SFTR here below include the following details on Securities Lending transactions:

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SECURITIES LENDING TRANSACTIONS

Most Diversified Portfolio SICAV - TOBAM Anti-

Benchmark Emerging Markets Equity Fund

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity

Fund

Most Diversified Portfolio SICAV - TOBAM Anti-

Benchmark Global Equity Fund

Assets used In USD In EUR In EUR In absolute terms 395,824,035.57 6,311,251,17 7,960,486.19

As a % of lendable assets 18.04% 7.98% 14.05%As a % of total net asset value 19.51% 7.91% 13,98%

Transactions classified according to residual maturities

In USD In EUR In EUR

Less than 1 day - - -From 1 day to 1 week - 267,016.60 -

From 1 week to 1 month - - -

From 1 month to 3 months - - -From 3 months to 1 year - - -

Above 1 year - - -

Open maturity 395,824,035.57 6,064,234.57 7,960,486.19

Collateral received In USD In EUR In EUR Type: Cash Bond

423,819,613.33 0.00

423,819,613.33

6,654,928.11 0.00

6,654,928.11

8,362,552.11 0.00

8,362,552.11

Quality (Bond collateral issuers rating): - - -

Currency: EUR 423,819,613.33 6,654,928.11 8,362,552.11

Classification according to residual maturities:

Less than 1 day - - -From 1 day to 1 week - - -

From 1 week to 1 month - - -

From 1 month to 3 months - - -From 3 months to 1 year - - -

Above 1 year - - -Open maturity 423,819,613.33 6,654,928.11 8,362,552.11

The 10 largest issuers of collateral received

In USD In EUR In EUR

First name - - -Amount - - -

Second name - - -Amount - - -

Revenue and expenditure components In USD In EUR In EUR Revenue component of the fund:

In absolute amount 2,367,539.96 45,082.56 11,578.01

In % of gross revenue 85% 85% 85%

Revenue component of the Management Company

In absolute amount 0.00 0.00 0.00

In % of gross revenue 0% 0% 0%

Revenue component of third parties In absolute amount 417,801.17 7,955.75 2,043.18

In % of gross revenue 15% 15% 15%

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SECURITIES LENDING TRANSACTIONS

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity

Fund

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity

Fund

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity

Fund

Assets used In JPY In USD In GBPIn absolute terms 719,018,801 2,274,447.99 4,351,481.27

As a % of lendable assets 8.05% 3.09% 28.58%

As a % of total net asset value 8.03% 3.07% 28.31%

Transactions classified according to residual maturities

In JPY In USD In GBP

Less than 1 day - - -From 1 day to 1 week - - -

From 1 week to 1 month - - -From 1 month to 3 months - - -

From 3 months to 1 year - - -

Above 1 year - - -Open maturity 719,018,801 2,274,447.99 4,351,481.27

Collateral received In JPY In USD In GBP Type: Cash Bond

753,757,462 0

753,757,462

2,419,380.04 0.00

2,419,380.04

2,384,383.41 2,226,724.83 4,611,108.24

Quality (Bond collateral issuers rating): - - AAA

Currency: EUR 753,757,462 2,419,380.04 4,611,108.24

Classification according to residual maturities:

Less than 1 day - - -From 1 day to 1 week - - -

From 1 week to 1 month - - -

From 1 month to 3 months - - -From 3 months to 1 year - - -

Above 1 year - - 2,226,724.83

Open maturity 753,757,462 2,419,380.04 2,384,383.41

The 10 largest issuers of collateral received

In JPY In USD In GBP

First name - - Netherlands GovernmentAmount - - 2,226,724.83

Second name - - -Amount - - -

Revenue and expenditure components In JPY In USD In GBP Revenue component of the fund:

In absolute amount 9,450,301 2,792.10 3,777.50In % of gross revenue 85% 85% 85%

Revenue component of the Management Company

In absolute amount 0.00 0.00 0.00In % of gross revenue 0% 0% 0%

Revenue component of third parties In absolute amount 1,667,700 492.72 666.62

In % of gross revenue 15% 15% 15%

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SECURITIES LENDING TRANSACTIONS

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity

Fund

Most Diversified Portfolio SICAV - TOBAM Anti-

Benchmark World Equity Fund

Most Diversified Portfolio SICAV - TOBAM Anti-

Benchmark Canada Equity Fund

Assets used In USD In USD In CAD In absolute terms 130,111,128.25 223,169,060.84 180,424.95

As a % of lendable assets 26.19% 25.26% 1.41%As a % of total net asset value 25.89% 24.97% 1.40%

Transactions classified according to residual maturities

In USD In USD In CAD

Less than 1 day - - -

From 1 day to 1 week - - -From 1 week to 1 month - - -

From 1 month to 3 months - - -

From 3 months to 1 year - - -Above 1 year - - -

Open maturity 130,111,128.25 223,169,060.84 180,424.95

Collateral received In USD In USD In CAD Type: Cash Bond

78,087,963.33 58,679,441.25

136,767,404.58

133,734,240.17 101,134,520.51 234,868,760.68

187,999.94 0.00

187,999.94

Quality (Bond collateral issuers rating): AAA and AA+ AA+ and AA - Currency:

EUR GBP

136,767,404.58 -

208,773,790.88 26,094,969.80

187,999.94 -

Classification according to residual maturities:

Less than 1 day - - -From 1 day to 1 week - - -

From 1 week to 1 month - - -

From 1 month to 3 months - - -From 3 months to 1 year 24,471,046.81 38,209,840.27 -

Above 1 year 34,208,394.44 62,924,680.23 -

Open maturity 78,087,963.33 133,734,240.17 187,999.94

The 10 largest issuers of collateral received

In USD In USD In CAD

First name Netherlands Government Europen Fin. Stability Fac. - Amount 26,795,826.52 63,453,887.29 -

Second name European Community United Kingdom - Amount 24,471,046.81 26,094,969.80 -

Third name Austria Government Austria Government -

Amount 6,278,199.45 11,585,663.42 -Fourth name Finland Government TSY I/L GILT -

Amount 1,134,368.47 9,782,876.27 -

Revenue and expenditure components In USD In USD In CAD Revenue component of the fund:

In absolute amount 211,726.41 570,087.19 2,775.50In % of gross revenue 85% 85% 85%

Revenue component of the Management Company

In absolute amount 0.00 0.00 0.00In % of gross revenue 0% 0% 0%

Revenue component of third parties In absolute amount 37,363.48 100,603.62 489.79

In % of gross revenue 15% 15% 15%

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SECURITIES LENDING TRANSACTIONS

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries

World Equity Fund

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit

Fund

Most Diversified Portfolio SICAV - TOBAM Anti-

Benchmark France Equity Fund

Assets used In USD In USD In EUR In absolute terms 21,394,495.49 13,042,465.76 224,831.98

As a % of lendable assets 17.52% 4,13% 8.37%As a % of total net asset value 17.30% 3.95% 8.33%

Transactions classified according to residual maturities

In USD In USD In EUR

Less than 1 day - 3,940,094.25 -

From 1 day to 1 week - - 48,218.52From 1 week to 1 month 549,801.13 3,841,830.40 -

From 1 month to 3 months - - -

From 3 months to 1 year - - -Above 1 year - - -

Open maturity 20,844,694.37 5,260,541.11 176,613.46

Collateral received In USD In USD In EUR Type: Cash Bond

18,681,690.05 3,870,498.00

22,552,188.05

13,794,225.51 0.00

13,794,225.51

237,297.40 0.00

237,297.40

Quality (Bond collateral issuers rating): AAA AAA -

Currency: EUR 22,552,188.05 13,794,225.51 237,297.40

Classification according to residual maturities:

Less than 1 day - - -From 1 day to 1 week - - -

From 1 week to 1 month - - -From 1 month to 3 months - - -

From 3 months to 1 year - - -

Above 1 year 3,870,498.00 13,794,225.51 -Open maturity 18,681,690.05 - 237,297.40

The 10 largest issuers of collateral received

In USD In USD In EUR

First name Netherlands Government Netherlands Government - Amount 3,870,498.00 13,794,225.51 -

Second name - - -Amount - - -

Revenue and expenditure components In USD In USD In EUR Revenue component of the fund:

In absolute amount 36,687.63 16,837.63 457.78In % of gross revenue 85% 85% 85%

Revenue component of the Management Company

In absolute amount 0.00 0.00 0.00In % of gross revenue 0% 0% 0%

Revenue component of third parties In absolute amount 6,474.29 2,971.29 80.78

In % of gross revenue 15% 15% 15%

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SECURITIES LENDING TRANSACTIONS

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global High

Yield Fund Assets used In USD

In absolute terms 8,708,633.44

As a % of lendable assets 6.52% As a % of total net asset value 6.17%

Transactions classified according to residual maturities

In USD

Less than 1 day 263,601.47

From 1 day to 1 week - From 1 week to 1 month 7,102,072.70

From 1 month to 3 months -

From 3 months to 1 year - Above 1 year -

Open maturity 1,342,959.27

Collateral received In USD Type: Cash Bond

0.00 9,272,610.37 9,272,610.37

Quality (Bond collateral issuers rating): AAA Currency:

EUR 9,272,610.37

Classification according to residual maturities:

Less than 1 day - From 1 day to 1 week -

From 1 week to 1 month - From 1 month to 3 months -

From 3 months to 1 year - Above 1 year 9,272,610.37

Open maturity -

The 10 largest issuers of collateral received

In USD

First name Netherlands Government Amount 9,272,610.37

Second name -

Amount -

Revenue and expenditure components In USD Revenue component of the fund:

In absolute amount 22,226.31

In % of gross revenue 85%

Revenue component of the Management Company

In absolute amount 0.00

In % of gross revenue 0%

Revenue component of third parties In absolute amount 3,922.29

In % of gross revenue 15%

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Each sub-fund has CACEIS Bank, Luxembourg Branch as the sole counterparty for securities lending positions, except for the sub-fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund which the counterparties are Crédit Suisse Europe Ltd, UBS Bank of Switzerland London, Citigroup Global Markets Limited, Merrill Lynch International Bank Limited, Morgan Stanley International, Goldman Sachs International and MACQUARIE Bank Limited.

Each sub-fund has CACEIS Bank, Luxembourg Branch as custodian for collateral received. All transactions are bilateral transactions.

There is no reuse of collateral cash for all sub-funds, except for the sub-fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund for which an amount of USD 171,082,500.00 (equivalent to EUR 150,000,000.00 which represents 40.4% of total collateral cash received) has been reinvested in the following security SSgA EUR Liquidity I Stable NAV.

SECURITIES LENDING TRANSACTIONS

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging

Markets Equity Fund The 10 largest counterparties In USD

First name Crédit Suisse Europe Ltd Gross volumes for open trades 143,208,854.48

First country of domicile United Kingdom

Second name Goldman Sachs International

Gross volumes for open trades 108,507,873.52 Second country of domicile United Kingdom

Third name Morgan Stanley International Gross volumes for open trades 61,377,373.23

Third country of domicile United Kingdom

Fourth name Merrill Lynch International Bank Limited Gross volumes for open trades 46,077,718.26

Fourth country of domicile Ireland

Fifth name UBS Bank of Switzerland London Gross volumes for open trades 18,952,369.77

Fifth country of domicile United Kingdom

Sixth name Citigroup Global Markets Limited Gross volumes for open trades 16,896,543.55

Sixth country of domicile United Kingdom

Seventh name Macquarie Bank Limited

Gross volumes for open trades 1,283,335.23 Seventh country of domicile Australia